Private company

Tectonic Financial, Inc.

Tectonic Financial, Inc. is an American state commercial bank that raised $40 million in 2026 (SEC Form D).1 It is headquartered in Dallas, Texas.1

Last updated Oct 20, 2026.

Overview

  • IndustryState Commercial Banks1
  • HeadquartersDallas, Texas1
  • Incorporated inTX2
  • Business address16200 Dallas Parkway, Suite 190, Dallas, Tx 752482
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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Services . From its single location, the Bank operates three lending verticals where it has established expertise: SBA and U.S.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

186.3%Net margin5
16.1%Revenue growth, 20245
12.3%Return on equity5
-$86.8MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Interest63¢$31.6M
  • Income tax9¢$4.4M
  • Profit28¢$13.9M

Out of $7.5M in revenue.5

Financial statements

Revenue6789105$7.5M in 2024+59% since 2018
0$2.0M$4.0M$6.0M$8.0M2018: $4.7M$4.7M20182019: $5.1M$5.1M2019+8%2020: $5.1M$5.1M2020+1%2021: $6.3M$6.3M2021+22%2022: $6.1M$6.1M2022−2%2023: $6.4M$6.4M2023+6%2024: $7.5M$7.5M2024+16%
Net income6789105$13.9M in 2024+45% since 2018
0$5.0M$10.0M$15.0M$20.0M2018: $9.6M$9.6M20182019: $7.9M$7.9M2019−18%2020: $10.9M$10.9M2020+39%2021: $17.0M$17.0M2021+56%2022: $17.0M$17.0M2022−0%2023: $15.2M$15.2M2023−11%2024: $13.9M$13.9M2024−8%
Fiscal year2018201920202021202220232024
Revenue$4.7M6$5.1M7$5.1M8$6.3M9$6.1M10$6.4M5$7.5M5
Interest$4.4M6$6.2M7$5.3M8$3.6M9$5.9M10$19.1M5$31.6M5
Income before tax$21.8M9$21.5M10$19.1M5$18.3M5
Income tax$1.0M6$1.9M7$3.0M8$4.8M9$4.4M10$3.8M5$4.4M5
Net income$9.6M6$7.9M7$10.9M8$17.0M9$17.0M10$15.2M5$13.9M5
Earnings per share$1.346$0.987$1.438$2.289$2.1910$1.945$1.715
Earnings per share (diluted)$1.346$0.987$1.428$2.219$2.1110$1.875$1.685
Shares (weighted, basic)6.8M shares97.1M shares107.1M shares57.1M shares5
Shares (weighted, diluted)7.0M shares97.3M shares107.3M shares57.2M shares5

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Corporate structure

Tectonic Financial, Inc. sits at the top of its group. 5 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Tectonic Financial, Inc.

  • A. Haag Sherman Filed SCHEDULE 13D/A on Tectonic Financial, Inc., latest Jan 8, 2026 (2 filings since Feb 15, 2022)
  • Tectonic Financial, Inc. Dallas, Texas
    • HWG Insurance LLC Subsidiary · Texas, United States
    • Sanders Morris LLC Subsidiary · Texas, United States
    • T Bancshares, Inc. Subsidiary · Texas, United States
    • Tectonic Advisors, LLC Subsidiary · Texas, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Tectonic Financial, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$6.4M5 Dec 31, 2024$6.2M5 Dec 31, 2023+3.4%
Accumulated depreciation$1.7M5 Dec 31, 2024$1.4M5 Dec 31, 2023+16.8%
Property and equipment, net$4.7M5 Dec 31, 2024$4.8M5 Dec 31, 2023−0.6%

Investments

ItemLatestA year beforeChange
Loans, net of allowance$660.2M5 Dec 31, 2024$494.8M5 Dec 31, 2023+33.4%
Deposits held (banks)$711.1M5 Dec 31, 2024$526.9M5 Dec 31, 2023+35.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$21.4M5 Dec 31, 2024$21.4M5 Dec 31, 20230%
Intangible assets, net (excluding goodwill)$359.0K10 Dec 31, 2023$569.0K10 Dec 31, 2022−36.9%
Finite-lived intangibles, gross$1.7M5 Dec 31, 2024$1.7M5 Dec 31, 20230%
Accumulated amortization$1.6M5 Dec 31, 2024$1.3M5 Dec 31, 2023+15.6%
Finite-lived intangibles, net$149.0K5 Dec 31, 2024$359.0K5 Dec 31, 2023−58.5%

Properties, in its own words

Our main office is located in a two-story, approximately 33,000 square foot commercial office building located at 16200 Dallas Parkway, Dallas, Texas 75248, which is owned by the Bank. The Bank occupies approximately 36% of the building and leases out the remainder to other tenants.

We also lease space at: (a) 600 Travis, Houston, Texas 77002, comprising 14,402 square feet (expires in April 2026) for offices of Sanders Morris, Tectonic Advisors and HWG, (b) 17 Cowboys Way, Suite 250, Frisco, Texas 75034, comprising 2,141 square feet (expires in January 2034) for offices of Tectonic Advisors and HWG, (c) 5950 Sherry Lane, Suite 470, Dallas, Texas 75225, comprising 2,508 square feet, which lease expires in August 2029 for offices of Sanders Morris’s Dallas branch, (d) 8900 Indian Creek Parkway, Overland Park, Kansas 66210, comprising 4,947 square feet, which lease expires in May 2027 for offices of the Bank’s Nolan division, and (e) 6300 Ridglea Place, Fort Worth, Texas 76116, comprising 4,139 square feet, which lease expires in January 2027 for offices of the Bank’s Integra Division. Management believes that the principal terms of the leases are consistent with prevailing market terms and conditions and that these facilities are in good condition and adequate to meet our current needs.

Item 2 of the 10-K filed Mar 31, 2025.4

Leadership

Who has led Tectonic Financial, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Patrick J. Howard2019
  2. A. Haag Sherman2019–now

Chair

  1. A. Haag Sherman2019
  2. Darrell Cain2022–2023

President

  1. Patrick J. Howard2019–2020
  2. David John Clifford2025–now

Chief financial officer

  1. Ken Bramlage2019–2020
  2. Michelle Kay Baird2025–now

Chief operating officer

  1. Patrick J. Howard2019–2020
  2. David John Clifford2025–now
20202025
Board members and other officers (10)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • HWG Insurance LLC Texas3
  • Sanders Morris LLC Texas3
  • T Bancshares, Inc. Texas3
  • Tectonic Advisors, LLC Texas3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • T Acquisition, Inc.Feb 13, 2019 to Apr 18, 20192

Timeline

  1. Feb 19, 20268-K Other events29
  2. Feb 12, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure30
  3. Jan 27, 20268-K Other events31
  4. Jan 15, 20268-K Listing notice or transfer; Regulation FD disclosure; Other events32
  5. Jan 9, 20268-K Financial statements and exhibits33
  6. Jan 5, 20268-K Completed an acquisition or sale; Executive or director change; Other events34
  7. Dec 19, 20258-K Entered a material agreement; Executive or director change; Other events35
  8. Oct 28, 20258-K Other events36
  9. Jul 25, 20258-K Other events37
  10. May 14, 20258-K Executive or director change38
  11. Apr 25, 20258-K Other events39
  12. Feb 7, 20258-K Executive or director change40
  13. May 15, 2019New chief executive A. Haag Sherman becomes CEO14
  14. May 13, 2019New chief executive Patrick J. Howard becomes CEO13

Filings

70 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 29 major events, 20 insider forms, 2 large holders, 1 private raises, 1 other. The latest 20:

  1. Feb 25, 2026D EDGAR
  2. Feb 24, 202615-12G EDGAR
  3. Feb 19, 20264 PRIMARY DOCUMENT EDGAR
  4. Feb 19, 20264 PRIMARY DOCUMENT EDGAR
  5. Feb 19, 20264 PRIMARY DOCUMENT EDGAR
  6. Feb 19, 20264 PRIMARY DOCUMENT EDGAR
  7. Feb 19, 20268-K EDGAR
  8. Feb 12, 20268-K EDGAR
  9. Jan 27, 20268-K EDGAR
  10. Jan 15, 20268-K EDGAR
  11. Jan 9, 20268-K/A EDGAR
  12. Jan 8, 2026SCHEDULE 13D/A EDGAR
  13. Jan 7, 20264 PRIMARY DOCUMENT EDGAR
  14. Jan 7, 20264 PRIMARY DOCUMENT EDGAR
  15. Jan 7, 20264 PRIMARY DOCUMENT EDGAR
  16. Jan 7, 20264 PRIMARY DOCUMENT EDGAR
  17. Jan 5, 20268-K EDGAR
  18. Dec 19, 20258-K EDGAR
  19. Nov 14, 202510-Q EDGAR
  20. Oct 28, 20258-K EDGAR

The 70 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 8 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 5, 2026Clapp Steven BDirectorSale172,480$23.57$4.1MForm 4
Jan 5, 2026Sanders Thomas RDirectorSale172,480$23.57$4.1MForm 4
Jan 5, 2026SHERMAN A HAAGChief Executive OfficerSale20,000$5.70$114.0KForm 4
Dec 2, 2024Cain DarrellDirectorSale2,000$10.31$20.6KForm 4
Nov 26, 2024Cain DarrellDirectorSale5,000$10.33$51.6KForm 4
Nov 17, 2023Cain DarrellDirectorBuy1,000$10.10$10.1KForm 4
Aug 18, 2023Cain DarrellDirectorBuy2,000$10.14$20.3KForm 4
May 18, 2023Cain DarrellDirectorBuy2,000$10.15$20.3KForm 4
Nov 17, 2022Cain DarrellDirectorBuy1,000$10.34$10.3KForm 4
Jun 7, 2022McDougal ThomasDirectorBuy10,000$10.48$104.8KForm 4
Jun 2, 2022McDougal ThomasDirectorBuy390$10.45$4.1KForm 4
Jun 1, 2022McDougal ThomasDirectorBuy4,577$10.36$47.4KForm 4
May 11, 2022Cain DarrellDirectorBuy1,000$10.54$10.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Feb 11, 2026Raised $40 million in a private offering of debt Form D: 20 investors so far Form D

SEC filer profile

How Tectonic Financial, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTectonic Financial, Inc.1
  • CIK0001766526
  • Employer ID (EIN)82-07648464
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inTexas4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6022 State Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address16200 Dallas Parkway, Suite 190, Dallas, TX 752481
  • Phone972-720-90001
  • Shares outstanding6,776,601 as of Nov 13, 202512
  • Public float$0 as of Jun 30, 20245
  • AuditorWhitley Penn LLP, Plano, Texas PCAOB ID 726; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceFeb 13, 20191
  • Filings144 in all: 8-K (44), 4 (29), 10-Q (21), 3 (14), 10-K (6), CORRESP (3), D (3), 8-K/A (2)1
    All 27 form types

    FWP (2), S-1/A (2), UPLOAD (2), 10-K/A (1), 15-12G (1), 25-NSE (1), 4/A (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), DRSLTR (1), EFFECT (1), NT 10-K (1), S-1 (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2025
    Quarterly report (10-Q) Nov 14, 2025
    Latest 8-K (8-K) Feb 19, 2026

Securities registered for trading

ClassSymbolExchange
Series B preferred stock, $0.01 par value per shareTECTPNasdaq

From the cover page of the 10-K filed Mar 31, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Tectonic Financial, Inc. names in Item 1A of its 10-K filed Mar 31, 2025: 77 risks under these headings, as written.4

  • Risks Related to Our Business
  • Our business has been and may continue to be adversely affected by current conditions in the financial markets and economic conditions generally.
  • We experience elevated risks associated with SBA 7(a) loans due to higher default rates and borrower sensitivity to rising interest rates.
  • We may experience potential adverse effects arising from our recent CEO transition.
  • Liquidity risk, including our ability to maintain our deposit base or other funding sources, could adversely affect our ability to fund operations and hurt our financial condition.
  • We depend on wholesale funding sources, which causes our cost of funds to be higher when compared to other financial institutions and poses future funding risks if the Bank becomes less than “well capitalized” under the prompt corrective action framework, or PCA.
  • We may not be able to grow and maintain our deposit base, and deposit outflow may increase reliance on wholesale borrowings and brokered deposits.
  • The Company is subject to interest rate risk and changes in interest rates could affect our net interest margins and net interest income, the value of our assets and obligations, and the availability and cost of capital or liquidity.
  • Our securities portfolio is subject to risk of loss; the fair value of our investment securities can fluctuate due to factors outside of our control.
  • We are subject to consolidated capital ratio requirements, and therefore have to hold additional capital.
  • If we are unable to sell additional services and products to existing clients or attract new clients in a manner that is cost-effective and assures client success, we will not be able to grow our business, which could adversely affect our results of operations and financial condition.
  • We may not be able to implement aspects of our expansion strategy, which may adversely affect our ability to maintain our historical earnings trends.
The other 66 risks
  • New lines of business or new products and services may subject us to additional risk.
  • Acquisitions may subject us to integration risks and other unknown risks.
  • Growth of our business could result in increased costs.
  • The soundness of other financial institutions could adversely affect us.
  • Negative public opinion regarding us or failure to maintain our reputation in the communities we serve could adversely affect our business and prevent us from growing our business.
  • Significant revenues and profits are generated as a result of our relationship with Cain Watters, and a change in the relationship or decline in Cain Watters’ business could adversely affect us.
  • We depend on key personnel, and may have difficulty identifying, attracting and retaining necessary personnel, to execute our business strategy and successfully expand our operations. This risk includes the risk of retirement of key professionals in leadership roles, including loan officers, members of our SBA team, and financial advisors and brokers.
  • The employment market has become increasingly competitive; We may have difficulty attracting and retaining skilled personnel.
  • A decline in general business and economic conditions and any regulatory responses to such conditions could have a material adverse effect on our business, financial position, results of operations and growth prospects.
  • SBA program reductions may have an adverse effect on our SBA lending operations.
  • Lower Trucking Margins and Revenues Negatively Impact Trucking Industry and Factoring
  • Our business is concentrated in, and dependent upon, the continued growth and welfare of our primary market, and adverse economic conditions in such market could negatively impact our operations and clients.
  • We have a loan concentration related to the acquisition and financing of dental practices.
  • A governmental shutdown or curtailment of government guaranteed loan programs could affect a segment of our business.
  • We face specific risks associated with retention of unguaranteed portions of SBA loans.
  • Commercial lending generally involves a higher degree of risk than retail residential mortgage lending.
  • The level of our commercial real estate loan portfolio may subject us to heightened regulatory scrutiny.
  • Our factoring services through the Bank’s Integra factoring division are concentrated in the transportation industry and economic conditions or other factors negatively impacting the transportation industry could adversely affect our factoring business; factoring invoice levels are at historical highs.
  • The success of our trust services is dependent upon market fluctuations and a non-diversified source for its growth.
  • We are subject to possible claims and litigation pertaining to fiduciary responsibility.
  • We could suffer material credit losses.
  • Our levels of nonperforming assets could increase, which could adversely affect our results of operations and financial condition, and could result in losses in the future.
  • Our allowance for credit losses may not be sufficient to absorb actual losses.
  • Our legal lending limits may impair our ability to attract borrowers and ability to compete with larger financial institutions.
  • The small- to medium-sized businesses that we lend to may have fewer resources to weather adverse business conditions, which may impair their ability to repay a loan, and such impairment could adversely affect our results of operations and financial condition.
  • Our commercial finance clients, particularly with respect to the Bank’s Integra factoring division, may lack the operating history, cash flows or balance sheet necessary to support other financing options and may expose us to additional credit risk, especially if our additional controls for such products are ineffective in mitigating such additional risks.
  • Certain of our loans are not secured by property but dependent on the earning capacity of the borrower.
  • The Company’s use of appraisals in deciding whether to make a loan on or secured by real property does not ensure the value of the real property collateral.
  • Fee revenue represents a significant portion of our consolidated revenue and is subject to decline, among other things, in the event of a reduction in, or changes to, the level or type of investment activity by our clients and market declines.
  • The business operations of Sanders Morris may face limitations due to net capital requirements.
  • The wealth management, trust and brokerage business is highly competitive. If we are not able to compete successfully against current and future competitors, our business, financial condition, and results of operations will be adversely affected.
  • Underperformance or declines in our investments, in either relative or absolute terms, may reduce the profitability of our wealth management and advisory business.
  • Standard investment management contracts we have with our clients are terminable without cause and on relatively short notice by our clients, which makes us vulnerable to short-term declines in the performance of the securities under our management.
  • We continue to experience pricing pressures in areas of our business which may impair our future revenue and profitability.
  • We face strong competition from other insurance agencies, which may adversely affect our operations and financial condition.
  • A failure to appropriately identify and address potential conflicts of interest could adversely affect our businesses.
  • We may incur significant losses due to ineffective risk management processes and strategies.
  • If we fail to maintain effective internal control over financial reporting, we may not be able to report our financial results accurately and timely, in which case our business may be harmed, investors may lose confidence in the accuracy and completeness of our financial reports, we could be subject to regulatory penalties and the price of the Series B preferred stock may decline.
  • We are required to make significant estimates and assumptions in the preparation of our financial statements and our estimates and assumptions may not be accurate.
  • We may be required to recognize a significant charge to earnings if our goodwill or other intangible assets become impaired.
  • We may elect or be compelled to seek additional capital, but that capital may not be available, or it may be dilutive.
  • We face intense competition from larger banks, financial institutions and financial technology (FinTech) companies that could hurt our business.
  • We continually encounter technological change, and we may have fewer resources than many of our competitors to invest in technological improvements.
  • We depend on third party systems, so a systems failure could significantly disrupt our business. These and other operational risks may disrupt our business, result in regulatory action against us, or limit our growth.
  • We are exposed to cybersecurity risks associated with our internet-based systems and online commerce security, and our information systems could experience an interruption, failure, breach in security, or cyber-attack.
  • We are subject to certain operating risks related to employee error and customer, employee and third party misconduct and fraudulent activity, which could harm our reputation and business.
  • Factoring products offered by the Bank’s Integra factoring division may expose us to an increased risk of fraud.
  • We rely on client and counterparty information, which subjects us to risks if that information is not accurate or is incomplete.
  • Climate change and government action and societal responses may materially affect the Company’s business and results of operations.
  • A natural disaster could harm our business.
  • The costs and effects of litigation, investigations or similar matters, or adverse facts and developments related thereto, could materially affect our business, operating results and financial condition.
  • The Company is subject to environmental risks associated with owning real estate or collateral.
  • Risks Related to Our Regulatory Environment
  • We are subject to extensive government regulation and supervision, which could constrain our growth and profitability.
  • We are subject to stringent capital requirements that may limit our operations and potential growth.
  • Federal banking agencies periodically conduct examinations of our banking business, including compliance with laws and regulations, and our failure to comply with any supervisory actions which we are, or may become, subject to as a result of such examinations may adversely affect us.
  • We are subject to numerous laws designed to protect consumers, including the CRA and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.
  • We face a risk of noncompliance and enforcement action with the BSA and other anti-money laundering statutes and regulations.
  • Additional regulations and rule making impacting the transportation industry may have a disproportionate impact on the small-to-mid-sized trucking businesses that comprise our primary transportation factoring clients and adversely affect the factoring business conducted by the Bank’s Integra factoring division.
  • Sanders Morris and Tectonic Advisors are subject to substantial regulation. If we fail to comply with applicable requirements, our business will be adversely affected.
  • Regulations relating to privacy, information security and data protection could increase our costs, affect or limit how we collect and use personal information and adversely affect our business opportunities.
  • We can be subject to legal and regulatory proceedings, investigations and inquiries related to conduct risk.
  • Risks Related to an Investment in the Series B Preferred Stock
  • The Series B preferred stock is an equity security and is subordinate to our existing and future indebtedness, which could adversely impact our ability to pay dividends on the Series B preferred stock.
  • The Series B preferred stock may be junior in rights and preferences to our future preferred stock.
  • Additional issuances of preferred stock or securities convertible into preferred stock may further dilute existing holders of the Series B preferred stock.
  • Payment of dividends by the Company on its common stock, corporate spin-offs or other corporate actions may diminish the amount of capital and/or earning power of the Company to pay dividends on, or redeem, its Series B preferred stock.
  • Dividends on the Series B preferred stock are discretionary and non-cumulative, and our future ability to pay dividends is subject to restrictions.

Legal proceedings

We are involved, from time to time, as plaintiff or defendant in various legal actions arising in the normal course of our business. Based on the information presently available, management believes that the ultimate outcome in such proceedings, in the aggregate, will not have a material adverse effect on the financial condition or results of operations of the Company on a consolidated basis. However, changes in circumstances or additional information could result in additional accruals or resolution of these matters in excess of established accruals, which could adversely affect our financial condition, results of operations or cash flows, potentially materially.

The opening of Item 3, Legal Proceedings.4

Sources

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