Company Quick10K Filing
Glen Burnie Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 3 $31
10-Q 2019-11-14 Quarter: 2019-09-30
10-Q 2019-08-12 Quarter: 2019-06-30
10-Q 2019-05-13 Quarter: 2019-03-31
10-K 2019-03-29 Annual: 2018-12-31
10-Q 2018-11-13 Quarter: 2018-09-30
10-Q 2018-08-14 Quarter: 2018-06-30
10-Q 2018-05-15 Quarter: 2018-03-31
10-K 2018-04-02 Annual: 2017-12-31
10-Q 2017-11-14 Quarter: 2017-09-30
10-Q 2017-08-11 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-03-29 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-10 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-03-10 Annual: 2015-12-31
10-Q 2015-11-12 Quarter: 2015-09-30
10-Q 2015-08-14 Quarter: 2015-06-30
10-Q 2015-05-14 Quarter: 2015-03-31
10-K 2015-03-18 Annual: 2014-12-31
10-Q 2014-11-14 Quarter: 2014-09-30
10-Q 2014-08-14 Quarter: 2014-06-30
10-Q 2014-05-15 Quarter: 2014-03-31
10-K 2014-03-18 Annual: 2013-12-31
10-Q 2013-11-14 Quarter: 2013-09-30
10-Q 2013-08-14 Quarter: 2013-06-30
10-Q 2013-05-14 Quarter: 2013-03-31
10-K 2013-03-29 Annual: 2012-12-31
10-Q 2012-11-14 Quarter: 2012-09-30
10-Q 2012-08-10 Quarter: 2012-06-30
10-Q 2012-05-15 Quarter: 2012-03-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-15 Quarter: 2011-06-30
10-Q 2011-05-11 Quarter: 2011-03-31
10-K 2011-03-11 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-13 Quarter: 2010-03-31
10-K 2010-03-12 Annual: 2009-12-31
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-05-14 Officers
8-K 2019-05-09 Shareholder Vote
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-03-06 Earnings, Exhibits
8-K 2019-02-15 Officers
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-08-09 Officers
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-02-15 Earnings, Exhibits
8-K 2018-02-10 Officers
GLBZ 2019-09-30
Part I – Financial Information
Item 1. Consolidated Financial Statements
Note 1 – Organizational
Note 2 – Basis of Presentation
Note 3 – Earnings per Share
Note 4 – Investment Securities
Note 5 – Loans Receivable and Allowance for Loan Losses
Note 6 – Fair Value
Note 7 – Recent Accounting Pronouncements
Note 8 – Revenue Recognition
Item 2.Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6.Exhibits
EX-31.1 glbz-20190930ex311052e6a.htm
EX-31.2 glbz-20190930ex312d2df32.htm
EX-32.1 glbz-20190930ex321d6b753.htm

Glen Burnie Bancorp Earnings 2019-09-30

GLBZ 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
BOTJ 62 690 631 2 0 5 12 29 0% 2.4 1%
PNBK 59 978 909 0 0 -0 17 8 0.5 -0%
SGB 55 552 505 0 0 5 11 24 2.1 1%
VBFC 49 537 497 24 0 3 9 49 0% 5.4 1%
MELR 44 326 283 0 0 2 7 26 3.9 0%
HVBC 33 344 312 0 0 1 4 13 0% 3.3 0%
GLBZ 31 378 343 0 0 1 4 21 5.7 0%
WCFB 22 133 105 0 0 -0 2 18 10.7 -0%
OPHC 7 111 106 0 0 -1 0 -5 -19.4 -1%
GLG 4 8 3 0 0 -4 -4 3 151% -0.6 -54%

10-Q 1 glbz-20190930x10q.htm 10-Q glbz_Current Folio_10Q

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly period ended September 30, 2019

 

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 0-24047

 

GLEN BURNIE BANCORP

(Exact name of registrant as specified in its charter)

 

 

 

 

Maryland

    

52-1782444

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

101 Crain Highway, S.E.

 

 

Glen Burnie, Maryland

 

21061

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (410) 766-3300

 

Inapplicable

(Former name, former address and former fiscal year if changed from last report.)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes   No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  No

 

Indicate by check mark if the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

Large accelerated filer

Accelerated filer

Non-Accelerated Filer

Smaller Reporting Company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

GLBZ

The Nasdaq Stock Market LLC

 

The number of shares of the registrant’s common stock outstanding as of November 4, 2019 was 2,827,473.

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

TABLE OF CONTENTS

 

 

 

 

Page

Part I. 

FINANCIAL INFORMATION

 

 

 

 

Item 1. 

Financial Statements

 

 

 

 

 

Consolidated Balance SheetsAs of September 30, 2019 (unaudited) and December 31, 2018 (audited)

3

 

 

 

 

Consolidated Statements of IncomeThree and Nine Months Ended September 30, 2019 and 2018 (unaudited)

4

 

 

 

 

Consolidated Statements of Comprehensive Income(Loss)Three and Nine Months Ended September 30, 2019 and 2018 (unaudited)

5

 

 

 

 

Consolidated Statements of Changes in Stockholders’ EquityThree and Nine Months Ended September 30, 2019 and 2018 (unaudited)

6

 

 

 

 

Consolidated Statements of Cash FlowsNine Months Ended September 30, 2019 and 2018 (unaudited)

7

 

 

 

 

Notes to Consolidated Financial Statements

8

 

 

 

Item 2. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures about Market Risk

39

 

 

 

Item 4. 

Controls and Procedures

40

 

 

 

Part II. 

OTHER INFORMATION

 

 

 

 

Item 1. 

Legal Proceedings

40

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

40

 

 

 

Item 3. 

Defaults Upon Senior Securities

40

 

 

 

Item 4. 

Mine Safety Disclosures

40

 

 

 

Item 5. 

Other Information

40

 

 

 

Item 6. 

Exhibits

41

 

 

 

 

SIGNATURES

42

 

 

 

 

 

 

-  2 -

PART I – FINANCIAL INFORMATION

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

 

 

2019

 

 

2018

 

 

 

 

(unaudited)

 

 

(audited)

 

ASSETS

 

 

 

 

 

 

 

Cash and due from banks

 

$

3,678

 

$

2,605

 

Interest-bearing deposits in other financial institutions

 

 

15,893

 

 

13,349

 

     Cash and Cash Equivalents

 

 

19,571

 

 

15,954

 

 

 

 

 

 

 

 

 

Investment securities available for sale, at fair value

 

 

64,817

 

 

81,572

 

Restricted equity securities, at cost

 

 

1,225

 

 

2,481

 

 

 

 

 

 

 

 

 

Loans, net of deferred fees and costs

 

 

283,889

 

 

299,120

 

  Less:  Allowance for loan losses

 

 

(2,307)

 

 

(2,541)

 

     Loans, net

 

 

281,582

 

 

296,579

 

 

 

 

 

 

 

 

 

Real estate acquired through foreclosure

 

 

705

 

 

705

 

Premises and equipment, net

 

 

3,820

 

 

3,106

 

Bank owned life insurance

 

 

7,982

 

 

7,860

 

Deferred tax assets, net

 

 

1,013

 

 

1,392

 

Accrued interest receivable

 

 

976

 

 

1,198

 

Accrued taxes receivable

 

 

982

 

 

1,177

 

Prepaid expenses

 

 

557

 

 

466

 

Other assets

 

 

208

 

 

556

 

Total Assets

 

$

383,438

 

$

413,046

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

111,453

 

$

101,369

 

Interest-bearing deposits

 

 

213,813

 

 

221,084

 

     Total Deposits

 

 

325,266

 

 

322,453

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

20,000

 

 

55,000

 

Defined pension liability

 

 

311

 

 

285

 

Accrued expenses and other liabilities

 

 

2,493

 

 

1,257

 

Total Liabilities

 

 

348,070

 

 

378,995

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,824,412 and 2,814,157 shares as of September 30, 2019 and December 31, 2018 , respectively.

 

 

2,824

 

 

2,814

 

Additional paid-in capital

 

 

10,495

 

 

10,401

 

Retained earnings

 

 

22,280

 

 

22,066

 

Accumulated other comprehensive loss

 

 

(231)

 

 

(1,230)

 

Total Stockholders' Equity

 

 

35,368

 

 

34,051

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders' Equity

 

$

383,438

 

$

413,046

 

 

See accompanying notes to unaudited consolidated financial statements.

-  3 -

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

 

    

2019

    

2018

    

2019

    

2018

 

INTEREST INCOME

 

 

  

 

 

  

 

 

  

 

 

  

 

Interest and fees on loans

 

$

3,176

 

$

3,269

 

$

9,543

 

$

9,100

 

Interest and dividends on securities

 

 

326

 

 

526

 

 

1,061

 

 

1,585

 

Interest on deposits with banks and
federal funds sold

 

 

88

 

 

67

 

 

270

 

 

165

 

Total Interest Income

 

 

3,590

 

 

3,862

 

 

10,874

 

 

10,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

  

 

 

  

 

 

  

 

 

  

 

Interest on deposits

 

 

336

 

 

362

 

 

1,001

 

 

997

 

Interest on short-term borrowings

 

 

110

 

 

198

 

 

465

 

 

506

 

Total Interest Expense

 

 

446

 

 

560

 

 

1,466

 

 

1,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

 

3,144

 

 

3,302

 

 

9,408

 

 

9,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

(139)

 

 

246

 

 

65

 

 

601

 

Net interest income after provision
for loan losses

 

 

3,283

 

 

3,056

 

 

9,343

 

 

8,746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

  

 

 

  

 

 

  

 

 

  

 

Service charges on deposit accounts

 

 

62

 

 

59

 

 

187

 

 

187

 

Other fees and commissions

 

 

287

 

 

216

 

 

643

 

 

564

 

Gains on redemption of BOLI policies

 

 

 —

 

 

 —

 

 

 —

 

 

308

 

Gain on securities sold

 

 

 —

 

 

 —

 

 

 3

 

 

 —

 

Income on life insurance

 

 

42

 

 

41

 

 

122

 

 

130

 

Gains on sale of OREO

 

 

 —

 

 

15

 

 

 —

 

 

15

 

Total Noninterest Income

 

 

391

 

 

331

 

 

955

 

 

1,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

  

 

 

  

 

 

  

 

 

  

 

Salary and benefits

 

 

1,685

 

 

1,710

 

 

5,140

 

 

5,080

 

Occupancy and equipment expenses

 

 

340

 

 

272

 

 

1,040

 

 

850

 

Legal, accounting and other professional fees

 

 

259

 

 

212

 

 

794

 

 

721

 

Data processing and item processing services

 

 

109

 

 

168

 

 

328

 

 

454

 

FDIC insurance costs

 

 

 —

 

 

64

 

 

116

 

 

187

 

Advertising and marketing related expenses

 

 

27

 

 

16

 

 

79

 

 

65

 

Loan collection costs

 

 

22

 

 

32

 

 

62

 

 

153

 

Telephone costs

 

 

62

 

 

56

 

 

183

 

 

181

 

Other expenses

 

 

352

 

 

329

 

 

1,181

 

 

1,014

 

Total Noninterest Expenses

 

 

2,856

 

 

2,859

 

 

8,923

 

 

8,705

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

818

 

 

528

 

 

1,375

 

 

1,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

212

 

 

89

 

 

315

 

 

73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

$

606

 

$

439

 

$

1,060

 

$

1,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income per share of common stock

 

$

0.21

 

$

0.16

 

$

0.38

 

$

0.42

 

 

See accompanying notes to unaudited consolidated financial statements.

-  4 -

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(dollars in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2019

    

2018

    

2019

    

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

606

 

$

439

 

$

1,060

 

$

1,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss) on securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss) on securities during the period

 

 

301

 

 

(662)

 

 

2,132

 

 

(2,237)

 

Income tax (expense) benefit relating to item above

 

 

(83)

 

 

182

 

 

(586)

 

 

616

 

Reclassification adjustment for gain on sales of securities included in net income

 

 

 —

 

 

 —

 

 

(2)

 

 

 —

 

Net effect on other comprehensive income (loss)

 

 

218

 

 

(480)

 

 

1,544

 

 

(1,621)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized (loss) gain on interest rate swap:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized (loss) gain on interest rate swap during the period

 

 

(134)

 

 

118

 

 

(753)

 

 

664

 

Income tax benefit (expense) relating to item above

 

 

37

 

 

(33)

 

 

208

 

 

(183)

 

Net effect on other comprehensive (loss) income

 

 

(97)

 

 

85

 

 

(545)

 

 

481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

121

 

 

(395)

 

 

999

 

 

(1,140)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

727

 

$

44

 

$

2,059

 

$

32

 

 

See accompanying notes to unaudited consolidated financial statements.

-  5 -

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(dollars in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Additional

 

 

 

Other

 

 

 

 

Common

 

Paid-in

 

Retained

 

Comprehensive

 

 

 

 

 

Stock

 

Capital

 

Earnings

 

(Loss)

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2017

 

$

2,801

 

$

10,267

 

$

21,605

 

$

(631)

 

$

34,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 —

 

 

 —

 

 

1,172

 

 

 —

 

 

1,172

Cash dividends, $0.30 per share

 

 

 —

 

 

 —

 

 

(841)

 

 

 —

 

 

(841)

Dividends reinvested under

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  dividend reinvestment plan

 

 

10

 

 

101

 

 

 —

 

 

 —

 

 

111

Other comprehensive loss

 

 

 —

 

 

 —

 

 

 —

 

 

(1,140)

 

 

(1,140)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2018

 

$

2,811

 

$

10,368

 

$

21,936

 

$

(1,771)

 

$

33,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Additional

 

 

 

Other

 

 

 

 

Common

 

Paid-in

 

Retained

 

Comprehensive

 

 

 

 

 

Stock

 

Capital

 

Earnings

 

(Loss) Gain

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2018

 

$

2,814

 

$

10,401

 

$

22,066

 

$

(1,230)

 

$

34,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 —

 

 

 —

 

 

1,060

 

 

 —

 

 

1,060

Cash dividends, $0.30 per share

 

 

 —

 

 

 —

 

 

(846)

 

 

 —

 

 

(846)

Dividends reinvested under

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  dividend reinvestment plan

 

 

10

 

 

94

 

 

 —

 

 

 —

 

 

104

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

999

 

 

999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2019

 

$

2,824

 

$

10,495

 

$

22,280

 

$

(231)

 

$

35,368

 

 

See accompanying notes to unaudited consolidated financial statements.

-  6 -

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

    

 

 

 

 

 

    

 

 

Nine Months Ended September 30, 

 

 

    

2019

    

2018

 

Cash flows from operating activities:

 

 

  

 

 

  

 

Net income

 

$

1,060

 

$

1,172

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

  

 

 

 

 

Depreciation, amortization, and accretion of premises and equipment

 

 

757

 

 

828

 

Provision for loan losses

 

 

65

 

 

601

 

Gain on life insurance

 

 

 —

 

 

(308)

 

Gain on disposals of assets, net

 

 

 —

 

 

(15)

 

(Decrease) increase in cash surrender value of bank owned life insurance

 

 

(122)

 

 

(130)

 

Loss on write-down of MDF stock

 

 

 1

 

 

 —

 

Increase in ground rents

 

 

 —

 

 

 8

 

Decrease (increase) in accrued interest receivable

 

 

223

 

 

(100)

 

Net decrease in other assets

 

 

157

 

 

2,010

 

Net increase in accrued expenses and other liabilities

 

 

16

 

 

 5

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

 

2,157

 

 

4,071

 

 

 

 

 

 

 

 

 

Cash flows from investing activities: