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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

☒

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2022

OR

 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the transition period from

 

 to

 

 

 

Commission File Number 001-40637

 

TC Bancshares, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Georgia

86-2650449

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification Number)

 

 

131 South Dawson Street, Thomasville, Georgia

31792

(Address of Principal Executive Office)

(Zip Code)

 

(229) 226-3221

(Issuer’s Telephone Number including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange
on which registered

Common Stock, par value $0.01

 

TCBC

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act:

 

Large accelerated filer

☐

Accelerated filer

☐

 

 

 

 

Non-accelerated filer

☒

Smaller reporting company

☒

 

 

 

 

 

 

Emerging growth company

☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 09, 2022, 4,898,350 shares of the Registrant’s common stock, par value $0.01 per share, were issued and outstanding.

 

 

 

 

TC BANCSHARES, INC.

Form 10-Q Quarterly Report

Table of Contents

PART I. FINANCIAL INFORMATION

 

 

 

Page Number

Item 1.

Financial Statements

3

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

 

 

PART II. OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 3.

Defaults Upon Senior Securities

38

Item 4.

Mine Safety Disclosures

38

Item 5.

Other Information

38

Item 6.

Exhibits

39

 

 

Signature Pages

40

 

2

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TC BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

September 30, 2022 and December 31, 2021

UNAUDITED

 

ASSETS

 

 

 

September 30, 2022

 

 

December 31, 2021

 

Cash and due from banks

 

$

18,731,747

 

 

$

31,890,831

 

Federal funds sold

 

 

5,000,000

 

 

 

10,000,000

 

Cash and cash equivalents

 

 

23,731,747

 

 

 

41,890,831

 

Certificates of deposit with other banks

 

 

2,237,000

 

 

 

3,451,000

 

Investment securities available-for-sale

 

 

44,232,829

 

 

 

45,631,636

 

Other investments

 

 

925,700

 

 

 

190,700

 

Mortgage loans held for sale

 

 

1,795,761

 

 

 

2,844,707

 

Loans, net

 

 

311,514,026

 

 

 

266,304,448

 

Premises and equipment, net

 

 

3,133,045

 

 

 

3,224,889

 

Other real estate owned

 

 

948,400

 

 

 

1,115,100

 

Bank owned life insurance

 

 

11,372,284

 

 

 

11,166,573

 

Accrued interest receivable and other assets

 

 

6,332,264

 

 

 

5,122,263

 

Total Assets

 

$

406,223,056

 

 

$

380,942,147

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

Deposits:

 

 

 

 

 

 

Demand

 

$

46,628,542

 

 

$

35,939,917

 

Interest-bearing demand

 

 

160,580,185

 

 

 

146,831,902

 

Savings

 

 

34,333,084

 

 

 

34,014,635

 

Certificates of deposit

 

 

74,328,045

 

 

 

72,530,254

 

Total deposits

 

 

315,869,856

 

 

 

289,316,708

 

Accrued interest payable and other liabilities

 

 

5,706,189

 

 

 

4,812,858

 

Total liabilities

 

 

321,576,045

 

 

 

294,129,566

 

Commitments

 

 

 

 

 

 

Shareholders' Equity:

 

 

 

 

 

 

Common stock, $.01 par value, 20,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 4,846,829 shares issued and outstanding as of September 30, 2022 and December 31, 2021

 

 

48,984

 

 

 

48,984

 

Additional paid in capital

 

 

47,481,077

 

 

 

47,481,077

 

Retained earnings

 

 

46,362,157

 

 

 

44,613,668

 

Accumulated other comprehensive loss

 

 

(4,788,385

)

 

 

(1,608,401

)

Treasury stock: 51,521 shares and -0- shares at September 30, 2022 and December 31, 2021, respectively

 

 

(734,075

)

 

 

—

 

Unearned ESOP shares 372,275 shares unallocated at September 30, 2022 and December 31, 2021

 

 

(3,722,747

)

 

 

(3,722,747

)

Total shareholders' equity

 

 

84,647,011

 

 

 

86,812,581

 

Total Liabilities and Shareholders' Equity

 

$

406,223,056

 

 

$

380,942,147

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3

 

TC BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

UNAUDITED

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Interest and Dividend Income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

3,643,536

 

 

$

3,210,252

 

 

$

10,051,325

 

 

$

9,422,541

 

Interest and dividends on taxable investment securities

 

 

223,438

 

 

 

116,441

 

 

 

557,619

 

 

 

265,987

 

Interest on deposits with other banks and federal funds sold

 

 

182,071

 

 

 

46,639

 

 

 

376,015

 

 

 

157,621

 

Total interest and dividend income

 

 

4,049,045

 

 

 

3,373,332

 

 

 

10,984,959

 

 

 

9,846,149

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

283,631

 

 

 

231,728

 

 

 

625,543

 

 

 

794,208

 

Interest on borrowings

 

 

—

 

 

 

1,383

 

 

 

—

 

 

 

39,924

 

Total interest expense

 

 

283,631

 

 

 

233,111

 

 

 

625,543

 

 

 

834,132

 

Net interest income

 

 

3,765,414

 

 

 

3,140,221

 

 

 

10,359,416

 

 

 

9,012,017

 

Provision for Loan Losses

 

 

37,744

 

 

 

106,836

 

 

 

98,432

 

 

 

123,183

 

Net interest income after provision for loan losses

 

 

3,727,670

 

 

 

3,033,385

 

 

 

10,260,984

 

 

 

8,888,834

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

144,112

 

 

 

151,853

 

 

 

414,746

 

 

 

421,001

 

Gain on sale of mortgage loans

 

 

219,395

 

 

 

537,115

 

 

 

825,100

 

 

 

1,638,612

 

Bank owned life insurance income

 

 

69,751

 

 

 

70,610

 

 

 

205,711

 

 

 

212,317

 

Other

 

 

4,507

 

 

 

17,232

 

 

 

101,213

 

 

 

24,607

 

Total other income

 

 

437,765

 

 

 

776,810

 

 

 

1,546,770

 

 

 

2,296,537

 

Other Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

1,987,042

 

 

 

1,892,823

 

 

 

5,695,274

 

 

 

5,562,710

 

Occupancy and equipment

 

 

213,733

 

 

 

216,816

 

 

 

624,293

 

 

 

616,766

 

Other real estate owned, net of operations, loss on sales and
   write-downs

 

 

26,811

 

 

 

2,449

 

 

 

58,761

 

 

 

3,649

 

Data processing conversion costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

503

 

Other

 

 

1,022,553

 

 

 

916,808

 

 

 

2,833,671

 

 

 

2,484,906

 

Total other expense

 

 

3,250,139

 

 

 

3,028,896

 

 

 

9,211,999

 

 

 

8,668,534

 

Income Before Income Taxes

 

 

915,296

 

 

 

781,299

 

 

 

2,595,755

 

 

 

2,516,837

 

Income Tax Expense

 

 

212,278

 

 

 

183,455

 

 

 

602,348

 

 

 

583,857

 

Net Income

 

$

703,018

 

 

$

597,844

 

 

$

1,993,407

 

 

$

1,932,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.14

 

 

$

0.12

 

 

$

0.41

 

 

$

0.12

 

Diluted

 

$

0.14

 

 

$

0.12

 

 

$

0.41

 

 

$

0.12

 

Cash dividends per common share

 

N/A

 

 

N/A

 

 

$

0.05

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

4,870,692

 

 

 

3,844,941

 

 

 

4,889,131

 

 

 

3,844,941

 

Diluted

 

 

4,870,692

 

 

 

3,844,941

 

 

 

4,889,131

 

 

 

3,844,941

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4

 

TC BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

UNAUDITED

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net Income

 

$

703,018

 

 

$

597,844

 

 

$

1,993,407

 

 

$

1,932,980

 

Other Comprehensive (Loss) Income

 

 

 

 

 

 

 

 

 

 

 

 

Net of Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains on securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

Holding (losses) gains arising during the period, net of taxes of ($315,191), ($33,126), ($1,176,160) and ($68,704), respectively

 

 

(852,185

)

 

 

(89,562

)

 

 

(3,179,984

)

 

 

(178,561

)

Total other comprehensive loss

 

 

(852,185

)

 

 

(89,562

)

 

 

(3,179,984

)

 

 

(178,561

)

Comprehensive (Loss) Income

 

$

(149,167

)

 

$

508,282

 

 

$

(1,186,577

)

 

$

1,754,419

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5

 

TC BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

three and nine months ended September 30, 2022 and 2021

UNAUDITED

 

 

 

Common Stock

 

 

Additional Paid in Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Treasury Stock

 

 

Unearned ESOP Shares

 

 

Total

 

Balance, December 31, 2020

 

$

—

 

 

$

—

 

 

$

41,973,211

 

 

$

(2,114,923

)

 

$

—

 

 

$

—

 

 

$

39,858,288

 

Net income for the three months ended March 31, 2021

 

 

—

 

 

 

—

 

 

 

764,933

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

764,933

 

Other comprehensive loss, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(116,965

)

 

 

—

 

 

 

—

 

 

 

(116,965

)

Balance, March 31, 2021

 

$

—

 

 

$

—

 

 

$

42,738,144

 

 

$

(2,231,888

)

 

$

—

 

 

$

—

 

 

$

40,506,256

 

Net income for the three months ended June 30, 2021

 

 

—

 

 

 

—

 

 

 

570,203

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

570,203

 

Other comprehensive income, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27,966

 

 

 

—

 

 

 

—

 

 

 

27,966

 

Balance, June 30, 2021

 

$

—

 

 

$

—

 

 

$

43,308,347

 

 

$

(2,203,922

)

 

$

—

 

 

$

—

 

 

$

41,104,425

 

Net income for the three months ended September 30, 2021

 

 

—

 

 

 

—

 

 

 

597,844

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

597,844

 

Other comprehensive loss, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(89,562

)

 

 

—

 

 

 

—

 

 

 

(89,562

)

Proceeds from issuance of common stock, net of offering expenses

 

 

48,984

 

 

 

47,411,073

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

47,460,057

 

Purchases of shares of common stock by the ESOP

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,918,680

)

 

 

(3,918,680

)

Balance, September 30, 2021

 

$

48,984

 

 

$

47,411,073

 

 

$

43,906,191

 

 

$

(2,293,484

)

 

$

—

 

 

$

(3,918,680

)

 

$

85,154,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2021