InsCorp : Consolidated Financial Statements

InsCorp, Inc.

Consolidated Balance Sheets

(000's)

(unaudited)

		December 31,			December 31,
		2021			2020
Assets	$	16,680	$	8,219
Cash and Cash Equivalents
Interest Bearing Deposits		73,746			33,356
Securities		21,606			17,039
Loans		551,463			525,235
Allowance for Loan Losses		(8,025)			(7,365)
Net Loans		543,438			517,870
Premises and Equipment, net		13,345			13,630
Bank Owned Life Insurance		13,398			10,115
Restricted Equity Securities		9,054			7,612
Goodwill and Related Intangibles, net		1,091			1,091
Other Assets		8,247			8,298
Total Assets
$	700,605	$	617,230
Liabilities and Shareholders' Equity
Liabilities
Deposits
Non-interest-bearing	$	79,929	$	52,665
Interest-bearing		504,781			417,731
Total Deposits		584,710			470,396
Federal Home Loan Bank Advances		32,000			50,000
Paycheck Protection Program Liquidity Fund		1,404			18,412
Notes Payable		2,500
Subordinated Debentures		17,500			15,000
Federal Funds Purchased		4,000			7,000
Other Liabilities		3,278			5,328
Total Liabilities		645,392			566,136
Shareholders' Equity
Common Stock		32,087			31,190
Treasury Stock		(3,150)			(681)
Accumulated Retained Earnings		25,689			20,377
Accumulated Other Comprehensive Income		587			208
Total Stockholders' Equity		55,213			51,094
Total Liabilities & Shareholders' Equity	$	700,605		$	617,230
Tangible Book Value	$	18.90	$	17.24

InsCorp, Inc.

Consolidated Statements of Income

(000's)

(Unaudited)

		Three Months Ended				Twelve Months Ended
	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Interest Income	$	6,521	$	5,612	$	24,901	$	22,694
Interest Expense		938			1,583			4,690			7,221
Net Interest Income		5,583			4,029			20,211			15,473
Provision for Loan Losses		450			550			1,850			2,400
Non-Interest Income
Service Charges on Deposit Accounts		60			58			240			212
Bank Owned Life Insurance		81			64			283			251
Security Sales		-			-			62			-
Other		222			171			1,114			705
Non-Interest Expense
Salaries and Benefits		2,234			1,602			7,332			6,200
Occupancy and equipment		363			337			1,347			1,233
Data Processing		151			143			597			553
Marketing and Advertising		170			102			574			349
Other		843			404			2,373			1,843
Net income from Operations		1,735			1,184			7,837			4,063
Gain on Interest Rate Hedges		604			-			748			-
Interest Expense-Subordinated Debt		275			239			992			956
Income Before Income Taxes		2,064			945			7,593			3,107
Income Tax Expense		(321)			(136)			(1,564)			(674)
Net Income	$	1,743		$	809		$	6,029		$	2,433
Return on Weighted Average Common Shares	$	0.60	$	0.28	$	2.06	$	0.83