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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, 2023

 

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, 2023, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter ended September 30, 2023. A copy of the Company’s press release announcing such results dated October 31, 2023 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.  
99.1Press Release dated October 31, 2023
104 Cover Page Interactive Data File (embedded as Inline XBRL document)

 

 

 

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, 2023 By: /s/ Mark C. Hanna
    Mark C. Hanna
    Chief Executive Office

 

 

Exhibit 99.1

 

 

Press Release For Immediate Release
  Date: October 31, 2023

 

 

GLEN BURNIE BANCORP ANNOUNCES

THIRD QUARTER 2023 RESULTS

 

GLEN BURNIE, MD (October 31, 2023) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $551,000, or $0.19 per basic and diluted common share for the three-month period ended September 30, 2023, compared to net income of $375,000, or $0.13 per basic and diluted common share for the three-month period ended September 30, 2022. Bancorp reported net income of $1.3 million, or $0.44 per basic and diluted common share for the nine-month period ended September 30, 2023, compared to $915,000, or $0.32 per basic and diluted common share for the same period in 2022. On September 30, 2023, Bancorp had total assets of $355.4 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 125th consecutive quarterly dividend on November 6, 2023.

 

"Our strong quarterly performance in the wake of the industry-wide turbulence characterized by rapidly increasing interest rates, demonstrates the resilience of our operating model and the adaptability of our bank," said Mark C. Hanna, President and Chief Executive Officer. “Strong customer relationships built over the years, have allowed us to retain deposits while maintaining discipline on interest expense. Strengthening and growing our core client relationships and strategically positioning the Bank for future growth remains our primary focus while we navigate through this uncertain economic landscape. This includes efforts to optimize the balance sheet and business mix. Despite declining loan balances in a volatile market environment, we have built a stable earnings stream that should continue to deliver solid financial outcomes for the Company and our shareholders, even as interest rates continue to rise, and fears of an economic downturn continue to develop. Anne Arundel County, our primary operating area, remains a vibrant market and should withstand this period of economic uncertainty. Non-performing assets remain low, and we maintain our conservative approach to credit underwriting. Historically, the Company has navigated both rising rate and recessionary cycles with good outcomes, and we believe that the Company and the Bank are well positioned to weather the current economic environment.”

 

In closing, Mr. Hanna added, “Our financial performance during the third quarter demonstrates our ability to navigate the current economic environment. As we enter the final quarter of the year with positive momentum, we recognize the backdrop of economic uncertainty that persists. Inflation levels remain elevated and market expectations suggest that interest rates will remain elevated for some time, which will likely impact future economic growth and activity. As such, we are intently focused on targeted balance sheet growth that optimizes capital, prudently managing spreads, and maintaining disciplined loan and deposit pricing strategies. We believe our conservative credit culture and emphasis on effective risk management has served, and will continue to serve, us well during periods of economic unrest.”

 

 

 

Highlights for the First Nine Months of 2023

 

Total interest income increased $0.6 million to $9.9 million for the nine-month period ending September 30, 2023, compared to the same period in 2022. This resulted from a $630,000 increase in interest income on securities and a $17,000 increase in interest and fees on loans, consistent with the rising interest rate environment. The increase in interest income was driven by the repricing impact on earning asset yields of the change in asset mix from loans to investment securities. Loan pricing pressure/competition will continue to place pressure on the Company’s net interest margin.

 

The Company recaptured a portion of its allowance for credit losses on loans in the first three quarters of 2023 due to changes in the mix of the loan categories in the loan portfolio, primarily consisting of runoff in the indirect automobile portfolio, and a 0.03% increase in the current expected credit loss (“CECL”) percentage. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 18.10% on September 30, 2023, compared to 16.16% for the same period of 2022, will provide ample capacity for future growth.

 

Return on average assets for the three-month period ended September 30, 2023, was 0.61%, compared to 0.35% for the three-month period ended September 30, 2022. Return on average equity for the three-month period ended September 30, 2023, was 12.47%, compared to 6.76% for the three-month period ended September 30, 2022. Higher net income and a lower average asset balance primarily drove the higher return on average assets, while higher net income and a lower average equity balance primarily drove the higher return on average equity.

 

The cost of funds decreased by 0.01% from 0.27% for the third quarter 2022 to 0.26% for the third quarter 2023.

 

The book value per share of Bancorp’s common stock was $4.57 on September 30, 2023, compared to $5.01 per share on September 30, 2022. The decline was primarily due to the unrealized losses on available for sale securities, caused by the rapid increase in market interest rates.

 

On September 30, 2023, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 17.12% on September 30, 2023, compared to 15.34% on September 30, 2022. 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 $355.4 million on September 30, 2023, a decrease of $60.3 million or 14.50%, from $415.6 million on September 30, 2022. Investment securities decreased by $2.3 million or 1.57% to $142.7 million as of September 30, 2023, compared to $145.0 million for the same period of 2022. Loans, net of deferred fees and costs, were $174.8 million on September 30, 2023, a decrease of $19.3 million or 9.94%, from $194.1 million on September 30, 2022. Cash and cash equivalents decreased $39.6 million or 73.19%, from September 30, 2022, to September 30, 2023. Deferred tax assets increased $1.1 million or 11.63%, from September 30, 2022, to September 30, 2023, due to the tax effects of unrealized losses on available for sale securities.

 

Total deposits were $314.8 million on September 30, 2023, a decrease of $64.0 million or 16.9%, from $378.9 million on September 30, 2022. Noninterest-bearing deposits were $126.9 million on September 30, 2023, a decrease of $22.3 million or 14.93%, from $149.2 million on September 30, 2022. Interest-bearing deposits were $187.9 million on September 30, 2023, a decrease of $41.8 million or 18.18%, from $229.7 million on September 30, 2022. Total borrowings were $25.0 million on September 30, 2023, an increase of $5.0 million or 25.00%, from $20.0 million on September 30, 2022.

 

 

 

As of September 30, 2023, total stockholders’ equity was $13.2 million (3.70% of total assets), equivalent to a book value of $4.57 per common share. Total stockholders’ equity on September 30, 2022, was $14.3 million (3.45% of total assets), equivalent to a book value of $5.01 per common share. The decrease in the ratio of stockholders’ equity to total assets was primarily due to the $2.2 million after-tax decline in market value of the Company’s available-for-sale securities portfolio. These increases in unrealized losses primarily resulted from increasing market interest rates year-over-year, which decreased the fair value of the investment securities.

 

Asset quality, which has trended within a narrow range over the past several years, has remained sound. Nonperforming assets, which consist of nonaccrual loans, troubled debt restructurings, accruing loans past due 90 days or more, and other real estate owned (“OREO”), represented 0.16% of total assets on September 30, 2023, compared to 0.13% on December 31, 2022, demonstrating positive asset quality trends across the portfolio. The allowance for credit losses on loans was $2.10 million, or 1.20% of total loans, as of September 30, 2023, compared to $2.16 million, or 1.16% of total loans, as of December 31, 2022. The allowance for credit losses for unfunded commitments was $448,000 as of September 30, 2023, compared to $477,000 as of December 31, 2022.

 

Review of Financial Results

 

For the three-month periods ended September 30, 2023, and 2022

 

Net income for the three-month period ended September 30, 2023, was $551,000, compared to $375,000 for the three-month period ended September 30, 2022.

 

Net interest income for the three-month period ended September 30, 2023, totaled $3.0 million, a decrease of $85,000 from the three-month period ended September 30, 2022. While interest income increased by $42,000, the decrease in net interest income was primarily due to a $127,000 increase in interest expense. The rising interest rate environment and change in asset and funding mix drove the higher net interest margin despite declines in asset and funding balances.

 

Net interest margin for the three-month period ended September 30, 2023, was 3.21%, compared to 2.83% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, and lower average noninterest-bearing funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $59.8 million while the yield increased 0.55% from 3.09% to 3.64%, when comparing the three-month periods ending September 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $39.4 million and $21.2 million, respectively, and the cost of funds increased 0.19%, when comparing the three-month periods ending September 30, 2022, and 2023. Higher interest rates drove the increased interest expense on borrowed funds.

 

The average balance of interest-bearing deposits in banks and investment securities decreased $39.8 million from $228.0 million to $188.2 million for the third quarter of 2023, compared to the same period of 2022, while the yield increased from 2.13% to 2.56% during that same period. The increase in yields for the three-month period can be attributed to the rising interest rate environment and its positive impact on cash and investment yields.

 

Average loan balances decreased $20.0 million to $177.2 million for the three-month period ended September 30, 2023, compared to $197.2 million for the same period of 2022, while the yield increased from 4.21% to 4.80% during that same period. The increase in loan yields for the third quarter of 2023 reflected the accelerated runoff of the lower yielding indirect automobile loan portfolio and new loan originations in a rising rate environment.

 

 

 

The provision of allowance for credit loss on loans for the three-month period ended September 30, 2023, was an allowance release of $92,000, compared to a $39,000 provision for the same period of 2022. The decrease in the provision for the three-month period ended September 30, 2023, when compared to the three-month period ended September 30, 2022, primarily reflects a $18.2 million decrease in the reservable balance of the loan portfolio and a 0.03% increase in the current expected credit loss percentage.

 

Noninterest income for the three-month period ended September 30, 2023, was $315,000, compared to $317,000 for the three-month period ended September 30, 2022, a decrease of $2,000 or 0.73%. The decrease was driven primarily by $7,000 of lower other fees and commissions.

 

For the three-month period ended September 30, 2023, noninterest expense was $2.82 million, compared to $2.92 million for the three-month period ended September 30, 2022, a decrease of $99,000. The primary contributors to the $99,000 decrease, when compared to the three-month period ended September 30, 2022, were decreases in legal, accounting, and other professional fees, data processing and other expenses, offset by increases in salary and employee benefits, occupancy and equipment expenses, and FDIC insurance.

 

For the nine-month periods ended September 30, 2023, and 2022

 

Net income for the nine-month period ended September 30, 2023, was $1.3 million, compared to $915,000 for the nine-month period ended September 30, 2022.

 

Net interest income for the nine-month period ended September 30, 2023, totaled $9.2 million, an increase of $724,000 from the nine-month period ended September 30, 2022. The increase in net interest income was due to a $648,000 increase in interest income, and a $76,000 decrease in interest expense on interest-bearing deposits and borrowings. The rising interest rate environment and change in asset and funding mix drove the higher net interest margin even though asset and funding balances declined.

 

Net interest margin for the nine-month period ended September 30, 2023, was 3.35%, compared to 2.66% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, and lower average noninterest-bearing funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $59.5 million, while the yield increased 0.70% from 2.89% to 3.59%, when comparing the nine-month periods ending September 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $40.5 million and $19.5 million, respectively, and the cost of funds increased 0.01%, when comparing the nine-month periods ending September 30, 2022, and 2023.

 

The average balance of interest-bearing deposits in banks and investment securities decreased $38.6 million from $226.5 million to $187.9 million for the nine-month period ending September 30, 2023, while the yield increased 4.22% during that same period. The increase in yields for the nine-month period can be attributed to the rising interest rate environment and its positive impact on cash and investment yields.

 

Average loan balances decreased $20.8 million to $181.2 million for the nine-month period ended September 30, 2023, compared to $202.0 million for the nine-month period ending September 30, 2023, while the yield increased by 0.50% during that same period. The increase in loan yields for the first nine months of 2023 reflected the accelerated runoff of the lower yielding indirect automobile loan portfolio and new loan originations in a rising rate environment.

 

 

 

The Company recorded a release of provision of allowance for credit loss on loans of $7,000 for the nine-month period ending September 30, 2023, compared to a release of $178,000 for the same period in 2022. The $171,000 increase in the provision in 2023, compared to 2022, primarily reflects a $18.2 million decrease in the reservable balance of the loan portfolio and a 0.03% increase in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.09 million on September 30, 2023, representing 1.20% of total loans, compared to $2.28 million, or 1.17% of total loans on September 30, 2022.

 

Noninterest income for the nine-month period ended September 30, 2023, was $800,000, compared to $832,000 for the nine-month period ended September 30, 2022, a decrease of $32,000 or 3.86%. The decrease was driven primarily by $36,000 of lower other fees and commissions.

 

For the nine-month period ended September 30, 2023, noninterest expense was $8.7 million, compared to $8.5 million for the nine-month period ended September 30, 2022. The primary contributors when compared to the nine-month period ended September 30, 2022, were increases in salary and employee benefits costs, data processing and item processing services, FDIC insurance costs, and loan collection costs, offset by decreases in legal, accounting, and other professional fees, and other expenses.

 

 

 

# # #

 

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, 
   2023   2023   2022   2022 
   (unaudited)   (unaudited)   (audited)   (unaudited) 
ASSETS                    
Cash and due from banks   2,380   $1,965   $2,035   $2,572 
Interest-bearing deposits in other financial institutions   12,142    9,783    28,057    51,597 
Total Cash and Cash Equivalents   14,522    11,748    30,092    54,169 
                     
Investment securities available for sale, at fair value   142,705    150,820    144,133    144,980 
Restricted equity securities, at cost   980    403    221    1,071 
                     
Loans, net of deferred fees and costs   174,796    180,551    186,440    194,080 
Less:Allowance for credit losses(1)   (2,094)   (2,222)   (2,162)   (2,275)
Loans, net   172,702    178,329    184,278    191,805 
                     
Premises and equipment, net   3,177    3,276    3,277    3,366 
Bank owned life insurance   8,614    8,572    8,493    8,454 
Deferred tax assets, net   10,187    8,520    8,902    9,126 
Accrued interest receivable   1,373    1,139    1,159    1,253 
Accrued taxes receivable   189    70    -    225 
Prepaid expenses   538    382    493    517 
Other assets   377    348    388    660 
Total Assets   355,364   $363,607   $381,436   $415,626 
                     
LIABILITIES                    
Noninterest-bearing deposits   126,898   $130,430   $143,262   $149,171 
Interest-bearing deposits   187,943    198,794    219,685    229,715 
Total Deposits   314,841    329,224    362,947    378,886 
                     
Short-term borrowings   25,000    15,000    -    20,000 
Long-term borrowings   -    -    -    - 
Defined pension liability   322    320    317    315 
Accrued Taxes Payable   -    -    -    - 
Accrued expenses and other liabilities   2,040    1,804    2,118    2,085 
Total Liabilities   342,203    346,348    365,382    401,286 
                     
STOCKHOLDERS' EQUITY                    
Common stock, par value $1, authorized 15,000,000 shares,issued and outstanding 2,877,084; 2,872,834; 2,865,046; 2,861,615 shares as of September 30, 2023, June 30, 2023, December 31, 2022, and September 30,2022 respectively.   2,877    2,873    2,865    2,862 
Additional paid-in capital   10,940    10,914    10,862    10,836 
Retained earnings   23,980    23,716    23,579    23,035 
Accumulated other comprehensive loss   (24,636)   (20,244)   (21,252)   (22,393)
Total Stockholders' Equity   13,161    17,259    16,054    14,340 
Total Liabilities and Stockholders' Equity   355,364   $363,607   $381,436   $415,626 

 

 

 

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,		 
   2023   2022   2023   2022 
Interest income                    
Interest and fees on loans  $2,145   $2,094   $6,368   $6,351 
Interest and dividends on securities   1,101    943    3,065    2,435 
Interest on deposits with banks and federal funds sold   104    271    469    468 
Total Interest Income   3,350    3,308    9,902    9,254 
                     
Interest expense                    
Interest on deposits   116    116    337    361 
Interest on short-term borrowings   282    147    320    338 
Interest on long-term borrowings   -    8    -    34 
Total Interest Expense   398    271    657    733 
                     
Net Interest Income   2,952    3,037    9,245    8,521 
(Release)/provision of credit loss allowance   (92)   39    (7)   (178)
Net interest income after release of credit loss provision   3,044    2,998    9,252    8,699 
                     
Noninterest income                    
Service charges on deposit accounts   40    37    120    119 
Other fees and commissions   233    240    560    596 
Loss/gain on securities sold/redeemed   -    -    -    1 
Income on life insurance   42    40    120    116 
Total Noninterest Income   315    317    800    832 
                     
Noninterest expenses                    
Salary and employee benefits   1,691    1,647    5,089    4,783 
Occupancy and equipment expenses   329    291    955    939 
Legal, accounting and other professional fees   194    299    692    884 
Data processing and item processing services   206    242    755    703 
FDIC insurance costs   40    28    122    83 
Advertising and marketing related expenses   26    21    72    64 
Loan collection costs   10    4    13    (51)
Telephone costs   38    35    113    119 
Other expenses   287    353    880    1,016 
Total Noninterest Expenses   2,821    2,920    8,691    8,540 
                     
Income before income taxes   538    395    1,361    991 
Income tax (benefit) expense   (13)   20    99    76 
                     
Net income  $551   $375   $1,262   $915 
                     
Basic and diluted net income per common share  $0.19   $0.13   $0.44   $0.32 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

For the nine months ended September 30, 2023 and 2022

(dollars in thousands)

 

               Accumulated     
       Additional       Other   Total 
   Common   Paid-in   Retained   Comprehensive   Stockholders' 
(unaudited)  Stock   Capital   Earnings   Loss   Equity 
Balance, December 31, 2021  $2,854   $10,759   $22,977   $(874)  $35,716 
                          
Net income   -    -    915    -   $915 
Cash dividends, $0.30 per share   -    -    (857)   -   $(857)
Dividends reinvested under dividend reinvestment plan   8    77    -    -   $85 
Other comprehensive loss   -    -    -    (21,519)  $(21,519)
Balance, September 30, 2022  $2,862   $10,836   $23,035   $(22,393)  $14,340 

 

               Accumulated     
       Additional       Other   Total 
   Common   Paid-in   Retained   Comprehensive   Stockholders' 
(unaudited)  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 income   -    -    -    (3,384)   (3,384)
Balance, September 30, 2023  $2,877   $10,940   $23,980   $(24,636)  $13,161 

 

 

 

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       Ratio       Ratio 
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%
                               
As of June 30, 2023:                              
Common Equity Tier 1 Capital  $37,755    16.83%  $10,093    4.50%  $14,579    6.50%
Total Risk-Based Capital  $40,105    17.88%  $17,944    8.00%  $22,430    10.00%
Tier 1 Risk-Based Capital  $37,755    16.83%  $13,458    6.00%  $17,944    8.00%
Tier 1 Leverage  $37,755    10.51%  $14,369    4.00%  $17,961    5.00%
                               
As of December 31, 2022:                              
Common Equity Tier 1 Capital  $37,963    16.45%  $10,383    4.50%  $14,998    6.50%
Total Risk-Based Capital  $39,866    17.28%  $18,459    8.00%  $23,074    10.00%
Tier 1 Risk-Based Capital  $37,963    16.45%  $13,845    6.00%  $18,459    8.00%
Tier 1 Leverage  $37,963    9.53%  $15,938    4.00%  $19,922    5.00%
                               
As of September 30, 2022:                              
Common Equity Tier 1 Capital  $37,391    15.34%  $10,972    4.50%  $15,848    6.50%
Total Risk-Based Capital  $39,400    16.16%  $19,506    8.00%  $24,382    10.00%
Tier 1 Risk-Based Capital  $37,391    15.34%  $14,629    6.00%  $19,506    8.00%
Tier 1 Leverage  $37,391    8.78%  $17,039    4.00%  $21,299    5.00%

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

SELECTED FINANCIAL DATA

(dollars in thousands, except per share amounts)

 

   Three Months Ended   Nine Months Ended   Year Ended 
   September 30,   June 30,   September 30,   September 30,   September 30,   December 31, 
   2023   2023   2022   2023   2022   2022 
   (unaudited)   (unaudited)   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Financial Data                              
Assets  $355,364   $363,607   $415,626   $355,364   $415,626   $381,436 
Investment securities   142,706    150,820    144,980    142,706    144,980    144,133 
Loans, (net of deferred fees & costs)   174,796    180,551    194,080    174,796    194,080    186,440 
Allowance for loan losses   2,094    2,222    2,275    2,094    2,275    2,162 
Deposits   314,841    329,224    378,886    314,841    378,886    362,947 
Borrowings   25,000    15,000    20,000    25,000    20,000    - 
Stockholders' equity   13,161    17,259    14,340    13,161    14,340    16,054 
Net income   551    276    375    1,262    915    1,745 
                               
Average Balances                              
Assets  $360,767   $359,482   $425,871   $364,613   $433,882   $424,992 
Investment securities   177,856    170,653    177,824    173,676    167,025    168,990 
Loans, (net of deferred fees & costs)   177,223    181,693    197,199    181,234    202,051    198,934 
Deposits   321,318    335,031    381,834    336,737    384,656    382,164 
Borrowings   19,946    3,793    20,000    7,914    20,001    16,613 
Stockholders' equity   17,547    18,797    22,001    18,055    27,004    24,042 
                               
Performance Ratios                              
Annualized return on average assets   0.61%   0.31%   0.35%   0.46%   0.28%   0.41%
Annualized return on average equity   12.47%   5.88%   6.76%   9.34%   4.53%   7.26%
Net interest margin   3.21%   3.44%   2.83%   3.35%   2.66%   2.81%
Dividend payout ratio   52%   104%   76%   68%   94%   65%
Book value per share  $4.57   $6.01   $5.01   $4.57   $5.01   $5.60 
Basic and diluted net income per share   0.19    0.10    0.13    0.44    0.32    0.61 
Cash dividends declared per share   0.10    0.10    0.10    0.30    0.30    0.40 
Basic and diluted weighted average shares outstanding   2,875,329    2,871,026    2,860,352    2,869,631    2,857,759    2,859,239 
                               
Asset Quality Ratios                              
Allowance for loan losses to loans   1.20%   1.23%   1.17%   1.20%   1.17%   1.16%
Nonperforming loans to avg. loans   0.33%   0.32%   0.10%   0.32%   0.10%   0.25%
Allowance for loan losses to nonaccrual & 90+ past due loans   359.4%   385.8%   1171.4%   359.4%   1171.4%   433.9%
Net charge-offs annualize to avg. loans   0.09%   0.15%   0.00%   0.05%   0.00%   0.10%
                               
Capital Ratios                              
Common Equity Tier 1 Capital   17.12%   16.83%   15.34%   17.12%   15.34%   16.45%
Tier 1 Risk-based Capital Ratio   17.12%   16.83%   15.34%   17.12%   15.34%   16.45%
Leverage Ratio   10.56%   10.51%   8.78%   10.56%   8.78%   9.53%
Total Risk-Based Capital Ratio   18.10%   17.88%   16.16%   18.10%   16.16%   17.28%

 

 

v3.23.3
Cover
Oct. 31, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 31, 2023
Entity File Number 0-24047
Entity Registrant Name GLEN BURNIE BANCORP
Entity Central Index Key 0000890066
Entity Tax Identification Number 52-1782444
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One 101 Crain Highway
Entity Address, Address Line Two S.E.
Entity Address, City or Town Glen Burnie
Entity Address, State or Province MD
Entity Address, Postal Zip Code 21061
City Area Code 410
Local Phone Number 766-3300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol GLBZ
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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