Glen Burnie Bancorp(US:GLBZ)2025-11-03 11:04Financial Performance - Net income for Q3 2025 was $125,000, a 3.1% decrease from $129,000 in Q3 2024, but an improvement of $337,000 from a net loss of $212,000 in Q2 2025[3] - Net income for the three months ended September 30, 2025, was $125 thousand, a decrease from $129 thousand in the same period of 2024[26] - Net income for the quarter was $125,000, a recovery from a loss of $212,000 in the previous quarter[28] - The annualized return on average assets improved to 0.14% from -0.24% in the previous quarter[28] - Basic and diluted net income per share was $0.04, recovering from a loss of $0.07 in the previous quarter[28] Loans and Deposits - Total loans increased by $2.0 million in Q3 2025, with an average balance increase of $7.3 million from Q2 2025, bringing total loans to $215.3 million, a 4.0% increase year-over-year[4][8] - Total deposits reached $329.1 million at September 30, 2025, up $11.8 million from Q2 2025 and $14.8 million, or 4.7%, from Q3 2024[9] - Total deposits increased to $329,069 thousand as of September 30, 2025, from $317,316 thousand as of June 30, 2025, indicating growth in customer deposits[25] - Loans increased to $215,320,000 from $213,362,000 quarter-over-quarter, reflecting a growth of 0.8%[28] - Deposits rose to $329,069,000, compared to $317,316,000 in the previous quarter, marking a growth of 3.9%[28] Income and Expenses - Non-interest income rose to $571,000 in Q3 2025, compared to $354,000 in Q3 2024, primarily driven by mortgage fees from the acquisition of VA Wholesale Mortgage Incorporated (VAWM)[15] - Noninterest income for the nine months ended September 30, 2025, was $1,758 thousand, significantly higher than $825 thousand for the same period in 2024[26] - Total noninterest expenses for the three months ended September 30, 2025, were $3,272 thousand, up from $2,991 thousand in the same period of 2024[26] Capital and Ratios - Regulatory capital ratios exceeded minimum requirements, with Tier I Risk Based capital at 14.82% as of September 30, 2025[12] - Common Equity Tier 1 Capital Ratio remained stable at 14.82%, consistent with the previous quarter[28] Asset Management - Total assets as of September 30, 2025, were $351,794 thousand, a slight increase from $350,721 thousand as of June 30, 2025[25] - Total assets as of September 30, 2025, were $351,794,000, a slight increase from $350,721,000 in the previous quarter[28] Interest and Yield - The net interest margin improved to 3.24% in Q3 2025, an increase of 11 basis points from Q2 2025 and 10 basis points from Q3 2024[4][13] - Net interest income for the three months ended September 30, 2025, was $2,832 thousand, compared to $2,821 thousand for the same period in 2024, reflecting a stable performance[26] - The net interest margin (FTE) increased to 3.24%, up from 3.13% in the previous quarter[28] - The cost of interest-bearing deposits increased to 1.91% in Q3 2025 from 1.78% in Q2 2025, reflecting a shift towards higher-rate accounts[10] Loan Losses and Allowances - The allowance for loan losses was 1.19% of loans in Q3 2025, a decrease from 1.21% in Q2 2025 and 1.33% in Q3 2024, reflecting a conservative approach to credit risk[7][8] - The allowance for credit losses was $2,568 thousand as of September 30, 2025, slightly down from $2,587 thousand as of June 30, 2025[25] - The allowance for loan losses to loans ratio was 1.19%, slightly down from 1.21% in the previous quarter[28] Acquisition Impact - The acquisition of VAWM, completed on August 15, 2025, is expected to enhance the Bank's product offerings and market access, generating pretax income of $36,000 in the short period post-acquisition[4][17] Dividends - The company declared cash dividends of $0.20 per share, totaling $866 thousand for the nine months ended September 30, 2025[27] - Cash dividends declared per share were $0.00 for the current quarter, compared to $0.10 in the same quarter last year[28]