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Parent Company Condensed Financial Statements

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 19. Parent Company Condensed Financial Statements

TECTONIC FINANCIAL, INC.

CONDENSED BALANCE SHEETS

(In thousands)		December 31, 2021				December 31, 2020
ASSETS
Cash and due from banks		$	3,464			$	221
Securities, not readily marketable			100				100
Investment in subsidiaries			81,907				57,646
Other assets			268				2,175
Total assets		$	85,739			$	60,142

LIABILITIES AND SHAREHOLDERS’ EQUITY
Other liabilities		$	552			$	129
Shareholders’ equity			85,187				60,013
Total liabilities and shareholders’ equity		$	85,739			$	60,142

TECTONIC FINANCIAL, INC.

CONDENSED STATEMENTS OF INCOME

YEARS ENDED DECEMBER 31,

(In thousands)		2021				2020
Income from subsidiaries		$	18,158			$	11,710
Other income			736				527
Total income			18,894				12,237
Non-interest expense:
Salaries and employee benefits			946				682
Professional and administrative			297				267
Other			826				527
Total non-interest expense			2,069				1,476
Income before income taxes			16,825				10,761
Income tax benefit			209				164
Net Income		$	17,034			$	10,925

TECTONIC FINANCIAL, INC.

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31,

(In thousands)		2021				2020
Net Income		$	17,034			$	10,925
Other comprehensive (loss) income:
Change in unrealized (loss) gain on investment securities available for sale			(502	)			19
Tax effect			(106	)			5
Other comprehensive (loss) income			(396	)			14
Comprehensive income		$	16,638			$	10,939

TECTONIC FINANCIAL, INC.

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31,

(In thousands)		2021				2020
Cash Flows from Operating Activities
Net income		$	17,034			$	10,925
Adjustments to reconcile net income to net cash used in operating activities:
Equity in income of subsidiaries			(18,158	)			(11,710	)
Stock based compensation			330				151
Net change in other assets			1,907				(1,703	)
Net change in other liabilities			422				-
Net cash provided by (used in) operating activities			1,535				(2,337	)

Cash Flows from Investing Activities
Contributions to subsidiaries			(9,310	)			-
Distributions from subsidiaries			13,461				2,571
Net cash provided by investing activities			4,151				2,571

Cash Flows from Financing Activities
Proceeds from issuance of common shares			400				-
Dividends paid on Series B Preferred Shares			(1,552	)			(1,552	)
Dividends on common shares			(1,291	)			-
Net cash used in financing activities			(2,443	)			(1,552	)
Net change in cash and cash equivalents			3,243				(1,318	)
Cash and cash equivalents at beginning of period			221				1,539
Cash and cash equivalents at end of period		$	3,464			$	221

Supplemental disclosures of cash flow information
Cash paid during the year for:
Income taxes		$	5,427			$	700