Form 8-K - Current report

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.

(c)

Exhibits

The following exhibits are filed herewith:

Exhibit No.

	99.1	Press Release dated July 26, 2024
	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: 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 128^th 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	%

Cover	Jul. 26, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 26, 2024
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