NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating TC Bancshares, Inc. (OTCMKTS: TCBC) related to its merger with Colony Bankcorp, Inc. Upon completion of the proposed transaction, e ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2024, detailing financial position and performance [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) Total assets grew to $474.7 million by March 31, 2024, while Q1 2024 net income significantly decreased to $22,237 Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Total Assets | $474,675,674 | $466,583,269 | | Net loans | $376,515,513 | $372,063,090 | | Investment securities available-for-sale | $49,124,679 | $42,964,495 | | **Liabilities & Equity** | | | | Total deposits | $380,287,600 | $369,868,794 | | Total liabilities | $396,836,296 | $386,948,848 | | Total stockholders' equity | $77,839,378 | $79,634,421 | Consolidated Statements of Operations Highlights (Unaudited) | Account | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net interest income | $3,389,459 | $3,617,025 | | Provision for Credit Losses | $30,000 | $18,000 | | Total other income | $238,686 | $331,778 | | Total other expense | $3,573,257 | $3,477,892 | | **Net Income** | **$22,237** | **$332,029** | | **Diluted Earnings per share** | **$0.01** | **$0.07** | Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,372,326 | $4,663,060 | | Net cash (used in) provided by investing activities | $(10,814,919) | $601,764 | | 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** | [Note 1 – General: Basis of Presentation](index=11&type=section&id=NOTE%201%20%E2%80%93%20GENERAL%3A%20BASIS%20OF%20PRESENTATION) This note outlines the company's operations and accounting policies, highlighting the CECL adoption's $302,504 impact - TC Bancshares, Inc. is the holding company for TC Federal Bank, which operates four branches in Georgia and Florida. Its primary business is originating single-family residential and commercial real estate loans, funded by deposits[20](index=20&type=chunk) - The company adopted the CECL accounting standard (ASC 326) on January 1, 2023, using a modified retrospective approach. This resulted in a net reduction of retained earnings by **$302,504**, reflecting an increase in credit-related reserves for loans and unfunded commitments[23](index=23&type=chunk)[24](index=24&type=chunk) - The company qualifies as an "emerging growth company" and has elected to use the extended transition period for adopting new accounting standards[37](index=37&type=chunk) [Note 3 - Loans and Allowance for Credit Losses](index=19&type=section&id=NOTE%203%20-%20LOANS%20AND%20ALLOWANCE%20FOR%20CREDIT%20LOSSES) This note details the $382.5 million loan portfolio, primarily real estate, and the $4.9 million ACL Loan Portfolio Composition | Loan Category | March 31, 2024 (Millions) | December 31, 2023 (Millions) | | :--- | :--- | :--- | | Residential Real Estate | $148.1M (38.7%) | $148.5M (39.3%) | | Commercial Real Estate | $131.7M (34.4%) | $123.6M (32.7%) | | Construction and Land Development | $51.7M (13.5%) | $55.5M (14.7%) | | Commercial and Industrial | $18.3M (4.8%) | $16.9M (4.5%) | | Other | $14.3M (3.7%) | $14.4M (3.8%) | | **Total Loans** | **$382.5M** | **$378.1M** | - The Allowance for Credit Losses (ACL) was **$4,889,067** as of March 31, 2024, compared to **$4,836,878** at year-end 2023. A provision of **$30,000** was recorded for the quarter[59](index=59&type=chunk) - Total nonaccrual loans were **$1.22 million** at March 31, 2024, a slight decrease from **$1.29 million** at December 31, 2023[67](index=67&type=chunk) [Note 6 - Regulatory Matters](index=35&type=section&id=NOTE%206%20-%20REGULATORY%20MATTERS) The Bank met all regulatory capital requirements as of March 31, 2024, and was categorized as "well capitalized" - As of March 31, 2024, the Bank was categorized as **"well capitalized"** by the FDIC[96](index=96&type=chunk) Bank Capital Ratios as of March 31, 2024 | Ratio | Actual (%) | Required for Adequacy (%) | Required to be Well Capitalized (%) | | :--- | :--- | :--- | :--- | | Common Equity Tier 1 to Risk Weighted Assets | 19.31% | 4.50% | 6.50% | | Tier 1 Capital to Risk- Weighted Assets | 19.31% | 6.00% | 8.00% | | Total Capital to Risk- Weighted Assets | 20.57% | 8.00% | 10.00% | | Tier 1 Capital to Average Assets | 14.56% | 4.00% | 5.00% | [Note 8 – Shareholders' Equity and Earnings Per Share](index=42&type=section&id=Note%208%20%E2%80%93%20Shareholders%27%20Equity%20and%20Earnings%20Per%20Share) This note details changes in shareholders' equity and EPS, noting the repurchase of 140,519 shares and $0.01 EPS - During the three months ended March 31, 2024, the Company repurchased and retired **140,519 shares** of its common stock at an average price of **$13.96 per share**[112](index=112&type=chunk) Earnings Per Share Calculation (Q1 2024 vs Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income | $22,237 | $332,029 | | Weighted Average Shares Outstanding (Basic) | 4,361,088 | 4,974,200 | | **Earnings per common share (Basic & Diluted)** | **$0.01** | **$0.07** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q1 2024 financial condition and operating results, highlighting a significant net income decrease due to margin compression [Comparison of Financial Condition (March 31, 2024 vs. December 31, 2023)](index=50&type=section&id=Comparison%20of%20Financial%20Condition) Total assets increased by $8.1 million to $474.7 million, driven by loan and investment growth, funded by deposits Key Balance Sheet Changes | Account | Change from Dec 31, 2023 (Millions) | Key Drivers | | :--- | :--- | :--- | | Total Assets | +$8.1M | Loan growth and investment purchases | | Total Loans | +$4.5M | Growth in commercial real estate and commercial/industrial loans | | Total Deposits | +$10.4M | Growth in savings, money market, and demand accounts, offset by a decrease in CDs | | Shareholders' Equity | -$1.8M | $2.0M in share repurchases | [Comparison of Operating Results (Q1 2024 vs. Q1 2023)](index=54&type=section&id=Comparison%20of%20Operating%20Results) Q1 2024 net income decreased to $22,000, primarily due to net interest margin compression and increased non-interest expenses - Net income fell to **$22,000** in Q1 2024 from **$332,000** in Q1 2023[167](index=167&type=chunk) - Net interest income decreased by **6.3%** to **$3.4 million** due to margin compression. The net interest margin fell to **3.00%** from **3.50%** year-over-year[171](index=171&type=chunk)[172](index=172&type=chunk) - Non-interest expense increased by **2.7%** to **$3.6 million**, mainly due to higher occupancy and data processing costs associated with two new branches opened in mid-2023[178](index=178&type=chunk) [Liquidity and Capital Resources](index=60&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintains strong liquidity and significant borrowing capacity, with the Bank remaining "well capitalized" for regulatory purposes - Primary sources of funds are deposits, loan and security payments, and proceeds from loan sales[186](index=186&type=chunk) - At March 31, 2024, the company had access to **$97.6 million** in borrowing capacity from the FHLB, **$28.5 million** in unsecured federal funds lines, and **$26.5 million** from the Federal Reserve Bank[186](index=186&type=chunk) - The Bank was classified as **"well capitalized"** with a total risk-based capital ratio of **20.57%** at March 31, 2024[188](index=188&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide this market risk disclosure - This disclosure is not applicable to smaller reporting companies[192](index=192&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls - The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were effective as of the end of the period[193](index=193&type=chunk) - No changes in internal control over financial reporting occurred during Q1 2024 that materially affected, or are reasonably likely to materially affect, the company's internal controls[194](index=194&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) There were no legal proceedings reported during the period - None[197](index=197&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the 2023 Annual Report on Form 10-K were reported - There have been no material changes to the risk factors previously disclosed in the 2023 Annual Report on Form 10-K[198](index=198&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's Q1 2024 common stock repurchase activity, totaling 140,519 shares at an average price of $13.96 Share Repurchases in Q1 2024 | Period | Total Shares Repurchased | Average Price Paid Per Share ($) | | :--- | :--- | :--- | | January 2024 | 105,819 | $14.01 | | February 2024 | 34,700 | $13.80 | | March 2024 | - | - | | **Total** | **140,519** | **$13.96** | - As of March 31, 2024, **227,481 shares** may yet be repurchased under the current plan, which is effective through June 2024[200](index=200&type=chunk) [Defaults Upon Senior Securities](index=40&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[201](index=201&type=chunk) [Mine Safety Disclosures](index=40&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[202](index=202&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) The company reports no other information for this item - None[203](index=203&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and iXBRL financial statements - Filed exhibits include CEO and CFO certifications (Exhibits 31.1, 31.2, 32) and financial data in iXBRL format (Exhibit 101)[206](index=206&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 o ...

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, 2023 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 Incorpora ...

Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 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 ...

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, 2023 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Registrant's telephone number, including area code: (229) 226-3221 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 i ...

For the transition period from to 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 June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 ...

Financial Position - Total assets increased by $17.0 million, or 4.5%, to $397.9 million at March 31, 2022, from $380.9 million at December 31, 2021[111]. - Total liabilities were reported at $302.829 million, with total equity at $86.887 million, resulting in total liabilities and equity of $389.716 million[134]. - Total shareholders' equity decreased by $623,000, or 7.2%, to $86.2 million at March 31, 2022, primarily due to a $1.3 million increase in unrealized losses on investment securities[120]. - Non-interest-earning assets totaled $23.348 million, contributing to a total asset base of $389.716 million[134]. Cash and Deposits - Cash and cash equivalents rose by $11.5 million at March 31, 2022, primarily due to a $17.5 million increase in deposits[112]. - Total deposits rose by $17.5 million, or 6.1%, to $306.8 million at March 31, 2022, with non-interest-bearing demand accounts increasing by $4.2 million, or 11.6%[119]. Loans and Allowance for Loan Losses - Total loans increased by $2.2 million, or 0.8%, to $266.5 million at March 31, 2022, with commercial and multi-family real estate loans rising by $5.5 million, or 5.0%[113]. - The allowance for loan losses was $4.2 million, or 1.54% of gross loans, at March 31, 2022, deemed adequate to cover inherent losses in the loan portfolio[116]. - Commercial and industrial loans decreased by $2.4 million, or 15.1%, to $13.5 million at March 31, 2022[114]. - The company had 24 impaired loans totaling $1.4 million at March 31, 2022, down from 27 impaired loans totaling $1.5 million at December 31, 2021[116]. Income and Expenses - Net income for the three months ended March 31, 2022, decreased by $69,000, or 9.0%, to $696,000 compared to the same period in 2021[121]. - Interest income increased by $4,000, or 0.1%, to $3.4 million for the three months ended March 31, 2022, driven by increases in interest on taxable investment securities[122]. - Total interest expense decreased by $156,000, or 48.6%, to $165,000 for the three months ended March 31, 2022, due to lower interest rates on deposit products[123]. - Net interest income increased by $160,000, or 5.3%, to $3.2 million for the three months ended March 31, 2022, with average interest-earning assets rising by $30.7 million, or 9.1%[124]. - Other income decreased by $194,000, or 25.7%, to $562,000 for the three months ended March 31, 2022, primarily due to a decline in gains on the sale of mortgage loans[129]. - Total non-interest expense increased by $52,000, or 9.5%, to $2.8 million for the three months ended March 31, 2022, mainly due to higher salaries and employee benefits[131]. - Income tax expense decreased by $17,000 to $214,000 for the three months ended March 31, 2022, reflecting a decrease in income before taxes[132]. Interest and Capital - The net interest margin for the quarter was 3.53%, down from 3.66% in the previous year, indicating a decrease in profitability from interest-earning assets[134]. - The bank's Tier 1 capital as a percentage of total assets was 16.2% as of March 31, 2022, classifying the bank as "well capitalized" for regulatory purposes[140]. - The average interest-earning assets to average interest-bearing liabilities ratio was 140.86%, indicating a strong liquidity position[134]. - The change in net interest income for the quarter was an increase of $160,000, driven by a volume increase of $269,000 despite a rate decrease of $109,000[136]. Future Outlook - The company anticipates lower levels of interest income going forward if market rates remain low, following the full repayment or forgiveness of PPP loans[108]. - Noninterest expense is expected to increase due to costs associated with operating as a public company following the mutual-to-stock conversion[110]. - The company plans to continue focusing on originating higher yielding commercial real estate and commercial and industrial loans[105]. - The company expects to be impacted by the ongoing COVID-19 pandemic in 2022, with potential effects on various balance sheet and income statement categories[108]. - The bank anticipates sufficient funds to meet current funding commitments while planning to increase core deposits and utilize Federal Home Loan Bank advances as needed[139]. - The bank's liquidity position remains strong, with daily monitoring and no material adverse changes reported during the quarter[137].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number 001-40637 FORM 10-K TC BANCSHARES, INC. (Mark One) (Exact name of Registrant as specified in its Charter) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Georgia 86-2650449 (State or other jurisdiction of incorporation or organization) 131 South Dawson Street, Thomasville, Georgia 31792 (Address of principal executive offices) (Zip ...