Glen burnie bancorp announces third quarter 2021 results

Glen burnie, md., nov. 03, 2021 (globe newswire) -- glen burnie bancorp (“bancorp”) (nasdaq: glbz), the bank holding company for the bank of glen burnie (“bank”), announced today net income of $888,000, or $0.31 per basic and diluted common share for the three-month period ended september 30, 2021, as compared to $949,000, or $0.33 per basic and diluted common share for the three-month period ended september 30, 2020. bancorp reported net income of $1,962,000, or $0.69 per basic and diluted common share for the nine-month period ended september 30, 2021, compared to $1,123,000, or $0.40 per basic and diluted common share for the same period in 2020. on september 30, 2021, bancorp had total assets of $432.8 million. bancorp, the oldest independent commercial bank in anne arundel county, will pay its 117th consecutive quarterly dividend on november 8, 2021. the company recorded a net benefit of $122,000 from the release of allowance for credit losses loans (“acl-loans”) for the third quarter of 2021 and $593,000 for the nine months ended september 30, 2021. this compares to a release of acl-loans of $669,000 for the third quarter of 2020 and $263,000 for the nine months ended september 30, 2020. (the third quarter of 2020 results include the reversal of a previously recorded $509,000 acl-loan provision related to the expected impact on credit losses due the covid-19 pandemic, which reversal is reflected in the 2020 nine-month results, as well). this provision was recaptured in september 2020 when it was determined that the impact of covid-19 would be less significant than previously anticipated.
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