Boyle Bancorp, Inc.
Independent Auditor's Report
CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2021 and 2020
Boyle Bancorp, Inc. Danville, Kentucky
CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2021 and 2020
CONTENTS
INDEPENDENT AUDITOR'S REPORT .................................................................................................. 1
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS ............................................................................................ 3
CONSOLIDATED STATEMENTS OF INCOME .............................................................................. 4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ............................................ 5
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'
EQUITY ............................................................................................................................................ 6
CONSOLIDATED STATEMENTS OF CASH FLOWS .................................................................... 7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ........................................................... 9
Independent Auditor's Report
Board of Directors and Audit Committee
Boyle Bancorp, Inc.
Danville, Kentucky
Opinion
We have audited the consolidated financial statements of Boyle Bancorp, Inc. and its subsidiaries, which comprise the consolidated balance sheets as of December 31, 2021 and 2020, and the related consolidated statements of income, comprehensive income, changes in stockholders' equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Boyle Bancorp, Inc. and its subsidiaries as of December 31, 2021 and 2020, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements" section of our report. We are required to be independent of Boyle Bancorp, Inc. and its subsidiaries and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Boyle Bancorp, Inc. and its subsidiaries' ability to continue as a going concern within one year after the date that these consolidated financial statements are available to be issued.
18F
Board of Directors and Audit Committee Boyle Bancorp, Inc.
Page 2
Auditor's Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence judgment made by a reasonable user based on the consolidated financial statements.
In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Boyle Bancorp, Inc. and its subsidiaries' internal control.
Accordingly, no such opinion is expressed.
19F
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Boyle Bancorp, Inc. and its subsidiaries' ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Louisville, Kentucky
April 6, 2022
Boyle Bancorp, Inc.
CONSOLIDATED BALANCE SHEETS
December 31, 2021 and 2020
(dollars in thousands)
2021
2020
ASSETS
Cash and due from banks
Debt securities available for sale
Loans, net of $ 6,310 and $5,913 in Allowance for
Loan Losses in 2021 and 2020, respectively Federal Reserve and Federal Home Loan Bank stock Premises and equipment, net
Right-of-use assets
Accrued interest receivable Other real estate owned Goodwill
Other assets
$
204,415
194,513 147,729
476,517 456,051
2,660 2,660
15,697 16,131
1,516 1,729
2,447 2,541
- 273
2,619 2,619
6,700 4,973
$ 156,453
Total assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand
Savings, NOW and money market Time
Total deposits
$
907,084
$ 791,159
$
201,521
$ 166,518
563,522 475,677 49,790 59,189 814,833 701,384
Federal Home Loan Bank advances Operating lease liability
Other liabilities
Total liabilities
Stockholders' equity
Common stock, $0.40 par value; 2,500,000 shares
authorized, 868,059 (2021) and 868,059 (2020)
shares issued and outstanding
Additional paid in capital
Retained Earnings
Accumulated other comprehensive income
Total stockholders' equity
10,000 10,000 1,517 1,741 6,303 6,777 832,653 719,902
347 347
4,477 4,477
66,622 61,033
2,985 5,400
74,431 71,257
Total liabilities and stockholders' equity
$ 907,084
$ 791,159
See accompanying notes to consolidated financial statements.
3
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Boyle Bancorp Inc. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 23:42:29 UTC.