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 Company:


	Condensed Balance Sheet
	December 31,
	2019		2018
Assets

Cash and due from banks	$	459,178	$	285,544
Investment in bank subsidiary		23,396,464		23,040,821
Other assets		225,523		—

Total Assets	$	24,081,165	$	23,326,365

Liabilities

Other liabilities	$	—	$	184,942

Temporary Equity

ESOP shares subject to mandatory redemption		244,327		180,563

Stockholders’ Equity		23,836,838		22,960,860

Total temporary equity and stockholders’ equity	$	24,081,165	$	23,326,365

Condensed Statement of Income and Comprehensive Income


	For the Year Ended December 31,
	2019		2018

Dividend income	$	750,000	$	—
Gain on merger		—		2,192,340
Total income		750,000		2,192,340

Merger-related expenses		18,000		576,960
Other noninterest expenses		262,666		229,924

Total noninterest expense		280,666		806,884

Income before federal income tax benefits and equity in undistributed income of the subsidiary		469,334		1,385,456

Federal income tax benefits		102,907		50,980

Equity in undistributed income of subsidiary		226,233		864,886

Net Income	$	798,474	$	2,301,322

Comprehensive Income	$	759,927	$	2,292,926

Condensed Statement of Cash Flows


	For the Year Ended December 31,
	2019		2018
Operating Activities

Net income	$	798,474	$	2,301,322

Items not requiring (providing) cash

Equity in undistributed income of subsidiary		(226,233)		(864,886)
Gain on merger		—		(2,192,340)
Increase (decrease) in cash due to changes in:
Accrued expenses and other assets		(398,607)		256,565

Net cash provided by (used in) operating activities		173,634		(499,339)

Net change in cash and due from banks		173,634		(499,339)

Cash and due from banks at beginning of year		285,544		784,883

Cash and due from banks at end of year	$	459,178	$	285,544