Financial Results - September 30, 2021

TOWN CENTER BANK

BALANCE SHEETS (Unaudited)

(Dollar amounts in thousands, except share and per share data)

		September 30,		December 31,
ASSETS		2021			2020
Cash and due from banks	$	906		$	589
Interest-bearing deposits with banks		18,423			16,978
Federal funds sold		6,092			10,589
Cash and cash equivalents		25,421			28,156
Securities available-for-sale, at fair value		14,558			14,193
Loans, net of allowance for loan losses of $1,187 at
September 30, 2021 and $1,134 at December 31, 2020		108,809			109,531
Federal Home Loan Bank stock		260			260
Premises and equipment, net		687			205
Deferred Income Taxes		2,125			2,747
Accrued interest receivable and other assets		972			900
	$	152,832		$	155,992

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

Non‑interest bearing

Interest-bearing

Total deposits

Federal Home Loan Bank borrowings Federal Reserve Bank borrowings Federal Funds Purchased

Accrued interest payable and other liabilities Total liabilities

Shareholders' equity

Common stock, $1 par value; 3,234,000 shares authorized at March 31, 2019 and December 31, 2018; 2,333,660 shares issued and outstanding at March 31, 2019 and December 31, 2018

Additional paid-in capital Accumulated deficit

Accumulated other comprehensive income (loss) Total shareholders' equity

Total shareholders' equity and liabilities

$

$

44,617	$	38,451
74,873		68,147
119,490		106,598
6,000		7,500
10,000		25,869
-		-
1,118		805
136,608		140,772

2,333		2,333
20,785		20,785
(6,988)		(8,196)
94		298
16,224		15,220
152,832	$	155,992

TOWN CENTER BANK

STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME

(Unaudited)

(Dollar amounts in thousands, except share and per share data)

Nine Months	Nine Months
Ended	Ended
September 30,	September 30,
2021	2020

Interest income

Loans, including fees$ Securities

Federal funds sold and other

Total interest income

Interest expense Deposits

Federal Funds Purchased

Federal Home Loan Bank and other borrowings

Total interest expense

Net interest income

Provision for loan losses

Net interest income after provision for loan losses

Noninterest income

Service charges on deposits

Gain on the Sale of Securities

Mortgage banking income

Other income

Total noninterest income

Noninterest expense

4,858	$	3,663
176			263
23			19
5,057			3,945
271			613
-			1
62			102
333			716
4,724			3,229
50			160
4,674			3,069
77			93
-			20
89			139
72			99
238			351

Salaries and employee benefits Occupancy and equipment Data processing Professional fees

FDIC deposit insurance Advertising and marketing Gain on sale of other real estate Litigation settlement

Other real estate expenses Other

Total noninterest expense

Income before income taxes Income tax expense

Net income

Other comprehensive income (loss)

Holding gains (losses) on securities available-for-sale

Comprehensive income (loss)

Basic and diluted income per share

Basic and diluted weighted average common shares outstanding

	1,428					1,162
	309					297
	513					411
	418					281
	34					38
	43					51
	-					-
	-					-
	-					1
	488					553
	3,233					2,794
	1,679					626
	471					-
	1,208				$	626
	(204)			341
	1,004					967
	0.52					0.27
	2,333,660					2,333,660