Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Financial Statements of Parent Company

NOTE 14 – CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Financial information pertaining to TC Bancshares Inc. only is as follows:

CONDENSED BALANCE SHEET
		December 31, 2021
		(Dollars in thousands)
ASSETS
	Cash and cash equivalents	$	19,855
	Investment in TC Federal Bank		63,251
	Other assets		3,735
	Total assets	$	86,841
LIABILITIES
	Other liabilities	$	28
	Total liabilities		28
SHAREHOLDERS' EQUITY
	Shareholders' equity		86,813
	Total liabilities and shareholders' equity	$	86,841
CONDENSED STATEMENT OF INCOME
		For the Year Ended
		December 31, 2021
		(Dollars in thousands)
INCOME
	Interest income	$	59
EXPENSE
	Other expense		41
	Income before income tax expense and equity in undistributed net income of TC Federal Bank		18
	Income tax expense		4
	Net income before equity in undistributed net income of TC Federal Bank		14
	Equity in undistributed net income of TC Federal Bank		2,626
	Net income	$	2,640

CONDENSED STATEMENT OF CASH FLOW
		For the Year Ended
		December 31, 2021
		(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net income	$	2,640
	Adjustments to reconcile net income to net cash used in operating activities:
	Undistributed net income of TC Federal Bank		(2,626	)
	ESOP expense		266
	Increase in other assets		(3,735	)
	Increase in other liabilities		28
	Net cash used in operating activities		(3,427	)
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital contribution to TC Federal Bank		(20,260	)
	Net cash used in investing activities		(20,260	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from sale of common stock		48,984
	Stock offering expenses		(1,523	)
	Common stock purchased by ESOP		(3,919	)
	Net cash provided by financing activities		43,542
	Net increase in cash		19,855
	Cash at beginning of year		—
	Cash at end of year	$	19,855