Welcome to our dedicated page for Glen Burnie Bancorp news (Ticker: GLBZ), a resource for investors and traders seeking the latest updates and insights on Glen Burnie Bancorp stock.
Glen Burnie Bancorp (symbol: GLBZ) is a publicly traded bank holding company based in Glen Burnie, Maryland. Established in 1949, it operates through its primary subsidiary, The Bank of Glen Burnie. As a community-oriented bank, it serves the financial needs of Anne Arundel County with eight branch offices.
The Bank offers a wide range of retail and commercial banking services, including checking and savings accounts, loan origination, online and mobile banking, wire transfers, ACH services, debit cards, ATMs, and safe deposit boxes. Its revenue is generated mainly through interest income from these services.
In recent times, the Bank has focused on maintaining sound financial health despite market volatility. For instance, in the first quarter of 2024, the Bank witnessed an increase in deposit balances by over 3%, achieved through new products and services. Additionally, the Bank continues to prioritize prudent risk management and loan production at higher market rates.
Financially, Glen Burnie Bancorp reported a decrease in net income for the first quarter of 2024 due to rising interest expenses. However, the Bank remains well-capitalized with a strong liquidity position, ensuring ample capacity for future growth. As of March 31, 2024, the Bank's total assets stood at $369.9 million, with total deposits at $309.2 million.
The Bank's asset quality remains robust, evidenced by a low percentage of nonperforming assets. Furthermore, the allowance for credit losses on loans is carefully managed to reflect current economic conditions.
Recent Achievements:
- Interest income increased to $13.3 million for the twelve-month period ending December 31, 2023.
- Strong liquidity and capital positions with a total regulatory capital to risk weighted assets ratio of 18.30% as of March 31, 2024.
- A comprehensive approach to net interest margin management, emphasizing the repricing of loans and deployment of liquidity into higher-yielding assets.
Despite ongoing economic challenges, Glen Burnie Bancorp remains committed to its core mission of delivering excellent banking services while navigating an unpredictable market environment.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported net income of $129,000 ($0.04 per share) for Q3 2024, down from $551,000 ($0.19 per share) in Q3 2023. For the nine-month period ended September 30, 2024, the company reported a net loss of $72,000 (-$0.02 per share), compared to net income of $1.3 million ($0.44 per share) in 2023. Total assets reached $368.4 million, with loans increasing 18.41% to $207.0 million. The decline in performance was primarily due to higher interest expenses and compressed margins in the current rate environment. The company suspended its quarterly dividend to invest in strategic opportunities.
The Bank of Glen Burnie, a subsidiary of Glen Burnie Bancorp (NASDAQ: GLBZ), has expanded its business banking team with two key appointments. Jonathan Shearin has been named director of commercial banking, and Ed Abedi has been appointed vice president of cash management. These additions aim to strengthen the bank's position as 'the bank for business' in Anne Arundel County and surrounding areas.
Shearin, previously a commercial relationship manager at Shore United Bank, brings experience in tailored banking solutions and portfolio management. Abedi, with over 20 years in commercial banking and treasury management, joins from HTLF. Both executives express enthusiasm for supporting local businesses and enhancing digital banking services.
President and CEO Mark C. Hanna emphasized that growing the bank's ability to serve local businesses is their primary goal, highlighting the bank's unique position as an independent, community-driven institution to support small businesses.
Glen Burnie Bancorp (NASDAQ: GLBZ) has appointed Felton Magee Jr. to its Board of Directors. This move aligns with The Bank of Glen Burnie's commitment to being 'the bank for business' in Anne Arundel County and surrounding areas. Magee, a Lean Six Sigma-certified and Project Management Professional, brings extensive experience in process improvement, financial management, and business growth.
Magee's background includes leadership roles at various consulting firms and a successful tenure as president and CEO of Regent HealthCare, Inc., where he oversaw two acquisitions that doubled the company's size. His appointment is part of the bank's strategy to bring in new perspectives and expertise to drive growth in its services, people, and community impact.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net loss of $204,000, or $0.07 per share, for Q2 2024, compared to net income of $276,000, or $0.10 per share, in Q2 2023. The company faced challenges due to the current interest rate environment, with increased deposit and borrowing costs impacting earnings. Despite this, the bank achieved net loan growth of $23.0 million during the quarter and $20.5 million year-over-year. Deposits increased 1.9% in the first six months of 2024. The bank's net interest margin expanded by 16 basis points to 3.02% on a linked-quarter basis. Total assets were $355.7 million on June 30, 2024, with a strong liquidity position and a tier 1 risk-based capital ratio of 15.59%.
Glen Burnie Bancorp (NASDAQ: GLBZ) has appointed Joseph G. 'Jay' Baldwin to its Board of Directors, signaling a renewed focus on being 'the bank for business' in Anne Arundel County. Baldwin, president and CEO of Reliable Contracting Company, brings extensive business leadership experience and deep community roots. His appointment coincides with the bank's 75th anniversary and follows the retirement of Charles F. Lynch Jr.
Baldwin's diverse background includes founding Reliable Commercial Construction and Reliable Real Estate Services, as well as leadership roles in various construction industry associations. His appointment is expected to contribute to the bank's growth strategy and adaptation to changing community needs. The move aligns with Glen Burnie Bancorp's efforts to strengthen its position in serving small-to-mid-sized businesses in the region.
Glen Burnie Bancorp (NASDAQ: GLBZ) announced a regular dividend of $0.10 per share for 2Q 2024, continuing its 128th consecutive dividend. The Board of Directors approved this dividend on July 11, 2024. Shareholders of record by July 22, 2024, will receive the dividend on August 5, 2024. As of June 30, 2024, Glen Burnie Bancorp's consolidated assets total $355.7 million. The Bank of Glen Burnie, founded in 1949, operates eight branches in Anne Arundel County, Maryland.
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