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|Press Release||For Immediate Release|
|Date: October 31, 2019|
GLEN BURNIE BANCORP ANNOUNCES
THIRD QUARTER 2019 RESULTS
GLEN BURNIE, MD (October 31, 2019) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $606,000, or $0.21 per basic and diluted common share for the three-month period ended September 30, 2019, as compared to net income of $439,000, or $0.16 per basic and diluted common share for the three-month period ended September 30, 2018.
Bancorp reported net income of $1,060,000, or $0.38 per basic and diluted common share for the nine-month period ended September 30, 2019, compared to $1,172,000, or $0.42 per basic and diluted common share for the same period in 2018. At September 30, 2019, Bancorp had total assets of $383.4 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 109th consecutive quarterly dividend on November 1, 2019.
“We are pleased with our performance during the third quarter and believe we are well positioned to take advantage of opportunities in our market area while serving our customer base despite the challenging economic and competitive environment,” 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 $385,000 or 156.6%, for the three-month period ended September 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 Friday, November 1, 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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