Glen Burnie Bancorp Reports 2026 Third Quarter Results

Quarterly earnings improved, but higher securities losses reduced tangible book capital while nine-month profit remained below the prior year.

Rhea-AI Summary

Glen Burnie Bancorp (GLBZ) reported third-quarter 2026 net income of $205 thousand, returning to profitability after a second-quarter loss. Diluted earnings were approximately $0.07 per share, versus $(0.09) in the second quarter and $0.04 a year earlier. Net interest income rose 7.3% sequentially to $3.2 million, and net interest margin increased to 3.19% from 3.11%.

Loans reached $275.1 million at September 30, while retail deposit growth exceeded quarterly loan growth and wholesale funding declined. Nonperforming loans fell, but net charge-offs increased. Higher securities losses reduced stockholders' equity to $16.8 million from $21.3 million and tangible book value per share to approximately $5.62 from $7.16. Nine-month net income declined to $17 thousand from $66 thousand. A December 9 special meeting will consider amendments including an increase in authorized common shares from 5,000,000 to 15,000,000.

19 points · 0 major

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1 major · 13 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter net income reached $205 thousand, versus a $272 thousand second-quarter loss and $125 thousand a year earlier.
• Moderate pointThird-quarter net interest income rose 7.3% sequentially and 12.9% year over year to $3.2 million.
• Moderate pointNine-month income before taxes and credit-loss provisions reached $538 thousand, versus a $662 thousand year-earlier loss.
• Moderate pointTotal loans reached $275.1 million, up 2.8% during the quarter and 19.0% since December 31, 2025.
• Moderate pointRetail deposits increased $11.9 million, or 3.5%, during the quarter to $355.1 million.
• Moderate pointWholesale funding declined to $24.4 million, or approximately 6.1% of assets, from $28.2 million and 7.1% sequentially.
• Moderate pointThird-quarter credit-loss provision decreased to $94 thousand from $569 thousand in the second quarter.

12 minor points

• Minor pointThird-quarter diluted earnings reached approximately $0.07, versus $(0.09) sequentially and $0.04 a year earlier.
• Minor pointNet interest margin increased to 3.19% from 3.11% in the second quarter.
• Minor pointLoan yield increased to 5.82% from 5.63% sequentially; earning-asset yield rose to 4.71% from 4.54%.
• Minor pointThird-quarter income before taxes and credit-loss provisions reached $299 thousand, versus $117 thousand sequentially and $131 thousand a year earlier.
• Minor pointNonperforming loans declined to $625 thousand, or 0.23% of loans, from $669 thousand, or 0.25%, sequentially.
• Minor pointThird-quarter noninterest income increased to $637 thousand from $584 thousand in the second quarter.
• Minor pointMortgage commission expense declined to $193 thousand from $255 thousand in the second quarter.
• Minor pointEfficiency ratio improved to approximately 92.2% from 96.7% sequentially; nine-month ratio improved to approximately 95.0% from approximately 107.3%.
• Minor pointNet operating expense ratio improved to 2.89% from 3.00% in the second quarter.
• Minor pointAvailable on- and off-balance-sheet liquidity totaled approximately $128.6 million, or 32.3% of assets, at September 30.
• Minor pointBank capital remained above regulatory minimums: leverage 8.54%, tier 1 risk-based 11.68%, total risk-based 12.78%.
• Minor point. Forward-looking: it has not happened yet and may not happen.Management sees a conditional fourth-quarter loan-interest income benefit from ending loans exceeding quarterly averages, if balances are maintained.

Negative

• Major pointStockholders' equity fell to $16.8 million from $21.3 million sequentially, primarily reflecting higher accumulated securities-related losses.
• Moderate pointNine-month credit-loss provision was $749 thousand, versus a $498 thousand allowance release a year earlier.
• Moderate pointThird-quarter interest expense increased $165 thousand to $1.5 million from $1.4 million sequentially.
• Moderate pointQuarterly net charge-offs reached approximately $148 thousand, versus $108 thousand sequentially and $94 thousand a year earlier.
• Minor pointTangible book value per share declined to approximately $5.62 from $7.16 in the second quarter.

8 minor points

• Minor pointSecurities portfolio unrealized losses increased to approximately $27.7 million from $21.1 million sequentially, limiting balance-sheet flexibility.
• Minor pointNine-month net income declined to $17 thousand from $66 thousand; diluted earnings fell to approximately $0.01 from approximately $0.02.
• Minor pointOverall funding cost increased to 1.61% from 1.52% in the second quarter.
• Minor pointCustomer deposits shifted toward interest-bearing products, including approximately $6.0 million migrating from noninterest-bearing deposits.
• Minor pointThird-quarter noninterest expense increased $88 thousand, or 2.6%, to $3.5 million from $3.4 million sequentially.
• Minor pointMortgage commission income declined to $307 thousand from $353 thousand in the second quarter.
• Minor pointAnnualized quarterly net charge-offs rose to approximately 0.22% of average loans, versus 0.17% in both comparison quarters.
• Minor pointNine-month net charge-offs rose to approximately $310 thousand, or 0.16% annualized, from $143 thousand, or 0.09%, a year earlier.

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GLEN BURNIE, Md., Oct. 29, 2026 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp ("Company") (OTCQX: GLBZ), the bank holding company for The Bank of Glen Burnie ("Bank"), today reported net income of $205 thousand, or approximately $0.07 per diluted common share, for the third quarter of 2026, compared to a net loss of $272 thousand, or $(0.09) per diluted common share, for the second quarter of 2026, and net income of $125 thousand, or $0.04 per diluted common share, for the third quarter of 2025.

For the nine months ended September 30, 2026, the Company reported net income of $17 thousand, or approximately $0.01 per diluted common share, compared to net income of $66 thousand, or approximately $0.02 per diluted common share, for the first nine months of 2025.

Pre-tax pre-provision income was $299 thousand for the third quarter of 2026, compared to $117 thousand for the second quarter and $131 thousand for the third quarter of 2025. For the nine months ended September 30, 2026, pre-tax pre-provision income was $538 thousand, an improvement of approximately $1.2 million from a pre-tax pre-provision loss of $662 thousand for the first nine months of 2025.

Third-quarter results reflected meaningful improvement in the Company's underlying operating performance as earlier balance-sheet growth began to translate into higher net interest income and improved operating leverage. Net interest income and net interest margin increased, loan yields improved, retail deposit growth exceeded period-end loan growth, and asset quality remained stable. These improvements were partially offset by higher funding and operating costs. Higher market interest rates also increased unrealized losses in the investment securities portfolio, reducing GAAP stockholders' equity and tangible book capital.

Third Quarter 2026 Highlights

Return to quarterly profitability and improved underlying earnings. Net income was $205 thousand for the third quarter of 2026, compared to a net loss of $272 thousand for the second quarter and net income of $125 thousand for the third quarter of 2025. Pre-tax pre-provision income increased to $299 thousand from $117 thousand linked quarter and $131 thousand for the third quarter of 2025. The linked-quarter improvement reflected higher net interest income, lower provision expense and higher noninterest income, partially offset by higher noninterest expense.

Net interest income and margin improved. Net interest income increased $217 thousand, or 7.3%, to $3.2 million for the third quarter from $3.0 million for the second quarter. Compared to the third quarter of 2025, net interest income increased $365 thousand, or 12.9%. The Bank's net interest margin increased to 3.19% from 3.11% linked quarter as the yield on earning assets increased faster than the cost of funds. Loan yield increased to 5.82% from 5.63%, while the overall cost of funds increased to 1.61% from 1.52%.

Continued loan growth with stronger retail deposit growth. Total loans increased $7.5 million, or 2.8%, during the third quarter to $275.1 million at September 30, 2026, compared to $267.6 million at June 30, 2026. For the first nine months of 2026, total loans increased $43.9 million, or 19.0%, from $231.2 million at December 31, 2025. Retail deposits increased $11.9 million, or 3.5%, during the third quarter to $355.1 million. Because retail deposit growth exceeded period-end loan growth, wholesale funding declined $3.9 million to $24.4 million, or approximately 6.1% of total assets, from $28.2 million, or 7.1% of total assets, at June 30, 2026.

Lower provision expense with stable asset quality. The provision for credit losses decreased to $94 thousand for the third quarter of 2026 from $569 thousand for the second quarter. The decrease primarily reflected slower loan growth and changes in reserves associated with purchased consumer loans and unfunded commitments. Asset quality remained stable. Nonperforming loans declined to $625 thousand, or 0.23% of total loans, at September 30, 2026, from $669 thousand, or 0.25%, at June 30, 2026. The allowance for credit losses was $3.2 million, or 1.15% of total loans, at September 30, 2026.

Improved operating leverage. Total noninterest expense increased $88 thousand, or 2.6%, to $3.5 million for the third quarter from $3.4 million for the second quarter. Over the same period, the combined increase in net interest income and noninterest income was approximately $270 thousand. As a result, the Company's efficiency ratio improved to approximately 92.2% from 96.7% linked quarter. The Company's net operating expense ratio improved modestly to 2.89% from 3.00%. While these measures remain above management's longer-term objectives, the quarter reflected progress in generating revenue growth faster than operating expense growth.

Noninterest income increased. Noninterest income increased $53 thousand to $637 thousand for the third quarter from $584 thousand for the second quarter. The increase was primarily attributable to higher interchange income associated with the Maryland Renaissance Festival, partially offset by lower mortgage commission income from VA Wholesale Mortgage. Mortgage commission income totaled $307 thousand for the third quarter, compared to $353 thousand for the second quarter, while related mortgage commission expense declined to $193 thousand from $255 thousand.

Sufficient liquidity. At September 30, 2026, the Bank maintained approximately $53.0 million of cash and unencumbered investment securities and approximately $75.6 million of available secured and unsecured borrowing capacity. Total on- and off-balance-sheet liquidity was approximately $128.6 million, or 32.3% of total assets.

Tangible book value. Stockholders' equity declined to $16.8 million at September 30, 2026 from $21.3 million at June 30, 2026, primarily due to a $4.7 million increase in accumulated other comprehensive loss associated with the market value of available-for-sale investment securities. The unrealized loss on the securities portfolio increased to approximately $27.7 million from $21.1 million, and tangible book value per share declined to approximately $5.62 from $7.16. Although accumulated other comprehensive loss does not affect regulatory capital under the Bank's AOCI opt-out election, it reduces GAAP and tangible book capital and can limit balance-sheet flexibility.

Capital Flexibility and Special Meeting of Stockholders.

The Company has called a Special Meeting of Stockholders (the “Special Meeting”) for December 9, 2026 to consider amendments to its Articles of Incorporation. See the following sections below: “Capital Position and Special Meeting,” “Additional Information and Where to Find It” and, “Participants in the Solicitation.” Stockholders are urged to read the proxy statement and any other relevant materials carefully to understand the potential benefits and risks of the proposals submitted for consideration.

"We saw meaningful progress in the third quarter as the balance-sheet growth generated earlier this year began to translate into improved earnings," said Mark C. Hanna, President and Chief Executive Officer. "Net interest income, margin and pre-tax pre-provision income all improved, while retail deposit growth exceeded loan growth and asset quality remained stable. We remain focused on building sustainable earnings, improving operating leverage and maintaining sufficient liquidity and capital to support our strategy.”

Hanna added, “Higher market rates increased unrealized losses in the securities portfolio and reduced tangible book value, underscoring the importance of maintaining financial flexibility. If approved, the proposals at our December Special Meeting would provide the Company greater flexibility to access the capital markets if and when appropriate and expand the range of capital options available as market conditions and opportunities evolve.”

Operating Results

Net interest income increased $217 thousand to $3.2 million for the third quarter of 2026 from $3.0 million for the second quarter. Compared to the third quarter of 2025, net interest income increased $365 thousand, or 12.9%.

Total interest income increased $382 thousand linked quarter to $4.7 million. Interest and fees on loans increased $433 thousand to approximately $4.0 million from $3.5 million for the second quarter. The increase reflected a $19.0 million, or 7.6%, increase in average loan balances and improved loan yields. Loan yield increased to 5.82% from 5.63%.

Total interest expense increased $165 thousand to $1.5 million for the third quarter from $1.4 million for the second quarter. The increase reflected higher average funding balances and higher funding costs. The overall cost of funds increased to 1.61% from 1.52%. Despite the higher funding cost, the yield on earning assets increased to 4.71% from 4.54%, resulting in an improvement in net interest margin to 3.19% from 3.11%.

Noninterest income increased to $637 thousand for the third quarter from $584 thousand for the second quarter. The linked-quarter increase was primarily attributable to higher interchange income associated with the Maryland Renaissance Festival, partially offset by lower mortgage commission income from VA Wholesale Mortgage. Mortgage commission income, net of related mortgage commission expense, increased modestly to approximately $114 thousand from $98 thousand linked quarter.

Noninterest expense increased to $3.5 million for the third quarter from $3.4 million for the second quarter. Compensation, employee benefits and mortgage commission expense increased approximately $19 thousand on a combined basis, while all other operating expenses increased approximately $69 thousand. The increase in operating expenses was more than offset by growth in net interest income and noninterest income, producing improved operating leverage during the quarter.

The Company's efficiency ratio improved to approximately 92.2% for the third quarter from 96.7% for the second quarter. For the first nine months of 2026, the efficiency ratio improved to approximately 95.0% from approximately 107.3% for the first nine months of 2025. The Company's net operating expense ratio improved to 2.89% for the third quarter from 3.00% for the second quarter. Although these trends are favorable, management believes additional revenue growth and efficiency initiatives remain necessary to create better operating leverage that leads to sustainable profitability and acceptable returns.

Pre-tax pre-provision income increased to $299 thousand for the third quarter from $117 thousand for the second quarter and $131 thousand for the third quarter of 2025. For the first nine months of 2026, pre-tax pre-provision income was $538 thousand compared to a loss of $662 thousand for the same period of 2025.

Nine-month net income remained below the prior-year period despite the substantial improvement in pre-tax pre-provision performance. The first nine months of 2025 benefited from a $498 thousand release of the allowance for credit losses, compared with provision expense of $749 thousand during the first nine months of 2026.

Balance Sheet and Funding

Total assets increased to $398.8 million at September 30, 2026 from $395.0 million at June 30, 2026 and $359.9 million at December 31, 2025.

Total loans increased to $275.1 million at September 30, 2026 from $267.6 million at June 30, 2026 and $231.2 million at December 31, 2025. Average loans increased approximately 7.6% linked quarter to $269.9 million from $250.9 million. Period-end loans exceeded third-quarter average loans by approximately $5.2 million. To the extent these balances are maintained, the higher ending balance provides a modest favorable starting point for fourth-quarter loan-interest income.

Total deposits were approximately $360.5 million at September 30, 2026, compared with approximately $357.0 million at June 30, 2026 and $332.4 million at December 31, 2025. At the Bank level, retail deposits increased $11.9 million during the third quarter to $355.1 million, while wholesale funding declined $3.9 million to $24.4 million.

The mix of customer deposits shifted toward interest-bearing products during the quarter, including approximately $6.0 million that migrated from noninterest-bearing deposits to the Bank's Community Advantage Plus Interest Checking Account. The Bank also experienced growth in money market, local certificate-of-deposit and reciprocal deposit balances.

Loans-to-retail deposits decreased modestly to 77.5% at September 30, 2026 from 78.0% at June 30, 2026, while loans-to-total funding increased modestly to 72.5% from 72.0%. Management believes the Bank continues to maintain sufficient liquidity and funding flexibility while using wholesale funding prudently as a supplemental source to support balance-sheet management and attractive lending opportunities.

Asset Quality

Asset quality remained stable during the third quarter. Nonperforming loans declined to $625 thousand, or 0.23% of total loans, at September 30, 2026 from $669 thousand, or 0.25%, at June 30, 2026.

The allowance for credit losses was $3.2 million, or 1.15% of total loans, at September 30, 2026 compared to $3.2 million, or 1.18%, at June 30, 2026. Management believes the reduction in third-quarter provision expense primarily reflected slower loan growth and changes in reserve requirements associated with purchased consumer loans and unfunded commitments rather than deterioration in credit quality.

Net charge-offs were approximately $148 thousand during the third quarter, compared to $108 thousand during the second quarter and $94 thousand during the third quarter of 2025. Annualized net charge-offs represented approximately 0.22% of average loans in the third quarter, compared with 0.17% in both the second quarter of 2026 and the third quarter of 2025. For the first nine months of 2026, net charge-offs were approximately $310 thousand, or 0.16% of average loans on an annualized basis, compared with $143 thousand, or 0.09%, for the first nine months of 2025.

Capital Position and Special Meeting

Stockholders' equity totaled $16.8 million at September 30, 2026, compared to $21.3 million at June 30, 2026 and $21.4 million at December 31, 2025. The linked-quarter decline was primarily attributable to a $4.7 million increase in accumulated other comprehensive loss associated with higher market interest rates and the resulting decline in the fair value of available-for-sale investment securities.

Accumulated other comprehensive loss increased to $20.0 million at September 30, 2026 from $15.3 million at June 30, 2026. Tangible book value per share declined to approximately $5.62 from $7.16 over the same period. Although the Bank's AOCI opt-out election excludes changes in accumulated other comprehensive income or loss from regulatory capital, the change reduces GAAP and tangible book capital and can limit balance-sheet flexibility. The Bank remains well capitalized with regulatory capital ratios above regulatory minimum requirements at September 30, 2026 with tier 1 leverage and risk-based capital ratios of 8.54% and 11.68%, respectively, and a total risk-based capital ratio of 12.78%.

Continued balance-sheet growth and the decline in tangible book capital reinforce the importance of maintaining financial flexibility. Management remains focused on preserving sufficient liquidity and capital while maintaining the ability to respond to changing market conditions, attractive growth opportunities and other strategic alternatives.

On October 23, 2026, the Company began mailing proxy materials for the Special Meeting, to be held virtually on December 9, 2026. Stockholders of record at the close of business on October 15, 2026 are entitled to vote. At the Special Meeting, stockholders will be asked to approve amendments to the Company's Articles of Incorporation to (1) increase the number of authorized shares of common stock from 5,000,000 to 15,000,000, (2) authorize the Board of Directors to classify or reclassify unissued shares of stock, and (3) reduce the stockholder vote required to approve future charter amendments from two-thirds to a majority of all votes entitled to be cast. Stockholders will also be asked to approve an adjournment of the Special Meeting, if necessary, to solicit additional proxies. The proposals do not themselves issue any shares, and the Company currently has no plans, understandings or arrangements to issue any of the additional authorized shares. Stockholders are urged to read the proxy statement carefully. See “Additional Information and Where to Find It” below.

Results for the third quarter of 2026 reflected meaningful progress in converting the Company's recent balance sheet growth into improved operating performance. The Company returned to quarterly profitability, increased net interest income and margin, improved pre-tax pre-provision earnings and operating efficiency, maintained stable asset quality and strengthened the mix of period-end funding. Management remains focused on building sustainable earnings and operating leverage while maintaining sufficient liquidity and capital to support the Company's long-term strategy.

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 commercial and retail banking, 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 includes residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

Non-GAAP Financial Measures

This press release and the accompanying financial tables include certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"), including pre-tax pre-provision income, tangible book value per share, the tangible capital ratio, the efficiency ratio, core loan yield and core net interest margin. "Core loan yield" and "core net interest margin" are calculated in the same manner as loan yield and net interest margin, respectively, except that they exclude nonrecurring loan interest recognized, which management does not consider representative of the Company's ongoing loan portfolio performance. Pre-tax pre-provision income is income (loss) before income taxes plus the provision (or less the release) of the allowance for credit losses. Tangible book value per share and the tangible capital ratio excludes goodwill. Management believes these measures provide useful supplemental information for evaluating the Company's underlying operating performance and capital position. These measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

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, including statements regarding future loan and deposit growth, net interest income and margin, operating leverage, asset quality, liquidity, capital, the Special Meeting and the Company's ability to access capital. 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. Factors that could cause actual results to differ materially include, among others: changes in market interest rates, including their effect on net interest margin, funding costs and the fair value of the Company's investment securities portfolio and accumulated other comprehensive loss; deposit competition, changes in deposit mix and the availability and cost of wholesale funding and other sources of liquidity; credit quality deterioration, including in purchased consumer loans, and the adequacy of the allowance for credit losses; concentration of the Company's business in Anne Arundel County and the surrounding Maryland market and changes in local economic and real estate conditions; the Company's ability to maintain capital levels sufficient to support growth and satisfy regulatory requirements, and the availability and terms of any future capital; whether stockholders approve the proposals at the Special Meeting and the potential dilutive effect of any future issuance of stock; changes in mortgage origination and interchange volumes and other sources of noninterest income; the Company's ability to control operating expenses and achieve improved operating leverage; changes in laws, regulations, accounting standards and the policies and examination priorities of bank regulatory agencies; cybersecurity incidents, fraud and other operational risks; and the Company's ability to attract and retain key personnel. 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.

Additional Information and Where to Find It

This press release may be deemed to be solicitation material in respect of the Special Meeting. On or about October 23, 2026, the Company began mailing a definitive proxy statement and proxy card to its stockholders of record as of October 15, 2026. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSALS. Stockholders may obtain free copies of the Notice of Special Meeting, proxy statement and form of proxy at http://www.edocumentview.com/GLBZ, or by contacting Glen Burnie Bancorp, 101 Crain Highway, S.E., Glen Burnie, Maryland 21061, Attention: Corporate Secretary, (410) 766-3300. Stockholders who have questions or need help voting may contact the Company's proxy solicitor, Laurel Hill Advisory Group, at (888) 742-1305.

Participants in the Solicitation

The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the Special Meeting. As of October 15, 2026, the Company's directors and executive officers as a group (14 individuals) beneficially owned 441,787 shares of the Company's common stock, or approximately 15.06% of the outstanding shares. Information about the names of the Company's directors and executive officers and their beneficial ownership of the Company's common stock is set forth under “Security Ownership of Certain Beneficial Owners and Management” in the proxy statement. Stockholders may obtain additional information about the direct and indirect interests of the participants by reading the proxy statement.

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS - 5 QUARTERS
(dollars in thousands, except shares outstanding)
			September 30,				June 30,				March 31,				December 31,				September 30,
				2026				2026				2026				2025				2025
			(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
	ASSETS
	Cash and due from banks		$	2,415			$	1,639			$	1,714			$	1,777			$	2,359
	Interest-bearing deposits in other financial institutions			5,063				3,566				13,340				3,728				9,868
	Total Cash and Cash Equivalents			7,478				5,205				15,054				5,505				12,227
	Investment securities available for sale, at fair value			93,951				102,090				103,040				103,469				104,141
	Restricted equity securities, at cost			993				941				252				441				251
	Loans			275,102				267,629				242,568				231,221				215,320
	Less: Allowance for credit losses			(3,152	)			(3,164	)			(2,792	)			(2,716	)			(2,568	)
	Loans, net			271,950				264,465				239,776				228,505				212,752
	Premises and equipment, net			2,194				2,258				2,315				2,393				2,463
	Bank owned life insurance			9,144				9,099				9,055				9,012				8,966
	Deferred tax assets, net			9,295				7,496				7,737				7,524				7,475
	Accrued interest receivable			1,753				1,569				1,458				1,288				1,340
	Accrued taxes receivable			207				199				19				-				310
	Prepaid expenses			612				489				523				400				434
	Goodwill			317				317				317				317				317
	Other assets			900				902				995				1,062				1,118
	Total Assets		$	398,794			$	395,030			$	380,541			$	359,916			$	351,794
	LIABILITIES
	Noninterest-bearing deposits		$	100,538			$	105,108			$	109,596			$	104,158			$	107,368
	Interest-bearing deposits			259,957				251,855				247,938				228,224				221,701
	Total Deposits			360,495				356,963				357,534				332,382				329,069
	Short-term borrowings			19,000				14,500				-				4,000				-
	Defined pension liability			339				340				340				342				341
	Accrued expenses and other liabilities			2,147				1,902				1,716				1,767				1,655
	Total Liabilities			381,981				373,705				359,590				338,491				331,065
	STOCKHOLDERS' EQUITY
	Common stock, par value $1, authorized 5,000,000 shares			2,935				2,935				2,920				2,920				2,920
	Shares issued and outstanding			2,934,863				2,934,863				2,919,695				2,919,695				2,919,695
	Additional paid-in capital			11,174				11,174				11,119				11,119				11,119
	Deferred Compensation, Restricted Stock			(116	)			(129	)			(72	)			(81	)			(84	)
	Retained earnings			22,869				22,658				22,930				22,852				22,948
	Accumulated other comprehensive loss ("AOCL")			(20,049	)			(15,313	)			(15,946	)			(15,385	)			(16,174	)
	Total Stockholders' Equity			16,813				21,325				20,951				21,425				20,729
	Total Liabilities and Stockholders' Equity		$	398,794			$	395,030			$	380,541			$	359,916			$	351,794

GLEN BURNIE BANCORP AND SUBSIDIARY
FUNDING - 5 QUARTERS
(dollars in thousands, except shares outstanding)
			September 30,				June 30,				March 31,				December 31,				September 30,
				2026				2026				2026				2025				2025
			(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Noninterest-Bearing Deposits			$	100,538			$	105,108			$	109,596			$	104,158			$	107,368
Interest-Bearing Deposits:
	Interest-bearing checking			29,615				23,581				22,828				22,835				29,199
	Money Market			121,557				119,231				111,004				103,382				98,581
	ICS Reciprocal Deposits			8,592				1,941				2,173				2,154				-
	Savings			57,974				60,598				62,862				62,145				67,826
	Time Deposits			36,855				32,783				29,951				27,476				26,095
Total Retail Deposits (A)				355,131				343,242				338,414				322,150				329,069
Brokered Deposits:
	ICS One-Way Deposits			3,203				3,484				7,480				-				-
	DTC Brokered Deposits			2,161				10,237				11,640				10,232				-
Total Brokered Deposits (B)				5,364				13,721				19,120				10,232				-
Borrowings (C)				19,000				14,500				-				4,000				-
Total Funding			$	379,495			$	371,463			$	357,534			$	336,382			$	329,069
Total Wholesale Funding ("WF") - (B) + (C)			$	24,364			$	28,221			$	19,120			$	14,232			$	-
	As a percentage of Assets			6.1	%			7.1	%			5.0	%			4.0	%			0.0	%
	As a percentage of Funding			6.4	%			7.6	%			5.3	%			4.2	%			0.0	%
Noninterest-Bearing Deposits			$	100,538			$	105,108			$	109,596			$	104,158			$	107,368
	As a percentage of Assets			25.2	%			26.6	%			28.8	%			28.9	%			30.5	%
	As a percentage of Funding			26.5	%			28.3	%			30.7	%			31.0	%			32.6	%

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF (LOSS) INCOME - 5 QUARTERS
(dollars in thousands, except per share amounts)
(unaudited)
	Three Months Ended
		September 30,			June 30,				March 31,				December 31,				September 30,
		2026				2026				2026				2025				2025
Interest income
Interest and fees on loans		$	3,958		$	3,525			$	3,527			$	3,181			$	3,126
Interest and dividends on securities			717			729				686				702				719
Interest on deposits with banks and federal funds sold			46			85				52				82				92
Total Interest Income			4,721			4,339				4,265				3,965				3,937
Interest expense
Interest on deposits			1,411			1,347				1,286				1,132				1,044
Interest on short-term borrowings			114			13				13				25				62
Total Interest Expense			1,525			1,360				1,299				1,157				1,106
Net Interest Income			3,196			2,979				2,966				2,808				2,831
Provision (release) of credit loss allowance			94			569				86				216				44
Net interest income after credit loss (release) provision			3,102			2,410				2,880				2,592				2,787
Noninterest income
Service charges on deposit accounts			35			39				35				41				37
Mortgage commission income			307			353				197				372				191
Other fees and commissions			249			148				140				208				297
Income on life insurance			46			44				43				45				45
Total Noninterest Income			637			584				415				666				570
Noninterest expenses
Salary and employee benefits			1,957			1,876				1,695				1,463				1,865
Mortgage commission expense			193			255				145				385				-
Occupancy and equipment expenses			269			256				271				275				248
Legal, accounting and other professional fees			350			342				352				526				478
Data processing and item processing services			203			172				289				283				219
FDIC insurance costs			81			65				59				46				46
Advertising and marketing related expenses			44			50				35				50				45
Loan collection costs			15			15				-				(12	)			19
Telephone costs			29			5				27				37				20
Other expenses			393			410				386				411				330
Total Noninterest Expenses			3,534			3,446				3,259				3,464				3,270
Income (loss) before income taxes			205			(452	)			36				(206	)			87
Income tax benefit			-			(180	)			(48	)			(111	)			(38	)
Net income (loss)		$	205		$	(272	)		$	84			$	(95	)		$	125
Pre-tax pre-provsion ("PTPP") income (loss)		$	299		$	117			$	122			$	10			$	131
Earnings (loss) per common share (1)		$	0.07		$	(0.09	)		$	0.03			$	(0.03	)		$	0.04
(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)
		Nine Months Ended
		September 30,				September 30,
			2026				2025
		(unaudited)				(unaudited)
Interest income
Interest and fees on loans		$	11,010			$	8,744
Interest and dividends on securities			2,132				2,196
Interest on deposits with banks and federal funds sold			183				503
Total Interest Income			13,325				11,443
Interest expense
Interest on deposits			4,044				2,827
Interest on short-term borrowings			140				486
Total Interest Expense			4,184				3,313
Net Interest Income			9,141				8,130
Provision (release) of credit loss allowance			749				(498	)
Net interest income after credit loss (release) provision			8,392				8,628
Noninterest income
Service charges on deposit accounts			109				102
Mortgage commission income			857				192
Other fees and commissions			537				570
Income on life insurance			133				132
Total Noninterest Income			1,636				996
Noninterest expenses
Salary and employee benefits			5,528				5,718
Mortgage commission expense			593				-
Occupancy and equipment expenses			796				813
Legal, accounting and other professional fees			1,044				1,140
Data processing and item processing services			664				700
FDIC insurance costs			205				132
Advertising and marketing related expenses			129				111
Loan collection costs			30				71
Telephone costs			61				83
Other expenses			1,189				1,020
Total Noninterest Expenses			10,239				9,788
Income (loss) before income taxes			(211	)			(164	)
Income tax benefit			(228	)			(230	)
Net income (loss)		$	17			$	66
PTPP income (loss)		$	538			$	(662	)
Earnings (loss) per common share (1)		$	0.01			$	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 Nine Months Ended
	September 30,				June 30,				March 31,				December 31,				September 30,				September 30,				September 30,
		2026				2026				2026				2025				2025				2026				2025
	(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Selected Balance Sheet Data
Assets	$	398,794			$	395,030			$	380,541			$	359,916			$	351,794			$	398,794			$	351,794
Investment securities		93,951				102,090				103,040				103,469				104,141				93,951				104,141
Gross loans		275,102				267,629				242,568				231,221				215,320				275,102				215,320
Goodwill		317				317				317				317				317				317				317
Noninterest-bearing deposits		100,538				105,108				109,596				104,158				107,368				100,538				107,368
Interest-bearing deposits		254,593				238,134				228,818				217,992				221,701				254,593				221,701
Retail Deposits		355,131				343,242				338,414				322,150				329,069				355,131				329,069
Wholesale Funding - Advances + Brokered Deposits		24,364				28,221				19,120				14,232				-				24,364				-
AOCL		(20,049	)			(15,313	)			(15,946	)			(15,385	)			(16,174	)			(20,049	)			(16,174	)
Stockholders' equity		16,813				21,325				20,951				21,425				20,729				16,813				20,729
Summary Income Statement
Interest income		4,721				4,339				4,265				3,965				3,937				13,325				11,443
Interest expense		1,525				1,360				1,299				1,157				1,106				4,184				3,313
Net Interest Income		3,196				2,979				2,966				2,808				2,831				9,141				8,130
Provision (release) of credit loss allowance		94				569				86				216				44				749				(498	)
Noninterest income		637				584				415				666				570				1,636				996
Salary and employee benefits		2,150				2,131				1,840				1,848				1,865				6,121				5,718
Operating Expenses		1,384				1,315				1,419				1,616				1,405				4,118				4,070
Noninterest expenses		3,534				3,446				3,259				3,464				3,270				10,239				9,788
Income (loss) before income taxes		205				(452	)			36				(206	)			87				(211	)			(164	)
Income tax benefit		-				(180	)			(48	)			(111	)			(38	)			(228	)			(230	)
Net income (loss)	$	205			$	(272	)		$	84			$	(95	)		$	125			$	17			$	66
PTPP income (loss)	$	299			$	117			$	122			$	10			$	131			$	538			$	(662	)
Earnings (loss) per common share (1)	$	0.07			$	(0.09	)		$	0.03			$	(0.03	)		$	0.04			$	0.01			$	0.02
Weighted average shares outstanding		2,934,863				2,934,696				2,919,695				2,919,695				2,919,695				2,929,807				2,916,051
Average Balances
Assets	$	397,768			$	383,126			$	369,976			$	354,743			$	353,651			$	383,623			$	353,807
Int-bearing deposits and investments (amortized cost)		128,099				132,530				133,039				134,544				138,627				131,223				146,429
Loans		269,920				250,921				236,106				220,069				216,263				252,316				210,360
Non-interest-bearing deposits		103,706				107,102				106,088				107,961				109,609				105,632				106,082
Interest-bearing retail deposits		244,913				232,005				220,331				220,748				217,297				232,445				212,779
Wholesale Funding - Advances + Brokered Deposits		26,293				20,969				19,406				2,441				5,286				22,213				14,442
Stockholders' equity		20,863				21,150				21,672				20,913				19,407				21,409				19,450
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 Nine Months Ended
	September 30,				June 30,				March 31,				December 31,				September 30,				September 30,				September 30,
		2026				2026				2026				2025				2025				2026				2025
	(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Capital and Capital Ratios (Bank) (2)
Common Equity Tier 1 Capital Ratio		11.68	%			11.95	%			13.16	%			13.80	%			14.82	%			11.68	%			14.82	%
Tier 1 Risk-based Capital Ratio		11.68	%			11.95	%			13.16	%			13.80	%			14.82	%			11.68	%			14.82	%
Tier 1 Leverage Ratio		8.54	%			8.79	%			9.18	%			9.49	%			9.67	%			8.54	%			9.67	%
Total Risk-Based Capital Ratio		12.78	%			13.10	%			14.25	%			14.94	%			15.96	%			12.78	%			15.96	%
Common Equity Tier 1 Capital	$	35,695			$	35,447			$	35,673			$	35,555			$	36,204			$	35,695			$	36,204
Tier 1 Regulatory Capital	$	35,695			$	35,447			$	35,673			$	35,555			$	36,204			$	35,695			$	36,204
Total Regulatory Capital	$	39,060			$	38,866			$	38,631			$	38,482			$	38,987			$	39,060			$	38,987
Capital Ratios (Company)
Common Equity Ratio		4.22	%			5.40	%			5.51	%			5.95	%			5.89	%			4.22	%			5.89	%
Tangible Capital Ratio (3)		4.14	%			5.32	%			5.43	%			5.87	%			5.81	%			4.14	%			5.81	%
Performance Ratios
Return on average assets ("ROAA")		0.20	%			-0.28	%			0.09	%			-0.11	%			0.14	%			0.01	%			0.02	%
PTPP ROAA		0.30	%			0.12	%			0.13	%			0.01	%			0.15	%			0.19	%			-0.25	%
Efficiency ratio (4)		92.20	%			96.72	%			96.39	%			99.71	%			96.15	%			95.01	%			107.25	%
Net operating expense ratio (5)		2.89	%			3.00	%			3.12	%			3.13	%			3.03	%			3.00	%			3.32	%
Int-bearing deposit and investment Yields		2.36	%			2.46	%			2.25	%			2.31	%			2.32	%			2.36	%			2.46	%
Loan yields		5.82	%			5.63	%			6.06	%			5.73	%			5.73	%			5.83	%			5.56	%
Core loan yields		5.82	%			5.63	%			5.77	%			5.73	%			5.73	%			5.75	%			5.56	%
Yield on earning assets		4.71	%			4.54	%			4.69	%			4.44	%			4.40	%			4.65	%			4.29	%
Cost of funds		1.61	%			1.52	%			1.52	%			1.39	%			1.32	%			1.55	%			1.33	%
Cost of interest-bearing liabilities		2.23	%			2.16	%			2.20	%			2.06	%			1.97	%			2.20	%			1.95	%
Net interest margin		3.19	%			3.11	%			3.26	%			3.14	%			3.16	%			3.19	%			3.05	%
Core Net Interest Margin		3.19	%			3.11	%			3.08	%			3.14	%			3.16	%			3.13	%			3.05	%
Dividends Paid	$	-			$	-			$	-			$	-			$	-			$	-			$	-
Cash dividends declared per share	$	-			$	-			$	-			$	-			$	-			$	-			$	-
Tangible book value per share (3)	$	5.62			$	7.16			$	7.07			$	7.23			$	6.99			$	5.62			$	6.99
Book value per share	$	5.73			$	7.27			$	7.18			$	7.34			$	7.10			$	5.73			$	7.10
Shares issued and outstanding		2,934,863				2,934,863				2,919,695				2,919,695				2,919,695				2,934,863				2,919,695
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 Nine Months Ended
	September 30,				June 30,				March 31,				December 31,				September 30,				September 30,				September 30,
		2026				2026				2026				2025				2025				2026				2025
	(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Asset Quality and Liquidity
Allowance for credit losses ("ACL")	$	3,152			$	3,164			$	2,792			$	2,716			$	2,568			$	3,152			$	2,568
Nonaccrual loans	$	625			$	669			$	662			$	1,256			$	1,201			$	625			$	1,201
90+past due and accruing		-				-				-				-				-				-				-
Restructured loans(6)		-				-				-				-				-				-				-
Nonperforming loans ("NPLs")		625				669				662				1,256				1,201				625				1,201
Other Real Estate Owned		-				-				-				-				-				-				-
Nonperforming assets ("NPAs")	$	625			$	669			$	662			$	1,256			$	1,201			$	625			$	1,201
ACL to gross loans		1.15	%			1.18	%			1.15	%			1.17	%			1.19	%			1.15	%			1.19	%
NPLs to gross loans		0.23	%			0.25	%			0.27	%			0.54	%			0.56	%			0.23	%			0.56	%
ACL to nonperforming loans		504.3	%			472.9	%			421.8	%			216.2	%			213.8	%			504.3	%			213.8	%
Net charge-offs (recoveries)	$	148			$	108			$	54			$	71			$	94			$	310			$	143
Net charge-offs (recoveries) to avg. loans		0.22	%			0.17	%			0.09	%			0.13	%			0.17	%			0.16	%			0.09	%
NPAs to Assets		0.16	%			0.17	%			0.17	%			0.35	%			0.34	%			0.16	%			0.34	%
Loans to Retail Deposits		77.5	%			78.0	%			71.7	%			71.8	%			65.4	%			77.5	%			65.4	%
Loans to Funding		72.5	%			72.0	%			67.8	%			68.7	%			65.4	%			72.5	%			65.4	%
(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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Glen Burnie Bancorp's third-quarter 2026 earnings?

Glen Burnie Bancorp earned $205 thousand, or approximately $0.07 per diluted common share, in the third quarter of 2026. That compares with a second-quarter net loss of $272 thousand, or $(0.09) per diluted common share, and third-quarter 2025 net income of $125 thousand, or $0.04 per diluted common share.

Why did Glen Burnie Bancorp's securities losses not reduce regulatory capital?

The Bank's AOCI opt-out election excludes changes in accumulated other comprehensive income or loss from regulatory capital. Accumulated other comprehensive loss increased to $20.0 million at September 30, 2026, from $15.3 million at June 30, 2026. Those changes still reduce GAAP and tangible book capital and can limit balance-sheet flexibility.

Who can vote at Glen Burnie Bancorp's December 9, 2026 special meeting?

Stockholders of record at the close of business on October 15, 2026 are entitled to vote at the virtual special meeting on December 9, 2026. Mailing of proxy materials began October 23, 2026. Stockholders are urged to read the proxy statement and other relevant materials to understand the proposals' potential benefits and risks.

What liquidity sources did Glen Burnie Bancorp report at September 30, 2026?

The Bank maintained approximately $53.0 million of cash and unencumbered investment securities, plus approximately $75.6 million of available secured and unsecured borrowing capacity. Together, on- and off-balance-sheet liquidity totaled approximately $128.6 million, or 32.3% of total assets.