Glen Burnie Bancorp announced on October 31, 2024, net income of $129,000, or $0.04 per basic and diluted common share, for the three-month period ended September 30, 2024. This compares to net income of $551,000, or $0.19 per share, for the same period in 2023, representing a substantial year-over-year decrease.
For the nine-month period ended September 30, 2024, the company reported a net loss of $72,000, or $0.02 per share, a significant decline from net income of $1.3 million, or $0.44 per share, in the prior year. Net interest income decreased by $1.1 million, or 11.54%, to $8.2 million for the first nine months of 2024, primarily due to a $2.4 million increase in interest expense.
In a significant strategic shift, President and CEO Mark C. Hanna stated that the company made the difficult decision to change the longstanding practice of approving quarterly cash dividends for shareholders. This decision was made to reinvest in people, technology, products, and facilities to benefit the long-term performance of the Bank.
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