Parent Corporation Only Financial Statements

12 Months Ended

Dec. 31, 2022

Parent Corporation Only Financial Statements

Parent Corporation Only Financial Statements

Note 20.Parent Corporation Only Financial Statements

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Condensed Balance Sheet

(in thousands)

	December 31,		December 31,
	2022		2021
Assets
Cash and due from banks	$	1,868	$	1,647
Investment in subsidiaries		70,731		73,380
Investment in special purpose subsidiary		264		264
Prepaid expenses and other assets		2,756		2,585
	$	75,619	$	77,876
Liabilities and Shareholders’ Equity
Liabilities
Balance due to nonbank subsidiaries	$	8,764	$	8,764
Other borrowings		5,692		5,660
Accrued interest payable		46		46
Other liabilities		6		5
Total liabilities		14,508		14,475
Shareholders’ equity
Common stock		5,868		5,822
Additional paid-in capital		55,167		54,814
Retained Earnings		10,957		3,509
Stock in directors rabbi trust		(689)		(730)
Directors deferred fees obligation		689		730
Accumulated other comprehensive loss		(10,881)		(744)
Total stockholders’ equity		61,111		63,401
	$	75,619	$	77,876

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Condensed Statements of Operations and Comprehensive Income

Years Ended December 31, 2022 and 2021

(in thousands)

	2022		2021
Income
Interest income	$	3	$	4
Dividends received from subsidiaries		1,835		950
Total Income		1,838		954
Interest expense
Interest on borrowed funds		694		575
Total interest expense		694		575
Net interest income		1,144		379
Noninterest expense
Supplies		30		30
Professional and outside services		42		33
Other		45		44
Total noninterest expense		117		107
Net income before undistributed income of subsidiary		1,027		272
Undistributed income of subsidiary		7,108		12,039
Net income before income tax benefit		8,135		12,311
Income tax benefit		(170)		(142)
Net income	$	8,305	$	12,453
Total comprehensive income (loss)	$	(1,832)	$	11,279

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Condensed Statements of Cash Flows

Years Ended December 31, 2022 and 2021

(in thousands)

	2022		2021
Cash Flows from Operating Activities
Net income	$	8,305	$	12,453
Adjustments to reconcile net income to net cash used in operating activities
Amortization of debt issuance costs		32		32
Undistributed income of subsidiary		(8,943)		(12,989)
Net change in:
Other assets		(170)		(147)
Other liabilities		1		5
Net cash used in operating activities		(775)		(646)
Cash Flows from Investing Activities
Dividend from subsidiary		1,835		950
Net cash provided by investing activities		1,835		950
Cash Flows from Financing Activities
Proceeds from exercise of stock options		18		—
Cash dividends paid		(857)		(206)
Net cash used in financing activities		(839)		(206)
Net increase in cash		221		98
Cash, beginning of year		1,647		1,549
Cash, end of year	$	1,868	$	1,647