CASH 2018 Special Proxy Statement

CRESTMARK BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 19 – SUBSEQUENT EVENTS (Continued) conditions set forth in the agreement, Crestmark will merge with and into MetaBank, with MetaBank as the surviving entity. At the effective time of the Merger each share of Crestmark common stock will automatically be converted into the right to receive 2.65 shares of common stock of MetaBank. The transaction is expected to close in the second calendar quarter of fiscal 2018. The Merger Agreement was unanimously approved by the boards of directors of each of the Companies, however is still subject to regulatory approvals and a vote of Crestmark shareholders. NOTE 20 – PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION 2017 2016 ASSETS Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,311,321 $ 1,269,343 Loans, leases and receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,042 — Investment in subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,492,112 90,409,467 Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475,264 310,458 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $126,294,739 $91,989,268 LIABILITIES AND EQUITY Liabilities Accrued interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,767 213,721 Subordinated debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,608,575 3,608,575 Other borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000,000 — Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,501 12,808 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,679,843 3,835,104 Equity Preferred stock - $1,000 par (liquidation preference $8,250,000) 0 shares outstanding at December 31, 2017 and 8,250 shares authorized and outstanding at December 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 8,250,000 Common stock, no par value; 4,000,000 shares authorized; 1,245,247 issued and outstanding at December 31, 2017 and 1,226,247 issued and outstanding at December 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,871,126 25,472,476 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,806,874 55,848,329 Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,063,104) (1,416,641) Total equity attributable to parent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,614,896 88,154,164 Noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,614,896 88,154,164 Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $126,294,739 $91,989,268 F-39