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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):
July 26, 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 July 26, 2024, Glen Burnie
Bancorp (the “Company”) announced its results of operations for its fiscal quarter ended June 30, 2024. A copy of the
Company’s press release announcing such results dated July 26, 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. |
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: July 26, 2024 |
By: |
/s/ Mark C. Hanna |
|
|
Mark C. Hanna |
|
|
Chief Executive Officer |
Exhibit 99.1
Press Release |
For
Immediate Release |
|
Date: July 26, 2024 |
|
|
GLEN
BURNIE BANCORP ANNOUNCES
SECOND
QUARTER 2024 RESULTS
GLEN BURNIE,
MD (July 26, 2024) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ),
the bank holding company for The Bank of Glen Burnie (“Bank”), announced today a net loss of $204,000, or $0.07 per basic
and diluted common share for the three-month period ended June 30, 2024, compared to net income of $276,000, or $0.10 per basic and
diluted common share for the three-month period ended June 30, 2023. Bancorp reported a net loss of $201,000, or $0.07 per basic
and diluted common share for the six-month period ended June 30, 2024, compared to net income of $710,000, or $0.25 per basic and
diluted common share for the same period in 2023. On June 30, 2024, Bancorp had total assets of $355.7 million. Bancorp, the oldest
independent commercial bank in Anne Arundel County, will pay its 128th consecutive quarterly dividend on August 5, 2024.
“The current interest rate environment remains challenging
for community banks with respect to profitability,” said Mark C. Hanna, President, and Chief Executive Officer. “The continued
surprising strength in the economy has caused the current interest rate environment to remain ‘higher for longer’ which puts
continued pressure on banks in the competition for deposits and the cost of funds. Our second quarter, 2024, earnings were impacted by
a $599,000 increase in our allowance for credit losses related to growth in the loan portfolio and continued to be negatively impacted
by our increased deposit and borrowing costs due to an inverted yield curve and rigorous competition for core deposits. Notwithstanding,
our net interest margin expanded by sixteen basis points on a linked-quarter basis to 3.02%, signifying a possible turning point in the
current cycle while achieving net loan growth of $23.0 million during the quarter and $20.5 million year-over-year. Additionally, after
declines in 2022 and 2023, deposits increased 1.9% in the first six months of 2024. As we face this difficult revenue environment, we
continue to hold the line on noninterest expenses, which were down by 1.1% on a linked quarter basis, and down 2.0% for the first six
months of this year versus the same period last year. We also continue to post strong credit quality metrics, with a non-performing asset
to total assets ratio of 0.09% as of June 30, 2024.”
In closing, Mr. Hanna added, “The Bank of Glen
Burnie’s strategic goals focus on growing deposits, loans and client relationships. To achieve these objectives and provide the
level of service our clients have come to expect from our organization over the past 75 years, we need to make investments in our products,
infrastructure and people. The declaration of dividends in future periods will be evaluated against the need to reinvest in our future
success. We are focused on executing against our long-term strategic plan and realizing the value from expanded treasury management capabilities
and providing premier relationship banking services. We plan to add resources to drive deposit growth, enhance our small business lending
capabilities, and make strategic adjustments to our operating structure to provide more value to both business and retail customers. These
actions will significantly enhance our infrastructure and allow us to better serve our communities. Based on our capital levels, conservative
underwriting policies, and on- and off-balance sheet liquidity, management expects to navigate the uncertainties and remain well-capitalized.”
Highlights for the First Six Months of 2024
Despite growth in loans and deposits in the first six months
of the year, net interest income decreased $935,000, or 14.86% to $5.4 million through June 30, 2024, as compared to $6.3 million
during the same period of 2023. The decrease resulted primarily from a $1.7 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 $33.4
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 $24.7million
in the loan portfolio and a 0.07% increase in the current expected credit loss (“CECL”) percentage, the Company added $468,000
to its allowance for credit losses on loans in the first half of 2024, as compared to $60,000 in the first half 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 16.84% on June 30, 2024, as compared to 17.88% for the same period of 2023, will provide ample
capacity for future growth.
Return on average assets for the three-month period ended
June 30, 2024, was -0.22%, as compared to 0.31% for the three-month period ended June 30, 2023. Return on average equity for
the three-month period ended June 30, 2024, was -4.72%, as compared to 5.88% for the three-month period ended June 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 lower
average equity balance primarily drove the lower return on average equity.
The cost of funds increased 0.99% when comparing June 30,
2024, to the same period in 2023 from 0.15% to 1.14%. This 0.99% 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.
On June 30, 2024, the Bank remained above all “well-capitalized”
regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 15.59% on June 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 $355.7 million on June 30, 2024,
a decrease of $7.9 million or 2.17%, from $363.6 million on June 30, 2023. Investment securities decreased by $33.6 million or 22.30%
to $117.2 million as of June 30, 2024, compared to $150.8 million for the same period of 2023. Loans, net of deferred fees and costs,
were $201.5 million on June 30, 2024, an increase of $20.9 million or 11.60%, from $180.6 million on June 30, 2023. Cash and
cash equivalents increased $5.0 million or 42.89%, from June 30, 2023, to June 30, 2024.
Total deposits were $305.9 million on June 30, 2024,
a decrease of $23.4 million or 7.09%, from $329.2 million on June 30, 2023. Despite the year-over-year decline, deposit balances
have increased $5.8 million or 1.9% from December 31, 2023. Noninterest-bearing deposits were $109.6 million on June 30, 2024,
a decrease of $20.8 million or 15.95%, from $130.4 million on June 30, 2023. Interest-bearing deposits were $196.2 million on June 30,
2024, a decrease of $2.6 million or 1.29%, from $198.8 million on June 30, 2023. Total borrowings were $30.0 million on June 30,
2024, an increase of $15.0 million or 100.00%, from $15.0 million on June 30, 2023.
As of June 30, 2024, total stockholders’ equity
was $17.5 million (4.91% of total assets), equivalent to a book value of $6.04 per common share. Total stockholders’ equity on June 30,
2023, was $17.3 million (4.75% of total assets), equivalent to a book value of $6.01 per common share.
Asset quality, which has trended
within a narrow range over the past several years, has remained sound as of June 30, 2024. 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 0.09% of total assets on June 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 $2.63 million, or 1.30% of total loans, as of June 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 $571,000 as of June 30, 2024, compared to $473,000 as of December 31, 2023.
Review of Financial Results
For the three-month periods ended June 30, 2024,
and 2023
Net loss for the three-month period ended June 30,
2024, was $204,000, as compared to net income of $276,000 for the three-month period ended June 30, 2023. The decrease is primarily
the result of a $485,000 increase in interest expense on short-term borrowings, a $469,000 increase in interest expense on deposits and
a $399,000 increase in the provision for credit losses on loans, partially offset by an increase of $389,000 in loan interest income and
fees, a $381,000 increase in interest on deposits with banks and a $215,000 decrease in the provision for income taxes. The Company’s
need to defend its deposit base as well as grow interest-earning asset balances necessitated a strategic change in direction.
Net interest income for the three-month period ended June 30,
2024, totaled $2.8 million, a decrease of $328,000 from the three-month period ended June 30, 2023. The decrease in net interest
income was due to a $955,000 increase in the cost of interest-bearing deposits and borrowings driven by a $26.6 million increase in the
average balance of interest-bearing funds and a $19.1 million decrease in the average balance of noninterest-bearing deposits. The higher
expenses were partially offset by a $626,000 increase in total interest income due to a $7.4 million increase in the average balance of
interest earning assets.
Net interest margin for the three-month period ended June 30,
2024, was 3.02%, compared to 3.44% 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 $26.6 million and decreased
$19.1 million, respectively, and the cost of funds increased 1.11%, when comparing the three-month periods ending June 30, 2023,
and 2024. The average balance of interest-earning assets increased $7.4 million while the yield increased 0.62% from 3.60% to 4.22%, when
comparing the three-month periods ending June 30, 2023, and 2024, respectively.
The average balance of interest-bearing deposits in banks
and investment securities increased $2.4 million from $181.9 million to $184.3 million for the second quarter of 2024, compared to the
same period of 2023 while the yield increased from 2.49% to 2.97% 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 $5.0 million to $186.7 million
for the three-month period ended June 30, 2024, compared to $181.7 million for the same period of 2023, while the yield increased
from 4.71% to 5.44% during that same period. The increase in loan yields for the second quarter of 2024 reflected the runoff of the lower
yielding loans and 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 June 30, 2024, was $526,000, compared to $127,000 for the same period of
2023. The increase in the provision for the three-month period ended June 30, 2024, when compared to the three-month period
ended June 30, 2023, primarily reflects a $20.9 million increase in the reservable balance of the loan portfolio and a 0.07% increase
in the current expected credit loss percentage.
For the three-month period ended June 30, 2024, noninterest
expense was $2.89 million, compared to $2.92 million for the three-month period ended June 30, 2023, a decrease of $31,000. The primary
contributors to the $31,000 decrease, when compared to the three-month period ended June 30, 2023, were decreases in salary and employee
benefits, and data processing and item processing services, offset by increases in occupancy and equipment expenses, legal, accounting,
and other professional fees, and other expenses.
For the six-month periods ended June 30, 2024,
and 2023
Net loss for the six-month period ended June 30, 2024,
was $201,000, as compared to net income of $710,000 for the six-month period ended June 30, 2023. The decrease is primarily the result
of a $917,000 increase in interest expense on short-term borrowings, a $764,000 increase in interest expense on deposits and a $609,000
increase in the provision for credit losses on loans, partially offset by an increase of $517,000 in loan interest income and fees, a
$402,000 increase in interest on deposits with banks and a $532,000 decrease in the provision for income taxes.
Net interest income for the six-month period ended June 30,
2024, totaled $5.4 million, a decrease of $935,000 from the six-month period ended June 30, 2023. The decrease in net interest income
was due to a $1.7 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 $21.7 million decrease in the average balance of noninterest-bearing deposits. The higher expenses
were partially offset by a $746,000 increase in total interest income due to a 0.44% increase in the yield of interest earning assets.
Net interest margin for the six-month period ended June 30,
2024, was 2.94%, compared to 3.42% 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 $21.7 million,
respectively, and the cost of funds increased 0.99%, when comparing the six-month periods ending June 30, 2023, and 2024. The average
balance of interest-earning assets decreased $4.5 million while the yield increased 0.44% from 3.56% to 4.00%, when comparing the six-month
periods ending June 30, 2023, and 2024, respectively.
The average balance of interest-bearing deposits in banks
and investment securities decreased $2.5 million from $187.7 million to $185.2 million for the first half of 2024, compared to the same
period of 2023 while the yield increased from 2.48% to 2.76% 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 decreased $1.9 million to $181.3 million
for the six-month period ended June 30, 2024, compared to $183.2 million for the same period of 2023, while the yield increased from
4.65% to 5.26% during that same period. The increase in loan yields for the first half 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 $694,000 for the six-month period ending June 30, 2024, compared to $85,000 for the same period in 2023. The $609,000
increase in the provision in 2024, compared to 2023, primarily reflects a $20.9 million increase in the reservable balance of the loan
portfolio and a 0.07% increase in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was
$2.63 million on June 30, 2024, representing 1.30% of total loans, compared to $2.22 million, or 1.23% of total loans on June 30,
2023.
For the six-month period ended June 30, 2024, noninterest
expense was $5.8 million, compared to $5.9 million for the six-month period ended June 30, 2023. The primary contributors when comparing
to the six-month period ended June 30, 2023, were decreases in salary and employee benefits costs, and data processing and item processing
services, partially offset by increases in occupancy and equipment expenses, 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)
| |
June 30, | | |
March 31, | | |
December 31, | | |
June 30, | |
| |
2024 | | |
2024 | | |
2023 | | |
2023 | |
| |
(unaudited) | | |
(unaudited) | | |
(audited) | | |
(unaudited) | |
ASSETS | |
| | | |
| | | |
| | | |
| | |
Cash and due from banks | |
$ | 1,804 | | |
$ | 9,091 | | |
$ | 1,940 | | |
$ | 1,965 | |
Interest-bearing deposits in other financial institutions | |
| 14,982 | | |
| 33,537 | | |
| 13,301 | | |
| 9,783 | |
Total Cash and Cash Equivalents | |
| 16,786 | | |
| 42,628 | | |
| 15,241 | | |
| 11,748 | |
| |
| | | |
| | | |
| | | |
| | |
Investment securities available for sale, at fair value | |
| 117,180 | | |
| 128,727 | | |
| 139,427 | | |
| 150,820 | |
Restricted equity securities, at cost | |
| 246 | | |
| 246 | | |
| 1,217 | | |
| 403 | |
| |
| | | |
| | | |
| | | |
| | |
Loans, net of deferred fees and costs | |
| 201,500 | | |
| 177,950 | | |
| 176,307 | | |
| 180,551 | |
Less: Allowance for credit losses(1) | |
| (2,625 | ) | |
| (2,035 | ) | |
| (2,157 | ) | |
| (2,222 | ) |
Loans, net | |
| 198,875 | | |
| 175,915 | | |
| 174,150 | | |
| 178,329 | |
| |
| | | |
| | | |
| | | |
| | |
Premises and equipment, net | |
| 2,833 | | |
| 2,928 | | |
| 3,046 | | |
| 3,276 | |
Bank owned life insurance | |
| 8,744 | | |
| 8,700 | | |
| 8,657 | | |
| 8,572 | |
Deferred tax assets, net | |
| 8,329 | | |
| 8,255 | | |
| 7,897 | | |
| 8,520 | |
Accrued interest receivable | |
| 1,358 | | |
| 1,281 | | |
| 1,192 | | |
| 1,139 | |
Accrued taxes receivable | |
| 552 | | |
| 363 | | |
| 121 | | |
| 70 | |
Prepaid expenses | |
| 355 | | |
| 460 | | |
| 475 | | |
| 382 | |
Other assets | |
| 458 | | |
| 367 | | |
| 390 | | |
| 348 | |
Total Assets | |
$ | 355,716 | | |
$ | 369,870 | | |
$ | 351,813 | | |
$ | 363,607 | |
| |
| | | |
| | | |
| | | |
| | |
LIABILITIES | |
| | | |
| | | |
| | | |
| | |
Noninterest-bearing deposits | |
$ | 109,631 | | |
$ | 115,167 | | |
$ | 116,922 | | |
$ | 130,430 | |
Interest-bearing deposits | |
| 196,235 | | |
| 194,064 | | |
| 183,145 | | |
| 198,794 | |
Total Deposits | |
| 305,866 | | |
| 309,231 | | |
| 300,067 | | |
| 329,224 | |
| |
| | | |
| | | |
| | | |
| | |
Short-term borrowings | |
| 30,000 | | |
| 40,000 | | |
| 30,000 | | |
| 15,000 | |
Defined pension liability | |
| 328 | | |
| 327 | | |
| 324 | | |
| 320 | |
Accrued expenses and other liabilities | |
| 2,051 | | |
| 2,183 | | |
| 2,097 | | |
| 1,804 | |
Total Liabilities | |
| 338,245 | | |
| 351,741 | | |
| 332,488 | | |
| 346,348 | |
| |
| | | |
| | | |
| | | |
| | |
STOCKHOLDERS' EQUITY | |
| | | |
| | | |
| | | |
| | |
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,893,648; 2,887,467; 2,882,627; 2,872,834 shares as of June 30, 2024, March 31, 2024, December 31, 2023, and June 30,2023 respectively. | |
| 2,894 | | |
| 2,887 | | |
| 2,883 | | |
| 2,873 | |
Additional paid-in capital | |
| 11,014 | | |
| 10,989 | | |
| 10,964 | | |
| 10,914 | |
Retained earnings | |
| 23,081 | | |
| 23,575 | | |
| 23,859 | | |
| 23,716 | |
Accumulated other comprehensive loss | |
| (19,518 | ) | |
| (19,322 | ) | |
| (18,381 | ) | |
| (20,244 | ) |
Total Stockholders' Equity | |
| 17,471 | | |
| 18,129 | | |
| 19,325 | | |
| 17,259 | |
Total Liabilities and Stockholders' Equity | |
$ | 355,716 | | |
$ | 369,870 | | |
$ | 351,813 | | |
$ | 363,607 | |
GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(unaudited)
| |
Three Months Ended
June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Interest income | |
| | | |
| | | |
| | | |
| | |
Interest and fees on loans | |
$ | 2,525 | | |
$ | 2,135 | | |
$ | 4,740 | | |
$ | 4,223 | |
Interest and dividends on securities | |
| 854 | | |
| 999 | | |
| 1,791 | | |
| 1,964 | |
Interest on deposits with banks and federal funds sold | |
| 514 | | |
| 133 | | |
| 767 | | |
| 365 | |
Total Interest Income | |
| 3,893 | | |
| 3,267 | | |
| 7,298 | | |
| 6,552 | |
| |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| | | |
| | | |
| | | |
| | |
Interest on deposits | |
| 584 | | |
| 115 | | |
| 986 | | |
| 222 | |
Interest on short-term borrowings | |
| 523 | | |
| 38 | | |
| 955 | | |
| 38 | |
Total Interest Expense | |
| 1,107 | | |
| 153 | | |
| 1,941 | | |
| 260 | |
| |
| | | |
| | | |
| | | |
| | |
Net Interest Income | |
| 2,786 | | |
| 3,114 | | |
| 5,357 | | |
| 6,292 | |
Provision of credit loss allowance | |
| 526 | | |
| 127 | | |
| 694 | | |
| 85 | |
Net interest income after provision of credit loss provision | |
| 2,260 | | |
| 2,987 | | |
| 4,663 | | |
| 6,207 | |
| |
| | | |
| | | |
| | | |
| | |
Noninterest income | |
| | | |
| | | |
| | | |
| | |
Service charges on deposit accounts | |
| 35 | | |
| 38 | | |
| 73 | | |
| 80 | |
Other fees and commissions | |
| 162 | | |
| 161 | | |
| 311 | | |
| 326 | |
Income on life insurance | |
| 44 | | |
| 40 | | |
| 87 | | |
| 79 | |
Total Noninterest Income | |
| 241 | | |
| 239 | | |
| 471 | | |
| 485 | |
| |
| | | |
| | | |
| | | |
| | |
Noninterest expenses | |
| | | |
| | | |
| | | |
| | |
Salary and employee benefits | |
| 1,601 | | |
| 1,701 | | |
| 3,219 | | |
| 3,398 | |
Occupancy and equipment expenses | |
| 338 | | |
| 299 | | |
| 669 | | |
| 627 | |
Legal, accounting and other professional fees | |
| 248 | | |
| 235 | | |
| 502 | | |
| 498 | |
Data processing and item processing services | |
| 243 | | |
| 281 | | |
| 492 | | |
| 549 | |
FDIC insurance costs | |
| 40 | | |
| 37 | | |
| 78 | | |
| 82 | |
Advertising and marketing related expenses | |
| 25 | | |
| 23 | | |
| 48 | | |
| 45 | |
Loan collection costs | |
| - | | |
| 2 | | |
| 6 | | |
| 3 | |
Telephone costs | |
| 29 | | |
| 34 | | |
| 69 | | |
| 75 | |
Other expenses | |
| 370 | | |
| 313 | | |
| 672 | | |
| 593 | |
Total Noninterest Expenses | |
| 2,894 | | |
| 2,925 | | |
| 5,755 | | |
| 5,870 | |
| |
| | | |
| | | |
| | | |
| | |
(Loss) income before income taxes | |
| (393 | ) | |
| 301 | | |
| (621 | ) | |
| 822 | |
Income tax (benefit) expense | |
| (189 | ) | |
| 25 | | |
| (420 | ) | |
| 112 | |
| |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (204 | ) | |
$ | 276 | | |
$ | (201 | ) | |
$ | 710 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net (loss) income per common share | |
$ | (0.07 | ) | |
$ | 0.10 | | |
$ | (0.07 | ) | |
$ | 0.25 | |
GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the six months ended June 30, 2024 and 2023
(dollars in thousands)
(unaudited)
| |
| | |
| | |
| | |
Accumulated | | |
| |
| |
| | |
Additional | | |
| | |
Other | | |
Total | |
| |
Common | | |
Paid-in | | |
Retained | | |
Comprehensive | | |
Stockholders' | |
| |
Stock | | |
Capital | | |
Earnings | | |
Income (Loss) | | |
Equity | |
Balance, December 31, 2022 | |
$ | 2,865 | | |
$ | 10,862 | | |
$ | 23,579 | | |
$ | (21,252 | ) | |
$ | 16,054 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| - | | |
| - | | |
| 710 | | |
| - | | |
| 710 | |
Cash dividends, $0.20 per share | |
| - | | |
| - | | |
| (573 | ) | |
| - | | |
| (573 | ) |
Dividends reinvested under dividend
reinvestment plan | |
| 8 | | |
| 52 | | |
| - | | |
| - | | |
| 60 | |
Other comprehensive income | |
| - | | |
| - | | |
| - | | |
| 1,008 | | |
| 1,008 | |
Balance, June 30, 2023 | |
$ | 2,873 | | |
$ | 10,914 | | |
$ | 23,716 | | |
$ | (20,244 | ) | |
$ | 17,259 | |
| |
| | |
| | |
| | |
Accumulated | | |
| |
| |
| | |
Additional | | |
| | |
Other | | |
Total | |
| |
Common | | |
Paid-in | | |
Retained | | |
Comprehensive | | |
Stockholders' | |
| |
Stock | | |
Capital | | |
Earnings | | |
Loss | | |
Equity | |
Balance, December 31, 2023 | |
$ | 2,883 | | |
$ | 10,964 | | |
$ | 23,859 | | |
$ | (18,381 | ) | |
$ | 19,325 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| - | | |
| - | | |
| (201 | ) | |
| - | | |
| (201 | ) |
Cash dividends, $0.20 per share | |
| - | | |
| - | | |
| (577 | ) | |
| - | | |
| (577 | ) |
Dividends reinvested under dividend
reinvestment plan | |
| 11 | | |
| 50 | | |
| - | | |
| - | | |
| 61 | |
Other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| (1,137 | ) | |
| (1,137 | ) |
Balance, June 30, 2024 | |
$ | 2,894 | | |
$ | 11,014 | | |
$ | 23,081 | | |
$ | (19,518 | ) | |
$ | 17,471 | |
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 June 30, 2024: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common Equity Tier 1 Capital | |
$ | 36,896 | | |
| 15.59 | % | |
$ | 9,810 | | |
| 4.50 | % | |
$ | 14,170 | | |
| 6.50 | % |
Total Risk-Based Capital | |
$ | 39,857 | | |
| 16.84 | % | |
$ | 17,440 | | |
| 8.00 | % | |
$ | 21,799 | | |
| 10.00 | % |
Tier 1 Risk-Based Capital | |
$ | 36,896 | | |
| 15.59 | % | |
$ | 13,080 | | |
| 6.00 | % | |
$ | 17,440 | | |
| 8.00 | % |
Tier 1 Leverage | |
$ | 36,896 | | |
| 10.10 | % | |
$ | 14,329 | | |
| 4.00 | % | |
$ | 17,911 | | |
| 5.00 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
As of March 31, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common Equity Tier 1 Capital | |
$ | 37,359 | | |
| 17.14 | % | |
$ | 10,093 | | |
| 4.50 | % | |
$ | 14,579 | | |
| 6.50 | % |
Total Risk-Based Capital | |
$ | 39,891 | | |
| 18.30 | % | |
$ | 17,944 | | |
| 8.00 | % | |
$ | 22,430 | | |
| 10.00 | % |
Tier 1 Risk-Based Capital | |
$ | 37,359 | | |
| 17.14 | % | |
$ | 13,458 | | |
| 6.00 | % | |
$ | 17,944 | | |
| 8.00 | % |
Tier 1 Leverage | |
$ | 37,359 | | |
| 10.43 | % | |
$ | 14,369 | | |
| 4.00 | % | |
$ | 17,961 | | |
| 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 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 | % |
GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA
(dollars in thousands, except per share amounts)
| |
Three Months Ended | | |
Six Months Ended | | |
Year Ended | |
| |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | | |
December 31, | |
| |
2024 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2023 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | | |
(unaudited) | | |
(audited) | | |
(unaudited) | |
Financial Data | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Assets | |
$ | 355,716 | | |
$ | 369,870 | | |
$ | 363,607 | | |
$ | 355,716 | | |
$ | 363,607 | | |
$ | 351,813 | |
Investment securities | |
| 117,180 | | |
| 128,727 | | |
| 150,820 | | |
| 117,180 | | |
| 150,820 | | |
| 139,427 | |
Loans, (net of deferred fees & costs) | |
| 201,500 | | |
| 177,950 | | |
| 180,551 | | |
| 201,500 | | |
| 180,551 | | |
| 176,307 | |
Allowance for loan losses | |
| 2,625 | | |
| 2,035 | | |
| 2,222 | | |
| 2,625 | | |
| 2,222 | | |
| 2,157 | |
Deposits | |
| 305,866 | | |
| 309,231 | | |
| 329,224 | | |
| 305,866 | | |
| 329,224 | | |
| 300,067 | |
Borrowings | |
| 30,000 | | |
| 40,000 | | |
| 15,000 | | |
| 30,000 | | |
| 15,000 | | |
| 30,000 | |
Stockholders' equity | |
| 17,471 | | |
| 18,129 | | |
| 17,259 | | |
| 17,471 | | |
| 17,259 | | |
| 19,325 | |
Net (loss) income | |
| (204 | ) | |
| 3 | | |
| 276 | | |
| (201 | ) | |
| 710 | | |
| 1,429 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Average Balances | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Assets | |
$ | 366,071 | | |
$ | 358,877 | | |
$ | 359,482 | | |
$ | 362,474 | | |
$ | 366,536 | | |
$ | 361,731 | |
Investment securities | |
| 148,690 | | |
| 163,618 | | |
| 170,653 | | |
| 156,154 | | |
| 171,586 | | |
| 173,902 | |
Loans, (net of deferred fees & costs) | |
| 186,650 | | |
| 175,914 | | |
| 181,693 | | |
| 181,282 | | |
| 183,240 | | |
| 179,790 | |
Deposits | |
| 307,427 | | |
| 305,858 | | |
| 335,031 | | |
| 306,642 | | |
| 344,446 | | |
| 330,095 | |
Borrowings | |
| 38,891 | | |
| 31,667 | | |
| 3,793 | | |
| 35,279 | | |
| 1,898 | | |
| 12,580 | |
Stockholders' equity | |
| 17,369 | | |
| 19,124 | | |
| 18,797 | | |
| 18,247 | | |
| 18,309 | | |
| 17,105 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Performance Ratios | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Annualized return on average assets | |
| -0.22 | % | |
| 0.00 | % | |
| 0.31 | % | |
| -0.11 | % | |
| 0.39 | % | |
| 0.40 | % |
Annualized return on average equity | |
| -4.72 | % | |
| 0.06 | % | |
| 5.88 | % | |
| -2.22 | % | |
| 7.82 | % | |
| 8.35 | % |
Net interest margin | |
| 3.02 | % | |
| 2.86 | % | |
| 3.44 | % | |
| 2.94 | % | |
| 3.42 | % | |
| 3.31 | % |
Dividend payout ratio | |
| -142 | % | |
| 9426 | % | |
| 104 | % | |
| -287 | % | |
| 81 | % | |
| 80 | % |
Book value per share | |
$ | 6.04 | | |
$ | 6.28 | | |
$ | 6.01 | | |
$ | 6.04 | | |
$ | 6.01 | | |
$ | 6.70 | |
Basic and diluted net income per share | |
| (0.07 | ) | |
| - | | |
| 0.10 | | |
| (0.07 | ) | |
| 0.25 | | |
| 0.50 | |
Cash dividends declared per share | |
| 0.10 | | |
| 0.10 | | |
| 0.10 | | |
| 0.20 | | |
| 0.20 | | |
| 0.40 | |
Basic and diluted weighted average shares outstanding | |
| 2,891,203 | | |
| 2,885,552 | | |
| 2,871,026 | | |
| 2,888,378 | | |
| 2,873,129 | | |
| 2,873,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Asset Quality Ratios | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Allowance for loan losses to loans | |
| 1.30 | % | |
| 1.14 | % | |
| 1.23 | % | |
| 1.30 | % | |
| 1.23 | % | |
| 1.22 | % |
Nonperforming loans to avg. loans | |
| 0.17 | % | |
| 0.21 | % | |
| 0.32 | % | |
| 0.18 | % | |
| 0.31 | % | |
| 0.29 | % |
Allowance for loan losses to
nonaccrual & 90+ past due loans | |
| 827.1 | % | |
| 549.1 | % | |
| 385.8 | % | |
| 827.1 | % | |
| 385.8 | % | |
| 409.3 | % |
Net charge-offs annualize to avg. loans | |
| -0.14 | % | |
| 0.66 | % | |
| 0.15 | % | |
| 0.25 | % | |
| 0.03 | % | |
| 0.06 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Capital Ratios | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common Equity Tier 1 Capital | |
| 15.59 | % | |
| 17.14 | % | |
| 16.83 | % | |
| 15.59 | % | |
| 16.83 | % | |
| 17.37 | % |
Tier 1 Risk-based Capital Ratio | |
| 15.59 | % | |
| 17.14 | % | |
| 16.83 | % | |
| 15.59 | % | |
| 16.83 | % | |
| 17.37 | % |
Leverage Ratio | |
| 10.10 | % | |
| 10.43 | % | |
| 10.51 | % | |
| 10.10 | % | |
| 10.51 | % | |
| 10.76 | % |
Total Risk-Based Capital Ratio | |
| 16.84 | % | |
| 18.30 | % | |
| 17.88 | % | |
| 16.84 | % | |
| 17.88 | % | |
| 18.40 | % |
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Glen Burnie Bancorp (NASDAQ:GLBZ)
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