Glen Burnie Bancorp(US:GLBZ) Globenewswire·2025-10-31 20:05Financial Performance - Glen Burnie Bancorp reported net income of $125,000 for Q3 2025, a 3.1% decrease from $129,000 in Q3 2024, but an improvement from a net loss of $212,000 in Q2 2025 [2][6] - Year-to-date net earnings through September 30, 2025, were $66,000, compared to a net loss of $72,000 during the same period in 2024 [3] - Diluted earnings per share for Q3 2025 remained at $0.04, consistent with Q3 2024, but improved from a $(0.07) loss per share in Q2 2025 [2][6] Loan and Deposit Growth - Total loans increased by $2.0 million in Q3 2025, with an average balance increase of $7.3 million from Q2 2025 [6][7] - 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 [8][10] Asset Quality - The non-performing loans ratio was 0.56% as of September 30, 2025, up 40 basis points from Q3 2024 [5][11] - The allowance for loan losses to loans was 1.19%, a decline from previous quarters, indicating a conservative approach to credit risk [5][11] Acquisition of VAWM - The Bank completed the acquisition of VA Wholesale Mortgage Incorporated (VAWM) on August 15, 2025, for a total purchase price of $750,000 [17][18] - VAWM is expected to enhance non-interest income and provide access to new markets, generating pretax income of $36,000 in the short period post-acquisition [6][21] Revenue and Expenses - Net interest income for Q3 2025 was $2.8 million, consistent with Q3 2024, while the net interest margin increased to 3.24% [12][13] - Non-interest income rose to $571,000 in Q3 2025, driven primarily by mortgage fees from VAWM [15][28] - Non-interest expenses totaled $3.3 million, reflecting increases due to legal and professional fees related to the VAWM acquisition [16][28] Capital Ratios - Regulatory capital ratios exceeded the well-capitalized minimum levels, with a leverage ratio of 9.67% and a total risk-based capital ratio of 15.96% as of September 30, 2025 [11][32]