Glen Burnie Bancorp Announces Third Quarter 2024 Results

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Glen Burnie Bancorp's Q3 2024 results reveal significant challenges, with net income dropping 76.6% to $129,000 from $551,000 year-over-year. The bank's performance shows concerning trends with a $1.1 million decrease in net interest income and a notable decline in net interest margin to 3.06%.

Key concerns include rising interest expenses, margin compression and a substantial increase in credit loss provisions. The decision to suspend quarterly dividends signals financial strain and the need for capital preservation. While loan growth of 18.41% is positive, the higher cost of funds at 1.32% (up 0.86%) is eating into profitability.

The bank's capital position remains adequate with a tier 1 risk-based capital ratio of 15.47%, but this has declined from 17.37% at year-end 2023. Asset quality remains sound with nonperforming assets at just 0.08% of total assets.

10/31/2024 - 10:00 AM

GLEN BURNIE, Md., Oct. 31, 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 $129,000, or $0.04 per basic and diluted common share for the three-month period ended September 30, 2024, compared to net income of $551,000, or $0.19 per basic and diluted common share for the three-month period ended September 30, 2023. Bancorp reported a net loss of $72,000, or $0.02 per basic and diluted common share for the nine-month period ended September 30, 2024, compared to net income of $1.3 million, or $0.44 per basic and diluted common share for the same period in 2023. On September 30, 2024, Bancorp had total assets of $368.4 million. Bancorp is the oldest independent commercial bank in Anne Arundel County.

“The Company’s positive earnings results for the third quarter 2024 reflect efficient and productive operations, a focus on disciplined loan growth, and balance sheet management. However, our financial performance for the year 2024 is disappointing and represents the challenges inherent in navigating the interest rate environment of the last several years. The Company is focused on generating additional interest earning assets at higher current market and rebuilding our base of core, low-cost deposits,” 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, prompt adjustments to rates on loans contributed to expanded interest income and higher yields on earning assets that partially offset higher interest expense and helped mitigate margin compression.”

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. We will continue to execute on our strategic priorities to generate organic loan and deposit growth.”

Highlights for the First Nine Months of 2024

Despite growth in loans and deposits in the first nine months of the year, net interest income decreased $1.1 million, or 11.54% to $8.2 million through September 30, 2024, as compared to $9.2 million during the same period of 2023. The decrease resulted primarily from a $2.4 million increase in interest expense. The increase in interest on deposits was driven by the higher cost of money market deposit balances. The increase in interest on borrowings was driven by a $25.6 million increase in the average balance of borrowed funds due to the elevated level of deposit runoff that occurred in 2023.

Due to growth of $30.7 million in the loan portfolio and a 0.11% increase in the current expected credit loss (“CECL”) percentage, the Company added $591,000 to its allowance for credit losses on loans in the first nine months of 2024, as compared to a $68,000 release of allowance for credit losses in the first nine months of 2023. While this provision negatively impacted earnings in the first half of the year, the growth in loan balances should generate additional interest revenue in future periods. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 16.72% on September 30, 2024, as compared to 18.10% for the same period of 2023, will provide ample capacity for future growth.

Return on average assets for the three-month period ended September 30, 2024, was 0.14%, as compared to 0.61% for the three-month period ended September 30, 2023. Return on average equity for the three-month period ended September 30, 2024, was 2.63%, as compared to 12.47% for the three-month period ended September 30, 2023. Lower net income and a higher average asset balance primarily drove the lower return on average assets, while lower net income and a higher average equity balance primarily drove the lower return on average equity.

The cost of funds increased 0.86% when comparing September 30, 2024, to the same period in 2023, rising from 0.46% to 1.32%. This 0.86% increase was primarily due to the change in the funding mix between lower cost interest-bearing and noninterest-bearing deposit balances and higher cost borrowed funds and money market deposit balances.

On September 30, 2024, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 15.47% on September 30, 2024, as compared to 17.37% on December 31, 2023. Liquidity remained strong due to managed cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition of the bond portfolio.

Balance Sheet Review

Total assets were $368.4 million on September 30, 2024, an increase of $13.0 million or 3.66%, from $355.4 million on September 30, 2023. Investment securities decreased by $22.7 million or 15.94% to $120.0 million as of September 30, 2024, compared to $142.7 million for the same period of 2023. Loans, net of deferred fees and costs, were $207.0 million on September 30, 2024, an increase of $32.2 million or 18.41%, from $174.8 million on September 30, 2023. Cash and cash equivalents increased $7.9 million or 54.68%, from September 30, 2023 to September 30, 2024.

Total deposits were $314.2 million on September 30, 2024, a decrease of $600,000 or 0.18%, from $314.8 million on September 30, 2023. Despite the year-over-year decline, deposit balances have increased $14.2 million or 4.73% from December 31, 2023. Noninterest-bearing deposits were $115.9 million on September 30, 2024, a decrease of $11.0 million or 8.64%, from $126.9 million on September 30, 2023. Interest-bearing deposits were $198.3 million on September 30, 2024, an increase of $10.4 million or 5.53%, from $187.9 million on September 30, 2023. Total borrowings were $30.0 million on September 30, 2024, an increase of $5.0 million or 20.00%, from $25.0 million on September 30, 2023.
As of September 30, 2024, total stockholders’ equity was $21.2 million (5.74% of total assets), equivalent to a book value of $7.29 per common share. Total stockholders’ equity on September 30, 2023, was $13.2 million (3.70% of total assets), equivalent to a book value of $4.57 per common share.

Asset quality, which has trended within a narrow range over the past several years, has remained sound as of September 30, 2024. Nonperforming assets, which consist of nonaccrual loans, restructured loans to borrowers with financial difficulty, accruing loans past due 90 days or more, and other real estate owned (“OREO”), represented 0.08% of total assets on September 30, 2024, compared to 0.15% on December 31, 2023, demonstrating positive asset quality trends across the portfolio. The allowance for credit losses on loans was $2.75 million, or 1.33% of total loans, as of September 30, 2024, compared to $2.16 million, or 1.22% of total loans, as of December 31, 2023. The allowance for credit losses for unfunded commitments was $597,000 as of September 30, 2024, compared to $473,000 as of December 31, 2023.

Review of Financial Results

For the three-month periods ended September 30, 2024, and 2023

Net income for the three-month period ended September 30, 2024, was $129,000, as compared to net income of $551,000 for the three-month period ended September 30, 2023. The decrease is primarily the result of a $614,000 increase in interest expense on deposits and a $126,000 increase in interest expense on short-term borrowings, a $287,000 decrease in interest and dividends on securities, a $170,000 increase in the provision for credit losses on loans and a $197,000 increase in noninterest expenses. These decreases were partially offset by an increase of $763,000 in loan interest income and fees, and a $133,000 increase in interest on deposits with banks. The Company’s need to defend its deposit base as well as grow interest-earning asset balances necessitated a strategic change in direction that resulted in the increased interest expense.

Net interest income for the three-month period ended September 30, 2024, totaled $2.8 million, a decrease of $131,000 from the three-month period ended September 30, 2023. The decrease in net interest income was due to a $740,000 increase in the cost of interest-bearing deposits and borrowings driven by a $17.3 million increase in the average balance of interest-bearing funds and a $16.6 million decrease in the average balance of noninterest-bearing deposits. The higher expenses were partially offset by a $609,000 increase in total interest income due to a 0.66% increase in the yield of interest earning assets.

Net interest margin for the three-month period ended September 30, 2024, was 3.06%, compared to 3.21% for the same period of 2023. Higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds, partially offset by higher average yields and balances on interest-earning assets were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds increased $17.3 million and decreased $16.6 million, respectively, and the cost of funds increased 0.86%, when comparing the three-month periods ending September 30, 2023, and 2024. The average balance of interest-earning assets increased $0.8 million while the yield increased 0.66% from 3.64% to 4.30%, when comparing the three-month periods ending September 30, 2023, and 2024, respectively.

The average balance of interest-bearing deposits in banks and investment securities decreased $25.3 million from $188.2 million to $162.9 million for the third quarter of 2024, compared to the same period of 2023, while the yield remained unchanged during that same period.

Average loan balances increased $26.1 million to $203.3 million for the three-month period ended September 30, 2024, compared to $177.2 million for the same period of 2023, while the yield increased 0.89% from 4.80% to 5.69% during that same period. The increase in loan yields for the third quarter of 2024 reflected the runoff of the lower yielding loans and the origination of higher yielding loans in the current higher rate environment.

The provision of allowance for credit loss on loans for the three-month period ended September 30, 2024, was $78,000, compared to a release of allowance for credit loss of $92,000 for the same period of 2023. The $170,000 increase in the provision for the three-month period ended September 30, 2024, when compared to the three-month period ended September 30, 2023, primarily reflects a $32.0 million increase in the reservable balance of the loan portfolio and a 0.13% increase in the current expected credit loss percentage.

For the three-month period ended September 30, 2024, noninterest expense was $3.0 million, compared to $2.8 million for the three-month period ended September 30, 2023, an increase of $200,000. The primary contributors to the $200,000 increase, when compared to the three-month period ended September 30, 2023, were increases in legal, accounting, and other professional fees, data processing and item processing services, advertising and marketing related expenses, and other expenses (primarily allowance for unfunded commitments), offset by decreases in salary and employee benefits.

For the nine-month periods ended September 30, 2024, and 2023

Net loss for the nine-month period ended September 30, 2024, was $72,000, as compared to net income of $1.3 million for the nine-month period ended September 30, 2023. The decrease is primarily the result of a $460,000 decrease in interest and dividends on securities, a $1.0 million increase in interest expense on short-term borrowings, a $1.4 million increase in interest expense on deposits and a $780,000 increase in the provision for credit losses on loans, partially offset by an increase of $1.3 million in loan interest income and fees, a $535,000 increase in interest on deposits with banks and a $569,000 decrease in the provision for income taxes.

Net interest income for the nine-month period ended September 30, 2024, totaled $8.2 million, a decrease of $1.1 million from the nine-month period ended September 30, 2023. The decrease in net interest income was due to a $2.4 million increase in the cost of interest-bearing deposits and borrowings driven by a $17.3 million increase in the average balance of interest-bearing funds and a $20.0 million decrease in the average balance of noninterest-bearing deposits. The higher expenses were partially offset by a $1.3 million increase in total interest income due to a 0.51% increase in the yield of interest earning assets.

Net interest margin for the nine-month period ended September 30, 2024, was 2.98%, compared to 3.35% for the same period of 2023. Higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds, partially offset by higher average yields on interest-earning assets, were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds increased $17.3 million and decreased $20.0 million, respectively, and the cost of funds increased 0.94%, when comparing the nine-month periods ending September 30, 2023, and 2024. The average balance of interest-earning assets decreased $2.7 million, while the yield increased 0.51% from 3.59% to 4.10%, when comparing the nine-month periods ending September 30, 2023, and 2024, respectively.

The average balance of interest-bearing deposits in banks and investment securities decreased $10.1 million from $187.9 million to $177.8 million for the first nine months of 2024, compared to the same period of 2023, while the yield increased 0.20% from 2.51% to 2.71% during that same period. The increase in yields is attributed to the higher interest rate environment and its positive impact on cash balances and investment yields.

Average loan balances increased $7.4 million to $188.6 million for the nine-month period ended September 30, 2024, compared to $181.2 million for the same period of 2023, while the yield increased 0.72% from 4.70% to 5.42% during that same period. The increase in loan yields for the first nine months of 2024 reflected the runoff of the lower yielding loans and origination of higher yielding loans in the current higher rate environment.

The Company recorded a provision of allowance for credit loss on loans of $773,000 for the nine-month period ending September 30, 2024, compared to a release of allowance for credit loss of $7,000 for the same period in 2023. The $780,000 increase in the provision in 2024, compared to 2023, primarily reflects a $32.0 million increase in the reservable balance of the loan portfolio and a 0.13% increase in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.75 million on September 30, 2024, representing 1.33% of total loans, compared to $2.09 million, or 1.20% of total loans on September 30, 2023.

For the nine-month period ended September 30, 2024, noninterest expense was $8.8 million, compared to $8.7 million for the nine-month period ended September 30, 2023. The primary contributors when comparing to the nine-month period ended September 30, 2023, were increases in occupancy and equipment expenses, legal, accounting, and other professional fees, advertising and marketing related expenses, and other expenses (primarily allowance for unfunded commitments), offset by decreases in salary and employee benefits costs.

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.

For further information contact:

Jeffrey D. Harris, Chief Financial Officer
410-768-8883
jdharris@bogb.net
106 Padfield Blvd
Glen Burnie, MD 21061

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)

	September 30,			June 30,			December 31,			September 30,
		2024			2024			2023		2023
	(unaudited)			(unaudited)			(audited)			(unaudited)
ASSETS
Cash and due from banks	$	2,255		$	1,804		$	1,940		2,380
Interest-bearing deposits in other financial institutions		20,207			14,982			13,301		12,142
Total Cash and Cash Equivalents		22,462			16,786			15,241		14,522

Investment securities available for sale, at fair value		119,958			117,180			139,427		142,705
Restricted equity securities, at cost		246			246			1,217		980

Loans, net of deferred fees and costs		206,975			201,500			176,307		174,796
Less: Allowance for credit losses⁽¹⁾		(2,748	)		(2,625	)		(2,157	)	(2,094	)
Loans, net		204,227			198,875			174,150		172,702

Premises and equipment, net		2,723			2,833			3,046		3,177
Bank owned life insurance		8,789			8,744			8,657		8,614
Deferred tax assets, net		6,879			8,329			7,897		10,187
Accrued interest receivable		1,478			1,358			1,192		1,373
Accrued taxes receivable		497			552			121		189
Prepaid expenses		486			355			475		538
Other assets		614			458			390		377
Total Assets	$	368,359		$	355,716		$	351,813		355,364

LIABILITIES
Noninterest-bearing deposits	$	115,938		$	109,631		$	116,922		126,898
Interest-bearing deposits		198,335			196,235			183,145		187,943
Total Deposits		314,273			305,866			300,067		314,841

Short-term borrowings		30,000			30,000			30,000		25,000
Defined pension liability		329			328			324		322
Accrued expenses and other liabilities		2,597			2,051			2,097		2,040
Total Liabilities		347,199			338,245			332,488		342,203

STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,900,681; 2,893,648; 2,882,627; 2,877,084 shares as of September 30, 2024, June 30, 2024, December 31, 2023, and September 30,2023 respectively.		2,901			2,894			2,883		2,877
Additional paid-in capital		11,037			11,014			10,964		10,940
Retained earnings		22,921			23,081			23,859		23,980
Accumulated other comprehensive loss		(15,699	)		(19,518	)		(18,381	)	(24,636	)
Total Stockholders' Equity		21,160			17,471			19,325		13,161
Total Liabilities and Stockholders' Equity	$	368,359		$	355,716		$	351,813		355,364

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Interest income
Interest and fees on loans	$	2,908		$	2,145		$	7,648		$	6,368
Interest and dividends on securities		814			1,101			2,605			3,065
Interest on deposits with banks and federal funds sold		237			104			1,004			469
Total Interest Income		3,959			3,350			11,257			9,902

Interest expense
Interest on deposits		730			116			1,716			337
Interest on short-term borrowings		408			282			1,363			320
Total Interest Expense		1,138			398			3,079			657

Net Interest Income		2,821			2,952			8,178			9,245
Provision (release) of credit loss allowance		78			(92	)		773			(7	)
Net interest income after provision of credit loss provision		2,743			3,044			7,405			9,252

Noninterest income
Service charges on deposit accounts		36			40			109			120
Other fees and commissions		273			233			584			560
Income on life insurance		45			42			132			120
Total Noninterest Income		354			315			825			800

Noninterest expenses
Salary and employee benefits		1,654			1,691			4,872			5,089
Occupancy and equipment expenses		327			329			996			955
Legal, accounting and other professional fees		267			194			769			692
Data processing and item processing services		263			206			755			755
FDIC insurance costs		41			40			119			122
Advertising and marketing related expenses		40			26			88			72
Loan collection costs		5			10			11			13
Telephone costs		41			38			110			113
Other expenses		380			287			1,052			880
Total Noninterest Expenses		3,018			2,821			8,772			8,691

Income (loss) before income taxes		79			538			(542	)		1,361
Income tax (benefit) expense		(50	)		(13	)		(470	)		99

Net income (loss)	$	129		$	551		$	(72	)	$	1,262

Basic and diluted net income (loss) per common share	$	0.04		$	0.19		$	(0.02	)	$	0.44

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the nine months ended September 30, 2024 and 2023
(dollars in thousands)
(unaudited)

								Accumulated
			Additional					Other			Total
	Common		Paid-in		Retained			Comprehensive			Stockholders'
	Stock		Capital		Earnings			Loss			Equity
Balance, December 31, 2022	$	2,865	$	10,862	$	23,579		$	(21,252	)	$	16,054

Net income		-		-		1,262			-			1,262
Cash dividends, $0.30 per share		-		-		(861	)		-			(861	)
Dividends reinvested under
dividend reinvestment plan		12		78		-			-			90
Other comprehensive loss		-		-		-			(3,384	)		(3,384	)
Balance, September 30, 2023	$	2,877	$	10,940	$	23,980		$	(24,636	)	$	13,161


								Accumulated
			Additional					Other			Total
	Common		Paid-in		Retained			Comprehensive			Stockholders'
	Stock		Capital		Earnings			(Loss) Income			Equity
Balance, December 31, 2023	$	2,883	$	10,964	$	23,859		$	(18,381	)	$	19,325

Net loss		-		-		(72	)		-			(72	)
Cash dividends, $0.30 per share		-		-		(866	)		-			(866	)
Dividends reinvested under
dividend reinvestment plan		18		73		-			-			91
Other comprehensive income		-		-		-			2,682			2,682
Balance, September 30, 2024	$	2,901	$	11,037	$	22,921		$	(15,699	)	$	21,160

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 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 June 30, 2024:
Common Equity Tier 1 Capital	$	36,896	15.59	%	$	10,652	4.50	%	$	15,386	6.50	%
Total Risk-Based Capital	$	39,857	16.84	%	$	18,937	8.00	%	$	23,671	10.00	%
Tier 1 Risk-Based Capital	$	36,896	15.59	%	$	14,202	6.00	%	$	18,937	8.00	%
Tier 1 Leverage	$	36,896	10.10	%	$	14,617	4.00	%	$	18,271	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 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	%

GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA
(dollars in thousands, except per share amounts)

	Three Months Ended									Year Ended
	September 30,			June 30,			September 30,			December 31,
		2024			2024			2023			2023
	(unaudited)			(unaudited)			(unaudited)			(unaudited)

Financial Data
Assets	$	368,359		$	355,716		$	355,364		$	351,813
Investment securities		119,958			117,180			142,705			139,427
Loans, (net of deferred fees & costs)		206,975			201,500			174,796			176,307
Allowance for loan losses		2,748			2,625			2,094			2,157
Deposits		314,273			305,866			314,841			300,067
Borrowings		30,000			30,000			25,000			30,000
Stockholders' equity		21,160			17,471			13,161			19,325
Net income (loss)		129			(204	)		551			1,429

Average Balances
Assets	$	364,127		$	366,071		$	360,767		$	361,731
Investment securities		142,972			148,690			177,856			173,902
Loans, (net of deferred fees & costs)		203,316			186,650			177,223			179,790
Deposits		312,019			307,427			321,318			330,095
Borrowings		30,001			38,891			19,946			12,580
Stockholders' equity		19,559			17,369			17,548			17,105

Performance Ratios
Annualized return on average assets		0.14	%		-0.22	%		0.61	%		0.40	%
Annualized return on average equity		2.63	%		-4.72	%		12.47	%		8.35	%
Net interest margin		3.06	%		3.02	%		3.21	%		3.31	%
Dividend payout ratio		224	%		-142	%		52	%		80	%
Book value per share	$	7.29		$	6.04		$	4.57		$	6.70
Basic and diluted net income per share		0.04			(0.07	)		0.19			0.50
Cash dividends declared per share		0.10			0.10			0.10			0.40
Basic and diluted weighted average shares outstanding		2,897,929			2,891,203			2,875,329			2,873,500

Asset Quality Ratios
Allowance for loan losses to loans		1.33	%		1.30	%		1.20	%		1.22	%
Nonperforming loans to avg. loans		0.14	%		0.17	%		0.33	%		0.29	%
Allowance for loan losses to nonaccrual & 90+ past due loans		937.5	%		827.1	%		359.4	%		409.3	%
Net charge-offs annualize to avg. loans		-0.09	%		-0.14	%		0.09	%		0.06	%

Capital Ratios
Common Equity Tier 1 Capital		15.47	%		15.59	%		17.12	%		17.37	%
Tier 1 Risk-based Capital Ratio		15.47	%		15.59	%		17.12	%		17.37	%
Leverage Ratio		10.11	%		10.10	%		10.56	%		10.76	%
Total Risk-Based Capital Ratio		16.72	%		16.84	%		18.10	%		18.40	%

FAQ

What was Glen Burnie Bancorp's (GLBZ) net income for Q3 2024?

Glen Burnie Bancorp reported net income of $129,000, or $0.04 per share, for Q3 2024.

Why did GLBZ suspend its quarterly dividend in 2024?

The company suspended its quarterly dividend to invest in strategic opportunities, including people, technology, products, and facilities.

What was GLBZ's loan growth in Q3 2024?

Loans increased by $32.2 million or 18.41% to $207.0 million compared to Q3 2023.

How did GLBZ's net interest margin change in Q3 2024?

Net interest margin decreased to 3.06% in Q3 2024 from 3.21% in Q3 2023.

Glen Burnie Bancorp Announces Third Quarter 2024 Results

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What was Glen Burnie Bancorp's (GLBZ) net income for Q3 2024?

Why did GLBZ suspend its quarterly dividend in 2024?

What was GLBZ's loan growth in Q3 2024?

How did GLBZ's net interest margin change in Q3 2024?

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Glen Burnie Bancorp Announces Third Quarter 2024 Results

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What was Glen Burnie Bancorp's (GLBZ) net income for Q3 2024?

Why did GLBZ suspend its quarterly dividend in 2024?

What was GLBZ's loan growth in Q3 2024?

How did GLBZ's net interest margin change in Q3 2024?

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