Glen Burnie Bancorp (NASDAQ: GLBZ) is a community banking holding company that operates The Bank of Glen Burnie, a state non-member bank headquartered at 101 Crain Highway, S.E., Glen Burnie, Maryland. The bank earns revenue primarily through net interest income, the spread between interest collected on loans and investment securities and interest paid on deposits and borrowings. Its principal market is Anne Arundel County, Maryland, a suburban Baltimore area with a population of 593,286 as of 2022. Total average interest-earning assets were $366.9 million in FY2024, generating $15.2 million in total interest income at a yield of 4.15%. Net interest margin compressed to 2.98% in FY2024 from 3.31% in FY2023, as total interest expense rose 255.3% year-over-year to $4.3 million. Total average assets were $364.0 million in FY2024. Noninterest income includes service charges on deposit accounts, other fees and commissions, and income on life insurance.

Revenue model

Net interest income from loans and investment securities, funded by customer deposits and short-term borrowings. Secondary revenue from service charges on deposit accounts, fees and commissions, and bank-owned life insurance income. Total gross loans averaged $192.6 million in FY2024 at a yield of 5.45%.

Products and services

Loan products include residential mortgage loans (fixed-rate), commercial real estate loans (fixed or variable rate), construction and land development loans, commercial and industrial loans (including SBA-guaranteed), indirect automobile loans (originated through dealer networks since January 1998, terms up to 84 months), direct consumer loans, and boat and consumer durable goods loans. Deposit products include noninterest-bearing checking, interest-bearing checking, savings accounts, money market accounts, and time deposits.

Customers and end markets

Individual consumers and commercial borrowers located primarily in Anne Arundel County, Maryland. Consumer end markets include automobile financing (indirect, via new car dealers) and residential mortgage lending. Commercial end markets include commercial real estate owners, construction and land developers, and small businesses. Noninterest-bearing deposits totaled $100.7 million (32.6% of total deposits) as of FY2024.

Value-chain role

Community bank and deposit-taking institution. Originates and holds loans on balance sheet. Indirect auto loans sourced through a dealer network in Anne Arundel County and surrounding counties. Internal credit administration and underwriting functions managed in-house.

Geographic exposure

Substantially concentrated in Anne Arundel County, Maryland, including Baltimore suburbs. Substantially all real estate loans secured by properties in Anne Arundel County. Indirect auto lending extends to dealers in surrounding counties.

Source: SEC 10-K, filed 2025-04-08

Industry: State Commercial Banks Peers: FIRST BANCORP OF INDIANA INC M&F BANCORP INC /NC/ PNC Financial Services Group Inc