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|Press Release||For Immediate Release|
|Date: October 23, 2018|
GLEN BURNIE BANCORP ANNOUNCES
THIRD QUARTER 2018 RESULTS
GLEN BURNIE, MD (October 23, 2018) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $0.54 million, or $0.19 per basic and diluted common share for the three-month period ended September 30, 2018, as compared to net income of $0.41 million, or $0.15 per basic and diluted common share for the three-month period ended September 30, 2017.
Bancorp reported net income of $1.28 million, or $0.45 per basic and diluted common share for the nine-month period ended September 30, 2018, compared to $1.06 million, or $0.38 per basic and diluted common share for the same period in 2017. Net loans grew by $23.7 million, or 8.81% at September 30, 2018 when compared to the same period of 2017. At September 30, 2018, Bancorp had total assets of $411.4 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 105th consecutive quarterly dividend on November 2, 2018.
"We are pleased to report a strong quarter that was highlighted by expansion of our net interest margin and net interest income reflecting outstanding credit quality, disciplined loan pricing, and a beneficial balance sheet structure. Our third quarter results are consistent with our expectations and reflect year-over-year improvement in our profitability, driven by strong revenue growth,” stated John D. Long, President and CEO. “Our net interest margin increased to 3.34% in the third quarter of 2018 compared with 3.10% in the same period of 2017. The improved net interest margin exhibits a higher yield on average earning assets, primarily reflecting an increased yield on loans, which more than offset a higher cost of funds. Our cost of funds continued to trend upwards in the third quarter, reflecting the continuing rising interest rate environment. We believe that our current balance sheet structure positions our net interest income to benefit from any further Federal Open Market Committee tightening,” Mr. Long continued, “Our net income in the third quarter of 2018 increased 31.87% to $0.54 million compared with $0.41 million in the year-ago quarter. We also made several changes during the third quarter to streamline our operations and we remain focused on controlling overhead costs. Our sustained strength in core profitability, sound capital position, and healthy loan pipeline positions us to take advantage of future growth opportunities and finish the year strong.”
Highlights for the First Nine Months of 2018
Bancorp continued to grow organically in the third quarter of 2018 driven primarily by favorable net loan growth. Bancorp has strong liquidity and capital positions that provide ample capacity for future growth, along with the Bank’s total regulatory capital to risk weighted assets of 12.64% at September 30, 2018, as compared to 14.68% for the same period of 2017.
The following information was filed by Glen Burnie Bancorp (GLBZ) on Tuesday, October 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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