Financial Performance - For the three-month period ended June 30, 2024, the company reported a net loss of $204,000, compared to a net income of $276,000 for the same period in 2023[17]. - The net loss for the six-month period ended June 30, 2024, was $201,000, compared to a net income of $710,000 for the same period in 2023[37]. - Noninterest expense for the three-month period ended June 30, 2024, was $2.89 million, a decrease of $31,000 from $2.92 million in the same period of 2023[25]. - Noninterest expense for the six-month period ended June 30, 2024, was $5.8 million, a slight decrease from $5.9 million for the same period in 2023, primarily due to reductions in salary and employee benefits costs[39]. Interest Income and Expenses - Net interest income decreased by $935,000, or 14.86%, to $5.4 million for the six-month period ended June 30, 2024, primarily due to a $1.7 million increase in interest expense[3]. - Net interest income for the six-month period ended June 30, 2024, totaled $5.4 million, down $935,000 from $6.335 million in the same period of 2023[26]. - Total interest income for the three months ended June 30, 2024, was $3.893 million, compared to $3.267 million in the same period of 2023, reflecting an increase of 19.1%[32]. - The cost of funds increased by 0.99% from 0.15% to 1.14% when comparing June 30, 2024, to the same period in 2023[20]. Asset and Liability Management - Total assets decreased by $7.9 million, or 2.17%, to $355.7 million as of June 30, 2024, compared to $363.6 million a year earlier[6]. - Total liabilities decreased from $351.7 million in March 2024 to $338.2 million in June 2024[43]. - Total stockholders' equity as of June 30, 2024, was $17.471 million, down from $19.325 million as of December 31, 2023[33]. - Total deposits were $305.9 million on June 30, 2024, a decrease of $23.4 million, or 7.09%, from $329.2 million on June 30, 2023[21]. Credit Quality - The allowance for credit losses on loans increased to $2.63 million, or 1.30% of total loans, as of June 30, 2024, compared to $2.22 million, or 1.23% of total loans, a year prior[13]. - The provision for credit loss allowance for the three months ended June 30, 2024, was $526,000, compared to $127,000 in the same period of 2023[32]. - The allowance for loan losses was $2,625 million as of June 30, 2024, compared to $2,222 million as of June 30, 2023[35]. - The allowance for credit losses increased to $2.625 million as of June 30, 2024, compared to $2.035 million in March 2024[42]. Capital Ratios - The company’s tier 1 risk-based capital ratio was approximately 15.59% on June 30, 2024, down from 17.37% on December 31, 2023[5]. - As of June 30, 2024, the Common Equity Tier 1 Capital was $36,896 million, with a ratio of 15.59%[34]. - Total Risk-Based Capital as of June 30, 2024, was $39,857 million, representing a ratio of 16.84%[34]. - The Tier 1 Leverage Ratio as of June 30, 2024, was 10.10%[34]. Loan Performance - Average loan balances increased by $5.0 million to $186.7 million for the three-month period ended June 30, 2024, with the yield rising from 4.71% to 5.44%[10]. - Average loan balances decreased by $1.9 million to $181.3 million for the six-month period ended June 30, 2024, while the yield increased from 4.65% to 5.26%[27]. - Loans (net of deferred fees & costs) as of June 30, 2024, amounted to $201,500 million, up from $180,551 million in June 30, 2023[35]. - Average balances for loans (net of deferred fees & costs) for the three months ended June 30, 2024, were $186,650 million[35]. Strategic Initiatives - The company plans to enhance its small business lending capabilities and make strategic adjustments to its operating structure to better serve its communities[18]. - The Bank of Glen Burnie operates 8 branch offices serving Anne Arundel County, focusing on commercial and retail banking[40]. - The company is engaged in real estate financing, including residential and commercial mortgage loans[40]. - Further information about the company can be found on their official website[40].

Core Viewpoint Glen Burnie Bancorp reported a net loss for the second quarter and first half of 2024, primarily due to increased interest expenses and provisions for credit losses, despite growth in loans and deposits. The bank's strategic focus remains on enhancing client relationships and growing its deposit and loan portfolios while managing costs. Financial Performance - The net loss for the three-month period ended June 30, 2024, was $204,000, compared to a net income of $276,000 for the same period in 2023 [1][12] - For the six-month period ended June 30, 2024, the net loss was $201,000, down from a net income of $710,000 in the same period in 2023 [1][20] - Net interest income decreased by $935,000, or 14.86%, to $5.4 million for the first half of 2024 compared to $6.3 million in 2023 [3][21] Asset and Liability Management - Total assets as of June 30, 2024, were $355.7 million, a decrease of $7.9 million or 2.17% from $363.6 million a year earlier [8] - Total deposits were $305.9 million, down $23.4 million or 7.09% from $329.2 million on June 30, 2023, although deposits increased by 1.9% from December 31, 2023 [9] - Loans increased by $20.9 million or 11.60% year-over-year, totaling $201.5 million as of June 30, 2024 [8] Interest Rate Environment - The cost of funds increased from 0.15% to 1.14% year-over-year, reflecting a shift in the funding mix towards higher-cost borrowed funds [6] - The net interest margin for the three-month period ended June 30, 2024, was 3.02%, down from 3.44% in the same period of 2023 [14] Credit Quality and Provisions - The allowance for credit losses on loans was $2.63 million, or 1.30% of total loans, as of June 30, 2024, compared to $2.22 million or 1.23% a year earlier [11][26] - The provision for credit losses for the first half of 2024 was $694,000, significantly higher than $85,000 in the same period of 2023 [26] Strategic Focus - The bank aims to grow deposits, loans, and client relationships while managing noninterest expenses, which decreased by 1.1% on a linked-quarter basis [2] - Future dividend declarations will be evaluated against the need for reinvestment in growth initiatives [2]

Core Viewpoint - Joseph G. "Jay" Baldwin has been appointed to the Board of Directors of Glen Burnie Bancorp, signaling a strategic focus on enhancing the bank's role as a key financial partner for businesses in Anne Arundel County and surrounding areas [12][6]. Company Overview - Glen Burnie Bancorp is a bank holding company based in Glen Burnie, Maryland, and operates The Bank of Glen Burnie, which was founded in 1949. The bank provides commercial and retail banking services, including loans and deposits, with eight branches in Anne Arundel County [10]. Leadership and Experience - Baldwin has extensive experience in the construction industry, having held leadership roles in various associations, including the Maryland Highway Contractors Association and the National Associated Builders and Contractors [9]. - He has been recognized with the Ernst & Young Entrepreneur of The Year® Award in 2007 for his contributions to the construction and contracting services sector [13]. Community Engagement - Baldwin is actively involved in philanthropic efforts, including significant contributions to local educational and healthcare initiatives, demonstrating a commitment to community development [2]. - His appointment is expected to enhance the bank's connection with small-to-midsized businesses, aligning with the bank's mission to adapt and grow in response to community needs [8][7]. Strategic Direction - The bank aims to celebrate its 75th anniversary by reinforcing its legacy while looking forward to future growth opportunities under Baldwin's leadership [8]. - Baldwin's insights as a business leader and entrepreneur are anticipated to contribute positively to the bank's strategic discussions and decision-making processes [4][7].

Core Points - Glen Burnie Bancorp declared a regular dividend of $0.10 per share, marking the company's 128th consecutive dividend [3] - The dividend is payable on August 5, 2024, to shareholders of record as of July 22, 2024 [1] - As of June 30, 2024, Glen Burnie Bancorp has consolidated assets totaling $355.7 million [4] Company Overview - Glen Burnie Bancorp is the parent company of The Bank of Glen Burnie, which was founded in 1949 and operates eight branch offices in Anne Arundel County, MD [4]

Financial Performance - Net income for Q1 2024 was $3,000, a decrease from $435,000 in Q1 2023, primarily due to a $726,000 increase in interest expense and a $211,000 increase in provision for credit loss [109]. - Comprehensive loss for the first quarter of 2024 totaled $0.9 million, compared to income of $2.4 million for the same period in 2023, due to increased unrealized losses on securities [130]. - Noninterest income decreased to $229,000, down $16,000 or 6.53% from $245,000 in the prior year [127]. - Noninterest expenses decreased by $83,000 or 2.82% to $2.86 million from $2.94 million year-over-year, driven by lower salary and employee benefits [128]. - The company recorded an income tax benefit of $232,000, compared to an expense of $86,000 in the same period last year, resulting in an effective tax rate of 101.31% [129]. Interest Income and Expense - Total interest income increased by $120,000, or 3.65%, to $3.4 million in Q1 2024, driven by a $128,000 increase in loan interest income [111][119]. - Interest expense surged by $726,000, or 678.50%, to $833,000 in Q1 2024, attributed to higher rates on money market deposits and short-term borrowings [120]. - Net interest income decreased by $606,000, or 19.07%, to $2.6 million in Q1 2024 compared to Q1 2023 [118]. Assets and Deposits - Total assets rose to $369.9 million, an increase of $18.1 million from December 31, 2023 [112]. - Total deposits increased by $9.2 million, or 3.05%, during the first three months of 2024 [112]. - Total deposits as of March 31, 2024, totaled $309.2 million, an increase of $9.1 million or 3.05% from $300.1 million at the end of 2023 [136]. - Cash and cash equivalents totaled $42.6 million, an increase of $27.4 million, or 179.69%, from $15.2 million at December 31, 2023 [159]. - Nonperforming assets to total assets decreased to 0.10% from 0.15% year-over-year, with nonaccrual loans decreasing to $371,000 from $527,000 [136]. Credit Losses - The allowance for credit losses decreased by $122,000, or 5.66%, to $2.04 million as of March 31, 2024 [112]. - Provision for credit losses on loans was recognized at $169,000 compared to a $42,000 release in the same period last year, reflecting a $5.8 million decrease in the reservable balance of the loan portfolio [126]. Capital Ratios - The Bank's Tier 1 leverage ratio was 10.43% as of March 31, 2024, exceeding the minimum requirement of 4.0% [169]. - The Common Equity Tier 1 capital ratio was 17.14% as of March 31, 2024, well above the minimum requirement of 4.5% [169]. - The Total Capital ratio was 18.30% as of March 31, 2024, surpassing the minimum requirement of 8.0% [169]. - The capital conservation buffer is set at 2.5%, effectively raising the minimum required Common Equity Tier 1 capital ratio to 7.0% [165]. - The Bank was in full compliance with capital adequacy guidelines as of March 31, 2024, with all capital ratios exceeding the required thresholds [169]. Deposits Composition - The Bank's total interest-bearing deposits accounted for 62.7% of total deposits as of March 31, 2024, compared to 61.0% on December 31, 2023 [137]. - Interest-bearing deposits increased by $10.919 million, or 5.96%, from $183.145 million to $194.064 million [137]. - Money market deposits saw a significant increase of $19.845 million, or 73.95%, from $26.836 million to $46.681 million [137]. - Noninterest-bearing deposits decreased by $1.755 million, or 1.50%, from $116.922 million to $115.167 million [137]. Risk Management - The Bank's interest rate risk management policy includes limits on risk, with measures of net interest income at risk remaining within prescribed policy limits [146]. - The regulations impose minimum leverage rules and risk-based capital rules, ensuring the Bank maintains specified minimum ratios of capital to total assets and risk-weighted assets [169]. - The Bank's capital amounts and ratios are subject to qualitative judgments by regulators regarding components and risk weightings [164].

GLEN BURNIE, Md., April 26, 2024 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp ("Bancorp") (NASDAQ:GLBZ), the bank holding company for The Bank of Glen Burnie ("Bank"), today reported results for the first quarter ended March 31, 2024. Net income for the first quarter was $3,000, or $0 per basic and diluted common share, as compared to $0.44 million, or $0.15 per basic and diluted common share for the three-month period ended March 31, 2023. On March 31, 2024, Bancorp had total assets of $369.9 million. Bancorp, ...

Exhibit 99.1 Press Release For Immediate Release Date: April 26, 2024 GLEN BURNIE BANCORP ANNOUNCES FIRST QUARTER 2024 RESULTS GLEN BURNIE, MD (April 26, 2024) – Glen Burnie Bancorp ("Bancorp") (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie ("Bank"), today reported results for the first quarter ended March 31, 2024. Net income for the first quarter was $3,000, or $0 per basic and diluted common share, as compared to $0.44 million, or $0.15 per basic and diluted common share for the thr ...

GLEN BURNIE, Md., April 12, 2024 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (NASDAQ:GLBZ), parent company of The Bank of Glen Burnie®, announced that its Board of Directors declared a regular dividend of ten cents ($0.10) per share of common stock at their meeting on April 11, 2024. This action marks the company's 127th consecutive dividend. The regular dividend is payable on May 6, 2024, to shareholders of record at the close of business on April 22, 2024. Glen Burnie Bancorp, parent company to The Bank of Gl ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission file number: 0-24047 GLEN BURNIE BANCORP (Exact name of registrant as specified in its charter) Table of Contents | MARYLAND | 52-1782444 | | --- | --- | | (State or other ju ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-24047 GLEN BURNIE BANCORP (Exact name of registrant as specified in its charter) Maryland 52-1782444 WASHINGTON, D.C. 20549 (State or other jurisdiction of (I.R.S. Employer incorporation ...