Glen Burnie Bancorp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Glen Burnie Bancorp has submitted its 2023 10-K filing, detailing financial performance and operational aspects for the fiscal year ending December 31, 2023.</b>

AI Summary

GLEN BURNIE BANCORP (GLBZ) filed a Annual Report (10-K) with the SEC on March 22, 2024. Glen Burnie Bancorp filed its 2023 annual report on Form 10-K on March 22, 2024. The report covers the fiscal year ending December 31, 2023. The company is classified under Standard Industrial Classification 6022: State Commercial Banks. Key financial statement elements like Retained Earnings, Common Stock, and Additional Paid-In Capital are detailed for fiscal years 2021, 2022, and 2023. Information regarding property, plant, and equipment, including buildings and equipment, is provided for the years ending December 31, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking GLEN BURNIE BANCORP, this filing contains several important signals. This filing provides a comprehensive overview of Glen Burnie Bancorp's financial health and business operations for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed breakdown of financial statements, including equity components and property valuations, allows for a thorough analysis of the bank's stability and asset management.

Risk Assessment

Risk Level: low — GLEN BURNIE BANCORP shows low risk based on this filing. The filing is a standard annual report (10-K) for a commercial bank, indicating routine disclosure rather than immediate significant events.

Analyst Insight

Review the detailed financial statements and segment information within the 10-K to understand Glen Burnie Bancorp's performance and asset allocation in the 2023 fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Reported period)
• 20240322 — Filing Date (Date of submission)
• 0000890066 — Central Index Key (Company identifier)
• 6022 — SIC Code (State Commercial Banks)

Key Players & Entities

• GLEN BURNIE BANCORP (company) — Filer name
• GLBZ (company) — Ticker symbol
• 20231231 (date) — Fiscal year end
• 20240322 (date) — Filing date
• 6022 (industry) — Standard Industrial Classification
• MD (location) — State of incorporation
• 4107663300 (phone) — Business phone number

FAQ

Industry Context

Glen Burnie Bancorp operates as a commercial bank, a sector characterized by interest rate sensitivity, regulatory oversight, and competition for deposits and loans.

Regulatory Implications

As a commercial bank, Glen Burnie Bancorp is subject to regulations from federal and state authorities, including capital requirements, lending standards, and consumer protection laws.

What Investors Should Do

1. Analyze the balance sheet and income statement for the fiscal year ended December 31, 2023.
2. Review disclosures related to property, plant, and equipment, including buildings and equipment.
3. Examine details on equity components such as Retained Earnings, Common Stock, and Additional Paid-In Capital.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $1.00 — the Act: Title of Class Common Stock, $1.00 par value Common Stock Purchase Right
• $750,000 — the Bank to any one Lending Officer is $750,000. A combination of approvals from certai
• $1,000,000 — y be used to lend up to an aggregate of $1,000,000. We have adopted a comprehensive lendin
• $3,000,000 — sting borrower is less than or equal to $3,000,000. The EC is comprised of the Chairman of
• $3,000,000 m — tors. Extensions of credit greater than $3,000,000 must be approved by the Board of Director
• $100,000 — value for loan commitments greater than $100,000. Because mortgage lending decisions are

Filing Documents

• glbz-20231231x10k.htm (10-K) — 5679KB
• glbz-20231231xex23d1.htm (EX-23.1) — 3KB
• glbz-20231231xex31d1.htm (EX-31.1) — 13KB
• glbz-20231231xex31d2.htm (EX-31.2) — 12KB
• glbz-20231231xex32.htm (EX-32) — 12KB
• glbz-20231231xex97.htm (EX-97) — 35KB
• glbz-20231231x10k002.jpg (GRAPHIC) — 9KB
• 0001558370-24-003766.txt (&nbsp;) — 22567KB
• glbz-20231231.xsd (EX-101.SCH) — 80KB
• glbz-20231231_cal.xml (EX-101.CAL) — 91KB
• glbz-20231231_def.xml (EX-101.DEF) — 300KB
• glbz-20231231_lab.xml (EX-101.LAB) — 591KB
• glbz-20231231_pre.xml (EX-101.PRE) — 562KB
• glbz-20231231x10k_htm.xml (XML) — 6286KB

Business

Business 3 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 16 Item 4. Mine Safety Disclosures 16 Executive Officers of the Registrant 17 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6.

Selected Financial Data

Selected Financial Data 18 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 40 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 40 Item 9A.

Controls and Procedures

Controls and Procedures 40 Item 9B. Other Information 41 PART III Item 10. Directors, Executive Officers and Corporate Governance 42 Item 11.

Executive Compensation

Executive Compensation 42 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42 Item 13. Certain Relationships and Related Transactions, and Director Independence 42 Item 14. Principal Accountant Fees and Services 42 PART IV Item 15. Exhibits and Financial Statement Schedules 43

Signatures

Signatures 45 Table of Contents PART I As used in this Annual Report, the term "the Company" refers to Glen Burnie Bancorp and, unless the context clearly requires otherwise, the terms "we," "us," and "our," refer to Glen Burnie Bancorp and its consolidated subsidiary.

BUSINESS

ITEM 1. BUSINESS GENERAL Glen Burnie Bancorp (the "Company") is a bank holding company organized in 1990 under the laws of the State of Maryland. The Company owns all the outstanding shares of capital stock of The Bank of Glen Burnie (the "Bank"), a commercial bank organized in 1949 under the laws of the State of Maryland, serving northern Anne Arundel County and surrounding areas from its main office and branch in Glen Burnie, Maryland and branch offices in Odenton, Riviera Beach, Crownsville, Severn (two locations), Linthicum and Severna Park, Maryland. The Bank also maintains a remote Automated Teller Machine ("ATM") located in Pasadena, Maryland. The Bank maintains a website at www.thebankofglenburnie.com. It is the oldest independent commercial bank in Anne Arundel County. The Bank is engaged in the commercial and retail banking business as authorized by the banking statutes of the State of Maryland, 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. Commercial lending consists of both secured and unsecured loans. The Bank also originates automobile loans through arrangements with local automobile dealers. The Bank's deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation ("FDIC"). We attract deposit customers from the general public and use such funds, together with other borrowed funds, to make loans. Our results of operations are primarily determined by the difference between interest income earned on our interest-earning assets, primarily interest and fee income on loans and investment securities, and interest paid on our interest-bearing liabilities, including deposits and borrowings. The Company's principal executive office is located at 101 Crain Highway, S.E., Glen Burnie, M

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View this 10-K filing on SEC EDGAR