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|Press Release||For Immediate Release|
|Date: April 24, 2019|
GLEN BURNIE BANCORP ANNOUNCES
FIRST QUARTER 2019 RESULTS
GLEN BURNIE, MD (April 24, 2019) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $135,000, or $0.05 per basic and diluted common share for the three-month period ended March 31, 2019, as compared to net income of $255,000, or $0.09 per basic and diluted common share for the three-month period ended March 31, 2018.
Net loan balances at March 31, 2019 grew by $24.0 million, or 8.8%, as compared to March 31, 2018. Bancorp had total assets of $393.1 million at March 31, 2019. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 107th consecutive quarterly dividend on May 3, 2019.
“Net interest income continued to rise during the first quarter, driving a consistent core earnings expansion. Net interest income in the first quarter of 2019 grew by $147,000 or 4.9%, as compared to the first quarter of last year, as the yield on our loan portfolio grew from 4.25% to 4.32%, and our funding costs increased by $118,000 or 26.1%, from $452,000 to $570,000,” stated John D. Long, President and CEO. “Our strong fundamental performance was somewhat offset by significant continued investment in technology and infrastructure improvements that enable us to remain competitive in the rapidly changing technological environment. These improvements allowed the Company to remain vigilant in its risk mitigation efforts, and continue to provide a high level of service to our valued customers. We are encouraged by the progress of the last two years and are confident that these investments have created a foundation for sustainable growth in 2019 and beyond. A favorable credit environment combined with our outstanding credit quality, disciplined loan pricing and a beneficial balance sheet structure, allowed us to reduce the provision for loan losses by $187,000 or 51.9%, this quarter as compared to the first quarter of last year. Headquartered in the dynamic Northern Anne Arundel County market, we believe the Bank is well positioned with sound growth, asset quality and capital levels, a widening net interest margin, and an experienced and seasoned executive team. We remain deeply committed to serving the financial needs of the community through the development of new loan and deposit products.”
Highlights for the First Three Months of 2019
Bancorp continued to grow organically in the first quarter of 2019 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 13.46% at March 31, 2019, as compared to 13.85% for the same period of 2018.
The following information was filed by Glen Burnie Bancorp (GLBZ) on Monday, April 29, 2019 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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