Condensed Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2024

Note 20: Condensed Parent Company Only Financial Information

A condensed summary of PFS Bancorp’s financial information is shown.

Parent Only Condensed Balance Sheets


		December 31,	December 31,
		2024	2023

Assets
Cash in bank subsidiary	$	7,045	$	7,060
Investment in subsidiary, at underlying equity		28,349		27,456
Loan receivable - ESOP		1,260		1,277
Other assets		33		126
Total assets	$	36,687	$	35,919

Liabilities and Stockholders' Equity
Liabilities :
Other liabilities	$	12	$	—
Total liabilities		12		—

Stockholders' equity:
Common Stock	$	17	$	17
Additional paid in capital		15,603		15,605
Retained Earnings		25,701		24,796
Accumulated Other Comprehensive Income (Loss)		(3,313)		(3,174)
Unallocated Shares of ESOP		(1,270)		(1,325)
Treasury Shares (Deferred Compensation Plan)		(463)		(400)
Deferred Compensation Plan Liability		400		400
Total stockholders' equity		36,675		35,919
Total liabilities and stockholders' equity	$	36,687	$	35,919

Parent Only Condensed Statements of Income


	Year Ended		Year Ended
	December 31,		December 31,
	2024		2023

Interest income:
Income on ESOP loan	$	109	$	24
Total interest income		109		24
Interest expense:
Interest expense on borrowings		—		—
Total interest expense		—		—
Net interest income		109		24
Noninterest expenses:
Other noninterest expense		216		63
Loss before income taxes		(107)		(39)
Income tax benefit		33		—
Loss before equity in undistributed earnings of Bank		(74)		(39)
Equity in undistributed earnings of Bank		979		1,047
Net income	$	905	$	1,008

Parent Only Condensed Statements of Cash Flows


	Year Ended		Year Ended
	December 31,		December 31,
	2023		2023

Cash flows from operating activities:
Net income	$	905	$	1,008
Adjustments to reconcile net income to net cash used in operating activities
Equity in undistributed earnings of Bank		(979)		(1,047)
Other assets		93		(126)
Other liabilities		12		—
Net cash used in operating activities		31		(165)
Cash flows from investing activities:
Payments from ESOP loan		17		103
Capital injection into the Bank		—		(7,126)
Net cash provided by (used in) investing activities		17		(7,023)
Cash flows from financing activities:
Proceeds from stock offering		—		17,250
Stock offering expenses		—		(1,622)
ESOP Shares purchased		—		(1,380)
Stock Repurchase		(63)		—
Repay other borrowings		—		—
Dividend from Bank		—		—
Net cash (used in) provided by financing activities		(63)		14,248
Net change in cash and cash equivalents		(15)		7,060
Cash and cash equivalents at beginning of period		7,060		—
Cash and cash equivalents at end of period	$	7,045	$	7,060

Supplemental Cash Flows Information
Treasury Shares purchased by Deferred Compensation Plans	$	—	$	400