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GLBZ 2020 Annual Report

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GLBZ 2020 Annual Report 2020 ANNUAL REPORT Glen Burnie Bancorp Table of Contents Introduction Message to Investors i Board of Directors iv Management v Financials Financial Section Table of Contents 2 Consolidated Financial Statements F-2 Annual Meeting The Annual Meeting of Stockholders will be held virtually via the Internet at www.meetingcenter.io/220006663 Password: GLBZ2021, for shareholders, from The Bank of Glen Burnie, 101 Crain Highway, SE, Glen Burnie, Maryland, on Thursday, May 13, 2020 at 2:00 p.m., Eastern Time. Glen Burnie Bancorp’s regular meeting of stockholders is held on the second Thursday in May of each year. Dividend Reinvestment Plan Common Stockholders participating in the Dividend Reinvestment Plan receive a 5% discount from market price when they reinvest their Glen Burnie Bancorp dividends in additional shares. To obtain a prospectus and authorization forms, contact the Transfer Agent. Direct Deposit of Dividends The direct deposit program, which is offered at no-charge, provides for automatic deposit of quarterly dividends directly into a checking or savings account. For information regarding this program, contact the Transfer Agent. Annual Report on Form 10-K To obtain a copy of the company’s Annual Report on Form 10-K for the year ended December 31, 2020 please contact the Transfer Agent. Independent Auditors TGM Group LLC, 955 Mount Hermon Road, Salisbury, Maryland 21804-5105 [This page intentionally left blank.] Letter to Our Shareholders John E. Demyan John D. Long volumes while improving credit In 2020, we remained focused on the continual process metrics. As such, the outstanding of acting on our top-to-bottom assessment that began in balance of our overall loan portfolio 2016. In this dynamic period, we must anticipate changes decreased. in our customer demands and market competition and be From an interest rate perspective, prepared to respond. lower interest rates and a flat yield curve impacted our lending margin, In November 2019, we fully efforts are underway to expand given that we perform best in a migrated from in-house core our footprint within our market rising rate environment. Although processing to an outsourced and enlarge our customer base. entirely supported by our Bank, solution with our core processing We have a wonderful story to tell recent Federal Reserve rate actions vendor, affording our Bank a better related to these modernization have exacerbated this situation. risk profile and cost efficiencies. milestones and now offer further added value to our customers in From our credit quality perspective, This major accomplishment terms of products and services. we are pleased to report that allowed us to accelerate our steadily improving credit metrics existing product upgrades and new These improvements provide over the past four years are yielding product introductions. Despite the convenient and flexible banking anticipated benefits with a negative impact of the COVID-19 pandemic, options, while delivering an provision for credit losses for the we introduced numerous new outstanding level of localized year. products and services during customer service that positions us 2020, including the Zelle® person to capitalize on our wonderful Anne Key Values and Initiatives to person (P2P) payment platform. Arundel County market. We installed a new integrated teller Our key values will not change, platform in all branches that is fully Small business lending remains old-fashioned customer service operational and enables greater highly competitive, and we is our DNA. We seek to know automation. We launched remote are confident that our team, our customers’ needs and wants deposit capture for business and its leadership, and platform and we do our best to constantly BOGB Card Control, updated development will lead to more improve. This drives our efforts our mobile banking apps, and volume and profits from this area. to improve customer service. continued our push to enhance Indirect automobile lending Community service also remains digital banking with the launch of remains an extremely competitive part of this DNA. Our employees mobile deposit for retail/consumer core product. The pandemic are actively involved in our local accounts in early 2021. We also and supply shortages severely community through places of recently upgraded our business impacted the new car segment. worship, Chambers of Commerce, online banking platform. We are constantly working to service organizations, and improve our indirect portfolio recreational council sports teams We now offer the innovative within the policy framework of for our youth. banking products consumers and the entire loan portfolio. With businesses seek when establishing diminished industry car sales Providing services that customers a relationship with a financial volumes, our indirect automobile want to use is also an integral institution. Aggressive marketing lending platform experienced lesser i Letter to Our Shareholders part of this DNA. Customers need arise. We made sure we had transactions primarily through want mobile and digital banking adequate inventories of gloves, our drive-through windows while products, and we are advancing masks, disinfecting wipes, and offering customers the ability to the technology to meet these hand sanitizer in all branches and make an appointment if needed to demands. departments and reported our conduct bank business requiring findings at the Board of Directors an in-person transaction. We lend actively and prudently. (BOD) meeting on February 13. We are committed to supporting As school and daycare closings the businesses and consumers in On March 2, senior staff explored became widespread, non-customer our market and ensuring that the necessary steps for non-customer facing staff at the campus with quality of our portfolio remains facing staff to work at home and we child-care challenges were sent high. investigated the costs associated home with laptops/bank phones to with computer laptops and Virtual help them balance childcare and All of this requires constant Private Network (VPN) licenses work requirements. attention and change, and our required to meet this need. executive team is engaged and Our IT team, led by Jan Meinster, vigorous. All of us are focused In early March, the pandemic SVP, used advanced technology on our customers, especially took root in the United States as and a remote VPN system to customer service staff who have a ten (10) deaths were reported in enable employees to remote into clear feedback loop, which takes Washington State and Microsoft the employee’s desktop PC using information about the customer became the biggest U.S. employer a laptop. As a result, employees and gets it to the executive who to tell employees to work from had all specialized applications and is responsible for the service. home. On March 5, Governor network files available as if on site. Our information systems are better Larry Hogan announced a State Also, our phone system enables than they were, and will need to of Emergency for the State of employees to have full functionality be better still, to keep up with the Maryland with an outbreak of cases when used at home. Data Security times. in Montgomery County. Senior Protocols are in place and continue managerial staff followed suit on to be observed. Under Donna Smith’s leadership, March 5 and formally informed we are adding new deposit service our BOD that the Bank would To facilitate social distancing, Loan, offerings on the retail banking side operate under the assumption Deposit Operations and Branch to include enhanced mobile phone that we would be directly affected Administration personnel were banking with mobile deposit. On by COVID-19. Contingency plans dispersed throughout the two the lending side, we are offering a were immediately formulated in campus buildings. This physical broader range of home mortgage the event an employee became separation ensured that one sick products under the direction of infected. An employee-wide person in a department would not our Chief Lending Officer, Andrew communication was distributed require a quarantine for the entire Hines. We continue to actively to advise employees to safeguard group. source SBA loans and offer themselves with routine hygiene enhanced indirect loan offerings. habits and to stay home if feeling ill. Communication has been a key part of our COVID-19 response. At COVID-19 Additional laptops were ordered for the onset, we held daily, mandatory non-customer facing staff to enable conference calls for all supervisors The following is a detailed timeline them to work remotely with VPN and continued to hold these calls of our response to the COVID-19 security in place. We proactively on a weekly basis through the pandemic. trained staff in each department on height of the pandemic. We created protocol and procedures to prepare a dedicated page on our website On January 21, 2020, senior for the possibility of remote work. to communicate key information to management kicked off a pandemic customers related to our COVID-19 desk-top exercise that continued On March 19, under the leadership response. through February 3. During of Donna Smith, SVP, Head of this exercise, we outlined how Retail and Deposit Operations, Prior to Governor Hogan’s each department would handle we decided to close branch decision to quarantine the State, a major pandemic should the lobbies and conduct most bank we expanded the number of ii Letter to Our Shareholders non-customer facing employees May 8, we approved, and the SBA In closing, we extend a special working from home. Employees authorized 133 loan requests for thank you to our employees. Our that handled mail and payments approximately $17 million under this employees are the heart of our continued to report to work at program. company and we are extremely the campus while maintaining proud of how each of you has social distancing and following The State of Maryland stay-at- risen to the challenge during this preventive guidelines. By March home orders have disrupted non- difficult time.
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