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Glen Burnie Bancorp (symbol: GLBZ) is a publicly traded bank holding company based in Glen Burnie, Maryland. Established in 1949, it operates through its primary subsidiary, The Bank of Glen Burnie. As a community-oriented bank, it serves the financial needs of Anne Arundel County with eight branch offices.
The Bank offers a wide range of retail and commercial banking services, including checking and savings accounts, loan origination, online and mobile banking, wire transfers, ACH services, debit cards, ATMs, and safe deposit boxes. Its revenue is generated mainly through interest income from these services.
In recent times, the Bank has focused on maintaining sound financial health despite market volatility. For instance, in the first quarter of 2024, the Bank witnessed an increase in deposit balances by over 3%, achieved through new products and services. Additionally, the Bank continues to prioritize prudent risk management and loan production at higher market rates.
Financially, Glen Burnie Bancorp reported a decrease in net income for the first quarter of 2024 due to rising interest expenses. However, the Bank remains well-capitalized with a strong liquidity position, ensuring ample capacity for future growth. As of March 31, 2024, the Bank's total assets stood at $369.9 million, with total deposits at $309.2 million.
The Bank's asset quality remains robust, evidenced by a low percentage of nonperforming assets. Furthermore, the allowance for credit losses on loans is carefully managed to reflect current economic conditions.
Recent Achievements:
- Interest income increased to $13.3 million for the twelve-month period ending December 31, 2023.
- Strong liquidity and capital positions with a total regulatory capital to risk weighted assets ratio of 18.30% as of March 31, 2024.
- A comprehensive approach to net interest margin management, emphasizing the repricing of loans and deployment of liquidity into higher-yielding assets.
Despite ongoing economic challenges, Glen Burnie Bancorp remains committed to its core mission of delivering excellent banking services while navigating an unpredictable market environment.
Glen Burnie Bancorp (NASDAQ: GLBZ) declared a regular dividend of $0.10 per share on April 13, 2023, marking its 123rd consecutive dividend. The dividend is set to be paid on May 8, 2023, to shareholders on record by the close of business on April 24, 2023. As of March 31, 2023, the company reported consolidated assets totaling $363.4 million.
The Bank of Glen Burnie, a community bank established in 1949, operates eight branches in Anne Arundel County, MD. This consistent dividend payout highlights the company’s commitment to returning value to shareholders amidst its stable asset management.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net income of $830,000 for Q4 2022, up from $554,000 in Q4 2021. For the full year, net income decreased to $1.75 million from $2.52 million year-over-year. The bank's total assets declined by 13.71% to $381.4 million by year-end 2022, with loans decreasing 11.38% to $186.4 million. Despite challenges, non-performing assets remained low at 0.13% of total assets. The bank declared its 122nd consecutive quarterly dividend. Management highlighted a stable earnings stream and a focus on targeted balance sheet growth as it navigates rising interest rates and economic uncertainty.
On January 12, 2023, Glen Burnie Bancorp (NASDAQ: GLBZ) declared a regular dividend of ten cents ($0.10) per share, marking its 122nd consecutive dividend payment. This dividend is payable on February 6, 2023, to shareholders of record as of January 23, 2023. Glen Burnie Bancorp reported consolidated assets of $381.3 million as of December 31, 2022. The Bank of Glen Burnie, founded in 1949, operates as a community bank with eight branches in Anne Arundel County, Maryland.
Glen Burnie Bancorp (NASDAQ: GLBZ) reported a net income of $375,000 ($0.13 per share) for Q3 2022, down from $888,000 ($0.31 per share) in Q3 2021. For the first nine months, net income was $915,000 ($0.32 per share), compared to $1.96 million ($0.69 per share) in 2021. Total assets decreased to $415.6 million, with loan balances down 14.54% to $194.1 million. Despite rising interest rates, net interest income fell by $0.8 million for the first nine months. The bank's capital ratios remain strong, with a tier 1 ratio of 15.34%. A quarterly dividend will be paid on November 7, 2022.
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