10-Q · August 12, 2024
Glen Burnie Bancorp reported a Q2 2024 net loss of $204,000 (EPS -$0.07) on total revenue of $3,027,000 (net interest income $2,786,000 + noninterest income $241,000). Net interest income declined versus Q2 2023 as…
Earnings analysis · 10-Q
GLBZ earnings analysis
Filed November 14, 2025 · Our reading of the company's report
The latest report
Glen Burnie Bancorp reported third quarter 2025 net income of $125,000 ($0.04 diluted) on net interest income of $2,831,000 and noninterest income of $571,000 (total core revenue $3,402,000). Balance sheet growth was…
Read full summary
Glen Burnie Bancorp reported third quarter 2025 net income of $125,000 ($0.04 diluted) on net interest income of $2,831,000 and noninterest income of $571,000 (total core revenue $3,402,000). Balance sheet growth was deposit-funded: deposits rose $19,880,000 to $329,069,000 while loans (net of deferred fees) increased to $215,320,000. Liquidity tightened as cash and cash equivalents fell $12,237,000 to $12,227,000 and operating cash flow was negative $1,218,000 for the nine months ended September 30, 2025.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.04
What stood out
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Quarterly profitability maintained
Net income of $125,000 in Q3 2025 (diluted EPS $0.04) was essentially unchanged versus Q3 2024 net income of $129,000 (diluted EPS $0.04) — the Company remains profitable on a quarterly basis.
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YTD turned to profit
Nine months ended September 30, 2025 net income was $66,277 versus a net loss of $(72,131) for the nine months in 2024, showing year-to-date improvement of $138,408.
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Deposit-funded balance sheet growth
Total deposits increased $19,880,000 to $329,069,000 as of September 30, 2025 (from $309,189,000 at December 31, 2024), supporting loan growth.
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Loan growth
Loans, net of deferred fees and costs increased to $215,320,000 at September 30, 2025 from $205,219,000 at December 31, 2024 (increase of $10,101,000).
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Mortgage activity contribution from acquisition
Mortgage commissions were $192,000 in Q3 2025 (the line was $0 in Q3 2024), reflecting contribution from the August 15, 2025 acquisition of VA Wholesale Mortgage Incorporated.
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Improvement in accumulated other comprehensive income
Other comprehensive income (net of tax) improved by $2,829,000 for the nine months ended September 30, 2025, reducing accumulated other comprehensive loss to $(16,174,000) from $(19,003,000) at December 31, 2024.
What to watch
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Significant drop in cash & cash equivalents
Cash and cash equivalents decreased $12,237,000 to $12,227,000 at September 30, 2025 from $24,464,000 at December 31, 2024, tightening short-term liquidity.
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Operating cash flow negative
Net cash used in operating activities was $(1,218,000) for the nine months ended September 30, 2025 (compared with $756,000 provided in the prior year nine‑month period).
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Large unrealized losses in AFS portfolio
Gross unrealized losses on available-for-sale securities totaled $22,335,000 as of September 30, 2025 (fair value $104,141,000), indicating interest-rate driven valuation pressure.
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Rising noninterest expense
Noninterest expense increased to $3,271,000 in Q3 2025 from $2,991,000 in Q3 2024 (increase of $280,000), driven by higher salary and professional fees (salary & benefits $1,865,000; legal/professional $478,000).
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Allowance for credit losses modestly reduced
Allowance for credit losses decreased to $2,568,000 at September 30, 2025 from $2,839,000 at December 31, 2024 (a decline of $271,000) while unfunded commitments remain $37.5 million, which could be a vulnerability if credit conditions worsen.
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Goodwill and integration costs from acquisition
Goodwill of $317,000 appears on the September 30, 2025 balance sheet following the August 15, 2025 acquisition of VA Wholesale Mortgage Incorporated; integration could add near-term costs (Q3 legal/professional fees rose to $478,000).
Management's outlook
The MD&A does not provide explicit numeric fiscal guidance. Management completed the acquisition of VA Wholesale Mortgage on August 15, 2025 and states the acquisition 'is expected to enhance overall mortgage lending products and services,' but no quantitative outlook or numeric guidance ('expects to', 'anticipates') was provided in the 10-Q.
Earlier filings 4
10-Q · August 10, 2023
Glen Burnie Bancorp reported Q2 2023 net income of $276 (basic/diluted EPS $0.10) versus $309 (EPS $0.11) in Q2 2022, driven by higher net interest income but offset by lower noninterest income and slightly higher…
10-Q · May 11, 2023
Glen Burnie Bancorp reported Q1 2023 net income of $435,000 (diluted EPS $0.15) versus $231,000 (EPS $0.08) in Q1 2022, driven by higher net interest income. Deposits and cash declined meaningfully quarter-over-quarter…
10-Q · November 10, 2022
Glen Burnie Bancorp's Q3 2022 results reflect a rebound with revenues of $3,354,000, marking a 10.3% increase from Q2 2022 and steady year-over-year performance compared to Q3 2021. However, the decrease in EPS from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.