12 unchanged sentences
● general economic conditions, either nationally or in our market areas, that are worse than expected;
−Removed: ● changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan and lease losses;
+Added: ● changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses;
● our ability to access cost-effective funding;
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Texas Community Bancshares, Inc.
−Removed: (“Texas Community Bancshares,” the “Company” or “we”) was incorporated in March 2021 to become the holding company for Mineola Community Bank, S.S.B.
−Removed: (“Mineola Community Bank” or the “Bank”) upon the conversion of Mineola Community Mutual Holding Company from a mutual holding company to a stock holding company (the “Conversion”).
+Added: (“Texas Community Bancshares,” the “Company” or “we”) was incorporated in March 2021 to become the holding company for Broadstreet Bank, SSB (“Broadstreet Bank” or the “Bank”) upon the conversion of Mineola Community Mutual Holding Company from a mutual holding company to a stock holding company (the “Conversion”).
The Conversion was completed on July 14, 2021.
−Removed: In connection with the Conversion, the Company sold 3,207,759 shares of common stock at a price of $10.00 per share to depositors of the Bank for net proceeds of $30,394,000, and contributed 50,000 shares of common stock and $75,000 in cash to the Texas Community Bancshares Foundation, Inc.
−Removed: (the “Foundation”).
−Removed: The Company conducts its operations primarily through its wholly owned subsidiary, Mineola Community Bank, a Texas-chartered savings bank.
−Removed: At December 31, 2022, the Company had total consolidated assets of $417,346,000, loans and leases of $253,093,000, deposits of $296,077,000 and stockholders’ equity of $55,870,000.
+Added: In connection with the Conversion, the Company issued 3,257,759 shares of common stock at a price of $10.00 per share.
+Added: The Company conducts its operations primarily through its wholly owned subsidiary, Broadstreet Bank, a Texas-chartered savings bank.
+Added: At December 31, 2023, the Company had total consolidated assets of $452,044,000, net loans and leases of $279,932,000, deposits of $317,241,000 and stockholders’ equity of $53,689,000.
Our executive offices are located at 215 West Broad Street, Mineola, Texas 75773 and our telephone number is (903) 569-2602.
−Removed: Our website address is www.mineolacb.com .
+Added: Our website address is www.broadstreet.bank .
Information on our website is not and should not be considered a part of this annual report.
The Company is a registered bank holding company subject to comprehensive regulation and examination by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and by the Texas Department of Savings and Mortgage Lending.
−Removed: Mineola Community Bank, S.S.B.
−Removed: Mineola Community Bank is a Texas-chartered savings bank headquartered in Mineola, Texas.
+Added: Broadstreet Bank, SSB
+Added: Formerly named Mineola Community Bank, S.S.B., Broadstreet Bank is a Texas-chartered savings bank headquartered in Mineola, Texas.
+Added: On December 4, 2023, the name of the Bank changed from Mineola Community Bank to Broadstreet Bank to be more inclusive of all of the communities we serve.
Our business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings from the Federal Home Loan Bank of Dallas, in residential real estate loans and commercial real estate loans and, to a lesser extent, commercial loans, construction and land loans, and consumer and other loans.
−Removed: Substantially all of Mineola Community Bank’s loans are fixed-rate loans.
−Removed: We also invest in securities,
−Removed: which have historically consisted primarily of mortgage-backed securities and obligations issued by U.S.
−Removed: government sponsored enterprises and others, state and municipal securities, collateralized mortgage obligations, and Federal Home Loan Bank stock.
+Added: The majority of Broadstreet Bank’s loans are currently fixed-rate loans, however the Bank is originating more commercial loans with
+Added: adjustable rates to diversify our loan portfolio and decrease risk associated with fluctuations in market rates.
+Added: We also invest in securities, which have historically consisted primarily of mortgage-backed securities and obligations issued by U.S.
+Added: government sponsored enterprises and others, state and municipal securities, collateralized mortgage obligations, corporate bonds, and Federal Home Loan Bank stock.
We offer a variety of deposit accounts, including checking accounts, money market accounts, savings accounts and certificate of deposit accounts.
−Removed: Mineola Community Bank is subject to comprehensive regulation and examination by the Texas Department of Savings and Mortgage Lending and the Federal Deposit Insurance Corporation and is a member of the Federal Home Loan Bank system.
+Added: Broadstreet Bank is subject to comprehensive regulation and examination by the Texas Department of Savings and Mortgage Lending and the Federal Deposit Insurance Corporation and is a member of the Federal Home Loan Bank system.
We consider Franklin County, Hopkins County, Smith County, Van Zandt County and Wood County, and contiguous areas, as our primary market area for originating loans and gathering deposits.
−Removed: Our main office and five branch offices are located in these counties.
+Added: Our main office, six branch offices and a loan production office (LPO) are located in these counties.
+Added: In 2023, we opened an LPO in Canton, Texas, which is located in Van Zandt County.
+Added: In the first quarter of 2024, the Bank opened an additional branch in Tyler, Texas, which is located in Smith County.
Our branch office in Winnsboro, Texas, is in Wood County, but the Winnsboro city limits also lie within Franklin County and Hopkins County.
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Mineola has become an attractive, lower-cost of living, retirement area for residents of the Dallas area.
−Removed: There are major hospital facilities located in Tyler and numerous recreational facilities located in the vicinity of Mineola including well-known bass fishing lakes, golf courses, and other recreational facilities, all of which have contributed to the influx of population.
−Removed: The work-from-home trend that arose due to the COVID- 19 pandemic has also contributed to area’s population growth.
+Added: There are major hospitals and other healthcare facilities located in Tyler and numerous recreational facilities located in the vicinity of Mineola including well-known bass fishing lakes, golf courses, and other recreational facilities, all of which have contributed to the influx of population.
+Added: The remote work and hybrid work trend has also contributed to the area’s population growth by allowing workers to live further from their place of employment.
+Added: Lindale has become a fast growing community due to the success of the school district, economic development and its proximity to Tyler and Interstate 20.
Major employers in our primary market area include Morton Salt Company (which operates a salt mine in Grand Saline, TX), Sanderson Farms, Inc.
−Removed: (which operates a poultry feed mill in Mineola and an additional facility in Lindale), Target (which has a distribution center in Lindale), local school districts, local governments, Walmart, Inc., Exxon Mobil Corporation, hospitals and other healthcare facilities, and numerous small manufacturing firms.
+Added: (which operates a poultry feed mill in Mineola and an additional facility in Lindale), Target (which has a distribution center in Lindale), local school districts, local governments, Walmart, Inc., Exxon Mobil Corporation, hospitals and other facilities, and numerous small manufacturing firms.
Although there is some oil exploration business in Wood County, the economy of the primary market area is not heavily dependent on it.
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We compete for deposits with banks, savings institutions, credit unions, money market funds, brokerage firms, mutual funds and insurance companies.
−Removed: As of June 30, 2022 (the most recent date for which data is available), our deposit market share in Smith County was 0.15% (22 nd among 25 Federal Deposit Insurance Corporation-insured institutions with offices in the county), 8.12% in Van Zandt County (6 th among 8 Federal Deposit Insurance Corporation-insured institutions with offices in the county) and 17.80% in Wood County (3 rd among 7 Federal Deposit Insurance Corporation-insured institutions with offices in the county).
+Added: As of June 30, 2023 (the most recent date for which data is available), our deposit market share in Smith County was 0.19% (20 th among 26 Federal Deposit Insurance Corporation-insured institutions with offices in the county), 8.49% in Van Zandt County (6 th among 8 Federal Deposit Insurance Corporation-insured institutions with offices in the county) and 18.27% in Wood County (3 rd among 7 Federal Deposit Insurance Corporation-insured institutions with offices in the county).
These are the counties in which our offices are located.
1 unchanged sentence
Our historical lending activity consists primarily of originating one-to four-family residential mortgage loans, commercial real estate loans, and construction and land loans.
−Removed: To a substantially lesser extent,
−Removed: we originate agricultural loans, commercial loans, and consumer and other loans.
−Removed: Substantially all of the loans we originate are fixed rate loans.
+Added: To a substantially lesser extent, we originate agricultural loans, commercial loans, and consumer and other loans.
+Added: The majority of the loans we originate are fixed rate loans, however we have updated our commercial lending terms and are originating more commercial loans with adjustable rates.
Loan Portfolio Composition.
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Real estate loans:
−Removed: One- to four-family residential
+Added: 1-4 family residential
Construction & land
2 unchanged sentences
Consumer and other
−Removed: Net deferred loan fees
Allowance for losses
−Removed: Total loans, net
+Added: Total loans and leases, net
Contractual Maturities.
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Real estate loans:
−Removed: One- to four-family residential
+Added: 1-4 family residential
Construction and land
1 unchanged sentence
Commercial loans
−Removed: Consumer loans
+Added: Consumer and other loans
One- to-Four Family Residential Real Estate Lending .
At December 31, 2023, we had $172.2 million of loans secured by one- to four-family real estate, or 60.8% of total loans.
−Removed: The significant majority of our one- to four-family residential real estate loans are secured by properties located in our primary market area.
+Added: The majority of our one-to-four family residential real estate loans are secured by properties located in our primary market area.
We have also originated residential mortgage loans secured by owner-occupied properties located in the northern and eastern sections of the Dallas Metroplex.
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At December 31, 2023, these loans amounted to $45.1 million, of which $29.2 million were jumbo loans and $15.9 million were conventional loans.
−Removed: Our one- to four-family residential real estate loans are generally underwritten to Fannie Mae guidelines.
+Added: Our one-to-four family residential real estate loans are generally underwritten to Freddie Mac guidelines.
Substantially all of our residential mortgage loans are fixed-rate loans.
3 unchanged sentences
We also do not offer loans that provide for negative amortization of principal, such as “Option ARM” loans, where the borrower can pay less than the interest owed on the loan, resulting in an increased principal balance during the life of the loan.
−Removed: In general, we do not currently offer “subprime loans” on one- to four-family residential real estate loans ( i.e.
−Removed: , generally loans to borrowers with credit scores less than 620).
+Added: In general, we do not currently offer “subprime loans” on one-to-four family residential real estate loans (i.e., generally loans to borrowers with credit scores less than 620).
Commercial Real Estate Loans .
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Substantially all of our commercial real estate loans are fixed-rate balloon loans with a six to ten year initial term and with a 10- to 20-year amortization period.
+Added: In 2023, we changed our commercial real estate loan
+Added: terms to include more adjustable rates tied to the WSJ Prime rate.
The maximum loan-to-value ratio of our commercial real estate loans is generally 80%.
−Removed: At December 31, 2022, we had eleven loans secured by self-storage facilities totaling $12.1 million, nine loans secured by churches totaling $5.2 million, three loans secured by a rural water district totaling $3.3 million, seven loans secured by restaurant/fast food restaurant properties totaling $2.4 million, and seven loans secured by commercial rental properties totaling $1.8 million.
+Added: At December 31, 2023, we had twelve loans secured by self-storage facilities totaling $16.6 million, eight loans secured by churches totaling $4.7 million, two loans secured by a rural water district totaling $3.6 million, five loans secured by restaurant/fast food restaurant properties totaling $2.0 million, and eleven loans secured by commercial rental properties totaling $3.6 million.
At December 31, 2023, all of these loans were performing according to their terms.
We consider a number of factors in originating commercial real estate loans.
−Removed: We evaluate the qualifications and financial condition of the borrower, including credit history, profitability and expertise, as well as the value and
−Removed: condition of the property securing the loan.
−Removed: When evaluating the qualifications of the borrower, we consider the financial resources of the borrower, the borrower’s experience in owning or managing similar property and the borrower’s payment history with us and other financial institutions.
+Added: We evaluate the qualifications and financial condition of the borrower, including credit history, profitability and expertise, as well as the value and condition of the property securing the loan.
+Added: When evaluating the qualifications of the borrower, we consider the financial resources of the borrower, the borrower’s experience in owning or managing similar property, debt service capabilities, global cash flows of the borrower and other guarantors, and the borrower’s payment history with us and other financial institutions.
In evaluating the property securing the loan, the factors we consider include the net operating income of the mortgaged property before debt service and depreciation, the ratio of the loan amount to the appraised value of the mortgaged property, and the debt service coverage ratio (the ratio of net operating income to debt service).
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Personal guarantees are generally obtained from the principals of commercial real estate borrowers.
−Removed: At December 31, 2022, our largest commercial real estate loan relationship consisted of four loans totaling $10.6 million (after the sale of two participation interests totaling $6.5 million), which are secured by self-storage facilities.
+Added: At December 31, 2023, our largest commercial real estate loan relationship consisted of three loans totaling $7.5 million, which are secured by self-storage facilities.
At December 31, 2023, all of these loans were performing according to their original terms.
+Added: Multi-Family Loans.
+Added: At December 31, 2023, we had $9.3 million in multi-family loans, or 3.3% of total loans.
+Added: Multi-family loan underwriting and terms are based on commercial real estate loan guidelines.
+Added: At December 31, 2023, our largest multi-family loan relationship consisted of one loan totaling $7.7 million, which is secured by a townhome apartment complex.
+Added: At December 31, 2023, all multi-family loans were performing according to their original terms.
Construction and Land Loans .
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At December 31, 2023, $11.4 million of our single-family construction loans were to individuals and $5.1 million were to builders.
+Added: At December 31, 2023, our largest single family residence construction loan was for $822,000, with 66.1%, or $543,000 funded.
+Added: At December 31, 2023, our largest construction and land development loan relationship consisted of eight loans totaling $6.4 million, which is the funded portion of the construction projects in process.
+Added: At December 31, 2023, all of these loans were performing according to their original terms.
Our construction loans are primarily secured by properties in our primary market area.
−Removed: We have also developed long-term relationships with a few builders in the northern and eastern sections of the Dallas Metroplex and continue to provide them with financing for some of their residential construction.
−Removed: At December 31, 2022, $713,000 of our single family construction loans in the Metroplex were originated to these builders.
−Removed: An additional $1.2 million of construction loans in the Metroplex were to individual borrowers at December 31, 2022.
+Added: We have also developed long-term relationships with borrowers who now reside in the northern and eastern sections of the Dallas Metroplex and continue to provide them with financing, including residential construction.
+Added: At December 31, 2023, eight construction loans totaling $4.6 million were outstanding to individual borrowers in the Metroplex.
While we may originate loans to builders whether or not the collateral property underlying the loan is under contract for sale, we consider each project carefully in light of current residential real estate market conditions.
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We actively monitor the number of unsold homes in our construction loan portfolio and local housing markets to attempt to maintain an appropriate balance between home sales and new loan originations.
−Removed: We generally will limit the maximum number of speculative units (units that are not pre-sold) approved for each builder, typically starting with one speculative loan per builder until we develop a relationship with the builder.
−Removed: At December 31, 2022, speculative construction loans totaled $9.2 million.
−Removed: Our construction loans are fixed rate interest-only loans that provide for the payment of interest during the construction phase, which is usually up to 12 months.
+Added: We generally will limit the maximum number of speculative units (units that are not
+Added: pre-sold) approved for each builder, typically starting with one speculative loan per builder until we develop a relationship with the builder.
+Added: At December 31, 2023, speculative construction loans consisted of four loans totaling $6.8 million, upon completion.
+Added: Due to the continued growth in our market area, the need for multi-family housing has increased.
+Added: At December 31, 2023, multi-family construction totaled $10.3 million, upon completion, and is primarily apartment construction in our market area.
+Added: Our single-family construction loans are fixed rate interest-only loans that provide for the payment of interest during the construction phase, which is usually up to 12 months.
+Added: Our commercial construction and land development loans are adjustable rate interest-only loans with terms up to 24 months.
At the end of the construction phase, the loan may convert to a permanent mortgage loan or may be paid in full.
1 unchanged sentence
Mortgage insurance pre-approval is required for loans exceeding 80% loan-to-value.
+Added: Commercial construction and land development loans generally can be made with maximum loan-to-value of 80% of the estimated market value of the completed project or loan-to-cost of 80% of the estimated construction costs of the completed project.
Before making a commitment to fund a construction loan, we require an appraisal of the property by an independent licensed appraiser.
We also generally require inspections of the property before disbursements of funds during the term of the construction loan.
−Removed: At December 31, 2022, our largest single family residence construction loan was for $1.4 million, with 48.2%, or $675,000, funded and our largest development loan was $8.0 million, with 78.9%, or $6.3 million funded.
−Removed: Both loans were performing according to the original terms at December 31, 2022 and both loans were in our local communities.
Commercial Loans.
At December 31, 2023, commercial loans were $6.9 million, or 2.4% of total loans.
−Removed: This amount excludes loans originated under the PPP, which are described below.
We make commercial loans primarily to small businesses in our market area.
These loans are generally secured by business assets, such as equipment and accounts receivable.
−Removed: Commercial loans are made with fixed-interest rates and for terms generally up to 60 months.
−Removed: Depending on the collateral used to secure the loans, commercial loans are made in amounts of up to 80% of the value of the collateral securing the loan.
+Added: Commercial loans secured by accounts receivable are made with fixed-interest rates and for terms not to exceed 12 months.
+Added: Commercial equipment loans are made with fixed-interest rates and for terms generally up to 60 months.
+Added: Depending on the collateral used to secure the loans, commercial loans are generally made in amounts of up to 80% of the value of the collateral securing the loan.
When making commercial loans, we consider the financial statements of the borrower, our lending history with the borrower, the debt service capabilities and global cash flows of the borrower and other guarantors, the projected cash flows of the business and the value of the collateral, accounts receivable, inventory and equipment.
−Removed: The CARES Act established the PPP through the SBA, which allowed us to lend money to small businesses to maintain employee payrolls through the COVID-19 crisis with guarantees from the SBA.
−Removed: PPP loans may be forgiven if the borrower maintains employee payrolls and meet certain other requirements.
−Removed: PPP loans have a fixed interest rate of 1.00% per annum and a maturity date of either two or five years.
−Removed: At December 31, 2022, we have two PPP loans totaling $2,000.
−Removed: At December 31, 2022, our largest commercial loan totaled $1.1 million and is secured by manufacturing equipment.
+Added: At December 31, 2023, our largest commercial loan totaled $949,000 and is secured by manufacturing equipment.
Our largest commercial relationship consists of seven loans totaling $1.1 million and is secured by machinery and equipment.
2 unchanged sentences
At December 31, 2023, consumer and other loans were $6.9 million, or 2.4% of total loans.
−Removed: Our consumer loan portfolio generally consists of loans secured predominately by used automobiles, recreational vehicles, all-terrain vehicles and boats, as well as share loans secured by a deposit account at Mineola Community Bank.
+Added: Our consumer loan portfolio generally consists of loans secured predominately by used automobiles, recreational vehicles, all-terrain vehicles and boats, as well as share loans secured by a deposit account at Broadstreet Bank.
Loan Underwriting Risks
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We have generally required that the properties securing these real estate loans have an aggregate debt service ratio, including the guarantor’s cash flows and the borrower’s other projects, of at least 1.20x.
−Removed: An environmental phase one report is obtained when the possibility exists that hazardous materials may have existed on the site, or the site may have been impacted by adjoining properties that handled hazardous materials.
+Added: An environmental phase one report is
+Added: obtained when required by policy or when the possibility exists that hazardous materials may have existed on the site, the site may have been impacted by adjoining properties that handled hazardous materials.
If we foreclose on a commercial real estate loan, the marketing and liquidation period to convert the real estate asset to cash can be lengthy with substantial holding costs.
3 unchanged sentences
Unlike residential real estate loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment or other income, and which are secured by real property whose value tends to be more easily ascertainable, commercial loans and agricultural loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flows of the borrower’s business, and the collateral securing these loans may fluctuate in value.
−Removed: Our commercial loans are originated primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the
+Added: Our commercial loans are originated primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower.
Collateral for commercial loans typically consists of accounts receivable, inventory or equipment.
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Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower.
−Removed: Consumer loan collections depend on the borrower’s continuing financial stability, and therefore are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy.
+Added: Consumer loan collections depend on the borrower’s continuing financial stability, and therefore are likely to be adversely affected
+Added: by various factors, including job loss, divorce, illness or personal bankruptcy.
Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans.
2 unchanged sentences
All loans originated by us are underwritten pursuant to our policies and procedures.
−Removed: We primarily originate fixed-rate loans.
+Added: We primarily originate fixed-rate loans, but we have updated our commercial loan terms to include more adjustable rates.
We originate real estate and other loans through our loan officers, marketing efforts, our customer base, walk-in customers and referrals from real estate brokers, builders and attorneys.
1 unchanged sentence
We underwrite our participation interest in the loan that we are purchasing according to our own underwriting criteria and procedures.
−Removed: At December 31, 2022, we had one purchased construction loan participation interest in commercial real estate of $403,000.
−Removed: At December 31, 2022, we had one purchased construction participation of $1.0 million secured by a hotel and two
−Removed: purchased participations of residential real estate of $207,000.
−Removed: At December 31, 2022, we had one loan, secured by self-storage facilities, for which we had sold two participation interests totaling $6.5 million.
+Added: At December 31, 2023, we had one purchased construction loan participation interest in commercial real estate of $403,000 and one purchased construction participation of $1.0 million secured by a hotel and two purchased participations of residential real estate of $202,000.
+Added: At December 31, 2023, we had one loan for the construction of a convenience store, secured by the completed project of $4.2 million, for which we sold one participation interest totaling $1.2 million.
We generally do not originate loans for sale.
1 unchanged sentence
Loan Approval Procedures and Authority
−Removed: Pursuant to Texas law, Mineola Community Bank is permitted to make loans to any one borrower or a group of related borrowers equal to 15% of unimpaired capital and unimpaired surplus plus an additional 10% of unimpaired capital and unimpaired surplus if the loan is fully secured by readily marketable collateral for a total of 25% of unimpaired capital and unimpaired surplus.
+Added: Pursuant to Texas law, Broadstreet Bank is permitted to make loans to any one borrower or a group of related borrowers not to exceed an amount equal to 25% of the bank’s unimpaired capital and surplus (Tier 1 Capital).
The 25% limit applies to the majority of the loans made.
−Removed: At December 31, 2022, based on this limitation, Mineola Community Bank’s loans-to-one-borrower limit was approximately $12.2 million.
−Removed: Notwithstanding this legal limit, Mineola Community Bank had an in-house limit of $3.0 million at December 31, 2022.
−Removed: At December 31, 2022, our largest loan relationship with one borrower had a net outstanding balance of $10.6 million, after the sale of a $6.5 million participation interest.
−Removed: This loan relationship is secured by self-storage facilities, and was performing according to its original terms at December 31, 2022.
+Added: At December 31, 2023, based on this limitation, Broadstreet Bank’s loans-to-one-borrower limit was approximately $12.0 million.
+Added: Notwithstanding this legal limit, Broadstreet Bank had an in-house limit of $3.0 million for a consumer borrower and $8 million for a commercial borrower at December 31, 2023.
+Added: At December 31, 2023, our largest loan relationship with one borrower had extensions of credit totaling $10.4 million, when fully funded, secured by single-family residential construction and land development projects.
+Added: At December 31, 2023, $7.2 million, or 69.2%, was funded and was performing according to its original terms.
+Added: The largest outstanding relationship with one borrower had a net outstanding balance of $7.7 million.
+Added: This loan relationship is secured by one loan on a townhome apartment complex and was performing according to its original terms at December 31, 2023.
Our lending is subject to written underwriting standards and origination procedures.
12 unchanged sentences
If a loan payment becomes 30 days past due, we mail an additional late notice and a loan-specific letter written by a collection representative, and we also place telephone calls to the borrower.
−Removed: These loan collection efforts continue until a loan becomes 90 days past due, at which point we would refer the loan for foreclosure proceedings unless management determines that it is in the best interest of Mineola Community Bank to work further with the borrower to arrange a workout plan.
+Added: These loan collection efforts continue until a loan becomes 90 days past due, at which point we would refer the loan for foreclosure proceedings unless management determines that it is in the best interest of Broadstreet Bank to work further with the borrower to arrange a workout plan.
The foreclosure process would begin when a loan becomes 120 days delinquent.
−Removed: Loans Past Due and Non-Performing Assets.
+Added: Loans Past Due and Nonperforming Assets.
Loans are reviewed on a regular basis.
−Removed: Management determines that a loan is impaired or non-performing when it is probable at least a portion of the loan will not be collected in accordance with the original terms due to a deterioration in the financial condition of the borrower or the value of the underlying collateral if the loan is collateral dependent.
−Removed: When a loan is determined to be impaired, the measurement of the loan in the allowance for loan and lease losses is based on present value of expected future cash flows, except that all collateral-dependent loans are measured for impairment based on the fair value of the collateral.
−Removed: Non-accrual loans are loans for which collectability is questionable and, therefore, interest on such loans will no longer be recognized on an accrual basis.
−Removed: All loans that become 90 days or more delinquent are placed on non-accrual status unless the loan is well
−Removed: secured and in the process of collection.
−Removed: When loans are placed on non-accrual status, unpaid accrued interest is fully reversed, and further income is recognized only to the extent received on a cash basis or cost recovery method.
+Added: Management determines that a loan is impaired or nonperforming when it is probable at least a portion of the loan will not be collected in accordance with the original terms due to a deterioration in the financial condition of the borrower or the value of the underlying collateral if the loan is collateral dependent.
+Added: When a loan is determined to be collateral dependent, the measurement of the loan in the allowance for credit losses is measured for impairment based on the fair value of the collateral.
+Added: Nonaccrual loans are loans for which collectability is questionable and, therefore, interest on such loans will no longer be recognized on an accrual basis.
+Added: All loans that become 90 days or more delinquent are placed on nonaccrual status unless the loan is well secured and in the process of collection.
+Added: When loans are placed on nonaccrual status, unpaid accrued interest is fully reversed, and further income is recognized only to the extent received on a cash basis or cost recovery method.
When we acquire real estate as a result of foreclosure, the real estate is classified as real estate owned.
1 unchanged sentence
Soon after acquisition, we order a new appraisal to determine the current market value of the property.
−Removed: Any excess of the recorded value of the loan satisfied over the market value of the property is charged against the allowance for loan and lease losses, or, if the existing allowance is inadequate, charged to expense of the current period.
+Added: Any excess of the recorded value of the loan satisfied over the market value of the property is charged against the allowance for credit losses, or, if the existing allowance is inadequate, charged to earnings in the current period.
After acquisition, all costs incurred in maintaining the property are expensed.
Costs relating to the development and improvement of the property, however, are capitalized to the extent of estimated fair value less estimated costs to sell.
−Removed: A loan is classified as a troubled debt restructuring if, for economic or legal reasons related to the borrower’s financial difficulties, we grant a concession to the borrower that we would not otherwise consider.
−Removed: This usually includes a modification of loan terms, such as a reduction of the interest rate to below market terms, capitalizing past due interest or extending the maturity date and possibly a partial forgiveness of the principal amount due.
−Removed: Interest income on restructured loans is accrued after the borrower demonstrates the ability to pay under the restructured terms through a sustained period of repayment performance, which is generally six consecutive months.
−Removed: Under the CARES Act, COVID-19 related modifications to loans that were current as of December 31, 2019 are exempt from troubled debt restructuring classification under accounting principles generally accepted in the United States (“U.S.
−Removed: In addition, the bank regulatory agencies have issued interagency guidance stating that COVID-19 related short-term modifications ( i.e.
−Removed: , six months or less) for loans that were current as of the loan modification program implementation date are not troubled debt restructurings.
−Removed: In 2020, we granted short-term deferrals on 44 mortgage loans and consumer loans that were otherwise performing, totaling approximately $7.2 million and one commercial real estate loan of $1.2 million.
−Removed: As of December 31, 2022, thirteen of these mortgage and consumer loans remained open totaling $3.3 million, with one loan of $196,000 being on nonaccrual status and the remaining loans performing according to their original terms.
−Removed: In addition, the commercial real estate loan was also performing with a remaining balance of $943,000.
Delinquent Loans .
−Removed: The following table sets forth our loan delinquencies, including non-accrual loans, by type and amount at the dates indicated.
+Added: The following table sets forth our loan delinquencies, including nonaccrual loans, by type and amount at the dates indicated.
At December 31,
1 unchanged sentence
Real estate loans:
−Removed: One- to four-family residential
+Added: 1-4 family residential
Construction and land
2 unchanged sentences
Consumer loans
−Removed: Non-Performing Assets.
−Removed: The following table sets forth information regarding our non-performing assets.
−Removed: There were four non-accruing troubled debt restructurings included in non-accrual loans as of December 31, 2022 totaling $364,000 and $410,000 as of December 31, 2021.
−Removed: One PPP loan of $1,000 was considered non-performing at December 31, 2022 and $13,000 at December 31, 2021.
+Added: Nonperforming Assets.
+Added: The following table sets forth information regarding our nonperforming assets.
+Added: There were four non-accruing loans modified to borrowers experiencing financial difficulties included in nonaccrual loans as of December 31, 2023 totaling $323,000 and $364,000 as of December 31, 2022.
At December 31,
(Dollars in thousands)
−Removed: Non-accrual loans:
+Added: Nonaccrual loans:
Real estate loans:
−Removed: One- to four-family residential
+Added: 1-4 family residential
Construction and land
2 unchanged sentences
Consumer loans
−Removed: Total non-accrual loans
+Added: Total nonaccrual loans
Accruing loans past due 90 days or more
+Added: Other nonperforming loans under 90 days past due
Real estate owned:
−Removed: One- to four-family residential
+Added: 1-4 family residential
Construction and land
1 unchanged sentence
Total real estate owned
−Removed: Total non-performing assets
−Removed: Total accruing troubled debt restructured loans
−Removed: Total non-performing loans to total loans
−Removed: Total non-accruing loans to total loans
−Removed: Total non-performing assets to total assets
+Added: Total nonperforming assets
+Added: Total nonperforming loans to total loans
+Added: Total nonaccruing loans to total loans
+Added: Total nonperforming assets to total assets
Classified Assets .
5 unchanged sentences
General allowances represent loss allowances which have been established to cover probable accrued losses associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets.
−Removed: When an insured
−Removed: institution classifies problem assets as “loss,” it is required either to establish a specific allowance for losses equal to 100% of that portion of the asset so classified or to charge-off such amount.
+Added: When an insured institution classifies problem assets as “loss,” it is required either to establish a specific allowance for losses equal to
+Added: 100% of that portion of the asset so classified or to charge-off such amount.
An institution’s determination as to the classification of its assets and the amount of its valuation allowances is subject to review by the regulatory authorities, such that additional general or specific loss allowances may be required.
8 unchanged sentences
Foreclosed assets
−Removed: Allowance for Loan and Lease Losses
−Removed: The allowance for loan and lease losses is maintained at a level which, in management’s judgment, is adequate to absorb probable credit losses inherent in the loan portfolio.
−Removed: The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific impaired loans, and economic conditions.
−Removed: Allowances for impaired loans are generally determined based on collateral values or the present value of estimated cash flows.
−Removed: Because of uncertainties associated with regional economic conditions, collateral values, and future cash flows on impaired loans, it is reasonably possible that management’s estimate of probable credit losses inherent in the loan portfolio and the related allowance may change materially in the near-term.
−Removed: The allowance is increased by a provision for loan and lease losses, which is charged to expense and reduced by full and partial charge-offs, net of recoveries.
−Removed: Changes in the allowance relating to impaired loans are charged or credited to the provision for loan and lease losses.
−Removed: Management’s periodic evaluation of the adequacy of the allowance is based on various factors, including, but not limited to, management’s ongoing review and grading of loans, facts and issues related to specific loans, historical loan loss and delinquency experience, trends in past due and non-accrual loans, existing risk characteristics of specific loans or loan pools, the fair value of underlying collateral, current economic conditions and other qualitative and quantitative factors which could affect potential credit losses.
−Removed: As an integral part of their examination process, the Texas Department of Savings and Mortgage Lending and the Federal Deposit Insurance Corporation will periodically review our allowance for loan and lease losses, and as a result of such reviews, we may have to adjust our allowance for loan and lease losses.
−Removed: However, regulatory agencies are not directly involved in the process for establishing the allowance for loan and lease losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.
−Removed: The following table sets forth activity in our allowance for loan and lease losses for the periods indicated.
+Added: Allowance for Credit Losses
+Added: The allowance for credit losses is maintained at a level which, in management’s judgment, is adequate to absorb current expected credit losses inherent in the loan portfolio.
+Added: The amount of the allowance is based on management’s evaluation of the collectability of the loan portfolio, including the nature of the portfolio, credit concentrations, trends in historical loss experience, specific collateral dependent loans, and economic conditions.
+Added: Allowances for collateral dependent loans are generally determined based on collateral values or the present value of estimated cash flows.
+Added: Because of uncertainties associated with regional economic conditions, collateral values, and future cash flows on collateral dependent loans, it is reasonably possible that management’s estimate of current expected credit losses inherent in the loan portfolio and the related allowance may change materially in the near-term.
+Added: The allowance is increased by a provision for credit losses, which is charged to expense and reduced by full and partial charge-offs, net of recoveries.
+Added: Changes in the allowance relating to collateral dependent loans are charged or credited to the provision for credit losses.
+Added: Management’s periodic evaluation of the adequacy of the allowance is based on various factors, including, but not limited to, management’s ongoing review and grading of loans, facts and issues related to specific loans, historical loan loss and delinquency experience, trends in past due and nonaccrual loans, existing risk characteristics of specific loans or loan pools, the fair value of underlying collateral, current economic conditions and other qualitative and quantitative factors which could affect potential credit losses.
+Added: As an integral part of their examination process, the Texas Department of Savings and Mortgage Lending and the Federal Deposit Insurance Corporation will periodically review our allowance for credit losses, and as a result of such reviews, we may have to adjust our allowance for credit losses.
+Added: However, regulatory agencies are not directly involved in the process for establishing the allowance for credit losses as the process is our responsibility and any increase or decrease in the allowance is the responsibility of management.
+Added: The following table sets forth activity in our allowance for credit losses on loans for the periods indicated.
At or For the Years Ended
(Dollars in thousands)
−Removed: Allowance for loan and lease losses at beginning of year
−Removed: Provision for loan and lease losses
+Added: Allowance for credit losses at beginning of year
+Added: Provision for credit losses
Real estate loans:
−Removed: One- to four-family residential
+Added: 1-4 family residential
Construction and land
5 unchanged sentences
Real estate loans:
−Removed: One- to four-family residential
+Added: 1-4 family residential
Construction and loan
4 unchanged sentences
Net (charge-offs) recoveries
−Removed: Allowance for loan and lease losses at end of year
−Removed: Allowance for loan and lease losses to non-performing loans
−Removed: Allowance for loan and lease losses to total loans outstanding at the end of the year
+Added: Overage from off-balance sheet credit exposures
+Added: Adjustment for adoption of CECL methodology
+Added: Allowance for credit losses at end of year
+Added: Allowance for credit losses to nonperforming loans
+Added: Allowance for credit losses to total loans outstanding at the end of the year
Net (charge-offs) recoveries to average loans outstanding during the year
−Removed: Allocation of Allowance for Loan and Lease Losses.
−Removed: The following tables set forth the allowance for loan and lease losses allocated by loan category and the percent of the allowance in each category to the total allocated allowance at the dates indicated.
−Removed: The allowance for loan and lease losses allocated to each category is not necessarily indicative of future losses in any particular category and does not restrict the use of the allowance to absorb losses in other categories.
+Added: Allocation of Allowance for Credit Losses.
+Added: The following tables set forth the allowance for credit losses allocated by loan category and the percent of the allowance in each category to the total allocated allowance at the dates indicated.
+Added: The allowance for credit losses allocated to each category is not necessarily indicative of future losses in any particular category and does not restrict the use of the allowance to absorb losses in other categories.
At December 31,
1 unchanged sentence
Real estate loans:
−Removed: One- to four-family residential & multi-family
+Added: 1-4 Residential & multi-family
Construction and land
1 unchanged sentence
Commercial loans
−Removed: Consumer loans
+Added: Consumer and other loans
Total allocated allowance
1 unchanged sentence
The goals of our investment policy is to maximize portfolio yield over the long term in a manner that is consistent with minimizing risk, meeting liquidity needs, meeting pledging requirements, and meeting asset/liability management and interest rate risk strategies.
−Removed: Subject to loan demand and our interest rate risk analysis, we will increase the balance of our investment securities portfolio when we have excess liquidity.
+Added: Subject to loan demand and our interest rate risk analysis, we may increase the balance of our investment securities portfolio when we have excess liquidity.
Our investment policy was adopted by the board of directors and is reviewed annually by the board of directors.
8 unchanged sentences
federal funds and money market funds.
−Removed: At December 31, 2022, our investment portfolio consisted of U.S.
−Removed: Treasury securities, securities and obligations issued by U.S.
+Added: At December 31, 2023, our investment portfolio consisted of securities and obligations issued by U.S.
Government-sponsored enterprises and others including mortgage-backed securities and collateralized mortgage obligations, corporate bonds including bank subordinated debt as well as state and municipal securities.
2 unchanged sentences
As of December 31, 2023 and 2022, all of our available for sale investment securities are carried at fair value through accumulated other comprehensive loss and our held to maturity securities are carried at cost.
+Added: The following table summarizes securities available for sale:
+Added: Percentage of
+Added: Percentage of
+Added: Securities available for sale:
+Added: Residential mortgage-backed
+Added: Collateralized mortgage obligations
+Added: State and municipal
+Added: Corporate bonds
+Added: Government and agency
+Added: Total securities available for sale
+Added: The following table sets forth information regarding fair values, weighted average yields and maturities of available for sale investments.
+Added: The yields have been computed on a tax equivalent basis.
+Added: Maturities are based on the final contractual payment dates and do not reflect the impact of prepayments or early redemptions that may occur.
+Added: December 31, 2023
+Added: Due in One Year
+Added: One to Five Years
+Added: Five to Ten Years
+Added: After Ten Years
+Added: Total Investment Securities
+Added: Securities available for sale:
+Added: Residential mortgage-backed
+Added: Collateralized mortgage obligations
+Added: State and municipal
+Added: Corporate bonds
+Added: Government and agency
+Added: Total securities available for sale
+Added: The following table summarizes securities held to maturity:
+Added: Percentage of
+Added: Percentage of
+Added: Securities held to maturity:
+Added: Residential mortgage-backed
+Added: State and municipal
+Added: Government and agency
+Added: Total securities held to maturity
+Added: The following table sets forth information regarding amortized costs, weighted average yields and maturities of all held to maturity investments.
+Added: The yields have been computed on a tax equivalent basis.
+Added: Maturities are based on the final contractual payment dates and do not reflect the impact of prepayments or early redemptions that may occur.
+Added: December 31, 2023
+Added: Due in One Year
+Added: One to Five Years
+Added: Five to Ten Years
+Added: After Ten Years
+Added: Total Investment Securities
+Added: Securities held to maturity:
+Added: Residential mortgage-backed
+Added: State and municipal
+Added: Government and Agency
+Added: Total securities held to maturity
For additional information regarding our investment securities portfolio, see Note 3 to the notes to consolidated financial statements.
+Added: During the year ended December 31, 2023, the Company entered into interest rate swap agreements with a total notional amount of $25 million to hedge the risk of changes in the fair value of fixed rate available for sale securities for changes in the Secured Overnight Financing Rate (SOFR).
+Added: For additional information regarding the fair value hedge, see Note 21 to the notes to consolidated financial statements.
Sources of Funds
9 unchanged sentences
Deposit rates and terms are based primarily on current operating strategies and market rates, liquidity requirements, rates paid by competitors and growth goals.
−Removed: We rely upon personalized customer service, long-standing relationships with customers, and the favorable image of Mineola Community Bank in the community to attract and retain local deposits.
+Added: We rely upon personalized customer service, long-standing relationships with customers, and the favorable image of Broadstreet Bank in the community to attract and retain local deposits.
We also seek to obtain deposits from our commercial loan customers.
11 unchanged sentences
Certificates of deposit
−Removed: At December 31, 2022 and 2021, the aggregate amount of uninsured deposits (which are deposits in amounts greater than $250,000, which is the maximum amount for federal deposit insurance) was $17.4 million and $28.3 million, respectively.
+Added: At December 31, 2023 and 2022, the aggregate amount of uninsured deposits, which includes deposit account balances in excess of $250,000, which is the maximum amount for federal deposit insurance, was $37.2 million and $29.4 million, respectively.
At December 31, 2023 and 2022, the aggregate amount of all our uninsured certificates of deposit was $8.6 million and $5.9 million, respectively.
At December 31, 2023 and December 31, 2022, we had no deposits that were uninsured for any reason other than being in excess of the maximum amount for federal deposit insurance.
−Removed: December 31, 2022, we had $12.0 million in callable brokered certificates of deposit that were fully insured and issued as part of an investment strategy.
+Added: At December 31, 2023, we had $12.0 million in callable brokered certificates of deposit that were fully insured and issued as part of an investment strategy.
The following table sets forth the maturity of our uninsured certificates of deposit at December 31, 2023.
13 unchanged sentences
Subsidiary Activities
−Removed: Mineola Community Bank is the sole and wholly owned subsidiary of Texas Community Bancshares, Inc.
−Removed: Mineola Community Bank has one subsidiary, Mineola Financial Service Corporation, which is currently inactive.
+Added: Broadstreet Bank is the sole and wholly owned subsidiary of Texas Community Bancshares, Inc.
+Added: Broadstreet Bank has one subsidiary, Mineola Financial Service Corporation, which is currently inactive.
Supervision and Regulation
−Removed: As a Texas-chartered savings bank, Mineola Community Bank is subject to examination and regulation by the Texas Department of Savings and Mortgage Lending, and is also subject to examination by the Federal Deposit Insurance Corporation as deposit insurer.
−Removed: The state and federal system of regulation and supervision establishes a comprehensive framework of activities in which Mineola Community Bank may engage and is intended primarily for the protection of depositors and the Federal Deposit Insurance Corporation’s Deposit Insurance Fund, and not for the protection of security holders.
−Removed: Mineola Community Bank also is a member of and owns stock in the Federal Home Loan Bank of Dallas, which is one of the 11 regional banks in the Federal Home Loan Bank System.
+Added: As a Texas-chartered savings bank, Broadstreet Bank is subject to examination and regulation by the Texas Department of Savings and Mortgage Lending, and is also subject to examination by the Federal Deposit Insurance Corporation as deposit insurer.
+Added: The state and federal system of regulation and supervision establishes a comprehensive framework of activities in which Broadstreet Bank may engage and is intended primarily for the protection of depositors and the Federal Deposit Insurance Corporation’s Deposit Insurance Fund, and not for the protection of security holders.
+Added: Broadstreet Bank also is a member of and owns stock in the Federal Home Loan Bank of Dallas, which is one of the 11 regional banks in the Federal Home Loan Bank System.
Under this system of regulation, the regulatory authorities have extensive discretion in connection with their supervisory, enforcement, rulemaking and examination activities and policies, including rules or policies that:
2 unchanged sentences
govern the classification of assets;
−Removed: provide oversight for the adequacy of loan loss reserves for regulatory purposes;
+Added: provide oversight for the adequacy of the allowance for credit losses for regulatory purposes;
and establish the timing and amounts of assessments and fees.
−Removed: Moreover, as part of their examination authority, the banking regulators assign numerical ratings to banks and savings institutions relating to capital, asset quality, management, liquidity, earnings and other factors.
+Added: Moreover, as part of their examination authority, the banking regulators assign numerical ratings to banks and savings institutions relating to capital, asset quality, management, liquidity, earnings and
+Added: other factors.
These ratings are inherently subjective and the receipt of a less than satisfactory rating in one or more categories may result in enforcement action by the banking regulators against a financial institution.
−Removed: A less than satisfactory rating may also prevent a financial institution, such as Mineola Community Bank or its holding company, from obtaining necessary
−Removed: regulatory approvals to access the capital markets, pay dividends, acquire other financial institutions or establish new branches.
+Added: A less than satisfactory rating may also prevent a financial institution, such as Broadstreet Bank or its holding company, from obtaining necessary regulatory approvals to access the capital markets, pay dividends, acquire other financial institutions or establish new branches.
In addition, we must comply with significant anti-money laundering and anti-terrorism laws and regulations, Community Reinvestment Act laws and regulations, and fair lending laws and regulations.
−Removed: Mineola Community Bank must comply with consumer protection regulations issued by the Consumer Financial Protection Bureau, as enforced by the Federal Deposit Insurance Corporation.
+Added: Broadstreet Bank must comply with consumer protection regulations issued by the Consumer Financial Protection Bureau, as enforced by the Federal Deposit Insurance Corporation.
Government agencies have the authority to impose monetary penalties and other sanctions on institutions that fail to comply with these laws and regulations, which could significantly affect our business activities, including our ability to acquire other financial institutions or expand our branch network.
1 unchanged sentence
It is required to file certain reports with the Federal Reserve Board and is subject to examination by and the enforcement authority of the Federal Reserve Board.
−Removed: Additionally, the Federal Reserve Board may directly examine the subsidiaries of a bank holding company, including Mineola Community Bank.
+Added: Additionally, the Federal Reserve Board may directly examine the subsidiaries of a bank holding company, including Broadstreet Bank.
Texas Community Bancshares is also subject to the rules and regulations of the Securities and Exchange Commission under the federal securities laws.
−Removed: Any change in applicable laws or regulations, whether by the Texas Department of Savings and Mortgage Lending, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Securities and Exchange Commission or Congress, could have a material adverse impact on the operations and financial performance of Texas Community Bancshares and Mineola Community Bank.
−Removed: Set forth below is a brief description of material regulatory requirements that are or will be applicable to Mineola Community Bank and Texas Community Bancshares.
−Removed: The description is limited to certain material aspects of the statutes and regulations addressed, and is not intended to be a complete description of such statutes and regulations and their effects on Mineola Community Bank and Texas Community Bancshares.
+Added: Any change in applicable laws or regulations, whether by the Texas Department of Savings and Mortgage Lending, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Securities and Exchange Commission or Congress, could have a material adverse impact on the operations and financial performance of Texas Community Bancshares and Broadstreet Bank.
+Added: Set forth below is a brief description of material regulatory requirements that are or will be applicable to Broadstreet Bank and Texas Community Bancshares.
+Added: The description is limited to certain material aspects of the statutes and regulations addressed, and is not intended to be a complete description of such statutes and regulations and their effects on Broadstreet Bank and Texas Community Bancshares.
Savings Bank Regulation
Business Activities.
−Removed: As a Texas-chartered savings bank, Mineola Community Bank is subject to supervision and regulation by the Texas Department of Savings and Mortgage Lending and the Federal Deposit Insurance Corporation.
−Removed: The Texas Department of Savings and Mortgage Lending supervises and regulates all areas of Mineola Community Bank’s operations including, without limitation, the making of loans, the issuance of securities, the conduct of corporate affairs, the satisfaction of capital adequacy requirements, the payment of dividends, and the establishment or closing of banking offices.
+Added: As a Texas-chartered savings bank, Broadstreet Bank is subject to supervision and regulation by the Texas Department of Savings and Mortgage Lending and the Federal Deposit Insurance Corporation.
+Added: The Texas Department of Savings and Mortgage Lending supervises and regulates all areas of Broadstreet Bank’s operations including, without limitation, the making of loans, the issuance of securities, the conduct of corporate affairs, the satisfaction of capital adequacy requirements, the payment of dividends, and the establishment or closing of banking offices.
The Texas Department of Savings and Mortgage Lending also conducts examinations of state savings banks and generally conducts joint examinations with the Federal Deposit Insurance Corporation.
The Texas Department of Savings and Mortgage Lending charges assessments and fees which recover the costs of examining state savings banks, processing applications and other filings and covering direct and indirect expenses in regulating state savings banks.
−Removed: The Texas Department of Savings and Mortgage Lending also has certain enforcement powers over Mineola Community Bank.
−Removed: The Federal Deposit Insurance Corporation is Mineola Community Bank’s primary federal regulator, which periodically examines Mineola Community Bank’s operations and financial condition and compliance with federal consumer protection laws.
−Removed: In addition, Mineola Community Bank’s deposit accounts are insured by the Federal Deposit Insurance Corporation to the maximum extent permitted by law, and it has certain enforcement powers over the Bank.
−Removed: Mineola Community Bank is empowered by statute, subject to the limitations contained in those statutes, to take and pay interest on savings and time deposits, to accept demand deposits, to make loans on residential and other real estate, to make consumer and commercial loans, to invest, with certain limitations, in equity securities and in debt obligations of banks and corporations and to provide various other banking services for the benefit of Mineola Community Bank’s customers.
−Removed: Various state consumer laws and regulations also affect the operations of Mineola Community Bank, including state usury laws and consumer credit laws.
+Added: The Texas Department of Savings and Mortgage Lending also has certain enforcement powers over Broadstreet Bank.
+Added: The Federal Deposit Insurance Corporation is Broadstreet Bank’s primary federal regulator, which periodically examines Broadstreet Bank’s operations and financial condition and compliance with federal consumer protection laws.
+Added: In addition, Broadstreet Bank’s deposit accounts are insured by the Federal Deposit Insurance Corporation to the maximum extent permitted by law, and it has certain enforcement powers over the Bank.
+Added: Broadstreet Bank is empowered by statute, subject to the limitations contained in those statutes, to take and pay interest on savings and time deposits, to accept demand deposits, to make loans on residential and other real estate, to make consumer and commercial loans, to invest, with certain limitations, in equity securities and in debt obligations of banks and corporations and to provide various other banking services for the benefit of Broadstreet Bank’s customers.
+Added: Various state consumer laws and regulations also affect the operations of Broadstreet Bank, including state usury laws and consumer credit laws.
Texas law further provides that, subject to the limitations established by rule of the Texas Finance Commission, a Texas savings bank may make any loan or investment or engage in any activity permitted under state law for a bank or savings and loan association or under federal law for a federal savings and loan association, savings bank or national bank if such institution’s principal office is located in Texas.
5 unchanged sentences
Federal regulations require federally insured depository institutions to meet several minimum capital standards:
−Removed: a common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets ratio of 8.0%, and a 4.0% Tier 1 capital to total assets leverage ratio.
+Added: a common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets ratio of 8.0%, and a 4.0% Tier 1 capital (tier 1 leverage ratio) to total assets.
In determining the amount of risk-weighted assets for calculating risk-based capital ratios, all assets, including certain off-balance sheet assets ( e.g.
6 unchanged sentences
Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt.
−Removed: Also included in Tier 2 capital is the allowance for loan and lease losses limited to a maximum of 1.25% of risk-weighted assets.
+Added: Also included in Tier 2 capital is the allowance for credit losses, including the allowance for credit losses on off-balance sheet credit exposures, limited to a maximum of 1.25% of risk-weighted assets.
Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations.
7 unchanged sentences
Failure to meet the qualifying criteria within the grace period or maintain a leverage ratio of 8% or greater requires the institution to comply with the generally applicable regulatory capital requirements.
−Removed: The CARES Act lowered the community bank leverage ratio to 8%, with federal regulation making the reduced ratio effective April 23, 2020.
−Removed: Another rule was issued to transition back to the 9% community bank leverage ratio by increasing the ratio to 8.5% for calendar year 2021 and to 9% thereafter.
−Removed: In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements.
−Removed: At December 31, 2022, Mineola Community Bank had opted into the community bank leverage ratio framework and its capital exceeded all applicable requirements.
+Added: At December 31, 2023, Broadstreet Bank had opted into the community bank leverage ratio framework and its capital exceeded all applicable requirements.
Loans-to-One Borrower.
2 unchanged sentences
The Texas Finance Code adopts the lending limit applicable to federal savings associations under federal law for state savings banks, however, Texas savings bank are permitted under the expansion of power authority to adopt the legal lending limit applicable to national banks or state banks.
−Removed: Generally (subject to certain exceptions) the lending limit for loans to one person for national banks and state banks is 15% of unimpaired capital and unimpaired surplus plus an additional 10% of unimpaired capital and unimpaired surplus if the loan is fully secured by readily marketable collateral.
−Removed: The lending limit for state banks in Texas is generally 15% of unimpaired capital and unimpaired surplus plus an additional 10% of unimpaired capital and unimpaired surplus if the loan is fully secured by readily marketable collateral.
−Removed: The adoption of the lending limit for national banks or state banks must incorporate the limitations applicable to the standard adopted.
−Removed: Mineola Community Bank has adopted the lending limit applicable to state banks or 15% of unimpaired capital and unimpaired surplus plus an additional 10% of unimpaired capital and unimpaired surplus for a total of 25% if the loan is fully secured by readily marketable collateral.
−Removed: At December 31, 2022, Mineola Community Bank was in compliance with the loans-to-one borrower limitations.
+Added: Generally (subject to certain exceptions) the lending limit for loans to one borrower may not exceed an amount equal to 25% of the bank’s unimpaired capital and surplus (Tier 1 Capital).
+Added: Broadstreet Bank has adopted the lending limit applicable to state banks or 25% of the bank’s unimpaired capital and surplus (Tier 1 Capital).
+Added: At December 31, 2023, Broadstreet Bank was in compliance with the loans-to-one borrower limitations.
Capital Distributions.
The Federal Deposit Insurance Act generally provides that an insured depository institution may not make any capital distribution if, after making such distribution, the institution would fail to meet any applicable regulatory capital requirement.
−Removed: Unless the approval of the Federal Deposit Insurance Corporation is obtained, Mineola Community Bank may not declare or pay a dividend if the total of all dividends declared during the calendar year, including the proposed dividend, exceeds the sum of its net income during the current calendar year and the retained net income of the prior two calendar years.
−Removed: Under Texas law, Mineola Community Bank is permitted to declare and pay a dividend on capital stock only out of current or retained income.
+Added: Unless the approval of the Federal Deposit Insurance Corporation is obtained, Broadstreet Bank may not declare or pay a dividend if the total of all dividends declared during the calendar year, including the proposed dividend, exceeds the sum of its net income during the current calendar year and the retained net income of the prior two calendar years.
+Added: Under Texas law, Broadstreet Bank is permitted to declare and pay a dividend on capital stock only out of current or retained income.
Community Reinvestment Act and Fair Lending Laws.
All insured depository institutions have a responsibility under the Community Reinvestment Act and related regulations to help meet the credit needs of their communities, including low- and moderate-income borrowers.
−Removed: The Federal Deposit Insurance Corporation is required to assess Mineola Community Bank’s record of compliance with the Community Reinvestment Act.
+Added: The Federal Deposit Insurance Corporation is required to assess Broadstreet Bank’s record of compliance with the Community Reinvestment Act.
An institution’s failure to comply with the provisions of the Community Reinvestment Act could, at a minimum, result in denial of certain corporate applications such as branches or mergers, or in restrictions on its activities.
2 unchanged sentences
The Community Reinvestment Act requires all institutions insured by the Federal Deposit Insurance Corporation to publicly disclose their rating.
−Removed: Mineola Community Bank received a “satisfactory” Community Reinvestment Act rating in its most recent federal examination.
+Added: Broadstreet Bank received a “satisfactory” Community Reinvestment Act rating in its most recent federal examination.
Transactions with Related Parties.
An insured depository institution’s authority to engage in transactions with its affiliates is generally limited by Sections 23A and 23B of the Federal Reserve Act and federal regulation.
−Removed: An affiliate is generally a company that controls, or is under common control with, an insured depository institution such as Mineola Community Bank.
−Removed: Texas Community Bancshares will be an affiliate of Mineola Community Bank because of its control
−Removed: of Mineola Community Bank.
+Added: An affiliate is generally a company that controls, or is under common control with, an insured depository institution such as Broadstreet Bank.
+Added: Texas Community Bancshares will be an affiliate of Broadstreet Bank because of its control of Broadstreet Bank.
In general, transactions between an insured depository institution and its affiliates are subject to certain quantitative limits and collateral requirements.
1 unchanged sentence
Finally, transactions with affiliates must be consistent with safe and sound banking practices, not involve the purchase of low-quality assets and be on terms that are as favorable to the institution as comparable transactions with non-affiliates.
−Removed: Mineola Community Bank’s authority to extend credit to its directors, executive officers and 10% stockholders, as well as to entities controlled by such persons, is currently governed by the requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the Federal Reserve Board.
+Added: Broadstreet Bank’s authority to extend credit to its directors, executive officers and 10% stockholders, as well as to entities controlled by such persons, is currently governed by the requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the Federal Reserve Board.
Among other things, these provisions generally require that extensions of credit to insiders:
● be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features;
−Removed: ● not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of Mineola Community Bank’s capital.
−Removed: In addition, extensions of credit in excess of certain limits must be approved by Mineola Community Bank’s board of directors.
+Added: ● not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of Broadstreet Bank’s capital.
+Added: In addition, extensions of credit in excess of certain limits must be approved by Broadstreet Bank’s board of directors.
Extensions of credit to executive officers are subject to additional limits based on the type of extension involved.
11 unchanged sentences
Federal law permits insured state banks to engage in interstate branching if the laws of the state where the new banking office is to be established would permit the establishment of the banking office if it were chartered by a bank in such state.
−Removed: Under current Texas law, Mineola Community Bank can establish a branch in Texas or in any other state.
+Added: Under current Texas law, Broadstreet Bank can establish a branch in Texas or in any other state.
All branch applications require prior approval of the Texas Department of Savings and Mortgage Lending and the Federal Deposit Insurance Corporation.
−Removed: Finally, Mineola Community Bank may also establish banking offices in other states by merging with banks or by purchasing banking offices of other banks in other states, subject to certain restrictions.
+Added: Finally, Broadstreet Bank may also establish banking offices in other states by merging with banks or by purchasing banking offices of other banks in other states, subject to certain restrictions.
Prompt Corrective Action.
7 unchanged sentences
An institution is considered to be “critically undercapitalized” if it has a ratio of tangible equity (as defined in the regulations) to total assets that is equal to or less than 2.0%.
−Removed: At each successive lower capital category, an insured depository institution is subject to more restrictions and prohibitions, including restrictions on growth, restrictions on interest rates paid on deposits, restrictions or prohibitions on the payment of dividends, and restrictions on the acceptance of brokered deposits.
+Added: At each successive lower capital category, an insured depository institution is subject to more restrictions and prohibitions, including restrictions on growth, restrictions on interest rates paid on deposits, restrictions or prohibitions
+Added: on the payment of dividends, and restrictions on the acceptance of brokered deposits.
Furthermore, if an insured depository institution is classified in one of the undercapitalized categories, it is required to submit a capital restoration plan to the appropriate federal banking agency, and the holding company must guarantee the performance of that plan.
4 unchanged sentences
The previously referenced final rule establishing an elective “community bank leverage ratio” regulatory capital framework provides that a qualifying institution whose capital exceeds the community bank leverage ratio and opts to use that framework will be considered “well-capitalized” for purposes of prompt corrective action.
−Removed: At December 31, 2022, Mineola Community Bank met the criteria for being considered “well capitalized.”
+Added: At December 31, 2023, Broadstreet Bank met the criteria for being considered “well capitalized.”
Insurance of Deposit Accounts.
−Removed: The Deposit Insurance Fund of the Federal Deposit Insurance Corporation insures deposits at Federal Deposit Insurance Corporation-insured financial institutions such as Mineola Community Bank, generally up to a maximum of $250,000 per separately insured depositor.
+Added: The Deposit Insurance Fund of the Federal Deposit Insurance Corporation insures deposits at Federal Deposit Insurance Corporation-insured financial institutions such as Broadstreet Bank, generally up to a maximum of $250,000 per separately insured depositor.
The Federal Deposit Insurance Corporation charges insured depository institutions premiums to maintain the Deposit Insurance Fund.
2 unchanged sentences
The Federal Deposit Insurance Corporation has authority to increase insurance assessments.
−Removed: Any significant increases would have an adverse effect on the operating expenses and results of operations of Mineola Community Bank.
+Added: Any significant increases would have an adverse effect on the operating expenses and results of operations of Broadstreet Bank.
We cannot predict what assessment rates will be in the future.
Insurance of deposits may be terminated by the Federal Deposit Insurance Corporation upon a finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations, or has violated any applicable law, regulation, rule, order or condition imposed by the Federal Deposit Insurance Corporation.
−Removed: Mineola Community Bank does not know of any practice, condition or violation that may lead to termination of its deposit insurance.
+Added: Broadstreet Bank does not know of any practice, condition or violation that may lead to termination of its deposit insurance.
Privacy Regulations.
−Removed: Federal regulations generally require that Mineola Community Bank disclose its privacy policy, including identifying with whom it shares a customer’s “non-public personal information,” to customers at the time of establishing the customer relationship and annually thereafter.
−Removed: In addition, Mineola Community Bank is required to provide its customers with the ability to “opt-out” of having their personal information shared with unaffiliated third parties and not to disclose account numbers or access codes to non-affiliated third parties for marketing purposes.
−Removed: Mineola Community Bank currently has a privacy protection policy in place and believes that such policy is in compliance with the regulations.
+Added: Federal regulations generally require that Broadstreet Bank disclose its privacy policy, including identifying with whom it shares a customer’s “non-public personal information,” to customers at the time of establishing the customer relationship and annually thereafter.
+Added: In addition, Broadstreet Bank would be required to provide its customers with the ability to “opt-out” of having their personal information shared with unaffiliated third parties and not to disclose account numbers or access codes to non-affiliated third parties for marketing purposes, however, the Bank does not share personal information requiring the opt-out notice.
+Added: Broadstreet Bank currently has a privacy protection policy in place and believes that such policy is in compliance with the regulations.
USA PATRIOT Act.
−Removed: Mineola Community Bank is subject to the USA PATRIOT Act, which gives federal agencies additional powers to address terrorist threats through enhanced domestic security measures, expanded surveillance powers, increased information sharing, and broadened anti-money laundering requirements.
−Removed: The USA PATRIOT Act contains provisions intended to encourage information sharing among bank regulatory agencies and law enforcement bodies and imposes affirmative obligations on financial institutions, such as enhanced recordkeeping and customer identification requirements.
+Added: Broadstreet Bank is subject to the USA PATRIOT Act, which gives federal agencies additional powers to address terrorist threats through enhanced domestic security measures, expanded surveillance powers, increased information sharing, and broadened anti-money laundering requirements.
+Added: The USA PATRIOT Act
+Added: contains provisions intended to encourage information sharing among bank regulatory agencies and law enforcement bodies and imposes affirmative obligations on financial institutions, such as enhanced recordkeeping and customer identification requirements.
Prohibitions Against Tying Arrangements .
1 unchanged sentence
Other Regulations
−Removed: Interest and other charges collected or contracted for by Mineola Community Bank are subject to state usury laws and federal laws concerning interest rates.
+Added: Interest and other charges collected or contracted for by Broadstreet Bank are subject to state usury laws and federal laws concerning interest rates.
Loan operations are also subject to state and federal laws applicable to credit transactions, such as the:
3 unchanged sentences
● Rules and regulations of the various federal agencies charged with the responsibility of implementing such federal laws.
−Removed: The deposit operations of Mineola Community Bank also are subject to, among others, the:
+Added: The deposit operations of Broadstreet Bank also are subject to, among others, the:
● Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;
2 unchanged sentences
Federal Home Loan Bank System
−Removed: Mineola Community Bank is a member of the Federal Home Loan Bank System, which consists of 11 regional Federal Home Loan Banks.
+Added: Broadstreet Bank is a member of the Federal Home Loan Bank System, which consists of 11 regional Federal Home Loan Banks.
The Federal Home Loan Bank provides a central credit facility primarily for member institutions.
Members of the Federal Home Loan Bank are required to acquire and hold shares of capital stock in their Federal Home Loan Bank.
−Removed: Mineola Community Bank complied with this requirement at December 31, 2022.
+Added: Broadstreet Bank complied with this requirement at December 31, 2023.
Based on redemption provisions of the Federal Home Loan Bank of Dallas, the stock has no quoted market value and is carried at cost.
−Removed: Mineola Community Bank reviews for impairment, based on the ultimate recoverability, the cost basis of the Federal Home Loan Bank of Dallas stock.
+Added: Broadstreet Bank reviews for impairment, based on the ultimate recoverability, the cost basis of the Federal Home Loan Bank of Dallas stock.
At December 31, 2023, no impairment had been recognized.
3 unchanged sentences
In addition, the Federal Reserve Board has enforcement authority over Texas Community Bancshares and its non-savings bank subsidiaries.
−Removed: Among other things, this authority permits the Federal Reserve Board to restrict or prohibit activities that are determined to be a serious risk to Mineola Community Bank.
+Added: Among other things, this authority permits the Federal Reserve Board to restrict or prohibit activities that are determined to be a serious risk to Broadstreet Bank.
A bank holding company is generally prohibited from engaging in non-banking activities, or acquiring direct or indirect control of more than 5% of the voting securities of any company engaged in non-banking activities.
16 unchanged sentences
The ability of a holding company to pay dividends may be restricted if a subsidiary bank becomes undercapitalized.
−Removed: The policy statement also states that a holding company should inform the Federal Reserve Board supervisory staff before redeeming or
−Removed: repurchasing common stock or perpetual preferred stock if the holding company is experiencing financial weaknesses or if the repurchase or redemption would result in a net reduction, at the end of a quarter, in the amount of such equity instruments outstanding compared with the beginning of the quarter in which the redemption or repurchase occurred.
+Added: The policy statement also states that a holding company should inform the Federal Reserve Board supervisory staff before redeeming or repurchasing common stock or perpetual preferred stock if the holding company is experiencing financial weaknesses or if the repurchase or redemption would result in a net reduction, at the end of a quarter, in the amount of such equity instruments outstanding compared with the beginning of the quarter in which the redemption or repurchase occurred.
These regulatory policies may affect the ability of Texas Community Bancshares to pay dividends, repurchase shares of common stock or otherwise engage in capital distributions.
1 unchanged sentence
Under the Change in Bank Control Act, no person or group of persons may acquire “control” of a bank holding company, such as Texas Community Bancshares, unless the Federal Reserve Board has been given 60 days’ prior written notice and has not issued a notice disapproving the proposed acquisition, taking into consideration certain factors, including the financial and managerial resources of the acquirer and the competitive effects of the acquisition.
−Removed: Control, as defined under federal law, means ownership, control of or holding irrevocable proxies representing more than 25% of any class of voting stock, control in any manner of the election of a majority of the institution’s directors, or a determination by the regulator that the acquirer has the power, directly or indirectly, to exercise a controlling influence over the management or policies of the institution.
+Added: Control, as defined under federal law, means ownership, control of or holding irrevocable proxies representing more than 25% of any class of voting stock, control in any manner of the election of a majority of the institution’s directors, or
+Added: a determination by the regulator that the acquirer has the power, directly or indirectly, to exercise a controlling influence over the management or policies of the institution.
There is a presumption of control upon the acquisition of 10% or more of a class of voting stock if the holding company involved has its shares registered under the Securities Exchange Act of 1934, or, of the holding company involved does now have its shares registered under the Securities Exchange Act of 1934, if no other persons will own, control or hold the power to vote a greater percentage of that class of voting security after the acquisition.
14 unchanged sentences
(i) the end of the fiscal year following the fifth anniversary of the completion of the Conversion;
−Removed: (ii) the first fiscal year after our annual gross revenues are $1.07 billion (adjusted for inflation) or more;
+Added: (ii) the first fiscal year after our total annual gross revenues are $1.235 billion (adjusted for inflation) or more;
(iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities;
−Removed: or (iv) the end of any fiscal year in which the market value of our common stock held by non-affiliates exceeded $700 million at the end of the
−Removed: second quarter of that fiscal year.
+Added: or (iv) the end of any fiscal year in which the market value of our common stock held by non-affiliates exceeded $700 million at the end of the second quarter of that fiscal year.
We expect to lose our status as an emerging growth company effective December 31, 2026, which is the end of the fiscal year following the fifth anniversary of the completion date of the Conversion.
−Removed: Mineola Community Bank and Texas Community Bancshares are subject to federal and state income taxation in the same general manner as other corporations, with some exceptions discussed below.
−Removed: The following discussion of federal and state taxation is intended only to summarize certain pertinent tax matters and is not a comprehensive description of the tax rules applicable to Texas Community Bancshares or Mineola Community Bank.
+Added: Broadstreet Bank and Texas Community Bancshares are subject to federal and state income taxation in the same general manner as other corporations, with some exceptions discussed below.
+Added: The following discussion of federal and state taxation is intended only to summarize certain pertinent tax matters and is not a comprehensive description of the tax rules applicable to Texas Community Bancshares or Broadstreet Bank.
Our federal and state tax returns have not been audited for the past five years.
1 unchanged sentence
Method of Accounting.
−Removed: Mineola Community Bank currently reports income and expenses on the accrual method of accounting and use a tax year ending December 31 for filing their federal income tax returns.
+Added: Broadstreet Bank currently reports income and expenses on the accrual method of accounting and use a tax year ending December 31 for filing their federal income tax returns.
The Small Business Protection Act of 1996 eliminated the use of the reserve method of accounting for income taxes on bad debt reserves by savings institutions.
−Removed: For taxable years beginning after 1995, Mineola Community Bank has been subject to the same bad debt reserve rules as commercial banks.
+Added: For taxable years beginning after 1995, Broadstreet Bank has been subject to the same bad debt reserve rules as commercial banks.
It currently utilizes the specific charge-off method under Section 582(a) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).
−Removed: Texas Community Bancshares and Mineola Community Bank will file a consolidated federal income tax return.
+Added: Texas Community Bancshares and Broadstreet Bank will file a consolidated federal income tax return.
Alternative Minimum Tax.
3 unchanged sentences
The Tax Cuts and Jobs Act repealed the alternative minimum tax for income generated after January 1, 2018.
−Removed: At December 31, 2022, Mineola Community Bank had no minimum tax credit carryovers.
+Added: At December 31, 2023, Broadstreet Bank had no minimum tax credit carryovers.
Net Operating Loss Carryovers.
As a result of the Tax Cuts and Jobs Act generally, a financial institution may carry net operating losses forward indefinitely.
−Removed: At December 31, 2022, Mineola Community Bank had no federal net operating loss carryforwards.
+Added: At December 31, 2023, Broadstreet Bank had no federal net operating loss carryforwards.
Capital Loss Carryovers.
4 unchanged sentences
Any undeducted loss remaining after the five-year carryover period is no longer deductible.
−Removed: At December 31, 2022, Mineola Community Bank had no capital loss carryovers.
+Added: At December 31, 2023, Broadstreet Bank had no capital loss carryovers.
Corporate Dividends.
Texas Community Bancshares, Inc.
−Removed: may generally exclude from its income 100% of dividends received from Mineola Community Bank, as a member of the same affiliated group of corporations.
+Added: may generally exclude from its income 100% of dividends received from Broadstreet Bank, as a member of the same affiliated group of corporations.
+Added: The Internal Revenue Code imposes a stock repurchase excise tax equal to 1% of the fair market value of any stock of the Company that is repurchased by the Company during the taxable year beginning January 1, 2023.
+Added: The tax is not included in income tax expense, but is recognized as a cost of the stock repurchased and reflected in the end of year treasury stock balance.
State Taxation
Texas State Taxation .
−Removed: Texas Community Bancshares and Mineola Community Bank file a combined annual report and pay franchise tax to the State of Texas.
+Added: Texas Community Bancshares and Broadstreet Bank file a combined annual report and pay franchise tax to the State of Texas.
Maryland State Taxation.
1 unchanged sentence
Not applicable, as Texas Community Bancshares is a “smaller reporting company.”
−Removed: Unresolved Staff Comments
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.