Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding
company for The Bank of Glen Burnie (“Bank”), announced today net
income of $129,000, or $0.04 per basic and diluted common share for
the three-month period ended September 30, 2024, compared to net
income of $551,000, or $0.19 per basic and diluted common share for
the three-month period ended September 30, 2023.
Bancorp reported a net loss of $72,000, or $0.02 per basic and
diluted common share for the nine-month period ended September 30,
2024, compared to net income of $1.3 million, or $0.44 per basic
and diluted common share for the same period in 2023. On September
30, 2024, Bancorp had total assets of $368.4 million. Bancorp is
the oldest independent commercial bank in Anne Arundel County.
“The Company’s positive earnings results for the third quarter
2024 reflect efficient and productive operations, a focus on
disciplined loan growth, and balance sheet management. However, our
financial performance for the year 2024 is disappointing and
represents the challenges inherent in navigating the interest rate
environment of the last several years. The Company is focused on
generating additional interest earning assets at higher current
market and rebuilding our base of core, low-cost deposits,” said
Mark C. Hanna, President, and Chief Executive Officer. “Despite the
challenges of declining net interest income, the Company’s
financial strength is reflected in a strong capital position,
available liquidity and prudent expense management. Although
interest expense increased significantly in year over year
comparisons, prompt adjustments to rates on loans contributed to
expanded interest income and higher yields on earning assets that
partially offset higher interest expense and helped mitigate margin
compression.”
In closing, Mr. Hanna added, “To invest in strategic
opportunities that will benefit the long-term performance of the
Bank, the difficult decision was made to change the longstanding
practice of approving quarterly cash dividends for shareholders. As
the Bank evaluates our next 75 years, we are committed to our
business model and the economic strength of the communities we
serve. To better serve the evolving needs of our clients, there is
a need to reinvest in our people, technology, products and
facilities. Based on our capital levels, conservative underwriting
policies, on-and off-balance sheet liquidity, strong loan
diversification, and current economic conditions within the markets
we serve, management expects to navigate the uncertainties and
remain well-capitalized. We will continue to execute on our
strategic priorities to generate organic loan and deposit
growth.”
Highlights for the First Nine Months of
2024
Despite growth in loans and deposits in the first nine months of
the year, net interest income decreased $1.1 million, or 11.54% to
$8.2 million through September 30, 2024, as compared to $9.2
million during the same period of 2023. The decrease resulted
primarily from a $2.4 million increase in interest expense. The
increase in interest on deposits was driven by the higher cost of
money market deposit balances. The increase in interest on
borrowings was driven by a $25.6 million increase in the average
balance of borrowed funds due to the elevated level of deposit
runoff that occurred in 2023.
Due to growth of $30.7 million in the loan portfolio and a 0.11%
increase in the current expected credit loss (“CECL”) percentage,
the Company added $591,000 to its allowance for credit losses on
loans in the first nine months of 2024, as compared to a $68,000
release of allowance for credit losses in the first nine months of
2023. While this provision negatively impacted earnings in the
first half of the year, the growth in loan balances should generate
additional interest revenue in future periods. The Company expects
that its strong liquidity and capital positions, along with the
Bank’s total regulatory capital to risk weighted assets of 16.72%
on September 30, 2024, as compared to 18.10% for the same period of
2023, will provide ample capacity for future growth.
Return on average assets for the three-month period ended
September 30, 2024, was 0.14%, as compared to 0.61% for the
three-month period ended September 30, 2023. Return on average
equity for the three-month period ended September 30, 2024, was
2.63%, as compared to 12.47% for the three-month period ended
September 30, 2023. Lower net income and a higher average asset
balance primarily drove the lower return on average assets, while
lower net income and a higher average equity balance primarily
drove the lower return on average equity.
The cost of funds increased 0.86% when comparing September 30,
2024, to the same period in 2023, rising from 0.46% to 1.32%. This
0.86% increase was primarily due to the change in the funding mix
between lower cost interest-bearing and noninterest-bearing deposit
balances and higher cost borrowed funds and money market deposit
balances.
On September 30, 2024, the Bank remained above all
“well-capitalized” regulatory requirement levels. The Bank’s tier 1
risk-based capital ratio was approximately 15.47% on September 30,
2024, as compared to 17.37% on December 31, 2023. Liquidity
remained strong due to managed cash and cash equivalents, borrowing
lines with the FHLB of Atlanta, the Federal Reserve and
correspondent banks, and the size and composition of the bond
portfolio.
Balance Sheet Review
Total assets were $368.4 million on September 30, 2024, an
increase of $13.0 million or 3.66%, from $355.4 million on
September 30, 2023. Investment securities decreased by
$22.7 million or 15.94% to $120.0 million as of September 30, 2024,
compared to $142.7 million for the same period of 2023.
Loans, net of deferred fees and costs, were $207.0 million on
September 30, 2024, an increase of $32.2 million or 18.41%, from
$174.8 million on September 30, 2023. Cash and cash equivalents
increased $7.9 million or 54.68%, from September 30, 2023 to
September 30, 2024.
Total deposits were $314.2 million on September 30, 2024, a
decrease of $600,000 or 0.18%, from $314.8 million on September 30,
2023. Despite the year-over-year decline, deposit balances have
increased $14.2 million or 4.73% from December 31, 2023.
Noninterest-bearing deposits were $115.9 million on September 30,
2024, a decrease of $11.0 million or 8.64%, from $126.9 million on
September 30, 2023. Interest-bearing deposits were
$198.3 million on September 30, 2024, an increase of $10.4 million
or 5.53%, from $187.9 million on September 30, 2023. Total
borrowings were $30.0 million on September 30, 2024, an increase of
$5.0 million or 20.00%, from $25.0 million on September 30,
2023. As of September 30, 2024, total stockholders’
equity was $21.2 million (5.74% of total assets), equivalent to a
book value of $7.29 per common share. Total stockholders’ equity on
September 30, 2023, was $13.2 million (3.70% of total assets),
equivalent to a book value of $4.57 per common share.
Asset quality, which has trended within a narrow range over the
past several years, has remained sound as of September 30, 2024.
Nonperforming assets, which consist of nonaccrual loans,
restructured loans to borrowers with financial difficulty, accruing
loans past due 90 days or more, and other real estate owned
(“OREO”), represented 0.08% of total assets on September 30, 2024,
compared to 0.15% on December 31, 2023, demonstrating positive
asset quality trends across the portfolio. The allowance for credit
losses on loans was $2.75 million, or 1.33% of total loans, as of
September 30, 2024, compared to $2.16 million, or 1.22% of total
loans, as of December 31, 2023. The allowance for credit losses for
unfunded commitments was $597,000 as of September 30, 2024,
compared to $473,000 as of December 31, 2023.
Review of Financial Results
For the three-month periods ended September 30, 2024,
and 2023
Net income for the three-month period ended September 30, 2024,
was $129,000, as compared to net income of $551,000 for the
three-month period ended September 30, 2023. The decrease is
primarily the result of a $614,000 increase in interest expense on
deposits and a $126,000 increase in interest expense on short-term
borrowings, a $287,000 decrease in interest and dividends on
securities, a $170,000 increase in the provision for credit losses
on loans and a $197,000 increase in noninterest expenses. These
decreases were partially offset by an increase of $763,000 in loan
interest income and fees, and a $133,000 increase in interest on
deposits with banks. The Company’s need to defend its deposit base
as well as grow interest-earning asset balances necessitated a
strategic change in direction that resulted in the increased
interest expense.
Net interest income for the three-month period ended September
30, 2024, totaled $2.8 million, a decrease of $131,000 from the
three-month period ended September 30, 2023. The decrease in net
interest income was due to a $740,000 increase in the cost of
interest-bearing deposits and borrowings driven by a $17.3 million
increase in the average balance of interest-bearing funds and a
$16.6 million decrease in the average balance of
noninterest-bearing deposits. The higher expenses were partially
offset by a $609,000 increase in total interest income due to a
0.66% increase in the yield of interest earning assets.
Net interest margin for the three-month period ended September
30, 2024, was 3.06%, compared to 3.21% for the same period of
2023. Higher average interest-bearing funds, lower
average noninterest-bearing funds, and higher cost of funds,
partially offset by higher average yields and balances on
interest-earning assets were the primary drivers of year-over-year
results. The average balance of interest-bearing funds and
noninterest-bearing funds increased $17.3 million and decreased
$16.6 million, respectively, and the cost of funds increased 0.86%,
when comparing the three-month periods ending September 30, 2023,
and 2024. The average balance of interest-earning assets increased
$0.8 million while the yield increased 0.66% from 3.64% to 4.30%,
when comparing the three-month periods ending September 30, 2023,
and 2024, respectively.
The average balance of interest-bearing deposits in banks and
investment securities decreased $25.3 million from $188.2 million
to $162.9 million for the third quarter of 2024, compared to the
same period of 2023, while the yield remained unchanged during that
same period.
Average loan balances increased $26.1 million to $203.3 million
for the three-month period ended September 30, 2024, compared to
$177.2 million for the same period of 2023, while the yield
increased 0.89% from 4.80% to 5.69% during that same period. The
increase in loan yields for the third quarter of 2024 reflected the
runoff of the lower yielding loans and the origination of higher
yielding loans in the current higher rate environment.
The provision of allowance for credit loss on loans for the
three-month period ended September 30, 2024, was $78,000, compared
to a release of allowance for credit loss of $92,000 for the same
period of 2023. The $170,000 increase in the provision for the
three-month period ended September 30, 2024, when compared to the
three-month period ended September 30, 2023, primarily reflects a
$32.0 million increase in the reservable balance of the loan
portfolio and a 0.13% increase in the current expected credit loss
percentage.
For the three-month period ended September 30, 2024, noninterest
expense was $3.0 million, compared to $2.8 million for the
three-month period ended September 30, 2023, an increase of
$200,000. The primary contributors to the $200,000 increase, when
compared to the three-month period ended September 30, 2023, were
increases in legal, accounting, and other professional fees, data
processing and item processing services, advertising and marketing
related expenses, and other expenses (primarily allowance for
unfunded commitments), offset by decreases in salary and employee
benefits.
For the nine-month periods ended September 30, 2024, and
2023
Net loss for the nine-month period ended September 30, 2024, was
$72,000, as compared to net income of $1.3 million for the
nine-month period ended September 30, 2023. The decrease is
primarily the result of a $460,000 decrease in interest and
dividends on securities, a $1.0 million increase in interest
expense on short-term borrowings, a $1.4 million increase in
interest expense on deposits and a $780,000 increase in the
provision for credit losses on loans, partially offset by an
increase of $1.3 million in loan interest income and fees, a
$535,000 increase in interest on deposits with banks and a $569,000
decrease in the provision for income taxes.
Net interest income for the nine-month period ended September
30, 2024, totaled $8.2 million, a decrease of $1.1 million from the
nine-month period ended September 30, 2023. The decrease in net
interest income was due to a $2.4 million increase in the cost of
interest-bearing deposits and borrowings driven by a $17.3 million
increase in the average balance of interest-bearing funds and a
$20.0 million decrease in the average balance of
noninterest-bearing deposits. The higher expenses were partially
offset by a $1.3 million increase in total interest income due to a
0.51% increase in the yield of interest earning assets.
Net interest margin for the nine-month period ended September
30, 2024, was 2.98%, compared to 3.35% for the same period of 2023.
Higher average interest-bearing funds, lower average
noninterest-bearing funds, and higher cost of funds, partially
offset by higher average yields on interest-earning assets, were
the primary drivers of year-over-year results. The average balance
of interest-bearing funds and noninterest-bearing funds increased
$17.3 million and decreased $20.0 million, respectively, and the
cost of funds increased 0.94%, when comparing the nine-month
periods ending September 30, 2023, and 2024. The average balance of
interest-earning assets decreased $2.7 million, while the yield
increased 0.51% from 3.59% to 4.10%, when comparing the nine-month
periods ending September 30, 2023, and 2024, respectively.
The average balance of interest-bearing deposits in banks and
investment securities decreased $10.1 million from $187.9 million
to $177.8 million for the first nine months of 2024, compared to
the same period of 2023, while the yield increased 0.20% from 2.51%
to 2.71% during that same period. The increase in yields is
attributed to the higher interest rate environment and its positive
impact on cash balances and investment yields.
Average loan balances increased $7.4 million to $188.6 million
for the nine-month period ended September 30, 2024, compared to
$181.2 million for the same period of 2023, while the yield
increased 0.72% from 4.70% to 5.42% during that same period. The
increase in loan yields for the first nine months of 2024 reflected
the runoff of the lower yielding loans and origination of higher
yielding loans in the current higher rate environment.
The Company recorded a provision of allowance for credit loss on
loans of $773,000 for the nine-month period ending September 30,
2024, compared to a release of allowance for credit loss of $7,000
for the same period in 2023. The $780,000 increase in the provision
in 2024, compared to 2023, primarily reflects a $32.0 million
increase in the reservable balance of the loan portfolio and a
0.13% increase in the current expected credit loss
percentage. As a result, the allowance for credit loss
on loans was $2.75 million on September 30, 2024, representing
1.33% of total loans, compared to $2.09 million, or 1.20% of total
loans on September 30, 2023.
For the nine-month period ended September 30, 2024, noninterest
expense was $8.8 million, compared to $8.7 million for the
nine-month period ended September 30, 2023. The primary
contributors when comparing to the nine-month period ended
September 30, 2023, were increases in occupancy and equipment
expenses, legal, accounting, and other professional fees,
advertising and marketing related expenses, and other expenses
(primarily allowance for unfunded commitments), offset by decreases
in salary and employee benefits costs.
Glen Burnie Bancorp Information
Glen Burnie Bancorp is a bank holding company headquartered in
Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is
a locally owned community bank with 8 branch offices serving Anne
Arundel County. The Bank is engaged in the commercial and retail
banking business including the acceptance of demand and time
deposits, and the origination of loans to individuals,
associations, partnerships, and corporations. The Bank’s real
estate financing consists of residential first and second mortgage
loans, home equity lines of credit and commercial mortgage loans.
The Bank also originates automobile loans through arrangements with
local automobile dealers. Additional information is available at
www.thebankofglenburnie.com.
Forward-Looking Statements
The statements contained herein that are not historical
financial information may be deemed to constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are subject to certain risks
and uncertainties, which could cause the company’s actual results
in the future to differ materially from its historical results and
those presently anticipated or projected. These statements are
evidenced by terms such as “anticipate,” “estimate,” “should,”
“expect,” “believe,” “intend,” and similar expressions. Although
these statements reflect management’s good faith beliefs and
projections, they are not guarantees of future performance and they
may not prove true. For a more complete discussion of these and
other risk factors, please see the company’s reports filed with the
Securities and Exchange Commission.
For further information contact:
Jeffrey D. Harris, Chief Financial
Officer410-768-8883jdharris@bogb.net106 Padfield BlvdGlen Burnie,
MD 21061
| GLEN BURNIE
BANCORP AND SUBSIDIARY |
| CONSOLIDATED
BALANCE SHEETS |
| (dollars in
thousands) |
| |
|
|
|
|
|
|
|
| |
September
30, |
|
June
30, |
|
December
31, |
|
September
30, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
2023 |
|
| |
(unaudited) |
|
(unaudited) |
|
(audited) |
|
(unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
| Cash and due
from banks |
$ |
2,255 |
|
|
$ |
1,804 |
|
|
$ |
1,940 |
|
|
2,380 |
|
|
Interest-bearing deposits in other financial institutions |
|
20,207 |
|
|
|
14,982 |
|
|
|
13,301 |
|
|
12,142 |
|
|
Total Cash and Cash Equivalents |
|
22,462 |
|
|
|
16,786 |
|
|
|
15,241 |
|
|
14,522 |
|
| |
|
|
|
|
|
|
|
| Investment
securities available for sale, at fair value |
|
119,958 |
|
|
|
117,180 |
|
|
|
139,427 |
|
|
142,705 |
|
| Restricted
equity securities, at cost |
|
246 |
|
|
|
246 |
|
|
|
1,217 |
|
|
980 |
|
| |
|
|
|
|
|
|
|
| Loans, net
of deferred fees and costs |
|
206,975 |
|
|
|
201,500 |
|
|
|
176,307 |
|
|
174,796 |
|
|
Less: Allowance for credit losses(1) |
|
(2,748 |
) |
|
|
(2,625 |
) |
|
|
(2,157 |
) |
|
(2,094 |
) |
|
Loans, net |
|
204,227 |
|
|
|
198,875 |
|
|
|
174,150 |
|
|
172,702 |
|
| |
|
|
|
|
|
|
|
| Premises and
equipment, net |
|
2,723 |
|
|
|
2,833 |
|
|
|
3,046 |
|
|
3,177 |
|
| Bank owned
life insurance |
|
8,789 |
|
|
|
8,744 |
|
|
|
8,657 |
|
|
8,614 |
|
| Deferred tax
assets, net |
|
6,879 |
|
|
|
8,329 |
|
|
|
7,897 |
|
|
10,187 |
|
| Accrued
interest receivable |
|
1,478 |
|
|
|
1,358 |
|
|
|
1,192 |
|
|
1,373 |
|
| Accrued
taxes receivable |
|
497 |
|
|
|
552 |
|
|
|
121 |
|
|
189 |
|
| Prepaid
expenses |
|
486 |
|
|
|
355 |
|
|
|
475 |
|
|
538 |
|
| Other
assets |
|
614 |
|
|
|
458 |
|
|
|
390 |
|
|
377 |
|
|
Total Assets |
$ |
368,359 |
|
|
$ |
355,716 |
|
|
$ |
351,813 |
|
|
355,364 |
|
| |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
115,938 |
|
|
$ |
109,631 |
|
|
$ |
116,922 |
|
|
126,898 |
|
|
Interest-bearing deposits |
|
198,335 |
|
|
|
196,235 |
|
|
|
183,145 |
|
|
187,943 |
|
|
Total Deposits |
|
314,273 |
|
|
|
305,866 |
|
|
|
300,067 |
|
|
314,841 |
|
| |
|
|
|
|
|
|
|
| Short-term
borrowings |
|
30,000 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
25,000 |
|
| Defined
pension liability |
|
329 |
|
|
|
328 |
|
|
|
324 |
|
|
322 |
|
| Accrued
expenses and other liabilities |
|
2,597 |
|
|
|
2,051 |
|
|
|
2,097 |
|
|
2,040 |
|
|
Total Liabilities |
|
347,199 |
|
|
|
338,245 |
|
|
|
332,488 |
|
|
342,203 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common
stock, par value $1, authorized 15,000,000 shares, issued and
outstanding 2,900,681; 2,893,648; 2,882,627; 2,877,084 shares as of
September 30, 2024, June 30, 2024, December 31, 2023, and September
30,2023 respectively. |
|
2,901 |
|
|
|
2,894 |
|
|
|
2,883 |
|
|
2,877 |
|
| Additional
paid-in capital |
|
11,037 |
|
|
|
11,014 |
|
|
|
10,964 |
|
|
10,940 |
|
| Retained
earnings |
|
22,921 |
|
|
|
23,081 |
|
|
|
23,859 |
|
|
23,980 |
|
| Accumulated
other comprehensive loss |
|
(15,699 |
) |
|
|
(19,518 |
) |
|
|
(18,381 |
) |
|
(24,636 |
) |
|
Total Stockholders' Equity |
|
21,160 |
|
|
|
17,471 |
|
|
|
19,325 |
|
|
13,161 |
|
|
Total Liabilities and Stockholders' Equity |
$ |
368,359 |
|
|
$ |
355,716 |
|
|
$ |
351,813 |
|
|
355,364 |
|
| |
|
|
|
|
|
|
|
| GLEN BURNIE
BANCORP AND SUBSIDIARY |
| CONSOLIDATED
STATEMENTS OF INCOME |
| (dollars in thousands,
except per share amounts) |
| (unaudited) |
| |
|
|
|
|
|
|
|
| |
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
| |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Interest income |
|
|
|
|
|
|
|
| Interest and
fees on loans |
$ |
2,908 |
|
|
$ |
2,145 |
|
|
$ |
7,648 |
|
|
$ |
6,368 |
|
| Interest and
dividends on securities |
|
814 |
|
|
|
1,101 |
|
|
|
2,605 |
|
|
|
3,065 |
|
| Interest on
deposits with banks and federal funds sold |
|
237 |
|
|
|
104 |
|
|
|
1,004 |
|
|
|
469 |
|
|
Total Interest Income |
|
3,959 |
|
|
|
3,350 |
|
|
|
11,257 |
|
|
|
9,902 |
|
| |
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
| Interest on
deposits |
|
730 |
|
|
|
116 |
|
|
|
1,716 |
|
|
|
337 |
|
| Interest on
short-term borrowings |
|
408 |
|
|
|
282 |
|
|
|
1,363 |
|
|
|
320 |
|
|
Total Interest Expense |
|
1,138 |
|
|
|
398 |
|
|
|
3,079 |
|
|
|
657 |
|
| |
|
|
|
|
|
|
|
|
Net Interest Income |
|
2,821 |
|
|
|
2,952 |
|
|
|
8,178 |
|
|
|
9,245 |
|
| Provision
(release) of credit loss allowance |
|
78 |
|
|
|
(92 |
) |
|
|
773 |
|
|
|
(7 |
) |
|
Net interest income after provision of credit loss provision |
|
2,743 |
|
|
|
3,044 |
|
|
|
7,405 |
|
|
|
9,252 |
|
| |
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
| Service
charges on deposit accounts |
|
36 |
|
|
|
40 |
|
|
|
109 |
|
|
|
120 |
|
| Other fees
and commissions |
|
273 |
|
|
|
233 |
|
|
|
584 |
|
|
|
560 |
|
| Income on
life insurance |
|
45 |
|
|
|
42 |
|
|
|
132 |
|
|
|
120 |
|
|
Total Noninterest Income |
|
354 |
|
|
|
315 |
|
|
|
825 |
|
|
|
800 |
|
| |
|
|
|
|
|
|
|
|
Noninterest expenses |
|
|
|
|
|
|
|
| Salary and
employee benefits |
|
1,654 |
|
|
|
1,691 |
|
|
|
4,872 |
|
|
|
5,089 |
|
| Occupancy
and equipment expenses |
|
327 |
|
|
|
329 |
|
|
|
996 |
|
|
|
955 |
|
| Legal,
accounting and other professional fees |
|
267 |
|
|
|
194 |
|
|
|
769 |
|
|
|
692 |
|
| Data
processing and item processing services |
|
263 |
|
|
|
206 |
|
|
|
755 |
|
|
|
755 |
|
| FDIC
insurance costs |
|
41 |
|
|
|
40 |
|
|
|
119 |
|
|
|
122 |
|
| Advertising
and marketing related expenses |
|
40 |
|
|
|
26 |
|
|
|
88 |
|
|
|
72 |
|
| Loan
collection costs |
|
5 |
|
|
|
10 |
|
|
|
11 |
|
|
|
13 |
|
| Telephone
costs |
|
41 |
|
|
|
38 |
|
|
|
110 |
|
|
|
113 |
|
| Other
expenses |
|
380 |
|
|
|
287 |
|
|
|
1,052 |
|
|
|
880 |
|
|
Total Noninterest Expenses |
|
3,018 |
|
|
|
2,821 |
|
|
|
8,772 |
|
|
|
8,691 |
|
| |
|
|
|
|
|
|
|
| Income
(loss) before income taxes |
|
79 |
|
|
|
538 |
|
|
|
(542 |
) |
|
|
1,361 |
|
| Income tax
(benefit) expense |
|
(50 |
) |
|
|
(13 |
) |
|
|
(470 |
) |
|
|
99 |
|
| |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
129 |
|
|
$ |
551 |
|
|
$ |
(72 |
) |
|
$ |
1,262 |
|
| |
|
|
|
|
|
|
|
|
Basic and diluted net income (loss) per common
share |
$ |
0.04 |
|
|
$ |
0.19 |
|
|
$ |
(0.02 |
) |
|
$ |
0.44 |
|
| |
|
|
|
|
|
|
|
| GLEN BURNIE
BANCORP AND SUBSIDIARY |
| CONSOLIDATED
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY |
| For the nine
months ended September 30, 2024 and 2023 |
| (dollars in
thousands) |
| (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Accumulated |
|
|
| |
|
|
Additional |
|
|
|
Other |
|
Total |
| |
Common |
|
Paid-in |
|
Retained |
|
Comprehensive |
|
Stockholders' |
| |
Stock |
|
Capital |
|
Earnings |
|
Loss |
|
Equity |
|
Balance, December 31, 2022 |
$ |
2,865 |
|
$ |
10,862 |
|
$ |
23,579 |
|
|
$ |
(21,252 |
) |
|
$ |
16,054 |
|
| |
|
|
|
|
|
|
|
|
|
| Net
income |
|
- |
|
|
- |
|
|
1,262 |
|
|
|
- |
|
|
|
1,262 |
|
| Cash
dividends, $0.30 per share |
|
- |
|
|
- |
|
|
(861 |
) |
|
|
- |
|
|
|
(861 |
) |
| Dividends
reinvested under |
|
|
|
|
|
|
|
|
|
|
dividend reinvestment plan |
|
12 |
|
|
78 |
|
|
- |
|
|
|
- |
|
|
|
90 |
|
| Other
comprehensive loss |
|
- |
|
|
- |
|
|
- |
|
|
|
(3,384 |
) |
|
|
(3,384 |
) |
|
Balance, September 30, 2023 |
$ |
2,877 |
|
$ |
10,940 |
|
$ |
23,980 |
|
|
$ |
(24,636 |
) |
|
$ |
13,161 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Accumulated |
|
|
| |
|
|
Additional |
|
|
|
Other |
|
Total |
| |
Common |
|
Paid-in |
|
Retained |
|
Comprehensive |
|
Stockholders' |
| |
Stock |
|
Capital |
|
Earnings |
|
(Loss) Income |
|
Equity |
|
Balance, December 31, 2023 |
$ |
2,883 |
|
$ |
10,964 |
|
$ |
23,859 |
|
|
$ |
(18,381 |
) |
|
$ |
19,325 |
|
| |
|
|
|
|
|
|
|
|
|
| Net
loss |
|
- |
|
|
- |
|
|
(72 |
) |
|
|
- |
|
|
|
(72 |
) |
| Cash
dividends, $0.30 per share |
|
- |
|
|
- |
|
|
(866 |
) |
|
|
- |
|
|
|
(866 |
) |
| Dividends
reinvested under |
|
|
|
|
|
|
|
|
|
|
dividend reinvestment plan |
|
18 |
|
|
73 |
|
|
- |
|
|
|
- |
|
|
|
91 |
|
| Other
comprehensive income |
|
- |
|
|
- |
|
|
- |
|
|
|
2,682 |
|
|
|
2,682 |
|
|
Balance, September 30, 2024 |
$ |
2,901 |
|
$ |
11,037 |
|
$ |
22,921 |
|
|
$ |
(15,699 |
) |
|
$ |
21,160 |
|
| |
|
|
|
|
|
|
|
|
|
| THE BANK OF
GLEN BURNIE |
| CAPITAL
RATIOS |
| (dollars in
thousands) |
| (unaudited) |
| |
| |
|
|
|
|
|
|
To Be
Well |
| |
|
|
|
|
|
|
Capitalized
Under |
| |
|
|
|
To Be
Considered |
|
Prompt
Corrective |
| |
|
|
|
Adequately Capitalized |
Action Provisions |
| |
Amount |
Ratio |
|
Amount |
Ratio |
|
Amount |
Ratio |
| As
of September 30, 2024: |
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Capital |
$ |
36,755 |
15.47 |
% |
|
$ |
10,691 |
4.50 |
% |
|
$ |
15,443 |
6.50 |
% |
| Total
Risk-Based Capital |
$ |
39,729 |
16.72 |
% |
|
$ |
19,006 |
8.00 |
% |
|
$ |
23,758 |
10.00 |
% |
| Tier 1
Risk-Based Capital |
$ |
36,755 |
15.47 |
% |
|
$ |
14,255 |
6.00 |
% |
|
$ |
19,006 |
8.00 |
% |
| Tier 1
Leverage |
$ |
36,755 |
10.11 |
% |
|
$ |
14,539 |
4.00 |
% |
|
$ |
18,173 |
5.00 |
% |
| |
|
|
|
|
|
|
|
|
| As
of June 30, 2024: |
|
|
|
|
|
|
|
|
| Common
Equity Tier 1 Capital |
$ |
36,896 |
15.59 |
% |
|
$ |
10,652 |
4.50 |
% |
|
$ |
15,386 |
6.50 |
% |
| Total
Risk-Based Capital |
$ |
39,857 |
16.84 |
% |
|
$ |
18,937 |
8.00 |
% |
|
$ |
23,671 |
10.00 |
% |
| Tier 1
Risk-Based Capital |
$ |
36,896 |
15.59 |
% |
|
$ |
14,202 |
6.00 |
% |
|
$ |
18,937 |
8.00 |
% |
| Tier 1
Leverage |
$ |
36,896 |
10.10 |
% |
|
$ |
14,617 |
4.00 |
% |
|
$ |
18,271 |
5.00 |
% |
| |
|
|
|
|
|
|
|
|
| As
of December 31, 2023: |
|
|
|
|
|
|
|
|
| Common
Equity Tier 1 Capital |
$ |
37,975 |
17.37 |
% |
|
$ |
9,840 |
4.50 |
% |
|
$ |
14,213 |
6.50 |
% |
| Total
Risk-Based Capital |
$ |
40,237 |
18.40 |
% |
|
$ |
17,493 |
8.00 |
% |
|
$ |
21,867 |
10.00 |
% |
| Tier 1
Risk-Based Capital |
$ |
37,975 |
17.37 |
% |
|
$ |
13,120 |
6.00 |
% |
|
$ |
17,493 |
8.00 |
% |
| Tier 1
Leverage |
$ |
37,975 |
10.76 |
% |
|
$ |
14,113 |
4.00 |
% |
|
$ |
17,641 |
5.00 |
% |
| |
|
|
|
|
|
|
|
|
| As
of September 30, 2023: |
|
|
|
|
|
|
|
|
| Common
Equity Tier 1 Capital |
$ |
38,053 |
17.12 |
% |
|
$ |
10,004 |
4.50 |
% |
|
$ |
14,450 |
6.50 |
% |
| Total
Risk-Based Capital |
$ |
40,227 |
18.10 |
% |
|
$ |
17,785 |
8.00 |
% |
|
$ |
22,231 |
10.00 |
% |
| Tier 1
Risk-Based Capital |
$ |
38,053 |
17.12 |
% |
|
$ |
13,338 |
6.00 |
% |
|
$ |
17,785 |
8.00 |
% |
| Tier 1
Leverage |
$ |
38,053 |
10.56 |
% |
|
$ |
14,420 |
4.00 |
% |
|
$ |
18,026 |
5.00 |
% |
| |
|
|
|
|
|
|
|
|
| GLEN BURNIE
BANCORP AND SUBSIDIARY |
| SELECTED
FINANCIAL DATA |
| (dollars in thousands,
except per share amounts) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Year Ended |
| |
September
30, |
June
30, |
|
September
30, |
|
December
31, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
| |
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
| |
|
|
|
|
|
|
|
|
Financial Data |
|
|
|
|
|
|
|
| Assets |
$ |
368,359 |
|
|
$ |
355,716 |
|
|
$ |
355,364 |
|
|
$ |
351,813 |
|
| Investment
securities |
|
119,958 |
|
|
|
117,180 |
|
|
|
142,705 |
|
|
|
139,427 |
|
| Loans, (net
of deferred fees & costs) |
|
206,975 |
|
|
|
201,500 |
|
|
|
174,796 |
|
|
|
176,307 |
|
| Allowance
for loan losses |
|
2,748 |
|
|
|
2,625 |
|
|
|
2,094 |
|
|
|
2,157 |
|
|
Deposits |
|
314,273 |
|
|
|
305,866 |
|
|
|
314,841 |
|
|
|
300,067 |
|
|
Borrowings |
|
30,000 |
|
|
|
30,000 |
|
|
|
25,000 |
|
|
|
30,000 |
|
|
Stockholders' equity |
|
21,160 |
|
|
|
17,471 |
|
|
|
13,161 |
|
|
|
19,325 |
|
| Net income
(loss) |
|
129 |
|
|
|
(204 |
) |
|
|
551 |
|
|
|
1,429 |
|
| |
|
|
|
|
|
|
|
|
Average Balances |
|
|
|
|
|
|
|
| Assets |
$ |
364,127 |
|
|
$ |
366,071 |
|
|
$ |
360,767 |
|
|
$ |
361,731 |
|
| Investment
securities |
|
142,972 |
|
|
|
148,690 |
|
|
|
177,856 |
|
|
|
173,902 |
|
| Loans, (net
of deferred fees & costs) |
|
203,316 |
|
|
|
186,650 |
|
|
|
177,223 |
|
|
|
179,790 |
|
|
Deposits |
|
312,019 |
|
|
|
307,427 |
|
|
|
321,318 |
|
|
|
330,095 |
|
|
Borrowings |
|
30,001 |
|
|
|
38,891 |
|
|
|
19,946 |
|
|
|
12,580 |
|
|
Stockholders' equity |
|
19,559 |
|
|
|
17,369 |
|
|
|
17,548 |
|
|
|
17,105 |
|
| |
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
| Annualized
return on average assets |
|
0.14 |
% |
|
|
-0.22 |
% |
|
|
0.61 |
% |
|
|
0.40 |
% |
| Annualized
return on average equity |
|
2.63 |
% |
|
|
-4.72 |
% |
|
|
12.47 |
% |
|
|
8.35 |
% |
| Net interest
margin |
|
3.06 |
% |
|
|
3.02 |
% |
|
|
3.21 |
% |
|
|
3.31 |
% |
| Dividend
payout ratio |
|
224 |
% |
|
|
-142 |
% |
|
|
52 |
% |
|
|
80 |
% |
| Book value
per share |
$ |
7.29 |
|
|
$ |
6.04 |
|
|
$ |
4.57 |
|
|
$ |
6.70 |
|
| Basic and
diluted net income per share |
|
0.04 |
|
|
|
(0.07 |
) |
|
|
0.19 |
|
|
|
0.50 |
|
| Cash
dividends declared per share |
|
0.10 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.40 |
|
| Basic and
diluted weighted average shares outstanding |
|
2,897,929 |
|
|
|
2,891,203 |
|
|
|
2,875,329 |
|
|
|
2,873,500 |
|
| |
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
|
| Allowance
for loan losses to loans |
|
1.33 |
% |
|
|
1.30 |
% |
|
|
1.20 |
% |
|
|
1.22 |
% |
|
Nonperforming loans to avg. loans |
|
0.14 |
% |
|
|
0.17 |
% |
|
|
0.33 |
% |
|
|
0.29 |
% |
| Allowance
for loan losses to nonaccrual & 90+ past due loans |
|
937.5 |
% |
|
|
827.1 |
% |
|
|
359.4 |
% |
|
|
409.3 |
% |
| Net
charge-offs annualize to avg. loans |
|
-0.09 |
% |
|
|
-0.14 |
% |
|
|
0.09 |
% |
|
|
0.06 |
% |
| |
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
| Common
Equity Tier 1 Capital |
|
15.47 |
% |
|
|
15.59 |
% |
|
|
17.12 |
% |
|
|
17.37 |
% |
| Tier 1
Risk-based Capital Ratio |
|
15.47 |
% |
|
|
15.59 |
% |
|
|
17.12 |
% |
|
|
17.37 |
% |
| Leverage
Ratio |
|
10.11 |
% |
|
|
10.10 |
% |
|
|
10.56 |
% |
|
|
10.76 |
% |
| Total
Risk-Based Capital Ratio |
|
16.72 |
% |
|
|
16.84 |
% |
|
|
18.10 |
% |
|
|
18.40 |
% |
Glen Burnie Bancorp (NASDAQ:GLBZ)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Glen Burnie Bancorp (NASDAQ:GLBZ)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
