YHB Audit Statement

 

INDEPENDENT AUDITOR’S REPORT

 

The Audit Committee of the Board of Directors and Stockholders

Cecil Bancorp, Inc.

Elkton, Maryland

 

Report on the Financial Statements

We have audited the accompanying consolidated financial statements of Cecil Bancorp, Inc. and its Subsidiary (the Company), which comprise the consolidated balance sheets as of December 31, 2019 and 2018, the related consolidated statements of operations, comprehensive loss, changes in stockholders’ equity and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements).

 

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

 

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement.

 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cecil Bancorp, Inc. and its Subsidiary as of December 31, 2019 and 2018, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

 

 

Richmond, Virginia

April 9, 2020

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I am grateful for many things during this time of year: family, friends and health to name but a few. Adding to my list is the honor for me to be asked to serve as Cecil Bank’s President and CEO. As only the fifth executive to serve in this capacity for a 60-year old institution and for it to be the only independent institution serving northeast Maryland, this opportunity is a true privilege. My roots are in Maryland, having been born and raised in Baltimore. I have spent almost 40 years - my entire career - in banking and financial services.

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