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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended June 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 (State or other jurisdiction of (I.R.S. Employer incorpor ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly period ended March 31, 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 (State or other jurisdiction of (I.R.S. Employer incorpo ...

☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2022 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) | MARYLAND | 52-1782444 | | --- | --- | | (State or other jurisdiction | (I.R.S. Employer | | of incorporation or organization) | Identification N ...