Glen Burnie Bancorp Announces Second Quarter 2024 Results
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) ha riportato una perdita netta di 204.000 dollari, ovvero 0,07 dollari per azione, per il secondo trimestre del 2024, rispetto a un reddito netto di 276.000 dollari, o 0,10 dollari per azione, nel secondo trimestre del 2023. L'azienda ha affrontato sfide a causa dell'attuale contesto dei tassi di interesse, con aumenti dei costi di deposito e prestito che hanno avuto un impatto sui guadagni. Nonostante ciò, la banca ha raggiunto una crescita netta dei prestiti di 23,0 milioni di dollari durante il trimestre e di 20,5 milioni di dollari su base annuale. I depositi sono aumentati dell'1,9% nei primi sei mesi del 2024. Il margine d'interesse netto della banca è aumentato di 16 punti base al 3,02% rispetto al trimestre precedente. Gli attivi totali ammontavano a 355,7 milioni di dollari al 30 giugno 2024, con una posizione di liquidità solida e un rapporto di capitale di base di classe 1 su base di rischio del 15,59%.
Glen Burnie Bancorp (NASDAQ: GLBZ) reportó una pérdida neta de 204,000 dólares, o 0.07 dólares por acción, para el segundo trimestre de 2024, en comparación con una ganancia neta de 276,000 dólares, o 0.10 dólares por acción, en el segundo trimestre de 2023. La compañía enfrentó desafíos debido al actual entorno de tasas de interés, con aumentos en los costos de depósitos y préstamos que afectaron a las ganancias. A pesar de esto, el banco logró un crecimiento neto de préstamos de 23.0 millones de dólares durante el trimestre y de 20.5 millones de dólares a nivel interanual. Los depósitos aumentaron un 1.9% en los primeros seis meses de 2024. El margen de interés neto del banco se expandió en 16 puntos básicos al 3.02% en comparación con el trimestre anterior. Los activos totales fueron de 355.7 millones de dólares al 30 de junio de 2024, con una fuerte posición de liquidez y un ratio de capital básico de nivel 1 basado en riesgos del 15.59%.
글렌 버니 뱅코프 (NASDAQ: GLBZ)는 2024년 2분기에 204,000달러의 순손실, 즉 주당 0.07달러를 보고했으며, 이는 2023년 2분기에 276,000달러의 순이익(주당 0.10달러)과 비교됩니다. 이 회사는 현재의 금리 환경으로 인한 어려움에 직면했으며, 예금 및 대출 비용의 증가가 수익에 영향을 미쳤습니다. 그럼에도 불구하고, 이 은행은 분기 동안 순대출 성장 2300만 달러를 달성했으며, 연간으로는 2050만 달러입니다. 2024년 첫 6개월 동안 예금이 1.9% 증가했습니다. 은행의 순이자 마진은 직전 분기 대비 16bp 확대되어 3.02%에 도달했습니다. 2024년 6월 30일 현재 총 자산은 3억 5570만 달러였으며, 강력한 유동성 위치와 15.59%의 위험기반 1급 자본 비율을 보유하고 있습니다.
Glen Burnie Bancorp (NASDAQ: GLBZ) a déclaré une perte nette de 204 000 $, soit 0,07 $ par action, pour le 2e trimestre 2024, contre un bénéfice net de 276 000 $, soit 0,10 $ par action, au 2e trimestre 2023. L'entreprise a rencontré des défis en raison de l'environnement actuel des taux d'intérêt, avec une augmentation des coûts de dépôt et d'emprunt affectant les bénéfices. Malgré cela, la banque a réalisé une croissance nette des prêts de 23,0 millions $ durant le trimestre et de 20,5 millions $ d'une année sur l'autre. Les dépôts ont augmenté de 1,9 % au cours des six premiers mois de 2024. La marge d'intérêt nette de la banque a augmenté de 16 points de base pour atteindre 3,02 % par rapport au trimestre précédent. Les actifs totaux s'élevaient à 355,7 millions $ au 30 juin 2024, avec une position de liquidité solide et un ratio de capital de base de niveau 1 de 15,59 %.
Glen Burnie Bancorp (NASDAQ: GLBZ) berichtete für das 2. Quartal 2024 von einem Nettoverlust von 204.000 USD, beziehungsweise 0,07 USD pro Aktie, im Vergleich zu einem Nettogewinn von 276.000 USD, oder 0,10 USD pro Aktie, im 2. Quartal 2023. Das Unternehmen hatte mit den Herausforderungen des aktuellen Zinsumfelds zu kämpfen, wobei höhere Einlagen- und Kreditkosten die Erträge belasteten. Dennoch erreichte die Bank ein netto Kreditwachstum von 23,0 Millionen USD im Quartal und 20,5 Millionen USD im Jahresvergleich. Die Einlagen stiegen in den ersten sechs Monaten 2024 um 1,9%. Die Nettozinsmarge der Bank erweiterte sich um 16 Basispunkte auf 3,02% im Vergleich zum vorherigen Quartal. Die Gesamtaktiva betrugen am 30. Juni 2024 355,7 Millionen USD, mit einer starken Liquiditätsposition und einem Tier-1-Kapitalquote von 15,59%.
- Net loan growth of $23.0 million in Q2 and $20.5 million year-over-year
- Deposits increased 1.9% in the first six months of 2024
- Net interest margin expanded by 16 basis points to 3.02% on a linked-quarter basis
- Strong liquidity position maintained
- Tier 1 risk-based capital ratio of 15.59%, well above regulatory requirements
- Net loss of $204,000 in Q2 2024, compared to net income of $276,000 in Q2 2023
- Increased deposit and borrowing costs due to higher interest rates
- Net interest income decreased $935,000 or 14.86% to $5.4 million in first half of 2024
- Return on average assets decreased to -0.22% from 0.31% year-over-year
- Cost of funds increased 0.99% year-over-year to 1.14%
Insights
Glen Burnie Bancorp's Q2 2024 results reveal significant challenges in the current high-interest rate environment. The bank reported a net loss of
Key financial metrics paint a concerning picture:
- Net interest margin contracted to
3.02% , down from3.44% in Q2 2023 - Return on average assets fell to
-0.22% from0.31% - Return on average equity plummeted to
-4.72% from5.88%
However, there are some positive signs. The bank achieved net loan growth of
The increased provision for credit losses (
Investors should closely monitor the bank's ability to manage its interest expenses and grow its loan portfolio profitably in the coming quarters. The management's focus on expanding treasury management capabilities and enhancing small business lending could be key drivers for future performance.
Glen Burnie Bancorp's Q2 2024 results reflect broader trends in the banking sector, particularly for smaller community banks. The challenging interest rate environment is putting pressure on net interest margins and profitability across the industry.
Several market dynamics are at play:
- The inverted yield curve is squeezing profitability, as banks pay higher rates on short-term deposits while earning lower yields on longer-term loans and investments.
- Competition for deposits remains fierce, driving up funding costs.
- Economic uncertainty is leading to increased provisions for potential loan losses.
Despite these headwinds, Glen Burnie Bancorp's loan growth of
The bank's focus on treasury management and small business lending aligns with broader industry trends. Many community banks are leveraging their local relationships and personalized service to compete in these areas against larger institutions.
The slight increase in deposits (
Looking ahead, the bank's performance will largely depend on the trajectory of interest rates and the overall economic environment. If rates stabilize or begin to decrease, it could alleviate some of the pressure on the bank's net interest margin and profitability.
GLEN BURNIE, Md., July 26, 2024 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today a net loss of
“The current interest rate environment remains challenging for community banks with respect to profitability,” said Mark C. Hanna, President, and Chief Executive Officer. “The continued surprising strength in the economy has caused the current interest rate environment to remain ‘higher for longer’ which puts continued pressure on banks in the competition for deposits and the cost of funds. Our second quarter, 2024, earnings were impacted by a
In closing, Mr. Hanna added, “The Bank of Glen Burnie’s strategic goals focus on growing deposits, loans and client relationships. To achieve these objectives and provide the level of service our clients have come to expect from our organization over the past 75 years, we need to make investments in our products, infrastructure and people. The declaration of dividends in future periods will be evaluated against the need to reinvest in our future success. We are focused on executing against our long-term strategic plan and realizing the value from expanded treasury management capabilities and providing premier relationship banking services. 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. Based on our capital levels, conservative underwriting policies, and on- and off-balance sheet liquidity, management expects to navigate the uncertainties and remain well-capitalized.”
Highlights for the First Six Months of 2024
Despite growth in loans and deposits in the first six months of the year, net interest income decreased
Due to growth of
Return on average assets for the three-month period ended June 30, 2024, was -
The cost of funds increased
On June 30, 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 June 30, 2024, total stockholders’ equity was
Asset quality, which has trended within a narrow range over the past several years, has remained sound as of June 30, 2024. 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 June 30, 2024, and 2023
Net loss for the three-month period ended June 30, 2024, was
Net interest income for the three-month period ended June 30, 2024, totaled
Net interest margin for the three-month period ended June 30, 2024, was
The average balance of interest-bearing deposits in banks and investment securities increased
Average loan balances increased
The provision of allowance for credit loss on loans for the three-month period ended June 30, 2024, was
For the three-month period ended June 30, 2024, noninterest expense was
For the six-month periods ended June 30, 2024, and 2023
Net loss for the six-month period ended June 30, 2024, was
Net interest income for the six-month period ended June 30, 2024, totaled
Net interest margin for the six-month period ended June 30, 2024, was
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
For the six-month period ended June 30, 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 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) | |||||||||||||||
June 30, | March 31, | December 31, | June 30, | ||||||||||||
2024 | 2024 | 2023 | 2023 | ||||||||||||
(unaudited) | (unaudited) | (audited) | (unaudited) | ||||||||||||
ASSETS | |||||||||||||||
Cash and due from banks | $ | 1,804 | $ | 9,091 | $ | 1,940 | $ | 1,965 | |||||||
Interest-bearing deposits in other financial institutions | 14,982 | 33,537 | 13,301 | 9,783 | |||||||||||
Total Cash and Cash Equivalents | 16,786 | 42,628 | 15,241 | 11,748 | |||||||||||
Investment securities available for sale, at fair value | 117,180 | 128,727 | 139,427 | 150,820 | |||||||||||
Restricted equity securities, at cost | 246 | 246 | 1,217 | 403 | |||||||||||
Loans, net of deferred fees and costs | 201,500 | 177,950 | 176,307 | 180,551 | |||||||||||
Less: Allowance for credit losses(1) | (2,625 | ) | (2,035 | ) | (2,157 | ) | (2,222 | ) | |||||||
Loans, net | 198,875 | 175,915 | 174,150 | 178,329 | |||||||||||
Premises and equipment, net | 2,833 | 2,928 | 3,046 | 3,276 | |||||||||||
Bank owned life insurance | 8,744 | 8,700 | 8,657 | 8,572 | |||||||||||
Deferred tax assets, net | 8,329 | 8,255 | 7,897 | 8,520 | |||||||||||
Accrued interest receivable | 1,358 | 1,281 | 1,192 | 1,139 | |||||||||||
Accrued taxes receivable | 552 | 363 | 121 | 70 | |||||||||||
Prepaid expenses | 355 | 460 | 475 | 382 | |||||||||||
Other assets | 458 | 367 | 390 | 348 | |||||||||||
Total Assets | $ | 355,716 | $ | 369,870 | $ | 351,813 | $ | 363,607 | |||||||
LIABILITIES | |||||||||||||||
Noninterest-bearing deposits | $ | 109,631 | $ | 115,167 | $ | 116,922 | $ | 130,430 | |||||||
Interest-bearing deposits | 196,235 | 194,064 | 183,145 | 198,794 | |||||||||||
Total Deposits | 305,866 | 309,231 | 300,067 | 329,224 | |||||||||||
Short-term borrowings | 30,000 | 40,000 | 30,000 | 15,000 | |||||||||||
Defined pension liability | 328 | 327 | 324 | 320 | |||||||||||
Accrued expenses and other liabilities | 2,051 | 2,183 | 2,097 | 1,804 | |||||||||||
Total Liabilities | 338,245 | 351,741 | 332,488 | 346,348 | |||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||
Common stock, par value | 2,894 | 2,887 | 2,883 | 2,873 | |||||||||||
Additional paid-in capital | 11,014 | 10,989 | 10,964 | 10,914 | |||||||||||
Retained earnings | 23,081 | 23,575 | 23,859 | 23,716 | |||||||||||
Accumulated other comprehensive loss | (19,518 | ) | (19,322 | ) | (18,381 | ) | (20,244 | ) | |||||||
Total Stockholders' Equity | 17,471 | 18,129 | 19,325 | 17,259 | |||||||||||
Total Liabilities and Stockholders' Equity | $ | 355,716 | $ | 369,870 | $ | 351,813 | $ | 363,607 |
GLEN BURNIE BANCORP AND SUBSIDIARY | |||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
(dollars in thousands, except per share amounts) | |||||||||||||
(unaudited) | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Interest income | |||||||||||||
Interest and fees on loans | $ | 2,525 | $ | 2,135 | $ | 4,740 | $ | 4,223 | |||||
Interest and dividends on securities | 854 | 999 | 1,791 | 1,964 | |||||||||
Interest on deposits with banks and federal funds sold | 514 | 133 | 767 | 365 | |||||||||
Total Interest Income | 3,893 | 3,267 | 7,298 | 6,552 | |||||||||
Interest expense | |||||||||||||
Interest on deposits | 584 | 115 | 986 | 222 | |||||||||
Interest on short-term borrowings | 523 | 38 | 955 | 38 | |||||||||
Total Interest Expense | 1,107 | 153 | 1,941 | 260 | |||||||||
Net Interest Income | 2,786 | 3,114 | 5,357 | 6,292 | |||||||||
Provision of credit loss allowance | 526 | 127 | 694 | 85 | |||||||||
Net interest income after provision of credit loss provision | 2,260 | 2,987 | 4,663 | 6,207 | |||||||||
Noninterest income | |||||||||||||
Service charges on deposit accounts | 35 | 38 | 73 | 80 | |||||||||
Other fees and commissions | 162 | 161 | 311 | 326 | |||||||||
Income on life insurance | 44 | 40 | 87 | 79 | |||||||||
Total Noninterest Income | 241 | 239 | 471 | 485 | |||||||||
Noninterest expenses | |||||||||||||
Salary and employee benefits | 1,601 | 1,701 | 3,219 | 3,398 | |||||||||
Occupancy and equipment expenses | 338 | 299 | 669 | 627 | |||||||||
Legal, accounting and other professional fees | 248 | 235 | 502 | 498 | |||||||||
Data processing and item processing services | 243 | 281 | 492 | 549 | |||||||||
FDIC insurance costs | 40 | 37 | 78 | 82 | |||||||||
Advertising and marketing related expenses | 25 | 23 | 48 | 45 | |||||||||
Loan collection costs | - | 2 | 6 | 3 | |||||||||
Telephone costs | 29 | 34 | 69 | 75 | |||||||||
Other expenses | 370 | 313 | 672 | 593 | |||||||||
Total Noninterest Expenses | 2,894 | 2,925 | 5,755 | 5,870 | |||||||||
(Loss) income before income taxes | (393 | ) | 301 | (621 | ) | 822 | |||||||
Income tax (benefit) expense | (189 | ) | 25 | (420 | ) | 112 | |||||||
Net (loss) income | $ | (204 | ) | $ | 276 | $ | (201 | ) | $ | 710 | |||
Basic and diluted net (loss) income per common share | $ | (0.07 | ) | $ | 0.10 | $ | (0.07 | ) | $ | 0.25 | |||
GLEN BURNIE BANCORP AND SUBSIDIARY | |||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | |||||||||||||||||
For the six months ended June 30, 2024 and 2023 | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Accumulated | |||||||||||||||||
Additional | Other | Total | |||||||||||||||
Common | Paid-in | Retained | Comprehensive | Stockholders' | |||||||||||||
Stock | Capital | Earnings | Income (Loss) | Equity | |||||||||||||
Balance, December 31, 2022 | $ | 2,865 | $ | 10,862 | $ | 23,579 | $ | (21,252 | ) | $ | 16,054 | ||||||
Net income | - | - | 710 | - | 710 | ||||||||||||
Cash dividends, | - | - | (573 | ) | - | (573 | ) | ||||||||||
Dividends reinvested under | |||||||||||||||||
dividend reinvestment plan | 8 | 52 | - | - | 60 | ||||||||||||
Other comprehensive income | - | - | - | 1,008 | 1,008 | ||||||||||||
Balance, June 30, 2023 | $ | 2,873 | $ | 10,914 | $ | 23,716 | $ | (20,244 | ) | $ | 17,259 | ||||||
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 income | - | - | (201 | ) | - | (201 | ) | ||||||||||
Cash dividends, | - | - | (577 | ) | - | (577 | ) | ||||||||||
Dividends reinvested under | |||||||||||||||||
dividend reinvestment plan | 11 | 50 | - | - | 61 | ||||||||||||
Other comprehensive loss | - | - | - | (1,137 | ) | (1,137 | ) | ||||||||||
Balance, June 30, 2024 | $ | 2,894 | $ | 11,014 | $ | 23,081 | $ | (19,518 | ) | $ | 17,471 |
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 June 30, 2024: | ||||||||||||||
Common Equity Tier 1 Capital | $ | 36,896 | 15.59 | % | $ | 9,810 | 4.50 | % | $ | 14,170 | 6.50 | % | ||
Total Risk-Based Capital | $ | 39,857 | 16.84 | % | $ | 17,440 | 8.00 | % | $ | 21,799 | 10.00 | % | ||
Tier 1 Risk-Based Capital | $ | 36,896 | 15.59 | % | $ | 13,080 | 6.00 | % | $ | 17,440 | 8.00 | % | ||
Tier 1 Leverage | $ | 36,896 | 10.10 | % | $ | 14,329 | 4.00 | % | $ | 17,911 | 5.00 | % | ||
As of March 31, 2024 | ||||||||||||||
Common Equity Tier 1 Capital | $ | 37,359 | 17.14 | % | $ | 10,093 | 4.50 | % | $ | 14,579 | 6.50 | % | ||
Total Risk-Based Capital | $ | 39,891 | 18.30 | % | $ | 17,944 | 8.00 | % | $ | 22,430 | 10.00 | % | ||
Tier 1 Risk-Based Capital | $ | 37,359 | 17.14 | % | $ | 13,458 | 6.00 | % | $ | 17,944 | 8.00 | % | ||
Tier 1 Leverage | $ | 37,359 | 10.43 | % | $ | 14,369 | 4.00 | % | $ | 17,961 | 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 | % | ||
As of June 30, 2023: | ||||||||||||||
Common Equity Tier 1 Capital | $ | 37,755 | 16.83 | % | $ | 10,093 | 4.50 | % | $ | 14,579 | 6.50 | % | ||
Total Risk-Based Capital | $ | 40,105 | 17.88 | % | $ | 17,944 | 8.00 | % | $ | 22,430 | 10.00 | % | ||
Tier 1 Risk-Based Capital | $ | 37,755 | 16.83 | % | $ | 13,458 | 6.00 | % | $ | 17,944 | 8.00 | % | ||
Tier 1 Leverage | $ | 37,755 | 10.51 | % | $ | 14,369 | 4.00 | % | $ | 17,961 | 5.00 | % |
GLEN BURNIE BANCORP AND SUBSIDIARY | |||||||||||||||||||||||
SELECTED FINANCIAL DATA | |||||||||||||||||||||||
(dollars in thousands, except per share amounts) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | Year Ended | |||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | December 31, | ||||||||||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | 2023 | ||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) | (unaudited) | ||||||||||||||||||
Financial Data | |||||||||||||||||||||||
Assets | $ | 355,716 | $ | 369,870 | $ | 363,607 | $ | 355,716 | $ | 363,607 | $ | 351,813 | |||||||||||
Investment securities | 117,180 | 128,727 | 150,820 | 117,180 | 150,820 | 139,427 | |||||||||||||||||
Loans, (net of deferred fees & costs) | 201,500 | 177,950 | 180,551 | 201,500 | 180,551 | 176,307 | |||||||||||||||||
Allowance for loan losses | 2,625 | 2,035 | 2,222 | 2,625 | 2,222 | 2,157 | |||||||||||||||||
Deposits | 305,866 | 309,231 | 329,224 | 305,866 | 329,224 | 300,067 | |||||||||||||||||
Borrowings | 30,000 | 40,000 | 15,000 | 30,000 | 15,000 | 30,000 | |||||||||||||||||
Stockholders' equity | 17,471 | 18,129 | 17,259 | 17,471 | 17,259 | 19,325 | |||||||||||||||||
Net (loss) income | (204 | ) | 3 | 276 | (201 | ) | 710 | 1,429 | |||||||||||||||
Average Balances | |||||||||||||||||||||||
Assets | $ | 366,071 | $ | 358,877 | $ | 359,482 | $ | 362,474 | $ | 366,536 | $ | 361,731 | |||||||||||
Investment securities | 148,690 | 163,618 | 170,653 | 156,154 | 171,586 | 173,902 | |||||||||||||||||
Loans, (net of deferred fees & costs) | 186,650 | 175,914 | 181,693 | 181,282 | 183,240 | 179,790 | |||||||||||||||||
Deposits | 307,427 | 305,858 | 335,031 | 306,642 | 344,446 | 330,095 | |||||||||||||||||
Borrowings | 38,891 | 31,667 | 3,793 | 35,279 | 1,898 | 12,580 | |||||||||||||||||
Stockholders' equity | 17,369 | 19,124 | 18,797 | 18,247 | 18,309 | 17,105 | |||||||||||||||||
Performance Ratios | |||||||||||||||||||||||
Annualized return on average assets | -0.22 | % | 0.00 | % | 0.31 | % | -0.11 | % | 0.39 | % | 0.40 | % | |||||||||||
Annualized return on average equity | -4.72 | % | 0.06 | % | 5.88 | % | -2.22 | % | 7.82 | % | 8.35 | % | |||||||||||
Net interest margin | 3.02 | % | 2.86 | % | 3.44 | % | 2.94 | % | 3.42 | % | 3.31 | % | |||||||||||
Dividend payout ratio | -142 | % | 9426 | % | 104 | % | -287 | % | 81 | % | 80 | % | |||||||||||
Book value per share | $ | 6.04 | $ | 6.28 | $ | 6.01 | $ | 6.04 | $ | 6.01 | $ | 6.70 | |||||||||||
Basic and diluted net income per share | (0.07 | ) | - | 0.10 | (0.07 | ) | 0.25 | 0.50 | |||||||||||||||
Cash dividends declared per share | 0.10 | 0.10 | 0.10 | 0.20 | 0.20 | 0.40 | |||||||||||||||||
Basic and diluted weighted average shares outstanding | 2,891,203 | 2,885,552 | 2,871,026 | 2,888,378 | 2,873,129 | 2,873,500 | |||||||||||||||||
Asset Quality Ratios | |||||||||||||||||||||||
Allowance for loan losses to loans | 1.30 | % | 1.14 | % | 1.23 | % | 1.30 | % | 1.23 | % | 1.22 | % | |||||||||||
Nonperforming loans to avg. loans | 0.17 | % | 0.21 | % | 0.32 | % | 0.18 | % | 0.31 | % | 0.29 | % | |||||||||||
Allowance for loan losses to nonaccrual & 90+ past due loans | 827.1 | % | 549.1 | % | 385.8 | % | 827.1 | % | 385.8 | % | 409.3 | % | |||||||||||
Net charge-offs annualize to avg. loans | -0.14 | % | 0.66 | % | 0.15 | % | 0.25 | % | 0.03 | % | 0.06 | % | |||||||||||
Capital Ratios | |||||||||||||||||||||||
Common Equity Tier 1 Capital | 15.59 | % | 17.14 | % | 16.83 | % | 15.59 | % | 16.83 | % | 17.37 | % | |||||||||||
Tier 1 Risk-based Capital Ratio | 15.59 | % | 17.14 | % | 16.83 | % | 15.59 | % | 16.83 | % | 17.37 | % | |||||||||||
Leverage Ratio | 10.10 | % | 10.43 | % | 10.51 | % | 10.10 | % | 10.51 | % | 10.76 | % | |||||||||||
Total Risk-Based Capital Ratio | 16.84 | % | 18.30 | % | 17.88 | % | 16.84 | % | 17.88 | % | 18.40 | % | |||||||||||
FAQ
What was Glen Burnie Bancorp's (GLBZ) net income for Q2 2024?
How did GLBZ's loan portfolio perform in Q2 2024?
What was Glen Burnie Bancorp's (GLBZ) net interest margin in Q2 2024?
How did GLBZ's deposits change in the first half of 2024?