Glen Burnie Bancorp Reports 2026 Second Quarter Results

Rhea-AI Summary

Glen Burnie Bancorp (OTCQX: GLBZ) reported a second-quarter 2026 net loss of $272 thousand, or $(0.09) per diluted share, versus net income of $84 thousand in the prior quarter and a net loss of $212 thousand a year earlier. For the first half of 2026, the net loss was $188 thousand, compared with a $59 thousand loss in the first half of 2025.

Pre-tax pre-provision income reached $117 thousand in Q2 and $239 thousand year-to-date, a $1.0 million improvement from 2025. Total loans grew to $267.6 million, up 10.3% sequentially and 25.4% year-over-year, while reported net interest margin was 3.11% and core margin improved modestly. Provision expense rose to $569 thousand, mainly tied to loan growth, as asset quality metrics and regulatory capital ratios remained above minimums and liquidity totaled about $141.9 million, or 35.9% of total assets.

Positive

• Total loans up 25.4% year-over-year to $267.6 million
• Net interest income up 8.9% year-over-year to $3.0 million
• Pre-tax pre-provision income up $1.0 million year-to-date vs. 2025
• Total liquidity about $141.9 million, or 35.9% of assets
• Common Equity Tier 1 capital ratio at 11.95%
• Nonperforming loans low at 0.25% of total loans

Negative

• Q2 2026 net loss of $272 thousand, $(0.09) per share
• Provision for credit losses increased to $569 thousand in Q2
• Efficiency ratio elevated at 96.7% in Q2 2026
• Wholesale funding rose to $28.2 million, 7.1% of assets
• Net charge-offs increased to $108 thousand in Q2 2026

News Explained

At June 30, loan growth required more wholesale funding, while Annapolis expansion added costs and the company still reported a quarterly loss.

Glen Burnie Bancorp reported second-quarter 2026 results; its Annapolis Loan Production Office expansion included two commercial lenders and higher compensation expense, while the company remained loss-making with a $272 thousand net loss.

Loan growth exceeded retail-deposit growth, so total wholesale funding—brokered deposits plus borrowings—rose to $28.2 million from $19.1 million; it represented 7.1% of total assets, up from 5.0%.

Mortgage banking produced approximately $98 thousand of income net of directly related commission expense, but total noninterest expense still increased to $3.4 million from $3.3 million.

The relevant follow-up line items are pre-tax pre-provision income and noninterest expense: the release presents them as measures of whether balance-sheet growth is converting into sustainable earnings and operating leverage.

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GLEN BURNIE, Md., July 29, 2026 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp ("Company") (OTCQX: GLBZ), the bank holding company for The Bank of Glen Burnie ("Bank"), today reported a net loss of $272 thousand, or $(0.09) per diluted common share, for the second quarter of 2026, compared to net income of $84 thousand, or $0.03 per diluted common share, for the first quarter of 2026, and a net loss of $212 thousand, or $(0.07) per diluted common share, for the second quarter of 2025.

For the six months ended June 30, 2026, the Company reported a net loss of $188 thousand, or $(0.06) per diluted common share, compared to a net loss of $59 thousand, or $(0.02) per diluted common share, for the six months ended June 30, 2025.

Pre-tax pre-provision income was $117 thousand for the second quarter of 2026, compared to $122 thousand for the first quarter of 2026 and a pre-tax pre-provision loss of $296 thousand for the second quarter of 2025. For the six months ended June 30, 2026, pre-tax pre-provision income was $239 thousand, an improvement of $1.0 million from a pre-tax pre-provision loss of $792 thousand for the first six months of 2025.

Second-quarter results reflected continued strong loan growth, stable underlying net interest margin performance and increased mortgage banking revenue. These positive developments were offset primarily by provision expense associated with loan growth, premium acceleration within the purchased automobile loan portfolio and increased compensation-related expenses, including investments in additional commercial lending personnel to support the Bank's Annapolis expansion.

"We continued to generate meaningful loan growth during the second quarter while maintaining stable asset quality and liquidity," said Mark C. Hanna, President and Chief Executive Officer. "Although reported earnings were affected by provision expense required to support that growth and by premium acceleration within our purchased automobile loan portfolio, yields across the remainder of the loan portfolio remained stable and core net interest margin improved modestly. We also made a significant investment in a Loan Production Office in the Annapolis market, adding two commercial lenders, and saw increased activity from VA Wholesale Mortgage. Our focus remains on converting recent balance-sheet growth into sustainable earnings while maintaining disciplined funding, expense and capital management."

Second Quarter 2026 Highlights

Continued strong loan growth. Total loans increased $25.1 million, or 10.3%, during the second quarter to $267.6 million at June 30, 2026, compared to $242.6 million at March 31, 2026. For the first six months of 2026, total loans increased $36.4 million, or 15.7%, from $231.2 million at December 31, 2025. Compared to June 30, 2025, total loans increased $54.3 million, or 25.4%. Loan growth during 2026 was primarily attributable to purchased consumer loans and commercial real estate loans for both owner-occupied and investment properties.

Stable underlying net interest margin. Net interest income was approximately $3.0 million for both the second and first quarters of 2026, compared to $2.7 million for the second quarter of 2025. Reported net interest margin was 3.11% for the second quarter of 2026, compared to 3.26% for the first quarter of 2026 and 3.05% for the second quarter of 2025. The first quarter included $167 thousand of loan interest income that did not recur in the second quarter, consisting of an $88 thousand positive adjustment related to a purchased loan pool and $79 thousand of interest collected on a previously nonaccrual loan that repaid in full. Excluding these items, core net interest margin increased modestly to 3.11% for the second quarter from approximately 3.08% for the first quarter.

Underlying loan yields remained stable outside the automobile portfolio. Core loan yield declined to 5.63% for the second quarter from 5.77% for the first quarter. The decline was concentrated in the automobile loan portfolio. Loans excluding automobile loans yielded 5.80% during the second quarter, compared to 5.79% during the first quarter. The reported yield on automobile loans declined to 4.89% from 5.69%, primarily reflecting increased loan prepayments and the resulting acceleration of unamortized purchase premiums. Despite the decline in reported loan yield, core loan interest income increased approximately $164 thousand linked quarter as higher average loan balances and the additional day in the second quarter more than offset the effect of lower reported yields.

Provision expense reflected loan growth rather than credit deterioration. The provision for credit losses increased to $569 thousand for the second quarter of 2026, compared to $86 thousand for the first quarter of 2026 and $79 thousand for the second quarter of 2025. The increase primarily reflected significant loan growth and changes in unfunded commitments. Asset quality remained stable. Nonperforming loans totaled approximately $669 thousand, or 0.25% of total loans, at June 30, 2026, compared to $662 thousand, or 0.27% of total loans, at March 31, 2026. The allowance for credit losses was $3.2 million, or 1.18% of total loans, at June 30, 2026 compared to $2.8 million, or 1.15% of total loans at March 31, 2026.

Mortgage banking activity increased. Mortgage commission income from VA Wholesale Mortgage increased to $353 thousand for the second quarter of 2026 from $197 thousand for the first quarter. The corresponding mortgage commission expense increased to $255 thousand from $145 thousand. Because a substantial portion of mortgage commission expense varies directly with mortgage production and commission revenue, the increase in commission expense should be considered together with the related increase in mortgage commission income. Mortgage commission income, net of directly related commission expense, increased to approximately $98 thousand for the second quarter from approximately $52 thousand for the first quarter.

Linked-quarter expense increase was concentrated in compensation and variable mortgage commissions, while the monthly expense trend improved during the quarter. Total noninterest expense increased $187 thousand to $3.4 million for the second quarter of 2026 from $3.3 million for the first quarter. The increase primarily reflected the addition of two commercial lenders to support the Bank’s Annapolis Loan Production Office, higher variable mortgage commissions associated with increased mortgage banking revenue, and the timing of payroll taxes and employee benefit expenses. Excluding compensation, benefits and mortgage commission expense, all other noninterest expenses declined approximately $104 thousand linked quarter. Monthly noninterest expense also declined as the quarter progressed, with June returning to approximately the preceding 12-month monthly average.

Deposit growth and funding flexibility. Retail deposits increased $4.8 million, or 1.4%, during the second quarter to $343.2 million at June 30, 2026. Total deposits were $357.0 million at June 30, 2026, compared to $357.5 million at March 31, 2026 and $332.4 million at December 31, 2025. Because loan growth exceeded retail deposit growth, wholesale funding increased to $28.2 million at June 30, 2026 from $19.1 million at March 31, 2026. Wholesale funding represented approximately 7.1% of total assets at June 30, 2026.

Sufficient liquidity. At June 30, 2026, the Bank maintained approximately $58.5 million of cash and unencumbered investment securities. The Bank also had access to approximately $83.4 million of available secured and unsecured borrowing capacity. Total on- and off-balance-sheet liquidity was approximately $141.9 million, or 35.9% of total assets.

Regulatory capital. The Bank’s regulatory capital ratios remained above regulatory minimums at June 30, 2026. The Bank’s Common Equity Tier 1 Capital and Tier 1 Risk-Based Capital Ratios were 11.95%, and its Total Risk-Based Capital Ratio was 13.10%. The Bank’s Tier 1 leverage ratio was 8.79% at June 30, 2026.

Operating Results

Net interest income modestly increased $13 thousand to $3.0 million for the second quarter of 2026 compared to the first quarter. Compared to the second quarter of 2025, net interest income increased $243 thousand, or 8.9%.

Total interest income increased $74 thousand compared to linked quarter and $462 thousand, or 11.9%, from the second quarter of 2025. Interest and fees on loans were unchanged linked quarter at $3.5 million despite a $14.8 million increase in average loan balances. The benefit of higher average loan balances and the additional day in the second quarter was offset by $167 thousand of loan-interest income recognized in the first quarter that did not recur in the second quarter, together with increased premium acceleration associated with prepayments in the purchased automobile loan portfolio.

Interest and dividends on securities increased $43 thousand linked quarter, while interest on deposits with banks and federal funds sold increased $33 thousand. These increases reflected the timing of income recognition on certain investment securities, Federal Reserve Bank balances and FHLB stock.

Total interest expense increased $61 thousand to $1.4 million for the second quarter from $1.3 million for the first quarter. The increase primarily reflected the additional day in the quarter and higher average certificate-of-deposit balances and rates. These factors were partially offset by a lower cost on money market accounts. The Company's overall cost of funds remained unchanged linked quarter at 1.52%.

Noninterest income increased $169 thousand to $584 thousand for the second quarter of 2026 from $415 thousand for the first quarter and increased $364 thousand from the second quarter of 2025. The linked-quarter increase was principally attributable to a $156 thousand increase in mortgage commission income from VA Wholesale Mortgage.

Noninterest expense increased $187 thousand to $3.4 million for the second quarter from $3.3 million for the first quarter. Compensation, employee benefits and mortgage commission expense increased $291 thousand, while all other noninterest expenses declined approximately $104 thousand. The compensation-related increase reflected the addition of two commercial lenders supporting the Annapolis LPO, variable mortgage commissions associated with higher mortgage revenue and the timing of payroll taxes and benefits.

The efficiency ratio was 96.7% for the second quarter of 2026, compared to 96.4% for the first quarter of 2026 and 110.0% for the second quarter of 2025. The net operating expense ratio improved to 3.00% from 3.12% linked quarter and 3.41% for the second quarter of 2025. While the year-over-year improvement is encouraging, both measures remain above management’s longer-term objectives and indicate that the Company has not yet achieved the operating leverage necessary to produce acceptable returns. Management remains focused on scalable operating solutions, disciplined expense management and generating sufficient revenue growth to spread the Company’s operating costs across a larger earning-asset base. Management will also continue to evaluate additional opportunities to improve efficiency without limiting the Bank’s ability to support customers, manage risk and execute its growth strategy.

Pre-tax pre-provision income was $117 thousand for the second quarter of 2026, compared to $122 thousand for the first quarter and a pre-tax pre-provision loss of $296 thousand for the second quarter of 2025. The essentially unchanged linked-quarter result reflected the offsetting effects of balance-sheet and revenue growth, lower reported automobile loan yields and compensation-related investments. Although pre-tax pre-provision performance has improved significantly from the prior year, management recognizes that additional revenue growth and operating leverage are needed to produce sustainable profitability and acceptable returns.

Balance Sheet and Funding

Total assets increased to $395.0 million at June 30, 2026 from $380.5 million at March 31, 2026 and $359.9 million at December 31, 2025. The linked-quarter increase was primarily attributable to loan growth, partially offset by lower cash and cash-equivalent balances.

Total loans increased to $267.6 million at June 30, 2026 from $242.6 million at March 31, 2026 and $231.2 million at December 31, 2025. Average loans increased 6.3% linked quarter to $250.9 million from $236.1 million. Period-end loans exceeded second-quarter average loans by approximately $16.7 million. To the extent these balances are maintained, the higher ending loan balance should provide a favorable starting point for third-quarter loan-interest income because the second quarter did not include a full quarter of income on loans originated or purchased throughout the period.

Retail deposits increased to $343.2 million from $338.4 million during the second quarter, while brokered deposits declined to $13.7 million from $19.1 million. Short-term borrowings totaled $14.5 million at June 30, 2026.Total deposits were $357.0 million at June 30, 2026, compared to $357.5 million at March 31, 2026 and $332.4 million at December 31, 2025.

Because loan growth exceeded retail deposit growth, total wholesale funding, consisting of brokered deposits and borrowings, increased to $28.2 million at June 30, 2026 from $19.1 million at March 31, 2026. Wholesale funding increased to 7.1% of total assets from 5.0% at March 31, 2026. The loan-to-deposit ratio increased to approximately 75.0% from 67.8% over the same period. Although the Company used additional wholesale funding and existing liquidity to support loan growth, management believes the Bank continues to maintain substantial liquidity and funding flexibility.

Asset Quality

Asset quality remained stable during the second quarter. Nonperforming loans totaled approximately $669 thousand, or 0.25% of total loans, at June 30, 2026, compared to $662 thousand, or 0.27% of total loans, at March 31, 2026.

Net charge-offs were $108 thousand during the second quarter of 2026, compared to $54 thousand during the first quarter and $45 thousand during the second quarter of 2025. For the six months ended June 30, 2026, net charge-offs were $162 thousand, compared to $49 thousand for the first six months of 2025. Annualized net charge-offs represented approximately 0.13% and 0.05% of average loans for the six months ended June 30, 2026 and 2025, respectively.

The allowance for credit losses increased to $3.2 million, or 1.18% of total loans, at June 30, 2026 from $2.8 million at March 31, 2026. Management believes the increase in the allowance and provision expense primarily reflected loan growth and changes in unfunded commitments, rather than deterioration in credit quality.

Capital Position

Stockholders' equity increased to $21.3 million at June 30, 2026 from $21.0 million at March 31, 2026 and $18.9 million at June 30, 2025. The linked-quarter increase primarily reflected an improvement in accumulated other comprehensive loss associated with the market value of available-for-sale securities, partially offset by the second-quarter net loss.

The Bank's regulatory capital ratios remained above regulatory minimum requirements at June 30, 2026. Continued balance-sheet growth, together with limited current earnings retention, has increased the importance of disciplined capital planning. Management continues to evaluate capital alternatives intended to support prudent growth, maintain appropriate capital cushions and improve long-term shareholder returns.

Results for the second quarter of 2026 reflected continued execution of the Company’s balance-sheet optimization and growth strategy. During the quarter, the Company generated strong loan growth, maintained stable asset quality and underlying net interest margin performance, increased mortgage banking revenue and continued investing in commercial relationship development. Management remains focused on converting this growth into sustainable earnings, improving operating leverage and maintaining appropriate liquidity and capital levels.

Glen Burnie Bancorp Information

Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally owned community bank with six branch offices serving Anne Arundel County and a loan production office in Annapolis, Maryland. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships, non-profits and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. Additional information is available at www.thebankofglenburnie.com.

Forward-Looking Statements

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Forward-looking statements are often identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “may,” “should,” or similar expressions.

These statements are not guarantees of future performance and involve known and unknown risks and uncertainties. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS - 5 QUARTERS
(dollars in thousands, except shares outstanding)
			June 30,				March 31,				December 31,				September 30,				June 30,
				2026				2026				2025				2025				2025
			(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
	ASSETS
	Cash and due from banks		$	1,639			$	1,714			$	1,777			$	2,359			$	1,677
	Interest-bearing deposits in other financial institutions			3,566				13,340				3,728				9,868				10,991
	Total Cash and Cash Equivalents			5,205				15,054				5,505				12,227				12,668
	Investment securities available for sale, at fair value			102,090				103,040				103,469				104,141				104,566
	Restricted equity securities, at cost			941				252				441				251				869
	Loans			267,629				242,568				231,221				215,320				213,362
	Less: Allowance for credit losses			(3,164	)			(2,792	)			(2,716	)			(2,568	)			(2,587	)
	Loans, net			264,465				239,776				228,505				212,752				210,775
	Premises and equipment, net			2,258				2,315				2,393				2,463				2,575
	Bank owned life insurance			9,099				9,055				9,012				8,966				8,921
	Deferred tax assets, net			7,496				7,737				7,524				7,475				8,102
	Accrued interest receivable			1,569				1,458				1,288				1,340				1,206
	Accrued taxes receivable			199				19				-				310				271
	Prepaid expenses			489				523				400				434				386
	Goodwill			317				317				317				317				-
	Other assets			902				995				1,062				1,118				382
	Total Assets		$	395,030			$	380,541			$	359,916			$	351,794			$	350,721
	LIABILITIES
	Noninterest-bearing deposits		$	105,108			$	109,596			$	104,158			$	107,368			$	107,027
	Interest-bearing deposits			251,855				247,938				228,224				221,701				210,289
	Total Deposits			356,963				357,534				332,382				329,069				317,316
	Short-term borrowings			14,500				-				4,000				-				13,000
	Defined pension liability			340				340				342				341				340
	Accrued expenses and other liabilities			1,902				1,716				1,767				1,655				1,132
	Total Liabilities			373,705				359,590				338,491				331,065				331,788
	STOCKHOLDERS' EQUITY
	Common stock, par value $1, authorized 15,000,000 shares			2,935				2,920				2,920				2,920				2,901
	Shares issued and outstanding			2,934,863				2,919,695				2,919,695				2,919,695				2,900,681
	Additional paid-in capital			11,174				11,119				11,119				11,119				11,037
	Deferred Compensation, Restricted Stock			(129	)			(72	)			(81	)			(84	)			-
	Retained earnings			22,658				22,930				22,852				22,948				22,823
	Accumulated other comprehensive loss ("AOCL")			(15,313	)			(15,946	)			(15,385	)			(16,174	)			(17,828	)
	Total Stockholders' Equity			21,325				20,951				21,425				20,729				18,933
	Total Liabilities and Stockholders' Equity		$	395,030			$	380,541			$	359,916			$	351,794			$	350,721

GLEN BURNIE BANCORP AND SUBSIDIARY
FUNDING - 5 QUARTERS
(dollars in thousands, except shares outstanding)
			June 30,				March 31,				December 31,				September 30,				June 30,
				2026				2026				2025				2025				2025
			(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Noninterest-Bearing Deposits			$	105,108			$	109,596			$	104,158			$	107,368			$	107,027
Interest-Bearing Deposits:
	Interest-bearing checking			23,581				22,828				22,835				29,199				23,196
	Money Market			119,231				111,004				103,382				98,581				93,685
	ICS Reciprocal Deposits			1,941				2,173				2,154				-				-
	Savings			60,598				62,862				62,145				67,826				68,043
	Time Deposits			32,783				29,951				27,476				26,095				25,365
Total Retail Deposits (A)				343,242				338,414				322,150				329,069				317,316
Brokered Deposits:
	ICS One-Way Deposits			3,484				7,480				-				-				-
	DTC Brokered Deposits			10,237				11,640				10,232				-				-
Total Brokered Deposits (B)				13,721				19,120				10,232				-				-
Borrowings (C)				14,500				-				4,000				-				13,000
Total Funding			$	371,463			$	357,534			$	336,382			$	329,069			$	330,316
Total Wholesale Funding ("WF") - (B) + (C)			$	28,221			$	19,120			$	14,232			$	-			$	13,000
	As a percentage of Assets			7.1	%			5.0	%			4.0	%			0.0	%			3.7	%
	As a percentage of Funding			7.6	%			5.3	%			4.2	%			0.0	%			3.9	%
Noninterest-Bearing Deposits			$	105,108			$	109,596			$	104,158			$	107,368			$	107,027
	As a percentage of Assets			26.6	%			28.8	%			28.9	%			30.5	%			30.5	%
	As a percentage of Funding			28.3	%			30.7	%			31.0	%			32.6	%			32.4	%

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF (LOSS) INCOME - 5 QUARTERS
(dollars in thousands, except per share amounts)
(unaudited)
			Three Months Ended
			June 30,				March 31,				December 31,				September 30,				June 30,
				2026				2026				2025				2025				2025
Interest income
Interest and fees on loans			$	3,525			$	3,527			$	3,181			$	3,126			$	2,909
Interest and dividends on securities				729				686				702				719				732
Interest on deposits with banks and federal funds sold				85				52				82				92				236
Total Interest Income				4,339				4,265				3,965				3,937				3,877
Interest expense
Interest on deposits				1,347				1,286				1,132				1,044				942
Interest on short-term borrowings				13				13				25				62				199
Total Interest Expense				1,360				1,299				1,157				1,106				1,141
Net Interest Income				2,979				2,966				2,808				2,831				2,736
Provision (release) of credit loss allowance				569				86				216				44				79
Net interest income after credit loss (release) provision				2,410				2,880				2,592				2,787				2,657
Noninterest income
Service charges on deposit accounts				39				35				41				37				34
Mortgage commission income				353				197				372				191				-
Other fees and commissions				148				140				208				297				142
Income on life insurance				44				43				45				45				44
Total Noninterest Income				584				415				666				570				220
Noninterest expenses
Salary and employee benefits				1,876				1,695				1,463				1,865				2,026
Mortgage commission expense				255				145				385				-				-
Occupancy and equipment expenses				256				271				275				248				256
Legal, accounting and other professional fees				342				352				526				478				278
Data processing and item processing services				172				289				283				219				224
FDIC insurance costs				65				59				46				46				44
Advertising and marketing related expenses				50				35				50				45				30
Loan collection costs				15				-				(12	)			19				7
Telephone costs				5				27				37				20				25
Other expenses				410				386				411				330				362
Total Noninterest Expenses				3,446				3,259				3,464				3,270				3,252
Income (loss) before income taxes				(452	)			36				(206	)			87				(375	)
Income tax benefit				(180	)			(48	)			(111	)			(38	)			(163	)
Net income (loss)			$	(272	)		$	84			$	(95	)		$	125			$	(212	)
Pre-tax pre-provsion ("PTPP") income (loss)			$	117			$	122			$	10			$	131			$	(296	)
Earnings (loss) per common share(1)			$	(0.09	)		$	0.03			$	(0.03	)		$	0.04			$	(0.07	)
(1)Basic and diluted earnings per share are the same as the Company has no dilutive shares.

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF (LOSS) INCOME
(dollars in thousands, except per share amounts)
		Six Months Ended
		June 30,				June 30,
			2026				2025
		(unaudited)				(unaudited)
Interest income
Interest and fees on loans		$	7,052			$	5,618
Interest and dividends on securities			1,415				1,477
Interest on deposits with banks and federal funds sold			137				411
Total Interest Income			8,604				7,506
Interest expense
Interest on deposits			2,633				1,783
Interest on short-term borrowings			26				424
Total Interest Expense			2,659				2,207
Net Interest Income			5,945				5,299
Provision (release) of credit loss allowance			655				(541	)
Net interest income after credit loss (release) provision			5,290				5,840
Noninterest income
Service charges on deposit accounts			74				65
Mortgage commission income			550				-
Other fees and commissions			288				273
Income on life insurance			87				87
Total Noninterest Income			999				425
Noninterest expenses
Salary and employee benefits			3,571				3,853
Mortgage commission expense			400				-
Occupancy and equipment expenses			527				565
Legal, accounting and other professional fees			694				662
Data processing and item processing services			461				480
FDIC insurance costs			124				85
Advertising and marketing related expenses			85				66
Loan collection costs			15				52
Telephone costs			32				63
Other expenses			796				690
Total Noninterest Expenses			6,705				6,516
Income (loss) before income taxes			(416	)			(251	)
Income tax benefit			(228	)			(192	)
Net income (loss)		$	(188	)		$	(59	)
PTPP income (loss)		$	239			$	(792	)
Earnings (loss) per common share(1)		$	(0.06	)		$	(0.02	)
(1)Basic and diluted earnings per share are the same as the Company has no dilutive shares.

GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA - 5 QUARTERS AND YEAR TO DATE
(dollars in thousands, except per share amounts)
			At And For The Three Months Ended																				At And For The Six Months Ended
			June 30,				March 31,				December 31,				September 30,				June 30,				June 30,				June 30,
				2026				2026				2025				2025				2025				2026				2025
			(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Selected Balance Sheet Data
Assets			$	395,030			$	380,541			$	359,916			$	351,794			$	350,721			$	395,030			$	350,721
Investment securities				102,090				103,040				103,469				104,141				104,566				102,090				104,566
Gross loans				267,629				242,568				231,221				215,320				213,362				267,629				213,362
Goodwill				317				317				317				317				-				317				-
Noninterest-bearing deposits				105,108				109,596				104,158				107,368				107,027				105,108				107,027
Interest-bearing deposits				238,134				228,818				217,992				221,701				210,289				238,134				210,289
Retail Deposits				343,242				338,414				322,150				329,069				317,316				343,242				317,316
Wholesale Funding - Advances + Brokered Deposits				28,221				19,120				14,232				-				13,000				28,221				13,000
AOCL				(15,313	)			(15,946	)			(15,385	)			(16,174	)			(17,828	)			(15,313	)			(17,828	)
Stockholders' equity				21,325				20,951				21,425				20,729				18,933				21,325				18,933
Summary Income Statement
Interest income				4,339				4,265				3,965				3,937				3,877				8,604				7,506
Interest expense				1,360				1,299				1,157				1,106				1,141				2,659				2,207
Net Interest Income				2,979				2,966				2,808				2,831				2,736				5,945				5,299
Provision (release) of credit loss allowance				569				86				216				44				79				655				(541	)
Noninterest income				584				415				666				570				220				999				425
Salary and employee benefits				2,131				1,840				1,848				1,865				2,026				3,971				3,853
Operating Expenses				1,315				1,419				1,616				1,405				1,226				2,734				2,663
Noninterest expenses				3,446				3,259				3,464				3,270				3,252				6,705				6,516
Income (loss) before income taxes				(452	)			36				(206	)			87				(375	)			(416	)			(251	)
Income tax benefit				(180	)			(48	)			(111	)			(38	)			(163	)			(228	)			(192	)
Net income (loss)			$	(272	)		$	84			$	(95	)		$	125			$	(212	)		$	(188	)		$	(59	)
PTPP income (loss)			$	117			$	122			$	10			$	131			$	(296	)		$	239			$	(792	)
Earnings (loss) per common share(1)			$	(0.09	)		$	0.03			$	(0.03	)		$	0.04			$	(0.07	)		$	(0.06	)		$	(0.02	)
Weighted average shares outstanding				2,934,696				2,919,695				2,919,695				2,919,695				2,900,681				2,927,237				2,891,585
Average Balances
Assets			$	383,126			$	369,976			$	354,743			$	353,651			$	356,587			$	376,551			$	354,948
Int-bearing deposits and investments (amortized cost)				132,530				133,039				134,544				138,627				150,335				132,785				150,330
Loans				250,921				236,106				220,069				216,263				208,951				243,514				207,411
Non-interest-bearing deposits				107,102				106,088				107,961				109,609				105,395				106,595				104,318
Interest-bearing retail deposits				232,005				220,331				220,748				217,297				212,252				227,018				210,520
Wholesale Funding - Advances + Brokered Deposits				20,969				19,406				2,441				5,286				17,824				19,337				19,020
Stockholders' equity				21,150				21,672				20,913				19,407				18,981				21,477				18,770
GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA - 5 QUARTERS AND YEAR TO DATE
(dollars in thousands, except per share amounts)
			At And For The Three Months Ended																				At And For The Six Months Ended
			June 30,				March 31,				December 31,				September 30,				June 30,				June 30,				June 30,
				2026				2026				2025				2025				2025				2026				2025
			(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Capital and Capital Ratios (Bank)(2)
Common Equity Tier 1 Capital Ratio				11.95	%			13.16	%			13.80	%			14.82	%			14.91	%			11.95	%			14.91	%
Tier 1 Risk-based Capital Ratio				11.95	%			13.16	%			13.80	%			14.82	%			14.91	%			11.95	%			14.91	%
Tier 1 Leverage Ratio				8.79	%			9.18	%			9.49	%			9.67	%			9.59	%			8.79	%			9.59	%
Total Risk-Based Capital Ratio				13.10	%			14.25	%			14.94	%			15.96	%			16.06	%			13.10	%			16.06	%
Common Equity Tier 1 Capital			$	35,447			$	35,673			$	35,555			$	36,204			$	36,449			$	35,447			$	36,449
Tier 1 Regulatory Capital			$	35,447			$	35,673			$	35,555			$	36,204			$	36,449			$	35,447			$	36,449
Total Regulatory Capital			$	38,866			$	38,631			$	38,482			$	38,987			$	39,281			$	38,866			$	39,281
Capital Ratios (Company)
Common Equity Ratio				5.40	%			5.51	%			5.95	%			5.89	%			5.40	%			5.40	%			5.40	%
Tangible Capital Ratio(3)				5.32	%			5.43	%			5.87	%			5.81	%			5.40	%			5.32	%			5.40	%
Performance Ratios
Return on average assets ("ROAA")				-0.28	%			0.09	%			-0.11	%			0.14	%			-0.24	%			-0.10	%			-0.03	%
PTPP ROAA				0.12	%			0.13	%			0.01	%			0.15	%			-0.33	%			0.13	%			-0.45	%
Efficiency ratio(4)				96.72	%			96.39	%			99.71	%			96.15	%			110.01	%			96.56	%			113.84	%
Net operating expense ratio(5)				3.00	%			3.12	%			3.13	%			3.03	%			3.41	%			3.06	%			3.44	%
Int-bearing deposit and investment Yields				2.46	%			2.25	%			2.31	%			2.32	%			2.58	%			2.36	%			2.53	%
Loan yields				5.63	%			6.06	%			5.73	%			5.73	%			5.58	%			5.84	%			5.46	%
Core loan yields				5.63	%			5.77	%			5.73	%			5.73	%			5.58	%			5.70	%			5.46	%
Yield on earning assets				4.54	%			4.69	%			4.44	%			4.40	%			4.33	%			4.61	%			4.23	%
Cost of funds				1.52	%			1.52	%			1.39	%			1.32	%			1.36	%			1.52	%			1.33	%
Cost of interest-bearing liabilities				2.16	%			2.20	%			2.06	%			1.97	%			1.99	%			2.18	%			1.94	%
Net interest margin				3.11	%			3.26	%			3.14	%			3.16	%			3.05	%			3.19	%			2.99	%
Core Net Interest Margin				3.11	%			3.08	%			3.14	%			3.16	%			3.05	%			3.10	%			2.99	%
Dividends Paid			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Cash dividends declared per share			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Tangible book value per share(3)			$	7.16			$	7.07			$	7.23			$	6.99			$	6.53			$	7.16			$	6.53
Book value per share			$	7.27			$	7.18			$	7.34			$	7.10			$	6.53			$	7.27			$	6.53
Shares issued and outstanding				2,934,863				2,919,695				2,919,695				2,919,695				2,900,681				2,934,863				2,900,681
GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA - 5 QUARTERS AND YEAR TO DATE
(dollars in thousands, except per share amounts)
			At And For The Three Months Ended																				At And For The Six Months Ended
			June 30,				March 31,				December 31,				September 30,				June 30,				June 30,				June 30,
				2026				2026				2025				2025				2025				2026				2025
			(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Asset Quality and Liquidity
Allowance for credit losses ("ACL")			$	3,164			$	2,792			$	2,716			$	2,568			$	2,587			$	3,164			$	2,587
Nonaccrual loans			$	669			$	662			$	1,256			$	1,201			$	1,066			$	669			$	1,066
90+past due and accruing				-				-				-				-				-				-				-
Restructured loans(6)				-				-				-				-				-				-				-
Nonperforming loans ("NPLs")				669				662				1,256				1,201				1,066				669				1,066
Other Real Estate Owned				-				-				-				-				-				-				-
Nonperforming assets ("NPAs")			$	669			$	662			$	1,256			$	1,201			$	1,066			$	669			$	1,066
ACL to gross loans				1.18	%			1.15	%			1.17	%			1.19	%			1.21	%			1.18	%			1.21	%
NPLs to gross loans				0.25	%			0.27	%			0.54	%			0.56	%			0.50	%			0.25	%			0.50	%
ACL to nonperforming loans				472.9	%			421.8	%			216.2	%			213.8	%			242.7	%			472.9	%			242.7	%
Net charge-offs (recoveries)			$	108			$	54			$	71			$	94			$	45			$	162			$	49
Net charge-offs (recoveries) to avg. loans				0.17	%			0.09	%			0.13	%			0.17	%			0.09	%			0.13	%			0.05	%
NPAs to Assets				0.17	%			0.17	%			0.35	%			0.34	%			0.30	%			0.17	%			0.30	%
Loans to Retail Deposits				78.0	%			71.7	%			71.8	%			65.4	%			67.2	%			78.0	%			67.2	%
Loans to Funding				72.0	%			67.8	%			68.7	%			65.4	%			64.6	%			72.0	%			64.6	%
(1)Basic and diluted earnings per share are the same as the Company has no dilutive shares.
(2)The Company and Bank are subject to regulatory capital requirements administered by federal banking agencies. Management has determined that the Company’s risk-based capital ratios are not materially different than the Bank’s and the Company's regulatory ratios are not reflected in the table.
(3)Tangible book value and tangible capital ratios exclude goodwill of $317 thousand
(4)The efficiency ratio is defined as noninterest expense divided by the sum of net interest income and noninterest income.
(5)The net operating expense ratio is defined as noninterest expense less noninterest income divided by average assets.
(6)These are restructured loans to borrowers with financial difficulty that are not included in nonaccrual status.

For further information contact:

Todd L. Capitani, Chief Financial Officer and Treasurer
410-768-8883
tcapitani@bogb.net
106 Padfield Blvd
Glen Burnie, MD 21061

FAQ

How did Glen Burnie Bancorp (GLBZ) perform in Q2 2026?

Glen Burnie Bancorp reported a Q2 2026 net loss of $272 thousand, or $(0.09) per diluted share. According to the company, this followed Q1 2026 net income of $84 thousand and a Q2 2025 net loss of $212 thousand, reflecting higher provision expense.

Did Glen Burnie Bancorp (GLBZ) grow its loan portfolio in the second quarter of 2026?

Yes, total loans rose to $267.6 million at June 30, 2026, up 10.3% from March 31 and 25.4% year-over-year. According to Glen Burnie Bancorp, growth was driven mainly by purchased consumer loans and commercial real estate credits for owner-occupied and investment properties.

What was Glen Burnie Bancorp’s net interest margin in Q2 2026?

Reported net interest margin was 3.11% in Q2 2026, compared with 3.26% in Q1 2026 and 3.05% in Q2 2025. According to the company, core margin increased modestly after excluding nonrecurring Q1 loan income, with underlying loan yields stable outside the automobile portfolio.

Why did Glen Burnie Bancorp’s provision for credit losses increase in Q2 2026?

Provision for credit losses increased to $569 thousand in Q2 2026, from $86 thousand in Q1 2026. According to Glen Burnie Bancorp, the increase primarily reflected significant loan growth and changes in unfunded commitments, rather than deterioration in overall credit quality metrics.

How strong is Glen Burnie Bancorp’s capital position as of June 30, 2026?

As of June 30, 2026, the Bank reported a Common Equity Tier 1 and Tier 1 risk-based ratio of 11.95% and a Total risk-based ratio of 13.10%. According to the company, all regulatory capital ratios remained above minimum requirements despite ongoing balance-sheet growth.

What was Glen Burnie Bancorp’s liquidity and funding mix at the end of Q2 2026?

At June 30, 2026, total on- and off-balance-sheet liquidity was about $141.9 million, or 35.9% of assets. According to Glen Burnie Bancorp, wholesale funding rose to $28.2 million, representing 7.1% of total assets, as loan growth outpaced retail deposit increases.

How did noninterest expense and efficiency evolve for Glen Burnie Bancorp in Q2 2026?

Noninterest expense rose to $3.4 million in Q2 2026 from $3.3 million in Q1, mainly from compensation and mortgage commissions. According to Glen Burnie Bancorp, the efficiency ratio was 96.7%, improved from 110.0% a year earlier, though still above long-term management targets.