secwatch.observer — SEC 8-K summary
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Issuer:     GLEN BURNIE BANCORP (GLBZ)
CIK:        0000890066
Form:       8-K
Filed at:   2024-10-31T23:59:59+00:00
Accession:  0001104659-24-112915
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Glen Burnie Bancorp Q3 net income plunges 77%; suspends quarterly dividend
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- Net income Q3 2024 $129K ($0.04 EPS) down 77% from $551K ($0.19 EPS) year ago.
- Nine-month net loss $72K vs net income $1.3M; net interest margin narrowed to 2.98%.
- Loans grew $32.2M (18.4%) to $207M; deposits flat at $314.2M.
- Company suspends quarterly cash dividends to reinvest in people, tech, and facilities.
- Bank remains well-capitalized; tier 1 risk-based capital 15.47% vs 17.37% year-end 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/890066/000110465924112915/0001104659-24-112915-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/890066/000110465924112915/tm2427167d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-112915

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