FINANCIAL STATEMENTS DECEMBER 31, 2021 AND 2020
UNITED NATIONAL BANK
TABLE OF CONTENTS DECEMBER 31, 2021 AND 2020
Independent Auditor's Report .............................................................................................................................. 1‐2
Financial Statements
Balance Sheets ...................................................................................................................................................... 3
Statements of Income ........................................................................................................................................... 4
Statements of Comprehensive Income ................................................................................................................. 5
Statements of Changes in Stockholders' Equity .................................................................................................... 6
Statements of Cash Flows ................................................................................................................................. 7‐8
Notes to the Financial Statements .................................................................................................................. 9‐37
NICHOLS, CAULEY & ASSOCIATES, LLC
1300 Bellevue Avenue
Dublin, Georgia 31021
478-275-1163 FAX 478-275-1178
dublin@nicholscauley.com
INDEPENDENT AUDITOR'S REPORT
Board of Directors
United National Bank Cairo, Georgia
Opinion
We have audited the financial statements of United National Bank, which comprise the balance sheets as of December 31, 2021 and 2020, and the related statements of income, comprehensive income, changes in stockholders' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of United National Bank as of December 31, 2021 and 2020, and the results of its operations and its 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 Financial Statements section of our report. We are required to be independent of United National Bank 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 Financial Statements
Management is responsible for the preparation and fair presentation of the 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 financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about United National Bank's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.
Atlanta | Calhoun | Canton | Dalton | Dublin
Fayetteville | Kennesaw | Rome | Warner Robins 1
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the 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 the judgment made by a reasonable user based on the 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 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 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 United National Bank's internal control. Accordingly, no such opinion is expressed.
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 financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about United National Bank's 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.
Dublin, Georgia
March 4, 2022
UNITED NATIONAL BANK
BALANCE SHEETS DECEMBER 31, 2021 AND 2020
2021
2020
ASSETS
Cash and due from banks
Securities available for sale (at fair value) Other restricted stock, at cost
Loans, less allowance for loan losses of $5,292,614 and $5,184,364, respectively
Accrued interest receivable Premises and equipment, net Foreclosed real estate
Other assets
$
72,488,128 $ 32,872,270
20,338,406 14,505,089
754,200
191,247,786 192,765,632
2,228,775 2,319,222
2,442,438 2,495,345
‐
1,249,548 1,196,419
810,100
15,065
Total assets
LIABILITIES AND STOCKHOLDERS' EQUITY Deposits
Non‐interest‐bearing demand Interest‐bearing
Total deposits
$
290,749,281 $ 246,979,142
$
41,482,488 $ 29,375,249
196,773,305 173,683,526
238,255,793 203,058,775
Borrowings
Accrued interest payable
Accrued expenses and other liabilities
Total liabilities
Stockholders' equity
Common stock, $5 par value, 10,000,000 shares authorized; 804,842 shares issued and outstanding
Additional paid‐in capital
Undivided profits
Accumulated other comprehensive income
Total stockholders' equity
Total liabilities and stockholders' equity
14,738,276 8,170,622
325,612
1,145,272 1,114,896
254,464,953 212,682,005
4,024,210 4,024,210
4,345,665 4,254,465
27,868,953 25,982,510
45,500
$
36,284,328 34,297,137 290,749,281 $ 246,979,142
See accompanying independent auditor's report and notes to the financial statements.
337,712
35,952
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