Glen Burnie Bancorp Announces Second Quarter 2024 Results

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$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$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$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$2.63 million, or 1.30% of total loans, as of June 30, 2024, compared to $2.22 million or 1.23$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]