InsCorp : Consolidated Financials

InsCorp, Inc.

Consolidated Balance Sheets

(000's)

(unaudited)

		June 30,			June 30,
		2022			2021
Assets	$	3,542	$	15,785
Cash and Cash Equivalents
Interest Bearing Deposits		43,927			57,637
Securities		35,087			16,093
Loans		597,190			534,574
Allowance for Loan Losses		(8,552)			(7,225)
Net Loans		588,638			527,349
Premises and Equipment, net		13,167			13,437
Bank Owned Life Insurance		13,557			12,486
Restricted Equity Securities		10,152			8,630
Goodwill and Related Intangibles, net		1,091			1,091
Other Assets		8,172			7,640
Total Assets
$	717,333		$	660,148
Liabilities and Shareholders' Equity
Liabilities
Deposits
Non-interest-bearing	$	91,175	$	81,376
Interest-bearing		472,536			452,422
Total Deposits		563,711			533,798
Federal Home Loan Bank Advances		58,010			40,000
Paycheck Protection Program Liquidity Fund		-			14,070
Subordinated Debentures		17,500			15,000
Line of Credit		5,000
Federal Funds Purchased		10,562			-
Other Liabilities		2,769			3,190
Total Liabilities		657,552			606,058
Shareholders' Equity
Common Stock		32,426			31,585
Treasury Stock		(3,180)			(663)
Accumulated Retained Earnings		30,354			22,666
Accumulated Other Comprehensive Income		181			502
Total Stockholders' Equity		59,781			54,090
Total Liabilities & Shareholders' Equity	$	717,333		$	660,148
Tangible Book Value	$	20.38	$	18.04

InsCorp, Inc.

Consolidated Statements of Income

(000's)

(Unaudited)

		Three Months Ended			Six Months Ended
		June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Interest Income	$	6,849	$	6,122		$	12,862	$	11,998
Interest Expense		966			1,241				1,901			2,672
Net Interest Income		5,883			4,881				10,961			9,326
Provision for Loan Losses		300			375				445			1,025
Non-Interest Income
Service Charges on Deposit Accounts		54			60				111			119
Bank Owned Life Insurance		80			61				159			121
Gain on Security Sales		-			-				-			62
Other		279			346				500			583
Non-Interest Expense
Salaries and Benefits		1,913			1,702				3,948			3,356
Occupancy and equipment		402			319				835			644
Data Processing		167			146				321			293
Marketing and Advertising		129			108				257			208
Other		548			508				1,115			1,011
Net income from Operations		2,837			2,190				4,810			3,674
Gain on Interest Rate Hedges		323			(198)				2,839			245
Interest Expense-Holding Co. Debt		238			239				471			478
Income Before Income Taxes		2,922			1,753				7,178			3,441
Income Tax Expense		(675)			(384)				(1,727)			(782)
Net Income	$	2,247		$	1,369			$	5,451		$	2,659
Return on Weighted Average Common Shares	$	0.78	$	0.47		$	1.90	$	0.91