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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2016
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,   2016     2015     2014  
                   
Assets                        
                         
Cash   $ 169,234     $ 184,366     $ 283,796  
Investment in The Bank of Glen Burnie     33,526,974       33,882,666       33,557,329  
Investment in GBB Properties, Inc.     104,270       104,570       254,870  
Due from subsidiaries     3,044       6,211       2,095  
Other assets     10,667       8,000       8,533  
                         
Total assets   $ 33,814,189     $ 34,185,813     $ 34,106,623  
                         
Liabilities and Stockholders’ Equity                        
                         
Other liabilities   $ -     $ 10,000     $ -  
Dividends payable     -       -       276,096  
Total liabilities     -       10,000       276,096  
                         
Stockholders’ equity:                        
Common stock     2,786,855       2,773,361       2,760,964  
Surplus     10,129,856       9,986,064       9,854,119  
Retained earnings     21,707,535       21,718,122       21,112,714  
Accumulated other comprehensive income (loss), net of benefits     (810,057 )     (301,734 )     102,730  
Total stockholders’ equity     33,814,189       34,175,813       33,830,527  
                         
Total liabilities and stockholders’ equity   $ 33,814,189     $ 34,185,813     $ 34,106,623  

 

Statements of Income

 

 

Years Ended December 31,   2016     2015     2014  
                   
Dividends and distributions from subsidiaries   $ 1,005,000     $ 678,000     $ 980,000  
Other expenses     (92,831 )     (86,843 )     (77,375 )
Income before income tax benefit and equity in undistributed net income of subsidiaries     912,169       591,157       902,625  
Income tax benefit     36,219       31,958       28,136  
Change in undistributed equity of subsidiaries     152,332       729,501       983,765  
                         
Net income   $ 1,100,720     $ 1,352,616     $ 1,914,526  

 

 

Statements of Cash Flows

 

 

Years Ended December 31,   2016     2015     2014  
                   
Cash flows from operating activities:                        
Net income   $ 1,100,720     $ 1,352,616     $ 1,914,526  
Adjustments to reconcile net income to net cash provided by operating activities:                        
(Increase) decrease in other assets     (2,667 )     533       3,424  
(Decrease) increase in other liabilities     (10,000 )     10,000       -  
Decrease (increase) in due from subsidiaries     3,167       (4,116 )     (28 )
Distribution from Investment in GBB     -       150,000       -  
Change in undistributed equity of subsidiaries     (152,332 )     (729,501 )     (983,765 )
                         
Net cash provided by operating activities     938,888       779,532       934,157  
                         
Cash flows from financing activities:                        
Proceeds from dividend reinvestment plan     157,286       144,342       154,378  
Dividends paid     (1,111,306 )     (1,023,304 )     (1,100,984 )
                         
Net cash used in financing activities     (954,020 )     (878,962 )     (946,606 )
                         
(Decrease) increase in cash     (15,132 )     (99,430 )     (12,449 )
                         
Cash, beginning of year     184,366       283,796       296,245  
                         
Cash, end of year   $ 169,234     $ 184,366     $ 283,796