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Parent Company Financial Information
 12 Months Ended
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