Parent Company Financial Information

12 Months Ended

Dec. 31, 2024

Parent Company Financial Information

Parent Company Financial Information

Note 18. 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,	2024		2023
(dollars in thousands)
Assets
Cash	$	32	$	88
Investment in The Bank of Glen Burnie		17,726		19,227
Other assets		59		10
Total assets	$	17,817	$	19,325
Liabilities and Stockholders’ Equity
Stockholders’ equity:
Common stock		2,901		2,883
Surplus		11,037		10,964
Retained earnings		22,882		23,859
Accumulated other comprehensive loss, net of benefits		(19,003)		(18,381)
Total stockholders’ equity		17,817		19,325
Total liabilities and stockholders’ equity	$	17,817	$	19,325

__________________________________________Statements of Income___________________________________

Year Ended December 31,	2024		2023
(dollars in thousands)
Dividends and distributions from subsidiary	$	990	$	1,210
Other expenses		(282)		(205)
Income before income tax benefit and equity in undistributed net income of subsidiary		708		1,005
Income tax benefit		59		43
Change in undistributed equity of subsidiary		(879)		381
Net (loss) income	$	(112)	$	1,429

___________________________________Statements of Cash Flows_______________________________________

Year Ended December 31,	2024		2023
	(dollars in thousands)
Cash flows from operating activities:
Net (loss) income	$	(112)	$	1,429
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Increase in other assets		(48)		(8)
Change in undistributed equity of subsidiary		879		(381)
Net cash provided by operating activities		719		1,040
Cash flows from financing activities:
Proceeds from dividend reinvestment plan		91		120
Dividends paid		(865)		(1,149)
Net cash used in financing activities		(774)		(1,029)
(Decrease) increase in cash		(55)		11
Cash, beginning of year		88		77
Cash, end of year	$	32	$	88