.3
TC BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2025, DECEMBER 31, 2024, AND 2023
| ASSETS | ||||||||||||
| (Unaudited) | (*) | (*) | ||||||||||
| September 30, 2025 | December 31, 2024 | December 31, 2023 | ||||||||||
| Cash and due from banks | $ | 32,554,141 | $ | 14,232,080 | $ | 25,039,214 | ||||||
| Investment securities available-for-sale | 93,874,246 | 71,990,817 | 42,964,495 | |||||||||
| Other investments | 1,982,350 | 1,689,600 | 1,629,150 | |||||||||
| Mortgage loans held for sale | — | — | 289,111 | |||||||||
| Loans | 413,062,089 | 409,960,399 | 376,899,968 | |||||||||
| Allowance for credit losses | (5,013,629 | ) | (5,151,886 | ) | (4,836,878 | ) | ||||||
| Net loans | 408,048,460 | 404,808,513 | 372,063,090 | |||||||||
| Premises and equipment, net | 4,170,350 | 4,429,116 | 4,782,760 | |||||||||
| Right-of-use asset | 1,800,920 | 1,743,278 | 1,944,885 | |||||||||
| Bank owned life insurance | 12,337,330 | 12,056,359 | 11,729,019 | |||||||||
| Accrued interest receivable and other assets | 4,841,690 | 5,097,304 | 6,141,545 | |||||||||
| Total Assets | $ | 559,609,487 | $ | 516,047,067 | $ | 466,583,269 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Deposits: | ||||||||||||
| Demand | $ | 57,065,174 | $ | 50,831,921 | $ | 41,571,035 | ||||||
| Interest-bearing demand | 54,380,481 | 51,281,802 | 52,721,981 | |||||||||
| Savings and money markets | 189,620,057 | 190,271,627 | 164,622,926 | |||||||||
| Certificates of deposit | 164,658,394 | 135,712,998 | 110,952,852 | |||||||||
| Total deposits | 465,724,106 | 428,098,348 | 369,868,794 | |||||||||
| Federal Home Loan Bank advances | 10,000,000 | 5,000,000 | 11,000,000 | |||||||||
| Lease liability | 1,971,834 | 1,917,090 | 2,102,426 | |||||||||
| Accrued interest payable and other liabilities | 4,194,341 | 3,705,789 | 3,977,628 | |||||||||
| Total liabilities | 481,890,281 | 438,721,227 | 386,948,848 | |||||||||
| Stockholders' Equity: | ||||||||||||
| Common stock, $.01 par value, 20,000,000 shares authorized as of September 30, 2025 and December 31, 2024 and 2023; 3,984,481 shares, 4,179,481 shares and 4,461,667shares issued and outstanding as of September 30, 2025 and December 31, 2024 and 2023, respectively | 39,845 | 41,795 | 44,617 | |||||||||
| Additional paid in capital | 39,803,212 | 41,155,580 | 43,181,994 | |||||||||
| Retained earnings | 41,804,678 | 41,840,660 | 42,863,945 | |||||||||
| Accumulated other comprehensive loss | (793,585 | ) | (2,577,251 | ) | (3,125,257 | ) | ||||||
| Unearned ESOP 313,494 shares, 313,494 shares and 333,088 shares unallocated at September 30, 2025 and December 31, 2024 and 2023, respectively | (3,134,944 | ) | (3,134,944 | ) | (3,330,878 | ) | ||||||
| Total stockholders' equity | 77,719,206 | 77,325,840 | 79,634,421 | |||||||||
| Total Liabilities and Stockholders' Equity | $ | 559,609,487 | $ | 516,047,067 | $ | 466,583,269 | ||||||
(*) - Derived from audited financial statements.
TC BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025, AND 2024
FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023
| (Unaudited) | (*) | |||||||||||||||
| Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2024 | 2023 | |||||||||||||
| Interest and Dividend Income: | ||||||||||||||||
| Interest and fees on loans | $ | 18,463,944 | $ | 16,583,157 | $ | 22,578,279 | $ | 18,129,865 | ||||||||
| Interest and dividends on taxable investment securities | 3,122,188 | 1,726,295 | 2,470,600 | 1,585,248 | ||||||||||||
| Interest on deposits with other banks and federal funds sold | 699,833 | 912,859 | 1,230,161 | 1,101,382 | ||||||||||||
| Total interest and dividend income | 22,285,965 | 19,222,311 | 26,279,040 | 20,816,495 | ||||||||||||
| Interest Expense: | ||||||||||||||||
| Interest on deposits | 8,874,725 | 8,066,050 | 11,115,026 | 6,619,095 | ||||||||||||
| Interest on borrowings | 406,752 | 481,041 | 592,216 | 272,769 | ||||||||||||
| Total interest expense | 9,281,477 | 8,547,091 | 11,707,242 | 6,891,864 | ||||||||||||
| Net interest income | 13,004,488 | 10,675,220 | 14,571,798 | 13,924,631 | ||||||||||||
| (Reduction of) Provision for Credit Losses | (195,000 | ) | 144,000 | (56,000 | ) | 175,000 | ||||||||||
| Net interest income after provision for credit losses | 13,199,488 | 10,531,220 | 14,627,798 | 13,749,631 | ||||||||||||
| Non-Interest Income: | ||||||||||||||||
| Service charges on deposits accounts | 325,973 | 326,531 | 438,043 | 547,766 | ||||||||||||
| Gain on sale of loans | 119,568 | 129,321 | 163,732 | 245,362 | ||||||||||||
| Gain on sale of fixed assets | — | 34 | 34 | 12,086 | ||||||||||||
| Bank owned life insurance income | 280,971 | 223,614 | 327,341 | 286,366 | ||||||||||||
| Other | 25,523 | 24,358 | 32,759 | 64,163 | ||||||||||||
| Total non-interest income | 752,035 | 703,858 | 961,909 | 1,155,743 | ||||||||||||
| Non-Interest Expense: | ||||||||||||||||
| Salaries and employee benefits | 6,858,333 | 6,330,373 | 8,521,202 | 8,526,759 | ||||||||||||
| Occupancy and equipment | 1,047,736 | 1,047,434 | 1,426,360 | 1,294,952 | ||||||||||||
| Other real estate owned, net of operations, loss on sales and write-downs | — | — | — | 37,844 | ||||||||||||
| Other | 4,202,363 | 3,569,501 | 4,861,475 | 4,671,764 | ||||||||||||
| Total non-interest expense | 12,108,432 | 10,947,308 | 14,809,037 | 14,531,319 | ||||||||||||
| Income Before Income Taxes | 1,843,091 | 287,770 | 780,670 | 374,055 | ||||||||||||
| Income Tax Expense | 429,831 | 66,153 | 185,919 | 108,230 | ||||||||||||
| Net Income | $ | 1,413,260 | $ | 221,617 | $ | 594,751 | $ | 265,825 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 0.35 | $ | 0.05 | $ | 0.14 | $ | 0.06 | ||||||||
| Diluted | $ | 0.35 | $ | 0.05 | $ | 0.14 | $ | 0.06 | ||||||||
| Weighted Average Shares Outstanding: | ||||||||||||||||
| Basic | 4,017,595 | 4,251,266 | 4,234,675 | 4,783,618 | ||||||||||||
| Diluted | 4,060,956 | 4,262,050 | 4,253,313 | 4,796,488 | ||||||||||||
(*) - Derived from audited financial statements.
TC BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025, AND 2024
FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023
| (Unaudited) | (*) | |||||||||||||||
| Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2024 | 2023 | |||||||||||||
| Net Income | $ | 1,413,260 | $ | 221,617 | $ | 594,751 | $ | 265,825 | ||||||||
| Other Comprehensive Income, | ||||||||||||||||
| Net of Income Taxes: | ||||||||||||||||
| Unrealized (losses) gains on securities available-for-sale: | ||||||||||||||||
| Holding (losses) gains arising during the period, net of taxes of ($607,948), ($395,716), ($27,538) and $214,747, respectively | 1,783,666 | 1,160,996 | (80,794 | ) | 680,379 | |||||||||||
| Change in post-retirement benefit obligations, net of taxes of $0, $0, $211,281, and $167,802, respectively | — | — | 628,800 | 499,403 | ||||||||||||
| Total other comprehensive income | 1,783,666 | 1,160,996 | 548,006 | 1,179,782 | ||||||||||||
| Comprehensive Income | $ | 3,196,926 | $ | 1,382,613 | $ | 1,142,757 | $ | 1,445,607 | ||||||||
(*) - Derived from audited financial statements.
TC BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025
FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023
| Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Unearned ESOP Shares | Total | ||||||||||||||||||||||
| 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 | — | — | 265,825 | — | — | — | 265,825 | |||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | 1,179,782 | — | — | 1,179,782 | |||||||||||||||||||||
| Restricted stock award | — | — | — | — | — | |||||||||||||||||||||||
| Amortization of unearned compensation associated with restricted stock | — | 484,944 | — | — | — | — | 484,944 | |||||||||||||||||||||
| Stock based compensation | — | 225,810 | — | — | — | — | 225,810 | |||||||||||||||||||||
| Repurchase of stock for tax obligation on restricted shares | (62 | ) | (61,688 | ) | (24,643 | ) | — | — | — | (86,393 | ) | |||||||||||||||||
| Release of ESOP shares | — | 74,651 | — | — | — | 195,934 | 270,585 | |||||||||||||||||||||
| Dividends | — | — | (463,076 | ) | — | — | — | (463,076 | ) | |||||||||||||||||||
| Repurchase of common stock | — | (6,062,999 | ) | (6,062,999 | ) | |||||||||||||||||||||||
| Retirement of common stock | (5,815 | ) | (5,809,485 | ) | (2,488,351 | ) | — | 7,148,264 | — | (1,155,387 | ) | |||||||||||||||||
| Balance, December 31, 2023 | $ | 44,617 | $ | 43,181,994 | $ | 42,863,945 | $ | (3,125,257 | ) | $ | — | $ | (3,330,878 | ) | $ | 79,634,421 | ||||||||||||
| Net income | — | — | 594,751 | — | — | — | 594,751 | |||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | 548,006 | — | — | 548,006 | |||||||||||||||||||||
| Restricted stock award | 160 | (160 | ) | — | — | — | — | — | ||||||||||||||||||||
| Amortization of unearned compensation associated with restricted stock | — | 497,270 | — | — | — | — | 497,270 | |||||||||||||||||||||
| Stock based compensation | — | 319,376 | — | — | — | — | 319,376 | |||||||||||||||||||||
| Repurchase of stock for tax obligation on restricted shares | (65 | ) | (65,604 | ) | (44,992 | ) | — | — | — | (110,661 | ) | |||||||||||||||||
| Release of ESOP shares | — | 135,978 | — | — | — | 195,934 | 331,912 | |||||||||||||||||||||
| Dividends | — | — | (418,276 | ) | — | — | — | (418,276 | ) | |||||||||||||||||||
| Repurchase of common stock | — | (4,070,958 | ) | (4,070,958 | ) | |||||||||||||||||||||||
| Retirement of common stock | (2,917 | ) | (2,913,274 | ) | (1,154,768 | ) | — | 4,070,958 | — | (1 | ) | |||||||||||||||||
| Balance, December 31, 2024 | $ | 41,795 | $ | 41,155,580 | $ | 41,840,660 | $ | (2,577,251 | ) | $ | — | $ | (3,134,944 | ) | $ | 77,325,840 | ||||||||||||
| Net income | — | — | 1,413,260 | — | — | — | 1,413,260 | |||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | 1,783,666 | — | — | 1,783,666 | |||||||||||||||||||||
| Restricted stock award | 50 | (50 | ) | — | — | — | — | — | ||||||||||||||||||||
| Amortization of unearned compensation associated with restricted stock | — | — | — | — | — | — | — | |||||||||||||||||||||
| Stock based compensation | — | 645,682 | — | — | — | — | 645,682 | |||||||||||||||||||||
| Repurchase of stock for tax obligation on restricted shares | — | — | — | — | — | — | — | |||||||||||||||||||||
| Release of ESOP shares | — | — | — | — | — | — | — | |||||||||||||||||||||
| Dividends | — | — | (199,224 | ) | — | — | — | (199,224 | ) | |||||||||||||||||||
| Repurchase of common stock | — | (3,250,018 | ) | (3,250,018 | ) | |||||||||||||||||||||||
| Retirement of common stock | (2,000 | ) | (1,998,000 | ) | (1,250,018 | ) | — | 3,250,018 | — | — | ||||||||||||||||||
| Balance, September 30, 2025 | $ | 39,845 | $ | 39,803,212 | $ | 41,804,678 | $ | (793,585 | ) | $ | — | $ | (3,134,944 | ) | $ | 77,719,206 | ||||||||||||
TC BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025, AND 2024
FOR THE YEARS ENDED DECEMBER 31, 2024, AND 2023
| (Unaudited) | (*) | |||||||||||||||
| Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2024 | 2023 | |||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||||
| Net income | $ | 1,413,260 | $ | 221,617 | $ | 594,751 | $ | 265,825 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||
| Depreciation, amortization and accretion | 98,780 | 391,520 | 504,169 | 686,348 | ||||||||||||
| Lease expense | (2,898 | ) | 17,076 | 201,607 | 157,541 | |||||||||||
| Deferred income tax expense | 24,233 | 63,649 | 183,415 | 113,086 | ||||||||||||
| Provision for credit losses | (195,000 | ) | 144,000 | (56,000 | ) | 175,000 | ||||||||||
| Net loss on sale of other real estate owned | — | — | — | 30,848 | ||||||||||||
| (Gain) on sale of premises and equipment | — | (34 | ) | (34 | ) | (12,086 | ) | |||||||||
| Stock based compensation | 645,682 | 604,252 | 816,646 | 710,754 | ||||||||||||
| ESOP expense | — | — | 331,912 | 270,585 | ||||||||||||
| Increase in cash surrender value of bank owned life insurance | (280,971 | ) | (223,613 | ) | (327,341 | ) | (286,366 | ) | ||||||||
| Write-down of other real estate owned | — | — | — | — | ||||||||||||
| Gain on mortgage loans sold, net | (119,568 | ) | (129,321 | ) | (163,732 | ) | (245,362 | ) | ||||||||
| Proceeds from the sale of mortgage loans held for sale | 7,398,773 | 8,770,084 | 11,278,389 | 14,640,905 | ||||||||||||
| Originations of mortgage loans held for sale | (7,279,205 | ) | (8,655,515 | ) | (10,825,546 | ) | (12,599,555 | ) | ||||||||
| Change in: | ||||||||||||||||
| Accrued interest receivable and other assets | (376,564 | ) | 1,343,715 | 913,556 | (140,985 | ) | ||||||||||
| Accrued interest payable and other liabilities | 498,300 | (127,268 | ) | 146,437 | 265,592 | |||||||||||
| Net cash provided by operating activities | 1,824,822 | 2,420,162 | 3,598,229 | 4,032,130 | ||||||||||||
| Cash Flows from Investing Activities | ||||||||||||||||
| Net change in interest-bearing deposits in other banks | — | — | — | 1,739,000 | ||||||||||||
| Purchase of investment securities available-for -sale | (22,458,217 | ) | (24,566,450 | ) | (35,429,038 | ) | (962,344 | ) | ||||||||
| Proceeds from calls, paydowns and maturities of investment securities available-for-sale | 3,243,839 | 5,939,336 | 6,324,622 | 1,771,566 | ||||||||||||
| Proceeds from sales of investment securities available-for-sale | — | — | — | — | ||||||||||||
| Purchase of other investments | (3,831,550 | ) | (1,079,250 | ) | (1,319,250 | ) | (719,150 | ) | ||||||||
| Proceeds from sales of other investment | 3,538,800 | 736,300 | 1,258,800 | 467,500 | ||||||||||||
| Net change in loans | (3,044,948 | ) | (15,108,110 | ) | (32,689,425 | ) | (38,354,219 | ) | ||||||||
| Proceeds from sales of other real estate owned | — | — | — | 652,952 | ||||||||||||
| Proceeds from sales of premises and equipment | — | 1,500 | 1,500 | 18,500 | ||||||||||||
| Purchase of premises and equipment | (117,451 | ) | (106,481 | ) | (182,230 | ) | (2,125,279 | ) | ||||||||
| Net cash used in investing activities | (22,669,527 | ) | (34,183,155 | ) | (62,035,021 | ) | (37,511,474 | ) | ||||||||
| Cash Flows from Financing Activities | ||||||||||||||||
| Net change in deposits | 37,625,758 | 53,504,450 | 58,229,554 | 40,740,541 | ||||||||||||
| Proceeds from Federal Home Loan Bank advances | 115,500,000 | 29,000,000 | 34,000,000 | 14,500,000 | ||||||||||||
| Repayments of Federal Home Loan Bank advances | (110,500,000 | ) | (29,000,000 | ) | (40,000,000 | ) | (14,500,000 | ) | ||||||||
| Dividends | (208,974 | ) | (223,083 | ) | (418,276 | ) | (463,076 | ) | ||||||||
| Repurchase and retirement of common stock | (3,250,018 | ) | (4,070,959 | ) | (4,070,959 | ) | (7,218,386 | ) | ||||||||
| Repurchase of stock for tax obligation on restricted shares | — | — | (110,661 | ) | (86,393 | ) | ||||||||||
| Net cash provided by financing activities | 39,166,766 | 49,210,408 | 47,629,658 | 32,972,686 | ||||||||||||
| Net Change in Cash and Cash Equivalents | 18,322,061 | 17,447,415 | (10,807,134 | ) | (506,658 | ) | ||||||||||
| Cash and Cash Equivalents, Beginning of Period | 14,232,080 | 25,039,214 | 25,039,214 | 25,545,872 | ||||||||||||
| Cash and Cash Equivalents, End of Period | $ | 32,554,141 | $ | 42,486,629 | $ | 14,232,080 | $ | 25,039,214 | ||||||||
| Supplement Disclosures of Cash Flow Information: | ||||||||||||||||
| Cash paid during the period for interest | $ | 9,385,385 | $ | 11,760,155 | $ | 11,760,155 | $ | 6,454,199 | ||||||||
| Non-Cash Investing and Financing Activities: | ||||||||||||||||
| Change in unrealized losses on securities-for-sale, net of tax | $ | 1,783,666 | $ | 1,160,996 | $ | (80,794 | ) | $ | 680,379 | |||||||
| Change in defined benefit pension obligations, net of tax | $ | — | $ | — | $ | 628,800 | $ | 499,403 | ||||||||
| Dividend Declared | $ | 199,224 | $ | 209,302 | $ | — | $ | — | ||||||||
| Right-of-use asset recorded in exchange for lease liabilities | $ | 249,087 | $ | — | $ | — | $ | — | ||||||||
(*) - Derived from audited financial statements.