Parent Company Financial Information

12 Months Ended

Dec. 31, 2019

Parent Company Financial Information

Parent Company Financial Information

Note 19. Parent Company Financial Information

The Balance Sheets, Statements of Income, and Statements of Cash Flows for Glen Burnie Bancorp (Parent Only) are presented below:

___________________________________________Balance Sheets________________________________________

December 31,	2019		2018
(dollars in thousands)
Assets
Cash	$	43	$	135
Investment in The Bank of Glen Burnie		35,637		33,893
Investment in GBB Properties, Inc.		—		21
Other assets		—		2
Total assets	$	35,680	$	34,051
Liabilities and Stockholders’ Equity
Stockholders’ equity:
Common stock		2,827		2,814
Surplus		10,525		10,401
Retained earnings		22,537		22,066
Accumulated other comprehensive loss, net of benefits		(209)		(1,230)
Total stockholders’ equity		35,680		34,051
Total liabilities and stockholders’ equity	$	35,680	$	34,051

__________________________________________Statements of Income___________________________________

Year Ended December 31,	2019		2018
(dollars in thousands)
Dividends and distributions from subsidiary	$	1,070	$	977
Other expenses		(206)		(140)
Income before income tax benefit and equity in undistributed net income of subsidiary		864		837
Income tax benefit		32		38
Change in undistributed equity of subsidiary		703		708
Net income	$	1,599	$	1,583

___________________________________Statements of Cash Flows_______________________________________

Year Ended December 31,	2019		2018
	(dollars in thousands)
Cash flows from operating activities:
Net income	$	1,599	$	1,583
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in other assets		2		2
(Decrease) increase in other liabilities		—		(1)
Decrease in due from subsidiary		—		1
Change in undistributed equity of subsidiary		(703)		(708)
Net cash provided by operating activities		898		877
Cash flows from financing activities:
Proceeds from dividend reinvestment plan		138		147
Dividends paid		(1,128)		(1,122)
Net cash used in financing activities		(990)		(975)
(Decrease) increase in cash		(92)		(98)
Cash, beginning of year		135		233
Cash, end of year	$	43	$	135