Tue, May 14, 8:08 PM (73 days ago)
Texas Community Bancshares, Inc. reported a net loss of $2.7 million for Q1 2024, compared to a net loss of $1.0 million in Q1 2023. The increased loss was primarily due to a $1.5 million loss from the sale of loans and a $2.3 million write-down to bring loans held for sale to fair value. Interest income rose by $1.3 million, driven by higher loan yields and balances. Interest expense increased by $941,000 due to higher deposit and borrowing costs. Net interest income increased by $331,000, reflecting higher interest-earning assets and improved net interest margin. The provision for credit losses saw a reversal of $277,000, attributed to decreased loan balances and the exclusion of loans held for sale. Noninterest income decreased by $2.4 million, mainly due to the loan sale losses and write-downs. Noninterest expenses rose by $433,000, driven by higher salaries, occupancy, and other expenses. Total assets grew by $11.8 million to $463.8 million, with significant increases in cash and deposits. Deposits increased by $14.6 million, while FHLB advances decreased slightly. Total shareholders' equity decreased by $2.2 million to $51.5 million. The bank remains well-capitalized with a community bank leverage ratio of 10.09%.