Texas munity Bancshares(US:TCBS)2024-05-13 20:31Financial Performance - Texas Community Bancshares reported a net loss of $2.7 million for Q1 2024, compared to a net loss of $1.0 million in Q1 2023, with losses per share of $(0.90) and $(0.33) respectively[1][2]. - Noninterest income decreased by $2.4 million, or 200.0%, resulting in a loss of $3.6 million for Q1 2024, primarily due to a $1.5 million loss from loan sales and a $2.3 million valuation allowance[4]. - Noninterest expense rose by $433,000, or 16.4%, to $3.1 million for Q1 2024, mainly due to increases in salaries, occupancy, and other operational costs[5]. - Total shareholders' equity decreased by $2.2 million, or 4.1%, to $51.5 million at March 31, 2024, primarily due to the net loss and share repurchases[8]. Income and Assets - Net interest income increased by $331,000, or 12.6%, to $3.0 million for Q1 2024, driven by an increase in interest-earning assets of $32.4 million, or 8.3%, to $424.9 million[3]. - Total assets increased to $463.8 million at March 31, 2024, up from $452.0 million at December 31, 2023[9]. Credit Quality - The allowance for credit losses decreased by $367,000, or 407.8%, due to a reversal of provision for credit losses of $277,000 in Q1 2024[6]. - Net charge-offs to average outstanding loans were 0.01% for Q1 2024, with past due loans at 0.41% and nonaccrual loans at 0.44%[7]. Expansion and Capitalization - The bank opened a new branch in Tyler, Texas, and a new building for the Lindale branch, expanding operations to seven full-service locations and one loan production office[10]. - Broadstreet Bank's community bank leverage ratio was 10.09% at March 31, 2024, exceeding the 9.0% requirement to be considered "well capitalized"[8].