Glen Burnie Bancorp Announces Fourth Quarter And Full Year 2023 Results
- Glen Burnie Bancorp reported a decrease in net income from $830,000 in Q4 2022 to $167,000 in Q4 2023.
- Total assets stood at $351.8 million on December 31, 2023.
- The company paid its 126th consecutive quarterly dividend on February 5, 2024.
- Despite industry challenges, the company aims to grow its core banking business and enhance infrastructure.
- The bank remains well-capitalized with a tier 1 risk-based capital ratio of 17.37% on Dec 31, 2023.
- Net income decreased significantly from the previous year, impacting return on average assets and equity.
- Total assets decreased by 7.77% from the previous year.
- Interest income increased due to rising interest rates, but loan pricing pressure continues to impact net interest margin.
- Total deposits decreased by 17.32% from the previous year.
- Noninterest income and expenses showed significant variations between Q4 2022 and Q4 2023.
Insights
The reported financial results of Glen Burnie Bancorp for the final quarter and the full year of 2023 indicate a contraction in net income compared to the previous year. A detailed examination of the financials shows a decline in net income from $830,000 to $167,000 for the quarter and from $1.75 million to $1.43 million for the full year. This downward trend raises concerns about the bank's profitability amidst a challenging interest rate environment and competitive market pressures. A key metric, the net interest margin, has decreased slightly, suggesting a tightening in the spread between the interest income generated and the amount of interest paid out to lenders, which is critical for banks as it directly affects earnings.
Furthermore, the bank's strategy to mitigate declining net interest margin through repricing of loans and deployment of excess liquidity into higher yielding federal funds is a noteworthy move. However, the effectiveness of this strategy in a volatile market with high competition for loans and deposits will require ongoing scrutiny. The bank's proactive measures to enhance infrastructure and services, such as adding resources for deposit growth and small business lending, are positive steps towards adapting to market conditions and pursuing long-term strategic goals.
The banking industry is currently experiencing a period of turbulence due to rising interest rates, which has led to increased competition for loans and deposits. Glen Burnie Bancorp's focus on growing its core banking business and making strategic adjustments to its operating structure is a response to these market dynamics. The bank's emphasis on maintaining strong capital levels and asset quality, along with a solid liquidity position, positions it to navigate the uncertain economic climate.
It is important to note the impact of the inverted yield curve on the bank's performance, as this phenomenon typically signals investor uncertainty and can lead to a decrease in bank profitability. The bank's ability to maintain a stable earnings stream despite these challenges is commendable, but investors should be aware of the potential risks associated with a heavy reliance on spread business in a volatile interest rate environment.
The bank's financial performance is reflective of broader economic trends, particularly the high-interest rate environment that has persisted through 2023. The bank's return on average assets and return on average equity have both decreased significantly, from 0.83% to 0.19% and from 21.74% to 4.65%, respectively. These indicators are essential for assessing the bank's efficiency in generating profits from its assets and equity. The decrease suggests that the bank and possibly the sector at large, may be facing headwinds in terms of profitability.
The bank's liquidity, as indicated by its strong regulatory capital ratios, suggests resilience in the face of these economic challenges. However, the decrease in total assets and deposits, combined with an increase in borrowings, could signal a need for caution. Investors should consider these factors in the context of the current economic cycle and the bank's historical performance during similar cycles.
GLEN BURNIE, Md., Feb. 16, 2024 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of
“While 2023 proved to be a challenging year for our industry, we are pleased with our 2023 operating results as we continue to benefit from the passion of our associates to offer our customers exceptional banking services,” said Mark C. Hanna, President and Chief Executive Officer. “Over the course of the year, rising interest rates and industry turmoil created a challenging and unpredictable market for banks. High interest rates continued to drive competition for loans and deposits. While these challenges will persist into 2024, we continue to focus our efforts on growing our core banking business. We partially mitigated our declining net interest margin through the repricing of new and existing loans at higher yields and the deployment of excess liquidity into higher yielding federal funds. Despite declining loan balances in a volatile market environment, we have built a stable earnings stream that should continue to deliver solid financial outcomes for the Company and our shareholders. We plan to add resources to drive deposit growth, enhance our small business lending capabilities, and make strategic adjustments to our operating structure to provide more value to both business and retail customers. These actions will significantly enhance our infrastructure and allow us to better serve our communities.
“Historically, the Company has navigated both rising rate and recessionary cycles with good outcomes, and we believe that the Company and the Bank are well-positioned to weather the current economic environment,” continued Mr. Hanna. “We expect 2024 to be another difficult operating environment for financial institutions, particularly ones with a heavy reliance on the spread business. We are focused on executing against our long-term strategic plan and realizing the value from expanded treasury management capabilities, a continued emphasis on providing premier relationship banking services and continued slowdown of organic growth in our indirect automobile loan portfolio. Accordingly, our measured approach to loan and deposit growth will persist throughout the year.”
In closing, Mr. Hanna added, “Our financial performance during the fourth quarter demonstrates this ability, although performance was still heavily impacted by the continuation of an inverted yield curve and rigorous competition for core deposits. Higher interest rate levels will keep pressure on loan growth and deposit retention, which impact our net interest margin. While interest rates may decrease in the future, we believe that the competition for loans and deposits will remain strong as we navigate through this cycle. We continue our focus on maintaining our strong capital levels, which are above regulatory required levels, preserving our solid asset quality, and maintaining our strong liquidity levels. I am proud of the results and profitability the team was able to achieve in 2023. I look forward to continued progress towards our strategic objectives in 2024. I want to thank all of the Glen Burnie Bancorp associates for their incredible contributions and unwavering customer support during this uncertain period."
Highlights for the Quarter and Year ended December 31, 2023
Total interest income increased
The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of
Return on average assets for the three-month period ended December 31, 2023, was
The cost of funds was
The book value per share of Bancorp’s common stock was
On December 31, 2023, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately
Balance Sheet Review
Total assets were
Total deposits were
As of December 31, 2023, total stockholders’ equity was
Asset quality, which has trended within a narrow range over the past several years, remains sound on December 31, 2023. Nonperforming assets, which consist of nonaccrual loans, troubled debt restructurings, accruing loans past due 90 days or more, and other real estate owned (“OREO”), represented
Review of Financial Results
For the three-month periods ended December 31, 2023, and 2022
Net income for the three-month period ended December 31, 2023, was
Net interest income for the three-month period ended December 31, 2023, totaled
Net interest margin for the three-month period ended December 31, 2023, was
The average balance of interest-earning assets decreased
The average balance of interest-bearing deposits in banks and investment securities decreased
Average loan balances decreased
The provision of allowance for credit loss on loans for the three-month period ended December 31, 2023, was
Noninterest income for the three-month period ended December 31, 2023, was
For the three-month period ended December 31, 2023, noninterest expense was
For the twelve-month periods ended December 31, 2023, and 2022
Net income for the twelve-month period ended December 31, 2023, was
Net interest income for the twelve-month period ended December 31, 2023, totaled
Net interest margin for the twelve-month period ended December 31, 2023, was
The average balance of interest-earning assets decreased
The average balance of interest-bearing deposits in banks and investment securities decreased
Average loan balances decreased
The Company recorded a provision of allowance for credit loss on loans of
Noninterest income for the twelve-month period ended December 31, 2023, was
For the twelve-month period ended December 31, 2023, noninterest expense was
Glen Burnie Bancorp Information
Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally owned community bank with 8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.
Forward-Looking Statements
The statements contained herein that are not historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.
| GLEN BURNIE BANCORP AND SUBSIDIARY | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (dollars in thousands) | |||||||||||
| December 31, | September 30, | December 31, | |||||||||
| 2023 | 2023 | 2022 | |||||||||
| (unaudited) | (unaudited) | (audited) | |||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ | 1,940 | $ | 2,380 | $ | 2,035 | |||||
| Interest-bearing deposits in other financial institutions | 13,301 | 12,142 | 28,057 | ||||||||
| Total Cash and Cash Equivalents | 15,241 | 14,522 | 30,092 | ||||||||
| Investment securities available for sale, at fair value | 139,427 | 142,705 | 144,133 | ||||||||
| Restricted equity securities, at cost | 1,217 | 980 | 221 | ||||||||
| Loans, net of deferred fees and costs | 176,307 | 174,796 | 186,440 | ||||||||
| Less: Allowance for credit losses(1) | (2,157 | ) | (2,094 | ) | (2,162 | ) | |||||
| Loans, net | 174,150 | 172,702 | 184,278 | ||||||||
| Premises and equipment, net | 3,046 | 3,177 | 3,277 | ||||||||
| Bank owned life insurance | 8,657 | 8,614 | 8,493 | ||||||||
| Deferred tax assets, net | 7,897 | 10,187 | 8,902 | ||||||||
| Accrued interest receivable | 1,192 | 1,373 | 1,159 | ||||||||
| Accrued taxes receivable | 121 | 189 | - | ||||||||
| Prepaid expenses | 475 | 538 | 493 | ||||||||
| Other assets | 390 | 377 | 388 | ||||||||
| Total Assets | $ | 351,813 | $ | 355,364 | $ | 381,436 | |||||
| LIABILITIES | |||||||||||
| Noninterest-bearing deposits | $ | 116,922 | $ | 126,898 | $ | 143,262 | |||||
| Interest-bearing deposits | 183,145 | 187,943 | 219,685 | ||||||||
| Total Deposits | 300,067 | 314,841 | 362,947 | ||||||||
| Short-term borrowings | 30,000 | 25,000 | - | ||||||||
| Long-term borrowings | - | - | - | ||||||||
| Defined pension liability | 324 | 322 | 317 | ||||||||
| Accrued expenses and other liabilities | 2,097 | 2,040 | 2,118 | ||||||||
| Total Liabilities | 332,488 | 342,203 | 365,382 | ||||||||
| STOCKHOLDERS' EQUITY | |||||||||||
| Common stock, par value | 2,883 | 2,877 | 2,865 | ||||||||
| Additional paid-in capital | 10,964 | 10,940 | 10,862 | ||||||||
| Retained earnings | 23,859 | 23,980 | 23,579 | ||||||||
| Accumulated other comprehensive loss | (18,381 | ) | (24,636 | ) | (21,252 | ) | |||||
| Total Stockholders' Equity | 19,325 | 13,161 | 16,054 | ||||||||
| Total Liabilities and Stockholders' Equity | $ | 351,813 | $ | 355,364 | $ | 381,436 | |||||
| GLEN BURNIE BANCORP AND SUBSIDIARY | ||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||
| (unaudited) | ||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||
| Interest income | ||||||||||||||
| Interest and fees on loans | $ | 2,192 | $ | 2,087 | $ | 8,559 | $ | 8,437 | ||||||
| Interest and dividends on securities | 1,082 | 967 | 4,147 | 3,403 | ||||||||||
| Interest on deposits with banks and federal funds sold | 162 | 404 | 631 | 872 | ||||||||||
| Total Interest Income | 3,436 | 3,458 | 13,337 | 12,712 | ||||||||||
| Interest expense | ||||||||||||||
| Interest on deposits | 176 | 109 | 513 | 471 | ||||||||||
| Interest on short-term borrowings | 369 | 11 | 689 | 348 | ||||||||||
| Interest on long-term borrowings | - | - | - | 34 | ||||||||||
| Total Interest Expense | 545 | 120 | 1,202 | 853 | ||||||||||
| Net Interest Income | 2,891 | 3,337 | 12,135 | 11,859 | ||||||||||
| Provision/release of credit loss allowance | 103 | 65 | 96 | (112 | ) | |||||||||
| Net interest income after release of credit loss provision | 2,788 | 3,272 | 12,039 | 11,971 | ||||||||||
| Noninterest income | ||||||||||||||
| Service charges on deposit accounts | 39 | 40 | 159 | 159 | ||||||||||
| Other fees and commissions | 217 | 236 | 777 | 831 | ||||||||||
| Loss/gain on securities sold/redeemed | - | - | - | 2 | ||||||||||
| Gain on swap contract unwind | - | 206 | - | 206 | ||||||||||
| Income on life insurance | 43 | 40 | 164 | 156 | ||||||||||
| Total Noninterest Income | 299 | 522 | 1,100 | 1,354 | ||||||||||
| Noninterest expenses | ||||||||||||||
| Salary and employee benefits | 1,621 | 1,622 | 6,710 | 6,406 | ||||||||||
| Occupancy and equipment expenses | 339 | 334 | 1,294 | 1,272 | ||||||||||
| Legal, accounting and other professional fees | 301 | 160 | 993 | 1,044 | ||||||||||
| Data processing and item processing services | 250 | 294 | 1,005 | 997 | ||||||||||
| FDIC insurance costs | 40 | 29 | 163 | 112 | ||||||||||
| Advertising and marketing related expenses | 25 | 23 | 97 | 86 | ||||||||||
| Loan collection costs | 8 | 11 | 22 | (39 | ) | |||||||||
| Telephone costs | 39 | 40 | 151 | 159 | ||||||||||
| Other expenses | 324 | 287 | 1,203 | 1,303 | ||||||||||
| Total Noninterest Expenses | 2,947 | 2,800 | 11,638 | 11,340 | ||||||||||
| Income before income taxes | 140 | 994 | 1,501 | 1,985 | ||||||||||
| Income tax expense | (27 | ) | 164 | 72 | 240 | |||||||||
| Net income | $ | 167 | $ | 830 | $ | 1,429 | $ | 1,745 | ||||||
| Basic and diluted net income per common share | $ | 0.06 | $ | 0.29 | $ | 0.50 | $ | 0.61 | ||||||
| GLEN BURNIE BANCORP AND SUBSIDIARY | ||||||||||||||||||
| CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | ||||||||||||||||||
| For the twelve months ended December 31, 2023 and 2022 | ||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||
| Accumulated | ||||||||||||||||||
| Additional | Other | Total | ||||||||||||||||
| Common | Paid-in | Retained | Comprehensive | Stockholders' | ||||||||||||||
| (audited) | Stock | Capital | Earnings | Loss | Equity | |||||||||||||
| Balance, December 31, 2021 | $ | 2,854 | $ | 10,759 | $ | 22,977 | $ | (874 | ) | $ | 35,716 | |||||||
| Net income | - | - | 1,745 | - | 1,745 | |||||||||||||
| Cash dividends, | - | - | (1,143 | ) | - | (1,143 | ) | |||||||||||
| Dividends reinvested under | ||||||||||||||||||
| dividend reinvestment plan | 11 | 103 | - | - | 114 | |||||||||||||
| Other comprehensive loss | - | - | - | (20,378 | ) | (20,378 | ) | |||||||||||
| Balance, December 31, 2022 | $ | 2,865 | $ | 10,862 | $ | 23,579 | $ | (21,252 | ) | $ | 16,054 | |||||||
| Accumulated | ||||||||||||||||||
| Additional | Other | Total | ||||||||||||||||
| Common | Paid-in | Retained | Comprehensive | Stockholders' | ||||||||||||||
| (unaudited) | Stock | Capital | Earnings | Income (Loss) | Equity | |||||||||||||
| Balance, December 31, 2022 | $ | 2,865 | $ | 10,862 | $ | 23,579 | $ | (21,252 | ) | $ | 16,054 | |||||||
| Net income | - | - | 1,429 | - | 1,429 | |||||||||||||
| Cash dividends, | - | - | (1,149 | ) | - | (1,149 | ) | |||||||||||
| Dividends reinvested under | ||||||||||||||||||
| dividend reinvestment plan | 18 | 102 | - | - | 120 | |||||||||||||
| Other comprehensive loss | - | - | - | 2,871 | 2,871 | |||||||||||||
| Balance, December 31, 2023 | $ | 2,883 | $ | 10,964 | $ | 23,859 | $ | (18,381 | ) | $ | 19,325 | |||||||
| THE BANK OF GLEN BURNIE | |||||||||||||||
| CAPITAL RATIOS | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
| (unaudited) | |||||||||||||||
| To Be Well | |||||||||||||||
| Capitalized Under | |||||||||||||||
| To Be Considered | Prompt Corrective | ||||||||||||||
| Adequately Capitalized | Action Provisions | ||||||||||||||
| Amount | Ratio | Ratio | Ratio | ||||||||||||
| As of December 31, 2023: | |||||||||||||||
| Common Equity Tier 1 Capital | $ | 37,975 | 17.37 | % | $ | 9,840 | 4.50 | % | $ | 14,213 | 6.50 | % | |||
| Total Risk-Based Capital | $ | 40,237 | 18.40 | % | $ | 17,493 | 8.00 | % | $ | 21,867 | 10.00 | % | |||
| Tier 1 Risk-Based Capital | $ | 37,975 | 17.37 | % | $ | 13,120 | 6.00 | % | $ | 17,493 | 8.00 | % | |||
| Tier 1 Leverage | $ | 37,975 | 10.76 | % | $ | 14,113 | 4.00 | % | $ | 17,641 | 5.00 | % | |||
| As of September 30, 2023: | |||||||||||||||
| Common Equity Tier 1 Capital | $ | 38,053 | 17.12 | % | $ | 10,004 | 4.50 | % | $ | 14,450 | 6.50 | % | |||
| Total Risk-Based Capital | $ | 40,227 | 18.10 | % | $ | 17,785 | 8.00 | % | $ | 22,231 | 10.00 | % | |||
| Tier 1 Risk-Based Capital | $ | 38,053 | 17.12 | % | $ | 13,338 | 6.00 | % | $ | 17,785 | 8.00 | % | |||
| Tier 1 Leverage | $ | 38,053 | 10.56 | % | $ | 14,420 | 4.00 | % | $ | 18,026 | 5.00 | % | |||
| As of December 31, 2022: | |||||||||||||||
| Common Equity Tier 1 Capital | $ | 37,963 | 16.45 | % | $ | 10,383 | 4.50 | % | $ | 14,998 | 6.50 | % | |||
| Total Risk-Based Capital | $ | 39,866 | 17.28 | % | $ | 18,459 | 8.00 | % | $ | 23,074 | 10.00 | % | |||
| Tier 1 Risk-Based Capital | $ | 37,963 | 16.45 | % | $ | 13,845 | 6.00 | % | $ | 18,459 | 8.00 | % | |||
| Tier 1 Leverage | $ | 37,963 | 9.53 | % | $ | 15,938 | 4.00 | % | $ | 19,922 | 5.00 | % | |||
| GLEN BURNIE BANCORP AND SUBSIDIARY | ||||||||||||||||||||
| SELECTED FINANCIAL DATA | ||||||||||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31 | September 30 | December 31 | December 31 | December 31 | ||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) | ||||||||||||||||
| Financial Data | ||||||||||||||||||||
| Assets | $ | 351,813 | $ | 355,364 | $ | 381,436 | $ | 351,813 | $ | 381,436 | ||||||||||
| Investment securities | 139,427 | 142,706 | 144,133 | 139,427 | 144,133 | |||||||||||||||
| Loans, (net of deferred fees & costs) | 176,307 | 174,796 | 186,440 | 176,307 | 186,440 | |||||||||||||||
| Allowance for loan losses | 2,157 | 2,094 | 2,162 | 2,157 | 2,162 | |||||||||||||||
| Deposits | 300,067 | 314,841 | 362,947 | 300,067 | 362,947 | |||||||||||||||
| Borrowings | 30,000 | 25,000 | - | 30,000 | - | |||||||||||||||
| Stockholders' equity | 19,325 | 13,161 | 16,054 | 19,325 | 16,054 | |||||||||||||||
| Net income | 167 | 551 | 830 | 1,429 | 1,745 | |||||||||||||||
| Average Balances | ||||||||||||||||||||
| Assets | $ | 353,085 | $ | 360,767 | $ | 397,712 | $ | 361,731 | $ | 424,358 | ||||||||||
| Investment securities | 174,581 | 177,856 | 174,886 | 173,902 | 168,990 | |||||||||||||||
| Loans, (net of deferred fees & costs) | 175,456 | 177,223 | 189,585 | 179,790 | 198,934 | |||||||||||||||
| Deposits | 310,168 | 321,318 | 374,687 | 330,094 | 382,164 | |||||||||||||||
| Borrowings | 26,579 | 19,946 | 6,452 | 12,580 | 16,613 | |||||||||||||||
| Stockholders' equity | 14,253 | 17,547 | 15,144 | 17,105 | 24,042 | |||||||||||||||
| Performance Ratios | ||||||||||||||||||||
| Annualized return on average assets | 0.19 | % | 0.61 | % | 0.83 | % | 0.40 | % | 0.41 | % | ||||||||||
| Annualized return on average equity | 4.65 | % | 12.47 | % | 21.74 | % | 8.35 | % | 7.26 | % | ||||||||||
| Net interest margin | 3.17 | % | 3.21 | % | 3.27 | % | 3.31 | % | 2.81 | % | ||||||||||
| Dividend payout ratio | 172 | % | 52 | % | 34 | % | 80 | % | 65 | % | ||||||||||
| Book value per share | $ | 6.70 | $ | 4.57 | $ | 5.60 | $ | 6.70 | $ | 5.60 | ||||||||||
| Basic and diluted net income per share | 0.06 | 0.19 | 0.29 | 0.50 | 0.61 | |||||||||||||||
| Cash dividends declared per share | 0.10 | 0.10 | 0.10 | 0.40 | 0.40 | |||||||||||||||
| Basic and diluted weighted average shares outstanding | 2,880,398 | 2,875,329 | 2,863,629 | 2,873,500 | 2,859,239 | |||||||||||||||
| Asset Quality Ratios | ||||||||||||||||||||
| Allowance for loan losses to loans | 1.22 | % | 1.20 | % | 1.16 | % | 1.22 | % | 1.16 | % | ||||||||||
| Nonperforming loans to avg. loans | 0.30 | % | 0.33 | % | 0.26 | % | 0.29 | % | 0.25 | % | ||||||||||
| Allowance for loan losses to nonaccrual & 90+ past due loans | 409.3 | % | 359.4 | % | 433.9 | % | 409.3 | % | 433.9 | % | ||||||||||
| Net charge-offs annualize to avg. loans | 0.08 | % | 0.09 | % | 0.38 | % | 0.06 | % | 0.10 | % | ||||||||||
| Capital Ratios | ||||||||||||||||||||
| Common Equity Tier 1 Capital | 17.37 | % | 17.12 | % | 16.45 | % | 17.37 | % | 16.45 | % | ||||||||||
| Tier 1 Risk-based Capital Ratio | 17.37 | % | 17.12 | % | 16.45 | % | 17.37 | % | 16.45 | % | ||||||||||
| Leverage Ratio | 10.76 | % | 10.56 | % | 9.53 | % | 10.76 | % | 9.53 | % | ||||||||||
| Total Risk-Based Capital Ratio | 18.40 | % | 18.10 | % | 17.28 | % | 18.40 | % | 17.28 | % | ||||||||||
FAQ
What was Glen Burnie Bancorp's net income for Q4 2023?
What were the total assets of Glen Burnie Bancorp on December 31, 2023?
Did Glen Burnie Bancorp pay its quarterly dividend on February 5, 2024?
What is the tier 1 risk-based capital ratio of Glen Burnie Bancorp on December 31, 2023?
How did the total deposits of Glen Burnie Bancorp change from December 31, 2022, to December 31, 2023?
