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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, 2022

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

incorporation or organization)

Identification No.)

101 Crain Highway, S.E.

Glen Burnie, Maryland

21061

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (410) 766-3300

Inapplicable

(Former name, former address and former fiscal year if changed from last report.)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  No

Indicate by check mark if the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

GLBZ

The NASDAQ Stock Market LLC

The number of shares of the registrant’s common stock outstanding as of August 9, 2022, was 2,861,615.

GLEN BURNIE BANCORP AND SUBSIDIARY

TABLE OF CONTENTS

Page

Part I.

FINANCIAL INFORMATION

Item 1.

Financial Statements:

Consolidated Balance Sheets: As of June 30, 2022 (unaudited) and December 31, 2021 (audited)

3

Consolidated Statements of Income: Three and Six Months Ended June 30, 2022 and 2021 (unaudited)

4

Consolidated Statements of Comprehensive Income (Loss): Three and Six Months Ended June 30, 2022 and 2021 (unaudited)

5

Consolidated Statements of Changes in Stockholders’ Equity: Six Months Ended June 30, 2022 and 2021 (unaudited)

6

Consolidated Statements of Cash Flows: Six Months Ended June 30, 2022 and 2021 (unaudited)

7

Notes to Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

42

Item 4.

Controls and Procedures

42

Part II.

OTHER INFORMATION

42

Item 1.

Legal Proceedings

42

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

42

Item 3.

Defaults Upon Senior Securities

42

Item 4.

Mine Safety Disclosures

42

Item 5.

Other Information

42

Item 6.

Exhibits

43

SIGNATURES

44

- 2 -

PART I – FINANCIAL INFORMATION

ITEM 1.     CONSOLIDATED FINANCIAL STATEMENTS

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

June 30, 

December 31, 

2022

2021

(unaudited)

(audited)

ASSETS

Cash and due from banks

$

2,140

$

2,111

Interest-bearing deposits in other financial institutions

 

49,226

 

60,070

Cash and Cash Equivalents

 

51,366

 

62,181

Investment securities available for sale, at fair value

 

157,823

 

155,927

Restricted equity securities, at cost

1,071

1,062

Loans, net of deferred fees and costs

 

200,698

 

210,392

Less: Allowance for credit losses(1)

(2,238)

(2,470)

Loans, net

198,460

207,922

Premises and equipment, net

 

3,446

 

3,564

Bank owned life insurance

 

8,414

 

8,338

Deferred tax assets, net

6,452

956

Accrued interest receivable

 

1,145

 

1,085

Accrued taxes receivable

 

245

 

301

Prepaid expenses

 

448

 

347

Other assets

 

523

 

383

Total Assets

$

429,393

$

442,066

LIABILITIES

Noninterest-bearing deposits

$

151,679

$

155,624

Interest-bearing deposits

 

234,086

 

227,623

Total Deposits

 

385,765

 

383,247

Short-term borrowings

 

10,000

 

10,000

Long-term borrowings

10,000

10,000

Defined pension liability

313

304

Accrued expenses and other liabilities

 

2,050

 

2,799

Total Liabilities

408,128

406,350

STOCKHOLDERS' EQUITY

Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,858,635 and 2,853,880 shares as of June 30, 2022 and December 31, 2021, respectively.

 

2,859

 

2,854

Additional paid-in capital

 

10,810

 

10,759

Retained earnings

 

22,946

 

22,977

Accumulated other comprehensive loss

 

(15,350)

(874)

Total Stockholders' Equity

21,265

35,716

Total Liabilities and Stockholders' Equity

$

429,393

$

442,066

(1)Effective January 1, 2021, the Company applied ASU 2016-13, Financial Instruments – Credit Losses (“ASC 326”), such that the allowance calculation is based on current expected credit loss methodology (“CECL”). Prior to January 1, 2021, the calculation was based on incurred loss methodology. See Note 5 “Loans Receivable and Allowance for Losses on Loans” for details.

See accompanying notes to unaudited consolidated financial statements.

- 3 -

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share amounts)

(unaudited)

    

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2022

    

2021

    

2022

    

2021

INTEREST INCOME

 

  

 

  

 

  

 

  

 

Interest and fees on loans

$

2,089

$

2,568

$

4,256

$

5,205

Interest and dividends on securities

794

698

1,492

1,203

Interest on deposits with banks and
federal funds sold

 

147

 

24

 

197

 

43

Total Interest Income

 

3,030

 

3,290

 

5,945

 

6,451

INTEREST EXPENSE

 

  

 

  

 

  

 

  

Interest on deposits

 

120

 

158

 

244

 

325

Interest on short-term borrowings

 

88

 

116

 

191

 

232

Interest on long-term borrowings

 

19

 

 

26

 

Total Interest Expense

 

227

 

274

 

461

 

557

Net Interest Income

 

2,803

 

3,016

 

5,484

 

5,894

Release for credit losses

 

(116)

 

(67)

 

(217)

 

(471)

Net interest income after release

 

2,919

 

3,083

 

5,701

 

6,365

NONINTEREST INCOME

 

  

 

  

 

  

 

  

Service charges on deposit accounts

 

40

 

37

 

82

 

77

Other fees and commissions

 

180

 

190

 

355

 

359

Gain on securities sold/redeemed

 

1

 

1

 

Gains on sale of OREO

 

 

14

 

 

14

Income on life insurance

39

39

76

77

Total Noninterest Income

 

260

 

280

 

514

 

527

NONINTEREST EXPENSE

 

  

 

  

 

  

 

  

Salary and benefits

 

1,516

 

1,588

 

3,136

 

3,218

Occupancy and equipment expenses

316

304

647

606

Legal, accounting and other professional fees

260

183

585

395

Data processing and item processing services

235

248

461

505

FDIC insurance costs

29

40

54

83

Advertising and marketing related expenses

21

24

43

45

Loan collection costs

20

22

(55)

28

Telephone costs

 

41

 

54

 

85

 

131

Other expenses

 

397

 

329

 

663

 

610

Total Noninterest Expenses

 

2,835

 

2,792

 

5,619

 

5,621

Income before income taxes

 

344

 

571

 

596

 

1,271

Income tax expense

 

35

 

91

 

56

 

197

NET INCOME

$

309

$

480

$

540

$

1,074

Basic and diluted net income per share of common stock

$

0.11

$

0.17

$

0.19

$

0.38

See accompanying notes to unaudited consolidated financial statements.

- 4 -

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(dollars in thousands)

(unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2022

    

2021

    

2022

    

2021

Net income

$

309

$

480

$

540

$

1,074

Other comprehensive (loss) income:

 

  

 

  

 

  

 

  

Net unrealized (loss) gain on securities available for sale:

 

 

Net unrealized (loss) gain on securities during the period

(8,556)

2,247

(20,493)

(1,327)

Income tax benefit (expense) relating to item above

 

2,355

 

(619)

 

5,640

 

365

Reclassification adjustment for gain on sales of securities included in net income

 

(1)

 

 

(1)

 

Net effect on other comprehensive (loss) income

 

(6,202)

 

1,628

 

(14,854)

 

(962)

Net unrealized gain on interest rate swaps:

Net unrealized gain on interest rate swap during the period

185

88

522

228

Income tax expense relating to item above

(51)

(24)

(144)

(63)

Net effect on other comprehensive income

134

64

378

165

Other comprehensive (loss) income

(6,068)

1,692

(14,476)

(797)

Comprehensive (loss) income

$

(5,759)

$

2,172

$

(13,936)

$

277

See accompanying notes to unaudited consolidated financial statements.

- 5 -

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(dollars in thousands)

(unaudited)

    

Accumulated

Additional

Other

Common

Paid-in

Retained

Comprehensive

Stock

Capital

Earnings

Income (Loss)

Total

Balance, December 31, 2020

 

$

2,842

$

10,640

$

23,071

$

540

$

37,093

Net income

 

 

 

 

1,074

 

 

1,074

Cash dividends, $0.20 per share

 

 

 

 

(569)

 

 

(569)

Dividends reinvested under

dividend reinvestment plan

 

 

6

 

60

 

 

 

66

Transition adjustment pursuant to adoption

of ASU 2016-13

(1,472)

(1,472)

Other comprehensive loss

 

 

 

 

 

(797)

 

(797)

Balance, June 30, 2021

 

$

2,848

$

10,700

$

22,104

$

(257)

$

35,395

Accumulated

Additional

Other

Common

Paid-in

Retained

Comprehensive

Stock

Capital

Earnings

Loss

Total

Balance, December 31, 2021

 

$

2,854

$

10,759

$

22,977

$

(874)

$

35,716

Net income

 

 

 

 

540

 

 

540

Cash dividends, $0.20 per share

 

 

 

 

(571)

 

 

(571)

Dividends reinvested under

dividend reinvestment plan

 

 

5

 

51

 

 

 

56

Other comprehensive loss

 

 

 

 

 

(14,476)

 

(14,476)

Balance, June 30, 2022

 

$

2,859

$

10,810

$

22,946

$

(15,350)

$

21,265

See accompanying notes to unaudited consolidated financial statements.

- 6 -

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

(unaudited)

    

    

Six Months Ended June 30, 

    

2022

    

2021

Cash flows from operating activities:

 

  

 

  

 

Net income

$

540

$

1,074

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

Depreciation, amortization, and accretion of premises and equipment

 

215

 

213

Amortization, and accretion of investment securities available for sale

481

845

Release for credit losses

 

(217)

 

(471)

Gain on disposals of assets, net

 

 

(14)

Increase in cash surrender value of bank owned life insurance

 

(76)

 

(77)

Loss on write-down of MFB stock

2

Increase in accrued interest receivable

 

(60)

 

(2)

Net increase in other assets

 

(106)

 

(292)

Net (increase) decrease in accrued expenses and other liabilities

 

(245)

 

258

Net cash provided by operating activities

 

534

 

1,534

Cash flows from investing activities:

 

  

 

  

Redemptions and maturities of investment securities available for sale

 

8,671

 

10,505

Proceeds from sales of available for sale debt securities

1

Purchases of investment securities available for sale

 

(31,540)

 

(56,219)

Net (purchase) sale of Federal Home Loan Bank stock

 

(11)

 

137

Net decrease in loans

 

9,679

 

19,209

Proceeds from sale of real estate acquired through foreclosure

 

 

589

Purchases of premises and equipment

(152)

(165)

Net cash provided by (used in) investing activities

 

(13,352)

 

(25,944)

Cash flows from financing activities:

 

  

 

  

Net increase in deposits

 

2,518

 

19,264

Decrease in short term borrowings

(4,676)

Cash dividends paid

 

(571)

 

(569)

Common stock dividends reinvested

 

56

 

66

Net cash provided by financing activities

 

2,003

 

14,085

Net decrease in cash and cash equivalents

 

(10,815)

 

(10,325)

Cash and cash equivalents at beginning of period

 

62,181

 

37,093