Condensed Financial Information (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information (Parent Company Only)

Schedule of Condensed Balance Sheet

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

Schedule of Condensed Statement of Loss

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)

Schedule of Condensed Statement of Cash Flow

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