Glen Burnie Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Glen Burnie Bancorp filed its Q1 2024 10-Q, detailing financial performance and asset quality metrics.</b>

AI Summary

GLEN BURNIE BANCORP (GLBZ) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Glen Burnie Bancorp reported financial results for the quarter ending March 31, 2024. The filing includes detailed balance sheet information as of March 31, 2024, and comparative periods. Specific loan portfolio segments such as Commercial, Single Family, Multifamily, Farmland, and Construction & Land Development are detailed. Asset quality metrics are provided, including 'Pass', 'Substandard', and 'Financial Asset Not Past Due' classifications. Consumer loan segments, including Automobile Loans, are also broken down by delinquency status.

Why It Matters

For investors and stakeholders tracking GLEN BURNIE BANCORP, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Glen Burnie Bancorp, crucial for assessing its current financial health and operational performance. The detailed breakdown of loan portfolios and asset quality allows for a deeper understanding of the bank's risk exposure and lending practices.

Risk Assessment

Risk Level: low — GLEN BURNIE BANCORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Monitor future filings for trends in loan performance and changes in asset quality metrics to gauge the bank's ongoing stability.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-05-13 — Filing Date (FILED AS OF DATE)
• 86887000 — Value 1 (2024 Q1 value)
• 86068000 — Value 2 (2023 Q1 value)

Key Players & Entities

• GLEN BURNIE BANCORP (company) — FILER
• 0000890066 (company) — CENTRAL INDEX KEY
• 6022 (regulator) — STANDARD INDUSTRIAL CLASSIFICATION
• MD (company) — STATE OF INCORPORATION
• 101 CRAIN HWY SE (company) — BUSINESS ADDRESS STREET 1
• GLEN BURNIE (company) — BUSINESS ADDRESS CITY
• 21227 (company) — BUSINESS ADDRESS ZIP
• 4107663300 (company) — BUSINESS PHONE

FAQ

Industry Context

Glen Burnie Bancorp operates within the commercial banking sector, focusing on providing financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities, including the SEC, Federal Reserve, and state banking departments.

What Investors Should Do

1. Review the detailed loan portfolio breakdown for any significant shifts in segment composition or delinquency rates.
2. Analyze asset quality metrics for trends in non-performing or substandard loans across different loan types.
3. Compare Q1 2024 financial data with prior periods to identify performance trends and potential areas of concern or strength.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the Q1 2024 10-Q, providing updated financial data compared to previous filings.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share GLBZ The NASDAQ Stock Mar

Filing Documents

• glbz-20240331x10q.htm (10-Q) — 3879KB
• glbz-20240331xex31d1.htm (EX-31.1) — 17KB
• glbz-20240331xex31d2.htm (EX-31.2) — 17KB
• glbz-20240331xex32.htm (EX-32) — 12KB
• 0001558370-24-007935.txt (&nbsp;) — 16427KB
• glbz-20240331.xsd (EX-101.SCH) — 43KB
• glbz-20240331_cal.xml (EX-101.CAL) — 49KB
• glbz-20240331_def.xml (EX-101.DEF) — 205KB
• glbz-20240331_lab.xml (EX-101.LAB) — 341KB
• glbz-20240331_pre.xml (EX-101.PRE) — 337KB
• glbz-20240331x10q_htm.xml (XML) — 5051KB

Financial Statements

Financial Statements : Consolidated Balance Sheets : As of March 31, 2024 (unaudited) and December 31, 2023 (audited) 3 Consolidated Statements of Income : Three months Ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income (Loss) : Three months Ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity : Three months Ended March 31, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows : Three months Ended March 31, 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39 Part II. OTHER INFORMATION 39 Item 1.

Legal Proceedings

Legal Proceedings 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 40 Item 6. Exhibits 40

SIGNATURES

SIGNATURES 42 - 2 - Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS GLEN BURNIE BANCORP AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (dollars in thousands) March 31, December 31, 2024 2023 (unaudited) (audited) ASSETS Cash and due from banks $ 9,091 $ 1,940 Interest-bearing deposits in other financial institutions 33,537 13,301 Cash and Cash Equivalents 42,628 15,241 Investment securities available for sale, at fair value 128,727 139,427 Restricted equity securities, at cost 246 1,217 Loans, net of deferred fees and costs 177,950 176,307 Less: Allowance for credit losses ( 2,035 ) ( 2,157 ) Loans, net 175,915 174,150 Premises and equipment, net 2,928 3,046 Bank owned life insurance 8,700 8,657 Deferred tax assets, net 8,255 7,897 Accrued interest receivable 1,281 1,192 Accrued taxes receivable 363 121 Prepaid expenses 460 475 Other assets 367 390 Total Assets $ 369,870 $ 351,813 LIABILITIES Noninterest-bearing deposits $ 115,167 $ 116,922 Interest-bearing deposits 194,064 183,145 Total Deposits 309,231 300,067 Short-term borrowings 40,000 30,000 Defined pension liability 327 324 Accrued expenses and other liabilities 2,183 2,097 Total Liabilities 351,741 332,488 STOCKHOLDERS' EQUITY Common stock, par value $ 1 , authorized 15,000,000 shares, issued and outstanding 2,887,467 and 2,882,627 shares as of March 31, 2024 and December 31, 2023, respectively. 2,887 2,883 Additional paid-in capital 10,989 10,964 Retained earnings 23,575 23,859 Accumulated other comprehensive loss ( 19,322 ) ( 18,381 ) Total Stockholders' Equity 18,129 19,325 Total Liabilities and Stockholders' Equity $ 369,870 $ 351,813 See accompanying notes to unaudited consolidated financial statements. - 3 - Table of Contents GLEN BURNIE BANCORP AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share amounts)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 – ORGANIZATIONAL Nature of Business 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 (the "State"). The Bank provides financial services to individuals and corporate customers located in Anne Arundel County and surrounding areas of Central Maryland and is subject to competition from other financial institutions. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. NOTE 2 – BASIS OF PRESENTATION In management's opinion, the accompanying unaudited consolidated financial statements, which have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim period reporting, reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial position at March 31, 2024 and December 31, 2023, the results of operations for the three- month periods ended March 31, 2024 and 2023, and the statements of cash flows for the three-month periods ended March 31, 2024 and 2023. The operating results for the three-month period ended March 31, 2024, are not necessarily indicative of the results that may be expected for the full year ended December 31, 2024, or any future interim period. The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements included in the Company's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the "SEC") on March 22, 2024. The unaudited consolidated financial statements for March 31, 2024 and 2023, the consolidated balance sheet at December 31, 2023, and accomp

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View this 10-Q filing on SEC EDGAR