Welcome to our dedicated page for Glen Burnie Bancorp news (Ticker: GLBZ), a resource for investors and traders seeking the latest updates and insights on Glen Burnie Bancorp stock.
Overview of Glen Burnie Bancorp
Glen Burnie Bancorp is a bank holding company that oversees The Bank of Glen Burnie, a community bank deeply rooted in Maryland's Anne Arundel County. As a provider of commercial banking, retail banking, and wide-ranging banking services, the company defines itself by its safe and sound operations, community focus, and a commitment to serving both consumer and business clients. Key industry terms such as "banking services", "community banking", and "financial services" are integral to its identity.
Core Business and Services
The company specializes in delivering essential financial solutions that include accepting demand and time deposits, initiating loans, and offering online and mobile banking. It supports both consumer and commercial markets by offering services such as checking and savings accounts, loans including residential, commercial, and automobile financing, as well as money transfer services like ACH and wire transfers. This thorough suite of offerings is designed to meet the day-to-day financial needs of the communities it serves.
Operational Excellence and Financial Model
Operating as a safe, community-oriented bank, Glen Burnie Bancorp generates revenue primarily through interest income earned on loans and deposits. The business model focuses on maintaining a robust capital structure with prudent expense management and a conservative approach to underwriting. By emphasizing organic growth in both loans and deposits, the bank maintains a careful balance between expanding its customer base and managing cost pressures inherent in a competitive financial landscape.
Community Commitment and Market Position
The Bank of Glen Burnie has built a reputation for its unwavering commitment to the local community. With multiple branch offices strategically located in Anne Arundel County, the bank meets the unique needs of local businesses and individual customers. As a member of the FDIC, it provides an added layer of assurance and trust, critical attributes for community banking institutions. The company’s emphasis on personal, relationship-based banking helps it maintain strong ties with local stakeholders and differentiates it from larger, impersonal financial conglomerates.
Distinctive Features and Competitive Landscape
What distinguishes Glen Burnie Bancorp in the competitive banking arena is its dual commitment to both retail and commercial banking while remaining deeply embedded in the community. The bank's comprehensive services are delivered through a localized network that values personalized relationships and long-term trust. This hands-on approach, underpinned by conservative financial practices, enables the bank to navigate market challenges effectively. By balancing traditional banking services with modern financial tools such as mobile and online banking, the company continues to offer relevant solutions catered to evolving customer needs.
Service Portfolio and Client-Oriented Approach
The extensive service portfolio provided by The Bank of Glen Burnie includes:
- Traditional checking and savings accounts
- Varied loan products including home, commercial, and automobile financing
- Digital banking solutions such as mobile apps and online banking
- Payment services and debit card facilities
- Safe deposit boxes and other secure financial instruments
Each of these services is designed with a client-focused approach, ensuring that the bank’s offerings remain accessible, efficient, and aligned with customer needs.
Conclusion
Glen Burnie Bancorp stands as a prime example of a community bank that integrates deep local engagement with a comprehensive range of financial services. Its operational model, centered on interest income and controlled expense management, paired with a strong community presence, positions it as an informative case study in effective regional banking. This description presents a detailed exploration of the company's operations, service offerings, and market standing without relying on time-sensitive data, ensuring relevance and clarity for investors and stakeholders seeking to understand its business fundamentals.
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.
Glen Burnie Bancorp (NASDAQ: GLBZ) declared a regular dividend of $0.10 per share during its Board meeting on July 8, 2021, marking the 116th consecutive dividend. This dividend is set to be paid on July 30, 2021, to shareholders of record as of July 19, 2021. As of June 30, 2021, Glen Burnie Bancorp reported consolidated assets totaling $432.8 million, showcasing its position as a community bank in Anne Arundel County, MD, with eight branch offices.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net income of $0.59 million ($0.21 per share) for Q1 2021, compared to $0.27 million ($0.09 per share) in Q1 2020. Total assets grew to $436.7 million, a 4.11% increase from the prior quarter, while net loan balances fell by $8.4 million (3.32%). Despite margin compression, deposit growth was strong at 5.5%. The bank continues to maintain robust credit quality metrics and paid its 115th consecutive quarterly dividend on April 30, 2021. A notable change in the allowance for credit losses reflects improved asset quality, with a reduction in provision for credit losses.
Glen Burnie Bancorp (NASDAQ: GLBZ) has declared a regular dividend of $0.10 per share, marking its 115th consecutive dividend. The decision was made during the Board of Directors meeting on April 8, 2021. The dividend is scheduled for payment on April 30, 2021, to shareholders on record by the close of business on April 19, 2021. As of March 31, 2021, the bank maintains consolidated assets of $436.7 million, serving the Anne Arundel County area with eight branches since its establishment in 1949.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net income of $0.55 million for Q4 2020, slightly up from $0.54 million in Q4 2019, and a total net income of $1.67 million for the year, compared to $1.60 million in 2019. Total assets increased to $419.5 million, with net loans decreasing by 10.75% to $253.8 million. Despite a decline in total interest income to $13.7 million, the bank remained above regulatory capital requirements. The upcoming 114th quarterly dividend will be paid on February 8, 2021. CEO John D. Long highlighted the bank's resilience amid challenges and commitment to future growth.
Glen Burnie Bancorp (NASDAQ: GLBZ) has declared a regular dividend of $0.10 per share, marking its 114th consecutive dividend. The dividend is payable on February 8, 2021, to shareholders who are on record by the close of business on January 25, 2021. As of December 31, 2020, the company reported consolidated assets of $419.6 million. Founded in 1949, Glen Burnie Bancorp operates The Bank of Glen Burnie, which has eight branches serving Anne Arundel County, MD.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net income of $949,000 for Q3 2020, up from $606,000 in Q3 2019, reflecting a 56.6% increase. For the nine-month period ending September 30, 2020, net income was $1,123,000 compared to $1,060,000 in 2019. Total assets grew to $430.9 million, a 12.39% rise year-over-year. The bank faced challenges from the low-interest-rate environment, impacting net interest income, which decreased to $3.0 million in Q3 2020. Bancorp maintains strong liquidity with a tier 1 risk-based capital ratio of approximately 12.10%. It also paid its 113th consecutive quarterly dividend.
Glen Burnie Bancorp (NASDAQ: GLBZ) has declared a regular dividend of $0.10 per share, marking its 113th consecutive dividend. This decision was made during the Board's meeting on October 8, 2020. The dividend is set to be paid on November 2, 2020, to shareholders on record by October 19, 2020. As of September 30, 2020, the company reported consolidated assets of $430.9 million. Founded in 1949, Glen Burnie Bancorp operates The Bank of Glen Burnie, which serves Anne Arundel County, MD.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net loss of $96,000 for Q2 2020, contrasting with a net income of $319,000 in Q2 2019. For H1 2020, net income was $174,000, down from $454,000 in H1 2019. Total assets rose to $418.2 million, an 11.11% increase year-over-year. Factors affecting performance include lower interest income and higher credit loss allowances due to the COVID-19 pandemic's economic impact. Despite challenges, the bank remains well-capitalized and recently paid its 112th consecutive quarterly dividend.
Glen Burnie Bancorp (NASDAQ: GLBZ) announced a regular dividend of $0.10 per share on July 9, 2020, marking the company's 112th consecutive dividend. This dividend is payable on July 31, 2020, to shareholders on record as of July 20, 2020. As of June 30, 2020, Glen Burnie Bancorp reported consolidated assets of $418.2 million, reflecting its stability as a community bank with eight branches in Anne Arundel County, MD.
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