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|Press Release||For Immediate Release|
|Date: February 3, 2021|
GLEN BURNIE BANCORP ANNOUNCES
FOURTH QUARTER and FULL YEAR 2020 RESULTS
GLEN BURNIE, MD (February 3, 2021) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today a net income of $0.55 million, or $0.19 per basic and diluted common share for the three-month period ended December 31, 2020, as compared to net income of $0.54 million, or $0.19 per basic and diluted common share for the three-month period ended December 31, 2019.
Bancorp reported net income of $1.67 million, or $0.59 per basic and diluted common share for the year ended December 31, 2020, compared to $1.60 million, or $0.57 per basic and diluted common share for the same period in 2019. Net loans decreased by $30.4 million, or 10.75% during the twelve-month period ended December 31, 2020, compared to a decrease of $13.9 million, or 4.69% during the same period of 2019. On December 31, 2020, Bancorp had total assets of $419.5 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 114th consecutive quarterly dividend on February 8, 2021.
“We are extremely proud of the way our employees, Board of Directors and leadership team responded to the uncertainty and challenges in 2020. Their commitment to serving our customers, along with their ability to improvise and be nimble, reflected in the performance of the Company. In a year with a multitude of headwinds that negatively impacted our industry, we continued to grow our asset base, increase earnings and improve the overall capitalization of the Company. We believe that we are well positioned to take advantage of new growth opportunities as our economy continues to heal from the effects of the pandemic,” said John D. Long, President and Chief Executive Officer. “As we close the door on 2020, we recognize the challenges that lie ahead and acknowledge the need to focus on the fundamental drivers of value in our industry," commented Mr. Long. “Much was accomplished in 2020, including the successful navigation of the first round of the U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP"), the implementation and utilization of new technologies to drive customer engagement, efficiency gains, and cost reductions. We will continue to execute on our strategic priorities including organic loan and deposit growth, prudent expense management, active engagement in SBA PPP lending and other programs for borrowers in need, and the deployment of capital through dividends. 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, February 4, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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