TOWN CENTER BANK
BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)
December 31, | December 31, | ||||
ASSETS | 2021 | 2020 | |||
Cash and due from banks | $ | 497 | $ | 589 | |
Interest-bearing deposits with banks | 20,864 | 16,978 | |||
Federal funds sold | 5,731 | 10,589 | |||
Cash and cash equivalents | 27,092 | 28,156 | |||
Securities available-for-sale, at fair value | 13,053 | 14,193 | |||
Loans, net of allowance for loan losses of $1,143 at | |||||
December 31, 2021 and $1,134 at December 31, 2020 | 105,389 | 109,531 | |||
Federal Home Loan Bank stock | 260 | 260 | |||
Premises and equipment, net | 642 | 457 | |||
Deferred Income Taxes | 2,199 | 2,747 | |||
Accrued interest receivable and other assets | 530 | 647 | |||
$ | 149,165 | $ | 155,991 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non‑interest bearing$ Interest-bearing
Total deposits
Federal Home Loan Bank borrowings
Federal Reserve Bank borrowings
Federal Funds Purchased
Accrued interest payable and other liabilities
Total liabilities
Shareholders' equity
Common stock, $1 par value; 3,234,000 shares authorized at December 31, 2021 and December 31, 2020; 2,333,660 shares issued and outstanding at December 31, 2021 and December 31, 2020 Additional paid-in capital
Accumulated deficit
Accumulated other comprehensive income (loss) Total shareholders' equity
$
43,059 | $ | 38,451 |
82,533 | 68,147 | |
125,592 | 106,598 | |
6,000 | 7,500 | |
- | 25,869 | |
- | - | |
1,090 | 804 | |
132,682 | 140,771 |
2,333 | 2,333 | ||
20,785 | 20,785 | ||
(6,589) | (8,196) | ||
(46) | 298 | ||
16,483 | 15,220 | ||
149,165 | $ | 155,991 | |
TOWN CENTER BANK
STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME
(Unaudited)
(Dollar amounts in thousands, except share and per share data)
Twelve | Twelve | ||||||||
Months | Months | ||||||||
Ended | Ended | ||||||||
December 31, | December 31, | ||||||||
2021 | 2020 | ||||||||
Interest income | |||||||||
Loans, including fees | $ | 6,381 | $ | 5,209 | |||||
Securities | 225 | 330 | |||||||
Federal funds sold and other | 36 | 27 | |||||||
Total interest income | 6,642 | 5,566 | |||||||
Interest expense | |||||||||
Deposits | 338 | 756 | |||||||
Federal Funds Purchased | - | 1 | |||||||
Federal Home Loan Bank and other | 68 | 138 | |||||||
borrowings | |||||||||
406 | 895 | ||||||||
Total interest expense | |||||||||
Net interest income | 6,236 | 4,671 | |||||||
Provision for loan losses | 65 | 220 | |||||||
Net interest income after provision for | 6,171 | 4,451 | |||||||
loan losses | |||||||||
Noninterest income | |||||||||
Service charges on deposits | 101 | 120 | |||||||
Gain on the Sale of Securities | - | 20 | |||||||
Mortgage banking income | 148 | 204 | |||||||
Other income | 96 | 124 | |||||||
Total noninterest income | 345 | 468 | |||||||
Noninterest expense | |||||||||
Salaries and employee benefits | 1,903 | 1,610 | |||||||
Occupancy and equipment | 405 | 399 | |||||||
Data processing | 709 | 674 | |||||||
Professional fees | 473 | 409 | |||||||
FDIC deposit insurance | 44 | 55 | |||||||
Advertising and marketing | 46 | 92 | |||||||
Gain on sale of other real estate | - | - | |||||||
Litigation settlement | - | - | |||||||
Other real estate expenses | - | 1 | |||||||
Other | 689 | 622 | |||||||
Total noninterest expense | 4,269 | 3,862 | |||||||
Income before income taxes | 2,247 | 1,057 | |||||||
Income tax expense | 639 | 328 | |||||||
Net income | $ | 1,608 | $ | 729 | |||||
Other comprehensive income (loss) | |||||||||
Holding gains (losses) on securities available- | (344) | 277 | |||||||
for-sale | |||||||||
1,264 | 1,006 | ||||||||
Comprehensive income (loss) | |||||||||
Basic and diluted income | per share | 0.69 | 0.31 | ||||||
Basic and diluted weighted average common | 2,333,660 | 2,333,660 | |||||||
shares outstanding | |||||||||
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Town Center Bank published this content on 15 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2022 23:03:03 UTC.