Annual report pursuant to Section 13 and 15(d)

Note 1 - Summary of Significant Accounting Policies (Tables)

v3.22.1
Note 1 - Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

Consolidated Balance Sheet

                       
(Dollar amounts in thousands except for per share amounts)                        
                         

As of December 31, 2020

 

As Reported

   

Adjustment

   

As Revised

 

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

                       
                         

For the year ending December 31, 2020

 

As Reported

   

Adjustment

   

As Revised

 

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:

                       

Basic

    4.80       (0.20 )     4.60  

Diluted

    4.80       (0.20 )     4.60  

Consolidated Statements of Comprehensive Income

                 
                         

For the year ending December 31, 2020

 

As Reported

   

Adjustment

   

As Revised

 

Net income

  $ 16,604     $ (672 )   $ 15,932  

Comprehensive income, net of tax

    22,784       (672 )     22,112  

Consolidated Statements of Changes in Stockholders' Equity

         
                         

Balance at January 1, 2020

 

As Reported

   

Adjustment

   

As Revised

 

Retained earnings

  $ 100,185     $ (561 )   $ 99,624  

Total equity

    134,103       (561 )     133,542  
                         

For the year ending December 31, 2020

                       

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

                 
                         

Year ended December 31, 2020

 

As Reported

   

Adjustment

   

As Revised

 

Net income

  $ 16,604     $ (672 )   $ 15,932  

Deferred tax expense

    690       (118 )     572  

Net cash - operating activities

    20,526       (790 )     19,736  

Net change in loan

    (49,196 )     790       (48,406 )

Net cash - investing activities

    (185,850 )     790       (185,060 )