Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2019

Note 21 - Condensed Financial Information (Parent Company Only) -

Presented below is condensed financial information as to the financial position, results of operations and cash flows of the Parent Company:

CONDENSED BALANCE SHEET

DECEMBER 31, 2019

(in thousands)


Assets:
Cash in Bank	$	5,392
Due from Subsidiary		4
Investment in Subsidiary		18,920
Total Assets	$	24,316

Liabilities and Shareholders' Equity
Liabilities	$	32
Shareholders' Equity		24,284
Liabilities and Shareholders' Equity	$	24,316

CONDENSED STATEMENT OF LOSS

FOR THE YEAR ENDED DECEMBER 31, 2019

(in thousands)


Income:
Equity in Net Income of Subsidiary	$	(22)
Other Income		27
Total Income		5

Expenses:
Professional Fees		85
Other Expense		48
Total Expense		133
Loss Before Income Taxes		(128)
Income Taxes		—
Net Loss	$	(128)

CONDENSED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2019

(in thousands)


Cash Flows from Operating Activities:
Net Loss	$	(128)
Adjustments to Reconcile Net Loss to Net Cash (Used in) Operating Activities:
Cash (Used in) Operating Activities:
(Increase) in Due from Subsidiary		(4)
Non-cash Compensation for ESOP		56
Decrease in Equity in Net Income of Subsidiary		22
Increase in Liabilities		32
Net Cash (Used in) Operating Activities		(22)

Cash Flows from Investing Activities:
Investment in Subsidiary		(6,558)
Net Cash (Used in) Investing Activities		(6,558)

Cash Flows from Financing Activities:
Proceeds from Stock Offering		11,972
Net Cash Provided by Financing Activities		11,972
Net Increase in Cash and Cash Equivalents		5,392

Cash and Cash Equivalents at Beginning of Period		—
Cash and Cash Equivalents at End of Period	$	5,392