TOUCHMARK BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
TOUCHMARK BANCSHARES, INC. AND SUBSIDIARY
TABLE OF CONTENTS
DECEMBER 31, 2021 and 2020
Independent Auditor's Report .......................................................................................................... 1‐2
Financial Statements
Consolidated Balance Sheets ....................................................................................................... 3
Consolidated Statements of Income ............................................................................................ 4
Consolidated Statements of Comprehensive Income (Loss) ....................................................... 5
Consolidated Statements of Changes in Stockholders' Equity .................................................... 6
Consolidated Statements of Cash Flows ...................................................................................... 7‐8
Notes to Consolidated Financial Statements ............................................................................... 9‐40
NICHOLS, CAULEY & ASSOCIATES, LLC
3550 Engineering Drive, Suite 250
Peachtree Corners, Georgia 30092 404-214-1301 FAX 404-214-1302atlanta@nicholscauley.com
INDEPENDENT AUDITOR'S REPORT
Board of Directors
Touchmark Bancshares, Inc. Alpharetta, Georgia
Opinion
We have audited the consolidated financial statements of Touchmark Bancshares, Inc. and its subsidiary, which comprise the consolidated balance sheet as of December 31, 2021, and the related consolidated statements of income, comprehensive income, changes in stockholders' equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Touchmark Bancshares, Inc. and its subsidiary as of December 31, 2021, and the results of their operations and their cash flows for the year 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 Touchmark Bancshares, Inc., and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Other Matter
The consolidated financial statements of Touchmark Bancshares, Inc. and its subsidiary for the year ended December 31, 2020 were audited by another auditor who expressed an unmodified opinion on those consolidated financial statements on April 20, 2021.
Responsibilities of Management for the Consolidated 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 Touchmark Bancshares, Inc.'s ability to continue as a going concern for one year after the date that the consolidated financial statements are issued.
Atlanta | Calhoun | Canton | Dalton | Dublin Fayetteville | Kennesaw | Rome | Warner Robins 1
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 Touchmark Bancshares, 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 Touchmark Bancshares, 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.
Atlanta, Georgia
March 1, 2022
TOUCHMARK BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2021 and 2020
2021
Assets
Cash and due from banks Federal funds sold
Cash and cash equivalents
$ 1,212,563
2020
$ 1,198,652
5,175,000 5,125,000 6,387,563 6,323,652
Interest‐bearing accounts with other banks 103,994,062 34,254,852
Securities available for sale 12,968,752 17,552,604
Restricted stock
Loans, less allowance for loan losses of $5,468,554
1,498,450 2,033,450
and $5,376,530, respectively 290,694,664 360,510,234
Premises and equipment Other assets
Total assets
Liabilities and Stockholders' Equity Deposits:
Non‐interest bearing demand
1,309,269 1,369,968 4,876,680 5,662,491
$ 421,729,440
$ 30,642,803
$ 427,707,251
$ 26,029,731
Interest‐bearing 324,339,564 331,919,828
Total deposits 354,982,367 357,949,559
Federal Home Loan Bank advances Other liabilities
‐ 9,000,000 3,568,908 3,443,702
Total liabilities 358,551,275 370,393,261
Stockholders' equity:
Preferred stock, no par value, 10,000,000 shares
authorized, none issued
Common stock, $.01 par value, 50,000,000 shares authorized, 4,475,891 issued and outstanding
‐
‐
44,759
44,759
Paid‐in capital 46,880,651 46,880,651
Retained earnings 16,171,492 10,089,885
Accumulated other comprehensive income
Total stockholders' equity
Total liabilities and stockholders' equity
81,263 63,178,165 $ 421,729,440
298,695 57,313,990 $ 427,707,251
See accompanying independent auditor's report and notes to consolidated financial statements.
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Touchmark Bancshares Inc. published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 14:05:35 UTC.