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Glen Burnie Bancorp (symbol: GLBZ) is a publicly traded bank holding company based in Glen Burnie, Maryland. Established in 1949, it operates through its primary subsidiary, The Bank of Glen Burnie. As a community-oriented bank, it serves the financial needs of Anne Arundel County with eight branch offices.
The Bank offers a wide range of retail and commercial banking services, including checking and savings accounts, loan origination, online and mobile banking, wire transfers, ACH services, debit cards, ATMs, and safe deposit boxes. Its revenue is generated mainly through interest income from these services.
In recent times, the Bank has focused on maintaining sound financial health despite market volatility. For instance, in the first quarter of 2024, the Bank witnessed an increase in deposit balances by over 3%, achieved through new products and services. Additionally, the Bank continues to prioritize prudent risk management and loan production at higher market rates.
Financially, Glen Burnie Bancorp reported a decrease in net income for the first quarter of 2024 due to rising interest expenses. However, the Bank remains well-capitalized with a strong liquidity position, ensuring ample capacity for future growth. As of March 31, 2024, the Bank's total assets stood at $369.9 million, with total deposits at $309.2 million.
The Bank's asset quality remains robust, evidenced by a low percentage of nonperforming assets. Furthermore, the allowance for credit losses on loans is carefully managed to reflect current economic conditions.
Recent Achievements:
- Interest income increased to $13.3 million for the twelve-month period ending December 31, 2023.
- Strong liquidity and capital positions with a total regulatory capital to risk weighted assets ratio of 18.30% as of March 31, 2024.
- A comprehensive approach to net interest margin management, emphasizing the repricing of loans and deployment of liquidity into higher-yielding assets.
Despite ongoing economic challenges, Glen Burnie Bancorp remains committed to its core mission of delivering excellent banking services while navigating an unpredictable market environment.
Glen Burnie Bancorp (NASDAQ: GLBZ) announced a regular dividend of $0.10 per share, declared on October 13, 2022, marking the 121st consecutive dividend. This dividend is payable on November 7, 2022, to shareholders of record as of October 24, 2022. As of September 30, 2022, the company reported consolidated assets of $415.6 million. Established in 1949, Glen Burnie Bancorp serves the community through its bank and eight branch offices in Anne Arundel County, MD.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net income of $309,000 ($0.11 per share) for the three months ending June 30, 2022, down from $480,000 ($0.17 per share) in the same period of 2021. For the six-month period, net income was $540,000 compared to $1,074,000 in 2021. The decline was primarily due to reduced net interest income, despite rising interest rates. Total assets stood at $429.4 million. The bank’s conservative credit underwriting and strong liquidity position are emphasized, although inflation and wage pressures may increase non-interest expenses.
Glen Burnie Bancorp (NASDAQ: GLBZ) announced a regular dividend of $0.10 per share during its Board of Directors meeting on July 14, 2022. This marks the company's 120th consecutive dividend. The dividend is payable on August 8, 2022, to shareholders of record by the close of business on July 25, 2022. As of June 30, 2022, the company reported consolidated assets of $429.4 million.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net income of $0.23 million, or $0.08 per share, for Q1 2022, a decline from $0.59 million or $0.21 per share in Q1 2021. Total assets stood at $437.4 million, a decrease from $442.1 million at year-end 2021. The company experienced a 6.81% decline in net interest income to $2.7 million, impacted by a shift in asset mix. Despite challenges, including unrealized losses in the investment portfolio due to rising interest rates, the bank maintained robust capital ratios and plans to leverage excess liquidity for future growth.
On April 14, 2022, Glen Burnie Bancorp (NASDAQ: GLBZ) declared a regular dividend of $0.10 per share, marking the company's 119th consecutive dividend. This dividend is scheduled for payment on May 9, 2022, to shareholders on record by April 25, 2022. As of March 31, 2022, the bank reported consolidated assets of $437.4 million. Glen Burnie Bancorp operates The Bank of Glen Burnie, a community bank serving Anne Arundel County, Maryland.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net income of $0.55 million for Q4 2021, unchanged from Q4 2020, while achieving an annual net income of $2.52 million, up 50.85% year-over-year. Total assets rose to $442.1 million, a 5.38% increase. Notably, net loans decreased by 17.59%, attributed to a competitive loan demand environment. The bank's credit quality improved, evidenced by a $975,000 release of allowance for credit losses. Despite a net interest margin decrease to 3.00%, strong liquidity and a proactive bond portfolio adjustment position the bank favorably for 2022.
Glen Burnie Bancorp (NASDAQ: GLBZ) declared a regular dividend of $0.10 per share during its Board meeting on January 13, 2022, marking its 118th consecutive dividend. The dividend is set to be paid on February 7, 2022, to shareholders recorded by January 24, 2022. As of December 31, 2021, the company reported consolidated assets of $442.0 million. Founded in 1949, Glen Burnie Bancorp operates The Bank of Glen Burnie, a community bank serving Anne Arundel County, MD.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net income of $888,000 for Q3 2021, down from $949,000 in Q3 2020. Year-to-date net income reached $1,962,000, compared to $1,123,000 in 2020. As of September 30, 2021, total assets were $432.8 million, with a significant $593,000 benefit from the release of allowance for credit losses. Total loans decreased by 18.55% to $221.9 million, while deposits increased by 8.89%. The bank continues to focus on improving financial metrics amid a challenging market due to excess liquidity and low interest rates.
Glen Burnie Bancorp (NASDAQ: GLBZ) declared a regular dividend of $0.10 per share on October 14, 2021, marking the 117th consecutive dividend. The dividend is payable on November 8, 2021, to shareholders of record as of October 25, 2021. As of September 30, 2021, the company's consolidated assets total $432.8 million. Founded in 1949, Glen Burnie Bancorp operates The Bank of Glen Burnie, a community bank with eight branches in Anne Arundel County, MD, serving its local community.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net income of $480,000, or $0.17 per share, for Q2 2021, a recovery from a net loss of $96,000 in Q2 2020. For the first half of 2021, net income reached $1,074,000, a significant rise from $174,000 in 2020. Total assets on June 30, 2021, amounted to $432.8 million, reflecting a 3.49% increase from 2020. The bank released $67,000 from allowance for credit losses in Q2 2021 compared to a provision of $487,000 in Q2 2020. However, total loans decreased by 17.58% year-over-year, and net interest income was down by $92,000 for the six-month period.
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