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I have the notion that a Balrog would be something like a dark and twisted version of Gandalf. Gandalf is surely a fiery spirit in origin, in possession of the Ring of Fire; and the fire of Gandalf is cleansing, uplifting, inspiring. The Balrog have a fiery heart but are clothed in shadow, their fire is destroying, devouring and they strike fear into the hearts of those who behold them.

But unlike the Istari none of the Balrogs are shown to have any kind of personality. The only named one is Gothmog who appears to have been a great field commander in Morgoth's army in the First Age with, one assumes, a great deal of agency and cunning, but he has no lines as far as I can remember and we are never told explicitly about any strategic decisions of his.

The motives and doings of Durin's Bane are also unclear. Why was he down there idle for so long? Did he command the Orcs that infested the Mines or were they just as surprised as the company when he showed up? Maybe they were aware of something terrible down below but too afraid of Sauron to move out? Could be that the Orcs and the Balrog had no means of communication between them, that they simply didn't share a common language, as banal as that sounds.

In my opinion I think Durin's Bane would immediately have recognized the Ring as a powerful artefact and used it for his own ends. And if Sauron came knocking, would he hand it over? Well for me that's impossible to say. I suppose that the Balrog wouldn't have surrendered it freely. Gandalf was tempted to take the Ring and use it, or so he said. But he was Good. The Balrog was Evil with a capital E, and would have no qualms about giving in to temptation. Besides he wouldn't know what the ring was and who made it. Well the more I think of it I reckon it's an unanswerable question. We don't know enough about the Balrogs to tell.