Glen Burnie Bancorp Q3 net income plunges 77%; suspends quarterly dividend

GLEN BURNIE BANCORP

2024-Q3 EPS reported -$0.02

Net income Q3 2024 $129K ($0.04 EPS) down 77% from $551K ($0.19 EPS) year ago.
Nine-month net loss $72K vs net income $1.3M; net interest margin narrowed to 2.98%.
Loans grew $32.2M (18.4%) to $207M; deposits flat at $314.2M.
Company suspends quarterly cash dividends to reinvest in people, tech, and facilities.
Bank remains well-capitalized; tier 1 risk-based capital 15.47% vs 17.37% year-end 2023.

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