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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2025
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SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS On March 12, 2025, The Bank of Glen Burnie (the "Bank"), a wholly-owned banking subsidiary of Glen Burnie Bancorp (the "Company"), offered an early retirement incentive (the "Early Retirement Package") to all Bank employees who were at least 65 years of age at December 31, 2024, had at least ten years of service at the Bank, and indicated an interest in receiving an early retirement offer. Under the terms of the Early Retirement Package, the employee would receive an amount equal to two weeks of salary for every year of service plus two months of salary. Eight employees accepted the Early Retirement Package offered to them. As a result, the Company expects to incur onetime salary expenses totaling approximately $292,675 during the Company's fiscal quarter ending June 30, 2025. The annual salary and benefit expense for the employees who accepted the Early Retirement Package total approximately $565,943. While the Bank expects to replace two of the eight positions at a later date, the Company expects that the net savings to the Company based on current salary levels will be approximately $380,000 annually.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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