Glen Burnie Bancorp, a bank holding company based in Maryland, reported its financial results for the three and nine months ended September 30, 2024. The company experienced a net income of $129,000 for the third quarter, a significant decline from $551,000 in the same period of 2023. For the nine-month period, Glen Burnie Bancorp recorded a net loss of $72,000, contrasting sharply with a net income of $1.3 million for the same timeframe in the previous year.

Total interest income for the third quarter of 2024 increased to $4.0 million, up from $3.4 million in 2023, driven primarily by a $763,000 rise in interest and fees on loans. However, total interest expense surged to $1.1 million, a substantial increase from $398,000 in the prior year, leading to a decrease in net interest income to $2.8 million from $3.0 million. For the nine-month period, total interest income rose to $11.3 million, an increase of $1.4 million from 2023, while net interest income fell to $8.2 million, down $1.1 million year-over-year.

The company’s total assets grew to $368.4 million as of September 30, 2024, up from $351.8 million at the end of 2023. Cash and cash equivalents saw a notable increase of 47.38%, reaching $22.5 million. Loans, net of deferred fees, rose to $204.2 million, marking a 17.27% increase from $174.2 million at year-end 2023, with significant growth in construction, single-family residential, and commercial real estate loans.

Total deposits increased by $14.2 million, or 4.73%, to $314.3 million, with a notable rise in money market accounts, which surged by 161.59% to $70.2 million. Conversely, demand deposits and savings accounts saw declines.

The allowance for credit losses increased to $2.75 million, reflecting a 27.40% rise from December 31, 2023. The company reported a provision for credit losses of $773,000 for the nine-month period, compared to a release of $7,000 in the same period of 2023.

Glen Burnie Bancorp's stockholders' equity rose to $21.2 million, a 9.50% increase from the end of 2023, primarily due to a decrease in unrealized losses on securities. The company remains compliant with capital adequacy requirements, with a Tier 1 risk-based capital ratio of 15.47%.