GLEN BURNIE, Md., May 01, 2026 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Company”) (OTCQX: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), today reported net income of $84 thousand, or $0.03 per diluted common share, for the first quarter of 2026, compared to a net loss of $95 thousand, or $(0.03) per diluted common share, for the fourth quarter of 2025, and net income of $153 thousand, or $0.05 per diluted common share, for 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. “We grew loans and deposits, improved net interest income, strengthened liquidity, and lowered expenses from the prior quarter. While reported margin benefited from certain one-time loan interest items, we are encouraged by the early progress we are seeing in 2026 and remain focused on disciplined growth, prudent liquidity management, and improved operating leverage.”

First Quarter 2026 Highlights

Return to profitability. Net income was $84 thousand for the first quarter of 2026, compared to a net loss of $95 thousand for the fourth quarter of 2025. Diluted earnings per common share were $0.03 for the first quarter of 2026, compared to $(0.03) for the prior quarter.

Improved net interest income and margin. Net interest income increased to $3.0 million for the first quarter of 2026, compared to $2.8 million for the fourth quarter of 2025 and $2.6 million for the first quarter of 2025. Net interest margin increased to 3.26% for the first quarter of 2026, compared to 3.14% for the fourth quarter of 2025 and 2.92% for the first quarter of 2025.

Reported net interest income and margin benefited from $167 thousand of one-time loan interest income, consisting of an $88 thousand positive adjustment on a purchased loan pool and $79 thousand of interest collected on a nonaccrual loan that repaid in full. Excluding these one-time items, net interest margin would have been approximately 3.08% for the quarter.

Continued loan growth. Total loans increased $11.3 million, or 4.9% (19.6% annualized), to $242.6 million at March 31, 2026, compared to $231.2 million at December 31, 2025. Loan growth was primarily attributable to purchased consumer loans and commercial and industrial loans, partially offset by a decline in residential mortgage balances. Compared to March 31, 2025, total loans increased $35.2 million, or 17.0%.

Annapolis market expansion. During the first quarter, the Bank announced the April opening of a new Loan Production Office (“LPO”) in Annapolis, Maryland, located at 2525 Riva Road, Suite 141. The Annapolis LPO 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 in the market. In connection with the expansion, the Bank added John Camden as Vice President and Annapolis Market Executive to lead business development and relationship-building efforts in the Annapolis market.

Deposit growth and funding flexibility. Total deposits increased $25.2 million, or 7.6% (30.3% annualized), to $357.5 million at March 31, 2026, compared to $332.4 million at December 31, 2025. Deposit growth included increases in noninterest-bearing deposits, money market deposits, retail time deposits, and brokered deposits.

Customer deposits increased $16.3 million, or 5.1%, to $338.4 million at March 31, 2026, compared to $322.2 million at December 31, 2025. Brokered deposits increased $8.9 million to $19.1 million at March 31, 2026. The Bank repaid its remaining $4.0 million of FHLB advances during the quarter. Total wholesale funding, consisting of brokered deposits and borrowings, was $19.1 million, or approximately 5.0% of total assets, at March 31, 2026, compared to $14.2 million, or approximately 4.0% of total assets, at December 31, 2025. Management views wholesale funding as a supplemental funding source that may be used prudently to support balance sheet optimization and attractive loan growth opportunities.

Noninterest-bearing deposits totaled $109.6 million at March 31, 2026, representing approximately 31% of total deposits and continuing to provide a meaningful low-cost funding base.

Strong liquidity position. At March 31, 2026, liquid assets totaled approximately $118.1 million, or 31% of total assets. In addition, the Bank maintained approximately $100.4 million of available borrowing capacity through secured and unsecured lines of credit, including capacity supported by collateral from the investment securities portfolio. These resources provide significant funding flexibility, although certain borrowing capacity is collateral-dependent and should be evaluated together with the Bank’s available securities and other liquid assets.

Lower noninterest expense. Noninterest expense decreased to $3.3 million for the first quarter of 2026, compared to $3.5 million for the fourth quarter of 2025. The decrease primarily reflected lower professional fees, including reduced use of outsourced finance and accounting consultants and lower consulting costs related to the Fiserv contract renewal. Management believes the first quarter reflects early benefits from the operating efficiency initiatives implemented during 2025.

Noninterest income normalized from the prior quarter. Noninterest income was $415 thousand for the first quarter of 2026, compared to $666 thousand for the fourth quarter of 2025 and $206 thousand for the first quarter of 2025. The linked quarter decrease was primarily due to lower mortgage commission income from VA Wholesale Mortgage and lower interchange fees. The Bank’s interchange fees have historically increased in the third and fourth quarters related to key customer event activity. The year-over-year increase reflected the addition of mortgage banking income following the Bank’s 2025 acquisition of VA Wholesale Mortgage.

Solid asset quality. Nonperforming loans totaled $662 thousand, or 0.27% of total loans, at March 31, 2026, compared to $1.3 million, or 0.54% of total loans, at December 31, 2025. The allowance for credit losses was $2.8 million, or 1.15% of total loans, at March 31, 2026, and represented approximately 422% of nonperforming loans.

Strong regulatory capital. The Bank’s regulatory capital ratios remained well above regulatory minimums at March 31, 2026. The Bank’s Common Equity Tier 1 Capital Ratio and Tier 1 Risk-Based Capital Ratio were 13.16%, and its Total Risk-Based Capital Ratio was 14.25%.

Operating Results

Net income improved during 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 income was $84 thousand for the first quarter of 2026, compared to a net loss of $95 thousand for the fourth quarter of 2025.

Net interest income increased during the first quarter of 2026 as loan growth and higher earning asset yields more than offset higher deposit costs. Interest and fees on loans increased compared to the fourth quarter of 2025 due to higher average loan balances and the one-time loan interest items discussed above.

The yield on earning assets increased to 4.69% for the first quarter of 2026, compared to 4.44% for the fourth quarter of 2025. The cost of funds increased to 1.52% for the first quarter of 2026, compared to 1.39% for the fourth quarter of 2025, reflecting growth in interest-bearing deposits and higher costs on certain funding categories. The Company continues to focus on improving earning asset mix while maintaining prudent liquidity and funding flexibility.

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 from the prior quarter, reflecting early progress from cost structure and operating efficiency initiatives completed during 2025. Management continues to focus on expense discipline while investing in revenue-generating activities, product capabilities, technology, and customer-facing services.

Balance Sheet and Funding

Total assets increased to $380.5 million at March 31, 2026, compared to $359.9 million at December 31, 2025. The increase was primarily due to higher cash balances and loan growth, supported by deposit growth during the quarter.

Total loans increased to $242.6 million at March 31, 2026, compared to $231.2 million at December 31, 2025. The loan-to-deposit ratio was 67.8% at March 31, 2026, compared to 69.6% at December 31, 2025, reflecting continued liquidity and balance sheet flexibility.

Total deposits were $357.5 million at March 31, 2026, compared to $332.4 million at December 31, 2025. Customer deposits represented approximately 94.7% of total deposits at quarter-end. Wholesale funding, consisting of brokered deposits and borrowings, represented approximately 5.3% of total deposits and borrowings and 5.0% of total assets.

The Bank repaid its remaining FHLB advances during the quarter, reducing borrowings to zero at March 31, 2026, compared to $4.0 million at December 31, 2025 and $20.0 million at March 31, 2025. Management believes the Bank’s funding position remains flexible, with a strong base of customer deposits, a meaningful level of noninterest-bearing deposits, modest wholesale funding, and significant available liquidity. While customer deposits remain the Bank’s primary funding source, management may opportunistically use wholesale funding, including brokered deposits and secured borrowings, to support prudent loan growth, manage liquidity, and improve earning asset mix when pricing and market conditions are favorable.

Capital Position

Stockholders’ equity totaled $21.0 million at March 31, 2026, compared to $21.4 million at December 31, 2025. The change was primarily affected by changes in accumulated other comprehensive loss associated with the market value of available-for-sale securities.

The Bank’s capital levels remain well above regulatory minimums and continue to provide capacity to support prudent balance sheet growth. Management intends to continue executing its balance sheet optimization strategy with a focus on disciplined loan growth, funding stability, liquidity management, expense control, and improved long-term profitability.

Results for the first quarter of 2026 reflected early progress from the Company’s 2025 strategic repositioning efforts. During the quarter, the Company increased loans and deposits, improved net interest income, repaid its remaining FHLB advances, reduced noninterest expense, and maintained solid asset quality and liquidity.

Glen Burnie Bancorp Information

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 is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

Forward-Looking Statements

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Forward-looking statements are often identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “may,” “should,” or similar expressions.

These statements are not guarantees of future performance and involve known and unknown risks and uncertainties. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS - 5 QUARTERS
(dollars in thousands, except shares outstanding)
	March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
	(unaudited)				(audited)				(unaudited)				(unaudited)				(unaudited)
ASSETS
Cash and due from banks	$	1,714			$	1,777			$	2,359			$	1,677			$	1,792
Interest-bearing deposits in other financial institutions		13,340				3,728				9,868				10,991				21,884
Total Cash and Cash Equivalents		15,054				5,505				12,227				12,668				23,676
Investment securities available for sale, at fair value		103,040				103,469				104,141				104,566				106,623
Restricted equity securities, at cost		252				441				251				869				1,201
Loans		242,568				231,221				215,320				213,362				207,393
Less: Allowance for credit losses		(2,792	)			(2,716	)			(2,568	)			(2,587	)			(2,689	)
Loans, net		239,776				228,505				212,752				210,775				204,704
Premises and equipment, net		2,315				2,393				2,463				2,575				2,609
Bank owned life insurance		9,055				9,012				8,966				8,921				8,877
Deferred tax assets, net		7,737				7,524				7,475				8,102				8,088
Accrued interest receivable		1,458				1,288				1,340				1,206				1,243
Accrued taxes receivable		19				-				310				271				159
Prepaid expenses		523				400				434				386				474
Goodwill		317				317				317				-				-
Other assets		995				1,062				1,118				382				319
Total Assets	$	380,541			$	359,916			$	351,794			$	350,721			$	357,973
LIABILITIES
Noninterest-bearing deposits	$	109,596			$	104,158			$	107,368			$	107,027			$	104,487
Interest-bearing deposits		247,938				228,224				221,701				210,289				212,770
Total Deposits		357,534				332,382				329,069				317,316				317,257
Short-term borrowings		-				4,000				-				13,000				20,000
Defined pension liability		340				342				341				340				338
Accrued expenses and other liabilities		1,716				1,767				1,655				1,132				1,197
Total Liabilities		359,590				338,491				331,065				331,788				338,792
STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares		2,920				2,920				2,920				2,901				2,901
Shares issued and outstanding		2,919,695				2,919,695				2,919,695				2,900,681				2,900,681
Additional paid-in capital		11,119				11,119				11,119				11,037				11,037
Deferred Compensation, Restricted Stock		(72	)			(81	)			(84	)			-				-
Retained earnings		22,930				22,852				22,948				22,823				23,035
Accumulated other comprehensive loss ("AOCL")		(15,946	)			(15,385	)			(16,174	)			(17,828	)			(17,792	)
Total Stockholders' Equity		20,951				21,425				20,729				18,933				19,181
Total Liabilities and Stockholders' Equity	$	380,541			$	359,916			$	351,794			$	350,721			$	357,973

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF (LOSS) INCOME - 5 QUARTERS
(dollars in thousands, except per share amounts)
(unaudited)
	Three Months Ended
	March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Interest income
Interest and fees on loans	$	3,527			$	3,181			$	3,126			$	2,909			$	2,709
Interest and dividends on securities		686				702				719				732				745
Interest on deposits with banks and federal funds sold		52				82				92				236				175
Total Interest Income		4,265				3,965				3,937				3,877				3,629
Interest expense
Interest on deposits		1,286				1,132				1,044				942				840
Interest on short-term borrowings		13				25				62				199				225
Total Interest Expense		1,299				1,157				1,106				1,141				1,065
Net Interest Income		2,966				2,808				2,831				2,736				2,564
Provision (release) of credit loss allowance		86				216				44				79				(621	)
Net interest income after credit loss (release) provision		2,880				2,592				2,787				2,657				3,185
Noninterest income
Service charges on deposit accounts		35				41				37				34				31
Mortgage Commissions		197				372				191				-				-
Other fees and commissions		140				208				297				142				131
Income on life insurance		43				45				45				44				43
Total Noninterest Income		415				666				570				220				205
Noninterest expenses
Salary and employee benefits		1,840				1,848				1,865				2,026				1,827
Occupancy and equipment expenses		271				275				248				256				309
Legal, accounting and other professional fees		352				526				478				278				384
Data processing and item processing services		289				283				219				224				257
FDIC insurance costs		59				46				46				44				41
Advertising and marketing related expenses		35				50				45				30				36
Loan collection costs		-				(12	)			19				7				46
Telephone costs		27				37				20				25				38
Other expenses		386				411				330				362				329
Total Noninterest Expenses		3,259				3,464				3,270				3,252				3,267
Income (loss) before income taxes		36				(206	)			87				(375	)			123
Income tax benefit		(48	)			(111	)			(38	)			(163	)			(30	)
Net income (loss)	$	84			$	(95	)		$	125			$	(212	)		$	153
Earnings (loss) per common share (1)	$	0.03			$	(0.03	)		$	0.04			$	(0.07	)		$	0.05

⁽¹⁾ Basic and diluted earnings per share are the same as the Company has no dilutive shares.

GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA - 5 QUARTERS AND YEAR TO DATE
(dollars in thousands, except per share amounts)
	At And For The Three Months Ended
	March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
	(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Selected Balance Sheet Data
Assets	$	380,541			$	359,916			$	351,794			$	350,721			$	357,973
Investment securities		103,040				103,469				104,141				104,566				106,623
Gross loans		242,568				231,221				215,320				213,362				207,393
Goodwill		317				317				317				-				-
Noninterest-bearing deposits		109,596				104,158				107,368				107,027				104,487
Interest-bearing deposits		247,938				228,224				221,701				210,289				212,770
Borrowings		-				4,000				-				13,000				20,000
AOCL		(15,946	)			(15,385	)			(16,174	)			(17,828	)			(17,792	)
Stockholders' equity		20,951				21,425				20,729				18,933				19,181
Summary Income Statement
Interest income		4,265				3,965				3,937				3,877				3,629
Interest expense		1,299				1,157				1,106				1,141				1,065
Net Interest Income		2,966				2,808				2,831				2,736				2,564
Provision (release) of credit loss allowance		86				216				44				79				(621	)
Noninterest income		415				666				570				220				205
Salary and employee benefits		1,840				1,848				1,865				2,026				1,827
Operating Expenses		1,419				1,616				1,405				1,226				1,440
Noninterest expenses		3,259				3,464				3,270				3,252				3,267
Income (loss) before income taxes		36				(206	)			87				(375	)			123
Income tax benefit		(48	)			(111	)			(38	)			(163	)			(30	)
Net income (loss)	$	84			$	(95	)		$	125			$	(212	)		$	153
Pre-Tax Pre-Provision ("PTPP") income (loss)	$	122			$	10			$	131			$	(296	)		$	(498	)
Earnings (loss) per common share (1)	$	0.03			$	(0.03	)		$	0.04			$	(0.07	)		$	0.05
Weighted average shares outstanding		2,919,695				2,919,695				2,919,695				2,900,681				2,900,681
Average Balances
Assets	$	369,976			$	354,743			$	353,651			$	356,587			$	353,308
Investment securities	$	125,118			$	125,734			$	127,918			$	130,343			$	132,805
Loans	$	236,106			$	220,069			$	216,263			$	208,951			$	205,868
Deposits	$	344,567			$	328,709			$	326,906			$	317,647			$	312,031
Borrowings	$	1,316			$	2,441			$	5,286			$	17,824			$	20,215
Stockholders' equity	$	22,082			$	21,498			$	19,452			$	19,780			$	19,257
GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA - 5 QUARTERS AND YEAR TO DATE (Continued)
(dollars in thousands, except per share amounts)
	At And For The Three Months Ended
	March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
	(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Capital and Capital Ratios (Bank) (2)
Common Equity Tier 1 Capital Ratio		13.16	%			13.80	%			14.82	%			14.91	%			15.42	%
Tier 1 Risk-based Capital Ratio		13.16	%			13.80	%			14.82	%			14.91	%			15.42	%
Tier 1 Leverage Ratio		9.18	%			9.49	%			9.67	%			9.59	%			9.71	%
Total Risk-Based Capital Ratio		14.25	%			14.94	%			15.96	%			16.06	%			16.60	%
Common Equity Tier 1 Capital	$	35,673			$	35,555			$	36,204			$	36,449			$	36,639
Tier 1 Regulatory Capital	$	35,673			$	35,555			$	36,204			$	36,449			$	36,639
Total Regulatory Capital	$	38,631			$	38,482			$	38,987			$	39,281			$	39,438
Capital Ratios (Company)
Common Equity Ratio		5.51	%			5.95	%			5.89	%			5.40	%			5.36	%
Tangible Capital Ratio (3)		5.43	%			5.87	%			5.81	%			5.40	%			5.36	%
Performance Ratios
Return on average assets ("ROAA")		0.09	%			-0.11	%			0.14	%			-0.24	%			0.18	%
PTPP ROAA		0.13	%			0.01	%			0.15	%			-0.33	%			-0.57	%
Return on average common equity ("ROACE")		1.54	%			-1.75	%			2.55	%			-4.30	%			3.22	%
PTPP ROACE		2.24	%			0.18	%			2.67	%			-6.00	%			-10.49	%
Efficiency ratio (4)		96.39	%			99.71	%			96.15	%			110.01	%			117.98	%
Net operating expense ratio (5)		3.07	%			3.15	%			3.05	%			3.40	%			3.47	%
Loan Yields		6.06	%			5.73	%			5.73	%			5.58	%			5.34	%
Yield on earning assets		4.69	%			4.44	%			4.40	%			4.33	%			4.13	%
Cost of funds		1.52	%			1.39	%			1.32	%			1.36	%			1.30	%
Cost of interest-bearing liabilities		2.20	%			2.06	%			1.97	%			1.99	%			1.89	%
Net interest margin		3.26	%			3.14	%			3.17	%			3.05	%			2.92	%
Net interest margin - FTE		3.33	%			3.21	%			3.24	%			3.13	%			3.00	%
Dividends Paid	$	-			$	-			$	-			$	-			$	-
Cash dividends declared per share	$	-			$	-			$	-			$	-			$	-
Tangible book value per share (3)	$	7.07			$	7.23			$	6.99			$	6.53			$	6.61
Book value per share	$	7.18			$	7.34			$	7.10			$	6.53			$	6.61
Shares issued and outstanding		2,919,695				2,919,695				2,919,695				2,900,681				2,900,681
GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA - 5 QUARTERS AND YEAR TO DATE (Continued)
(dollars in thousands, except per share amounts)
	At And For The Three Months Ended
	March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
	(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Asset Quality and Liquidity
Allowance for credit losses ("ACL")	$	2,792			$	2,716			$	2,568			$	2,587			$	2,689
Nonaccrual loans	$	662			$	1,256			$	1,201			$	1,066			$	1,135
90+past due and accruing		-				-				-				-				-
Restructured loans (6)		-				-				-				-				-
Nonperforming loans ("NPLs")		662				1,256				1,201				1,066				1,135
Other Real Estate Owned		-				-				-				-				-
Nonperforming assets ("NPAs")	$	662			$	1,256			$	1,201			$	1,066			$	1,135
ACL to gross loans		1.15	%			1.17	%			1.19	%			1.21	%			1.30	%
NPLs to gross loans		0.27	%			0.54	%			0.56	%			0.50	%			0.55	%
ACL to nonperforming loans		421.8	%			216.2	%			213.8	%			242.7	%			236.9	%
Net charge-offs (recoveries)	$	54			$	71			$	94			$	45			$	4
Net charge-offs (recoveries) to avg. loans		0.09	%			0.13	%			0.17	%			0.09	%			0.01	%
NPAs to Assets		0.17	%			0.35	%			0.34	%			0.30	%			0.32	%
Loans to Deposits		67.8	%			69.6	%			65.4	%			67.2	%			65.4	%
(1) Basic and diluted earnings per share are the same as the Company has no dilutive shares.
(2) The Company and Bank are subject to regulatory capital requirements administered by federal banking agencies. Management has determined that the Company’s risk-based capital ratios are not materially different than the Bank’s and the Company's regulatory ratios are not reflected in the table.
(3) Tangible book value and tangible capital ratios exclude goodwill of $317 thousand
(4) The efficiency ratio is defined as noninterest expense divided by the sum of net interest income and noninterest income.
(5) The net operating expense ratio is defined as noninterest expense less noninterest income divided by average assets.
(6) These are restructured loans to borrowers with financial difficulty that are not included in nonaccrual status.

For further information contact:Todd L. Capitani, Chief Financial Officer and Treasurer410-768-8883tcapitani@bogb.net106 Padfield BlvdGlen Burnie, MD 21061

Source: Glen Burnie Bancorp