0000890066--12-312025Q3false290068129196950000890066us-gaap:DeferredCompensationShareBasedPaymentsMember2025-01-012025-09-300000890066us-gaap:CommonStockMember2025-01-012025-09-300000890066us-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300000890066us-gaap:CommonStockMember2024-01-012024-09-300000890066us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300000890066us-gaap:RetainedEarningsMember2025-09-300000890066us-gaap:DeferredCompensationShareBasedPaymentsMember2025-09-300000890066us-gaap:CommonStockMember2025-09-300000890066us-gaap:AdditionalPaidInCapitalMember2025-09-300000890066us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300000890066us-gaap:RetainedEarningsMember2024-12-310000890066us-gaap:CommonStockMember2024-12-310000890066us-gaap:AdditionalPaidInCapitalMember2024-12-310000890066us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000890066us-gaap:RetainedEarningsMember2024-09-300000890066us-gaap:CommonStockMember2024-09-300000890066us-gaap:AdditionalPaidInCapitalMember2024-09-300000890066us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000890066us-gaap:RetainedEarningsMember2023-12-310000890066us-gaap:CommonStockMember2023-12-310000890066us-gaap:AdditionalPaidInCapitalMember2023-12-310000890066us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000890066us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300000890066us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2025-09-300000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2025-09-300000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMemberglbz:FinancingReceivables30To89DaysPastDueMember2025-09-300000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMemberus-gaap:SubstandardMember2025-09-300000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMemberus-gaap:PassMember2025-09-300000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMemberglbz:FinancingReceivables30To89DaysPastDueMember2025-09-300000890066us-gaap:RealEstateLoanMembersrt:MultifamilyMemberus-gaap:PassMember2025-09-300000890066us-gaap:RealEstateLoanMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:RealEstateLoanMemberglbz:FarmlandMemberus-gaap:PassMember2025-09-300000890066us-gaap:RealEstateLoanMemberglbz:FarmlandMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:RealEstateLoanMemberglbz:ConstructionAndLandDevelopmentMemberus-gaap:PassMember2025-09-300000890066us-gaap:RealEstateLoanMemberglbz:ConstructionAndLandDevelopmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:ConsumerLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:ConsumerLoanMemberus-gaap:ConsumerPortfolioSegmentMemberglbz:FinancingReceivables30To89DaysPastDueMember2025-09-300000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2025-09-300000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMemberus-gaap:PassMember2025-09-300000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMemberglbz:FinancingReceivables30To89DaysPastDueMember2025-09-300000890066us-gaap:ConsumerLoanMemberglbz:ConsumerAndCreditCardMemberus-gaap:PassMember2025-09-300000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:SbaGuarantyMemberus-gaap:SubstandardMember2025-09-300000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:SbaGuarantyMemberus-gaap:PassMember2025-09-300000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:SbaGuarantyMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PassMember2025-09-300000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:RealEstateLoanMemberglbz:FinancingReceivables30To89DaysPastDueMember2025-09-300000890066us-gaap:ConsumerLoanMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:ConsumerLoanMemberglbz:FinancingReceivables30To89DaysPastDueMember2025-09-300000890066us-gaap:CommercialAndIndustrialSectorMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000890066us-gaap:SubstandardMember2025-09-300000890066us-gaap:PassMember2025-09-300000890066us-gaap:FinancialAssetNotPastDueMember2025-09-300000890066glbz:FinancingReceivables30To89DaysPastDueMember2025-09-300000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-310000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2024-12-310000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMemberus-gaap:SubstandardMember2024-12-310000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMemberus-gaap:PassMember2024-12-310000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMemberglbz:FinancingReceivables30To89DaysPastDueMember2024-12-310000890066us-gaap:RealEstateLoanMembersrt:MultifamilyMemberus-gaap:PassMember2024-12-310000890066us-gaap:RealEstateLoanMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:RealEstateLoanMemberglbz:FarmlandMemberus-gaap:PassMember2024-12-310000890066us-gaap:RealEstateLoanMemberglbz:FarmlandMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:RealEstateLoanMemberglbz:ConstructionAndLandDevelopmentMemberus-gaap:PassMember2024-12-310000890066us-gaap:RealEstateLoanMemberglbz:ConstructionAndLandDevelopmentMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:ConsumerPortfolioSegmentMemberglbz:FinancingReceivables30To89DaysPastDueMember2024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMemberus-gaap:PassMember2024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMemberglbz:FinancingReceivables30To89DaysPastDueMember2024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:SbaGuarantyMemberus-gaap:SpecialMentionMember2024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:SbaGuarantyMemberus-gaap:PassMember2024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:SbaGuarantyMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PassMember2024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:CommercialAndIndustrialPortfolioSegmentMemberglbz:FinancingReceivables30To89DaysPastDueMember2024-12-310000890066us-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:RealEstateLoanMemberglbz:FinancingReceivables30To89DaysPastDueMember2024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:ConsumerLoanMemberglbz:FinancingReceivables30To89DaysPastDueMember2024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:FinancingReceivables30To89DaysPastDueMember2024-12-310000890066us-gaap:SubstandardMember2024-12-310000890066us-gaap:SpecialMentionMember2024-12-310000890066us-gaap:PassMember2024-12-310000890066us-gaap:FinancialAssetNotPastDueMember2024-12-310000890066glbz:FinancingReceivables30To89DaysPastDueMember2024-12-310000890066us-gaap:RetainedEarningsMember2025-01-012025-09-300000890066us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000890066srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300000890066srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMember2024-09-300000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMember2024-09-300000890066us-gaap:RealEstateLoanMembersrt:MultifamilyMember2025-01-012025-09-300000890066us-gaap:RealEstateLoanMemberglbz:FarmlandMember2025-01-012025-09-300000890066us-gaap:RealEstateLoanMemberglbz:ConstructionAndLandDevelopmentMember2025-01-012025-09-300000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:CommercialAndIndustrialPortfolioSegmentMember2025-01-012025-09-300000890066us-gaap:RealEstateLoanMembersrt:MultifamilyMember2024-01-012024-12-310000890066us-gaap:RealEstateLoanMemberglbz:FarmlandMember2024-01-012024-12-310000890066us-gaap:RealEstateLoanMemberglbz:ConstructionAndLandDevelopmentMember2024-01-012024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:CreditCardReceivablesMember2025-09-300000890066us-gaap:CommercialAndIndustrialSectorMember2024-12-310000890066us-gaap:ConsumerLoanMemberglbz:ConsumerAndCreditCardMember2024-12-310000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMember2023-12-310000890066us-gaap:RealEstateLoanMembersrt:MultifamilyMember2023-12-310000890066us-gaap:RealEstateLoanMemberglbz:FarmlandMember2023-12-310000890066us-gaap:RealEstateLoanMemberglbz:ConstructionAndLandDevelopmentMember2023-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMember2023-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:SbaGuarantyMember2023-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:CommercialAndIndustrialPortfolioSegmentMember2023-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000890066us-gaap:ConsumerLoanMemberglbz:ConsumerAndCreditCardMember2025-01-012025-09-300000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:SbaGuarantyMember2024-01-012024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:CommercialAndIndustrialPortfolioSegmentMember2024-01-012024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-12-310000890066us-gaap:RealEstateLoanMemberglbz:FarmlandMember2025-09-300000890066us-gaap:ConsumerLoanMemberglbz:ConsumerAndCreditCardMember2025-09-300000890066us-gaap:RealEstateLoanMemberglbz:FarmlandMember2024-12-310000890066us-gaap:RetainedEarningsMember2024-01-012024-09-300000890066us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-300000890066us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2025-09-300000890066us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-09-300000890066us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-300000890066us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2025-09-300000890066us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-300000890066us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2025-09-300000890066us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-09-300000890066us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000890066us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-12-310000890066us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000890066us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000890066us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-12-310000890066us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000890066us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-12-310000890066us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000890066us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000890066us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000890066glbz:VaWholesaleMortgageIncorporatedMember2025-08-150000890066us-gaap:MortgageBackedSecuritiesMember2025-09-300000890066us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000890066us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2025-09-300000890066us-gaap:CorporateDebtSecuritiesMember2025-09-300000890066us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310000890066us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-12-310000890066us-gaap:CorporateDebtSecuritiesMember2024-12-310000890066us-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-300000890066us-gaap:CollateralizedMortgageObligationsMember2025-09-300000890066us-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000890066us-gaap:CollateralizedMortgageObligationsMember2024-12-310000890066us-gaap:FairValueInputsLevel3Member2025-09-300000890066us-gaap:FairValueInputsLevel2Member2025-09-300000890066us-gaap:FairValueInputsLevel1Member2025-09-300000890066us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000890066us-gaap:FairValueInputsLevel3Member2024-12-310000890066us-gaap:FairValueInputsLevel2Member2024-12-310000890066us-gaap:FairValueInputsLevel1Member2024-12-310000890066us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-3100008900662024-09-3000008900662023-12-310000890066us-gaap:RealEstateLoanMembersrt:MultifamilyMember2025-09-300000890066us-gaap:RealEstateLoanMemberglbz:ConstructionAndLandDevelopmentMember2025-09-300000890066us-gaap:ConsumerLoanMemberus-gaap:ConsumerPortfolioSegmentMember2025-09-300000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:CommercialAndIndustrialPortfolioSegmentMember2025-09-300000890066us-gaap:RealEstateLoanMembersrt:MultifamilyMember2024-12-310000890066us-gaap:RealEstateLoanMemberglbz:ConstructionAndLandDevelopmentMember2024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:SbaGuarantyMember2024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:CommercialAndIndustrialPortfolioSegmentMember2024-12-310000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMember2024-01-012024-09-300000890066us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-09-300000890066us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-09-300000890066us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-310000890066us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-310000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2025-09-300000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMember2025-09-300000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMember2025-09-300000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:SbaGuarantyMember2025-09-300000890066us-gaap:RealEstateLoanMember2025-09-300000890066us-gaap:ConsumerLoanMember2025-09-300000890066us-gaap:CommercialAndIndustrialSectorMember2025-09-300000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMember2024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMember2024-12-310000890066us-gaap:RealEstateLoanMember2024-12-310000890066us-gaap:ConsumerLoanMember2024-12-310000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:SbaGuarantyMember2025-01-012025-09-300000890066us-gaap:RealEstateLoanMember2025-01-012025-09-300000890066us-gaap:ConsumerLoanMember2025-01-012025-09-300000890066us-gaap:CommercialAndIndustrialSectorMember2025-01-012025-09-300000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMember2024-01-012024-12-310000890066us-gaap:RealEstateLoanMember2024-01-012024-12-310000890066us-gaap:ConsumerLoanMember2024-01-012024-12-310000890066us-gaap:RealEstateLoanMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMember2025-01-012025-09-300000890066us-gaap:RealEstateLoanMembersrt:SingleFamilyMember2024-01-012024-12-3100008900662024-01-012024-12-310000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMember2025-01-012025-09-300000890066us-gaap:ConsumerLoanMemberus-gaap:AutomobileLoanMember2024-01-012024-09-300000890066us-gaap:CommercialAndIndustrialSectorMemberglbz:CommercialAndIndustrialPortfolioSegmentMember2024-01-012024-09-3000008900662024-07-012024-09-300000890066glbz:VaWholesaleMortgageIncorporatedMember2025-08-152025-08-1500008900662024-01-012024-09-3000008900662025-09-3000008900662024-12-3100008900662025-07-012025-09-3000008900662025-11-0400008900662025-01-012025-09-30xbrli:sharesiso4217:USDxbrli:pureglbz:loanglbz:borrowerglbz:securityiso4217:USDxbrli:shares

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 September 30, 2025

☐ 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 November 4, 2025 was 2,919,695.

Table of Contents

GLEN BURNIE BANCORP AND SUBSIDIARY

TABLE OF CONTENTS


		Page
Part I.	FINANCIAL INFORMATION

Item 1.	Financial Statements:

	Consolidated Balance Sheets: As of September 30, 2025 (unaudited) and December 31, 2024 (audited)	4

	Consolidated Statements of Income (Loss): Three- and Nine-months Ended September 30, 2025 and 2024 (unaudited)	5

	Consolidated Statements of Comprehensive Income (Loss): Three- and Nine-months Ended September 30, 2025 and 2024 (unaudited)	6

	Consolidated Statements of Changes in Stockholders’ Equity: Nine-months Ended September 30, 2025 and 2024 (unaudited)	7

	Consolidated Statements of Cash Flows: Nine-months Ended September 30, 2025 and 2024 (unaudited)	8

	Notes to Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	46

Item 4.	Controls and Procedures	46

Part II.	OTHER INFORMATION	47

Item 1.	Legal Proceedings	47

Item 1 A.	Risk Factors	47

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47

Item 3.	Defaults Upon Senior Securities	47

Item 4.	Mine Safety Disclosures	47

Item 5.	Other Information	47

Item 6.	Exhibits	48

	SIGNATURES	49

- 3 -

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)


	September 30,		December 31,
	2025		2024
		(unaudited)		(audited)
ASSETS
Cash and due from banks	$	2,359	$	2,012
Interest-bearing deposits in other financial institutions and federal funds sold		9,868		22,452
Cash and Cash Equivalents		12,227		24,464

Investment securities available for sale, at fair value		104,141		107,949
Restricted equity securities, at cost		251		1,671

Loans, net of deferred fees and costs		215,320		205,219
Less: Allowance for credit losses		(2,568)		(2,839)
Loans, net		212,752		202,380

Premises and equipment, net		2,463		2,678
Bank owned life insurance		8,966		8,834
Deferred tax assets, net		7,475		8,548
Accrued interest receivable		1,340		1,345
Accrued taxes receivable		310		148
Prepaid expenses		434		471
Goodwill		317		—
Other assets		1,118		468
Total Assets	$	351,794	$	358,956

LIABILITIES
Noninterest-bearing deposits	$	107,368	$	100,747
Interest-bearing deposits		221,701		208,442
Total Deposits		329,069		309,189

Short-term borrowings		—		30,000
Defined pension liability		341		330
Accrued expenses and other liabilities		1,655		1,620
Total Liabilities		331,065		341,139

STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,919,695 and 2,900,681 shares as of September 30, 2025 and December 31, 2024 respectively		2,920		2,901
Additional paid-in capital		11,119		11,037
Deferred compensation, restricted stock		(84)		—
Retained earnings		22,948		22,882
Accumulated other comprehensive loss		(16,174)		(19,003)
Total Stockholders' Equity		20,729		17,817

Total Liabilities and Stockholders' Equity	$	351,794	$	358,956

See accompanying notes to unaudited consolidated financial statements.

- 4 -

Table of Contents

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(dollars in thousands, except per share amounts)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
INTEREST INCOME
Interest and fees on loans	$	3,126	$	2,908	$	8,744	$	7,648
Interest and dividends on securities		719		814		2,196		2,605
Interest on deposits with banks and federal funds sold		92		237		503		1,004
Total Interest Income		3,937		3,959		11,443		11,257

INTEREST EXPENSE
Interest on deposits		1,044		730		2,827		1,716
Interest on short-term borrowings		62		408		486		1,363
Total Interest Expense		1,106		1,138		3,313		3,079

Net Interest Income		2,831		2,821		8,130		8,178

Provision (release) of credit loss allowance		44		105		(498)		897
Net interest income after credit loss provision		2,787		2,716		8,628		7,281

NONINTEREST INCOME
Service charges on deposit accounts		37		36		102		109
Mortgage commissions		192		—		192		—
Other fees and commissions		297		273		570		584
Income on life insurance		45		45		132		132
Total Noninterest Income		571		354		996		825

NONINTEREST EXPENSE
Salary and benefits		1,865		1,653		5,718		4,872
Occupancy and equipment expenses		249		327		813		996
Legal, accounting and other professional fees		478		267		1,140		769
Data processing and item processing services		219		263		700		755
FDIC insurance costs		46		41		132		119
Advertising and marketing related expenses		45		40		111		88
Loan collection costs		19		5		71		11
Telephone costs		20		41		83		110
Other expenses		330		354		1,020		928
Total Noninterest Expenses		3,271		2,991		9,788		8,648

Income (loss) before income taxes		87		79		(164)		(542)

Income tax benefit		(38)		(50)		(230)		(470)

NET INCOME (LOSS)	$	125	$	129	$	66	$	(72)

Basic and diluted net income (loss) per share of common stock	$	0.04	$	0.04	$	0.02	$	(0.02)

See accompanying notes to unaudited consolidated financial statements.

- 5 -

Table of Contents

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(dollars in thousands)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Net income (loss)	$	125	$	129	$	66	$	(72)

Other comprehensive income (loss:)

Net unrealized gain (loss) on securities available for sale:
Net unrealized gain (loss) on securities during the period		2,282		5,269		3,903		3,701
Income tax benefit (expense) relating to item above		(628)		(1,450)		(1,074)		(1,019)
Net effect on other comprehensive income		1,654		3,819		2,829		2,682

Other comprehensive income		1,654		3,819		2,829		2,682

Comprehensive income	$	1,779	$	3,948	$	2,895	$	2,610

See accompanying notes to unaudited consolidated financial statements.

- 6 -

Table of Contents

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(dollars in thousands)

(unaudited)


									Accumulated
			Additional				Deferred		Other
	Common		Paid-in		Retained		Compensation,		Comprehensive
	Stock		Capital		Earnings		Restricted Stock		(Loss)		Total


Balance, December 31, 2023	$	2,883	$	10,964	$	23,859	$	—	$	(18,381)	$	19,325

Net loss		—		—		(72)		—		—		(72)
Cash dividends, $0.30 per share		—		—		(866)		—		—		(866)
Dividends reinvested under												—
dividend reinvestment plan		18		73		—		—		—		91
Other comprehensive income		—		—		—		—		2,682		2,682

Balance, September 30, 2024	$	2,901	$	11,037	$	22,921	$	—	$	(15,699)	$	21,160


									Accumulated
			Additional				Deferred		Other
	Common		Paid-in		Retained		Compensation,		Comprehensive
	Stock		Capital		Earnings		Restricted Stock		Income (Loss)		Total

Balance, December 31, 2024	$	2,901	$	11,037	$	22,882	$	—	$	(19,003)	$	17,817

Net income		—		—		66		—		—		66
Shares issued under restricted stock award program		19		82		—		(101)		—		—
Stock-based compensation expense								17				17
Other comprehensive income		—		—		—		—		2,829		2,829

Balance, September 30, 2025	$	2,920	$	11,119	$	22,948	$	(84)	$	(16,174)	$	20,729

See accompanying notes to unaudited consolidated financial statements.

- 7 -

Table of Contents

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

(unaudited)


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities:
Net income (loss)	$	66	$	(72)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization of premises and equipment		275		244
Amortization, and accretion of investment securities available for sale		79		127
(Release of) provision for credit losses		(498)		897
Loss on disposals of assets, net		16		—
Increase in cash surrender value of bank owned life insurance		(132)		(132)
Noncash compensation-restricted stock awards		17		—
Noncash compensation-forgivable note amortization		31		—
Decrease in ground rents		4		6
Decrease (increase) in accrued interest receivable		5		(287)
Net increase in other assets		(810)		(520)
Net (decrease) increase in accrued expenses and other liabilities		(271)		493
Net cash (used in) provided by operating activities		(1,218)		756

Cash flows from investing activities:
Redemptions and maturities of investment securities available for sale		7,631		23,043
Net sale of Federal Home Loan Bank stock		1,420		971
Net increase in loans		(9,874)		(30,849)
Purchases of premises and equipment		(76)		(131)

Net cash used in investing activities		(899)		(6,966)

Cash flows from financing activities:
Net increase in deposits		19,880		14,206
Decrease in short term borrowings		(30,000)		—
Cash dividends paid		—		(866)
Common stock dividends reinvested		—		91
Net cash (used in) provided by financing activities		(10,120)		13,431

Net (decrease) increase in cash and cash equivalents		(12,237)		7,221

Cash and cash equivalents at beginning of period		24,464		15,241

Cash and cash equivalents at end of period	$	12,227	$	22,462

Supplemental Disclosures of Cash Flow Information:
Interest paid on deposits and borrowings	$	3,420	$	2,169
Net income taxes refunded		—		(104)
Net decrease in unrealized depreciation on available for sale securities		3,902		3,701
During the year, the Company issued 19,104 shares of restricted common stock in connection with compensation agreements, representing a noncash investing and financing activity		101		—

See accompanying notes to unaudited consolidated financial statements.

- 8 -

Table of Contents

GLEN BURNIE BANCORP AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – ORGANIZATIONAL

Nature of Business

Glen Burnie Bancorp (the “Company”) is a bank holding company organized in 1990 under the laws of the State of Maryland. The Company owns all the outstanding shares of capital stock of The Bank of Glen Burnie (the “Bank”), a commercial bank organized in 1949 under the laws of the State of Maryland (the “State”). The Bank provides financial services to individuals and corporate customers located in Anne Arundel County and surrounding areas of Central Maryland and is subject to competition from other financial institutions. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities.

As of the close of business on August 15, 2025, The Bank of Glen Burnie completed the acquisition of VA Wholesale Mortgage Incorporated (“VAWM”), a Virginia corporation engaged in residential mortgage banking, lending, and brokerage services. VAWM currently is licensed to operate in four states, including Maryland, and is expected to enhance overall mortgage lending products and services through the Company’s footprint.

NOTE 2 – BASIS OF PRESENTATION

In management’s opinion, the accompanying unaudited consolidated financial statements, which have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim period reporting, reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial position at September 30, 2025 and December 31, 2024, the results of operations for the three- and nine-month periods ended September 30, 2025 and 2024, and the statements of cash flows for the nine-month periods ended September 30, 2025 and 2024. The operating results for the three- and nine-month periods ended September 30, 2025, are not necessarily indicative of the results that may be expected for the full year ended December 31, 2025, or any future interim period. The consolidated balance sheet at December 31, 2024 has been derived from the audited financial statements included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the “SEC”) on April 8, 2025. The unaudited consolidated financial statements for September 30, 2025 and 2024, the consolidated balance sheet at December 31, 2024, and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and the accompanying notes thereto that are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Summary of Significant Accounting Policies

The significant accounting policies used in preparation of the Company's consolidated financial statements are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024. There have not been any material changes in the Company's significant accounting policies.

Allowance for Credit Losses – Loans Receivable

The Company applies ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), such that the allowance calculation is based on the current expected credit loss (“CECL”) methodology. The Company maintains an allowance for credit losses (“ACL”) for the expected credit losses of the loan portfolio as well as unfunded loan commitments. The amount of ACL is based on ongoing, quarterly assessments by management. The CECL methodology requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures) and replaces the incurred loss methodology’s threshold that delayed the recognition of a credit loss until it was probable that a loss event was incurred.

The ACL consists of the allowance for credit losses and the reserve for unfunded commitments. The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the

- 9 -

Table of Contents

historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience was based on for each loan type. Finally, we consider forecasts about future economic conditions or changes in collateral values that are reasonable and supportable.

Portfolio segment is defined as the level at which the Company develops and documents a systematic methodology to determine its ACL. The Company has designated three loan portfolio segments: loans secured by real estate, commercial and industrial loans, and consumer loans. These loan portfolio segments are further disaggregated into classes, which represent loans of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The loans secured by the real estate portfolio segment are disaggregated into five classes: construction and land, farmland, single-family residential, multi-family, and commercial. The commercial and industrial loan portfolio segment is disaggregated into two classes: commercial and industrial, and SBA guaranty. The risk of loss for the commercial and industrial loan portfolio segment is generally most indicated by the credit risk rating assigned to each borrower. Commercial and industrial loan risk ratings are determined by experienced senior credit officers based on specific facts and circumstances and are subject to periodic review by an independent internal team of credit specialists. The consumer loan portfolio segment is disaggregated into two classes: consumer and automobile. The risk of loss for the consumer loan portfolio segment is generally most indicated by delinquency status and general economic factors. Each of the three loan portfolio segments may also be further segmented based on risk characteristics.

For most of our loan portfolio classes, the historical loss experience is determined using the Average Charge-Off Method. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s net charge-offs over the lives of the loans. The Average Charge-Off Method uses historical values by period (20-year look-back) to calculate losses and then applies the historical average to future balances over the life of the account. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. For certain loan portfolio classes, the Company determined there was not sufficient historical loss information to calculate a meaningful historical loss rate using the average charge-off methodology. For any such loan portfolio class, peer group history contributes to the Company’s weighted average loss history. The peer group data is included in the weighted average loss history that is developed for each loan pool.

The Company also considers qualitative adjustments to the historical loss rate for each loan portfolio class. The qualitative adjustments for each loan class consider the conditions over the 20-year look-back period from which historical loss experience was based and are split into two components: 1) asset or class specific risk characteristics or current conditions at the reporting date related to portfolio credit quality, remaining payments, volume and nature, credit culture and management, business environment or other management factors; and 2) reasonable and supportable forecasts of future economic conditions and collateral values.

The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans, risk rating migration, delinquencies, etc. The asset quality review is performed by management and the results are used to consider a qualitative overlay to the quantitative baseline.

When management deems it to be appropriate, the Company establishes a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in each respective loan pool. These individually evaluated loans are removed from their respective pools and typically represent collateral dependent loans but may also include other non-performing loans or restructured loans to borrowers experiencing financial difficulty.

Allowance for Credit Losses – Held-to-Maturity Debt Securities

For held-to-maturity (“HTM”) debt securities, the Company is required to utilize a CECL methodology to estimate expected credit losses. The Company does not own any HTM debt securities. Therefore, the Company did not record an allowance for credit losses for these types of securities.

- 10 -

Table of Contents

Allowance for Credit Losses – Available for Sale Debt Securities

The impairment model for available for sale (“AFS”) debt securities differs from the CECL methodology applied for HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. Although ASC 326 replaced the legacy other-than-temporary impairment (“OTTI”) model with a credit loss model, it retained the fundamental nature of the legacy OTTI model. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criterion is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities where neither of the criteria are met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited to the amount that the fair value is less than the amortized cost basis. Any remaining discount that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Under the new guidance, an entity may no longer consider the length of time fair value has been less than amortized cost. Changes in the allowance for credit losses are recorded as a provision (or release) for credit losses. Losses are charged against the allowance when management believes the collectability of an AFS security is considered below the amortized cost basis of the security. As of December 31, 2024 and September 30, 2025, the Company determined that the unrealized loss positions in AFS securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded.

Off-Balance-Sheet Credit Exposures

The only material off-balance-sheet credit exposures are unfunded loan commitments, which had a combined balance of $37.5 million on September 30, 2025. The reserve for unfunded commitments is recognized as a liability (Accrued expenses and other liabilities in the consolidated statements of financial condition), with adjustments to the reserve recognized through provision for credit losses in the consolidated statements of income. The reserve for unfunded commitments represents the expected lifetime credit losses on off-balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments that are unconditionally cancellable by the Company. The reserve for unfunded commitments is determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the respective loan portfolio class.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, The Bank of Glen Burnie. Consolidation resulted in the elimination of all intercompany accounts and transactions.

Cash Flow Presentation

In the statements of cash flows, cash and cash equivalents include cash on hand, amounts due from banks, Federal Home Loan Bank of Atlanta (“FHLB Atlanta”) overnight deposits, and federal funds sold. Generally, federal funds are sold for one-day periods.

Reclassifications

Certain items in the fiscal year 2024 consolidated financial statements have been reclassified to conform to the fiscal year 2025 classifications. The reclassifications had no effect on previously reported results of operations or retained earnings.

Use of Estimates

- 11 -

Table of Contents

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the determination of the ACL; the fair value of financial instruments, such as loans and investment securities; benefit plan obligations and expenses; and the valuation of deferred tax assets.

NOTE 3 – EARNINGS (LOSS) PER SHARE

Basic earnings per common share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common stockholders by the weighted average common shares outstanding, plus the effect of common stock equivalents (for example, stock options computed using the treasury stock method).


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Basic and diluted income (loss) per share:
Net income (loss)	$	125,280	$	129,191	$	66,277	$	(72,131)
Weighted average common shares outstanding		2,919,695		2,897,929		2,916,051		2,891,585
Basic and dilutive net income (loss) per share	$	0.04	$	0.04	$	0.02	$	(0.02)

Diluted earnings per share calculations were not required for the three- and nine-month periods ended September 30, 2025 and 2024, as there were no stock options outstanding.

NOTE 4 – INVESTMENT SECURITIES

Investment securities are accounted for according to their purpose and holding period. Trading securities are those that are bought and held principally for the purpose of selling them in the near term. The Company held no trading securities at September 30, 2025 or December 31, 2024. Available for sale investment securities, comprised of debt and mortgage-backed securities, are those that may be sold before maturity due to changes in the Company's interest rate risk profile or funding needs, and are reported at fair value with unrealized gains and losses, net of taxes, reported as a component of other comprehensive income. Held-to-maturity investment securities are those that management has the positive intent and ability to hold to maturity and are reported at amortized cost. The Company had no held-to-maturity securities at September 30, 2025 or December 31, 2024.

Realized gains and losses are recorded in noninterest income and are determined on a trade date basis using the specific identification method. Interest and dividends on investment securities are recognized in interest income on an accrual basis. Premiums and discounts are amortized or accreted into interest income using the interest method over the expected lives of the individual securities.

- 12 -

Table of Contents

The following table summarizes the amortized cost and estimated fair value of the Company’s investment securities portfolio at September 30, 2025 and December 31, 2024:


	At September 30, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Collateralized mortgage obligations	$	13,251	$	13	$	(2,084)	$	11,180
Agency mortgage-backed securities		39,347		—		(4,101)		35,246
Municipal securities		41,024		7		(9,634)		31,397
U.S. Government agency securities		31,334		—		(6,393)		24,941
Corporate Securities		1,500		—		(123)		1,377

Total securities available for sale	$	126,456	$	20	$	(22,335)	$	104,141


	At December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value

Collateralized mortgage obligations	$	14,439	$	21	$	(2,402)	$	12,058
Agency mortgage-backed securities		44,252		—		(5,651)		38,601
Municipal securities		42,607		5		(10,201)		32,411
U.S. Government agency securities		31,368		—		(7,830)		23,538
Corporate Securities		1,500		—		(159)		1,341

Total securities available for sale	$	134,166	$	26	$	(26,243)	$	107,949

The gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2025 and December 31, 2024 are as follows:


September 30, 2025	Less than 12 months				12 months or more				Total
Securities available for sale:	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(dollars in thousands)	Value		Loss		Value		Loss		Value		Loss


Collateralized mortgage obligations	$	992	$	—	$	8,918	$	(2,084)	$	9,910	$	(2,084)
Agency mortgage-backed securities		—		—		35,246		(4,101)		35,246		(4,101)
Municipal securities		—		—		29,780		(9,634)		29,780		(9,634)
U.S. Government agency securities		—		—		24,941		(6,393)		24,941		(6,393)
Corporate Securities		—		—		1,377		(123)		1,377		(123)
	$	992	$	—	$	100,262	$	(22,335)	$	101,254	$	(22,335)


December 31, 2024	Less than 12 months				12 months or more				Total
Securities available for sale:	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(dollars in thousands)	Value		Loss		Value		Loss		Value		Loss


Collateralized mortgage obligations	$	118	$	—	$	9,456	$	(2,402)	$	9,574	$	(2,402)
Agency mortgage-backed securities		66		(1)		38,535		(5,650)		38,601		(5,651)
Municipal securities		1,615		(20)		30,291		(10,181)		31,906		(10,201)
U.S. Government agency securities		—		—		23,538		(7,830)		23,538		(7,830)
Corporate Securities		—		—		1,341		(159)		1,341		(159)
	$	1,799	$	(21)	$	103,161	$	(26,222)	$	104,960	$	(26,243)

- 13 -

Table of Contents

The Company does not believe that the available for sale debt securities that were in an unrealized loss position have any credit loss impairment as of September 30, 2025. As of September 30, 2025, the Company did not intend to sell the investment securities that were in an unrealized loss position. It is more likely than not that the Company will not be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. Available for sale debt securities issued by U.S. government agencies or U.S. government sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Municipal bonds are considered to have issuer(s) of high credit quality (rated A or higher) and the decline in fair value is due to changes in interest rates and other market conditions. Corporate securities are non-rated investments that are booked as a debt security where rating agencies do not provide a rating. The absence of a rating does not imply substandard quality. Non-rated corporate securities may be purchased from issuers operating in and around the Company’s operating footprint. The issuer(s) continues to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bond(s) approach maturity.

At September 30, 2025, the Company recorded unrealized losses in its portfolio of debt securities totaling $22.3 million related to 223 securities, which resulted from decreases in market value, spread volatility, and other factors that management deems to be temporary. Management does not believe the securities are impaired due to reasons of credit quality. Since management believes that it is more likely than not that the Company will not be required to sell these securities prior to maturity or a full recovery of the amortized cost, the Company does not consider these securities to have a credit loss impairment.

At December 31, 2024, the Company recorded unrealized losses in its portfolio of debt securities totaling $26.2 million related to 230 securities, which resulted from decreases in market interest rates, spread volatility, and other factors that management deems to be temporary. Management does not believe the securities are impaired due to reasons of credit quality. Since management believes that it is more likely than not that the Company will not be required to sell these securities prior to maturity or a full recovery of the amortized cost, the Company does not consider these securities to have a credit loss impairment.

Shown below are contractual maturities of debt securities at September 30, 2025. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


	Mortgage Backed				Municipals				U.S. Government Agencies				Corporates
			Weighted				Weighted				Weighted				Weighted
	Amortized		Average		Amortized		Average		Amortized		Average		Amortized		Average
(dollars in thousands)	Cost		Yield		Cost		Yield		Cost		Yield		Cost		Yield

Due within one year	$	17	4.01	%	$	—	—	%	$	—	—	%	$	—	—	%
Due over one to five years		927	2.28			235	1.06			3,743	1.29			—	—
Due over five to ten years		13,919	2.17			5,686	3.12			16,793	1.74			1,500	3.75
Due over ten years		37,735	2.41			35,103	2.52			10,798	1.95			—	—

Total securities available for sale	$	52,598	2.34	%	$	41,024	2.59	%	$	31,334	1.76	%	$	1,500	3.75	%

(1) Yields are stated as book yields which are adjusted for amortization and accretion of purchase premiums and discounts, respectively.

(2) Yields on tax-exempt obligations are computed on a tax-equivalent basis.

NOTE 5 – LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The fundamental lending business of the Company is based on understanding, measuring, and controlling the credit risk inherent in the loan portfolio. The Company's loan portfolio is subject to varying degrees of credit risk.

- 14 -

Table of Contents

These risks entail both general risks, which are inherent in the lending process, and risks specific to individual borrowers. The Company's credit risk is mitigated through portfolio diversification, which limits exposure to any single customer, industry, or collateral type.

The Company currently manages its credit products and the respective exposure to credit losses by specific portfolio segments and classes, which are levels at which the Company develops and documents its systematic methodology to determine the allowance for credit losses. The Company believes each portfolio segment has unique risk characteristics. The Company's loans held for investment is divided into three portfolio segments: loans secured by real estate, commercial and industrial loans, and consumer loans. Each of these segments is further divided into loan classes for the purpose of estimating the allowance for credit losses.

The following table is a summary of loans receivable by loan portfolio segment and class.


	September 30,			December 31,
	2025			2024
(dollars in thousands)	Amount		%	Amount		%
Loans Secured by Real Estate
Construction and land	$	4,480	2	$	8,882	4
Farmland		308	—		315	—
Single-family residential		103,440	48		98,993	49
Multi-family		4,909	2		5,022	2
Commercial		46,954	22		48,726	24
Total loans secured by real estate		160,091			161,938
Commercial and Industrial
Commercial and industrial		25,679	12		16,705	8
SBA guaranty		5,462	3		5,691	3
Total commercial and industrial loans		31,141			22,396
Consumer Loans
Consumer credit cards		31	—		—
Consumer		2,571	1		2,880	1
Automobile		21,486	10		18,005	9
Total consumer loans		24,088			20,885

Loans, net of deferred fees and costs		215,320	100		205,219	100
Less: Allowance for credit losses		(2,568)			(2,839)
Loans, net	$	212,752		$	202,380

Credit Risk and Allowance for Credit Losses. Credit risk is the risk of loss arising from the inability of a borrower to meet his or her obligations and entails both general risks, which are inherent in the process of lending, and risks specific to individual borrowers. Credit risk is mitigated through portfolio diversification, which limits exposure to any single customer, industry, or collateral type. Residential mortgage and home equity loans and lines generally have the lowest credit loss experience. Loans secured by personal property, such as auto loans, generally experience medium credit losses. Unsecured loan products, such as personal revolving credit, have the highest credit loss experience and for that reason, the Bank has chosen not to engage in a significant amount of this type of lending. Credit risk in commercial lending can vary significantly, as losses as a percentage of outstanding loans can shift widely during economic cycles and are particularly sensitive to changing economic conditions. Generally, improving economic conditions result in improved operating results on the part of commercial customers, enhancing their ability to meet their particular debt service requirements. Improvements, if any, in operating cash flows can be offset by the impact of rising interest rates that may occur during improved economic times. Inconsistent economic conditions may have an adverse effect on the operating results of commercial customers, reducing their ability to meet debt service obligations.

- 15 -

Table of Contents

The Company applies ASU 2016-13, Financial Instruments - Credit Losses (“ASC 326”) for estimating credit losses. The CECL model requires the immediate recognition of expected credit losses over the contractual term for financial instruments that fall within the scope of CECL at the date of origination or purchase of the financial instrument. The CECL model, which is applicable to the measurement of credit losses on financial assets measured at amortized cost and certain off-balance sheet credit exposures, affects the Company’s estimates of the allowance for credit losses for our loan portfolio and the reserve for our off-balance sheet credit exposures related to loan commitments. The allowance for credit losses is established through a provision for credit losses charged to expense. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. The allowance, based on all available information from internal and external sources, relevant to assessing the collectability of loans over their contractual terms, adjusted for expected prepayments when appropriate, is an amount that management believes will be adequate to absorb possible losses on existing loans that may become uncollectible. The evaluations are performed for each class of loans and take into consideration factors such as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, value of collateral securing the loans and current economic conditions and trends that may affect the borrowers’ ability to pay. For example, delinquencies in unsecured loans and indirect automobile installment loans may be reserved for at higher ratios than loans secured by real estate. Finally, the Company considers forecasts about future economic conditions or changes in collateral values that are reasonable and supportable. Based on that analysis, the Bank deems its allowance for credit losses in proportion to the total impaired loans and past due loans to be sufficient.

Transactions in the allowance for credit losses for the nine months ended September 30, 2025, and the year ended December 31, 2024 were as follows:


	Loans Secured By Real Estate										Commercial and Industrial Loans				Consumer Loans
September 30, 2025	Construction				Single-family						Commercial					Consumer
(dollars in thousands)	and Land		Farmland		Residential		Multi-family		Commercial		and Industrial		SBA Guaranty		& Credit Cards		Automobile		Total

Balance, beginning of year	$	40	$	16	$	1,529	$	224	$	507	$	272	$	38	$	45	$	168	$	2,839
Charge-offs		—		—		—		—		—		—		—		(23)		(249)		(272)
Recoveries		—		—		—		—		—		—		—		—		129		129
(Release) provision for credit losses		(17)		(5)		(121)		(163)		(180)		198		(8)		14		154		(128)

Balance, end of quarter	$	23	$	11	$	1,408	$	61	$	327	$	470	$	30	$	36	$	202	$	2,568

Individually evaluated for impairment:
Balance in allowance	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Related loan balance		—		—		979		—		841		—		454		—		203		2,477

Collectively evaluated for impairment:
Balance in allowance	$	23	$	11	$	1,408	$	61	$	327	$	470	$	30	$	36	$	202	$	2,568
Related loan balance		4,480		308		102,461		4,909		46,113		25,679		5,008		2,602		21,283		212,843

- 16 -

Table of Contents


	Loans Secured By Real Estate										Commercial and Industrial Loans				Consumer Loans
December 31, 2024	Construction				Single-family						Commercial
(dollars in thousands)	and Land		Farmland		Residential		Multi-family		Commercial		and Industrial		SBA Guaranty		Consumer		Automobile		Total

Balance, beginning of year	$	31	$	18	$	1,290	$	96	$	190	$	304	$	21	$	30	$	177	$	2,157
Charge-offs		—		—		—		—		—		—		(299)		(18)		(67)		(384)
Recoveries		—		—		—		—		—		—		—		133		89		222
Provision (release) for credit losses		9		(2)		239		128		317		(32)		316		(100)		(31)		844

Balance, end of the year	$	40	$	16	$	1,529	$	224	$	507	$	272	$	38	$	45	$	168	$	2,839

Individually evaluated for impairment:
Balance in allowance	$	—	$	—	$	18	$	—	$	—	$	121	$	—	$	—	$	—	$	139
Related loan balance		—		—		26		—		—		773		—		—		—		799

Collectively evaluated for impairment:
Balance in allowance	$	40	$	16	$	1,511	$	224	$	507	$	151	$	38	$	45	$	168	$	2,700
Related loan balance		8,882		315		98,967		5,022		48,726		15,932		5,691		2,880		18,005		204,420


	September 30,			September 30,
(dollars in thousands)	2025			2024
Average loans	$	210,361		$	188,627
Net charge offs to average loans (annualized)		0.05	%		0.13	%

During the nine-month period ended September 30, 2025, loans to 15 borrowers and related entities totaling approximately $272,000 were determined to be uncollectible and were charged off.

The following table provides current period gross charge-offs by the year of origination for each period shown:


	Gross Charge-offs
September 30, 2025		Term Loans by Origination Year
(dollars in thousands)														Revolving
	2025		2024		2023		2022		2021		Prior		Loans		Total
Consumer Loans
Consumer	$	—	$	23	$	—	$	—	$	—	$	—	$	—	$	23
Automobile		—		135		—		24		22		68		—		249
Total Consumer		—		158		—		24		22		68		—		272

Total gross charge-offs this period	$	—	$	158	$	—	$	24	$	22	$	68	$	—	$	272


	Gross Charge-offs
December 31, 2024		Term Loans by Origination Year
(dollars in thousands)														Revolving
	2024		2023		2022		2021		2020		Prior		Loans		Total
Commercial and Industrial Loans
Commercial and industrial	$	—	$	—	$	—	$	299	$	—	$	—	$	—	$	299

Consumer Loans

GLEN BURNIE BANCORP 10-Q