Parent Company Financial Information

12 Months Ended

Dec. 31, 2021

Parent Company Financial Information

Parent Company Financial Information

Note 18. 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,	2021		2020
(dollars in thousands)
Assets
Cash	$	99	$	111
Investment in The Bank of Glen Burnie		35,614		36,982
Other assets		3		—
Total assets	$	35,716	$	37,093
Liabilities and Stockholders’ Equity
Stockholders’ equity:
Common stock		2,854		2,842
Surplus		10,759		10,640
Retained earnings		22,977		23,071
Accumulated other comprehensive income (loss), net of benefits		(874)		540
Total stockholders’ equity		35,716		37,093
Total liabilities and stockholders’ equity	$	35,716	$	37,093

__________________________________________Statements of Income___________________________________

Year Ended December 31,	2021		2020
(dollars in thousands)
Dividends and distributions from subsidiary	$	1,200	$	1,265
Other expenses		(245)		(236)
Income before income tax benefit and equity in undistributed net income of subsidiary		955		1,029
Income tax benefit		44		43
Change in undistributed equity of subsidiary		1,517		596
Net income	$	2,516	$	1,668

___________________________________Statements of Cash Flows_______________________________________

Year Ended December 31,	2021		2020
	(dollars in thousands)
Cash flows from operating activities:
Net income	$	2,516	$	1,668
Adjustments to reconcile net income to net cash provided by operating activities:
(Increase) decrease in other assets		(3)		—
Change in undistributed equity of subsidiary		(1,517)		(596)
Net cash provided by operating activities		996		1,072
Cash flows from financing activities:
Proceeds from dividend reinvestment plan		130		130
Dividends paid		(1,138)		(1,134)
Net cash used in financing activities		(1,008)		(1,004)
(Decrease) increase in cash		(12)		68
Cash, beginning of year		111		43
Cash, end of year	$	99	$	111