Glen Burnie Bancorp reported on May 7, 2025, net income of $153,000, or $0.05 per basic and diluted common share, for the first quarter ended March 31, 2025. This marks a significant improvement compared to net income of $3,000, or $0 per share, for the same period in 2024.
Net interest income for the quarter decreased slightly by $8,000, or 0.31%, to $2.56 million, but the net interest margin expanded to 2.92% from 2.86% in the prior-year quarter. The increase in net income was primarily driven by a $315,000 decrease in the allowance for credit loss and a $474,000 decrease in the allowance for unfunded commitments.
The company's loan portfolio continued to grow, increasing by $2.2 million, or 1.06%, to $207.4 million from December 31, 2024. Total borrowings decreased by $10.0 million, or 33.33%, to $20.0 million. However, nonperforming assets increased to 0.32% of total assets from 0.10% at year-end 2024.
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