$TCBC
TC Bancshares, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024057775 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $6.045M $4.913M
YoY Change 23.05% 46.57%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $137.0K $154.5K
YoY Change -11.34% 22.97%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.655M $1.262M
YoY Change 110.36% 664.37%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $24.89K $452.9K
YoY Change -94.5% -50.23%
Income Tax $2.651K $120.9K
% Of Pretax Income 10.65% 26.69%
Net Earnings $22.24K $332.0K
YoY Change -93.3% -52.29%
Net Earnings / Revenue 0.37% 6.76%
Basic Earnings Per Share $0.01 $0.07
Diluted Earnings Per Share $0.01 $0.07
COMMON SHARES
Basic Shares Outstanding 4.230M 4.321M 4.974M
Diluted Shares Outstanding 4.361M 4.974M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $23.83M $26.63M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.715M $3.980M
YoY Change 18.45% 24.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $474.7M $429.7M
YoY Change 10.46% 8.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.478M $6.028M
YoY Change -42.31% 23.45%
Accrued Expenses $2.071M $1.954M
YoY Change 5.97%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.549M $7.982M
YoY Change -30.49% 63.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.549M $7.982M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $396.8M $343.9M
YoY Change 15.39% 10.32%
SHAREHOLDERS EQUITY
Retained Earnings $42.33M $45.57M
YoY Change -7.12% 0.58%
Common Stock $43.21K $49.74K
YoY Change -13.13% 1.55%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares $0.00
Shareholders Equity $77.84M $85.84M
YoY Change
Total Liabilities & Shareholders Equity $474.7M $429.7M
YoY Change 10.46% 8.0%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $22.24K $332.0K
YoY Change -93.3% -52.29%
Depreciation, Depletion And Amortization $137.0K $154.5K
YoY Change -11.34% 22.97%
Cash From Operating Activities $1.372M $4.411M
YoY Change -68.89% 325.41%
INVESTING ACTIVITIES
Capital Expenditures $64.15K $935.6K
YoY Change -93.14% 1224.99%
Acquisitions
YoY Change
Other Investing Activities -$10.75M $1.537M
YoY Change -799.3% -122.1%
Cash From Investing Activities -$10.81M $601.8K
YoY Change -1897.2% -108.56%
FINANCING ACTIVITIES
Cash Dividend Paid $223.1K $252.5K
YoY Change -11.64%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.234M -3.925M
YoY Change -309.77% -122.41%
NET CHANGE
Cash From Operating Activities 1.372M 4.411M
Cash From Investing Activities -10.81M 601.8K
Cash From Financing Activities 8.234M -3.925M
Net Change In Cash -1.208M 1.087M
YoY Change -211.17% -90.57%
FREE CASH FLOW
Cash From Operating Activities $1.372M $4.411M
Capital Expenditures $64.15K $935.6K
Free Cash Flow $1.308M $3.475M
YoY Change -62.35% 259.67%

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CY2023Q1 us-gaap Increase Decrease In Interest Payable Net
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CY2024Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2024Q1 us-gaap Payments To Acquire Other Investments
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CY2023Q1 us-gaap Payments To Acquire Other Investments
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CY2023Q1 us-gaap Proceeds From Sale And Maturity Of Other Investments
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CY2024Q1 us-gaap Payments For Proceeds From Loans And Leases
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CY2023Q1 us-gaap Payments For Proceeds From Loans And Leases
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CY2023Q1 us-gaap Proceeds From Sale Of Other Real Estate
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CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 tcbc Repurchase And Retirement Of Common Stock
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Interest Paid Net
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CY2023Q1 tcbc Change In Unrealized Gains Loss On Securities Available For Sale Net Of Tax
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q1 us-gaap Nature Of Operations
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Nature of Operations:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="margin-left:4.533%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:4.533%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">TC Bancshares, Inc. ("Company") is a holding company incorporated under the laws of the State of Georgia in 2021, to serve as the holding company for TC Federal Bank ("Bank"). The Company owns </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of the outstanding stock of the Bank. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Bank opened in 1934 and was chartered by the Federal Home Loan </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Bank Board as a mutual savings and loan association owned 100% by its depositors. The Bank currently operates four branch locations; one each in Thomasville, and Savannah, Georgia, as well as in Tallahassee, and Jacksonville, Florida. In addition, the Bank maintains loan production offices in Tallahassee and Jacksonville, Florida. The Bank's primary lending products consist of single-family residential mortgage loans and commercial and multi-family real estate loans. Its deposit products are the primary source of funding. The Bank is regulated by the Office of the Comptroller of the Currency (“OCC”) and its deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Bank undergoes periodic examinations by the OCC. The Company is subject to the supervision, examination, and reporting requirements of the Bank Holding Company Act and the regulations of the Board of Governors of the Federal Reserve System (the "Federal Reserve").</span></p>
CY2024Q1 tcbc Change In Allowance For Credit Losses Due To Adoption Of New Asu
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255000
CY2024Q1 us-gaap Origination Of Loans To Employee Stock Ownership Plans
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CY2024Q1 us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
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CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reclassifications:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="margin-left:4.533%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:4.533%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Certain prior period amounts have been reclassified to conform to the current period presentation.</span></p>
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CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2024Q1 tcbc Gross Loans Receivable Percentage
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CY2023Q4 tcbc Gross Loans Receivable Percentage
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CY2022Q4 us-gaap Loans And Leases Receivable Allowance
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CY2023Q1 tcbc Change In Allowance For Credit Losses Due To Adoption Of New Asu
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CY2024Q1 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
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CY2024Q1 tcbc Collateral Dependent Financing Receivable Unpaid Principal Balance
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CY2024Q1 tcbc Collateral Dependent Financing Receivable With No Related Allowance
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CY2024Q1 tcbc Collateral Dependent Financing Receivable With Related Allowance
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CY2023Q4 tcbc Collateral Dependent Financing Receivable With Related Allowance
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CY2023Q4 tcbc Loans And Leases Write Off
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CY2024Q1 tcbc Loans Classified In Doubtful And Loss Risk Rating
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TierOneLeverageCapitalRequiredForCapitalAdequacy
18867
CY2024Q1 us-gaap Tier One Leverage Capital Required For Capital Adequacy To Average Assets
TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets
0.04
CY2024Q1 us-gaap Tier One Leverage Capital Required To Be Well Capitalized
TierOneLeverageCapitalRequiredToBeWellCapitalized
23584
CY2024Q1 us-gaap Tier One Leverage Capital Required To Be Well Capitalized To Average Assets
TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets
0.05
CY2023Q4 us-gaap Common Equity Tier One Capital
CommonEquityTierOneCapital
68463
CY2023Q4 us-gaap Common Equity Tier One Capital Ratio
CommonEquityTierOneCapitalRatio
0.1971
CY2023Q4 tcbc Common Equity Tier One Risk Based Capital Required For Capital Adequacy
CommonEquityTierOneRiskBasedCapitalRequiredForCapitalAdequacy
15631
CY2023Q4 tcbc Common Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets
CommonTierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets
0.045
CY2023Q4 us-gaap Common Equity Tier One Capital Required To Be Well Capitalized
CommonEquityTierOneCapitalRequiredToBeWellCapitalized
22578
CY2023Q4 tcbc Common Equity Tier One Capital Required To Be Well Capitalized To Risk Weighted Assets
CommonEquityTierOneCapitalRequiredToBeWellCapitalizedToRiskWeightedAssets
0.065
CY2023Q4 us-gaap Capital
Capital
72812
CY2023Q4 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.2096
CY2023Q4 us-gaap Capital Required For Capital Adequacy
CapitalRequiredForCapitalAdequacy
27788
CY2023Q4 us-gaap Capital Required For Capital Adequacy To Risk Weighted Assets
CapitalRequiredForCapitalAdequacyToRiskWeightedAssets
0.08
CY2023Q4 us-gaap Capital Required To Be Well Capitalized
CapitalRequiredToBeWellCapitalized
34735
CY2023Q4 us-gaap Capital Required To Be Well Capitalized To Risk Weighted Assets
CapitalRequiredToBeWellCapitalizedToRiskWeightedAssets
0.10
CY2023Q4 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
68463
CY2023Q4 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
TierOneRiskBasedCapitalToRiskWeightedAssets
0.1971
CY2023Q4 us-gaap Tier One Risk Based Capital Required For Capital Adequacy
TierOneRiskBasedCapitalRequiredForCapitalAdequacy
20841
CY2023Q4 us-gaap Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets
TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets
0.06
CY2023Q4 us-gaap Tier One Risk Based Capital Required To Be Well Capitalized
TierOneRiskBasedCapitalRequiredToBeWellCapitalized
27788
CY2023Q4 us-gaap Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets
TierOneRiskBasedCapitalRequiredToBeWellCapitalizedToRiskWeightedAssets
0.08
CY2023Q4 us-gaap Tier One Leverage Capital
TierOneLeverageCapital
68463
CY2023Q4 us-gaap Tier One Leverage Capital To Average Assets
TierOneLeverageCapitalToAverageAssets
0.1516
CY2023Q4 us-gaap Tier One Leverage Capital Required For Capital Adequacy
TierOneLeverageCapitalRequiredForCapitalAdequacy
18068
CY2023Q4 us-gaap Tier One Leverage Capital Required For Capital Adequacy To Average Assets
TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets
0.04
CY2023Q4 us-gaap Tier One Leverage Capital Required To Be Well Capitalized
TierOneLeverageCapitalRequiredToBeWellCapitalized
22585
CY2023Q4 us-gaap Tier One Leverage Capital Required To Be Well Capitalized To Average Assets
TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets
0.05
CY2022Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
250000
CY2023Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
450000
CY2023Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
506358
CY2023 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
14.26
CY2023 us-gaap Treasury Stock Shares Retired
TreasuryStockSharesRetired
75172
CY2024Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
140519
CY2024Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.96
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22237
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
332029
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4361088
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4974200
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4361088
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4974200
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
0

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