InsCorp : Consolidated Financials

InsCorp, Inc.

Consolidated Balance Sheets

(000's)

(unaudited)

		September 30,			September 30,
		2021			2020
Assets	$	16,400	$	8,476
Cash and Cash Equivalents
Interest Bearing Deposits		58,738			25,415
Securities		17,513			19,304
Loans		549,510			500,133
Allowance for Loan Losses		(7,575)			(7,015)
Net Loans		541,935			493,118
Premises and Equipment, net		13,417			13,757
Bank Owned Life Insurance		13,318			10,052
Restricted Equity Securities		9,453			6,826
Goodwill and Related Intangibles, net		1,091			1,091
Other Assets		7,865			7,706
Total Assets
$	679,730	$	585,745
Liabilities and Shareholders' Equity
Liabilities
Deposits
Non-interest-bearing	$	80,504	$	62,994
Interest-bearing		478,533			384,684
Total Deposits		559,037			447,678
Federal Home Loan Bank Advances		39,000			49,000
Paycheck Protection Program Liquidity Fund		4,932			18,412
Subordinated Debentures		15,000			15,000
Federal Funds Purchased		2,000			-
Other Liabilities		3,980			4,846
Total Liabilities		623,949			534,936
Shareholders' Equity
Common Stock		31,662			31,190
Treasury Stock		(663)			(278)
Accumulated Retained Earnings		24,293			19,568
Accumulated Other Comprehensive Income		489			329
Total Stockholders' Equity		55,781			50,809
Total Liabilities & Shareholders' Equity	$	679,730		$	585,745
Tangible Book Value	$	18.59	$	16.98

InsCorp, Inc.

Consolidated Statements of Income

(000's)

(Unaudited)

		Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Interest Income	$	6,382	$	5,302	$	18,380	$	17,082
Interest Expense		1,080			1,663			3,752			5,638
Net Interest Income		5,302			3,639			14,628			11,444
Provision for Loan Losses		375			750			1,400			1,850
Non-Interest Income
Service Charges on Deposit Accounts		61			51			180			154
Bank Owned Life Insurance		81			63			202			187
Gain on Int Rate Hedges and Sec sales		(101)			-			206			-
Other		309			151			892			534
Non-Interest Expense
Salaries and Benefits		1,742			1,461			5,098			4,598
Occupancy and equipment		340			312			984			896
Data Processing		153			140			446			410
Marketing and Advertising		196			95			404			247
Other		520			456			1,530			1,439
Net income from Operations		2,326			690			6,246			2,879
Interest Expense-Subordinated Debt		239			239			717			717
Income Before Income Taxes		2,087			451			5,529			2,162
Income Tax Expense		(461)			(108)			(1,243)			(538)
Net Income	$	1,626		$	343		$	4,286		$	1,624
Return on Weighted Average Common Shares	$	0.55	$	0.11	$	1.46	$	0.55