Town Center Bank : Financial Report December 31, 2021

TOWN CENTER BANK

BALANCE SHEETS (Unaudited)

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

		December 31,		December 31,
ASSETS		2021			2020
Cash and due from banks	$	497		$	589
Interest-bearing deposits with banks		20,864			16,978
Federal funds sold		5,731			10,589
Cash and cash equivalents		27,092			28,156
Securities available-for-sale, at fair value		13,053			14,193
Loans, net of allowance for loan losses of $1,143 at
December 31, 2021 and $1,134 at December 31, 2020		105,389			109,531
Federal Home Loan Bank stock		260			260
Premises and equipment, net		642			457
Deferred Income Taxes		2,199			2,747
Accrued interest receivable and other assets		530			647
	$	149,165		$	155,991

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 December 31, 2021 and December 31, 2020; 2,333,660 shares issued and outstanding at December 31, 2021 and December 31, 2020 Additional paid-in capital

Accumulated deficit

Accumulated other comprehensive income (loss) Total shareholders' equity

$

43,059	$	38,451
82,533		68,147
125,592		106,598
6,000		7,500
-		25,869
-		-
1,090		804
132,682		140,771

2,333		2,333
20,785		20,785
(6,589)		(8,196)
(46)		298
16,483		15,220
149,165	$	155,991

TOWN CENTER BANK

STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME

(Unaudited)

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

				Twelve			Twelve
				Months			Months
				Ended			Ended
				December 31,			December 31,
				2021					2020
Interest income
Loans, including fees	$	6,381			$	5,209
Securities				225					330
Federal funds sold and other		36					27
Total interest income	6,642					5,566
Interest expense
Deposits				338					756
Federal Funds Purchased	-					1
Federal Home Loan Bank and other	68					138
borrowings
			406					895
Total interest expense
Net interest income				6,236					4,671
Provision for loan losses				65					220
Net interest income after provision for	6,171					4,451
loan losses
Noninterest income
Service charges on deposits	101					120
Gain on the Sale of Securities	-					20
Mortgage banking income	148					204
Other income				96					124
Total noninterest income	345					468
Noninterest expense
Salaries and employee benefits	1,903					1,610
Occupancy and equipment	405					399
Data processing				709					674
Professional fees				473					409
FDIC deposit insurance	44					55
Advertising and marketing	46					92
Gain on sale of other real estate	-					-
Litigation settlement				-					-
Other real estate expenses	-					1
Other				689					622
Total noninterest expense	4,269					3,862
Income before income taxes	2,247					1,057
Income tax expense				639					328
Net income		$	1,608			$	729
Other comprehensive income (loss)
Holding gains (losses) on securities available-	(344)				277
for-sale
			1,264					1,006
Comprehensive income (loss)
Basic and diluted income	per share		0.69					0.31
Basic and diluted weighted average common	2,333,660					2,333,660
shares outstanding