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Texas Community Bancshares Inc. (TCBS-1.85%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $443.5 million, a decrease from $452.0 million at the end of 2023. The decrease is primarily due to a reduction in securities and interest-bearing deposits.
Net loans and leases increased to $293.7 million from $279.9 million, reflecting a strategic shift towards commercial real estate and construction loans.
Total deposits rose by 5.9% to $335.8 million, with core deposits comprising 61.3% of total deposits.
The company reported a net loss of $1.3 million for the year, compared to a net loss of $733,000 in 2023. The increased loss is attributed to a $3.8 million loss on the sale of loans.
Interest income increased by 18.4% to $22.5 million, driven by higher yields on loans and securities.
Interest expense rose by 25.3% to $9.9 million, primarily due to increased rates on deposits and borrowings.
The company's net interest margin improved to 2.98% from 2.73% in the previous year.
The allowance for credit losses was maintained at 1.09% of total loans, with a provision for credit losses of $158,000 for the year.
Noninterest income decreased significantly, resulting in a net loss due to strategic loan sales.
The filing details various financial activities, including securities transactions, loan originations, and deposit growth strategies.
Texas Community Bancshares continues to focus on expanding its loan portfolio and managing interest rate risk through strategic asset-liability management.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Texas Community Bancshares Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.