Parent Company Financial Information

12 Months Ended

Dec. 31, 2020

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,	2020		2019
(dollars in thousands)
Assets

Cash	$	111	$	43
Investment in The Bank of Glen Burnie		36,982		35,637

Total assets	$	37,093	$	35,680

Liabilities and Stockholders’ Equity

Stockholders’ equity:
Common stock		2,842		2,827
Surplus		10,640		10,525
Retained earnings		23,071		22,537
Accumulated other comprehensive income (loss), net of benefits		540		(209)
Total stockholders’ equity		37,093		35,680

Total liabilities and stockholders’ equity	$	37,093	$	35,680

__________________________________________Statements of Income___________________________________


Year Ended December 31,	2020		2019
(dollars in thousands)

Dividends and distributions from subsidiary	$	1,265	$	1,070
Other expenses		(236)		(206)
Income before income tax benefit and equity in undistributed net income of subsidiary		1,029		864
Income tax benefit		43		32
Change in undistributed equity of subsidiary		596		703

Net income	$	1,668	$	1,599

___________________________________Statements of Cash Flows_______________________________________


Year Ended December 31,	2020		2019
	(dollars in thousands)
Cash flows from operating activities:
Net income	$	1,668	$	1,599
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in other assets		—		2
Change in undistributed equity of subsidiary		(596)		(703)

Net cash provided by operating activities		1,072		898

Cash flows from financing activities:
Proceeds from dividend reinvestment plan		130		138
Dividends paid		(1,134)		(1,128)

Net cash used in financing activities		(1,004)		(990)

(Decrease) increase in cash		68		(92)

Cash, beginning of year		43		135

Cash, end of year	$	111	$	43