Glen burnie bancorp announces second quarter 2021 results

Glen burnie, md., aug. 05, 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 $480,000, or $0.17 per basic and diluted common share for the three-month period ended june 30, 2021, as compared to a net loss of $96,000, or $0.03 per basic and diluted common share for the three-month period ended june 30, 2020. bancorp reported net income of $1,074,000, or $0.38 per basic and diluted common share for the six-month period ended june 30, 2021, compared to $174,000, or $0.06 per basic and diluted common share for the same period in 2020. on june 30, 2021, bancorp had total assets of $432.8 million. bancorp, the oldest independent commercial bank in anne arundel county, paid its 116th consecutive quarterly dividend on july 30, 2021. the company recorded a net benefit of $67,000 from the release of allowance for credit losses loans (“acl-loans”) for the second quarter of 2021 and $471,000 for the first half of 2021 compared to a provision for credit losses (“pcl-loans”) of $487,000 for the second quarter of 2020 and $407,000 for the first half of 2020.
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