Glen Burnie Bancorp announced on February 6, 2025, a net loss of $39,000, or -$0.01 per basic and diluted common share, for the three-month period ended December 31, 2024. This compares to net income of $167,000, or $0.06 per share, for the same period in 2023.
For the full twelve-month period ended December 31, 2024, the company reported a net loss of $112,000, or -$0.04 per share, a significant decrease from net income of $1.4 million, or $0.50 per share, in 2023. Net interest income for the full year decreased by $1.2 million, or 9.84%, to $10.9 million, primarily due to a $3.1 million increase in interest expenses.
Despite the financial challenges, the company reported a 16.40% increase in its loan portfolio, growing by $28.9 million to $205.2 million as of December 31, 2024. The book value per share, however, decreased to $6.14 on December 31, 2024, from $6.70 at year-end 2023, largely due to increased unrealized losses on available-for-sale securities.
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