PARENT CORPORATION ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

PARENT CORPORATION ONLY FINANCIAL STATEMENTS

NOTE 27 PARENT CORPORATION ONLY FINANCIAL STATEMENTS

CONDENSED BALANCE SHEETS

AS OF DECEMBER 31, 2021 AND 2020

(Dollars in Thousands)

	2021			2020
ASSETS
Due from banks	$	187		$	215
Investment in subsidiaries		78,460			72,990
Other assets		1,645			1,669
Total Assets	$	80,292		$	74,874
LIABILITIES
Accrued interest payable	$	104		$	109
Accrued expenses and other liabilities		61			92
Trust preferred securities		16,496			16,496
Total Liabilities		16,661			16,697
STOCKHOLDERS’ EQUITY
Common stock - $2.00 par value, 50,000,000 shares authorized; 23,922,086 shares issued and outstanding at both December 31, 2021 and 2020		47,844			47,844
Additional paid capital		14,570			14,570
Retained earnings (deficit)		2,031			(4,979	)
Accumulated other comprehensive (loss) income		(814	)		742
Total Stockholders’ Equity		63,631			58,177
Total Liabilities and Stockholders’ Equity	$	80,292		$	74,874

CONDENSED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020

(Dollars in thousands)

	2021			2020
Income
Miscellaneous income	$	13		$	16
Dividends from subsidiaries		430			610
Undistributed income of subsidiaries		7,026			2,842
Total income		7,469			3,468
Expenses
Trust preferred securities interest expense		420			541
Professional fees		99			114
Other operating expenses		58			19
Total Expenses		577			674
Income before Income Taxes		6,892			2,794
Income Tax Benefit		(118	)		(96	)
Net Income	$	7,010		$	2,890

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020

(Dollars in thousands)

	2021			2020
Cash Flows From Operating Activities
Net income	$	7,010		$	2,890
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of subsidiaries		(6,580	)		(2,842	)
Net (increase) decrease in other assets		(422	)		67
Net decrease in other liabilities		(36	)		(109	)
Net cash (used in) provided by operating activities		(28	)		6
Net (decrease) increase in Cash and Cash Equivalents		(28	)		6
Cash and Cash Equivalents, Beginning of year		215			209
Cash and Cash Equivalents, End of Year	$	187		$	215
Supplemental Disclosure of Cash Paid During the Year for:
Interest	$	425		$	614
Taxes	$	—		$	(166	)