Exhibit 99.1.
Revision of Previously Issued Financial Statements
In the June 30, 2021 Form 10-Q, the Bancorp’s first quarter 2021 results and comparative 2020 results were revised to correct for the effects of errors discovered during the second quarter of 2021 relating to certain deferred costs booked related to our manufactured home loan product. As further disclosed in the June 30, 2021 Form 10-Q, the Bancorp evaluated the aggregate effects of the errors to its previously issued financial statements and concluded that the errors were not material to the previously issued financial statements. See Note 1 to the condensed consolidated financial statements in the June 30, 2021 Form 10-Q for further detail.
The following tables present line items from the Company’s Form 10-K for the year ended December 31, 2020, that have been corrected as a result of the revision (amounts in thousands, except for per share information):
|
Consolidated Balance Sheet |
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|
As of December 31, 2019 |
As Reported |
Adjustment |
As Revised |
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|
Loans receivable |
$ | 906,869 | $ | (642 | ) | $ | 906,227 | |||||
|
Net loans receivable |
897,870 | (642 | ) | 897,228 | ||||||||
|
Other assets and other intangible assets |
18,557 | 81 | 18,638 | |||||||||
|
Total assets |
1,328,722 | (561 | ) | 1,328,161 | ||||||||
|
Retained earnings |
100,185 | (561 | ) | 99,624 | ||||||||
|
Total shareholders' equity |
134,103 | (561 | ) | 133,542 | ||||||||
|
Total liabilities and stockholders' equity |
1,328,722 | (561 | ) | 1,328,161 | ||||||||
|
As of December 31, 2020 |
As Reported |
Adjustment |
As Revised |
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|
Loans receivable |
$ | 966,578 | $ | (1,432 | ) | $ | 965,146 | |||||
|
Net loans receivable |
954,120 | (1,432 | ) | 952,688 | ||||||||
|
Other assets |
13,681 | 199 | 13,880 | |||||||||
|
Total assets |
1,497,525 | (1,233 | ) | 1,496,292 | ||||||||
|
Retained earnings |
112,494 | (1,233 | ) | 111,261 | ||||||||
|
Total shareholders' equity |
152,922 | (1,233 | ) | 151,689 | ||||||||
|
Total liabilities and stockholders' equity |
1,497,525 | (1,233 | ) | 1,496,292 | ||||||||
|
Consolidated Statement of Income |
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|
For the year ending December 31, 2019 |
As Reported |
Adjustment |
As Revised |
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|
Compensation and benefits |
$ | 19,617 | $ | 642 | $ | 20,259 | ||||||
|
Total noninterest expense |
37,388 | 642 | 38,030 | |||||||||
|
Income before income tax expense |
13,856 | (642 | ) | 13,214 | ||||||||
|
Income tax expenses |
1,759 | (81 | ) | 1,678 | ||||||||
|
Net income |
12,097 | (561 | ) | 11,536 | ||||||||
|
Earnings per common share: |
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|
Basic |
3.53 | (0.16 | ) | 3.37 | ||||||||
|
Diluted |
3.53 | (0.16 | ) | 3.37 | ||||||||
|
For the year ending December 31, 2020 |
As Reported |
Adjustment |
As Revised |
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|
Compensation and benefits |
$ | 22,065 | $ | 790 | $ | 22,855 | ||||||
|
Total noninterest expense |
40,846 | 790 | 41,636 | |||||||||
|
Income before income tax expense |
19,496 | (790 | ) | 18,706 | ||||||||
|
Income tax expenses |
2,892 | (118 | ) | 2,774 | ||||||||
|
Net income |
16,604 | (672 | ) | 15,932 | ||||||||
|
Earnings per common share: |
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|
Basic |
4.80 | (0.20 | ) | 4.60 | ||||||||
|
Diluted |
4.80 | (0.20 | ) | 4.60 | ||||||||
|
Consolidated Statements of Comprehensive Income |
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|
For the year ending December 31, 2019 |
As Reported |
Adjustment |
As Revised |
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|
Net income |
$ | 12,097 | $ | (561 | ) | $ | 11,536 | |||||
|
Comprehensive income, net of tax |
19,154 | (561 | ) | 18,593 | ||||||||
|
For the year ending December 31, 2020 |
As Reported |
Adjustment |
As Revised |
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|
Net income |
$ | 16,604 | $ | (672 | ) | $ | 15,932 | |||||
|
Comprehensive income, net of tax |
22,784 | (672 | ) | 22,112 | ||||||||
|
Consolidated Statements of Changes in Stockholders' Equity |
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|
For the year ending December 31, 2019 |
As Reported |
Adjustment |
As Revised |
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|
Net income |
$ | 12,097 | $ | (561 | ) | $ | 11,536 | |||||
|
Retained earnings |
100,185 | (561 | ) | 99,624 | ||||||||
|
Total equity |
134,103 | (561 | ) | 133,542 | ||||||||
|
Balance at December 31, 2019 |
As Reported |
Adjustment |
As Revised |
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|
Retained earnings |
$ | 100,185 | $ | (561 | ) | $ | 99,624 | |||||
|
Total equity |
134,103 | (561 | ) | 133,542 | ||||||||
|
For the year ending December 31, 2020 |
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|
Net income |
16,604 | (672 | ) | 15,932 | ||||||||
|
Retained earnings |
112,494 | (1,233 | ) | 111,261 | ||||||||
|
Total equity |
152,922 | (1,233 | ) | 151,689 | ||||||||
|
Consolidated Statements of Cash Flows |
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|
Year ended December 31, 2019 |
As Reported |
Adjustment |
As Revised |
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|
Net income |
$ | 12,097 | $ | (561 | ) | $ | 11,536 | |||||
|
Net change in other assets |
(5,407 | ) | (81 | ) | (5,488 | ) | ||||||
|
Net cash - operating activities |
10,957 | (642 | ) | 10,315 | ||||||||
|
Net change in loan |
(54,838 | ) | 642 | (54,196 | ) | |||||||
|
Net cash - investing activities |
(28,174 | ) | 642 | (27,532 | ) | |||||||
|
Year ended December 31, 2020 |
As Reported |
Adjustment |
As Revised |
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|
Net income |
$ | 16,604 | $ | (672 | ) | $ | 15,932 | |||||
|
Net change in other assets |
(1,817 | ) | (118 | ) | (1,935 | ) | ||||||
|
Net cash - operating activities |
21,149 | (790 | ) | 20,359 | ||||||||
|
Net change in loan |
(49,196 | ) | 790 | (48,406 | ) | |||||||
|
Net cash - investing activities |
(186,558 | ) | 790 | (185,768 | ) | |||||||