First Greenwich Financial : Quarterly Financial Statements 6.30.22

First Greenwich Financial, Inc.

and Subsidiary

Financial Statements (Condensed)

Unaudited

June 30, 2022

First Greenwich Financial, Inc. and Subsidiary

Condensed Balance Sheet

(In Thousands, Except Share and Per Share Data)

Assets		June 30, 2022	December 31, 2021
		(Unaudited)		(Unaudited)
Cash and cash equivalents	$	63,267	$	95,198
Investments in available-for-sale securities		7,337		10,001
Investments in held-to-maturity securities		5,000		5,000
Loans, net		499,316		456,931
BOLI		8,253		8,128
Other assets		14,412		15,101
Total assets	$	597,585	$	590,359
Liabilities and Stockholders' Equity
Deposits	$	476,551	$	469,271
Federal Home Loan Bank advances		60,800		60,800
Subordinated debt		12,739		12,693
Other liabilities		6,353		8,823
Total liabilities	$	556,443	$	551,587
Stockholders' equity:
Convertabile prefered stock	$	1,235	$	1,235
Common stock, par value $.01		25		25
Paid in capital		30,322		30,242
Retained earnings		9,781		6,989
Accumulated other comprehensive income		(221)		281
Total stockholders' equity		41,142		38,772
Total liabilities and stockholders equity	$	597,585	$	590,359
Book Value Per Share	$	15.70	$	14.82
Tangible Book Value Per Share	$	15.70	$	14.79

First Greenwich Financial, Inc. and Subsidiary

Condensed Income Statement

(In Thousands, Except Share and Per Share Data)

Six Months Ended June 30, 2022 and 2021

		June 30, 2022		June 30, 2021
		(Unaudited)		(Unaudited)
Interest and dividend income	$	10,366	$	9,710
Interest expense		1,250		1,637
Net interest and dividend income		9,116		8,073
Provision for loan losses		-		150
Net interest and dividend income after the provision		9,116		7,923
Non-interest income		511		372
Non-interest expense		6,018		5,230
Income before income taxes		3,609		3,065
Income tax expense		776		794
Net income	$	2,833	$	2,271
Basic EPS	$	1.09	$	0.84
Dilutive EPS	$	1.07	$	0.72