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|Press Release||For Immediate Release|
|Date: November 4, 2020|
GLEN BURNIE BANCORP ANNOUNCES
THIRD QUARTER 2020 RESULTS
GLEN BURNIE, MD (November 4, 2020) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today a net income of $949,000, or $0.33 per basic and diluted common share for the three-month period ended September 30, 2020, as compared to net income of $606,000, or $0.21 per basic and diluted common share for the three-month period ended September 30, 2019.
Bancorp reported net income of $1,123,000, or $0.40 per basic and diluted common share for the nine-month period ended September 30, 2020, compared to $1,060,000, or $0.38 per basic and diluted common share for the same period in 2019. At September 30, 2020, Bancorp had total assets of $430.9 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, paid its 113th consecutive quarterly dividend on November 2, 2020.
“The third quarter of 2020 continued to be significantly impacted by the COVID-19 pandemic. Much of our activity continued to focus 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.
"Our year-over-year earnings per share for the first nine-months of 2020 was $0.02 higher than during the same period in 2019, reflecting our focus on expense reduction as we work to drive efficiencies throughout the Bank and improve our profitability. 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. An interest rate environment rivaling that of the Great Recession continued to negatively impact our margins, and therefore our profits for the third quarter. The decrease in yields and cost of funds reflect the impact of a target federal funds rate near zero and a flat yield curve. However, we are encouraged by the robust deposit growth experienced this year. The negative impact of a low interest rate environment on loan originations 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 $530,000 for the three-month period ended September 30, 2020 as compared to the same period last year. We remain well capitalized and continue to reward our shareholders, having paid quarterly cash dividends for 113 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. Headquartered in the dynamic Northern Anne Arundel County market, we believe our Bank is well positioned with excellent asset quality and capital levels, 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 Thursday, November 5, 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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