Glen Burnie Bancorp Files Q2 2024 Financials

TL;DR

GBNB's Q2 2024 10-Q is in, showing equity details. All good.

AI Summary

Glen Burnie Bancorp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position, including common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income as of various dates in 2022, 2023, and 2024. The company is a commercial bank incorporated in Maryland.

Why It Matters

This 10-Q filing provides investors with a detailed look at Glen Burnie Bancorp's financial health and equity structure as of mid-2024, crucial for understanding its stability and performance.

Risk Assessment

Risk Level: low — The filing is a standard quarterly financial report with no immediate red flags or significant negative events indicated.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-08-12 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• GLEN BURNIE BANCORP (company) — Filer of the 10-Q
• 0000890066 (company) — Central Index Key for Glen Burnie Bancorp
• MD (location) — State of incorporation and business address

FAQ

Key Financial Figures

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

Filing Documents

• glbz-20240630x10q.htm (10-Q) — 4312KB
• glbz-20240630xex31d1.htm (EX-31.1) — 17KB
• glbz-20240630xex31d2.htm (EX-31.2) — 17KB
• glbz-20240630xex32.htm (EX-32) — 12KB
• 0001558370-24-011874.txt ( ) — 16853KB
• glbz-20240630.xsd (EX-101.SCH) — 42KB
• glbz-20240630_cal.xml (EX-101.CAL) — 51KB
• glbz-20240630_def.xml (EX-101.DEF) — 175KB
• glbz-20240630_lab.xml (EX-101.LAB) — 337KB
• glbz-20240630_pre.xml (EX-101.PRE) — 329KB
• glbz-20240630x10q_htm.xml (XML) — 5077KB

Financial Statements

Financial Statements : Consolidated Balance Sheets : As of June 30, 2024 (unaudited) and December 31, 2023 (audited) 3 Consolidated Statements of Income : Three- and six-months Ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income (Loss) : Three- and six-months Ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity : Six months Ended June 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows : Six months Ended June 30, 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 42 Item 4.

Controls and Procedures

Controls and Procedures 42 Part II. OTHER INFORMATION 42 Item 1.

Legal Proceedings

Legal Proceedings 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 42

SIGNATURES

SIGNATURES 44 - 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) June 30, December 31, 2024 2023 (unaudited) (audited) ASSETS Cash and due from banks $ 1,804 $ 1,940 Interest-bearing deposits in other financial institutions 14,982 13,301 Cash and Cash Equivalents 16,786 15,241 Investment securities available for sale, at fair value 117,180 139,427 Restricted equity securities, at cost 246 1,217 Loans, net of deferred fees and costs 201,500 176,307 Less: Allowance for credit losses ( 2,625 ) ( 2,157 ) Loans, net 198,875 174,150 Premises and equipment, net 2,833 3,046 Bank owned life insurance 8,744 8,657 Deferred tax assets, net 8,329 7,897 Accrued interest receivable 1,358 1,192 Accrued taxes receivable 552 121 Prepaid expenses 355 475 Other assets 458 390 Total Assets $ 355,716 $ 351,813 LIABILITIES Noninterest-bearing deposits $ 109,631 $ 116,922 Interest-bearing deposits 196,235 183,145 Total Deposits 305,866 300,067 Short-term borrowings 30,000 30,000 Defined pension liability 328 324 Accrued expenses and other liabilities 2,051 2,097 Total Liabilities 338,245 332,488 STOCKHOLDERS' EQUITY Common stock, par value $ 1 , authorized 15,000,000 shares, issued and outstanding 2,893,648 and 2,882,627 shares as of June 30, 2024 and December 31, 2023, respectively. 2,894 2,883 Additional paid-in capital 11,014 10,964 Retained earnings 23,081 23,859 Accumulated other comprehensive loss ( 19,518 ) ( 18,381 ) Total Stockholders' Equity 17,471 19,325 Total Liabilities and Stockholders' Equity $ 355,716 $ 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) (u

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 June 30, 2024 and December 31, 2023, the results of operations for the three- and six-month periods ended June 30, 2024 and 2023, and the statements of cash flows for the six-month periods ended June 30, 2024 and 2023. The operating results for the three- and six-month periods ended June 30, 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 June 30, 2024 and 2023, the consolidated balance sheet at December 31, 2023,

View Full Filing

View this 10-Q filing on SEC EDGAR