Glen Burnie Bancorp(GLBZ) - 2024 Q4 - Annual Results

Financial Performance - For the three-month period ended December 31, 2024, Glen Burnie Bancorp reported a net loss of $39,000, compared to a net income of$167,000 for the same period in 2023[2]. - The net loss for the twelve-month period ended December 31, 2024, was $112,000, compared to a net income of$1.429 million for the same period in 2023[36]. - Return on average assets for the three-month period ended December 31, 2024, was -0.04%, compared to 0.19% for the same period in 2023[7]. - The annualized return on average assets for the three months ended December 31, 2024, is -0.04%[39]. Income and Expenses - Net interest income for the twelve-month period ended December 31, 2024, decreased by $1.2 million, or 9.84$10.9 million, compared to $12.1 million in 2023[4]. - Noninterest income for the twelve-month period ended December 31, 2024, was$1.2 million, an increase of $57,000 or 5.20$1.1 million for the same period in 2023[30]. - Noninterest expense for the twelve-month period ended December 31, 2024, was $11.9 million, reflecting an increase of$253,000 from $11.6 million in 2023, primarily due to higher legal, accounting, and professional fees[31]. - The net interest margin for the twelve-month period ended December 31, 2024, was 2.98$7.1 million, or 2.03%, to $358.9 million as of December 31, 2024, from$351.8 million a year earlier[11]. - Total assets as of December 31, 2024, were $358.956 million, a decrease from$368.359 million as of September 30, 2024, and an increase from $351.813 million as of December 31, 2023[35]. - Cash and cash equivalents totaled$24.464 million as of December 31, 2024, compared to $15.241 million as of December 31, 2023[35]. - Total deposits rose by$9.1 million, or 3.04%, to $309.2 million as of December 31, 2024, from$300.1 million a year earlier[12]. - Total deposits as of December 31, 2024, were $309.189 million, down from$314.273 million as of September 30, 2024, and up from $300.067 million as of December 31, 2023[35]. Loans and Credit Losses - Loans increased by$28.9 million, or 16.40%, to $205.2 million as of December 31, 2024, compared to$176.3 million on December 31, 2023[11]. - The provision for allowance for credit loss on loans for the twelve-month period ended December 31, 2024, was $844,000, compared to$96,000 for the same period in 2023[29]. - The allowance for credit losses as of December 31, 2024, was $2.839 million, an increase from$2.157 million as of December 31, 2023[35]. - The allowance for loan losses to loans ratio is 1.38% as of December 31, 2024[39]. - Nonperforming loans to average loans ratio is 0.18% for the three months ended December 31, 2024[39]. Equity and Capital - The book value per share decreased to $6.14 on December 31, 2024, from$6.70 on December 31, 2023, primarily due to unrealized losses on available-for-sale securities[9]. - The total stockholders' equity as of December 31, 2024, was $17.817 million, a decrease from$19.325 million as of December 31, 2023[35]. - Stockholders' equity as of December 31, 2024, is $17,817,000, down from$21,160,000 in the previous quarter[39]. - As of December 31, 2024, Common Equity Tier 1 Capital stands at $36,481,000, representing a ratio of 15.15$39,496,000, with a ratio of 16.40%[38]. Dividends - The company declared cash dividends of $0.30 per share for the twelve months ended December 31, 2024, totaling$865,000[37]. Cost of Funds - The cost of funds increased to 1.38% for the quarter ended December 31, 2024, compared to 0.64% for the same quarter in 2023, reflecting higher interest expenses[8].