Equitable Financial : December 2021 Financial Report

Equitable Financial Corp.

Balance Sheet

Unaudited

		December 31, 2021			June 30, 2021
Assets
Cash and due from financial institutions	$	4,550,387	$	4,168,982
Interest-earning deposits		15,684,067			25,567,226
		20,234,454			29,736,208
Securities available-for-sale		29,285,815			22,111,286
Securities held-to-maturity		17,380			23,915
Federal Home Loan Bank stock, at cost		1,789,000			2,048,000
Federal Reserve Bank stock, at cost		471,500			471,500
Loans, net of allowance for loan losses of $5,457,000 and $5,194,000, respectively		362,120,332			349,742,509
Premises and equipment, net		9,114,617			7,117,514
Foreclosed assets, net		-			4,054
Accrued interest receivable		2,333,083			2,122,977
Deferred taxes, net		826,240			771,528
Customer list intangible		1,533,419			1,619,762
Bank-owned life insurance		3,780,523			3,726,055
Other assets		3,335,539			3,083,406
Total assets	$	434,841,902	$	422,578,714
Liabilities and Stockholders' Equity
Liabilities:
Noninterest-bearing deposits	$	64,852,755	$	57,525,889
Interest-bearing deposits		311,015,091			307,808,272
		375,867,846			365,334,161
Lines of credit		1,504,682			880,000
Federal Home Loan Bank Borrowings		11,000,000			11,000,000
Advance payments from borrowers for taxes and insurance		696,481			602,129
Accrued interest payable and other liabilities		2,823,416			3,471,929
Total liabilities		391,892,425			381,288,219
Common stock in ESOP subject to contingent repurchase obligation		1,562,832			1,549,557
Stockholders' equity:
Common stock, $0.01 par value, 25,000,000 shares authorized 2,771,884 and 2,824,286 shares issued and
outstanding at December 31, 2021 and June 30, 2021, respectively		27,719			28,243
Additional paid-in capital		18,914,339			19,564,401
Retained earnings		24,726,347			22,356,239
Unearned ESOP shares		(666,520)			(690,328)
Shares reserved for stock compensation		(69,495)			(142,498)
Accumulated other comprehensive loss, net of tax		17,087			174,438
Reclassification of ESOP shares		(1,562,832)			(1,549,557)
Total stockholders' equity		41,386,645			39,740,938
Total liabilities and stockholders' equity	$	434,841,902	$	422,578,714

Equitable Financial Corp.

Income Statement

Unaudited

		For the six months ended
	December 31, 2021		December 31, 2020
Interest income:
Loans	$	8,670,762	$	7,830,742
Securities		102,852			112,936
Other		77,328			66,786
Total interest income		8,850,942			8,010,464
Interest expense:
Deposits		766,058			1,495,084
Federal Home Loan Bank borrowings		42,807			62,709
Other		38,599			55,079
Total interest expense		847,464			1,612,872
Net interest income
	8,003,478			6,397,592
Provision for loan losses		262,849			123,450
Net interest income after provision for loan losses		7,740,629			6,274,142
Noninterest income:
Service charges on deposit accounts		518,330			404,710
Brokerage fee income		1,179,840			1,093,895
Gain on sale of loans		599,098			1,694,863
Other loan fees		404,327			616,949
Other income		235,395			308,463
Total noninterest income		2,936,990			4,118,880
Noninterest expense:
Salaries and employee benefits		4,132,855			4,373,480
Director and committee fees		87,600			80,550
Data processing fees		509,128			529,844
Occupancy and equipment		736,250			607,314
Regulatory fees and deposit insurance premium		106,401			105,226
Advertising and public relations		362,147			243,987
Professional fees		146,054			125,206
Supplies, telephone and postage		68,320			54,393
Loan Fees		443,545			603,789
Other expenses		965,173			791,999
Total noninterest expense		7,557,473			7,515,788
Income before income taxes
	3,120,146			2,877,234
Income tax expense		(750,038)			(664,236)
Net income	$	2,370,108	$	2,212,998