secwatch.observer — SEC 8-K summary
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Issuer:     GLEN BURNIE BANCORP (GLBZ)
CIK:        0000890066
Form:       8-K
Filed at:   2024-07-26T23:59:59+00:00
Accession:  0001104659-24-082914
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Glen Burnie Bancorp posts Q2 net loss of $204K ($0.07 EPS) vs $0.10 EPS a year ago
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- Net loss of $204K ($0.07 per share) for Q2 2024 vs net income of $276K ($0.10 per share) in Q2 2023.
- Net interest margin improved to 3.02% (up 16 bps linked quarter) but net interest income fell 14.86% YTD.
- Loans grew $20.9M YoY to $201.5M; deposits increased 1.9% from Dec 2023 but down 7.09% YoY.
- Provision for credit losses rose to $526K in Q2 (vs $127K a year ago) due to loan growth and CECL adjustments.
- Nonperforming assets remain low at 0.09% of total assets; regulatory capital ratios still above well-capitalized thresholds.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/890066/000110465924082914/0001104659-24-082914-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/890066/000110465924082914/tm2420144d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-082914

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