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

Financial Performance - Net interest income decreased to $10.9 million in 2024 from$12.1 million in 2023, a decline of 9.9%[132] - The consolidated net loss for 2024 was $0.1 million, compared to a net income of$1.4 million in 2023, marking a decrease of $1.5 million[133] - Annualized return on average assets was (0.03)$13.3 million in 2023 to $15.2 million in 2024, primarily due to a$1.9 million increase in interest and fees on loans[137] - Interest expense surged by 255.3% from $1.2 million in 2023 to$4.3 million in 2024, driven by a $1.1 million increase in interest on short-term borrowings and a$2.0 million increase in interest on deposits[138] Credit Losses and Allowances - The provision for credit loss allowance increased by $748,000 in 2024 compared to 2023[133] - The allowance for credit losses - loans was$2.8 million, or 1.4% of total loans at December 31, 2024, compared to $2.2 million, or 1.2$0.8 million for the year ended December 31, 2024, compared to $0.1 million for the year ended December 31, 2023[150] - The allowance for credit losses was$2.8 million at December 31, 2024, compared to $2.2 million in 2023[166] - The allowance for credit losses increased by$682,000 during 2024, reflecting a provision for credit loss of $844,000[182] Loan and Deposit Growth - Total gross loans increased by$1.9 million, with a notable rise in loans secured by real estate contributing to this growth[140] - Total deposits increased by $9.1 million, or 3.0$309.2 million at the end of 2024 compared to $300.1 million at the end of 2023[155] - Loans, net at December 31, 2024, were$202.4 million compared to $174.2 million at December 31, 2023, a decrease of$28.2 million or 16.2%[155] - Nonperforming loans to gross loans ratio improved to 0.2% in 2024 from 0.3% in 2023[174] - Nonperforming assets decreased to $360,000 at December 31, 2024, from$527,000 at December 31, 2023, representing 0.10% of total assets compared to 0.15% in the prior year[174] Asset Management - Total assets increased by $7.1 million, or 2.0$359.0 million at December 31, 2024, compared to $351.8 million at December 31, 2023[154] - Cash and cash equivalents increased by$9.2 million primarily due to a $9.1 million increase in deposit balances[156] - Investment securities decreased by$31.5 million, or 22.6%, to $107.9 million compared to year-end 2023[155] - The Company's investment securities portfolio decreased by$31.5 million, or 22.58%, to $107.9 million at December 31, 2024, from$139.4 million at December 31, 2023[159] Capital and Regulatory Ratios - Stockholders' equity decreased to $17.8 million at December 31, 2024, a decline of$1.5 million or 7.8% compared to $19.3 million in 2023[193] - Common Equity Tier 1 Capital ratio was 15.15$92.1 million, with $62.1 million available to be drawn as of December 31, 2024[209] - The Bank's total commitments to extend credit and unused lines of credit totaled$31.6 million at December 31, 2024[207] - As of December 31, 2024, the Bank has accrued $584,000 as a reserve for credit losses on unfunded commitments, an increase of$111,000 from $473,000 as of December 31, 2023[218]