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.
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) 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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