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|Press Release||For Immediate Release|
|Date: July 30, 2019|
GLEN BURNIE BANCORP ANNOUNCES
SECOND QUARTER 2019 RESULTS
GLEN BURNIE, MD (July 30, 2019) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $319,000, or $0.11 pser basic and diluted common share for the three-month period ended June 30, 2019, as compared to net income of $478,000, or $0.17 per basic and diluted common share for the three-month period ended June 30, 2018.
Bancorp reported net income of $454,000, or $0.16 per basic and diluted common share for the six-month period ended June 30, 2019, compared to $733,000, or $0.26 per basic and diluted common share for the same period in 2018. At June 30, 2019, Bancorp had total assets of $377.6 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 108th consecutive quarterly dividend on August 2, 2019.
“The core fundamentals of our Company remain strong as reflected in our financial results for the period. We continue building on our momentum by seizing available opportunities despite a competitive and challenging economic environment. Although the interest rate environment has been challenging in recent months, we have managed our balance sheet to provide a stable margin. Net interest income in the second quarter of 2019 grew by $71,000 or 2.3%, as compared to the second quarter of 2018. The yield on our loan portfolio increased 0.09% from 4.22% to 4.31%, and funding costs decreased by $40,000 or 8.2%, from $490,000 to $450,000,” stated John D. Long, President and CEO. “We continue to invest in technology and infrastructure improvements that enable us to remain competitive in the rapidly changing technological environment. Our strong fundamental performance was somewhat offset by the cost of these investments. However, we maintained our relentless focus on expense reduction in other areas as we work to drive efficiencies through the Bank and improve our profitability while delivering the outstanding customer service that differentiates our Bank in our local markets.”
“Looking forward, we continue to seek opportunities to further reduce our cost structure as we work to achieve an efficiency ratio more in-line with our peers. In addition, 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 $151,000 or 42.5%, for the six-month period ended June 30, 2019 as compared to the same period last year. Headquartered in the dynamic Northern Anne Arundel County market, we believe our Bank is well positioned with excellent asset quality and capital levels, a stable 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.”
The following information was filed by Glen Burnie Bancorp (GLBZ) on Wednesday, July 31, 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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