CONSOLIDATED FINANCIAL INFORMATION-PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2018

13. CONSOLIDATED FINANCIAL INFORMATION-PARENT COMPANY ONLY

13. CONSOLIDATED FINANCIAL INFORMATION—PARENT COMPANY ONLY

Condensed Balance Sheets

(Dollars in thousands)	2018			2017
Assets:
Cash and cash equivalents	$	31		$	38
Investment in United Bank of Philadelphia		1,728			3,242
Total assets	$	1,759		$	3,280
Shareholders’ equity:
Preferred stock	$	1		$	1
Common stock		8			8
Additional paid-in capital		15,677			15,677
Accumulated deficit		(13,834	)		(12,349	)
Accumulated other comprehensive loss		(93	)		(57	)
Total shareholders’ equity	$	1,759		$	3,280

 Condensed Statements of Operations

Years ended December 31,
(Dollars in thousands)	2018			2017
Net loss	$	(7	)	$	(12	)
Equity in net loss of subsidiary		(1,479	)		(307	)
Net loss	$	(1,486	)	$	(319	)

Years ended December 31,
(Dollars in thousands)	2018			2017
Cash flows from operating activities:
Net loss	$	(1,486	)	$	(319	)
Adjustments:
Equity in net loss of subsidiary		1,479			307
Net cash used in operating activities		(7	)		(12	)
Cash flows from investing activities:
Investment in subsidiary		-			(875	)
Total cash flows from investing activities		-			(75	)
Cash flows from financing activities:
Issuance of Series B Preferred Stock		-			925
Total cash flows from financing activities		(7	)		925
Cash and cash equivalents at beginning of year		38			-
Cash and cash equivalents at end of year	$	31		$	38