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Glen Burnie Bancorp Q1 Profit Falls 25.5%

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Glen Burnie Bancorp (NASDAQ: GLBZ) reported net income of $283,000 in the first quarter, down 25.5 percent from $380,000 in the previous year quarter. Similarly, its earnings dipped 28.6 percent to $0.10 a share from $0.14 a share in the comparable quarter of the preceding year.

Glen Burnie said that the net interest income after provision for credit losses was $2.68 million, which lower than the $2.71 million in the year-ago quarter.

The company's President and CEO, John Long, reacting to the results stated that "Management is focused on increasing earning assets as well as fee income and believe that we are experiencing an increase in business activity. We are pleased that we remain profitable and are paying our regular quarterly dividend."

Total assets were $394.47 million compared to $390.58 million in the same quarter last year. Deposits were $339.06 million, which was modestly higher than $335.19 million at the end of December.

Glen Burnie Bancorp indicated that it would host its Annual Meeting of Stockholders May 12, at its Glen Burnie Branch in Glen Burnie, Maryland.

Following the news, the stock traded 2.23 percent higher.

 

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