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].
Glen Burnie Bancorp(GLBZ) - 2024 Q2 - Quarterly Results