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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 March 31, 2024

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 May 10, 2024, 4,229,548 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

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

Item 4.

Controls and Procedures

39

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

40

Item 1A.

Risk Factors

40

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

40

Item 3.

Defaults Upon Senior Securities

40

Item 4.

Mine Safety Disclosures

40

Item 5.

Other Information

40

Item 6.

Exhibits

41

 

Signature Pages

42

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TC BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

March 31, 2024 and December 31, 2023

 

ASSETS

 

 

 

(Unaudited)

 

 

(*)

 

 

 

March 31, 2024

 

 

December 31, 2023

 

Cash and due from banks

 

$

23,830,948

 

 

$

25,039,214

 

Investment securities available-for-sale
(amortized cost of $
53,032,453 and $46,807,212; $0 allowance for credit losses)

 

 

49,124,679

 

 

 

42,964,495

 

Other investments

 

 

1,667,550

 

 

 

1,629,150

 

Mortgage loans held for sale

 

 

432,769

 

 

 

289,111

 

Loans

 

 

381,404,580

 

 

 

376,899,968

 

Allowance for credit losses

 

 

(4,889,067

)

 

 

(4,836,878

)

Net loans

 

 

376,515,513

 

 

 

372,063,090

 

Premises and equipment, net

 

 

4,714,647

 

 

 

4,782,760

 

Right-of-use asset

 

 

1,895,340

 

 

 

1,944,885

 

Bank owned life insurance

 

 

11,801,705

 

 

 

11,729,019

 

Accrued interest receivable and other assets

 

 

4,692,523

 

 

 

6,141,545

 

 

 

 

 

 

 

 

Total Assets

 

$

474,675,674

 

 

$

466,583,269

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Deposits:

 

 

 

 

 

 

Demand

 

$

47,556,816

 

 

$

41,571,035

 

Interest-bearing demand

 

 

51,994,757

 

 

 

52,721,981

 

Savings and money markets

 

 

176,110,642

 

 

 

164,622,926

 

Certificates of deposit

 

 

104,625,385

 

 

 

110,952,852

 

Total deposits

 

 

380,287,600

 

 

 

369,868,794

 

Federal Home Loan Bank advances

 

 

11,000,000

 

 

 

11,000,000

 

Lease liability

 

 

2,070,719

 

 

 

2,102,426

 

Accrued interest payable and other liabilities

 

 

3,477,977

 

 

 

3,977,628

 

Total liabilities

 

 

396,836,296

 

 

 

386,948,848

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

Common stock, $.01 par value, 20,000,000 shares authorized as of March 31, 2024, and December 31, 2023; 4,321,148 and 4,461,667 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively

 

 

43,211

 

 

 

44,617

 

Additional paid in capital

 

 

41,970,845

 

 

 

43,181,994

 

Retained earnings

 

 

42,329,976

 

 

 

42,863,945

 

Accumulated other comprehensive loss

 

 

(3,173,776

)

 

 

(3,125,257

)

Unearned ESOP shares: 333,088 shares unallocated at March 31, 2024, and December 31, 2023

 

 

(3,330,878

)

 

 

(3,330,878

)

Total stockholders' equity

 

 

77,839,378

 

 

 

79,634,421

 

Total Liabilities and Stockholders' Equity

 

$

474,675,674

 

 

$

466,583,269

 

(*) - Derived from audited financial statements.

 

 

 

 

 

 

 

 

 

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

3


 

TC BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Interest and Dividend Income:

 

 

 

 

 

 

Interest and fees on loans

 

$

5,227,620

 

 

$

4,244,634

 

Interest and dividends on investment securities

 

 

510,961

 

 

 

334,068

 

Interest on deposits with other banks and federal fund sold

 

 

306,181

 

 

 

300,619

 

Total interest and dividend income

 

 

6,044,762

 

 

 

4,879,321

 

Interest Expense:

 

 

 

 

 

 

Interest on deposits

 

 

2,533,091

 

 

 

1,154,629

 

Interest on borrowings

 

 

122,212

 

 

 

107,667

 

Total interest expense

 

 

2,655,303

 

 

 

1,262,296

 

Net interest income

 

 

3,389,459

 

 

 

3,617,025

 

Provision for Credit Losses

 

 

30,000

 

 

 

18,000

 

Net interest income after provision for credit losses

 

 

3,359,459

 

 

 

3,599,025

 

Other Income:

 

 

 

 

 

 

Service charges on deposits accounts

 

 

104,556

 

 

 

135,745

 

Gain on sale of loans

 

 

53,658

 

 

 

94,826

 

Gain on sale of premises and equipment

 

 

 

 

 

12,086

 

Bank owned life insurance income

 

 

72,686

 

 

 

68,728

 

Other

 

 

7,786

 

 

 

20,393

 

Total other income

 

 

238,686

 

 

 

331,778

 

Other Expense:

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,094,912

 

 

 

2,062,979

 

Occupancy and equipment

 

 

356,662

 

 

 

237,652

 

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

 

 

 

 

 

(2,767

)

Other

 

 

1,121,683

 

 

 

1,180,028

 

Total other expense

 

 

3,573,257

 

 

 

3,477,892

 

Income Before Income Taxes

 

 

24,888

 

 

 

452,911

 

Income Tax Expense

 

 

2,651

 

 

 

120,882

 

Net Income

 

$

22,237

 

 

$

332,029

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

Basic

 

$

0.01

 

 

$

0.07

 

Diluted

 

$

0.01

 

 

$

0.07

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding:

 

 

 

 

 

 

Basic

 

 

4,361,088

 

 

 

4,974,200

 

Diluted

 

 

4,361,088

 

 

 

4,974,200

 

 

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

4


 

TC BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Net Income

 

$

22,237

 

 

$

332,029

 

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 ($16,537) and $96,755, respectively

 

 

(48,519

)

 

 

537,092

 

Total other comprehensive (loss) income

 

 

(48,519

)

 

 

537,092

 

Comprehensive (Loss) Income

 

$

(26,282

)

 

$

869,121

 

 

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 months ended March 31, 2024 and 2023

UNAUDITED

 

 

 

Common Stock

 

 

Additional Paid in Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Treasury Stock

 

 

Unearned ESOP Shares

 

 

Total

 

Balance, December 31, 2022

 

$

50,494

 

 

$

48,267,762

 

 

$

45,876,694

 

 

$

(4,305,039

)

 

$

(1,085,265

)

 

$

(3,526,812

)

 

$

85,277,834

 

Cumulative change in accounting principle (Note 1)

 

 

 

 

 

 

 

 

(302,504

)

 

 

 

 

 

 

 

 

 

 

 

(302,504

)

Balance, January 1, 2023

 

 

50,494

 

 

 

48,267,762

 

 

 

45,574,190

 

 

 

(4,305,039

)

 

 

(1,085,265

)

 

 

(3,526,812

)

 

 

84,975,330

 

Net income for the three months ended March 31, 2023

 

 

 

 

 

 

 

 

332,029

 

 

 

 

 

 

 

 

 

 

 

 

332,029

 

Retirement of treasury stock

 

 

(752

)

 

 

(751,519

)

 

 

(332,994

)

 

 

 

 

 

1,085,265

 

 

 

 

 

 

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

537,092

 

 

 

 

 

 

 

 

 

537,092

 

Balance, March 31, 2023

 

$

49,742

 

 

$

47,516,243

 

 

$

45,573,225

 

 

$

(3,767,947

)

 

$

 

 

$

(3,526,812

)

 

$

85,844,451

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2023

 

$

44,617

 

 

$

43,181,994

 

 

$

42,863,945

 

 

$

(3,125,257

)

 

$

 

 

$

(3,330,878

)

 

$

79,634,421

 

Net income

 

 

 

 

 

 

 

 

22,237

 

 

 

 

 

 

 

 

 

 

 

 

22,237

 

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,961,396

)

 

 

 

 

 

(1,961,396

)

Retirement of treasury stock

 

 

(1,406

)

 

 

(1,403,784

)

 

 

(556,206

)

 

 

 

 

 

1,961,396

 

 

 

 

 

 

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

(48,519

)

 

 

 

 

 

 

 

 

(48,519

)

Stock based compensation

 

 

 

 

 

192,635

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

192,635

 

Balance, March 31, 2024

 

$

43,211

 

 

$

41,970,845

 

 

$

42,329,976

 

 

$

(3,173,776

)

 

$

 

 

$

(3,330,878

)

 

$

77,839,378

 

 

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

6


 

TC BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Cash Flows from Operating Activities

 

 

 

 

 

 

 Net income

 

$

22,237

 

 

$

332,029

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

 

Depreciation, amortization and accretion

 

 

136,970

 

 

 

154,491

 

Lease expense

 

 

17,838

 

 

 

36,729

 

Provision for credit losses

 

 

30,000

 

 

 

18,000

 

Net gain on sale of other real estate owned

 

 

 

 

 

(8,750

)

Gain on sale of premises and equipment

 

 

 

 

 

(12,086

)

Stock based compensation

 

 

192,635

 

 

 

 

Increase in cash surrender value of bank owned life insurance

 

 

(72,686

)

 

 

(68,728

)

Gain on mortgage loans sold, net

 

 

(53,658

)

 

 

(94,826

)

Proceeds from the sale of mortgage loans held for sale

 

 

3,018,905

 

 

 

6,158,327

 

Originations of mortgage loans held for sale

 

 

(3,108,905

)

 

 

(3,978,402

)

Change in:

 

 

 

 

 

 

Accrued interest receivable and other assets

 

 

1,465,558

 

 

 

345,049

 

Accrued interest payable and other liabilities

 

 

(276,568

)

 

 

1,781,227

 

 Net cash provided by operating activities

 

 

1,372,326

 

 

 

4,663,060

 

Cash Flows from Investing Activities

 

 

 

 

 

 

Net change in interest-bearing deposits in other banks

 

 

 

 

 

249,000

 

Purchase of investment securities available-for -sale

 

 

(11,687,114

)

 

 

 

Proceeds from calls, paydowns and maturities of investment securities available-for-sale

 

 

5,457,169

 

 

 

145,502

 

Purchase of other investments

 

 

(38,400

)

 

 

(50,400

)

Proceeds from sales of other investment

 

 

 

 

 

467,500

 

Net change in loans

 

 

(4,482,423

)

 

 

67,603

 

Proceeds from sales of other real estate owned

 

 

 

 

 

639,650

 

Proceeds from sales of premises and equipment

 

 

 

 

 

18,500

 

Purchase of premises and equipment

 

 

(64,151

)

 

 

(935,591

)

 Net cash (used in) provided by investing activities

 

 

(10,814,919

)

 

 

601,764

 

Cash Flows from Financing Activities

 

 

 

 

 

 

Net change in deposits

 

 

10,418,806

 

 

 

7,074,505

 

Repayments of Federal Home Loan Bank advances

 

 

 

 

 

(11,000,000

)

Dividends

 

 

(223,083

)

 

 

(252,469

)

Repurchase and retirement of common stock

 

 

(1,961,396

)

 

 

 

 

 

 

 

 

 

 

 Net cash provided by (used in) financing activities

 

 

8,234,327

 

 

 

(4,177,964

)

Net Change in Cash and Cash Equivalents

 

 

(1,208,266

)

 

 

1,086,860

 

Cash and Cash Equivalents, Beginning of Year

 

 

25,039,214

 

 

 

25,545,872