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Parent Company Financial Information | 12 Months Ended
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Dec. 31, 2011
Parent Company Financial Information | Note 20. 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, |  | 2011 |  |  | 2010 |  |  | 2009 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 314,322 |  |  | $ | 355,922 |  |  | $ | 348,515 |
Investment in The Bank of Glen Burnie |  |  | 30,907,210 |  |  |  | 25,946,536 |  |  |  | 29,848,797 |
Investment in GBB Properties, Inc. |  |  | 255,770 |  |  |  | 255,770 |  |  |  | 260,184 |
Investment in the Glen Burnie Statutory Trust I |  |  | - |  |  |  | - |  |  |  | 155,000 |
Due from subsidiaries |  |  | 1,027 |  |  |  | 1,414 |  |  |  | 43,996 |
Other assets |  |  | 4,292 |  |  |  | 4,583 |  |  |  | 49,433 |
Total assets |  | $ | 31,482,621 |  |  | $ | 26,564,225 |  |  | $ | 30,705,925 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Dividends payable |  | $ | 271,791 |  |  | $ | 231,579 |  |  | $ | 230,285 |
Accrued interest payable on borrowed funds |  |  | - |  |  |  | - |  |  |  | 171,518 |
Borrowed funds from subsidiary |  |  | - |  |  |  | - |  |  |  | 5,155,000 |
Total liabilities |  |  | 271,791 |  |  |  | 231,579 |  |  |  | 5,556,803 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 2,717,909 |  |  |  | 2,702,091 |  |  |  | 2,683,015 |
Surplus |  |  | 9,437,605 |  |  |  | 9,334,810 |  |  |  | 9,190,911 |
Retained earnings |  |  | 17,209,386 |  |  |  | 15,300,344 |  |  |  | 14,311,508 |
Accumulated other comprehensive loss, net of benefits |  |  | 1,845,930 |  |  |  | (1,004,599 | ) |  |  | (1,036,312 | )
Total stockholders’ equity |  |  | 31,210,830 |  |  |  | 26,332,646 |  |  |  | 25,149,122 |
Total liabilities and stockholders’ equity |  | $ | 31,482,621 |  |  | $ | 26,564,225 |  |  | $ | 30,705,925 |
The borrowed funds from subsidiary balance represented the junior subordinated debt securities payable to the wholly-owned subsidiary trust that was deconsolidated as a result of applying the provisions of ASC Topic 810, formerly FIN 46. The Company repaid this balance in September 2010 (See Note 8).
Statement of Income |
Years Ended December 31, |  | 2011 |  |  | 2010 |  |  | 2009 |
Dividends and distributions from subsidiaries |  | $ | 920,000 |  |  | $ | 1,455,000 |  |  | $ | 4,269,844 |
Other income |  |  | - |  |  |  | 24,645 |  |  |  | 16,430 |
Interest expense on junior subordinated debentures |  |  | - |  |  |  | (648,127 | ) |  |  | (546,430 | )
Other expenses |  |  | (58,172 | ) |  |  | (105,785 | ) |  |  | (122,096 | )
Income before income tax benefit and equity in undistributed net income of subsidiaries |  |  | 861,828 |  |  |  | 725,733 |  |  |  | 3,617,748 |
Income tax benefit |  |  | 21,120 |  |  |  | 277,440 |  |  |  | 246,018 |
Change in undistributed equity of subsidiaries |  |  | 2,110,145 |  |  |  | 1,061,612 |  |  |  | (2,601,304 | )
Net income |  | $ | 2,993,093 |  |  | $ | 2,064,785 |  |  | $ | 1,262,462 |
Statements of Cash Flows |
Years Ended December 31, |  | 2011 |  |  | 2010 |  |  | 2009 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 2,993,093 |  |  | $ | 2,064,785 |  |  | $ | 1,262,462 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Decrease in other assets |  |  | 291 |  |  |  | 44,850 |  |  |  | 65,108 |
Decrease (increase) in due from subsidiaries |  |  | 387 |  |  |  | 42,582 |  |  |  | (21,118 | )
Decrease in accrued interest payable |  |  | - |  |  |  | (171,518 | ) |  |  | - |
Change in undistributed equity of subsidiaries |  |  | (2,110,145 | ) |  |  | (1,061,612 | ) |  |  | 2,601,304 |
Net cash provided by operating activities |  |  | 883,626 |  |  |  | 919,087 |  |  |  | 3,907,756 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Sale of common stock in the Glen Burnie |  |  |  |  |  |  |  |  |  |  |  |
Statutory Trust I |  |  | - |  |  |  | 155,000 |  |  |  | - |
Capital contributed from subsidiary |  |  | - |  |  |  | 5,000,000 |  |  |  | - |
Net cash provided by investing activities |  |  | - |  |  |  | 5,155,000 |  |  |  | - |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from dividend reinvestment plan |  |  | 118,613 |  |  |  | 162,975 |  |  |  | 173,667 |
Redemption of guaranteed preferred beneficial interest in Glen Burnie Bancorp junior subordinated debentures |  |  | - |  |  |  | (5,155,000 | ) |  |  | - |
Repurchase and retirement of common stock |  |  | - |  |  |  | - |  |  |  | (2,835,709 | )
Dividends paid |  |  | (1,043,839 | ) |  |  | (1,074,655 | ) |  |  | (1,236,101 | )
Net cash used in financing activities |  |  | (925,226 | ) |  |  | (6,066,680 | ) |  |  | (3,898,143 | )
Increase (decrease) in cash |  |  | (41,600 | ) |  |  | 7,407 |  |  |  | 9,613 |
Cash, beginning of year |  |  | 355,922 |  |  |  | 348,515 |  |  |  | 338,902 |
Cash, end of year |  | $ | 314,322 |  |  | $ | 355,922 |  |  | $ | 348,515

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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