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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2012
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
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,   2012     2011     2010  
                   
Assets                        
                         
Cash   $ 75,902     $ 314,322     $ 355,922  
Investment in The Bank of Glen Burnie     33,250,639       30,907,210       25,946,536  
Investment in GBB Properties, Inc.     255,470       255,770       255,770  
Due from subsidiaries     1,362       1,027       1,414  
Other assets     4,292       4,292       4,583  
                         
Total assets   $ 33,587,665     $ 31,482,621     $ 26,564,225  
                         
Liabilities and Stockholders’ Equity                        
                         
Dividends payable   $ -     $ 271,791     $ 231,579  
Total liabilities     -       271,791       231,579  
                         
Stockholders’ equity:                        
Common stock     2,736,978       2,717,909       2,702,091  
Surplus     9,604,906       9,437,605       9,334,810  
Retained earnings     18,783,164       17,209,386       15,300,344  
Accumulated other comprehensive income                        
(loss), net of benefits     2,462,617       1,845,930       (1,004,599 )
Total stockholders’ equity     33,587,665       31,210,830       26,332,646  
                         
Total liabilities and stockholders’ equity   $ 33,587,665     $ 31,482,621     $ 26,564,225  

 

Statements of Income
                   
Years Ended December 31,   2012     2011     2010  
                   
Dividends and distributions from subsidiaries   $ 980,000     $ 920,000     $ 1,455,000  
Other income     -       -       24,645  
Interest expense on junior subordinated debentures     -       -       (648,127 )
Other expenses     (65,446 )     (58,172 )     (105,785 )
Income before income tax benefit and equity in undistributed net income of subsidiaries     914,554       861,828       725,733  
Income tax benefit     24,084       21,120       277,440  
Change in undistributed equity of subsidiaries     1,726,442       2,110,145       1,061,612  
                         
Net income   $ 2,665,080     $ 2,993,093     $ 2,064,785  

 

 

Statements of Cash Flows
                   
Years Ended December 31,   2012     2011     2010  
                   
Cash flows from operating activities:                        
Net income   $ 2,665,080     $ 2,993,093     $ 2,064,785  
Adjustments to reconcile net income to net                        
cash provided by operating activities:                        
Decrease in other assets     -       291       44,850  
(Increase) decrease in due from subsidiaries     (335 )     387       42,582  
Decrease in accrued interest payable     -       -       (171,518 )
Change in undistributed equity of subsidiaries     (1,726,441 )     (2,110,145 )     (1,061,612 )
                         
Net cash provided by operating activities     938,304       883,626       919,087  
                         
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     186,369       118,613       162,975  
Redemption of guaranteed preferred beneficial interest in Glen Burnie Bancorp junior subordinated debentures     -       -       (5,155,000 )
Dividends paid     (1,363,093 )     (1,043,839 )     (1,074,655 )
                         
Net cash used in financing activities     (1,176,724 )     (925,226 )     (6,066,680 )
                         
(Decrease) increase in cash     (238,420 )     (41,600 )     7,407  
                         
Cash, beginning of year     314,322       355,922       348,515  
                         
Cash, end of year   $ 75,902     $ 314,322     $ 355,922