Glen Burnie Bancorp Announces Fourth Quarter and Full Year 2024 Results
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net loss of $39,000 (-$0.01 per share) for Q4 2024, compared to net income of $167,000 ($0.06 per share) in Q4 2023. For the full year 2024, the company posted a net loss of $112,000 (-$0.04 per share), versus net income of $1.4 million ($0.50 per share) in 2023.
Total assets reached $358.9 million as of December 31, 2024, up 2.03% from 2023. Despite loan growth of $28.9 million, net interest income decreased by $1.2 million to $10.9 million in 2024. The decline was primarily due to a $3.1 million increase in interest expenses, partially offset by a $1.9 million increase in interest and fees on loans.
The bank's capital position remains strong with a tier 1 risk-based capital ratio of 15.15%. However, the company suspended its quarterly dividend practice to invest in strategic opportunities, including technology, products, and facilities.
Glen Burnie Bancorp (NASDAQ: GLBZ) ha riportato una perdita netta di 39.000 dollari (-0,01 dollari per azione) per il quarto trimestre del 2024, rispetto a un utile netto di 167.000 dollari (0,06 dollari per azione) nel quarto trimestre del 2023. Per l'intero anno 2024, l'azienda ha registrato una perdita netta di 112.000 dollari (-0,04 dollari per azione), rispetto a un utile netto di 1,4 milioni di dollari (0,50 dollari per azione) nel 2023.
Il totale degli attivi ha raggiunto 358,9 milioni di dollari al 31 dicembre 2024, con un aumento del 2,03% rispetto al 2023. Nonostante una crescita dei prestiti di 28,9 milioni di dollari, il reddito netto da interessi è diminuito di 1,2 milioni di dollari, assestandosi a 10,9 milioni di dollari nel 2024. Questo calo è stato principalmente dovuto a un aumento di 3,1 milioni di dollari delle spese per interessi, parzialmente compensato da un aumento di 1,9 milioni di dollari negli interessi e nelle commissioni sui prestiti.
La posizione patrimoniale della banca rimane solida con un rapporto di capitale di base di livello 1 adeguato al rischio del 15,15%. Tuttavia, l'azienda ha sospeso la pratica del dividendo trimestrale per investire in opportunità strategiche, incluse tecnologia, prodotti e strutture.
Glen Burnie Bancorp (NASDAQ: GLBZ) reportó una pérdida neta de 39,000 dólares (-0.01 dólares por acción) para el cuarto trimestre de 2024, en comparación con un ingreso neto de 167,000 dólares (0.06 dólares por acción) en el cuarto trimestre de 2023. Para el año completo 2024, la compañía registró una pérdida neta de 112,000 dólares (-0.04 dólares por acción), frente a un ingreso neto de 1.4 millones de dólares (0.50 dólares por acción) en 2023.
Los activos totales alcanzaron 358.9 millones de dólares al 31 de diciembre de 2024, un aumento del 2.03% respecto a 2023. A pesar de un crecimiento en los préstamos de 28.9 millones de dólares, los ingresos netos por intereses disminuyeron en 1.2 millones de dólares, sumando 10.9 millones de dólares en 2024. La caída se debió principalmente a un aumento de 3.1 millones de dólares en los gastos por intereses, parcialmente compensado por un aumento de 1.9 millones de dólares en intereses y comisiones sobre préstamos.
La posición de capital del banco sigue siendo fuerte, con un ratio de capital de nivel 1 basado en riesgos del 15.15%. Sin embargo, la compañía suspendió su práctica de dividendos trimestrales para invertir en oportunidades estratégicas, incluidas la tecnología, productos e instalaciones.
글렌 번니 뱅코프 (NASDAQ: GLBZ)는 2024년 4분기에 39,000달러(-0.01달러 per주식)의 순손실을 보고했으며, 이는 2023년 4분기에 167,000달러(0.06달러 per주식)의 순이익과 비교된다. 2024년 전체로는 112,000달러(-0.04달러 per주식)의 순손실을 기록했으며, 2023년에는 1.4백만 달러(0.50달러 per주식)의 순이익이 있었다.
총 자산은 2024년 12월 31일 기준으로 3억 5,890만 달러에 이르며, 이는 2023년 대비 2.03% 증가한 수치이다. 2,890만 달러의 대출 증가에도 불구하고, 순이자 수익은 120만 달러 감소하여 2024년에는 1,090만 달러가 되었다. 이 감소는 주로 310만 달러의 이자 비용 증가로 인한 것이며, 대출에 대한 이자 및 수수료의 190만 달러 증가로 일부 상쇄되었다.
은행의 자본 상황은 15.15%의 리스크 기반 자본 비율로 강력하게 유지되고 있다. 그러나, 회사는 기술, 제품 및 시설을 포함한 전략적 기회를 위해 분기 배당금을 일시 중단했다.
Glen Burnie Bancorp (NASDAQ: GLBZ) a annoncé une perte nette de 39 000 dollars (-0,01 dollar par action) pour le quatrième trimestre 2024, contre un bénéfice net de 167 000 dollars (0,06 dollar par action) au quatrième trimestre 2023. Pour l'ensemble de l'année 2024, l'entreprise a affiché une perte nette de 112 000 dollars (-0,04 dollar par action), contre un bénéfice net de 1,4 million de dollars (0,50 dollar par action) en 2023.
Les actifs totaux ont atteint 358,9 millions de dollars au 31 décembre 2024, en hausse de 2,03 % par rapport à 2023. Malgré une croissance des prêts de 28,9 millions de dollars, le revenu net d'intérêts a diminué de 1,2 million de dollars, s'établissant à 10,9 millions de dollars en 2024. Cette baisse est principalement due à une augmentation de 3,1 millions de dollars des charges d'intérêts, partiellement compensée par une augmentation de 1,9 million de dollars des intérêts et des frais sur les prêts.
La position de capital de la banque reste solide avec un ratio de capital de base de niveau 1 de 15,15 %. Cependant, la société a suspendu sa pratique de dividende trimestriel afin d'investir dans des opportunités stratégiques, y compris la technologie, les produits et les infrastructures.
Glen Burnie Bancorp (NASDAQ: GLBZ) meldete einen Nettoverlust von 39.000 Dollar (-0,01 Dollar pro Aktie) für das 4. Quartal 2024, verglichen mit einem Nettoertrag von 167.000 Dollar (0,06 Dollar pro Aktie) im 4. Quartal 2023. Für das gesamte Jahr 2024 wies das Unternehmen einen Nettoverlust von 112.000 Dollar (-0,04 Dollar pro Aktie) aus, im Vergleich zu einem Nettoertrag von 1,4 Millionen Dollar (0,50 Dollar pro Aktie) im Jahr 2023.
Die Gesamtsumme der Vermögenswerte belief sich zum 31. Dezember 2024 auf 358,9 Millionen Dollar, was einem Anstieg von 2,03 % gegenüber 2023 entspricht. Trotz einer Kreditwachstums von 28,9 Millionen Dollar sank das Nettozinseinkommen um 1,2 Millionen Dollar und betrug 10,9 Millionen Dollar im Jahr 2024. Der Rückgang war hauptsächlich auf einen Anstieg der Zinsaufwendungen um 3,1 Millionen Dollar zurückzuführen, der teilweise durch einen Anstieg der Zinsen und Gebühren für Kredite um 1,9 Millionen Dollar ausgeglichen wurde.
Die Kapitalposition der Bank bleibt stark mit einer Risikogewichteten Kernkapitalquote von 15,15 %. Allerdings hat das Unternehmen seine quartalsweise Dividendenpraxis ausgesetzt, um in strategische Möglichkeiten zu investieren, einschließlich Technologie, Produkte und Einrichtungen.
- Loan growth of $28.9 million (16.40% increase) to $205.2 million
- Total deposits increased by $9.1 million (3.04%) to $309.2 million
- Strong capital position with tier 1 risk-based capital ratio of 15.15%
- Total assets increased by $7.1 million (2.03%) to $358.9 million
- Net loss of $112,000 in 2024 vs net income of $1.4 million in 2023
- Net interest income decreased by $1.2 million (9.84%) to $10.9 million
- Interest expenses increased by $3.1 million
- Suspension of quarterly dividend payments
- Book value per share decreased to $6.14 from $6.70 in 2023
Insights
Glen Burnie Bancorp's 2024 results reveal significant operational challenges, marked by a concerning shift from $1.4 million profit in 2023 to a $112,000 loss in 2024. The most notable development is the suspension of quarterly dividends - a dramatic shift in capital management strategy that signals serious concerns about future profitability and capital preservation needs.
The bank's core profitability metrics have deteriorated substantially:
- Net interest margin compressed to
2.98% from3.31% - Cost of funds surged to
1.38% from0.64% - Total stockholders' equity declined to
$17.8 million from$19.3 million
Despite challenging conditions, there are some positive indicators: loan growth of
The strategic pivot to suspend dividends and reinvest in technology and infrastructure, while painful for current shareholders, appears necessary for long-term viability in an increasingly competitive banking landscape. However, the bank's relatively small size (
GLEN BURNIE, Md., Feb. 06, 2025 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net loss of
“Our financial performance in 2024 is disappointing and represents the challenges inherent in navigating the interest rate environment of the last several years. The Company’s focus on generating additional interest-earning assets at higher current market interest rates and rebuilding our base of core, low-cost deposits was moderately successful,” said Mark C. Hanna, President, and Chief Executive Officer. “Despite the challenges of declining net interest income, the Company’s financial strength is reflected in a strong capital position, available liquidity, and prudent expense management. Although interest expense increased significantly in year over year comparisons, loan growth of
In closing, Mr. Hanna added, “To invest in strategic opportunities that will benefit the long-term performance of the Bank, the difficult decision was made to change the longstanding practice of approving quarterly cash dividends for shareholders. As the Bank evaluates our next 75 years, we are committed to our business model and the economic strength of the communities we serve. To better serve the evolving needs of our clients, there is a need to reinvest in our people, technology, products, and facilities. Based on our capital levels, conservative underwriting policies, on- and off-balance sheet liquidity, strong loan diversification, and current economic conditions within the markets we serve, management expects to navigate the uncertainties and remain well-capitalized. Our focus remains continued execution on our strategic priorities to generate organic loan and deposit growth.”
Highlights for the Quarter and Year ended December 31, 2024
Despite growth in loans and deposits for the twelve-month period ending December 31, 2024, net interest income decreased
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, 2024, was -
The cost of funds was
The book value per share of Bancorp’s common stock was
On December 31, 2024, 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, 2024, total stockholders’ equity was
Asset quality, which has trended within a narrow range over the past several years, remained sound on December 31, 2024. Nonperforming assets, which consist of nonaccrual loans, loans to borrowers experiencing financial difficulty, 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, 2024, and 2023
Net loss for the three-month period ended December 31, 2024, was
Net interest income for the three-month period ended December 31, 2024, totaled
Net interest margin for the three-month period ended December 31, 2024, was
The average balance of interest-earning assets increased
The average balance of interest-bearing deposits in banks and investment securities decreased
Average loan balances increased
The provision of allowance for credit loss on loans for the three-month period ended December 31, 2024, was
Noninterest income for the three-month period ended December 31, 2024, was
For the three-month period ended December 31, 2024, noninterest expense was
For the twelve-month periods ended December 31, 2024, and 2023
Net loss for the twelve-month period ended December 31, 2024, was
Net interest income for the twelve-month period ended December 31, 2024, totaled
Net interest margin for the twelve-month period ended December 31, 2024, 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 increased
The Company recorded a provision of allowance for credit loss on loans of
Noninterest income for the twelve-month period ended December 31, 2024, was
For the twelve-month period ended December 31, 2024, 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 seven 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, | |||||||||
| 2024 | 2024 | 2023 | |||||||||
| (unaudited) | (unaudited) | (audited) | |||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ | 2,012 | $ | 2,255 | $ | 1,940 | |||||
| Interest-bearing deposits in other financial institutions | 22,452 | 20,207 | 13,301 | ||||||||
| Total Cash and Cash Equivalents | 24,464 | 22,462 | 15,241 | ||||||||
| Investment securities available for sale, at fair value | 107,949 | 119,958 | 139,427 | ||||||||
| Restricted equity securities, at cost | 1,671 | 246 | 1,217 | ||||||||
| Loans, net of deferred fees and costs | 205,219 | 206,975 | 176,307 | ||||||||
| Less: Allowance for credit losses | (2,839 | ) | (2,748 | ) | (2,157 | ) | |||||
| Loans, net | 202,380 | 204,227 | 174,150 | ||||||||
| Premises and equipment, net | 2,630 | 2,723 | 3,046 | ||||||||
| Bank owned life insurance | 8,834 | 8,789 | 8,657 | ||||||||
| Deferred tax assets, net | 8,548 | 6,879 | 7,897 | ||||||||
| Accrued interest receivable | 1,345 | 1,478 | 1,192 | ||||||||
| Accrued taxes receivable | 148 | 497 | 121 | ||||||||
| Prepaid expenses | 471 | 486 | 475 | ||||||||
| Other assets | 516 | 614 | 390 | ||||||||
| Total Assets | $ | 358,956 | $ | 368,359 | $ | 351,813 | |||||
| LIABILITIES | |||||||||||
| Noninterest-bearing deposits | $ | 100,747 | $ | 115,938 | $ | 116,922 | |||||
| Interest-bearing deposits | 208,442 | 198,335 | 183,145 | ||||||||
| Total Deposits | 309,189 | 314,273 | 300,067 | ||||||||
| Short-term borrowings | 30,000 | 30,000 | 30,000 | ||||||||
| Defined pension liability | 330 | 329 | 324 | ||||||||
| Accrued expenses and other liabilities | 1,620 | 2,597 | 2,097 | ||||||||
| Total Liabilities | 341,139 | 347,199 | 332,488 | ||||||||
| STOCKHOLDERS' EQUITY | |||||||||||
| Common stock, par value | 2,901 | 2,901 | 2,883 | ||||||||
| Additional paid-in capital | 11,037 | 11,037 | 10,964 | ||||||||
| Retained earnings | 22,882 | 22,921 | 23,859 | ||||||||
| Accumulated other comprehensive loss | (19,003 | ) | (15,699 | ) | (18,381 | ) | |||||
| Total Stockholders' Equity | 17,817 | 21,160 | 19,325 | ||||||||
| Total Liabilities and Stockholders' Equity | $ | 358,956 | $ | 368,359 | $ | 351,813 | |||||
| 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, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Interest income | ||||||||||||||||
| Interest and fees on loans | $ | 2,851 | $ | 2,192 | $ | 10,498 | $ | 8,559 | ||||||||
| Interest and dividends on securities | 773 | 1,082 | 3,379 | 4,147 | ||||||||||||
| Interest on deposits with banks and federal funds sold | 332 | 162 | 1,335 | 631 | ||||||||||||
| Total Interest Income | 3,956 | 3,436 | 15,212 | 13,337 | ||||||||||||
| Interest expense | ||||||||||||||||
| Interest on deposits | 818 | 176 | 2,533 | 513 | ||||||||||||
| Interest on short-term borrowings | 375 | 369 | 1,738 | 689 | ||||||||||||
| Total Interest Expense | 1,193 | 545 | 4,271 | 1,202 | ||||||||||||
| Net Interest Income | 2,763 | 2,891 | 10,941 | 12,135 | ||||||||||||
| Provision of credit loss allowance | 71 | 103 | 844 | 96 | ||||||||||||
| Net interest income after release of credit loss provision | 2,692 | 2,788 | 10,097 | 12,039 | ||||||||||||
| Noninterest income | ||||||||||||||||
| Service charges on deposit accounts | 42 | 39 | 150 | 159 | ||||||||||||
| Other fees and commissions | 245 | 217 | 829 | 777 | ||||||||||||
| Income on life insurance | 45 | 43 | 178 | 164 | ||||||||||||
| Total Noninterest Income | 332 | 299 | 1,157 | 1,100 | ||||||||||||
| Noninterest expenses | ||||||||||||||||
| Salary and employee benefits | 1,708 | 1,621 | 6,580 | 6,710 | ||||||||||||
| Occupancy and equipment expenses | 330 | 339 | 1,325 | 1,294 | ||||||||||||
| Legal, accounting and other professional fees | 346 | 301 | 1,115 | 993 | ||||||||||||
| Data processing and item processing services | 260 | 250 | 1,016 | 1,005 | ||||||||||||
| FDIC insurance costs | 42 | 40 | 161 | 163 | ||||||||||||
| Advertising and marketing related expenses | 29 | 25 | 117 | 97 | ||||||||||||
| Loan collection costs | 13 | 8 | 25 | 22 | ||||||||||||
| Telephone costs | 44 | 39 | 154 | 151 | ||||||||||||
| Other expenses | 346 | 324 | 1,398 | 1,203 | ||||||||||||
| Total Noninterest Expenses | 3,118 | 2,947 | 11,891 | 11,638 | ||||||||||||
| (Loss) income before income taxes | (94 | ) | 140 | (637 | ) | 1,501 | ||||||||||
| Income tax (benefit) expense | (55 | ) | (27 | ) | (525 | ) | 72 | |||||||||
| Net income (loss) | $ | (39 | ) | $ | 167 | $ | (112 | ) | $ | 1,429 | ||||||
| Basic and diluted net income (loss) per common share | $ | (0.01 | ) | $ | 0.06 | $ | (0.04 | ) | $ | 0.50 | ||||||
| GLEN BURNIE BANCORP AND SUBSIDIARY | |||||||||||||||||||
| CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | |||||||||||||||||||
| For the twelve months ended December 31, 2024 and 2023 | |||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| Accumulated | |||||||||||||||||||
| Additional | Other | Total | |||||||||||||||||
| Common | Paid-in | Retained | Comprehensive | Stockholders' | |||||||||||||||
| Stock | Capital | Earnings | (Loss) Income | 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 income | - | - | - | 2,871 | 2,871 | ||||||||||||||
| Balance, December 31, 2023 | $ | 2,883 | $ | 10,964 | $ | 23,859 | $ | (18,381 | ) | $ | 19,325 | ||||||||
| Accumulated | |||||||||||||||||||
| Additional | Other | Total | |||||||||||||||||
| Common | Paid-in | Retained | Comprehensive | Stockholders' | |||||||||||||||
| Stock | Capital | Earnings | Loss | Equity | |||||||||||||||
| Balance, December 31, 2023 | $ | 2,883 | $ | 10,964 | $ | 23,859 | $ | (18,381 | ) | $ | 19,325 | ||||||||
| Net loss | - | - | (112 | ) | - | (112 | ) | ||||||||||||
| Cash dividends, | - | - | (865 | ) | - | (865 | ) | ||||||||||||
| Dividends reinvested under dividend reinvestment plan | 18 | 73 | - | - | 91 | ||||||||||||||
| Other comprehensive loss | - | - | - | (622 | ) | (622 | ) | ||||||||||||
| Balance, December 31, 2024 | $ | 2,901 | $ | 11,037 | $ | 22,882 | $ | (19,003 | ) | $ | 17,817 | ||||||||
| 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 | Amount | Ratio | Amount | Ratio | |||||||||
| As of December 31, 2024: | ||||||||||||||
| Common Equity Tier 1 Capital | $ | 36,481 | 15.15 | % | $ | 10,837 | 4.50 | % | $ | 15,653 | 6.50 | % | ||
| Total Risk-Based Capital | $ | 39,496 | 16.40 | % | $ | 19,265 | 8.00 | % | $ | 24,082 | 10.00 | % | ||
| Tier 1 Risk-Based Capital | $ | 36,481 | 15.15 | % | $ | 14,449 | 6.00 | % | $ | 19,265 | 8.00 | % | ||
| Tier 1 Leverage | $ | 36,481 | 9.97 | % | $ | 14,640 | 4.00 | % | $ | 18,300 | 5.00 | % | ||
| As of September 30, 2024: | ||||||||||||||
| Common Equity Tier 1 Capital | $ | 36,755 | 15.47 | % | $ | 10,691 | 4.50 | % | $ | 15,443 | 6.50 | % | ||
| Total Risk-Based Capital | $ | 39,729 | 16.72 | % | $ | 19,006 | 8.00 | % | $ | 23,758 | 10.00 | % | ||
| Tier 1 Risk-Based Capital | $ | 36,755 | 15.47 | % | $ | 14,255 | 6.00 | % | $ | 19,006 | 8.00 | % | ||
| Tier 1 Leverage | $ | 36,755 | 10.11 | % | $ | 14,539 | 4.00 | % | $ | 18,173 | 5.00 | % | ||
| 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 | % | ||
| 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 | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) | ||||||||||||||||
| Financial Data | ||||||||||||||||||||
| Assets | $ | 358,956 | $ | 368,359 | $ | 351,813 | $ | 358,956 | $ | 351,813 | ||||||||||
| Investment securities | 107,949 | 119,958 | 139,427 | 107,949 | 139,427 | |||||||||||||||
| Loans, (net of deferred fees & costs) | 205,219 | 206,975 | 176,307 | 205,219 | 176,307 | |||||||||||||||
| Allowance for loan losses | 2,839 | 2,748 | 2,157 | 2,839 | 2,157 | |||||||||||||||
| Deposits | 309,189 | 314,273 | 300,067 | 309,189 | 300,067 | |||||||||||||||
| Borrowings | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |||||||||||||||
| Stockholders' equity | 17,817 | 21,160 | 19,325 | 17,817 | 19,325 | |||||||||||||||
| Net income | (39 | ) | 129 | 167 | (112 | ) | 1,429 | |||||||||||||
| Average Balances | ||||||||||||||||||||
| Assets | $ | 366,888 | $ | 364,127 | $ | 353,085 | $ | 363,994 | $ | 361,731 | ||||||||||
| Investment securities | 136,868 | 142,972 | 174,581 | 148,037 | 173,902 | |||||||||||||||
| Loans, (net of deferred fees & costs) | 204,703 | 203,316 | 175,456 | 192,646 | 179,790 | |||||||||||||||
| Deposits | 314,046 | 312,019 | 310,168 | 309,838 | 330,095 | |||||||||||||||
| Borrowings | 30,323 | 30,001 | 26,579 | 32,720 | 12,580 | |||||||||||||||
| Stockholders' equity | 20,664 | 19,559 | 14,253 | 19,169 | 17,105 | |||||||||||||||
| Performance Ratios | ||||||||||||||||||||
| Annualized return on average assets | -0.04 | % | 0.14 | % | 0.19 | % | -0.03 | % | 0.40 | % | ||||||||||
| Annualized return on average equity | -0.75 | % | 2.63 | % | 4.65 | % | -0.58 | % | 8.35 | % | ||||||||||
| Net interest margin | 2.98 | % | 3.06 | % | 3.17 | % | 2.98 | % | 3.31 | % | ||||||||||
| Dividend payout ratio | 0 | % | 224 | % | 172 | % | -773 | % | 80 | % | ||||||||||
| Book value per share | $ | 6.14 | $ | 7.29 | $ | 6.70 | $ | 6.14 | $ | 6.70 | ||||||||||
| Basic and diluted net income per share | (0.01 | ) | 0.04 | 0.06 | (0.04 | ) | 0.50 | |||||||||||||
| Cash dividends declared per share | 0.00 | 0.10 | 0.10 | 0.30 | 0.40 | |||||||||||||||
| Basic and diluted weighted average shares outstanding | 2,900,681 | 2,897,929 | 2,880,398 | 2,893,871 | 2,873,500 | |||||||||||||||
| Asset Quality Ratios | ||||||||||||||||||||
| Allowance for loan losses to loans | 1.38 | % | 1.33 | % | 1.22 | % | 1.38 | % | 1.22 | % | ||||||||||
| Nonperforming loans to avg. loans | 0.18 | % | 0.14 | % | 0.30 | % | 0.19 | % | 0.29 | % | ||||||||||
| Allowance for loan losses to nonaccrual & 90+ past due loans | 789.1 | % | 937.5 | % | 409.3 | % | 789.1 | % | 409.3 | % | ||||||||||
| Net charge-offs annualize to avg. loans | -0.04 | % | -0.09 | % | 0.08 | % | 0.08 | % | 0.06 | % | ||||||||||
| Capital Ratios | ||||||||||||||||||||
| Common Equity Tier 1 Capital | 15.15 | % | 15.47 | % | 17.37 | % | 15.15 | % | 17.37 | % | ||||||||||
| Tier 1 Risk-based Capital Ratio | 15.15 | % | 15.47 | % | 17.37 | % | 15.15 | % | 17.37 | % | ||||||||||
| Leverage Ratio | 9.97 | % | 10.11 | % | 10.76 | % | 9.97 | % | 10.76 | % | ||||||||||
| Total Risk-Based Capital Ratio | 16.40 | % | 16.72 | % | 18.40 | % | 16.40 | % | 18.40 | % | ||||||||||
FAQ
What were Glen Burnie Bancorp's (GLBZ) Q4 2024 earnings results?
Why did GLBZ suspend its quarterly dividend payments in 2024?
What was GLBZ's loan growth in 2024?
How did GLBZ's net interest income perform in 2024?
What was GLBZ's book value per share as of December 31, 2024?
