Glen Burnie Bancorp Stock Price, News & Analysis

Glen Burnie Bancorp (NASDAQ:GLBZ) reported a net loss of $212,000 or $(0.07) per diluted share for Q2 2025, compared to net income of $153,000 in Q1 2025. Despite disappointing earnings, the bank showed positive operational trends with loan growth of $6.0 million (11.5% annualized) and net interest margin expansion of 13 basis points to 3.13%.

The bank is executing strategic initiatives including a planned acquisition of VA Wholesale Mortgage (VAWM), which originates approximately $125 million in annual mortgages. Cost control measures reduced headcount from 89 to 73 employees, though this resulted in $280,000 of non-recurring expenses. Credit quality remains strong with minimal net charge-offs of 0.09% and non-performing loans ratio of 0.51%.

Total deposits remained stable at $317.3 million, with non-interest bearing deposits comprising 34% of total deposits. The bank maintains strong liquidity and capital positions, with regulatory capital ratios well above required minimums.

- Net interest income slightly decreased by $8,000 to $2.56 million - Loan balances grew 16.52% YoY to $207.4 million - Total deposits increased by $8.1 million to $317.3 million - Asset quality remains sound with nonperforming assets at 0.32% of total assets - Allowance for credit losses stood at $2.7 million (1.30% of total loans)

The bank is implementing cost-reduction measures, including closing two branch offices and offering an early retirement program. The company maintains strong liquidity and capital positions, with stockholders' equity at $19.2 million (5.36% of total assets).

The Bank of Glen Burnie (NASDAQ: GLBZ) has announced key leadership appointments to strengthen its lending team and execute its growth strategy. Jonathan Shearin, previously vice president and director of commercial banking, has been promoted to chief lending officer effective March 13, 2025. Additionally, Jeff Welch has been appointed as executive vice president and chief credit officer, effective March 31, 2025.

Shearin, who joined the bank in 2024, will focus on driving sales, revenue, and loan portfolio growth while developing lending strategies and supervising the commercial lending team. Welch brings over 40 years of risk management and lending experience, most recently serving as executive vice president and chief credit officer at Burke & Herbert Bank. In his new role, he will oversee credit risk management, loan application evaluation, and regulatory compliance.

Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net loss of $39,000 (-$0.01 per share) for Q4 2024, compared to net income of $167,000 ($0.06 per share) in Q4 2023. For the full year 2024, the company posted a net loss of $112,000 (-$0.04 per share), versus net income of $1.4 million ($0.50 per share) in 2023.

Total assets reached $358.9 million as of December 31, 2024, up 2.03% from 2023. Despite loan growth of $28.9 million, net interest income decreased by $1.2 million to $10.9 million in 2024. The decline was primarily due to a $3.1 million increase in interest expenses, partially offset by a $1.9 million increase in interest and fees on loans.

The bank's capital position remains strong with a tier 1 risk-based capital ratio of 15.15%. However, the company suspended its quarterly dividend practice to invest in strategic opportunities, including technology, products, and facilities.

Glen Burnie Bancorp (NASDAQ: GLBZ) reported net income of $129,000 ($0.04 per share) for Q3 2024, down from $551,000 ($0.19 per share) in Q3 2023. For the nine-month period ended September 30, 2024, the company reported a net loss of $72,000 (-$0.02 per share), compared to net income of $1.3 million ($0.44 per share) in 2023. Total assets reached $368.4 million, with loans increasing 18.41% to $207.0 million. The decline in performance was primarily due to higher interest expenses and compressed margins in the current rate environment. The company suspended its quarterly dividend to invest in strategic opportunities.

The Bank of Glen Burnie, a subsidiary of Glen Burnie Bancorp (NASDAQ: GLBZ), has expanded its business banking team with two key appointments. Jonathan Shearin has been named director of commercial banking, and Ed Abedi has been appointed vice president of cash management. These additions aim to strengthen the bank's position as 'the bank for business' in Anne Arundel County and surrounding areas.

Shearin, previously a commercial relationship manager at Shore United Bank, brings experience in tailored banking solutions and portfolio management. Abedi, with over 20 years in commercial banking and treasury management, joins from HTLF. Both executives express enthusiasm for supporting local businesses and enhancing digital banking services.

President and CEO Mark C. Hanna emphasized that growing the bank's ability to serve local businesses is their primary goal, highlighting the bank's unique position as an independent, community-driven institution to support small businesses.

Glen Burnie Bancorp (NASDAQ: GLBZ) has appointed Felton Magee Jr. to its Board of Directors. This move aligns with The Bank of Glen Burnie's commitment to being 'the bank for business' in Anne Arundel County and surrounding areas. Magee, a Lean Six Sigma-certified and Project Management Professional, brings extensive experience in process improvement, financial management, and business growth.

Magee's background includes leadership roles at various consulting firms and a successful tenure as president and CEO of Regent HealthCare, Inc., where he oversaw two acquisitions that doubled the company's size. His appointment is part of the bank's strategy to bring in new perspectives and expertise to drive growth in its services, people, and community impact.

Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net loss of $204,000, or $0.07 per share, for Q2 2024, compared to net income of $276,000, or $0.10 per share, in Q2 2023. The company faced challenges due to the current interest rate environment, with increased deposit and borrowing costs impacting earnings. Despite this, the bank achieved net loan growth of $23.0 million during the quarter and $20.5 million year-over-year. Deposits increased 1.9% in the first six months of 2024. The bank's net interest margin expanded by 16 basis points to 3.02% on a linked-quarter basis. Total assets were $355.7 million on June 30, 2024, with a strong liquidity position and a tier 1 risk-based capital ratio of 15.59%.

Glen Burnie Bancorp (NASDAQ: GLBZ) has appointed Joseph G. 'Jay' Baldwin to its Board of Directors, signaling a renewed focus on being 'the bank for business' in Anne Arundel County. Baldwin, president and CEO of Reliable Contracting Company, brings extensive business leadership experience and deep community roots. His appointment coincides with the bank's 75th anniversary and follows the retirement of Charles F. Lynch Jr.

Baldwin's diverse background includes founding Reliable Commercial Construction and Reliable Real Estate Services, as well as leadership roles in various construction industry associations. His appointment is expected to contribute to the bank's growth strategy and adaptation to changing community needs. The move aligns with Glen Burnie Bancorp's efforts to strengthen its position in serving small-to-mid-sized businesses in the region.