GLEN BURNIE, Md., April 09, 2025 (GLOBE NEWSWIRE) -- The Bank of Glen Burnie®, a wholly owned subsidiary of Glen Burnie Bancorp (NASDAQ:GLBZ), announced today the expansion of its lending team to position the Bank to carry out its growth strategy focused on growing the commercial banking and lending portfolios. Jonathan Shearin, who previously served in the role of vice president and director of commercial banking, was promoted to the role of chief lending officer effective March 13, 2025. Jeff Welch was na ...

Financial Performance - Net interest income decreased to $10.9 million in 2024 from $12.1 million in 2023, a decline of 9.9%[132] - The consolidated net loss for 2024 was $0.1 million, compared to a net income of $1.4 million in 2023, marking a decrease of $1.5 million[133] - Annualized return on average assets was (0.03)% in 2024, down from 0.40% in 2023[134] - The equity to asset ratio decreased to 5.0% in 2024 from 5.5% in 2023[134] - Net interest margin fell to 2.98% in 2024 from 3.31% in 2023[138] - The dividend payout ratio was -750% in 2024, a significant change from 80% in 2023[134] Interest Income and Expense - Total interest income increased by 14.1% from $13.3 million in 2023 to $15.2 million in 2024, primarily due to a $1.9 million increase in interest and fees on loans[137] - Interest expense surged by 255.3% from $1.2 million in 2023 to $4.3 million in 2024, driven by a $1.1 million increase in interest on short-term borrowings and a $2.0 million increase in interest on deposits[138] Credit Losses and Allowances - The provision for credit loss allowance increased by $748,000 in 2024 compared to 2023[133] - The allowance for credit losses - loans was $2.8 million, or 1.4% of total loans at December 31, 2024, compared to $2.2 million, or 1.2% of total loans at December 31, 2023[150] - The Company recognized a credit loss provision - loans of $0.8 million for the year ended December 31, 2024, compared to $0.1 million for the year ended December 31, 2023[150] - The allowance for credit losses was $2.8 million at December 31, 2024, compared to $2.2 million in 2023[166] - The allowance for credit losses increased by $682,000 during 2024, reflecting a provision for credit loss of $844,000[182] Loan and Deposit Growth - Total gross loans increased by $1.9 million, with a notable rise in loans secured by real estate contributing to this growth[140] - Total deposits increased by $9.1 million, or 3.0%, to $309.2 million at the end of 2024 compared to $300.1 million at the end of 2023[155] - Loans, net at December 31, 2024, were $202.4 million compared to $174.2 million at December 31, 2023, a decrease of $28.2 million or 16.2%[155] - Nonperforming loans to gross loans ratio improved to 0.2% in 2024 from 0.3% in 2023[174] - Nonperforming assets decreased to $360,000 at December 31, 2024, from $527,000 at December 31, 2023, representing 0.10% of total assets compared to 0.15% in the prior year[174] Asset Management - Total assets increased by $7.1 million, or 2.0%, to $359.0 million at December 31, 2024, compared to $351.8 million at December 31, 2023[154] - Cash and cash equivalents increased by $9.2 million primarily due to a $9.1 million increase in deposit balances[156] - Investment securities decreased by $31.5 million, or 22.6%, to $107.9 million compared to year-end 2023[155] - The Company's investment securities portfolio decreased by $31.5 million, or 22.58%, to $107.9 million at December 31, 2024, from $139.4 million at December 31, 2023[159] Capital and Regulatory Ratios - Stockholders' equity decreased to $17.8 million at December 31, 2024, a decline of $1.5 million or 7.8% compared to $19.3 million in 2023[193] - Common Equity Tier 1 Capital ratio was 15.15% as of December 31, 2024, significantly above the minimum requirement of 4.50%[202] - Total Risk-Based Capital ratio was 16.40% at December 31, 2024, exceeding the required minimum of 8.00%[202] - The Bank's leverage ratio was 9.97% at December 31, 2024, well above the minimum requirement of 4.00%[202] Interest Rate Risk Management - The net interest income simulation analysis indicates that the Bank is in an asset sensitive position in all falling rate scenarios and in a liability sensitive position in all rising rate scenarios[227] - The economic value of equity (EVE) at December 31, 2024 showed a decrease of 11% under +100 bp shock, slightly outside the policy limit of -10%[234] - The Bank's interest rate risk management policy establishes limits on risk, measured as the percentage change in net interest income and the fair value of equity capital due to hypothetical changes in U.S. Treasury interest rates[222] Credit Availability and Commitments - The Bank's total credit availability from the Federal Home Loan Bank was $92.1 million, with $62.1 million available to be drawn as of December 31, 2024[209] - The Bank's total commitments to extend credit and unused lines of credit totaled $31.6 million at December 31, 2024[207] - As of December 31, 2024, the Bank has accrued $584,000 as a reserve for credit losses on unfunded commitments, an increase of $111,000 from $473,000 as of December 31, 2023[218]

GLEN BURNIE, Md., Feb. 06, 2025 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net loss of $39,000, or -$0.01 per basic and diluted common share, for the three-month period ended December 31, 2024, compared to net income of $167,000, or $0.06 per basic and diluted common share, for the three-month period ended December 31, 2023. Bancorp reported a net loss of $112,000, or -$0.04 per basic and diluted common s ...

Financial Performance - For the three-month period ended December 31, 2024, Glen Burnie Bancorp reported a net loss of $39,000, compared to a net income of $167,000 for the same period in 2023[2]. - The net loss for the twelve-month period ended December 31, 2024, was $112,000, compared to a net income of $1.429 million for the same period in 2023[36]. - Return on average assets for the three-month period ended December 31, 2024, was -0.04%, compared to 0.19% for the same period in 2023[7]. - The annualized return on average assets for the three months ended December 31, 2024, is -0.04%[39]. Income and Expenses - Net interest income for the twelve-month period ended December 31, 2024, decreased by $1.2 million, or 9.84%, to $10.9 million, compared to $12.1 million in 2023[4]. - Noninterest income for the twelve-month period ended December 31, 2024, was $1.2 million, an increase of $57,000 or 5.20% compared to $1.1 million for the same period in 2023[30]. - Noninterest expense for the twelve-month period ended December 31, 2024, was $11.9 million, reflecting an increase of $253,000 from $11.6 million in 2023, primarily due to higher legal, accounting, and professional fees[31]. - The net interest margin for the twelve-month period ended December 31, 2024, was 2.98%, down from 3.31% for the same period in 2023[25]. - The net interest margin for the three months ended December 31, 2024, is 2.98%[39]. Assets and Liabilities - Total assets increased by $7.1 million, or 2.03%, to $358.9 million as of December 31, 2024, from $351.8 million a year earlier[11]. - Total assets as of December 31, 2024, were $358.956 million, a decrease from $368.359 million as of September 30, 2024, and an increase from $351.813 million as of December 31, 2023[35]. - Cash and cash equivalents totaled $24.464 million as of December 31, 2024, compared to $15.241 million as of December 31, 2023[35]. - Total deposits rose by $9.1 million, or 3.04%, to $309.2 million as of December 31, 2024, from $300.1 million a year earlier[12]. - Total deposits as of December 31, 2024, were $309.189 million, down from $314.273 million as of September 30, 2024, and up from $300.067 million as of December 31, 2023[35]. Loans and Credit Losses - Loans increased by $28.9 million, or 16.40%, to $205.2 million as of December 31, 2024, compared to $176.3 million on December 31, 2023[11]. - The provision for allowance for credit loss on loans for the twelve-month period ended December 31, 2024, was $844,000, compared to $96,000 for the same period in 2023[29]. - The allowance for credit losses as of December 31, 2024, was $2.839 million, an increase from $2.157 million as of December 31, 2023[35]. - The allowance for loan losses to loans ratio is 1.38% as of December 31, 2024[39]. - Nonperforming loans to average loans ratio is 0.18% for the three months ended December 31, 2024[39]. Equity and Capital - The book value per share decreased to $6.14 on December 31, 2024, from $6.70 on December 31, 2023, primarily due to unrealized losses on available-for-sale securities[9]. - The total stockholders' equity as of December 31, 2024, was $17.817 million, a decrease from $19.325 million as of December 31, 2023[35]. - Stockholders' equity as of December 31, 2024, is $17,817,000, down from $21,160,000 in the previous quarter[39]. - As of December 31, 2024, Common Equity Tier 1 Capital stands at $36,481,000, representing a ratio of 15.15%[38]. - Total Risk-Based Capital as of December 31, 2024, is $39,496,000, with a ratio of 16.40%[38]. Dividends - The company declared cash dividends of $0.30 per share for the twelve months ended December 31, 2024, totaling $865,000[37]. Cost of Funds - The cost of funds increased to 1.38% for the quarter ended December 31, 2024, compared to 0.64% for the same quarter in 2023, reflecting higher interest expenses[8].

Financial Performance - The Company reported a net loss of $72,000 for the nine-month period ended September 30, 2024, compared to net income of $1.3 million for the same period in 2023, primarily due to a $460,000 decrease in interest and dividends on securities and a $1.4 million increase in interest expense on deposits [108]. - Return on average assets for the nine-month period ended September 30, 2024, was (0.03)%, compared to 0.46% for the same period in 2023 [110]. - Return on average equity for the nine-month period ended September 30, 2024, was (0.52)%, compared to 9.34% for the same period in 2023 [110]. - Net interest income for the three-month period ended September 30, 2024, was $2.8 million, a decrease of $131,000 or 4.44% compared to the same period in 2023 [115]. - Net interest income for the nine-month period ended September 30, 2024, totaled $8.2 million, a decrease of $1.1 million from the same period in 2023 [116]. - Comprehensive income for the third quarter of 2024 totaled $3.9 million, compared to a comprehensive loss of $3.8 million for the same period in 2023 [133]. Asset and Deposit Growth - Total assets increased to $368.4 million on September 30, 2024, an increase of $16.5 million from December 31, 2023, with cash and cash equivalents rising by $7.2 million or 47.38% [109]. - Total deposits increased by $14.2 million, or 4.73%, during the first nine months of 2024 [109]. - Cash and cash equivalents rose to $22.5 million, reflecting a $7.2 million increase or 47.38% from $15.2 million at December 31, 2023 [134]. - Total deposits increased to $314.3 million, a rise of $14.2 million or 4.73% from $300.1 million on December 31, 2023 [138]. Loan Portfolio and Credit Losses - The Bank's loan portfolio increased by $30.7 million or 17.39% during the first nine months of 2024, while investment securities available for sale declined by $19.5 million or 13.96% [109]. - The Company's allowance for credit losses was $2.75 million as of September 30, 2024, an increase of $591,000 or 27.40% from $2.16 million at December 31, 2023 [109]. - 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 [129]. - The provision for credit losses on loans was $78,000 for the three-month period ended September 30, 2024, compared to a release of $92,000 for the same period in 2023 [129]. Interest Income and Expense - Total interest income for the third quarter of 2024 increased by $609,000, or 18.18%, from $3.4 million in 2023 to $4.0 million in 2024 [117]. - Total interest income for the nine-month period ended September 30, 2024, increased by $1.4 million, or 13.68%, from $9.9 million in 2023 to $11.3 million [118]. - Interest expense for the third quarter of 2024 increased by $740,000, or 185.93%, from $398,000 in 2023 to $1.1 million [119]. - Net interest margin for the three-month period ended September 30, 2024, was 3.06%, a decrease of 0.15% from 3.21% in the same period of 2023 [120]. Capital Ratios and Equity - The Bank's tier 1 risk-based capital ratio was 15.47% at September 30, 2024, compared to 17.37% at December 31, 2023 [112]. - The Bank's Tier 1 leverage ratio was 10.11% as of September 30, 2024, exceeding the minimum requirement of 4.00% [172]. - The Bank's common equity tier 1 capital ratio was 15.47% as of September 30, 2024, well above the minimum requirement of 4.50% [173]. - The company's stockholders' equity increased by $1.8 million, or 9.50%, during the nine-month period ended September 30, 2024 [165]. Interest Rate Risk Management - The Bank's interest rate risk management policy includes limits on risk, with measures of net interest income at risk remaining within prescribed policy limits [149]. - As of September 30, 2024, the simulation analysis indicated the Bank is in an asset sensitive position in falling rate scenarios and slightly liability sensitive in rising rate scenarios [152]. - Estimated changes in net interest income showed a 2% increase in a +100 bp rate scenario, compared to a 1% increase in the previous year [155]. - The economic value of equity decreased in a rising interest rate environment due to the longer duration of assets compared to liabilities [159]. Changes in Accounting Methodology - The allowance for credit losses methodology changed significantly with the adoption of ASC 326, moving from an "incurred loss" approach to an "expected loss" approach [175]. - The impact of utilizing the CECL methodology for calculating the ACL will be significantly influenced by the loan portfolio's composition, characteristics, and quality, as well as prevailing economic conditions [177]. - Material changes in relevant factors may lead to greater volatility in the allowance for credit losses and reported earnings [177].

Financial Performance - Net income for Q3 2024 was $129,000, a decrease of 76.7% from $551,000 in Q3 2023, resulting in earnings per share of $0.04 compared to $0.19[1][11] - For the first nine months of 2024, the company reported a net loss of $72,000, down from a net income of $1.3 million in the same period of 2023[1][18] - The net income (loss) for the nine-month period ended September 30, 2024, was $(72,000), compared to a net income of $1.26 million for the same period in 2023[28] - Basic and diluted net income (loss) per common share was $(0.02) for the nine-month period ended September 30, 2024, compared to $0.44 for the same period in 2023[28] Asset and Liability Management - Total assets increased by $13.0 million, or 3.66%, to $368.4 million as of September 30, 2024, compared to $355.4 million a year earlier[7] - Loans increased by $32.2 million, or 18.41%, to $207.0 million as of September 30, 2024, while total deposits decreased by $600,000, or 0.18%, to $314.2 million[7][8] - Total assets as of September 30, 2024, increased to $368,359 thousand from $355,364 thousand a year earlier, representing a growth of 0.28%[31] - Total deposits rose to $314.27 million as of September 30, 2024, compared to $314.84 million as of September 30, 2023[27] Credit Quality and Provisions - The provision for credit losses on loans for the first nine months of 2024 was $591,000, compared to a release of $68,000 in the same period of 2023[4] - The Company recorded a provision for credit loss on loans of $773,000 for the nine-month period ending September 30, 2024, compared to a release of $7,000 for the same period in 2023, reflecting a $780,000 increase[23] - 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[23] - The increase in the reservable balance of the loan portfolio was $32.0 million, contributing to the rise in the provision for credit loss[23] Income and Expense Analysis - Net interest income for the first nine months of 2024 decreased by $1.1 million, or 11.54%, to $8.2 million, primarily due to a $2.4 million increase in interest expense[3][19] - Noninterest expense was $8.8 million for the nine-month period ended September 30, 2024, compared to $8.7 million for the same period in 2023, with increases in various expense categories[24] - Net interest income after provision for credit loss was $7.41 million for the nine-month period ended September 30, 2024, down from $9.25 million for the same period in 2023[28] Capital Ratios and Equity - The bank's tier 1 risk-based capital ratio was approximately 15.47% on September 30, 2024, compared to 17.37% on December 31, 2023[6] - Stockholders' equity rose to $21,160 thousand as of September 30, 2024, compared to $13,161 thousand a year prior, reflecting a 60.5% increase[31] - Common Equity Tier 1 Capital ratio stood at 15.47% as of September 30, 2024, slightly down from 17.12% a year earlier[30] - Total Risk-Based Capital ratio was 16.72% as of September 30, 2024, compared to 18.10% in the same quarter of the previous year[31] Performance Ratios - Return on average assets for Q3 2024 was 0.14%, down from 0.61% in Q3 2023, while return on average equity fell to 2.63% from 12.47%[4] - The annualized return on average assets was 0.14% for the three months ended September 30, 2024, compared to 0.61% in the same period last year[31] - The net interest margin for the three months ended September 30, 2024, was 3.06%, up from 3.21% in the same period last year[31] Future Outlook - The Company anticipates continued challenges in the market, which may impact future performance[26] - Cash dividends declared per share remained at $0.10 for the three months ended September 30, 2024, consistent with the previous year[31] - The book value per share increased to $7.29 as of September 30, 2024, compared to $4.57 a year earlier, marking a significant improvement[31]

Financial Performance - The Company reported a net loss of $201,000 for the six-month period ended June 30, 2024, compared to net income of $710,000 for the same period in 2023, primarily due to a $917,000 increase in interest expense on short-term borrowings[97]. - The net loss attributable to common stockholders for the three-month period ended June 30, 2024, was $204,000, or $0.07 per share, compared to net income of $276,000, or $0.10 per share for the same period in 2023[102]. - Comprehensive loss for the second quarter of 2024 totaled $0.4 million, a decrease from a comprehensive loss of $0.7 million in the same period of 2023, due to a $0.8 million decrease in unrealized losses on securities[119]. Assets and Liabilities - Total assets increased to $355.7 million on June 30, 2024, an increase of $3.9 million from December 31, 2023, with cash and cash equivalents rising by $1.5 million or 10.14%[98]. - The Bank's loan portfolio increased by $24.7 million or 14.20%, while investment securities available for sale declined by $22.2 million or 15.96% over the same period[98]. - Loans, net totaled $198.9 million at June 30, 2024, an increase of $24.7 million or 14.20% from $174.2 million at December 31, 2023[120]. - Total deposits as of June 30, 2024, reached $305.9 million, reflecting an increase of $5.8 million or 1.93% from $300.1 million on December 31, 2023[125]. Interest Income and Expense - Total interest income increased by $746,000 to $7.3 million for the six-month period ended June 30, 2024, primarily due to a 0.61% increase in the yield on loans[97]. - Net interest income for the three-month period ended June 30, 2024, was $2.8 million, a decrease of $328,000 or 10.53% compared to the same period in 2023[104]. - Interest expense for the second quarter of 2024 increased $954,000, or 623.53%, from $153,000 for the same period in 2023 to $1,107,000[107]. Credit Losses and Provisions - The Company's allowance for credit losses was $2.63 million as of June 30, 2024, an increase of $468,000 or 21.70% from December 31, 2023[98]. - The company recognized a provision for credit losses on loans of $526,000 for the three-month period ended June 30, 2024, compared to $127,000 for the same period in 2023, reflecting a significant increase due to a $20.9 million rise in the reservable balance of the loan portfolio[115]. Equity and Capital Ratios - Shareholder's equity decreased by $1.9 million or 9.59% to $17.5 million on June 30, 2024, primarily due to unrealized losses on securities available for sale[98]. - The Bank's total regulatory capital to risk-weighted assets was 16.84% on June 30, 2024, compared to 18.40% on December 31, 2023[98]. - The Bank's Tier 1 leverage ratio was 10.10% as of June 30, 2024, compared to 10.76% at December 31, 2023, indicating a decrease in capital adequacy[150]. Deposits and Funding - Demand deposits decreased by $7.3 million or 6.24% to $109.6 million from $116.9 million at December 31, 2023[125]. - Total interest-bearing deposits increased by $13.1 million or 7.15% to $196.2 million from $183.1 million at December 31, 2023[125]. - The Bank had $30.0 million in outstanding short-term borrowings from the Federal Reserve Bank under the Bank Term Funding Program as of June 30, 2024, up from $10.0 million at December 31, 2023[143]. Economic Value and Risk Management - The estimated changes in Economic Value of Equity (EVE) showed a 10% increase in a static -200 bp interest rate scenario as of June 30, 2024[140]. - The determination of the Allowance for Credit Losses (ACL) is a critical accounting estimate that relies on significant judgment regarding credit risk and expected future cash flows[154]. - The CECL methodology's impact on ACL will be influenced by the loan portfolio's composition, characteristics, and quality, as well as prevailing economic conditions[155].

GLEN BURNIE BANCORP ANNOUNCES SECOND QUARTER 2024 RESULTS "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 $599,0 ...

Core Viewpoint Glen Burnie Bancorp reported a net loss for the second quarter and first half of 2024, primarily due to increased interest expenses and provisions for credit losses, despite growth in loans and deposits. The bank's strategic focus remains on enhancing client relationships and growing its deposit and loan portfolios while managing costs. Financial Performance - The net loss for the three-month period ended June 30, 2024, was $204,000, compared to a net income of $276,000 for the same period in 2023 [1][12] - For the six-month period ended June 30, 2024, the net loss was $201,000, down from a net income of $710,000 in the same period in 2023 [1][20] - Net interest income decreased by $935,000, or 14.86%, to $5.4 million for the first half of 2024 compared to $6.3 million in 2023 [3][21] Asset and Liability Management - Total assets as of June 30, 2024, were $355.7 million, a decrease of $7.9 million or 2.17% from $363.6 million a year earlier [8] - Total deposits were $305.9 million, down $23.4 million or 7.09% from $329.2 million on June 30, 2023, although deposits increased by 1.9% from December 31, 2023 [9] - Loans increased by $20.9 million or 11.60% year-over-year, totaling $201.5 million as of June 30, 2024 [8] Interest Rate Environment - The cost of funds increased from 0.15% to 1.14% year-over-year, reflecting a shift in the funding mix towards higher-cost borrowed funds [6] - The net interest margin for the three-month period ended June 30, 2024, was 3.02%, down from 3.44% in the same period of 2023 [14] Credit Quality and Provisions - The allowance for credit losses on loans was $2.63 million, or 1.30% of total loans, as of June 30, 2024, compared to $2.22 million or 1.23% a year earlier [11][26] - The provision for credit losses for the first half of 2024 was $694,000, significantly higher than $85,000 in the same period of 2023 [26] Strategic Focus - The bank aims to grow deposits, loans, and client relationships while managing noninterest expenses, which decreased by 1.1% on a linked-quarter basis [2] - Future dividend declarations will be evaluated against the need for reinvestment in growth initiatives [2]

Core Viewpoint - Joseph G. "Jay" Baldwin has been appointed to the Board of Directors of Glen Burnie Bancorp, signaling a strategic focus on enhancing the bank's role as a key financial partner for businesses in Anne Arundel County and surrounding areas [12][6]. Company Overview - Glen Burnie Bancorp is a bank holding company based in Glen Burnie, Maryland, and operates The Bank of Glen Burnie, which was founded in 1949. The bank provides commercial and retail banking services, including loans and deposits, with eight branches in Anne Arundel County [10]. Leadership and Experience - Baldwin has extensive experience in the construction industry, having held leadership roles in various associations, including the Maryland Highway Contractors Association and the National Associated Builders and Contractors [9]. - He has been recognized with the Ernst & Young Entrepreneur of The Year® Award in 2007 for his contributions to the construction and contracting services sector [13]. Community Engagement - Baldwin is actively involved in philanthropic efforts, including significant contributions to local educational and healthcare initiatives, demonstrating a commitment to community development [2]. - His appointment is expected to enhance the bank's connection with small-to-midsized businesses, aligning with the bank's mission to adapt and grow in response to community needs [8][7]. Strategic Direction - The bank aims to celebrate its 75th anniversary by reinforcing its legacy while looking forward to future growth opportunities under Baldwin's leadership [8]. - Baldwin's insights as a business leader and entrepreneur are anticipated to contribute positively to the bank's strategic discussions and decision-making processes [4][7].