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Glen Burnie Bancorp, the bank holding company for The Bank of Glen Burnie (OTCQX: GLBZ), reported net income of $84 thousand, or $0.03 per diluted common share, for the first quarter of 2026. This compares with a net loss of $95 thousand, or $(0.03) per diluted common share, in the fourth quarter of 2025, and net income of $153 thousand, or $0.05 per diluted common share, in the first quarter of 2025.
“The first quarter reflected continued execution of the strategy we outlined in early 2024,” said Mark C. Hanna, President and Chief Executive Officer. He said the bank grew loans and deposits, improved net interest income, strengthened liquidity, and lowered expenses from the prior quarter, while noting that reported margin benefited from certain one-time loan interest items.
Management said net income improved in the first quarter of 2026 as higher net interest income and lower noninterest expense more than offset lower noninterest income and higher income tax expense.
Net interest income rose as loan growth and higher earning asset yields more than offset higher deposit costs. The yield on earning assets increased to 4.69% from 4.44% in the fourth quarter of 2025, while the cost of funds increased to 1.52% from 1.39%.
Noninterest income declined from the prior quarter primarily due to lower mortgage commission income from VA Wholesale Mortgage and seasonally lower card services interchange revenue. Noninterest expense declined due to early progress from cost structure and operating efficiency initiatives completed during 2025.
Total assets increased to $380.5 million at March 31, 2026, from $359.9 million at December 31, 2025, driven by higher cash balances and loan growth supported by deposit growth during the quarter.
Total loans increased to $242.6 million, and the loan-to-deposit ratio was 67.8% at March 31, 2026, compared with 69.6% at December 31, 2025. Total deposits were $357.5 million, with customer deposits representing approximately 94.7% of total deposits at quarter-end.
The bank reported wholesale funding—brokered deposits and borrowings—of approximately 5.3% of total deposits and borrowings and 5.0% of total assets at March 31, 2026. The bank repaid its remaining $4.0 million of FHLB advances during the quarter, reducing borrowings to zero at March 31, 2026 (from $4.0 million at December 31, 2025 and $20.0 million at March 31, 2025).
Stockholders’ equity totaled $21.0 million at March 31, 2026, compared with $21.4 million at December 31, 2025. The company said the change was primarily related to movements in accumulated other comprehensive loss tied to the market value of available-for-sale securities.
During the first quarter, the bank announced the April opening of a new Loan Production Office in Annapolis, Maryland, at 2525 Riva Road, Suite 141. The office is expected to expand the bank’s footprint into southern Anne Arundel County and support commercial lending and deposit growth among small and medium-sized businesses. The bank also added John Camden as Vice President and Annapolis Market Executive to lead business development and relationship-building efforts.
Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie is a locally owned community bank with six branch offices serving Anne Arundel County. The bank provides commercial and retail banking services, including demand and time deposits, and originates loans to individuals, associations, partnerships, and corporations.
Additional information is available at www.thebankofglenburnie.com.
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