InsCorp, Inc.
Consolidated Balance Sheets
(000's)
(unaudited)
December 31, | December 31, | ||||
2021 | 2020 | ||||
Assets | $ | 16,680 | $ | 8,219 | |
Cash and Cash Equivalents | |||||
Interest Bearing Deposits | 73,746 | 33,356 | |||
Securities | 21,606 | 17,039 | |||
Loans | 551,463 | 525,235 | |||
Allowance for Loan Losses | (8,025) | (7,365) | |||
Net Loans | 543,438 | 517,870 | |||
Premises and Equipment, net | 13,345 | 13,630 | |||
Bank Owned Life Insurance | 13,398 | 10,115 | |||
Restricted Equity Securities | 9,054 | 7,612 | |||
Goodwill and Related Intangibles, net | 1,091 | 1,091 | |||
Other Assets | 8,247 | 8,298 | |||
Total Assets | |||||
$ | 700,605 | $ | 617,230 | ||
Liabilities and Shareholders' Equity | |||||
Liabilities | |||||
Deposits | |||||
Non-interest-bearing | $ | 79,929 | $ | 52,665 | |
Interest-bearing | 504,781 | 417,731 | |||
Total Deposits | 584,710 | 470,396 | |||
Federal Home Loan Bank Advances | 32,000 | 50,000 | |||
Paycheck Protection Program Liquidity Fund | 1,404 | 18,412 | |||
Notes Payable | 2,500 | ||||
Subordinated Debentures | 17,500 | 15,000 | |||
Federal Funds Purchased | 4,000 | 7,000 | |||
Other Liabilities | 3,278 | 5,328 | |||
Total Liabilities | 645,392 | 566,136 | |||
Shareholders' Equity | |||||
Common Stock | 32,087 | 31,190 | |||
Treasury Stock | (3,150) | (681) | |||
Accumulated Retained Earnings | 25,689 | 20,377 | |||
Accumulated Other Comprehensive Income | 587 | 208 | |||
Total Stockholders' Equity | 55,213 | 51,094 | |||
Total Liabilities & Shareholders' Equity | $ | 700,605 | $ | 617,230 | |
Tangible Book Value | $ | 18.90 | $ | 17.24 | |
InsCorp, Inc.
Consolidated Statements of Income
(000's)
(Unaudited)
Three Months Ended | Twelve Months Ended | ||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||
Interest Income | $ | 6,521 | $ | 5,612 | $ | 24,901 | $ | 22,694 | |||
Interest Expense | 938 | 1,583 | 4,690 | 7,221 | |||||||
Net Interest Income | 5,583 | 4,029 | 20,211 | 15,473 | |||||||
Provision for Loan Losses | 450 | 550 | 1,850 | 2,400 | |||||||
Non-Interest Income | |||||||||||
Service Charges on Deposit Accounts | 60 | 58 | 240 | 212 | |||||||
Bank Owned Life Insurance | 81 | 64 | 283 | 251 | |||||||
Security Sales | - | - | 62 | - | |||||||
Other | 222 | 171 | 1,114 | 705 | |||||||
Non-Interest Expense | |||||||||||
Salaries and Benefits | 2,234 | 1,602 | 7,332 | 6,200 | |||||||
Occupancy and equipment | 363 | 337 | 1,347 | 1,233 | |||||||
Data Processing | 151 | 143 | 597 | 553 | |||||||
Marketing and Advertising | 170 | 102 | 574 | 349 | |||||||
Other | 843 | 404 | 2,373 | 1,843 | |||||||
Net income from Operations | 1,735 | 1,184 | 7,837 | 4,063 | |||||||
Gain on Interest Rate Hedges | 604 | - | 748 | - | |||||||
Interest Expense-Subordinated Debt | 275 | 239 | 992 | 956 | |||||||
Income Before Income Taxes | 2,064 | 945 | 7,593 | 3,107 | |||||||
Income Tax Expense | (321) | (136) | (1,564) | (674) | |||||||
Net Income | $ | 1,743 | $ | 809 | $ | 6,029 | $ | 2,433 | |||
Return on Weighted Average Common Shares | $ | 0.60 | $ | 0.28 | $ | 2.06 | $ | 0.83 | |||
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InsCorp Inc. published this content on 08 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2022 15:21:02 UTC.