GLBZ

Glen Burnie Bancorp is a sub-$15M-market-cap ($4.55 × 2.90M shares) state commercial bank whose earnings power just broke. FY2024 flipped to a net LOSS of $112K (diluted EPS -$0.04) from $1.43M of net income in FY2023 — a -108% swing — capping a multi-year slide (net income was $2.52M in FY2021, $1.75M in FY2022, $1.43M in FY2023, then negative). The MD&A pinpoints the cause: interest expense rocketed 255.3% from $1.2M to $4.3M in 2024, overwhelming a 14.1% rise in interest income and dragging net interest income down from $12.1M to $10.9M. For a bank with no fee-engine to lean on, a NIM squeeze of that shape is the whole story, and there is nothing in the numbers here showing it has reversed.

The stress signals compound. Management cut dividends paid 24.7% (to $865K) — banks guard their dividends fiercely, so a cut this size reads as a defensive move, not a rounding error. Stockholders' equity fell 7.8% to $17.8M even as total assets grew 2.0% to $359M, leaving liabilities/equity at a thin-cushioned 19.15x and ROE at -0.6%. That retained earnings ($22.9M) exceed total equity ($17.8M) implies a sizable negative accumulated-other-comprehensive-income mark — the classic small-bank unrealized loss on available-for-sale securities the Risk Factors flag ('our ability to recover the fair values of available for sale securities'), which erodes book if rates stay elevated or the paper is ever sold.