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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
October 31, 2024
GLEN BURNIE BANCORP
(Exact name of registrant as specified in its charter)
| Maryland |
0-24047 |
52-1782444 |
| (State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
| of Incorporation) |
|
Identification No.) |
101 Crain Highway, S.E., Glen Burnie, Maryland 21061
(Address of Principal Executive Offices)
Registrant’s telephone number, including
area code: (410) 766-3300
Inapplicable
(Former Name or Former Address if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b)
of the Act:
| Title of each class |
Trading symbol |
Name of each exchange on which registered |
| Common Stock |
GLBZ |
Nasdaq Capital Market |
INFORMATION TO BE INCLUDED IN THE REPORT
| Item 2.02. | Results
of Operations and Financial Condition. |
On October 31, 2024,
Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter ended September 30,
2024. A copy of the Company’s press release announcing such results dated October 31, 2024 is attached hereto as Exhibit 99.1.
This Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission (“SEC”)
and shall not be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Securities Act
of 1933.
| Item 9.01. | Financial Statements and Exhibits. |
(c) Exhibits
The following
exhibits are filed herewith:
Exhibit No.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
| |
GLEN BURNIE BANCORP |
| |
(Registrant) |
| |
|
| Date: October 31, 2024 |
By: |
/s/
Mark C. Hanna |
| |
|
Mark C. Hanna |
| |
|
Chief Executive Officer |
Exhibit 99.1
| Press Release |
For
Immediate Release
Date:
October 31, 2024 |
GLEN
BURNIE BANCORP ANNOUNCES
THIRD
QUARTER 2024 RESULTS
GLEN BURNIE, MD (October 31,
2024) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”),
announced today net income of $129,000, or $0.04 per basic and diluted common share for the three-month period ended September 30,
2024, compared to net income of $551,000, or $0.19 per basic and diluted common share for the three-month period ended September 30,
2023. Bancorp reported a net loss of $72,000, or $0.02 per basic and diluted common share for the nine-month period ended September 30,
2024, compared to net income of $1.3 million, or $0.44 per basic and diluted common share for the same period in 2023. On September 30,
2024, Bancorp had total assets of $368.4 million. Bancorp is the oldest independent commercial bank in Anne Arundel County.
“The Company’s positive
earnings results for the third quarter 2024 reflect efficient and productive operations, a focus on disciplined loan growth, and balance
sheet management. However, our financial performance for the year 2024 is disappointing and represents the challenges inherent in navigating
the interest rate environment of the last several years. The Company is focused on generating additional interest earning assets at higher
current market and rebuilding our base of core, low-cost deposits,” said Mark C. Hanna, President, and Chief Executive Officer.
“Despite the challenges of declining net interest income, the Company’s financial strength is reflected in a strong capital
position, available liquidity and prudent expense management. Although interest expense increased significantly in year over year comparisons,
prompt adjustments to rates on loans contributed to expanded interest income and higher yields on earning assets that partially offset
higher interest expense and helped mitigate margin compression.”
In closing, Mr. Hanna added, “To
invest in strategic opportunities that will benefit the long-term performance of the Bank, the difficult decision was made to change
the longstanding practice of approving quarterly cash dividends for shareholders. As the Bank evaluates our next 75 years, we are committed
to our business model and the economic strength of the communities we serve. To better serve the evolving needs of our clients, there
is a need to reinvest in our people, technology, products and facilities. Based on our capital levels, conservative underwriting policies,
on-and off-balance sheet liquidity, strong loan diversification, and current economic conditions within the markets we serve, management
expects to navigate the uncertainties and remain well-capitalized. We will continue to execute on our strategic priorities to generate
organic loan and deposit growth.”
Highlights for the First Nine
Months of 2024
Despite growth in loans and deposits
in the first nine months of the year, net interest income decreased $1.1 million, or 11.54% to $8.2 million through September 30,
2024, as compared to $9.2 million during the same period of 2023. The decrease resulted primarily from a $2.4 million increase in interest
expense. The increase in interest on deposits was driven by the higher cost of money market deposit balances. The increase in interest
on borrowings was driven by a $25.6 million increase in the average balance of borrowed funds due to the elevated level of deposit runoff
that occurred in 2023.
Due to growth of $30.7 million in the
loan portfolio and a 0.11% increase in the current expected credit loss (“CECL”) percentage, the Company added $591,000 to
its allowance for credit losses on loans in the first nine months of 2024, as compared to a $68,000 release of allowance for credit losses
in the first nine months of 2023. While this provision negatively impacted earnings in the first half of the year, the growth in loan
balances should generate additional interest revenue in future periods. The Company expects that its strong liquidity and capital positions,
along with the Bank’s total regulatory capital to risk weighted assets of 16.72% on September 30, 2024, as compared to 18.10%
for the same period of 2023, will provide ample capacity for future growth.
Return on average assets for the three-month
period ended September 30, 2024, was 0.14%, as compared to 0.61% for the three-month period ended September 30, 2023. Return
on average equity for the three-month period ended September 30, 2024, was 2.63%, as compared to 12.47% for the three-month period
ended September 30, 2023. Lower net income and a higher average asset balance primarily drove the lower return on average assets,
while lower net income and a higher average equity balance primarily drove the lower return on average equity.
The cost of funds increased 0.86% when
comparing September 30, 2024, to the same period in 2023, rising from 0.46% to 1.32%. This 0.86% increase was primarily due to the
change in the funding mix between lower cost interest-bearing and noninterest-bearing deposit balances and higher cost borrowed funds
and money market deposit balances.
On September 30, 2024, the Bank
remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was
approximately 15.47% on September 30, 2024, as compared to 17.37% on December 31, 2023. Liquidity remained strong due to managed
cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition
of the bond portfolio.
Balance Sheet Review
Total assets were $368.4 million on
September 30, 2024, an increase of $13.0 million or 3.66%, from $355.4 million on September 30, 2023. Investment securities
decreased by $22.7 million or 15.94% to $120.0 million as of September 30, 2024, compared to $142.7 million for the same period
of 2023. Loans, net of deferred fees and costs, were $207.0 million on September 30, 2024, an increase of $32.2 million or 18.41%,
from $174.8 million on September 30, 2023. Cash and cash equivalents increased $7.9 million or 54.68%, from September 30, 2023
to September 30, 2024.
Total deposits were $314.2 million on
September 30, 2024, a decrease of $600,000 or 0.18%, from $314.8 million on September 30, 2023. Despite the year-over-year
decline, deposit balances have increased $14.2 million or 4.73% from December 31, 2023. Noninterest-bearing deposits were $115.9
million on September 30, 2024, a decrease of $11.0 million or 8.64%, from $126.9 million on September 30, 2023. Interest-bearing
deposits were $198.3 million on September 30, 2024, an increase of $10.4 million or 5.53%, from $187.9 million on September 30,
2023. Total borrowings were $30.0 million on September 30, 2024, an increase of $5.0 million or 20.00%, from $25.0 million on September 30,
2023.
As of September 30, 2024, total
stockholders’ equity was $21.2 million (5.74% of total assets), equivalent to a book value of $7.29 per common share. Total stockholders’
equity on September 30, 2023, was $13.2 million (3.70% of total assets), equivalent to a book value of $4.57 per common share.
Asset quality, which has trended within
a narrow range over the past several years, has remained sound as of September 30, 2024. Nonperforming assets, which consist of
nonaccrual loans, restructured loans to borrowers with financial difficulty, accruing loans past due 90 days or more, and other real
estate owned (“OREO”), represented 0.08% of total assets on September 30, 2024, compared to 0.15% on December 31,
2023, demonstrating positive asset quality trends across the portfolio. The allowance for credit losses on loans was $2.75 million, or
1.33% of total loans, as of September 30, 2024, compared to $2.16 million, or 1.22% of total loans, as of December 31, 2023.
The allowance for credit losses for unfunded commitments was $597,000 as of September 30, 2024, compared to $473,000 as of December 31,
2023.
Review of Financial Results
For the three-month periods ended
September 30, 2024, and 2023
Net income for the three-month period
ended September 30, 2024, was $129,000, as compared to net income of $551,000 for the three-month period ended September 30,
2023. The decrease is primarily the result of a $614,000 increase in interest expense on deposits and a $126,000 increase in interest
expense on short-term borrowings, a $287,000 decrease in interest and dividends on securities, a $170,000 increase in the provision for
credit losses on loans and a $197,000 increase in noninterest expenses. These decreases were partially offset by an increase of $763,000
in loan interest income and fees, and a $133,000 increase in interest on deposits with banks. The Company’s need to defend its
deposit base as well as grow interest-earning asset balances necessitated a strategic change in direction that resulted in the increased
interest expense.
Net interest income for the three-month
period ended September 30, 2024, totaled $2.8 million, a decrease of $131,000 from the three-month period ended September 30,
2023. The decrease in net interest income was due to a $740,000 increase in the cost of interest-bearing deposits and borrowings driven
by a $17.3 million increase in the average balance of interest-bearing funds and a $16.6 million decrease in the average balance of noninterest-bearing
deposits. The higher expenses were partially offset by a $609,000 increase in total interest income due to a 0.66% increase in the yield
of interest earning assets.
Net interest margin for the three-month
period ended September 30, 2024, was 3.06%, compared to 3.21% for the same period of 2023. Higher average interest-bearing funds,
lower average noninterest-bearing funds, and higher cost of funds, partially offset by higher average yields and balances on interest-earning
assets were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds
increased $17.3 million and decreased $16.6 million, respectively, and the cost of funds increased 0.86%, when comparing the three-month
periods ending September 30, 2023, and 2024. The average balance of interest-earning assets increased $0.8 million while the yield
increased 0.66% from 3.64% to 4.30%, when comparing the three-month periods ending September 30, 2023, and 2024, respectively.
The average balance of interest-bearing
deposits in banks and investment securities decreased $25.3 million from $188.2 million to $162.9 million for the third quarter of 2024,
compared to the same period of 2023, while the yield remained unchanged during that same period.
Average loan balances increased $26.1
million to $203.3 million for the three-month period ended September 30, 2024, compared to $177.2 million for the same period of
2023, while the yield increased 0.89% from 4.80% to 5.69% during that same period. The increase in loan yields for the third quarter
of 2024 reflected the runoff of the lower yielding loans and the origination of higher yielding loans in the current higher rate environment.
The provision of allowance for credit
loss on loans for the three-month period ended September 30, 2024, was $78,000, compared to a release of allowance for credit loss
of $92,000 for the same period of 2023. The $170,000 increase in the provision for the three-month period ended September 30, 2024,
when compared to the three-month period ended September 30, 2023, primarily reflects a $32.0 million increase in the reservable
balance of the loan portfolio and a 0.13% increase in the current expected credit loss percentage.
For the three-month period ended September 30,
2024, noninterest expense was $3.0 million, compared to $2.8 million for the three-month period ended September 30, 2023, an increase
of $200,000. The primary contributors to the $200,000 increase, when compared to the three-month period ended September 30, 2023,
were increases in legal, accounting, and other professional fees, data processing and item processing services, advertising and marketing
related expenses, and other expenses (primarily allowance for unfunded commitments), offset by decreases in salary and employee benefits.
For the nine-month periods ended
September 30, 2024, and 2023
Net loss for the nine-month period ended
September 30, 2024, was $72,000, as compared to net income of $1.3 million for the nine-month period ended September 30, 2023.
The decrease is primarily the result of a $460,000 decrease in interest and dividends on securities, a $1.0 million increase in interest
expense on short-term borrowings, a $1.4 million increase in interest expense on deposits and a $780,000 increase in the provision for
credit losses on loans, partially offset by an increase of $1.3 million in loan interest income and fees, a $535,000 increase in interest
on deposits with banks and a $569,000 decrease in the provision for income taxes.
Net interest income for the nine-month
period ended September 30, 2024, totaled $8.2 million, a decrease of $1.1 million from the nine-month period ended September 30,
2023. The decrease in net interest income was due to a $2.4 million increase in the cost of interest-bearing deposits and borrowings
driven by a $17.3 million increase in the average balance of interest-bearing funds and a $20.0 million decrease in the average balance
of noninterest-bearing deposits. The higher expenses were partially offset by a $1.3 million increase in total interest income due to
a 0.51% increase in the yield of interest earning assets.
Net interest margin for the nine-month
period ended September 30, 2024, was 2.98%, compared to 3.35% for the same period of 2023. Higher average interest-bearing funds,
lower average noninterest-bearing funds, and higher cost of funds, partially offset by higher average yields on interest-earning assets,
were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds increased
$17.3 million and decreased $20.0 million, respectively, and the cost of funds increased 0.94%, when comparing the nine-month periods
ending September 30, 2023, and 2024. The average balance of interest-earning assets decreased $2.7 million, while the yield increased
0.51% from 3.59% to 4.10%, when comparing the nine-month periods ending September 30, 2023, and 2024, respectively.
The average balance of interest-bearing
deposits in banks and investment securities decreased $10.1 million from $187.9 million to $177.8 million for the first nine months of
2024, compared to the same period of 2023, while the yield increased 0.20% from 2.51% to 2.71% during that same period. The increase
in yields is attributed to the higher interest rate environment and its positive impact on cash balances and investment yields.
Average loan balances increased $7.4
million to $188.6 million for the nine-month period ended September 30, 2024, compared to $181.2 million for the same period of
2023, while the yield increased 0.72% from 4.70% to 5.42% during that same period. The increase in loan yields for the first nine months
of 2024 reflected the runoff of the lower yielding loans and origination of higher yielding loans in the current higher rate environment.
The Company recorded a provision of
allowance for credit loss on loans of $773,000 for the nine-month period ending September 30, 2024, compared to a release of allowance
for credit loss of $7,000 for the same period in 2023. The $780,000 increase in the provision in 2024, compared to 2023, primarily reflects
a $32.0 million increase in the reservable balance of the loan portfolio and a 0.13% increase in the current expected credit loss percentage.
As a result, the allowance for credit loss on loans was $2.75 million on September 30, 2024, representing 1.33% of total loans,
compared to $2.09 million, or 1.20% of total loans on September 30, 2023.
For the nine-month period ended September 30,
2024, noninterest expense was $8.8 million, compared to $8.7 million for the nine-month period ended September 30, 2023. The primary
contributors when comparing to the nine-month period ended September 30, 2023, were increases in occupancy and equipment expenses,
legal, accounting, and other professional fees, advertising and marketing related expenses, and other expenses (primarily allowance for
unfunded commitments), offset by decreases in salary and employee benefits costs.
# # #
Glen Burnie Bancorp Information
Glen Burnie Bancorp is a bank holding
company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally owned community bank with
8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance
of demand and time deposits, and the origination of loans to individuals, associations, partnerships, and corporations. The Bank’s
real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans.
The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at
www.thebankofglenburnie.com.
Forward-Looking Statements
The statements contained herein that
are not historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s
actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements
are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,”
“intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections,
they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors,
please see the company’s reports filed with the Securities and Exchange Commission.
For further information
contact:
Jeffrey D. Harris, Chief
Financial Officer
410-768-8883
jdharris@bogb.net
106 Padfield Blvd
Glen Burnie, MD 21061
GLEN
BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED
BALANCE SHEETS
(dollars
in thousands)
| | |
September 30, | | |
June 30, | | |
December 31, | | |
September 30, | |
| | |
2024 | | |
2024 | | |
2023 | | |
2023 | |
| | |
(unaudited) | | |
(unaudited) | | |
(audited) | | |
(unaudited) | |
| ASSETS | |
| | | |
| | | |
| | | |
| | |
| Cash and due from banks | |
$ | 2,255 | | |
$ | 1,804 | | |
$ | 1,940 | | |
| 2,380 | |
| Interest-bearing deposits in other financial
institutions | |
| 20,207 | | |
| 14,982 | | |
| 13,301 | | |
| 12,142 | |
| Total Cash and Cash Equivalents | |
| 22,462 | | |
| 16,786 | | |
| 15,241 | | |
| 14,522 | |
| | |
| | | |
| | | |
| | | |
| | |
| Investment securities available for sale, at fair value | |
| 119,958 | | |
| 117,180 | | |
| 139,427 | | |
| 142,705 | |
| Restricted equity securities, at cost | |
| 246 | | |
| 246 | | |
| 1,217 | | |
| 980 | |
| | |
| | | |
| | | |
| | | |
| | |
| Loans, net of deferred fees and costs | |
| 206,975 | | |
| 201,500 | | |
| 176,307 | | |
| 174,796 | |
| Less: Allowance
for credit losses(1) | |
| (2,748 | ) | |
| (2,625 | ) | |
| (2,157 | ) | |
| (2,094 | ) |
| Loans, net | |
| 204,227 | | |
| 198,875 | | |
| 174,150 | | |
| 172,702 | |
| | |
| | | |
| | | |
| | | |
| | |
| Premises and equipment, net | |
| 2,723 | | |
| 2,833 | | |
| 3,046 | | |
| 3,177 | |
| Bank owned life insurance | |
| 8,789 | | |
| 8,744 | | |
| 8,657 | | |
| 8,614 | |
| Deferred tax assets, net | |
| 6,879 | | |
| 8,329 | | |
| 7,897 | | |
| 10,187 | |
| Accrued interest receivable | |
| 1,478 | | |
| 1,358 | | |
| 1,192 | | |
| 1,373 | |
| Accrued taxes receivable | |
| 497 | | |
| 552 | | |
| 121 | | |
| 189 | |
| Prepaid expenses | |
| 486 | | |
| 355 | | |
| 475 | | |
| 538 | |
| Other assets | |
| 614 | | |
| 458 | | |
| 390 | | |
| 377 | |
| Total
Assets | |
$ | 368,359 | | |
$ | 355,716 | | |
$ | 351,813 | | |
| 355,364 | |
| | |
| | | |
| | | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | | |
| | | |
| | |
| Noninterest-bearing deposits | |
$ | 115,938 | | |
$ | 109,631 | | |
$ | 116,922 | | |
| 126,898 | |
| Interest-bearing deposits | |
| 198,335 | | |
| 196,235 | | |
| 183,145 | | |
| 187,943 | |
| Total Deposits | |
| 314,273 | | |
| 305,866 | | |
| 300,067 | | |
| 314,841 | |
| | |
| | | |
| | | |
| | | |
| | |
| Short-term borrowings | |
| 30,000 | | |
| 30,000 | | |
| 30,000 | | |
| 25,000 | |
| Defined pension liability | |
| 329 | | |
| 328 | | |
| 324 | | |
| 322 | |
| Accrued expenses and other liabilities | |
| 2,597 | | |
| 2,051 | | |
| 2,097 | | |
| 2,040 | |
| Total Liabilities | |
| 347,199 | | |
| 338,245 | | |
| 332,488 | | |
| 342,203 | |
| | |
| | | |
| | | |
| | | |
| | |
| STOCKHOLDERS' EQUITY | |
| | | |
| | | |
| | | |
| | |
| Common stock, par value $1, authorized 15,000,000 shares, issued
and outstanding 2,900,681; 2,893,648; 2,882,627; 2,877,084 shares as of September 30, 2024, June 30, 2024, December 31,
2023, and September 30,2023 respectively. | |
| 2,901 | | |
| 2,894 | | |
| 2,883 | | |
| 2,877 | |
| Additional paid-in capital | |
| 11,037 | | |
| 11,014 | | |
| 10,964 | | |
| 10,940 | |
| Retained earnings | |
| 22,921 | | |
| 23,081 | | |
| 23,859 | | |
| 23,980 | |
| Accumulated other comprehensive loss | |
| (15,699 | ) | |
| (19,518 | ) | |
| (18,381 | ) | |
| (24,636 | ) |
| Total Stockholders'
Equity | |
| 21,160 | | |
| 17,471 | | |
| 19,325 | | |
| 13,161 | |
| Total Liabilities
and Stockholders' Equity | |
$ | 368,359 | | |
$ | 355,716 | | |
$ | 351,813 | | |
| 355,364 | |
GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(unaudited)
| | |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Interest income | |
| | | |
| | | |
| | | |
| | |
| Interest and fees on loans | |
$ | 2,908 | | |
$ | 2,145 | | |
$ | 7,648 | | |
$ | 6,368 | |
| Interest and dividends on securities | |
| 814 | | |
| 1,101 | | |
| 2,605 | | |
| 3,065 | |
| Interest on deposits with banks and federal funds sold | |
| 237 | | |
| 104 | | |
| 1,004 | | |
| 469 | |
| Total Interest Income | |
| 3,959 | | |
| 3,350 | | |
| 11,257 | | |
| 9,902 | |
| | |
| | | |
| | | |
| | | |
| | |
| Interest expense | |
| | | |
| | | |
| | | |
| | |
| Interest on deposits | |
| 730 | | |
| 116 | | |
| 1,716 | | |
| 337 | |
| Interest on short-term borrowings | |
| 408 | | |
| 282 | | |
| 1,363 | | |
| 320 | |
| Total Interest Expense | |
| 1,138 | | |
| 398 | | |
| 3,079 | | |
| 657 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net Interest Income | |
| 2,821 | | |
| 2,952 | | |
| 8,178 | | |
| 9,245 | |
| Provision (release) of credit loss allowance | |
| 78 | | |
| (92 | ) | |
| 773 | | |
| (7 | ) |
| Net interest income after provision of credit
loss provision | |
| 2,743 | | |
| 3,044 | | |
| 7,405 | | |
| 9,252 | |
| | |
| | | |
| | | |
| | | |
| | |
| Noninterest income | |
| | | |
| | | |
| | | |
| | |
| Service charges on deposit accounts | |
| 36 | | |
| 40 | | |
| 109 | | |
| 120 | |
| Other fees and commissions | |
| 273 | | |
| 233 | | |
| 584 | | |
| 560 | |
| Income on life insurance | |
| 45 | | |
| 42 | | |
| 132 | | |
| 120 | |
| Total Noninterest Income | |
| 354 | | |
| 315 | | |
| 825 | | |
| 800 | |
| | |
| | | |
| | | |
| | | |
| | |
| Noninterest expenses | |
| | | |
| | | |
| | | |
| | |
| Salary and employee benefits | |
| 1,654 | | |
| 1,691 | | |
| 4,872 | | |
| 5,089 | |
| Occupancy and equipment expenses | |
| 327 | | |
| 329 | | |
| 996 | | |
| 955 | |
| Legal, accounting and other professional fees | |
| 267 | | |
| 194 | | |
| 769 | | |
| 692 | |
| Data processing and item processing services | |
| 263 | | |
| 206 | | |
| 755 | | |
| 755 | |
| FDIC insurance costs | |
| 41 | | |
| 40 | | |
| 119 | | |
| 122 | |
| Advertising and marketing related expenses | |
| 40 | | |
| 26 | | |
| 88 | | |
| 72 | |
| Loan collection costs | |
| 5 | | |
| 10 | | |
| 11 | | |
| 13 | |
| Telephone costs | |
| 41 | | |
| 38 | | |
| 110 | | |
| 113 | |
| Other expenses | |
| 380 | | |
| 287 | | |
| 1,052 | | |
| 880 | |
| Total Noninterest Expenses | |
| 3,018 | | |
| 2,821 | | |
| 8,772 | | |
| 8,691 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income (loss) before income taxes | |
| 79 | | |
| 538 | | |
| (542 | ) | |
| 1,361 | |
| Income tax (benefit) expense | |
| (50 | ) | |
| (13 | ) | |
| (470 | ) | |
| 99 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) | |
$ | 129 | | |
$ | 551 | | |
$ | (72 | ) | |
$ | 1,262 | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted net income (loss) per common
share | |
$ | 0.04 | | |
$ | 0.19 | | |
$ | (0.02 | ) | |
$ | 0.44 | |
GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the nine months ended September 30, 2024 and 2023
(dollars in thousands)
(unaudited)
| | |
| | |
| | |
| | |
Accumulated | | |
| |
| | |
| | |
Additional | | |
| | |
Other | | |
Total | |
| | |
Common | | |
Paid-in | | |
Retained | | |
Comprehensive | | |
Stockholders' | |
| | |
Stock | | |
Capital | | |
Earnings | | |
Loss | | |
Equity | |
| Balance, December 31, 2022 | |
$ | 2,865 | | |
$ | 10,862 | | |
$ | 23,579 | | |
$ | (21,252 | ) | |
$ | 16,054 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| - | | |
| - | | |
| 1,262 | | |
| - | | |
| 1,262 | |
| Cash dividends, $0.30 per share | |
| - | | |
| - | | |
| (861 | ) | |
| - | | |
| (861 | ) |
| Dividends reinvested under | |
| | | |
| | | |
| | | |
| | | |
| | |
| dividend reinvestment plan | |
| 12 | | |
| 78 | | |
| - | | |
| - | | |
| 90 | |
| Other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| (3,384 | ) | |
| (3,384 | ) |
| Balance, September 30, 2023 | |
$ | 2,877 | | |
$ | 10,940 | | |
$ | 23,980 | | |
$ | (24,636 | ) | |
$ | 13,161 | |
| | |
| | |
| | |
| | |
Accumulated | | |
| |
| | |
| | |
Additional | | |
| | |
Other | | |
Total | |
| | |
Common | | |
Paid-in | | |
Retained | | |
Comprehensive | | |
Stockholders' | |
| | |
Stock | | |
Capital | | |
Earnings | | |
(Loss) Income | | |
Equity | |
| Balance, December 31, 2023 | |
$ | 2,883 | | |
$ | 10,964 | | |
$ | 23,859 | | |
$ | (18,381 | ) | |
$ | 19,325 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss | |
| - | | |
| - | | |
| (72 | ) | |
| - | | |
| (72 | ) |
| Cash dividends, $0.30 per share | |
| - | | |
| - | | |
| (866 | ) | |
| - | | |
| (866 | ) |
| Dividends reinvested under | |
| | | |
| | | |
| | | |
| | | |
| | |
| dividend reinvestment plan | |
| 18 | | |
| 73 | | |
| - | | |
| - | | |
| 91 | |
| Other comprehensive income | |
| - | | |
| - | | |
| - | | |
| 2,682 | | |
| 2,682 | |
| Balance, September 30, 2024 | |
$ | 2,901 | | |
$ | 11,037 | | |
$ | 22,921 | | |
$ | (15,699 | ) | |
$ | 21,160 | |
THE BANK OF GLEN BURNIE
CAPITAL RATIOS
(dollars in thousands)
(unaudited)
| | |
| | |
| | |
| | |
| | |
To Be Well | |
| | |
| | |
| | |
| | |
| | |
Capitalized Under | |
| | |
| | |
| | |
To Be Considered | | |
Prompt Corrective | |
| | |
| | |
| | |
Adequately Capitalized | | |
Action Provisions | |
| | |
Amount | | |
Ratio | | |
Amount | | |
Ratio | | |
Amount | | |
Ratio | |
| As of September 30, 2024: | |
| | |
| | |
| | |
| | |
| | |
| |
| Common Equity Tier 1 Capital | |
$ | 36,755 | | |
| 15.47 | % | |
$ | 10,691 | | |
| 4.50 | % | |
$ | 15,443 | | |
| 6.50 | % |
| Total Risk-Based Capital | |
$ | 39,729 | | |
| 16.72 | % | |
$ | 19,006 | | |
| 8.00 | % | |
$ | 23,758 | | |
| 10.00 | % |
| Tier 1 Risk-Based Capital | |
$ | 36,755 | | |
| 15.47 | % | |
$ | 14,255 | | |
| 6.00 | % | |
$ | 19,006 | | |
| 8.00 | % |
| Tier 1 Leverage | |
$ | 36,755 | | |
| 10.11 | % | |
$ | 14,539 | | |
| 4.00 | % | |
$ | 18,173 | | |
| 5.00 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| As of June 30, 2024: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Common Equity Tier 1 Capital | |
$ | 36,896 | | |
| 15.59 | % | |
$ | 10,652 | | |
| 4.50 | % | |
$ | 15,386 | | |
| 6.50 | % |
| Total Risk-Based Capital | |
$ | 39,857 | | |
| 16.84 | % | |
$ | 18,937 | | |
| 8.00 | % | |
$ | 23,671 | | |
| 10.00 | % |
| Tier 1 Risk-Based Capital | |
$ | 36,896 | | |
| 15.59 | % | |
$ | 14,202 | | |
| 6.00 | % | |
$ | 18,937 | | |
| 8.00 | % |
| Tier 1 Leverage | |
$ | 36,896 | | |
| 10.10 | % | |
$ | 14,617 | | |
| 4.00 | % | |
$ | 18,271 | | |
| 5.00 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| As of December 31, 2023: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Common Equity Tier 1 Capital | |
$ | 37,975 | | |
| 17.37 | % | |
$ | 9,840 | | |
| 4.50 | % | |
$ | 14,213 | | |
| 6.50 | % |
| Total Risk-Based Capital | |
$ | 40,237 | | |
| 18.40 | % | |
$ | 17,493 | | |
| 8.00 | % | |
$ | 21,867 | | |
| 10.00 | % |
| Tier 1 Risk-Based Capital | |
$ | 37,975 | | |
| 17.37 | % | |
$ | 13,120 | | |
| 6.00 | % | |
$ | 17,493 | | |
| 8.00 | % |
| Tier 1 Leverage | |
$ | 37,975 | | |
| 10.76 | % | |
$ | 14,113 | | |
| 4.00 | % | |
$ | 17,641 | | |
| 5.00 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| As of September 30, 2023: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Common Equity Tier 1 Capital | |
$ | 38,053 | | |
| 17.12 | % | |
$ | 10,004 | | |
| 4.50 | % | |
$ | 14,450 | | |
| 6.50 | % |
| Total Risk-Based Capital | |
$ | 40,227 | | |
| 18.10 | % | |
$ | 17,785 | | |
| 8.00 | % | |
$ | 22,231 | | |
| 10.00 | % |
| Tier 1 Risk-Based Capital | |
$ | 38,053 | | |
| 17.12 | % | |
$ | 13,338 | | |
| 6.00 | % | |
$ | 17,785 | | |
| 8.00 | % |
| Tier 1 Leverage | |
$ | 38,053 | | |
| 10.56 | % | |
$ | 14,420 | | |
| 4.00 | % | |
$ | 18,026 | | |
| 5.00 | % |
GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA
(dollars in thousands, except per share amounts)
| | |
Three Months Ended | | |
Year Ended | |
| | |
September 30, | | |
June 30, | | |
September 30, | | |
December 31, | |
| | |
2024 | | |
2024 | | |
2023 | | |
2023 | |
| | |
(unaudited) | | |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
| Financial Data | |
| | | |
| | | |
| | | |
| | |
| Assets | |
$ | 368,359 | | |
$ | 355,716 | | |
$ | 355,364 | | |
$ | 351,813 | |
| Investment securities | |
| 119,958 | | |
| 117,180 | | |
| 142,705 | | |
| 139,427 | |
| Loans, (net of deferred fees & costs) | |
| 206,975 | | |
| 201,500 | | |
| 174,796 | | |
| 176,307 | |
| Allowance for loan losses | |
| 2,748 | | |
| 2,625 | | |
| 2,094 | | |
| 2,157 | |
| Deposits | |
| 314,273 | | |
| 305,866 | | |
| 314,841 | | |
| 300,067 | |
| Borrowings | |
| 30,000 | | |
| 30,000 | | |
| 25,000 | | |
| 30,000 | |
| Stockholders' equity | |
| 21,160 | | |
| 17,471 | | |
| 13,161 | | |
| 19,325 | |
| Net income (loss) | |
| 129 | | |
| (204 | ) | |
| 551 | | |
| 1,429 | |
| | |
| | | |
| | | |
| | | |
| | |
| Average Balances | |
| | | |
| | | |
| | | |
| | |
| Assets | |
$ | 364,127 | | |
$ | 366,071 | | |
$ | 360,767 | | |
$ | 361,731 | |
| Investment securities | |
| 142,972 | | |
| 148,690 | | |
| 177,856 | | |
| 173,902 | |
| Loans, (net of deferred fees & costs) | |
| 203,316 | | |
| 186,650 | | |
| 177,223 | | |
| 179,790 | |
| Deposits | |
| 312,019 | | |
| 307,427 | | |
| 321,318 | | |
| 330,095 | |
| Borrowings | |
| 30,001 | | |
| 38,891 | | |
| 19,946 | | |
| 12,580 | |
| Stockholders' equity | |
| 19,559 | | |
| 17,369 | | |
| 17,548 | | |
| 17,105 | |
| | |
| | | |
| | | |
| | | |
| | |
| Performance Ratios | |
| | | |
| | | |
| | | |
| | |
| Annualized return on average assets | |
| 0.14 | % | |
| -0.22 | % | |
| 0.61 | % | |
| 0.40 | % |
| Annualized return on average equity | |
| 2.63 | % | |
| -4.72 | % | |
| 12.47 | % | |
| 8.35 | % |
| Net interest margin | |
| 3.06 | % | |
| 3.02 | % | |
| 3.21 | % | |
| 3.31 | % |
| Dividend payout ratio | |
| 224 | % | |
| -142 | % | |
| 52 | % | |
| 80 | % |
| Book value per share | |
$ | 7.29 | | |
$ | 6.04 | | |
$ | 4.57 | | |
$ | 6.70 | |
| Basic and diluted net income per share | |
| 0.04 | | |
| (0.07 | ) | |
| 0.19 | | |
| 0.50 | |
| Cash dividends declared per share | |
| 0.10 | | |
| 0.10 | | |
| 0.10 | | |
| 0.40 | |
| Basic and diluted weighted average shares outstanding | |
| 2,897,929 | | |
| 2,891,203 | | |
| 2,875,329 | | |
| 2,873,500 | |
| | |
| | | |
| | | |
| | | |
| | |
| Asset Quality Ratios | |
| | | |
| | | |
| | | |
| | |
| Allowance for loan losses to loans | |
| 1.33 | % | |
| 1.30 | % | |
| 1.20 | % | |
| 1.22 | % |
| Nonperforming loans to avg. loans | |
| 0.14 | % | |
| 0.17 | % | |
| 0.33 | % | |
| 0.29 | % |
| Allowance for loan losses to nonaccrual & 90+ past due loans | |
| 937.5 | % | |
| 827.1 | % | |
| 359.4 | % | |
| 409.3 | % |
| Net charge-offs annualize to avg. loans | |
| -0.09 | % | |
| -0.14 | % | |
| 0.09 | % | |
| 0.06 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Capital Ratios | |
| | | |
| | | |
| | | |
| | |
| Common Equity Tier 1 Capital | |
| 15.47 | % | |
| 15.59 | % | |
| 17.12 | % | |
| 17.37 | % |
| Tier 1 Risk-based Capital Ratio | |
| 15.47 | % | |
| 15.59 | % | |
| 17.12 | % | |
| 17.37 | % |
| Leverage Ratio | |
| 10.11 | % | |
| 10.10 | % | |
| 10.56 | % | |
| 10.76 | % |
| Total Risk-Based Capital Ratio | |
| 16.72 | % | |
| 16.84 | % | |
| 18.10 | % | |
| 18.40 | % |
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duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Glen Burnie Bancorp (NASDAQ:GLBZ)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Glen Burnie Bancorp (NASDAQ:GLBZ)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
