SSB Bancorp, Inc.

PITTSBURGH, PENNSYLVANIA

CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2021 AND 2020

SSB Bancorp, Inc.

YEARS ENDED DECEMBER 31, 2021 AND 2020

Page

Number

Independent Auditor's Report

2

Financial Statements

Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020

4

Consolidated Statements of Net Income for the Year Ended December 31, 2021 and 2020

5

Consolidated Statements of Comprehensive Income for the Year Ended

6

December 31, 2021 and 2020

Consolidated Statements of Changes in Stockholders' Equity for the Year Ended

7

December 31, 2021 and 2020

Consolidated Statements of Cash Flows for the Year Ended December 31, 2021 and 2020

8

Notes to Consolidated Financial Statements

9 - 47

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

1

SSB Bancorp, Inc.

CONSOLIDATED BALANCE SHEETSDecember 31, 2021

December 31, 2020

ASSETS

Cash and due from banks

$

2,262,561 $ 2,329,100

Interest-bearing deposits with other financial institutions 13,657,799 41,908,152

Cash and cash equivalents 15,920,360 44,237,252

Certificates of deposit Securities available for sale Securities held to maturity (fair value of $860 and $1,966, respectively) Loans

Allowance for loan losses

2,961,000 3,955,000 4,115,416 5,695,821

849 198,509,048

(1,910,598)

1,920 166,448,956

(1,646,618)Net loans 196,598,450 164,802,338

Accrued interest receivable

Federal Home Loan Bank stock, at cost Premises and equipment, net Bank-owned life insurance Deferred tax asset, net Other assets

TOTAL ASSETS

LIABILITIES

Deposits:

Noninterest-bearing demand

1,171,937 1,187,570 4,982,100 4,318,100 4,155,934 4,187,666 3,416,611 3,338,002

397,567 1,222,660

311,321 1,932,517

$ 234,942,884 $ 233,967,507

$

18,554,186

  • $ 12,476,005

    Interest-bearing demand 22,516,755 34,615,983

    Money market 61,843,902 43,062,916

    Savings

    7,835,004 3,241,917

    Time 72,163,289 78,058,204

    • Total deposits 182,913,136 171,455,025

    • Federal Home Loan Bank advances 19,250,000 24,250,000

    • Paycheck Protection Program Liquidity Facility advances 8,626,623 14,271,902

    Advances by borrowers for taxes and insurance Accrued interest payable

    Other liabilities

    TOTAL LIABILITIES

    STOCKHOLDERS' EQUITY

    Preferred Stock: $0.01 par value per share: 5,000,000 shares authorized and no shares issued or outstanding Common Stock: 20,000,000 shares authorized; 2,279,191 shares issued; and 2,226,310 shares outstanding at $0.01 par value

    Treasury stock, at cost; 52,881 shares Paid-in capital

    578,580 506,100

    166,388 300,674

    248,655 648,970

    211,783,382

    211,432,671

    -

    -22,769 (482,425)

    22,769 -8,814,686 8,753,910

    Retained earnings 15,488,186 14,382,330

    Unearned Employee Stock Ownership Plan (ESOP) Accumulated other comprehensive loss

    TOTAL STOCKHOLDERS' EQUITY

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

    See accompanying notes to the consolidated financial statements.

    (705,051)

    (749,115)

    21,337 23,159,502 $ 234,942,884

    124,942 22,534,836

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SSB Bancorp Inc. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 13:54:04 UTC.