Glen Burnie Bancorp(GLBZ) - 2024 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2024 was $129,000, a decrease of 76.7$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$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$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$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]