CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2016

BALANCE SHEETS

	As of December 31,
	2016		2015

ASSETS
Cash and due from banks	$	6,978,326	$	394,074
Investment in wholly owned subsidiary		41,591,052		29,618,697
ESOP note receivable		1,761,628		283,887
Prepaid and other assets		445,701		8,541

TOTAL ASSETS	$	50,776,707	$	30,305,199

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Income taxes payable	$	130	$	646,054
Accrued interest and other liabilities		-		15,421
Total liabilities		130		661,475

Stockholders’ equity
Common stock, $0.01 par value at December 31, 2016 and $0.10 par value at December 31, 2015; 100,000,000 and 20,000,000 authorized, 3,438,190 and 3,449,971 issued, 3,438,190 and 3,438,440 outstanding at December 31, 2016 and 2015, respectively.		34,382		168,513
Additional paid-in capital		27,161,856		9,713,894
Retained earnings		25,700,007		20,404,880
Accumulated other comprehensive loss, net of tax		(363,437)		(216,047)
Treasury stock, at cost; 0 and 11,530 shares		-		(139,332)
Unearned employee stock ownership plan (ESOP) shares		(1,756,231)		(288,184)
Total stockholders’ equity		50,776,577		29,643,724

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	50,776,707	$	30,305,199

STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended		Year Ended
	December 31,		December 31,
	2016		2015

Interest income on ESOP note receivable	$	21,924	$	12,986
Noninterest income
Equity in income of subsidiary		4,847,989		446,390

Noninterest expense
Professional fees and other		20,355		138,762

Income before income taxes		4,849,558		320,614

Provision (benefit) for income taxes		(445,569)		-

Net income		5,295,127		320,614

Other comprehensive (loss)
Unrealized (loss) on available-for-sale securities		(147,390)		(67,601)

COMPREHENSIVE INCOME	$	5,147,737	$	253,013

STATEMENTS OF CASH FLOWS

	Year Ended		Year Ended
	December 31,		December 31,
	2016		2015

Cash flows from operating activities
Net income	$	5,295,127	$	320,614
Adjustments to reconcile net income to net cash from operating activities
Equity in (income) of subsidiary		(4,847,989)		(446,390)
Changes in operating assets and liabilities
Income taxes payable		(645,924)		(5,621)
Prepaid and other assets		(437,160)		(2,742)
Accrued interest and other liabilities		(15,421)		(34,579)
Other, net		-		2
Net cash (used for) operating activities		(651,367)		(168,716)

Cash flows from investing activities -
Principal collections on ESOP note receivable		30,707		47,903
Net cash provided by investing activities		30,707		47,903

Cash flows from financing activities -
Second-step conversion proceeds		18,794,840		-
ESOP shares purchased		(1,503,580)		-
Conversion costs		(1,363,693)		-
Capital injection into subsidiary		(8,722,655)		-
Net cash provided by financing activities		7,204,912		-

Net increase (decrease) in cash and due from banks		6,584,252		(120,813)

Cash and due from banks, beginning of period		394,074		514,887

Cash and due from banks, end of period	$	6,978,326	$	394,074