Overview

* Glen Burnie Q3 net income of $125,000, down 3.1% yr/yr, improved from Q2 loss

* Company completed acquisition of VA Wholesale Mortgage, enhancing mortgage capabilities

* Total loans increased by $2.0 mln in Q3, deposits up $11.8 mln from Q2

Outlook

* Company anticipates increased non-interest income from VA Wholesale Mortgage acquisition

* Glen Burnie Bancorp ( GLBZ ) focuses on growing client relationships and operational efficiency

* Company plans to grow balance sheet through new loans, reducing reliance on securities

Result Drivers

* VAWM ACQUISITION - Acquisition of VA Wholesale Mortgage Incorporated contributed to increased non-interest income and expanded mortgage capabilities

* ASSET MIX SHIFT - Change in asset mix from lower yielding assets to higher yielding loans improved net interest margin

* LOAN AND DEPOSIT GROWTH - Total loans increased by $2.0 mln in Q3 and deposits rose $11.8 mln in Q3 from Q2, supporting liquidity and balance sheet strength

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.04

Q3 Net $125,000

Income

Q3 Net $2.83

Interest mln

Income

Q3 Net 3.24%

Interest

Margin

Q3 $87,000

Pretax

Profit

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)