Glen Burnie Bancorp posts Q2 net loss of $204K ($0.07 EPS) vs $0.10 EPS a year ago

GLEN BURNIE BANCORP

2024-Q2 EPS reported -$0.07

Net loss of $204K ($0.07 per share) for Q2 2024 vs net income of $276K ($0.10 per share) in Q2 2023.
Net interest margin improved to 3.02% (up 16 bps linked quarter) but net interest income fell 14.86% YTD.
Loans grew $20.9M YoY to $201.5M; deposits increased 1.9% from Dec 2023 but down 7.09% YoY.
Provision for credit losses rose to $526K in Q2 (vs $127K a year ago) due to loan growth and CECL adjustments.
Nonperforming assets remain low at 0.09% of total assets; regulatory capital ratios still above well-capitalized thresholds.

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