Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Parent Company Financial Information

Schedule of balance sheets statement

___________________________________________Balance Sheets________________________________________

December 31,	2023		2022
(dollars in thousands)
Assets
Cash	$	88	$	77
Investment in The Bank of Glen Burnie		19,227		15,975
Other assets		10		2
Total assets	$	19,325	$	16,054
Liabilities and Stockholders’ Equity
Stockholders’ equity:
Common stock		2,883		2,865
Surplus		10,964		10,862
Retained earnings		23,859		23,579
Accumulated other comprehensive loss, net of benefits		(18,381)		(21,252)
Total stockholders’ equity		19,325		16,054
Total liabilities and stockholders’ equity	$	19,325	$	16,054

Schedule of income statement

__________________________________________Statements of Income___________________________________

Year Ended December 31,	2023		2022
(dollars in thousands)
Dividends and distributions from subsidiary	$	1,210	$	1,210
Other expenses		(205)		(243)
Income before income tax benefit and equity in undistributed net income of subsidiary		1,005		967
Income tax benefit		43		39
Change in undistributed equity of subsidiary		381		739
Net income	$	1,429	$	1,745

Schedule of cash flow statement

___________________________________Statements of Cash Flows_______________________________________

Year Ended December 31,	2023		2022
	(dollars in thousands)
Cash flows from operating activities:
Net income	$	1,429	$	1,745
Adjustments to reconcile net income to net cash provided by operating activities:
Increase in other assets		(8)		—
Change in undistributed equity of subsidiary		(381)		(739)
Net cash provided by operating activities		1,040		1,006
Cash flows from financing activities:
Proceeds from dividend reinvestment plan		120		115
Dividends paid		(1,149)		(1,143)
Net cash used in financing activities		(1,029)		(1,028)
Increase (decrease) in cash		11		(22)
Cash, beginning of year		77		99
Cash, end of year	$	88	$	77