HVBC 2016 Annual Report

51 HV Bancorp, Inc. and Subsidiary Consolidated Statements of Financial Condition (Dollars in thousands, except per share data) June 30, 2017 2016 Assets Cash and due from banks $ 1,514 $ 1,286 Interest-earning deposits with banks 27,063 14,141 Cash and cash equivalents 28,577 15,427 Investment securities available-for-sale, at fair value 42,820 33,281 Investment securities held-to-maturity (fair value of $11,896 at June 30, 2017 and $5,941 at June 30, 2016) 11,809 5,825 Loans held for sale, at fair value 12,784 24,676 Loans receivable, net of allowance for loan losses of $593 at June 30, 2017 and $487 at June 30, 2016 111,811 93,450 Bank-owned life insurance 4,005 3,895 Restricted investment in bank stock 643 1,108 Premises and equipment, net 1,835 1,652 Accrued interest receivable 620 527 Prepaid income taxes 171 147 Deferred income taxes, net 257 26 Prepaid expenses 272 231 Real estate owned — 115 Mortgage banking derivatives 1,001 1,492 Other assets 160 171 Total Assets $ 216,765 $ 182,023 Liabilities and Shareholders' Equity Deposits $ 170,481 $ 141,771 Advances from the Federal Home Loan Bank 9,000 20,000 Securities sold under agreements to repurchase 2,883 3,929 Advances from borrowers for taxes and insurance 1,402 1,357 Deferred gain on sale - leaseback of building 310 326 Other liabilities 1,248 1,669 Total Liabilities 185,324 169,052 Shareholders’ Equity Preferred Stock, $0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of June 30, 2017 and 2016 — — Common Stock, $0.01 par value, 20,000,000 shares authorized; 2,182,125 and 0 shares issued and outstanding as of June 30, 2017 and 2016 22 — Additional paid in capital 20,369 — Retained earnings 13,547 12,978 Accumulated other comprehensive loss (111) (7) Unearned Employee Stock Option Plan (2,386) — Total Shareholders' Equity 31,441 12,971 Total Liabilities and Shareholders' Equity $ 216,765 $ 182,023 See the accompanying notes to the consolidated financial statements.