Parent Corporation Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Parent Corporation Only Financial Statements

Condensed Balance Sheet

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Condensed Balance Sheet

(in thousands)

	December 31,		December 31,
	2021		2020
Assets
Cash and due from banks	$	1,647	$	1,549
Investment in subsidiaries		73,380		62,183
Investment in special purpose subsidiary		264		264
Prepaid expenses and other assets		2,585		2,438
	$	77,876	$	66,434
Liabilities and Shareholders’ Equity
Liabilities
Balance due to nonbank subsidiaries	$	8,764	$	8,764
Other borrowings		5,660		5,628
Accrued interest payable		46		46
Other liabilities		5		—
Total liabilities		14,475		14,438
Shareholders’ equity
Common stock		5,822		5,794
Additional paid-in capital		54,814		54,510
Retained Earnings (Accumulated deficit)		3,509		(8,738)
Stock in directors rabbi trust		(730)		(771)
Directors deferred fees obligation		730		771
Accumulated other comprehensive income (loss)		(744)		430
Total stockholders’ equity		63,401		51,996
	$	77,876	$	66,434

Condensed Statements of Operations and Comprehensive Income

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Condensed Statements of Operations and Comprehensive Income

Years Ended December 31, 2021 and 2020

(in thousands)

	2021		2020
Income
Interest income	$	4	$	4
Dividends received from subsidiaries		950		1,250
Total Income		954		1,254
Interest expense
Interest on borrowed funds		575		631
Total interest expense		575		631
Net interest expense		379		623
Noninterest expense
Supplies		30		30
Professional and outside services		33		39
Other		44		43
Total noninterest expense		107		112
Net income before undistributed income of subsidiary		272		511
Undistributed income of subsidiary		12,039		7,888
Net income before income tax benefit		12,311		8,399
Income tax benefit		(142)		(155)
Net income	$	12,453	$	8,554
Total comprehensive income	$	11,279	$	8,842

Condensed Statements of Cash Flows

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Condensed Statements of Cash Flows

Years Ended December 31, 2021 and 2020

(in thousands)

	2021		2020
Cash Flows from Operating Activities
Net income	$	12,453	$	8,554
Adjustments to reconcile net income to net cash used in operating activities
Amortization of debt issuance costs		32		33
Undistributed income of subsidiary		(12,989)		(9,138)
Net change in:
Other assets		(147)		(154)
Other liabilities		5		(3)
Net cash used in operating activities		(646)		(708)
Cash Flows from Investing Activities
Dividend from subsidiary		950		1,250
Net cash provided by investing activities		950		1,250
Cash Flows from Financing Activities
Cash dividends paid		(206)		—
Net cash used in financing activities		(206)		—
Net increase in cash		98		542
Cash, beginning of year		1,549		1,007
Cash, end of year	$	1,647	$	1,549