Announcement • Feb 21
Glen Burnie Bancorp Announces Board Changes Glen Burnie Bancorp announced on February 20, 2026 that current board member and local business leader, Jay Baldwin, has assumed the role of Chair of the Board of Directors effective February 20, 2026. Baldwin succeeds John “Jack” E. Demyan who announced his retirement at the February 19, 2026, meeting of the Glen Burnie Bancorp Board of Directors. Demyan retires after serving as Chair since 1996 and will continue his service as a board member. In recognition of his decades of dedicated service to the Company, the board bestowed Demyan with the honorary title Chairman Emeritus. Thomas “Tommy” Clocker also announced his intention to retire effective May 14, 2026. Clocker has served as a director since 1995. A native of Anne Arundel County and alumnus of the University of Maryland, Baldwin has served as the President and CEO of Reliable Contracting Company Inc., since 2002 and grew the business into one of Maryland’s large site work, road, and highway construction companies. In addition, Jay founded Reliable Commercial Construction and Reliable Real Estate Services and is active in several other successful local businesses. During his career, Jay has been widely recognized as a business and philanthropic leader in Anne Arundel County and the State of Maryland. Announcement • Jan 14
Glen Burnie Bancorp Files Form 15 Glen Burnie Bancorp has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Common Stock was $1.00 per share. Announcement • Dec 26
Glen Burnie Bancorp(OTCPK:GLBZ) dropped from S&P TMI Index Glen Burnie Bancorp(OTCPK:GLBZ) dropped from S&P TMI Index Announcement • Dec 24
Glen Burnie Bancorp(OTCPK:GLBZ) dropped from NASDAQ Composite Index Glen Burnie Bancorp has been dropped from the NASDAQ Composite Index. Announcement • Dec 13
Glen Burnie Bancorp Announces Intended Voluntarily Delisting Shares from Nasdaq Glen Burnie Bancorp (“Bancorp”) announced that Bancorp’s board of directors has approved the voluntarily delisting of Bancorp’s common stock (and related common stock purchase rights) from The Nasdaq Capital Market and the subsequent voluntary deregistration of its common stock with the U.S. Securities and Exchange Commission in order to terminate and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended. Simultaneously with this announcement, Bancorp notified Nasdaq of its intention to voluntarily delist its shares of common stock from Nasdaq. In connection with the contemplated delisting and deregistration, Bancorp intends to file a Form 25 with the SEC on or about December 22, 2025. The delisting from Nasdaq is expected to become effective on January 1, 2026, 10 days after filing the Form 25. Bancorp currently expects that the trading of its common stock on Nasdaq will be suspended upon the filing of the Form 25 on or about December 22, 2025. Following the delisting of Bancorp’s common stock from Nasdaq, Bancorp intends to file a Form 15 with the SEC on or about January 2, 2026 certifying that it has fewer than 1,200 shareholders of record. Upon filing the Form 15, Bancorp's filing obligations under the Exchange Act will immediately be suspended, and its obligations to file certain Exchange Act reports and forms with the SEC, including certain Forms 10-K, 10-Q and 8-K, will cease. Bancorp expects that the deregistration of its common stock will become effective 90 days after the filing of the Form 25 with the SEC. The Board based its decision to delist and deregister Bancorp’s common stock on Bancorp’s intention to provide liquidity to its stockholders following the delisting by taking actions within its control to have the common stock traded on the OTCQX, operated by OTC Markets Group Inc. Bancorp has filed an application for its common stock to be quoted on the OTCQX platform, operated by the OTC. The Board has determined that the burdens associated with operating as a registered public company outweigh any advantages to Bancorp and its stockholders at this time. The Board made the decision to delist and deregister Bancorp’s common stock following its review and careful consideration of several factors, including, but not limited to, Bancorp’s likely future non-compliance with the continued listing requirements of Nasdaq that would inevitably result in delisting of Bancorp’s common stock by Nasdaq, lack of research coverage of Bancorp by securities and industry analysts, the lack of an active trading market for Bancorp’s securities on Nasdaq, the potential for eliminating the significant costs associated with preparing and filing periodic reports with the SEC and the legal, audit and other expenses associated with being a public reporting company listed on Nasdaq, as well as the substantial demands on management’s time in complying with these requirements. Once delisted and deregistered, the Board believes that Bancorp will redirect its financial and management resources to a wider range of business opportunities. Buy Or Sell Opportunity • Nov 13
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to US$4.77. The fair value is estimated to be US$3.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has declined by 83%. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: US$0.04 (vs US$0.045 in 3Q 2024) Third quarter 2025 results: EPS: US$0.04 (down from US$0.045 in 3Q 2024). Revenue: US$3.36m (up 8.4% from 3Q 2024). Net income: US$125.0k (down 3.1% from 3Q 2024). Profit margin: 3.7% (down from 4.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Announcement • Nov 01
Glen Burnie Bancorp Reports Net Charge Off for Third Quarter Ended September 30, 2025 Glen Burnie Bancorp reported net charge off for the third quarter ended September 30, 2025. For the quarter, the company reported net charge-offs of $93,000 or 0.17% to average loans, as compared to net recoveries of $44,000 or -0.09% in the third quarter 2024, and net charge-offs of $45,000 or 0.09% in the second quarter of 2025. Reported Earnings • Aug 20
Second quarter 2025 earnings released: US$0.073 loss per share (vs US$0.071 loss in 2Q 2024) Second quarter 2025 results: US$0.073 loss per share (further deteriorated from US$0.071 loss in 2Q 2024). Revenue: US$2.88m (up 15% from 2Q 2024). Net loss: US$212.0k (loss widened 3.9% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Announcement • Jul 30
Glen Burnie Bancorp Reports Net Charge Off for Second Quarter Ended June 30, 2025 Glen Burnie Bancorp reported net charge off for second quarter ended June 30, 2025. For the quarter, the company reported net charge-offs during the second quarter of 2025 of $45,000 or 0.09% annualized, as compared to the first quarter of 2025 of $4,000, or 0.01% annualized. Announcement • Jun 29
Glen Burnie Bancorp Announces Jeffrey D. Harris to Serve in the Capacities of Chief Financial Officer, Effective July 01, 2025 As previously reported, Jeffrey D. Harris, the Chief Financial Officer of Glen Burnie Bancorp (the “ Company”) since 2017, announced his retirement effective June 30, 2025. The Company has commenced a search for a new Chief Financial Officer. Effective July 1, 2025, the Board of Directors of the Company approved the appointment of Mark C. Hanna as interim Treasurer and interim Principal Accounting Officer of the Company to serve in such capacities until a new Chief Financial Officer is appointed. In his new interim role, Mr. Hanna will be responsible for supervising the functions and personnel of the Company’s accounting and financial departments until a new Chief Financial Officer is appointed. Mr. Hanna is a member of the Company’s Board of Directors and has served as the President and Chief Executive Officer of the Company since October 2023. Mr. Hanna will continue in those roles. Mr. Hanna, age 57, has over 35 years’ experience in commercial banking, many of them with community banks. From 2017 through April 2023, Mr. Hanna served as President (adding the title of Chief Executive Officer in 2018) of F&M Bank Corp., and from 2005 until 2017 he served in various executive capacities with Eastern Virginia Bankshares and Virginia Company Bank (now part of Primis Financial Corp.). From 1990 to 2005, Mr. Hanna held different positions in large commercial banks. Announcement • May 16
Glen Burnie Bancorp announced delayed 10-Q filing On 05/15/2025, Glen Burnie Bancorp announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Apr 17
Glen Burnie Bancorp, Annual General Meeting, May 08, 2025 Glen Burnie Bancorp, Annual General Meeting, May 08, 2025. Location: the bank ofglen burnie, 101 crainhighway, se, glen burnie, maryland, United States Announcement • Mar 27
Glen Burnie Bancorp announced delayed annual 10-K filing On 03/26/2025, Glen Burnie Bancorp announced that they will be unable to file their next 10-K by the deadline required by the SEC. Reported Earnings • Feb 07
Full year 2024 earnings released: US$0.04 loss per share (vs US$0.50 profit in FY 2023) Full year 2024 results: US$0.04 loss per share (down from US$0.50 profit in FY 2023). Revenue: US$11.3m (down 14% from FY 2023). Net loss: US$112.0k (down 108% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. New Risk • Feb 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.3% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (304% payout ratio). Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (US$13.5m market cap). New Risk • Dec 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.3% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (304% payout ratio). Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (US$17.1m market cap). Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$0.04 (vs US$0.19 in 3Q 2023) Third quarter 2024 results: EPS: US$0.04 (down from US$0.19 in 3Q 2023). Revenue: US$3.10m (down 7.8% from 3Q 2023). Net income: US$129.0k (down 77% from 3Q 2023). Profit margin: 4.2% (down from 16% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Sep 16
Glen Burnie Bancorp Appoints Felton Magee Jr. to the Board of Directors Glen Burnie Bancorp named Felton Magee Jr. to the Board of Directors, announced Mark C. Hanna, President and CEO of Glen Burnie Bancorp and The Bank of Glen Burnie. Magee grew up in New Orleans, Louisiana, and moved to Upper Marlboro, Maryland, as a young teen. He completed his undergraduate studies at Bowie State University with a Bachelor of Science in Banking and Finance and earned a Master of Business Administration from Loyola University. Magee is Lean Six Sigma-certified and is a certified Project Management Professional; designations that demonstrate expertise in streamlining processes, improving efficiency, and reducing waste while enhancing quality. A United States Air Force veteran, Magee started his career in the civil engineering squadron. Following his military service, he worked for the United Parcel Service for nearly a decade as a finance manager, then served in leadership positions of progressive responsibility at Arthur Andersen Management Consulting; Thompson, Cobb, Bazilio & Associates (later Bazilio, Cobb & Associates); and Promesa Consulting Group Inc. Magee also served as chief financial officer at Family Matters of Greater Washington. At each of these organizations, he brought to bear financial acumen and leadership skills to improve cost, quality performance, and growth. More recently, Magee served as president and CEO of Regent HealthCare Inc. During that time, he oversaw two successful acquisitions that doubled the company's size and expanded operations to include Southern Maryland and Maryland's Eastern Shore. He is now the president and CEO of Regent Healthcare Holdings and is active in real estate development. Reported Earnings • Jul 28
Second quarter 2024 earnings released: US$0.07 loss per share (vs US$0.096 profit in 2Q 2023) Second quarter 2024 results: US$0.07 loss per share (down from US$0.096 profit in 2Q 2023). Revenue: US$2.50m (down 23% from 2Q 2023). Net loss: US$204.0k (down 174% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 28% per year. Declared Dividend • Jul 15
First quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 22nd July 2024 Payment date: 5th August 2024 Dividend yield will be 8.0%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 28% to bring the payout ratio under control. However, EPS has declined by 7.9% over the last 5 years so the company would need to reverse this trend. Announcement • Jul 15
Glen Burnie Bancorp Names Jay Baldwin to its Board of Directors Glen Burnie Bancorp named Joseph G. “Jay” Baldwin to the Board of Directors, announced Mark C. Hanna, President and CEO of Glen Burnie Bancorp and The Bank of Glen Burnie. Baldwin’s appointment to the Board follows the retirement of former member Charles F. “Derick” Lynch Jr. A native of Anne Arundel County, Baldwin has served as president and CEO of Reliable Contracting Company Inc., since 2002. He is a third-generation leader; his family founded Reliable in 1928. Since then, it has grown into one of Maryland’s site work, road, and highway construction companies. An alumnus of the University of Maryland, Baldwin began working at Reliable while in high school and became a full-time employee after graduating from college in 1986. Later in his career, he founded Reliable Commercial Construction and Reliable Real Estate Services and, through Reliable, purchased a majority stake in Environmental Quality Resources. Baldwin has held various leadership positions in the construction industry, including with the Maryland Highway Contractors Association (past board president), the Associated Builders and Contractors—Chesapeake Shores Chapter (past board chairman), the Anne Arundel Utility Contractors Association (past board president), the Maryland Asphalt Association (past board member) and the National Associated Builders and Contractors (past board vice chairman). Baldwin received the Ernst & Young Entrepreneur of The Year® Award (2007) in the Construction and Contracting Services category for the Mid-Atlantic region. He has been involved in developing several of the area’s most successful projects, including the Quarterfield Crossing Shopping Center, the Waugh Chapel Town Center in Gambrills, and Waugh Chapel III. In 2015, he was appointed to Governor Larry Hogan’s Regulatory Reform Commission, serving with Lieutenant Governor Boyd Rutherford. The Commission conducted a comprehensive review of Maryland’s regulatory climate and issued a report identifying over 600 individual regulations that could be streamlined or eliminated. All 657 recommendations were implemented, making a lasting impact in the state. Along with his family, Baldwin is involved in many charitable and philanthropic activities, including playing an instrumental role in the financing and building of The School of the Incarnation. Additionally, he served on the Foundation Board of Anne Arundel Medical Center for ten years and on the Building Campaign Committee for Hospice of the Chesapeake. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$4.66, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 10x in the Banks industry in the US. Total loss to shareholders of 55% over the past three years. Announcement • Jul 12
Glen Burnie Bancorp Declares Dividend for the Second Quarter of 2024, Payable on August 5, 2024 Glen Burnie Bancorp announced that its Board of Directors declared a regular dividend of $0.10 per share of common stock for the second quarter of 2024 at their meeting on July 11, 2024. This action marks the company’s 128th consecutive dividend. The regular dividend is payable on August 5, 2024, to shareholders of record at the close of business on July 22, 2024. New Risk • Apr 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.1% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (8.1% net profit margin). Market cap is less than US$100m (US$14.5m market cap). Declared Dividend • Apr 15
Fourth quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 19th April 2024 Payment date: 6th May 2024 Dividend yield will be 7.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 11% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.6% EPS decline seen over the last 5 years. Announcement • Apr 12
Glen Burnie Bancorp Declares Dividend for the First Quarter of 2024, Payable on May 6, 2024 Glen Burnie Bancorp announced that its Board of Directors declared a regular dividend of $0.10 per share of common stock for the first quarter of 2024 at their meeting on April 11, 2024. This action marks the company’s 127th consecutive dividend. The regular dividend is payable on May 6, 2024, to shareholders of record at the close of business on April 22, 2024. Announcement • Apr 04
Glen Burnie Bancorp, Annual General Meeting, May 09, 2024 Glen Burnie Bancorp, Annual General Meeting, May 09, 2024, at 14:00 US Eastern Standard Time. Location: The Bank of Glen Burnie, 101 Crain Highway, SE, Glen Burnie, Maryland Glen Burnie Maryland United States Agenda: To elect three directors; to ratify the acceptance by the Board of Directors of the selection of the Audit Committee of an outside auditing firm for the 2024 fiscal year; and to transact such other business as may properly come before the Annual Meeting or any adjournments. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: US$0.50 (vs US$0.61 in FY 2022) Full year 2023 results: EPS: US$0.50 (down from US$0.61 in FY 2022). Revenue: US$13.1m (down 1.4% from FY 2022). Net income: US$1.43m (down 18% from FY 2022). Profit margin: 11% (down from 13% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Announcement • Jan 12
Glen Burnie Bancorp Declares Dividend for the Fourth Quarter 2023, Payable on February 5, 2024 Glen Burnie Bancorp announced that its Board of Directors declared a regular dividend of 10 cents ($0.10) per share of common stock at their meeting on January 11, 2024. This action marks the company’s 126th consecutive dividend. The regular dividend is payable on February 5, 2024, to shareholders of record at the close of business on January 22, 2024. Announcement • Jan 05
Glen Burnie Bancorp Announces Resignation of Chares Lynch, Jr. as Member of the Board of Directors On December 31, 2023, Chares Lynch, Jr., a member of the Board of Directors of Glen Burnie Bancorp since 2003, resigned from the Board for personal reasons, effective December 31, 2023. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$5.97, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 9x in the Banks industry in the US. Total loss to shareholders of 37% over the past three years. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: US$0.19 (vs US$0.13 in 3Q 2022) Third quarter 2023 results: EPS: US$0.19 (up from US$0.13 in 3Q 2022). Revenue: US$3.36m (up 1.3% from 3Q 2022). Net income: US$551.0k (up 47% from 3Q 2022). Profit margin: 16% (up from 11% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Announcement • Oct 14
Glen Burnie Bancorp Declares Dividend for the Third Quarter of 2023, Payable on November 6, 2023 Glen Burnie Bancorp announced that its Board of Directors declared a regular dividend of ten cents ($0.10) pershare of common stock at their meeting on October 12, 2023. This action marks the company’s 125th consecutive dividend. The regular dividend is payable on November 6, 2023, to shareholders of record at the close of business onOctober 23, 2023. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: US$0.10 (vs US$0.11 in 2Q 2022) Second quarter 2023 results: EPS: US$0.10 (down from US$0.11 in 2Q 2022). Revenue: US$3.23m (up 1.5% from 2Q 2022). Net income: US$276.0k (down 11% from 2Q 2022). Profit margin: 8.6% (down from 9.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Jul 15
Glen Burnie Bancorp Declares Dividend for the Second Quarter of 2023, Payable on August 7, 2023 Glen Burnie Bancorp announced that its Board of Directors declared a regular dividend of ten cents $0.10 per share of common stock at their meeting on July 13, 2023. This action marks the company’s 124th consecutive dividend. The regular dividend is payable on August 7, 2023, to shareholders of record at the close of business on July 24, 2023. Reported Earnings • May 14
First quarter 2023 earnings released: EPS: US$0.15 (vs US$0.081 in 1Q 2022) First quarter 2023 results: EPS: US$0.15 (up from US$0.081 in 1Q 2022). Revenue: US$3.47m (up 14% from 1Q 2022). Net income: US$435.0k (up 88% from 1Q 2022). Profit margin: 13% (up from 7.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$8.20, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 7x in the Banks industry in the US. Total returns to shareholders of 9.9% over the past three years. Reported Earnings • Apr 02
Full year 2022 earnings released: EPS: US$0.61 (vs US$0.88 in FY 2021) Full year 2022 results: EPS: US$0.61 (down from US$0.88 in FY 2021). Revenue: US$13.3m (down 5.1% from FY 2021). Net income: US$1.75m (down 31% from FY 2021). Profit margin: 13% (down from 18% in FY 2021). Net interest margin (NIM): 2.81% (down from 3.00% in FY 2021). Non-performing loans: 0.27% (up from 0.17% in FY 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 16
Full year 2022 earnings released: EPS: US$0.61 (vs US$0.88 in FY 2021) Full year 2022 results: EPS: US$0.61 (down from US$0.88 in FY 2021). Revenue: US$13.3m (down 5.1% from FY 2021). Net income: US$1.75m (down 31% from FY 2021). Profit margin: 13% (down from 18% in FY 2021). Net interest margin (NIM): 2.81% (down from 3.00% in FY 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jan 14
Glen Burnie Bancorp Declares Fourth Quarter 2022 Dividend, Payable on February 6, 2023 Glen Burnie Bancorp announced that its Board of Directors declared a regular dividend of ten cents ($0.10) per share of common stock at their meeting on January 12, 2023. This action marks the company's 122nd consecutive dividend. The regular dividend is payable on February 6, 2023, to shareholders of record at the close of business on January 23, 2023. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$8.06, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 10x in the Banks industry in the US. Total loss to shareholders of 21% over the past three years. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 6 highly experienced directors. Independent Director Julie Mussog was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: US$0.13 (vs US$0.31 in 3Q 2021) Third quarter 2022 results: EPS: US$0.13 (down from US$0.31 in 3Q 2021). Revenue: US$3.32m (down 13% from 3Q 2021). Net income: US$375.0k (down 58% from 3Q 2021). Profit margin: 11% (down from 23% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Oct 15
Glen Burnie Bancorp Declares Third Quarter 2022 Dividend, Payable on November 7, 2022 Glen Burnie Bancorp announced that its Board of Directors declared a regular dividend of $0.10 per share of common stock at their meeting on October 13, 2022. This action marks the company’s 121st consecutive dividend. The regular dividend is payable on November 7, 2022, to shareholders of record at the close of business on October 24, 2022. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: US$0.11 (vs US$0.17 in 2Q 2021) Second quarter 2022 results: EPS: US$0.11 (down from US$0.17 in 2Q 2021). Revenue: US$3.18m (down 5.5% from 2Q 2021). Net income: US$309.0k (down 36% from 2Q 2021). Profit margin: 9.7% (down from 14% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Jul 16
Glen Burnie Bancorp Declares Second Quarter Dividend for 2022, Payable on August 8, 2022 Glen Burnie Bancorp announced that its Board of Directors declared a regular dividend of ten cents ($0.10) per share of common stock at their meeting on July 14, 2022. This action marks the company’s 120th consecutive dividend. The regular dividend is payable on August 8, 2022, to shareholders of record at the close of business on July 25, 2022. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Independent Director Julie Mussog was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 16
Glen Burnie Bancorp Declares Dividend for the First Quarter of 2022, Payable on May 9, 2022 Glen Burnie Bancorp announced that its Board of Directors declared a regular dividend of ten cents ($0.10) per share of common stock at their meeting on April 14, 2022. This action marks the company’s 119th consecutive dividend. The regular dividend is payable on May 9, 2022, to shareholders of record at the close of business on April 25, 2022. Announcement • Apr 05
Glen Burnie Bancorp, Annual General Meeting, May 12, 2022 Glen Burnie Bancorp, Annual General Meeting, May 12, 2022, at 14:00 US Eastern Standard Time. Location: The Bank of Glen Burnie, 101 Crain Highway, SE Glen Burnie Maryland United States Agenda: To elect three directors; to ratify the acceptance by the Board of Directors of the selection of the Audit Committee of an outside auditing firm for the 2022 fiscal year; to vote on a non-binding resolution approving the compensation of the executive officers named in the proxy statement; to vote on a non-binding advisory vote on the frequency of stockholder votes on executive compensation; and to transact such other business as may properly come before the Annual Meeting or any adjournments thereof. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: US$0.88 (vs US$0.59 in FY 2020) Full year 2021 results: EPS: US$0.88 (up from US$0.59 in FY 2020). Revenue: US$14.0m (up 1.4% from FY 2020). Net income: US$2.52m (up 51% from FY 2020). Profit margin: 18% (up from 12% in FY 2020). The increase in margin was primarily driven by lower expenses. Net interest margin (NIM): 3.00% (down from 3.18% in FY 2020). Non-performing loans: 0.17% (down from 1.79% in FY 2020). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.88 (up from US$0.59 in FY 2020). Revenue: US$14.0m (up 1.4% from FY 2020). Net income: US$2.52m (up 51% from FY 2020). Profit margin: 18% (up from 12% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS US$0.31 (vs US$0.34 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: US$3.82m (down 2.6% from 3Q 2020). Net income: US$888.0k (down 6.4% from 3Q 2020). Profit margin: 23% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Sep 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. Independent Director Julie Mussog was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS US$0.17 (vs US$0.034 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$3.36m (up 26% from 2Q 2020). Net income: US$480.0k (up US$576.0k from 2Q 2020). Profit margin: 14% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 05
First quarter 2021 earnings released: EPS US$0.21 (vs US$0.095 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$3.53m (up 4.3% from 1Q 2020). Net income: US$594.0k (up 122% from 1Q 2020). Profit margin: 17% (up from 7.9% in 1Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 28
Full year 2020 earnings released: EPS US$0.59 (vs US$0.57 in FY 2019) The company reported a mediocre full year result with weaker revenues, although profit margins were flat and earnings improved. Full year 2020 results: Revenue: US$13.9m (down 1.0% from FY 2019). Net income: US$1.67m (up 4.3% from FY 2019). Profit margin: 12% (in line with FY 2019). Net interest margin (NIM): 3.18% (down from 3.39% in FY 2019). Non-performing loans: 1.79% (up from 1.46% in FY 2019). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 04
New 90-day high: US$12.09 The company is up 27% from its price of US$9.50 on 03 December 2020. The American market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Banks industry, which is also up 27% over the same period. Is New 90 Day High Low • Feb 06
New 90-day high: US$11.86 The company is up 16% from its price of US$10.22 on 06 November 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 36% over the same period. Reported Earnings • Feb 05
Full year 2020 earnings released: EPS US$0.59 (vs US$0.57 in FY 2019) The company reported a mediocre full year result with weaker revenues, although profit margins were flat and earnings improved. Full year 2020 results: Revenue: US$13.9m (down 1.0% from FY 2019). Net income: US$1.67m (up 4.3% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 30
New 90-day high: US$11.00 The company is up 7.0% from its price of US$10.27 on 30 September 2020. The American market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 34% over the same period. Is New 90 Day High Low • Nov 10
New 90-day high: US$10.99 The company is up 27% from its price of US$8.63 on 12 August 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 9.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS US$0.33 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$3.93m (up 6.8% from 3Q 2019). Net income: US$949.0k (up 57% from 3Q 2019). Profit margin: 24% (up from 17% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 03
New 90-day high: US$10.67 The company is up 31% from its price of US$8.13 on 02 July 2020. The American market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is flat over the same period.