Mon, Apr 28, 8:06 PM (25 days ago)
**Glen Burnie Bancorp (GLBZ) Financial Summary** **Financial Performance:** - **Revenue:** $15.2M (2024) vs. $13.3M (2023) - **Net Income:** -$112K (2024) vs. $1.4M (2023) - **Operating Expenses:** $11.9M (2024) vs. $11.6M (2023) - **Earnings Per Share (EPS):** -$0.04 (2024) vs. $0.50 (2023) **Strategic Overview:** - **Loan Portfolio:** Increased by 16.2% to $202.4M - **Deposit Growth:** Total deposits rose to $309.2M - **Credit Quality:** Maintained a sufficient allowance for credit losses **Future Outlook:** - **Economic Conditions:** Focus on regional economic trends - **Loan Growth:** Continued expansion in construction, real estate, and commercial loans - **Deposit Strategy:** Attract and retain low-cost deposits **Risk Factors:** - **Credit Risk:** Monitoring loan portfolio performance - **Interest Rate Risk:** Managing interest rate fluctuations - **Economic Downturns:** Potential impact on loan delinquencies **Financial Condition:** - **Capital Ratios:** Well-capitalized under Basel III - **Liquidity:** Adequate liquidity position with available credit facilities **Market Position:** - **Competitive Landscape:** Operating in Anne Arundel County and surrounding areas - **Customer Base:** Diverse loan portfolio with a focus on real estate and commercial loans **Amendment Highlights:** - **Signature Addition:** Independent Registered Public Accounting Firm's signature added - **Impact:** No material changes to financial statements **Conclusion:** Glen Burnie Bancorp faces challenges in 2024 with a net loss but maintains a strong capital position and strategic focus on loan and deposit growth. The bank's ability to navigate economic conditions and manage risks will be crucial for future performance.