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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2015
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Parent Company Financial Information

Note 19. 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,   2015     2014     2013  
Assets                        
                         
Cash   $ 184,366     $ 283,796     $ 296,245  
Investment in The Bank of Glen Burnie     33,882,666       33,557,329       31,292,459  
Investment in GBB Properties, Inc.     104,570       254,870       255,170  
Due from subsidiaries     6,211       2,095       2,067  
Other assets     8,000       8,533       11,957  
                         
Total assets   $ 34,185,813     $ 34,106,623     $ 31,857,898  
                         
Liabilities and Stockholders’ Equity                        
                         
Other liabilities   $ 10,000     $ -     $ -  
Dividends payable     -       276,096       274,737  
Total liabilities     10,000       276,096       274,737  
                         
Stockholders’ equity:                        
Common stock     2,773,361       2,760,964       2,747,370  
Surplus     9,986,064       9,854,119       9,713,335  
Retained earnings     21,718,122       21,112,714       20,300,531  
Accumulated other comprehensive income (loss), net of benefits     (301,734 )     102,730       (1,178,075 )
Total stockholders’ equity     34,175,813       33,830,527       31,583,161  
                         
Total liabilities and stockholders’ equity   $ 34,185,813     $ 34,106,623     $ 31,857,898  

 

Statements of Income
                   
Years Ended December 31,   2015     2014     2013  
                   
                   
Dividends and distributions from subsidiaries   $ 678,000     $ 980,000     $ 980,000  
Other expenses     (86,843 )     (77,375 )     (76,005 )
Income before income tax benefit and equity in undistributed net income of subsidiaries     591,157       902,625       903,995  
Income tax benefit     31,958       28,136       27,970  
Change in undistributed equity of subsidiaries     729,501       983,765       1,682,212  
                         
Net income   $ 1,352,616     $ 1,914,526     $ 2,614,177  

 

 

Statements of Cash Flows
                   
Years Ended December 31,   2015     2014     2013  
                   
                   
Cash flows from operating activities:                        
Net income   $ 1,352,616     $ 1,914,526     $ 2,614,177  
Adjustments to reconcile net income to net cash provided by operating activities:                        
Decrease (increase) in other assets     533       3,424       (7,665 )
Increase in other liabilities     10,000       -       -  
(Increase) in due from subsidiaries     (4,116 )     (28 )     (705 )
Distribution from Investment in GBB     150,000       -       -  
Change in undistributed equity of subsidiaries     (729,501 )     (983,765 )     (1,682,212 )
                         
Net cash provided by operating activities     779,532       934,157       923,595  
                         
Cash flows from financing activities:                        
Proceeds from dividend reinvestment plan     144,342       154,378       118,821  
Dividends paid     (1,023,304 )     (1,100,984 )     (822,073 )
                         
Net cash used in financing activities     (878,962 )     (946,606 )     (703,252 )
                         
(Decrease) increase in cash     (99,430 )     (12,449 )     220,343  
                         
Cash, beginning of year     283,796       296,245       75,902  
                         
Cash, end of year   $ 184,366     $ 283,796     $ 296,245