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|Press Release||For Immediate Release|
|Date: August 5, 2020|
GLEN BURNIE BANCORP ANNOUNCES
SECOND QUARTER 2020 RESULTS
GLEN BURNIE, MD (August 5, 2020) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today a net loss of $96,000, or $0.03 per basic and diluted common share for the three-month period ended June 30, 2020, as compared to net income of $319,000, or $0.11 per basic and diluted common share for the three-month period ended June 30, 2019.
Bancorp reported net income of $174,000, or $0.06 per basic and diluted common share for the six-month period ended June 30, 2020, compared to $454,000, or $0.16 per basic and diluted common share for the same period in 2019. At June 30, 2020, Bancorp had total assets of $418.2 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, paid its 112th consecutive quarterly dividend on July 31, 2020.
“As one would expect, the second quarter of 2020 was significantly impacted by the COVID-19 pandemic. Much of our activity was focused on addressing the issues caused by the pandemic. Our priority was keeping our staff and clients safe and helping our clients navigate this crisis through loan deferrals and U.S. Small Business Association’s Payroll Protection Program (“SBA PPP”) loans. We are proud of the effort put forth by our employees, Board of Directors and our leadership team to serve the needs of our customers and the local community during these difficult times. While massive federal stimulus aided the economic recovery, future economic outcomes are likely dependent on the path of the virus” said John D. Long, President and Chief Executive Officer.
"An interest rate environment rivaling that of the Great Recession continued to impact our margins and therefore our profits for the second quarter. The decrease in yields and cost of funds for the second quarter of 2020 reflected the full quarter impact of the 150-basis point reduction in the target federal funds rate at the end of March 2020. However, we are encouraged by the robust deposit growth already experienced this year. Our year-over-year earnings per share for the first half of 2020 was lower reflecting the impact of the lower interest rate environment and higher allowance for credit losses resulting from the rapid growth in the unemployment rate. We remain well capitalized and continue to reward our shareholders, having paid quarterly cash dividends for 112 consecutive quarters.”
In closing, Mr. Long added, “As we look ahead to the remainder of 2020, downside risks remain from the economic uncertainty and the significant pressure from the low interest rates. Despite this, our underlying business remains strong, benefiting from our capital levels, conservative underwriting policies, on- and off-balance sheet liquidity and loan diversification. We are closely monitoring the rapid developments regarding the pandemic and remain confident in our long-term strategic vision. I remain proud of our employees and their ability to continue to adapt and deliver outstanding customer service during this challenging time.”
The following information was filed by Glen Burnie Bancorp (GLBZ) on Thursday, August 6, 2020 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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