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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Glen Burnie Bancorp | NASDAQ:GLBZ | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.15 | 2.63% | 5.85 | 2.35 | 7.20 | 5.955 | 5.80 | 5.80 | 1,776 | 21:30:00 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction | (Commission File Number) | (IRS Employer |
| of Incorporation) | Identification No.) |
(Address of Principal Executive Offices)
Registrant’s telephone number, including
area code: (
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 |
INFORMATION TO BE INCLUDED IN THE REPORT
| Item 2.02. | Results of Operations and Financial Condition. |
On February 16, 2024, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter and fiscal year ended December 31, 2023. A copy of the Company’s press release announcing such results dated February 16, 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 February 16, 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: February 16, 2024 | By: | /s/ Mark C. Hanna |
| Mark C. Hanna | ||
| Chief Executive Officer | ||
Exhibit 99.1
| Press Release | For Immediate Release |
| Date: February 16, 2024 |
GLEN BURNIE BANCORP ANNOUNCES
FOURTH QUARTER and FULL YEAR 2023 RESULTS
GLEN BURNIE, MD (February 16, 2024) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $167,000, or $0.06 per basic and diluted common share for the three-month period ended December 31, 2023, compared to net income of $830,000, or $0.29 per basic and diluted common share for the three-month period ended December 31, 2022. Bancorp reported net income of $1.43 million, or $0.50 per basic and diluted common share for the twelve-month period ended December 31, 2023, compared to $1.75 million, or $0.61 per basic and diluted common share for the same period in 2022. On December 31, 2023, Bancorp had total assets of $351.8 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, paid its 126th consecutive quarterly dividend on February 5, 2024.
“While 2023 proved to be a challenging year for our industry, we are pleased with our 2023 operating results as we continue to benefit from the passion of our associates to offer our customers exceptional banking services,” said Mark C. Hanna, President and Chief Executive Officer. “Over the course of the year, rising interest rates and industry turmoil created a challenging and unpredictable market for banks. High interest rates continued to drive competition for loans and deposits. While these challenges will persist into 2024, we continue to focus our efforts on growing our core banking business. We partially mitigated our declining net interest margin through the repricing of new and existing loans at higher yields and the deployment of excess liquidity into higher yielding federal funds. Despite declining loan balances in a volatile market environment, we have built a stable earnings stream that should continue to deliver solid financial outcomes for the Company and our shareholders. 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.
“Historically, the Company has navigated both rising rate and recessionary cycles with good outcomes, and we believe that the Company and the Bank are well-positioned to weather the current economic environment,” continued Mr. Hanna. “We expect 2024 to be another difficult operating environment for financial institutions, particularly ones with a heavy reliance on the spread business. We are focused on executing against our long-term strategic plan and realizing the value from expanded treasury management capabilities, a continued emphasis on providing premier relationship banking services and continued slowdown of organic growth in our indirect automobile loan portfolio. Accordingly, our measured approach to loan and deposit growth will persist throughout the year.”
In closing, Mr. Hanna added, “Our financial performance during the fourth quarter demonstrates this ability, although performance was still heavily impacted by the continuation of an inverted yield curve and rigorous competition for core deposits. Higher interest rate levels will keep pressure on loan growth and deposit retention, which impact our net interest margin. While interest rates may decrease in the future, we believe that the competition for loans and deposits will remain strong as we navigate through this cycle. We continue our focus on maintaining our strong capital levels, which are above regulatory required levels, preserving our solid asset quality, and maintaining our strong liquidity levels. I am proud of the results and profitability the team was able to achieve in 2023. I look forward to continued progress towards our strategic objectives in 2024. I want to thank all of the Glen Burnie Bancorp associates for their incredible contributions and unwavering customer support during this uncertain period."
Highlights for the Quarter and Year ended December 31, 2023
Total interest income increased $0.6 million to $13.3 million for the twelve-month period ending December 31, 2023, compared to the same period in 2022. This resulted from a $744,000 increase in interest income on securities and a $122,000 increase in interest and fees on loans, consistent with the rising interest rate environment. The increase in interest income was driven by the repricing impact on earning asset yields of the change in asset mix from loans to investment securities. Loan pricing pressure/competition will continue to place pressure on the Company’s net interest margin.
The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 18.40% on December 31, 2023, compared to 17.28% for the same period of 2022, will provide ample capacity for future growth.
Return on average assets for the three-month period ended December 31, 2023, was 0.19%, compared to 0.83% for the three-month period ended December 31, 2022. Return on average equity for the three-month period ended December 31, 2023, was 4.65%, compared to 21.74% for the three-month period ended December 31, 2022. Lower net income primarily drove the lower return on average assets and the lower return on average equity.
The cost of funds was 0.64% for the quarter ended December 31, 2023, compared to 0.13% for the quarter ended December 31, 2022. The 0.51% increase was primarily driven by the increase in the cost of borrowed funds.
The book value per share of Bancorp’s common stock was $6.70 on December 31, 2023, compared to $5.60 per share on December 31, 2022. The increase was primarily due to the decline in unrealized losses on available for sale securities caused by higher market interest rates.
On December 31, 2023, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 17.37% on December 31, 2023, compared to 16.45% on December 31, 2022. Liquidity remained strong due to managed cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition of the bond portfolio.
Balance Sheet Review
Total assets were $351.8 million on December 31, 2023, a decrease of $29.6 million or 7.77%, from $381.4 million on December 31, 2022. Investment securities decreased by $4.7 million or 3.27%, to $139.4 million as of December 31, 2023, compared to $144.1 million for the same period of 2022. Loans, net of deferred fees and costs, were $176.3 million on December 31, 2023, a decrease of $10.1 million or 5.43%, from $186.4 million on December 31, 2022. Cash and cash equivalents decreased $14.9 million or 49.35%, from $30.1 million on December 31, 2022, to $15.2 million on December 31, 2023. Deferred tax assets decreased $1.0 million or 11.29%, from $8.9 million on December 31, 2022, to $7.9 million on December 31, 2023, due to the tax effects of unrealized losses on available for sale securities.
Total deposits were $300.1 million on December 31, 2023, a decrease of $62.8 million or 17.32%, from $362.9 million on December 31, 2022. Noninterest-bearing deposits were $116.9 million on December 31, 2023, a decrease of $26.4 million or 18.39%, from $143.3 million on December 31, 2022. Interest-bearing deposits were $183.1 million on December 31, 2023, a decrease of $36.6 million or 16.63%, from $219.7 million on December 31, 2022. Total borrowings were $30.0 million on December 31, 2023, an increase of $30.0 million from December 31, 2022.
As of December 31, 2023, total stockholders’ equity was $19.3 million (5.49% of total assets), equivalent to a book value of $6.70 per common share. Total stockholders’ equity on December 31, 2022, was $16.1 million (4.21% of total assets), equivalent to a book value of $5.60 per common share. The increase in the ratio of stockholders’ equity to total assets was primarily due to the $2.9 million after-tax increase in market value of the Company’s available-for-sale securities portfolio and a $29.6 million decrease in total assets. The decrease in unrealized losses primarily resulted from decreasing market interest rates year-over-year, which increased the fair value of the investment securities.
Asset quality, which has trended within a narrow range over the past several years, remains sound on December 31, 2023. 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 0.15% of total assets on December 31, 2023, compared to 0.13% on December 31, 2022. The $29.6 million decrease in total assets from December 31, 2022, to December 31, 2023, and the $39,000 increase in nonperforming assets drove the change. The allowance for credit losses on loans was $2.2 million, or 1.22% of total loans, as of December 31, 2023, compared to $2.2 million, or 1.16% of total loans, as of December 31, 2022. The allowance for credit losses for unfunded commitments was $473,000 as of December 31, 2023, compared to $477,000 as of December 31, 2022.
Review of Financial Results
For the three-month periods ended December 31, 2023, and 2022
Net income for the three-month period ended December 31, 2023, was $167,000, compared to $830,000 for the three-month period ended December 31, 2022.
Net interest income for the three-month period ended December 31, 2023, totaled $2.9 million, a decrease of $447,000 from the three-month period ended December 31, 2022. The decrease in net interest income was primarily due to a $425,000 increase in interest expenses predominantly related to short-term borrowings.
Net interest margin for the three-month period ended December 31, 2023, was 3.17%, compared to 3.27% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds were the primary drivers of year-over-year results.
The average balance of interest-earning assets decreased $44.1 million while the yield increased 0.39% from 3.38% to 3.77%, when comparing the three-month periods ending December 31, 2022, and 2023, respectively. The average balance of interest-bearing funds and noninterest-bearing funds decreased $23.0 million and $21.4 million, respectively, and the cost of funds increased 0.51%, when comparing the three-month periods ending December 31, 2022, and 2023. The increase in interest expense is related to a continuing shift in funding mix between low-cost deposits and higher costing borrowed funds.
The average balance of interest-bearing deposits in banks and investment securities decreased $30.0 million from $215.9 million to $185.9 million for the fourth quarter of 2023, compared to the same period of 2022 while the yield increased 0.14% from 2.54% to 2.68% during that same period. The increase in yields for the three-month period can be attributed to the change in mix of cash held in interest-bearing deposits in banks and investment securities available for sale and increases in the overnight federal funds rate.
Average loan balances decreased $14.1 million to $175.5 million for the three-month period ended December 31, 2023, compared to $189.6 million for the same period of 2022, while the yield increased from 4.37% to 4.96% during that same period. The increase in loan yields for the fourth quarter of 2023 reflected continued runoff of the low-yielding indirect automobile loan portfolio and new loan originations at higher yields.
The provision of allowance for credit loss on loans for the three-month period ended December 31, 2023, was $103,000, compared to $65,000 for the same period of 2022. The increase in the provision for the three-month period ended December 31, 2023, when compared to the three-month period ended December 31, 2022, primarily reflects a 0.06% increase in the current expected credit loss percentage.
Noninterest income for the three-month period ended December 31, 2023, was $299,000, compared to $522,000 for the three-month period ended December 31, 2022, a decrease of $223,000 or 42.66%. The decrease was primarily driven by a $206,000 gain on the unwinding of derivative contracts in 2022.
For the three-month period ended December 31, 2023, noninterest expense was $2.9 million, compared to $2.8 million for the three-month period ended December 31, 2022, an increase of $148,000 or 5.29%. The primary contributors to the $148,000 increase, when compared to the three-month period ended December 31, 2022, were increases in legal, accounting and other professional fees, and other expenses, partially offset by decreases in data processing and item processing services.
For the twelve-month periods ended December 31, 2023, and 2022
Net income for the twelve-month period ended December 31, 2023, was $1.4 million, compared to $1.7 million for the twelve-month period ended December 31, 2022.
Net interest income for the twelve-month period ended December 31, 2023, totaled $12.1 million, an increase of $276,000 from $11.8 million for the twelve-month period ended December 31, 2022. The increase in net interest income was primarily due to $625,000 higher interest income, partially offset by $350,000 higher costs of interest-bearing deposits and borrowings.
Net interest margin for the twelve-month period ended December 31, 2023, was 3.31%, compared to 2.81% for the same period of 2022. Higher average yields and lower average balances of interest-earning assets combined with lower average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds were the primary drivers of year-over-year results.
The average balance of interest-earning assets decreased $55.6 million, while the yield increased 0.62% from 3.01% to 3.63%, when comparing the twelve-month periods ending December 31, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $36.1 million and $20.0 million, respectively, and the cost of funds increased 0.14%, when comparing the twelve-month periods ending December 31, 2022, and 2023. The increase in interest expense is related to a continuing shift in funding mix between low-cost deposits and higher costing borrowed funds.
The average balance of interest-bearing deposits in banks and investment securities decreased $36.5 million from $223.8 million to $187.3 million for the twelve-month period ending December 31, 2023, compared to the same period of 2022. The yield increased 0.64% from 1.91% to 2.55% during that same period. The increase in yields for the twelve-month period can be attributed to the change in mix of cash held in interest-bearing deposits in banks and investment securities available for sale and increases in the overnight federal funds rate.
Average loan balances decreased $19.1 million to $179.8 million for the twelve-month period ended December 31, 2023, compared to $198.9 million for the same period of 2022. The yield increased from 4.24% to 4.76% during that same period. The increase in loan yields for the twelve-month period ending December 31, 2023, reflected continued runoff of the low-yielding indirect automobile loan portfolio and new loan originations at higher yields.
The Company recorded a provision of allowance for credit loss on loans of $96,000 for the twelve-month period ending December 31, 2023, compared to a release of $112,000 for the same period in 2022. The $208,000 increase in the provision in 2023 compared to 2022, primarily reflects a $86,000 increase in net charge offs, offset by a $9.7 million decrease in the reservable balance of the loan portfolio and a 0.06% increase in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.2 million on December 31, 2023, representing 1.22% of total loans, compared to $2.2 million, or 1.16% of total loans on December 31, 2022.
Noninterest income for the twelve-month period ended December 31, 2023, was $1.1 million, compared to $1.4 million for the twelve-month period ended December 31, 2022, a decrease of $255,000 or 18.79%. The decrease was driven primarily a by $206,000 gain on unwind of derivative swap contracts in 2022.
For the twelve-month period ended December 31, 2023, noninterest expense was $11.6 million, compared to $11.3 million for the twelve-month period ended December 31, 2022. The primary contributors to the $299,000 increase when comparing to the twelve-month period ended December 31, 2022, were increases in salary and employee benefits costs, FDIC insurance costs, and loan collection costs, partially offset by decreases in legal, accounting, and other professional fees and other expenses.
# # #
Glen Burnie Bancorp Information
Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally owned community bank with 8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.
Forward-Looking Statements
The statements contained herein that are not historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.
For further information contact:
Jeffrey D. Harris, Chief Financial Officer
410-768-8883
jdharris@bogb.net
106 Padfield Blvd
Glen Burnie, MD 21061
GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
| December 31, | September 30, | December 31, | ||||||||||
| 2023 | 2023 | 2022 | ||||||||||
| (unaudited) | (unaudited) | (audited) | ||||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ | 1,940 | $ | 2,380 | $ | 2,035 | ||||||
| Interest-bearing deposits in other financial institutions | 13,301 | 12,142 | 28,057 | |||||||||
| Total Cash and Cash Equivalents | 15,241 | 14,522 | 30,092 | |||||||||
| Investment securities available for sale, at fair value | 139,427 | 142,705 | 144,133 | |||||||||
| Restricted equity securities, at cost | 1,217 | 980 | 221 | |||||||||
| Loans, net of deferred fees and costs | 176,307 | 174,796 | 186,440 | |||||||||
| Less:Allowance for credit losses(1) | (2,157 | ) | (2,094 | ) | (2,162 | ) | ||||||
| Loans, net | 174,150 | 172,702 | 184,278 | |||||||||
| Premises and equipment, net | 3,046 | 3,177 | 3,277 | |||||||||
| Bank owned life insurance | 8,657 | 8,614 | 8,493 | |||||||||
| Deferred tax assets, net | 7,897 | 10,187 | 8,902 | |||||||||
| Accrued interest receivable | 1,192 | 1,373 | 1,159 | |||||||||
| Accrued taxes receivable | 121 | 189 | - | |||||||||
| Prepaid expenses | 475 | 538 | 493 | |||||||||
| Other assets | 390 | 377 | 388 | |||||||||
| Total Assets | $ | 351,813 | $ | 355,364 | $ | 381,436 | ||||||
| LIABILITIES | ||||||||||||
| Noninterest-bearing deposits | $ | 116,922 | $ | 126,898 | $ | 143,262 | ||||||
| Interest-bearing deposits | 183,145 | 187,943 | 219,685 | |||||||||
| Total Deposits | 300,067 | 314,841 | 362,947 | |||||||||
| Short-term borrowings | 30,000 | 25,000 | - | |||||||||
| Long-term borrowings | - | - | - | |||||||||
| Defined pension liability | 324 | 322 | 317 | |||||||||
| Accrued expenses and other liabilities | 2,097 | 2,040 | 2,118 | |||||||||
| Total Liabilities | 332,488 | 342,203 | 365,382 | |||||||||
| STOCKHOLDERS' EQUITY | ||||||||||||
| Common stock, par value $1, authorized 15,000,000 shares,issued and outstanding 2,882,627, 2,877,084 and 2,865,046 shares as of December 31, 2023,September 30, 2023,and December 31, 2022, respectively. | 2,883 | 2,877 | 2,865 | |||||||||
| Additional paid-in capital | 10,964 | 10,940 | 10,862 | |||||||||
| Retained earnings | 23,859 | 23,980 | 23,579 | |||||||||
| Accumulated other comprehensive loss | (18,381 | ) | (24,636 | ) | (21,252 | ) | ||||||
| Total Stockholders' Equity | 19,325 | 13,161 | 16,054 | |||||||||
| Total Liabilities and Stockholders' Equity | $ | 351,813 | $ | 355,364 | $ | 381,436 | ||||||
GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(unaudited)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Interest income | ||||||||||||||||
| Interest and fees on loans | $ | 2,192 | $ | 2,087 | $ | 8,559 | $ | 8,437 | ||||||||
| Interest and dividends on securities | 1,082 | 967 | 4,147 | 3,403 | ||||||||||||
| Interest on deposits with banks and federal funds sold | 162 | 404 | 631 | 872 | ||||||||||||
| Total Interest Income | 3,436 | 3,458 | 13,337 | 12,712 | ||||||||||||
| Interest expense | ||||||||||||||||
| Interest on deposits | 176 | 109 | 513 | 471 | ||||||||||||
| Interest on short-term borrowings | 369 | 11 | 689 | 348 | ||||||||||||
| Interest on long-term borrowings | - | - | - | 34 | ||||||||||||
| Total Interest Expense | 545 | 120 | 1,202 | 853 | ||||||||||||
| Net Interest Income | 2,891 | 3,337 | 12,135 | 11,859 | ||||||||||||
| Provision/release of credit loss allowance | 103 | 65 | 96 | (112 | ) | |||||||||||
| Net interest income after release of credit loss provision | 2,788 | 3,272 | 12,039 | 11,971 | ||||||||||||
| Noninterest income | ||||||||||||||||
| Service charges on deposit accounts | 39 | 40 | 159 | 159 | ||||||||||||
| Other fees and commissions | 217 | 236 | 777 | 831 | ||||||||||||
| Loss/gain on securities sold/redeemed | - | - | - | 2 | ||||||||||||
| Gain on swap contract unwind | - | 206 | - | 206 | ||||||||||||
| Income on life insurance | 43 | 40 | 164 | 156 | ||||||||||||
| Total Noninterest Income | 299 | 522 | 1,100 | 1,354 | ||||||||||||
| Noninterest expenses | ||||||||||||||||
| Salary and employee benefits | 1,621 | 1,622 | 6,710 | 6,406 | ||||||||||||
| Occupancy and equipment expenses | 339 | 334 | 1,294 | 1,272 | ||||||||||||
| Legal, accounting and other professional fees | 301 | 160 | 993 | 1,044 | ||||||||||||
| Data processing and item processing services | 250 | 294 | 1,005 | 997 | ||||||||||||
| FDIC insurance costs | 40 | 29 | 163 | 112 | ||||||||||||
| Advertising and marketing related expenses | 25 | 23 | 97 | 86 | ||||||||||||
| Loan collection costs | 8 | 11 | 22 | (39 | ) | |||||||||||
| Telephone costs | 39 | 40 | 151 | 159 | ||||||||||||
| Other expenses | 324 | 287 | 1,203 | 1,303 | ||||||||||||
| Total Noninterest Expenses | 2,947 | 2,800 | 11,638 | 11,340 | ||||||||||||
| Income before income taxes | 140 | 994 | 1,501 | 1,985 | ||||||||||||
| Income tax expense | (27 | ) | 164 | 72 | 240 | |||||||||||
| Net income | $ | 167 | $ | 830 | $ | 1,429 | $ | 1,745 | ||||||||
| Basic and diluted net income per common share | $ | 0.06 | $ | 0.29 | $ | 0.50 | $ | 0.61 | ||||||||
GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the twelve months ended December 31, 2023 and 2022
(dollars in thousands)
| Accumulated | ||||||||||||||||||||
| Additional | Other | Total | ||||||||||||||||||
| Common | Paid-in | Retained | Comprehensive | Stockholders' | ||||||||||||||||
| (audited) | Stock | Capital | Earnings | Loss | Equity | |||||||||||||||
| Balance, December 31, 2021 | $ | 2,854 | $ | 10,759 | $ | 22,977 | $ | (874 | ) | $ | 35,716 | |||||||||
| Net income | - | - | 1,745 | - | 1,745 | |||||||||||||||
| Cash dividends, $0.40 per share | - | - | (1,143 | ) | - | (1,143 | ) | |||||||||||||
| Dividends reinvested under | ||||||||||||||||||||
| dividend reinvestment plan | 11 | 103 | - | - | 114 | |||||||||||||||
| Other comprehensive loss | - | - | - | (20,378 | ) | (20,378 | ) | |||||||||||||
| Balance, December 31, 2022 | $ | 2,865 | $ | 10,862 | $ | 23,579 | $ | (21,252 | ) | $ | 16,054 | |||||||||
| Accumulated | ||||||||||||||||||||
| Additional | Other | Total | ||||||||||||||||||
| Common | Paid-in | Retained | Comprehensive | Stockholders' | ||||||||||||||||
| (unaudited) | Stock | Capital | Earnings | Income (Loss) | Equity | |||||||||||||||
| Balance, December 31, 2022 | $ | 2,865 | $ | 10,862 | $ | 23,579 | $ | (21,252 | ) | $ | 16,054 | |||||||||
| Net income | - | - | 1,429 | - | 1,429 | |||||||||||||||
| Cash dividends, $0.40 per share | - | - | (1,149 | ) | - | (1,149 | ) | |||||||||||||
| Dividends reinvested under | ||||||||||||||||||||
| dividend reinvestment plan | 18 | 102 | - | - | 120 | |||||||||||||||
| Other comprehensive loss | - | - | - | 2,871 | 2,871 | |||||||||||||||
| Balance, December 31, 2023 | $ | 2,883 | $ | 10,964 | $ | 23,859 | $ | (18,381 | ) | $ | 19,325 | |||||||||
THE BANK OF GLEN BURNIE
CAPITAL RATIOS
(dollars in thousands)
(unaudited)
| To Be Well | ||||||||||||||||||||||||
| Capitalized Under | ||||||||||||||||||||||||
| To Be Considered | Prompt Corrective | |||||||||||||||||||||||
| Adequately Capitalized | Action Provisions | |||||||||||||||||||||||
| Amount | Ratio | Ratio | Ratio | |||||||||||||||||||||
| As of 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 | % | ||||||||||||
| As of December 31, 2022: | ||||||||||||||||||||||||
| Common Equity Tier 1 Capital | $ | 37,963 | 16.45 | % | $ | 10,383 | 4.50 | % | $ | 14,998 | 6.50 | % | ||||||||||||
| Total Risk-Based Capital | $ | 39,866 | 17.28 | % | $ | 18,459 | 8.00 | % | $ | 23,074 | 10.00 | % | ||||||||||||
| Tier 1 Risk-Based Capital | $ | 37,963 | 16.45 | % | $ | 13,845 | 6.00 | % | $ | 18,459 | 8.00 | % | ||||||||||||
| Tier 1 Leverage | $ | 37,963 | 9.53 | % | $ | 15,938 | 4.00 | % | $ | 19,922 | 5.00 | % | ||||||||||||
GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA
(dollars in thousands, except per share amounts)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31 | September 30 | December 31 | December 31 | December 31 | ||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) | ||||||||||||||||
| Financial Data | ||||||||||||||||||||
| Assets | $ | 351,813 | $ | 355,364 | $ | 381,436 | $ | 351,813 | $ | 381,436 | ||||||||||
| Investment securities | 139,427 | 142,706 | 144,133 | 139,427 | 144,133 | |||||||||||||||
| Loans, (net of deferred fees & costs) | 176,307 | 174,796 | 186,440 | 176,307 | 186,440 | |||||||||||||||
| Allowance for loan losses | 2,157 | 2,094 | 2,162 | 2,157 | 2,162 | |||||||||||||||
| Deposits | 300,067 | 314,841 | 362,947 | 300,067 | 362,947 | |||||||||||||||
| Borrowings | 30,000 | 25,000 | - | 30,000 | - | |||||||||||||||
| Stockholders' equity | 19,325 | 13,161 | 16,054 | 19,325 | 16,054 | |||||||||||||||
| Net income | 167 | 551 | 830 | 1,429 | 1,745 | |||||||||||||||
| Average Balances | ||||||||||||||||||||
| Assets | $ | 353,085 | $ | 360,767 | $ | 397,712 | $ | 361,731 | $ | 424,358 | ||||||||||
| Investment securities | 174,581 | 177,856 | 174,886 | 173,902 | 168,990 | |||||||||||||||
| Loans, (net of deferred fees & costs) | 175,456 | 177,223 | 189,585 | 179,790 | 198,934 | |||||||||||||||
| Deposits | 310,168 | 321,318 | 374,687 | 330,094 | 382,164 | |||||||||||||||
| Borrowings | 26,579 | 19,946 | 6,452 | 12,580 | 16,613 | |||||||||||||||
| Stockholders' equity | 14,253 | 17,547 | 15,144 | 17,105 | 24,042 | |||||||||||||||
| Performance Ratios | ||||||||||||||||||||
| Annualized return on average assets | 0.19 | % | 0.61 | % | 0.83 | % | 0.40 | % | 0.41 | % | ||||||||||
| Annualized return on average equity | 4.65 | % | 12.47 | % | 21.74 | % | 8.35 | % | 7.26 | % | ||||||||||
| Net interest margin | 3.17 | % | 3.21 | % | 3.27 | % | 3.31 | % | 2.81 | % | ||||||||||
| Dividend payout ratio | 172 | % | 52 | % | 34 | % | 80 | % | 65 | % | ||||||||||
| Book value per share | $ | 6.70 | $ | 4.57 | $ | 5.60 | $ | 6.70 | $ | 5.60 | ||||||||||
| Basic and diluted net income per share | 0.06 | 0.19 | 0.29 | 0.50 | 0.61 | |||||||||||||||
| Cash dividends declared per share | 0.10 | 0.10 | 0.10 | 0.40 | 0.40 | |||||||||||||||
| Basic and diluted weighted average shares outstanding | 2,880,398 | 2,875,329 | 2,863,629 | 2,873,500 | 2,859,239 | |||||||||||||||
| Asset Quality Ratios | ||||||||||||||||||||
| Allowance for loan losses to loans | 1.22 | % | 1.20 | % | 1.16 | % | 1.22 | % | 1.16 | % | ||||||||||
| Nonperforming loans to avg. loans | 0.30 | % | 0.33 | % | 0.26 | % | 0.29 | % | 0.25 | % | ||||||||||
| Allowance for loan losses to nonaccrual & 90+ past due loans | 409.3 | % | 359.4 | % | 433.9 | % | 409.3 | % | 433.9 | % | ||||||||||
| Net charge-offs annualize to avg. loans | 0.08 | % | 0.09 | % | 0.38 | % | 0.06 | % | 0.10 | % | ||||||||||
| Capital Ratios | ||||||||||||||||||||
| Common Equity Tier 1 Capital | 17.37 | % | 17.12 | % | 16.45 | % | 17.37 | % | 16.45 | % | ||||||||||
| Tier 1 Risk-based Capital Ratio | 17.37 | % | 17.12 | % | 16.45 | % | 17.37 | % | 16.45 | % | ||||||||||
| Leverage Ratio | 10.76 | % | 10.56 | % | 9.53 | % | 10.76 | % | 9.53 | % | ||||||||||
| Total Risk-Based Capital Ratio | 18.40 | % | 18.10 | % | 17.28 | % | 18.40 | % | 17.28 | % | ||||||||||
Cover |
Feb. 16, 2024 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Feb. 16, 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 |
1 Year Glen Burnie Bancorp Chart |
1 Month Glen Burnie Bancorp Chart |
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