$GLBZ

GLEN BURNIE BANCORP

CIK:0000890066|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
INTEREST INCOME
Interest and fees on loans	$ 3,126,000	$ 2,908,000	$ 8,744,000	$ 7,648,000
Interest and dividends on securities	719,000	814,000	2,196,000	2,605,000
Interest on deposits with banks and federal funds sold	92,000	237,000	503,000	1,004,000
Total Interest Income	3,937,000	3,959,000	11,443,000	11,257,000
INTEREST EXPENSE
Interest on deposits	1,044,000	730,000	2,827,000	1,716,000
Interest on short-term borrowings	62,000	408,000	486,000	1,363,000
Total Interest Expense	1,106,000	1,138,000	3,313,000	3,079,000
Net Interest Income	2,831,000	2,821,000	8,130,000	8,178,000
Provision (release) of credit loss allowance	44,000	105,000	(498,000)	897,000
Net interest income after credit loss provision	2,787,000	2,716,000	8,628,000	7,281,000
NONINTEREST INCOME
Service charges on deposit accounts	37,000	36,000	102,000	109,000
Mortgage commissions	192,000		192,000
Other fees and commissions	297,000	273,000	570,000	584,000
Income on life insurance	45,000	45,000	132,000	132,000
Total Noninterest Income	571,000	354,000	996,000	825,000
NONINTEREST EXPENSE
Salary and benefits	1,865,000	1,653,000	5,718,000	4,872,000
Occupancy and equipment expenses	249,000	327,000	813,000	996,000
Legal, accounting and other professional fees	478,000	267,000	1,140,000	769,000
Data processing and item processing services	219,000	263,000	700,000	755,000
FDIC insurance costs	46,000	41,000	132,000	119,000
Advertising and marketing related expenses	45,000	40,000	111,000	88,000
Loan collection costs	19,000	5,000	71,000	11,000
Telephone costs	20,000	41,000	83,000	110,000
Other expenses	330,000	354,000	1,020,000	928,000
Total Noninterest Expenses	3,271,000	2,991,000	9,788,000	8,648,000
Income (loss) before income taxes	87,000	79,000	(164,000)	(542,000)
Income tax benefit	(38,000)	(50,000)	(230,000)	(470,000)
NET INCOME (LOSS)	$ 125,280	$ 129,191	$ 66,277	$ (72,131)
Basic net income (loss) per share of common stock (in dollars per share)	$ 0.04	$ 0.04	$ 0.02	$ (0.02)
Diluted net income (loss) per share of common stock (in dollars per share)	$ 0.04	$ 0.04	$ 0.02	$ (0.02)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ 66	$ (72)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization of premises and equipment	275	244
Amortization, and accretion of investment securities available for sale	79	127
(Release of) provision for credit losses	(498)	897
Loss on disposals of assets, net	16
Increase in cash surrender value of bank owned life insurance	(132)	(132)
Noncash compensation-restricted stock awards	17
Noncash compensation-forgivable note amortization	31
Decrease in ground rents	4	6
Decrease (increase) in accrued interest receivable	5	(287)
Net increase in other assets	(810)	(520)
Net increase in accrued expenses and other liabilities	(271)	493
Net cash (used in) provided by operating activities	(1,218)	756
Cash flows from investing activities:
Redemptions and maturities of investment securities available for sale	7,631	23,043
Net sale of Federal Home Loan Bank stock	1,420	971
Net increase in loans	(9,874)	(30,849)
Purchases of premises and equipment	(76)	(131)
Net cash used in investing activities	(899)	(6,966)
Cash flows from financing activities:
Net increase in deposits	19,880	14,206
Decrease in short term borrowings	(30,000)
Cash dividends paid		(866)
Common stock dividends reinvested		91
Net cash (used in) provided by financing activities	(10,120)	13,431
Net (decrease) increase in cash and cash equivalents	(12,237)	7,221
Cash and cash equivalents at beginning of period	24,464	15,241
Cash and cash equivalents at end of period	12,227	22,462
Supplemental Disclosures of Cash Flow Information:
Interest paid on deposits and borrowings	3,420	2,169
Net income taxes refunded		(104)
Net decrease in unrealized depreciation on available for sale securities	3,902	$ 3,701
During the year, the Company issued 19,104 shares of restricted common stock in connection with compensation agreements, representing a noncash investing and financing activity	$ 101

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
ASSETS
Cash and due from banks	$ 2,359	$ 2,012
Interest-bearing deposits in other financial institutions and federal funds sold	9,868	22,452
Cash and Cash Equivalents	12,227	24,464
Investment securities available for sale, at fair value	104,141	107,949
Restricted equity securities, at cost	251	1,671
Loans, net of deferred fees and costs	215,320	205,219
Less: Allowance for credit losses	(2,568)	(2,839)
Loans, net	212,752	202,380
Premises and equipment, net	2,463	2,678
Bank owned life insurance	8,966	8,834
Deferred tax assets, net	7,475	8,548
Accrued interest receivable	1,340	1,345
Accrued taxes receivable	310	148
Prepaid expenses	434	471
Goodwill	317
Other assets	1,118	468
Total Assets	351,794	358,956
LIABILITIES
Noninterest-bearing deposits	107,368	100,747
Interest-bearing deposits	221,701	208,442
Total Deposits	329,069	309,189
Short-term borrowings		30,000
Defined pension liability	341	330
Accrued expenses and other liabilities	1,655	1,620
Total Liabilities	331,065	341,139
STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,919,695 and 2,900,681 shares as of September 30, 2025 and December 31, 2024 respectively	2,920	2,901
Additional paid-in capital	11,119	11,037
Deferred compensation, restricted stock	(84)
Retained earnings	22,948	22,882
Accumulated other comprehensive loss	(16,174)	(19,003)
Total Stockholders' Equity	20,729	17,817
Total Liabilities and Stockholders' Equity	$ 351,794	$ 358,956