|
Note 15: Condensed Parent Only Financial Information
The Parent Company’s condensed balance sheet and related condensed statements of operations and cash flows are as follows.
NORTH SHORE MHC
Condensed Balance Sheets
| |
|
Year ended December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
(Dollars in thousands) |
|
| Assets: |
|
|
|
|
|
|
|
|
| Cash |
|
$ |
230 |
|
|
$ |
993 |
|
| Investment in subsidiary |
|
|
44,200 |
|
|
|
45,687 |
|
| Other assets |
|
|
753 |
|
|
|
48 |
|
| Total assets |
|
$ |
45,183 |
|
|
$ |
46,728 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Accrued expense and other liabilities |
|
$ |
— |
|
|
$ |
3 |
|
| Total liabilities |
|
|
— |
|
|
|
3 |
|
| Members’ equity: |
|
|
|
|
|
|
|
|
| Members’ equity |
|
|
45,183 |
|
|
|
46,725 |
|
| Total members’ equity |
|
|
45,183 |
|
|
|
46,725 |
|
| Total liabilities and members’ equity |
|
$ |
45,183 |
|
|
$ |
46,728 |
|
NORTH SHORE MHC
Condensed Statements of Operations
| |
|
Year ended December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
(Dollars in thousands) |
|
| Income: |
|
|
|
|
|
|
|
|
| Interest income |
|
$ |
1 |
|
|
$ |
1 |
|
| Total income |
|
|
1 |
|
|
|
1 |
|
| Expense: |
|
|
|
|
|
|
|
|
| Noninterest expense |
|
$ |
19 |
|
|
$ |
229 |
|
| Total expense |
|
|
19 |
|
|
|
229 |
|
| Losses before income tax benefit and equity in undistributed earnings of subsidiary |
|
$ |
(18 |
) |
|
$ |
(228 |
) |
| Income tax benefit |
|
|
38 |
|
|
|
(56 |
) |
| Losses before equity in undistributed earnings of subsidiary |
|
$ |
(56 |
) |
|
$ |
(172 |
) |
| Equity in undistributed earnings of subsidiary |
|
|
1 |
|
|
|
60 |
|
| Net (losses) income |
|
$ |
(55 |
) |
|
$ |
(112 |
) |
NORTH SHORE MHC
Condensed Statements of Cash Flows
| |
|
Year ended December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
(Dollars in thousands) |
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net (losses) income |
|
$ |
(55 |
) |
|
$ |
(112 |
) |
| Adjustments to reconcile net (losses) income to net cash used in operating activities: |
|
|
|
|
|
|
|
|
| Decrease (increase) in other assets |
|
|
(704 |
) |
|
|
80 |
|
| Increase (decrease) in accrued expenses and other liabilities |
|
|
(3 |
) |
|
|
3 |
|
| Equity in undistributed earnings of subsidiary |
|
|
(1 |
) |
|
|
(60 |
) |
| Net cash used in operating activities |
|
|
(763 |
) |
|
|
(89 |
) |
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Dividends received from subsidiary |
|
|
— |
|
|
|
950 |
|
| Net cash provided by financing activities |
|
|
— |
|
|
|
950 |
|
| Net change in cash |
|
|
(763 |
) |
|
|
861 |
|
| Cash at beginning of period |
|
|
993 |
|
|
|
132 |
|
| Cash at end of period |
|
$ |
230 |
|
|
$ |
993 |
|
|