Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information (Parent Company Only)

Condensed Financial Information (Parent Company Only)

Note 21 - Condensed Financial Information (Parent Company Only) -

Presented below is condensed financial information as to the financial position, results of operations and cash flows of the Parent Company:

CONDENSED BALANCE SHEETS

DECEMBER 31, 2021 AND 2020

(in thousands)

	2021		2020
ASSETS
Cash in Bank	$	2,388	$	2,831
Investment in Subsidiary		19,485		19,146
Total Assets	$	21,873	$	21,977
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities	$	27	$	37
Shareholders' Equity		21,846		21,940
Total Liabilities and Shareholders' Equity	$	21,873	$	21,977

CONDENSED STATEMENTS OF INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2021

(in thousands)

	2021		2020
Income:
Equity in Net Income of Subsidiary	$	371	$	151
Total Income		371		151
Expenses:
Professional Fees		135		172
Other Expense		98		95
Total Expenses		233		267
Income (Loss) Before Income Tax (Benefit)		138		(116)
Income Tax (Benefit)		(8)		(13)
Net Income (Loss)	$	146	$	(103)

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020

(in thousands)

	2021		2020
Cash Flows from Operating Activities:
Net Income (Loss)	$	146	$	(103)
Adjustments to Reconcile Net Loss to Net Cash (Used in) Operating Activities:
Cash (Used in) Operating Activities:
(Increase) in Due from Subsidiary		—		(9)
Non-cash Compensation for ESOP		59		48
(Increase) in Equity in Net Income of Subsidiary		(358)		(151)
(Decrease) Increase in Liabilities		(10)		5
Net Cash (Used in) Operating Activities		(163)		(210)
Cash Flows from Investing Activities:
Net Cash (Used in) Investing Activities		—		—
Cash Flows from Financing Activities:
Shares Repurchased		(280)		(2,351)
Net Cash (Used in) Financing Activities		(280)		(2,351)
Net (Decrease) in Cash and Cash Equivalents		(443)		(2,561)
Cash and Cash Equivalents at Beginning of Period		2,831		5,392
Cash and Cash Equivalents at End of Period	$	2,388	$	2,831