INSCORP, INC.
CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2021 and 2020
INSCORP, INC. Nashville, Tennessee
CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2021 and 2020
CONTENTS
INDEPENDENT AUDITOR'S REPORT .................................................................................................... 1
FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS .............................................................................................. 3
CONSOLIDATED STATEMENTS OF INCOME ................................................................................ 4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ................................................ 5
CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS' EQUITY ........................................................................................................ 6
CONSOLIDATED STATEMENTS OF CASH FLOWS ....................................................................... 7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS .............................................................. 8
Crowe LLP
Independent Member Crowe Global
INDEPENDENT AUDITOR'S REPORT
The Board of Directors
InsCorp, Inc. Nashville, Tennessee
Opinion
We have audited the consolidated financial statements of InsCorp, Inc., which comprise the consolidated balance sheets as of December 31, 2021 and 2020, and the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of InsCorp, Inc. as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of InsCorp, Inc. and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about InsCorp Inc.'s ability to continue as a going concern for one year from the date the consolidated financial statements are available to be issued.
(Continued)
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.
In performing an audit in accordance with GAAS, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of InsCorp, Inc.'s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about InsCorp, Inc.'s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Crowe LLP
Franklin, Tennessee
March 21, 2022
INSCORP, INC.
CONSOLIDATED BALANCE SHEETS
December 31, 2021 and 2020
December 31, | 2020 | |
Assets Cash and due from financial institutions | $ 4,679,488 | $ 3,218,395 |
Federal funds sold 12,000,788 5,001,040 Interest-bearing deposits in financial institutions 73,745,833 33,355,793 | ||
Cash and cash equivalents Securities available for sale 90,426,109 41,575,228 23,089,147 18,039,038 Loans, net of allowance of $8,024,847 in 2021 and $7,364,736 in 2020 543,438,391 517,869,962 Premises and equipment, net 13,345,303 13,630,151 | ||
Restricted equity securities Bank owned life insurance Accrued interest receivable Goodwill Deferred tax asset Other assets | 7,554,202 13,398,273 1,698,174 1,090,971 1,625,366 4,729,992 | 6,611,516 10,115,392 1,943,186 1,090,971 1,732,235 4,621,908 |
Total assets | $ 700,395,928 | $ 617,229,587 |
Liabilities and shareholders' equity Liabilities Deposits | ||
Non-interest-bearing Interest-bearing | $ 79,928,997 504,781,148 | $ 52,664,771 417,731,560 |
Total deposits Federal Home Loan Bank advances Federal funds purchased and repurchase agreements Paycheck Protection Program Liquidity Facility Subordinated debentures, net Note payable and line of credit Accrued interest payable Other liabilities | 584,710,145 32,000,000 4,000,000 1,403,916 17,308,414 2,500,000 480,595 2,796,131 | 470,396,331 50,000,000 7,000,000 18,411,700 15,000,000 - 1,339,313 3,988,678 |
Total liabilities Shareholders' equity Common stock, no par value; 5,000,000 shares authorized; 2,864,538 shares issued in 2021 and 2,900,040 issued in 2020 Retained earnings Accumulated other comprehensive income | 645,199,201 28,924,410 25,701,598 570,719 | 566,136,022 30,508,529 20,376,550 208,486 |
Total shareholders' equity | 55,196,727 | 51,093,565 |
Total liabilities and shareholders' equity | $ 700,395,928 | $ 617,229,587 |
See accompanying notes to the consolidated financial statements.
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InsCorp Inc. published this content on 26 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2022 17:30:08 UTC.