0001781730false00017817302025-01-222025-01-22
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): January 22, 2025 |
THIRD COAST BANCSHARES, INC.
(Exact name of Registrant as Specified in Its Charter)
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Texas |
001-41028 |
46-2135597 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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20202 Highway 59 North Suite 190 |
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Humble, Texas |
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77338 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: 281 446-7000 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s) |
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Name of each exchange on which registered
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Common stock, par value $1.00 per share |
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TCBX |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On January 22, 2025, Third Coast Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2024. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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THIRD COAST BANCSHARES, INC. |
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Date: |
January 22, 2025 |
By: |
/s/ R. John McWhorter |
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R. John McWhorter Chief Financial Officer |
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News Release |
Contact: Ken Dennard / Natalie Hairston Dennard Lascar Investor Relations (713) 529-6600 TCBX@dennardlascar.com |
FOR IMMEDIATE RELEASE
Third Coast Bancshares, Inc. Reports
2024 Fourth Quarter and Full Year Financial Results
Year Over Year Book Value grew 12.8% and Tangible Book Value(1) grew 13.6%
HOUSTON – January 22, 2025 – Third Coast Bancshares, Inc. (NASDAQ: TCBX) (the “Company,” “Third Coast,” “we,” “us,” or “our”), the bank holding company for Third Coast Bank, today reported its 2024 fourth quarter and full year financial results.
2024 Fourth Quarter Financial Highlights
•Net income totaled $13.7 million, or $0.92 and $0.79 per basic and diluted share, respectively, compared to $12.8 million, or $0.85 and $0.74 per basic and diluted share, respectively, for the third quarter of 2024.
•Net interest income totaled $43.4 million, representing an increase of 7.6% from $40.4 million in the third quarter of 2024.
•Return on average assets of 1.13% annualized for the quarter compared to 1.14% annualized for the third quarter of 2024 and 0.90% annualized for the fourth quarter of 2023.
•Efficiency Ratio improved to 58.80% for the fourth quarter of 2024 from 59.57% for the third quarter of 2024.
•Gross loans grew $76.6 million to $3.97 billion, 2.0% more than the $3.89 billion reported as of September 30, 2024.
•Book value per share and tangible book value per share(1) increased to $28.65 and $27.29, respectively, compared to $28.13 and $26.75, respectively, as of September 30, 2024.
2024 Full Year Financial and Operational Highlights
•Net income totaled $47.7 million, or $3.14 and $2.78 per basic and diluted share, respectively, for the year ended December 31, 2024, compared to $33.4 million, or $2.11 and $1.98 per basic and diluted share, respectively, for the year ended December 31, 2023.
•Total assets increased $546.4 million to $4.94 billion as of December 31, 2024, or 12.4% over the $4.40 billion reported as of December 31, 2023.
•Gross loans grew $327.6 million to $3.97 billion as of December 31, 2024, 9.0% more than the $3.64 billion reported as of December 31, 2023.
____________________________
(1) Non-GAAP financial measure. Please refer to the table titled “GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures” at the end of this news release for a reconciliation of these non-GAAP financial measures.
•Deposits increased $507.4 million to $4.31 billion as of December 31, 2024, or 13.3% over the $3.80 billion reported as of December 31, 2023.
•Opened three de novo branches in Austin, The Woodlands, and Houston, Texas.
Bart Caraway, Founder, Chairman, President & Chief Executive Officer of Third Coast, said, “I take tremendous pride in our remarkable team. Third Coast has exceptionally talented and dedicated bankers who consistently achieve outstanding results. For example, our fourth quarter net interest income was $43.4 million, reflecting robust growth over the past 14 quarters. This impressive milestone is just one of the noteworthy metrics that reflect our core values and underscore our commitment to operational efficiency and profitability. We delivered many other positive metrics that highlight not only our strategic initiatives, but also the unwavering loyalty and tireless work of our entire team.
“Looking ahead, we are excited about the potential to further strengthen our position and continue producing outstanding results. Third Coast remains focused on sustaining this momentum by innovating and adapting to evolving market conditions. We continue to explore new opportunities that align with our growth objectives while staying true to our mission of delivering exceptional value to our stakeholders,” Mr. Caraway concluded.
Operating Results
Net Income and Earnings Per Share
Net income totaled $13.7 million for the fourth quarter of 2024, compared to $12.8 million for the third quarter of 2024 and $9.7 million for the fourth quarter of 2023. Net income available to common shareholders totaled $12.5 million for the fourth quarter of 2024, compared to $11.6 million for the third quarter of 2024 and $8.5 million for the fourth quarter of 2023. The quarter-over-quarter increase was primarily due to an increase in net interest income, resulting from loan growth and additional investments in federal funds sold and interest-bearing deposits with correspondent banks, offset by a slightly higher provision for credit loss and an increase in salary and employee benefit expenses during the fourth quarter of 2024. Dividends on our Series A Convertible Non-Cumulative Preferred Stock (“Series A Preferred Stock”) totaled $1.2 million for each of the quarters ended December 31, 2024 and September 30, 2024.
Basic and diluted earnings per share were $0.92 per share and $0.79 per share, respectively, in the fourth quarter of 2024, compared to $0.85 per share and $0.74 per share, respectively, in the third quarter of 2024 and $0.62 per share and $0.57 per share, respectively, in the fourth quarter of 2023.
Net Interest Margin and Net Interest Income
The net interest margin for the fourth quarter of 2024 was 3.71%, compared to 3.73% for the third quarter of 2024 and 3.61% for the fourth quarter of 2023. The yield on loans for the fourth quarter of 2024 was 7.68%, compared to 7.90% for the third quarter of 2024 and 7.75% for the fourth quarter of 2023. The cost of interest-bearing deposits for the fourth quarter of 2024 was 4.33%, compared to 4.75% for the third quarter of 2024 and 4.67% for the fourth quarter of 2023.
Net interest income totaled $43.4 million for the fourth quarter of 2024, an increase of 7.6% from $40.4 million for the third quarter of 2024 and an increase of 16.4% from $37.3 million for the fourth quarter of 2023. Interest income totaled $85.5 million for the fourth quarter of 2024, an increase of 3.4% from $82.7 million for the third quarter of 2024 and an increase of 11.0% from $77.1 million for the fourth quarter of 2023. The quarter-over-quarter increase in interest income was primarily due to the increase in interest income from federal funds sold and deposits in interest-bearing correspondent banks which increased $1.9 million, or 68.4%, compared to the third quarter of 2024. Interest expense in the fourth quarter of 2024 remained consistent with the third quarter of 2024 at $42.1 million and $42.3 million, respectively, and increased from $39.7 million for the fourth quarter of 2023.
Noninterest Income and Noninterest Expense
Noninterest income totaled $2.9 million for the fourth quarter of 2024, compared to $2.5 million for the third quarter of 2024 and $2.2 million for the fourth quarter of 2023. The sequential increase in noninterest income was primarily due to gains recorded on the sale of investment securities of $196,000 in the fourth quarter of 2024, compared to losses recorded on the sale of investment securities of $480,000 in the previous quarter, offset by a decrease in syndication fees during the fourth quarter of 2024.
Noninterest expense increased to $27.2 million for the fourth quarter of 2024, compared to $25.6 million for the third quarter of 2024 and $26.4 million for the fourth quarter of 2023. The quarter-over-quarter increase in noninterest expense was primarily due to increased salary expense resulting from new hires, increased bonus expense and a reduction in salary expense deferral related to loan fundings during the fourth quarter of 2024.
The efficiency ratio improved to 58.80% for the fourth quarter of 2024, compared to 59.57% for the third quarter of 2024 and 66.89% for the fourth quarter of 2023.
Balance Sheet Highlights
Loan Portfolio and Composition
For the quarter ended December 31, 2024, gross loans increased to $3.97 billion, an increase of $76.6 million, or 2.0%, from $3.89 billion as of September 30, 2024, and an increase of $327.6 million, or 9.0%, from $3.64 billion as of December 31, 2023. Real estate and municipal loans accounted for the majority of the loan growth for the fourth quarter of 2024, with real estate loans increasing $56.9 million and municipal loans increasing $21.7 million from the third quarter of 2024.
Asset Quality
Nonperforming loans at December 31, 2024 were $27.9 million, compared to $24.0 million at September 30, 2024 and $17.3 million at December 31, 2023. As of December 31, 2024, the nonperforming loans to total loans ratio was 0.70%, compared to 0.62% as of September 30, 2024 and 0.48% as of December 31, 2023. The increase from September 30, 2024 was due primarily to $6.7 million in loans placed on nonaccrual during the quarter, partially offset by $1.7 million in paydowns, $1.1 million in loans returned to accrual status, and a $690,000 loan charged-off. Of the loans placed on nonaccrual during the quarter, one commercial loan relationship represented $5.4 million of the downgrades and has a loan-to-value ratio of 35%. We do not anticipate losses on these recent downgrades to nonaccrual.
The provision for credit loss recorded for the fourth quarter of 2024 was $1.2 million, and the allowance for credit losses of $40.3 million represented 1.02% of the $3.97 billion in gross loans outstanding as of December 31, 2024.
The Company recorded net charge-offs of $879,000 and $1.5 million for the fourth quarter of 2024 and 2023, respectively. On a full year basis, net charge-offs were $3.4 million and $1.2 million in 2024 and 2023, respectively.
Deposits and Composition
Deposits totaled $4.31 billion as of December 31, 2024, an increase of 7.9% from $3.99 billion as of September 30, 2024, and an increase of 13.3% from $3.80 billion as of December 31, 2023. Noninterest-bearing demand deposits increased from $489.8 million as of September 30, 2024, to $602.1 million as of December 31, 2024 and represented 14.0% of total deposits as of December 31, 2024, compared to 12.3% of total deposits as of September 30, 2024. As of December 31, 2024, interest-bearing demand deposits increased $296.7 million, or 10.6%, time
deposits decreased $89.7 million, or 13.4%, and savings accounts decreased $3.2 million, or 10.3%, respectively, from September 30, 2024.
The average cost of deposits was 3.83% for the fourth quarter of 2024, representing a 35-basis point decrease from the third quarter of 2024 and a 24-basis point decrease from the fourth quarter of 2023. The decreases were due to noninterest-bearing demand deposit growth and the reduction in rates paid on interest-bearing demand deposits.
Earnings Conference Call
Third Coast has scheduled a conference call to discuss its 2024 fourth quarter and fiscal year results, which will be broadcast live over the Internet, on Thursday, January 23, 2025, at 11:00 a.m. Eastern Time / 10:00 a.m. Central Time. To participate in the call, dial 201-389-0869 and ask for the Third Coast Bancshares, Inc. call at least 10 minutes prior to the start time, or access it live over the Internet at https://ir.thirdcoast.bank/events-and-presentations/events/. For those who cannot listen to the live call, a replay will be available through January 28, 2025, and may be accessed by dialing 201-612-7415 and using passcode 13750591#. Also, an archive of the webcast will be available shortly after the call at https://ir.thirdcoast.bank/events-and-presentations/events/ for 90 days.
About Third Coast Bancshares, Inc.
Third Coast Bancshares, Inc. is a commercially focused, Texas-based bank holding company operating primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its wholly owned subsidiary, Third Coast Bank. Founded in 2008 in Humble, Texas, Third Coast Bank conducts banking operations through 19 branches encompassing the four largest metropolitan areas in Texas. Please visit https://www.thirdcoast.bank for more information.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “looking ahead,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: interest rate risk and fluctuations in interest rates; market conditions and economic trends generally and in the banking industry; our ability to maintain important deposit relationships; our ability to grow or maintain our deposit base; our ability to implement our expansion strategy; our ability to pay dividends on our Series A Preferred Stock; credit risk associated with our business; and changes in key management personnel. For a discussion of additional factors that could cause our actual results to differ materially from those described in the forward-looking statements,
please see the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”), and our other filings with the SEC.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures, including Tangible Common Equity, Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets and Return on Average Tangible Common Equity, which are supplemental measures that are not required by, or are not presented in accordance with GAAP. Please refer to the table titled “GAAP Reconciliation and Management’s Explanation of Non-GAAP Financial Measures” at the end of this press release for a reconciliation of these non-GAAP financial measures.
Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)
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2024 |
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2023 |
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(Dollars in thousands) |
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December 31 |
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September 30 |
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June 30 |
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March 31 |
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December 31 |
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ASSETS |
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Cash and cash equivalents: |
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Cash and due from banks |
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$ |
371,157 |
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$ |
258,191 |
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$ |
241,809 |
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$ |
367,831 |
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$ |
296,926 |
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Federal funds sold |
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50,045 |
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12,265 |
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12,088 |
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130,429 |
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114,919 |
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Total cash and cash equivalents |
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421,202 |
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270,456 |
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253,897 |
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498,260 |
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411,845 |
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Interest bearing time deposits in other banks |
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356 |
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353 |
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350 |
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- |
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- |
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Investment securities available-for-sale |
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384,025 |
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292,104 |
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286,167 |
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246,291 |
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178,087 |
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Loans held for investment |
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3,966,425 |
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3,889,831 |
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3,758,159 |
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3,746,178 |
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3,638,788 |
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Less: allowance for credit losses |
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(40,304 |
) |
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(39,683 |
) |
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(38,211 |
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(38,140 |
) |
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(37,022 |
) |
Loans, net |
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3,926,121 |
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3,850,148 |
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3,719,948 |
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3,708,038 |
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3,601,766 |
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Accrued interest receivable |
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25,820 |
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26,111 |
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27,518 |
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25,769 |
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23,120 |
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Premises and equipment, net |
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26,230 |
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26,696 |
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27,626 |
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26,844 |
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28,554 |
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Bank-owned life insurance |
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68,341 |
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67,679 |
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67,030 |
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66,443 |
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65,861 |
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Non-marketable securities, at cost |
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15,980 |
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24,328 |
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16,147 |
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16,095 |
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16,041 |
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Deferred tax asset, net |
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11,445 |
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8,654 |
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8,972 |
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8,712 |
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9,227 |
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Derivative assets |
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6,479 |
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5,786 |
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7,799 |
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11,015 |
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8,828 |
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Right-of-use assets - operating leases |
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19,863 |
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20,397 |
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20,944 |
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20,729 |
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21,439 |
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Goodwill and other intangible assets |
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18,841 |
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18,882 |
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18,922 |
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18,963 |
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19,003 |
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Other assets |
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17,743 |
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16,176 |
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18,799 |
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13,244 |
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12,303 |
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Total assets |
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$ |
4,942,446 |
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$ |
4,627,770 |
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$ |
4,474,119 |
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$ |
4,660,403 |
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$ |
4,396,074 |
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LIABILITIES |
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Deposits: |
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Noninterest bearing |
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$ |
602,082 |
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$ |
489,822 |
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$ |
464,498 |
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$ |
424,019 |
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$ |
459,553 |
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Interest bearing |
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3,708,416 |
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3,504,616 |
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3,391,093 |
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3,626,653 |
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3,343,595 |
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Total deposits |
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4,310,498 |
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3,994,438 |
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3,855,591 |
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4,050,672 |
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3,803,148 |
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Accrued interest payable |
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6,281 |
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7,283 |
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5,668 |
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3,927 |
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4,794 |
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Derivative liabilities |
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8,660 |
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6,874 |
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7,626 |
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8,253 |
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10,687 |
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Lease liability - operating leases |
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20,900 |
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21,412 |
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21,919 |
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21,647 |
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22,280 |
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Other liabilities |
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23,754 |
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34,632 |
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30,786 |
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27,806 |
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23,763 |
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Line of credit - Senior Debt |
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30,875 |
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31,875 |
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36,875 |
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43,875 |
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38,875 |
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Note payable - Subordinated Debentures, net |
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80,759 |
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80,708 |
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80,656 |
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80,605 |
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80,553 |
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Total liabilities |
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4,481,727 |
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4,177,222 |
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4,039,121 |
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4,236,785 |
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3,984,100 |
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SHAREHOLDERS' EQUITY |
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Series A Convertible Non-Cumulative Preferred Stock |
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|
69 |
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|
69 |
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|
69 |
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|
69 |
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|
69 |
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Series B Convertible Perpetual Preferred Stock |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common stock |
|
|
13,848 |
|
|
|
13,746 |
|
|
|
13,744 |
|
|
|
13,731 |
|
|
|
13,683 |
|
Common stock - non-voting |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Additional paid-in capital |
|
|
321,696 |
|
|
|
320,871 |
|
|
|
320,496 |
|
|
|
320,077 |
|
|
|
319,613 |
|
Retained earnings |
|
|
121,697 |
|
|
|
109,160 |
|
|
|
97,583 |
|
|
|
87,971 |
|
|
|
78,775 |
|
Accumulated other comprehensive income |
|
|
4,508 |
|
|
|
7,801 |
|
|
|
4,205 |
|
|
|
2,869 |
|
|
|
933 |
|
Treasury stock, at cost |
|
|
(1,099 |
) |
|
|
(1,099 |
) |
|
|
(1,099 |
) |
|
|
(1,099 |
) |
|
|
(1,099 |
) |
Total shareholders' equity |
|
|
460,719 |
|
|
|
450,548 |
|
|
|
434,998 |
|
|
|
423,618 |
|
|
|
411,974 |
|
Total liabilities and shareholders' equity |
|
$ |
4,942,446 |
|
|
$ |
4,627,770 |
|
|
$ |
4,474,119 |
|
|
$ |
4,660,403 |
|
|
$ |
4,396,074 |
|
Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Years Ended |
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(Dollars in thousands, except per share data) |
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|
December 31 |
|
|
December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
76,017 |
|
|
$ |
75,468 |
|
|
$ |
73,103 |
|
|
$ |
70,671 |
|
|
$ |
70,325 |
|
|
$ |
295,259 |
|
|
$ |
248,911 |
|
|
Investment securities available-for-sale |
|
|
4,939 |
|
|
|
4,532 |
|
|
|
4,491 |
|
|
|
3,093 |
|
|
|
2,746 |
|
|
|
17,055 |
|
|
|
8,313 |
|
|
Federal funds sold and other |
|
|
4,580 |
|
|
|
2,719 |
|
|
|
3,631 |
|
|
|
5,112 |
|
|
|
3,996 |
|
|
|
16,042 |
|
|
|
9,320 |
|
|
Total interest income |
|
|
85,536 |
|
|
|
82,719 |
|
|
|
81,225 |
|
|
|
78,876 |
|
|
|
77,067 |
|
|
|
328,356 |
|
|
|
266,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit accounts |
|
|
40,233 |
|
|
|
40,407 |
|
|
|
40,410 |
|
|
|
38,698 |
|
|
|
37,671 |
|
|
|
159,748 |
|
|
|
115,044 |
|
|
FHLB advances and other borrowings |
|
|
1,865 |
|
|
|
1,929 |
|
|
|
1,957 |
|
|
|
2,099 |
|
|
|
2,065 |
|
|
|
7,850 |
|
|
|
11,975 |
|
|
Total interest expense |
|
|
42,098 |
|
|
|
42,336 |
|
|
|
42,367 |
|
|
|
40,797 |
|
|
|
39,736 |
|
|
|
167,598 |
|
|
|
127,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
43,438 |
|
|
|
40,383 |
|
|
|
38,858 |
|
|
|
38,079 |
|
|
|
37,331 |
|
|
|
160,758 |
|
|
|
139,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
|
1,156 |
|
|
|
1,085 |
|
|
|
1,900 |
|
|
|
1,560 |
|
|
|
1,100 |
|
|
|
5,701 |
|
|
|
6,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after credit loss expense |
|
|
42,282 |
|
|
|
39,298 |
|
|
|
36,958 |
|
|
|
36,519 |
|
|
|
36,231 |
|
|
|
155,057 |
|
|
|
133,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
1,772 |
|
|
|
2,143 |
|
|
|
1,515 |
|
|
|
1,505 |
|
|
|
850 |
|
|
|
6,935 |
|
|
|
3,233 |
|
|
Earnings on bank-owned life insurance |
|
|
662 |
|
|
|
649 |
|
|
|
587 |
|
|
|
582 |
|
|
|
559 |
|
|
|
2,480 |
|
|
|
2,101 |
|
|
Gain (loss) on sale of investment securities available-for-sale |
|
|
196 |
|
|
|
(480 |
) |
|
|
123 |
|
|
|
157 |
|
|
|
21 |
|
|
|
(4 |
) |
|
|
482 |
|
|
Gain on sale of SBA loans |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30 |
|
|
|
326 |
|
|
|
30 |
|
|
|
440 |
|
|
Other |
|
|
243 |
|
|
|
205 |
|
|
|
663 |
|
|
|
69 |
|
|
|
401 |
|
|
|
1,180 |
|
|
|
1,949 |
|
|
Total noninterest income |
|
|
2,873 |
|
|
|
2,517 |
|
|
|
2,888 |
|
|
|
2,343 |
|
|
|
2,157 |
|
|
|
10,621 |
|
|
|
8,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
17,018 |
|
|
|
15,679 |
|
|
|
15,917 |
|
|
|
16,502 |
|
|
|
16,119 |
|
|
|
65,116 |
|
|
|
62,217 |
|
|
Occupancy and equipment expense |
|
|
3,292 |
|
|
|
3,229 |
|
|
|
3,146 |
|
|
|
3,045 |
|
|
|
2,875 |
|
|
|
12,712 |
|
|
|
11,285 |
|
|
Legal and professional |
|
|
1,587 |
|
|
|
1,037 |
|
|
|
1,621 |
|
|
|
1,385 |
|
|
|
2,305 |
|
|
|
5,630 |
|
|
|
7,783 |
|
|
Data processing and network expense |
|
|
1,182 |
|
|
|
1,608 |
|
|
|
1,046 |
|
|
|
1,418 |
|
|
|
987 |
|
|
|
5,254 |
|
|
|
4,735 |
|
|
Regulatory assessments |
|
|
1,196 |
|
|
|
1,249 |
|
|
|
1,005 |
|
|
|
980 |
|
|
|
942 |
|
|
|
4,430 |
|
|
|
2,598 |
|
|
Advertising and marketing |
|
|
526 |
|
|
|
420 |
|
|
|
406 |
|
|
|
355 |
|
|
|
614 |
|
|
|
1,707 |
|
|
|
2,627 |
|
|
Software purchases and maintenance |
|
|
766 |
|
|
|
854 |
|
|
|
828 |
|
|
|
817 |
|
|
|
839 |
|
|
|
3,265 |
|
|
|
2,375 |
|
|
Loan operations |
|
|
189 |
|
|
|
227 |
|
|
|
262 |
|
|
|
226 |
|
|
|
134 |
|
|
|
904 |
|
|
|
673 |
|
|
Telephone and communications |
|
|
144 |
|
|
|
166 |
|
|
|
141 |
|
|
|
134 |
|
|
|
125 |
|
|
|
585 |
|
|
|
510 |
|
|
Other |
|
|
1,330 |
|
|
|
1,085 |
|
|
|
1,257 |
|
|
|
1,052 |
|
|
|
1,474 |
|
|
|
4,724 |
|
|
|
4,995 |
|
|
Total noninterest expense |
|
|
27,230 |
|
|
|
25,554 |
|
|
|
25,629 |
|
|
|
25,914 |
|
|
|
26,414 |
|
|
|
104,327 |
|
|
|
99,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME BEFORE INCOME TAX EXPENSE |
|
|
17,925 |
|
|
|
16,261 |
|
|
|
14,217 |
|
|
|
12,948 |
|
|
|
11,974 |
|
|
|
61,351 |
|
|
|
41,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
4,192 |
|
|
|
3,486 |
|
|
|
3,421 |
|
|
|
2,581 |
|
|
|
2,285 |
|
|
|
13,680 |
|
|
|
8,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
|
13,733 |
|
|
|
12,775 |
|
|
|
10,796 |
|
|
|
10,367 |
|
|
|
9,689 |
|
|
|
47,671 |
|
|
|
33,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends declared |
|
|
1,196 |
|
|
|
1,198 |
|
|
|
1,184 |
|
|
|
1,171 |
|
|
|
1,197 |
|
|
|
4,749 |
|
|
|
4,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
|
$ |
12,537 |
|
|
$ |
11,577 |
|
|
$ |
9,612 |
|
|
$ |
9,196 |
|
|
$ |
8,492 |
|
|
$ |
42,922 |
|
|
$ |
28,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.92 |
|
|
$ |
0.85 |
|
|
$ |
0.70 |
|
|
$ |
0.68 |
|
|
$ |
0.62 |
|
|
$ |
3.14 |
|
|
$ |
2.11 |
|
|
Diluted earnings per share |
|
$ |
0.79 |
|
|
$ |
0.74 |
|
|
$ |
0.63 |
|
|
$ |
0.61 |
|
|
$ |
0.57 |
|
|
$ |
2.78 |
|
|
$ |
1.98 |
|
|
Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Years Ended |
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(Dollars in thousands, except share and per share data) |
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|
December 31 |
|
|
December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
|
$ |
0.92 |
|
|
$ |
0.85 |
|
|
$ |
0.70 |
|
|
$ |
0.68 |
|
|
$ |
0.62 |
|
|
$ |
3.14 |
|
|
$ |
2.11 |
|
|
Earnings per share, diluted |
|
$ |
0.79 |
|
|
$ |
0.74 |
|
|
$ |
0.63 |
|
|
$ |
0.61 |
|
|
$ |
0.57 |
|
|
$ |
2.78 |
|
|
$ |
1.98 |
|
|
Dividends on common stock |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
Dividends on Series A Convertible Non-Cumulative Preferred Stock |
|
$ |
17.25 |
|
|
$ |
17.25 |
|
|
$ |
17.06 |
|
|
$ |
16.88 |
|
|
$ |
17.25 |
|
|
$ |
68.44 |
|
|
$ |
68.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (A) |
|
|
1.13 |
% |
|
|
1.14 |
% |
|
|
0.97 |
% |
|
|
0.95 |
% |
|
|
0.90 |
% |
|
|
1.05 |
% |
|
|
0.86 |
% |
|
Return on average common equity (A) |
|
|
12.66 |
% |
|
|
12.12 |
% |
|
|
10.53 |
% |
|
|
10.44 |
% |
|
|
9.86 |
% |
|
|
11.48 |
% |
|
|
8.66 |
% |
|
Return on average tangible common equity (A) (B) |
|
|
13.29 |
% |
|
|
12.76 |
% |
|
|
11.10 |
% |
|
|
11.03 |
% |
|
|
10.44 |
% |
|
|
12.09 |
% |
|
|
9.19 |
% |
|
Net interest margin (A) (C) |
|
|
3.71 |
% |
|
|
3.73 |
% |
|
|
3.62 |
% |
|
|
3.60 |
% |
|
|
3.61 |
% |
|
|
3.67 |
% |
|
|
3.73 |
% |
|
Efficiency ratio (D) |
|
|
58.80 |
% |
|
|
59.57 |
% |
|
|
61.39 |
% |
|
|
64.11 |
% |
|
|
66.89 |
% |
|
|
60.88 |
% |
|
|
67.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Coast Bancshares, Inc. (consolidated): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common equity to total assets |
|
|
7.98 |
% |
|
|
8.31 |
% |
|
|
8.24 |
% |
|
|
7.67 |
% |
|
|
7.86 |
% |
|
|
7.98 |
% |
|
|
7.86 |
% |
|
Tangible common equity to tangible assets (B) |
|
|
7.63 |
% |
|
|
7.93 |
% |
|
|
7.85 |
% |
|
|
7.29 |
% |
|
|
7.46 |
% |
|
|
7.63 |
% |
|
|
7.46 |
% |
|
Common equity tier 1 (to risk weighted assets) |
|
|
8.41 |
% |
|
|
8.38 |
% |
|
|
8.29 |
% |
|
|
7.97 |
% |
|
|
8.06 |
% |
|
|
8.41 |
% |
|
|
8.06 |
% |
|
Tier 1 capital (to risk weighted assets) |
|
|
9.90 |
% |
|
|
9.93 |
% |
|
|
9.88 |
% |
|
|
9.54 |
% |
|
|
9.70 |
% |
|
|
9.90 |
% |
|
|
9.70 |
% |
|
Total capital (to risk weighted assets) |
|
|
12.68 |
% |
|
|
12.80 |
% |
|
|
12.78 |
% |
|
|
12.41 |
% |
|
|
12.66 |
% |
|
|
12.68 |
% |
|
|
12.66 |
% |
|
Tier 1 capital (to average assets) |
|
|
9.12 |
% |
|
|
9.53 |
% |
|
|
9.24 |
% |
|
|
9.15 |
% |
|
|
9.23 |
% |
|
|
9.12 |
% |
|
|
9.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Coast Bank: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 (to risk weighted assets) |
|
|
12.35 |
% |
|
|
12.45 |
% |
|
|
12.52 |
% |
|
|
12.32 |
% |
|
|
12.52 |
% |
|
|
12.35 |
% |
|
|
12.52 |
% |
|
Tier 1 capital (to risk weighted assets) |
|
|
12.35 |
% |
|
|
12.45 |
% |
|
|
12.52 |
% |
|
|
12.32 |
% |
|
|
12.52 |
% |
|
|
12.35 |
% |
|
|
12.52 |
% |
|
Total capital (to risk weighted assets) |
|
|
13.29 |
% |
|
|
13.42 |
% |
|
|
13.49 |
% |
|
|
13.28 |
% |
|
|
13.49 |
% |
|
|
13.29 |
% |
|
|
13.49 |
% |
|
Tier 1 capital (to average assets) |
|
|
11.37 |
% |
|
|
11.95 |
% |
|
|
11.71 |
% |
|
|
11.81 |
% |
|
|
11.91 |
% |
|
|
11.37 |
% |
|
|
11.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
13,698,010 |
|
|
|
13,665,400 |
|
|
|
13,657,223 |
|
|
|
13,606,256 |
|
|
|
13,603,149 |
|
|
|
13,656,859 |
|
|
|
13,583,553 |
|
|
Diluted |
|
|
17,394,884 |
|
|
|
17,184,991 |
|
|
|
17,018,680 |
|
|
|
16,936,003 |
|
|
|
16,890,381 |
|
|
|
17,133,845 |
|
|
|
16,877,891 |
|
|
Period end shares outstanding |
|
|
13,769,780 |
|
|
|
13,667,591 |
|
|
|
13,665,505 |
|
|
|
13,652,888 |
|
|
|
13,604,665 |
|
|
|
13,769,780 |
|
|
|
13,604,665 |
|
|
Book value per share |
|
$ |
28.65 |
|
|
$ |
28.13 |
|
|
$ |
26.99 |
|
|
$ |
26.18 |
|
|
$ |
25.41 |
|
|
$ |
28.65 |
|
|
$ |
25.41 |
|
|
Tangible book value per share (B) |
|
$ |
27.29 |
|
|
$ |
26.75 |
|
|
$ |
25.60 |
|
|
$ |
24.79 |
|
|
$ |
24.02 |
|
|
$ |
27.29 |
|
|
$ |
24.02 |
|
|
___________
(A) Interim periods annualized.
(B) Refer to the calculation of these non-GAAP financial measures and a reconciliation to their most directly comparable GAAP financial measures at the end of this news release.
(C) Net interest margin represents net interest income divided by average interest-earning assets.
(D) Represents total noninterest expense divided by the sum of net interest income plus noninterest income. Taxes and provision for credit losses are not part of this calculation.
Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
(Dollars in thousands) |
|
Average Outstanding Balance |
|
|
Interest Earned/ Paid(3) |
|
|
Average Yield/ Rate(4) |
|
Average Outstanding Balance |
|
|
Interest Earned/ Paid(3) |
|
|
Average Yield/ Rate(4) |
|
Average Outstanding Balance |
|
|
Interest Earned/ Paid(3) |
|
|
Average Yield/ Rate(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earnings assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, gross |
|
$ |
3,937,405 |
|
|
$ |
76,017 |
|
|
7.68% |
|
$ |
3,801,954 |
|
|
$ |
75,468 |
|
|
7.90% |
|
$ |
3,600,980 |
|
|
$ |
70,325 |
|
|
7.75% |
Investment securities |
|
|
342,474 |
|
|
|
4,939 |
|
|
5.74% |
|
|
300,969 |
|
|
|
4,532 |
|
|
5.99% |
|
|
203,376 |
|
|
|
2,746 |
|
|
5.36% |
Federal funds sold and other interest-earning assets |
|
|
379,836 |
|
|
|
4,580 |
|
|
4.80% |
|
|
209,841 |
|
|
|
2,719 |
|
|
5.15% |
|
|
299,165 |
|
|
|
3,996 |
|
|
5.30% |
Total interest-earning assets |
|
|
4,659,715 |
|
|
|
85,536 |
|
|
7.30% |
|
|
4,312,764 |
|
|
|
82,719 |
|
|
7.63% |
|
|
4,103,521 |
|
|
|
77,067 |
|
|
7.45% |
Less allowance for loan losses |
|
|
(39,855 |
) |
|
|
|
|
|
|
|
(38,425 |
) |
|
|
|
|
|
|
|
(38,274 |
) |
|
|
|
|
|
Total interest-earning assets, net of allowance |
|
|
4,619,860 |
|
|
|
|
|
|
|
|
4,274,339 |
|
|
|
|
|
|
|
|
4,065,247 |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
195,143 |
|
|
|
|
|
|
|
|
195,681 |
|
|
|
|
|
|
|
|
194,659 |
|
|
|
|
|
|
Total assets |
|
$ |
4,815,003 |
|
|
|
|
|
|
|
$ |
4,470,020 |
|
|
|
|
|
|
|
$ |
4,259,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
3,692,533 |
|
|
$ |
40,233 |
|
|
4.33% |
|
$ |
3,383,897 |
|
|
$ |
40,407 |
|
|
4.75% |
|
$ |
3,202,462 |
|
|
$ |
37,671 |
|
|
4.67% |
Note payable and line of credit |
|
|
109,294 |
|
|
|
1,708 |
|
|
6.22% |
|
|
113,536 |
|
|
|
1,853 |
|
|
6.49% |
|
|
118,816 |
|
|
|
2,065 |
|
|
6.90% |
FHLB advances |
|
|
11,900 |
|
|
|
157 |
|
|
5.25% |
|
|
5,757 |
|
|
|
76 |
|
|
5.25% |
|
— |
|
|
— |
|
|
— |
Total interest-bearing liabilities |
|
|
3,813,727 |
|
|
|
42,098 |
|
|
4.39% |
|
|
3,503,190 |
|
|
|
42,336 |
|
|
4.81% |
|
|
3,321,278 |
|
|
|
39,736 |
|
|
4.75% |
Noninterest-bearing deposits |
|
|
484,738 |
|
|
|
|
|
|
|
|
457,451 |
|
|
|
|
|
|
|
|
472,738 |
|
|
|
|
|
|
Other liabilities |
|
|
56,369 |
|
|
|
|
|
|
|
|
63,255 |
|
|
|
|
|
|
|
|
57,918 |
|
|
|
|
|
|
Total liabilities |
|
|
4,354,834 |
|
|
|
|
|
|
|
|
4,023,896 |
|
|
|
|
|
|
|
|
3,851,934 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
460,169 |
|
|
|
|
|
|
|
|
446,124 |
|
|
|
|
|
|
|
|
407,972 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
4,815,003 |
|
|
|
|
|
|
|
$ |
4,470,020 |
|
|
|
|
|
|
|
$ |
4,259,906 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
43,438 |
|
|
|
|
|
|
|
$ |
40,383 |
|
|
|
|
|
|
|
$ |
37,331 |
|
|
|
Net interest spread (1) |
|
|
|
|
|
|
|
2.91% |
|
|
|
|
|
|
|
2.82% |
|
|
|
|
|
|
|
2.70% |
Net interest margin (2) |
|
|
|
|
|
|
|
3.71% |
|
|
|
|
|
|
|
3.73% |
|
|
|
|
|
|
|
3.61% |
___________
(1) Net interest spread is the average yield on interest earning assets minus the average rate on interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average interest-earning assets.
(3) Interest earned/paid includes accretion of deferred loan fees, premiums and discounts.
(4) Annualized.
Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended |
|
|
December 31, 2024 |
|
December 31, 2023 |
(Dollars in thousands) |
|
Average Outstanding Balance |
|
|
Interest Earned/ Paid(3) |
|
|
Average Yield/ Rate |
|
Average Outstanding Balance |
|
|
Interest Earned/ Paid(3) |
|
|
Average Yield/ Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earnings assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, gross |
|
$ |
3,786,776 |
|
|
$ |
295,259 |
|
|
7.80% |
|
$ |
3,366,180 |
|
|
$ |
248,911 |
|
|
7.39% |
Investment securities |
|
|
286,039 |
|
|
|
17,055 |
|
|
5.96% |
|
|
197,286 |
|
|
|
8,313 |
|
|
4.21% |
Federal funds sold and other interest-earning assets |
|
|
312,590 |
|
|
|
16,042 |
|
|
5.13% |
|
|
181,782 |
|
|
|
9,320 |
|
|
5.13% |
Total interest-earning assets |
|
|
4,385,405 |
|
|
|
328,356 |
|
|
7.49% |
|
|
3,745,248 |
|
|
|
266,544 |
|
|
7.12% |
Less allowance for loan losses |
|
|
(38,500 |
) |
|
|
|
|
|
|
|
(36,750 |
) |
|
|
|
|
|
Total interest-earning assets, net of allowance |
|
|
4,346,905 |
|
|
|
|
|
|
|
|
3,708,498 |
|
|
|
|
|
|
Noninterest-earning assets |
|
|
194,775 |
|
|
|
|
|
|
|
|
188,514 |
|
|
|
|
|
|
Total assets |
|
$ |
4,541,680 |
|
|
|
|
|
|
|
$ |
3,897,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
3,459,151 |
|
|
$ |
159,748 |
|
|
4.62% |
|
$ |
2,785,605 |
|
|
$ |
115,044 |
|
|
4.13% |
Note payable and line of credit |
|
|
116,222 |
|
|
|
7,617 |
|
|
6.55% |
|
|
113,552 |
|
|
|
7,657 |
|
|
6.74% |
FHLB advances and other |
|
|
4,438 |
|
|
|
233 |
|
|
5.25% |
|
|
79,546 |
|
|
|
4,318 |
|
|
5.43% |
Total interest-bearing liabilities |
|
|
3,579,811 |
|
|
|
167,598 |
|
|
4.68% |
|
|
2,978,703 |
|
|
|
127,019 |
|
|
4.26% |
Noninterest-bearing deposits |
|
|
460,537 |
|
|
|
|
|
|
|
|
473,558 |
|
|
|
|
|
|
Other liabilities |
|
|
61,148 |
|
|
|
|
|
|
|
|
47,527 |
|
|
|
|
|
|
Total liabilities |
|
|
4,101,496 |
|
|
|
|
|
|
|
|
3,499,788 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
440,184 |
|
|
|
|
|
|
|
|
397,224 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
4,541,680 |
|
|
|
|
|
|
|
$ |
3,897,012 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
160,758 |
|
|
|
|
|
|
|
$ |
139,525 |
|
|
|
Net interest spread (1) |
|
|
|
|
|
|
|
2.81% |
|
|
|
|
|
|
|
2.86% |
Net interest margin (2) |
|
|
|
|
|
|
|
3.67% |
|
|
|
|
|
|
|
3.73% |
___________
(1) Net interest spread is the average yield on interest earning assets minus the average rate on interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average interest-earning assets.
(3) Interest earned/paid includes accretion of deferred loan fees, premiums and discounts.
Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
2024 |
|
|
2023 |
|
|
(Dollars in thousands) |
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end Loan Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-farm non-residential owner occupied |
|
$ |
448,134 |
|
|
$ |
470,222 |
|
|
$ |
499,941 |
|
|
$ |
510,266 |
|
|
$ |
520,822 |
|
|
Non-farm non-residential non-owner occupied |
|
|
652,119 |
|
|
|
611,617 |
|
|
|
612,268 |
|
|
|
598,311 |
|
|
|
586,626 |
|
|
Residential |
|
|
336,736 |
|
|
|
339,558 |
|
|
|
349,461 |
|
|
|
345,890 |
|
|
|
342,589 |
|
|
Construction, development & other |
|
|
871,373 |
|
|
|
825,302 |
|
|
|
756,646 |
|
|
|
725,176 |
|
|
|
693,553 |
|
|
Farmland |
|
|
30,915 |
|
|
|
35,650 |
|
|
|
31,049 |
|
|
|
29,706 |
|
|
|
30,396 |
|
|
Commercial & industrial |
|
|
1,497,408 |
|
|
|
1,499,302 |
|
|
|
1,361,401 |
|
|
|
1,350,289 |
|
|
|
1,263,077 |
|
|
Consumer |
|
|
1,859 |
|
|
|
2,002 |
|
|
|
2,216 |
|
|
|
2,382 |
|
|
|
2,555 |
|
|
Municipal and other |
|
|
127,881 |
|
|
|
106,178 |
|
|
|
145,177 |
|
|
|
184,158 |
|
|
|
199,170 |
|
|
Total loans |
|
$ |
3,966,425 |
|
|
$ |
3,889,831 |
|
|
$ |
3,758,159 |
|
|
$ |
3,746,178 |
|
|
$ |
3,638,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
26,773 |
|
|
$ |
23,522 |
|
|
$ |
23,910 |
|
|
$ |
18,130 |
|
|
$ |
16,649 |
|
|
Loans > 90 days and still accruing |
|
|
1,173 |
|
|
|
522 |
|
|
|
507 |
|
|
|
3,614 |
|
|
|
670 |
|
|
Total nonperforming loans |
|
|
27,946 |
|
|
|
24,044 |
|
|
|
24,417 |
|
|
|
21,744 |
|
|
|
17,319 |
|
|
Other real estate owned |
|
|
862 |
|
|
|
283 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total nonperforming assets |
|
$ |
28,808 |
|
|
$ |
24,327 |
|
|
$ |
24,417 |
|
|
$ |
21,744 |
|
|
$ |
17,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QTD Net charge-offs (recoveries) |
|
$ |
879 |
|
|
$ |
(57 |
) |
|
$ |
1,829 |
|
|
$ |
742 |
|
|
$ |
1,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-farm non-residential owner occupied |
|
$ |
10,433 |
|
|
$ |
9,696 |
|
|
$ |
10,051 |
|
|
$ |
2,369 |
|
|
$ |
1,211 |
|
|
Non-farm non-residential non-owner occupied |
|
|
- |
|
|
|
68 |
|
|
|
74 |
|
|
|
1,225 |
|
|
|
1,235 |
|
|
Residential |
|
|
2,226 |
|
|
|
2,664 |
|
|
|
2,767 |
|
|
|
2,837 |
|
|
|
2,938 |
|
|
Construction, development & other |
|
|
400 |
|
|
|
1 |
|
|
|
301 |
|
|
|
406 |
|
|
|
247 |
|
|
Commercial & industrial |
|
|
13,714 |
|
|
|
11,093 |
|
|
|
10,717 |
|
|
|
11,293 |
|
|
|
11,018 |
|
|
Total nonaccrual loans |
|
$ |
26,773 |
|
|
$ |
23,522 |
|
|
$ |
23,910 |
|
|
$ |
18,130 |
|
|
$ |
16,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
|
0.58 |
% |
|
|
0.53 |
% |
|
|
0.55 |
% |
|
|
0.47 |
% |
|
|
0.39 |
% |
|
Nonperforming loans to total loans |
|
|
0.70 |
% |
|
|
0.62 |
% |
|
|
0.65 |
% |
|
|
0.58 |
% |
|
|
0.48 |
% |
|
Allowance for credit losses to total loans |
|
|
1.02 |
% |
|
|
1.02 |
% |
|
|
1.02 |
% |
|
|
1.02 |
% |
|
|
1.02 |
% |
|
QTD Net charge-offs (recoveries) to average loans (annualized) |
|
|
0.09 |
% |
|
|
(0.01 |
%) |
|
|
0.20 |
% |
|
|
0.08 |
% |
|
|
0.17 |
% |
|
Third Coast Bancshares, Inc. and Subsidiary
GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures
(unaudited)
Our accounting and reporting policies conform to GAAP (generally accepted accounting principles) and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional financial measures discussed in this earnings release as being non-GAAP financial measures. Specifically, we review Tangible Common Equity, Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Return on Average Tangible Common Equity for internal planning and forecasting purposes. We classify a financial measure as a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are not included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios, or statistical measures calculated using exclusively financial measures calculated in accordance with GAAP.
The non-GAAP financial measures that we discuss in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in this earnings release may differ from that of other companies reporting measures with similar names. It is important to understand how other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.
Management believes the following non-GAAP financial measures assist investors in understanding the financial condition of the company:
•Tangible Common Equity. The most directly comparable GAAP financial measure for tangible common equity is total shareholders’ equity. We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period of tangible common equity.
•Tangible Book Value Per Share. The most directly comparable GAAP financial measure for tangible book value per share is book value per share. We believe that the tangible book value per share measure is important to many investors in the marketplace who are interested in changes from period to period in book value per share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.
•Tangible Common Equity to Tangible Assets. The most directly comparable GAAP financial measure for tangible common equity is total shareholders’ equity, the most directly comparable GAAP financial measure for tangible assets is total assets, and the most directly comparable GAAP financial measure for tangible common equity to tangible assets is total shareholders’ equity to total assets. We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period of tangible common equity to tangible assets, each exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing both total shareholders’ equity and assets while not increasing our tangible common equity or tangible assets.
•Return on Average Tangible Common Equity. The most directly comparable GAAP financial measure for average tangible common equity is average shareholders' equity, and the most directly comparable GAAP financial measure for return on average tangible common equity is return on average common equity. We believe that this measure is important to many investors in the marketplace who are
interested in the relative changes from period to period of return on average tangible common equity, exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing average shareholders’ equity while not increasing our tangible common equity.
The calculations of these non-GAAP financial measures are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Years Ended |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
(Dollars in thousands, except share and per share data) |
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|
December 31 |
|
|
December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
$ |
460,719 |
|
|
$ |
450,548 |
|
|
$ |
434,998 |
|
|
$ |
423,618 |
|
|
$ |
411,974 |
|
|
$ |
460,719 |
|
|
$ |
411,974 |
|
Less: Preferred stock including additional paid in capital |
|
|
66,160 |
|
|
|
66,117 |
|
|
|
66,225 |
|
|
|
66,225 |
|
|
|
66,225 |
|
|
|
66,160 |
|
|
|
66,225 |
|
Total common equity |
|
|
394,559 |
|
|
|
384,431 |
|
|
|
368,773 |
|
|
|
357,393 |
|
|
|
345,749 |
|
|
|
394,559 |
|
|
|
345,749 |
|
Less: Goodwill and core deposit intangibles, net |
|
|
18,841 |
|
|
|
18,882 |
|
|
|
18,922 |
|
|
|
18,963 |
|
|
|
19,003 |
|
|
|
18,841 |
|
|
|
19,003 |
|
Tangible common equity |
|
$ |
375,718 |
|
|
$ |
365,549 |
|
|
$ |
349,851 |
|
|
$ |
338,430 |
|
|
$ |
326,746 |
|
|
$ |
375,718 |
|
|
$ |
326,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at end of period |
|
|
13,769,780 |
|
|
|
13,667,591 |
|
|
|
13,665,505 |
|
|
|
13,652,888 |
|
|
|
13,604,665 |
|
|
|
13,769,780 |
|
|
|
13,604,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value Per Share |
|
$ |
28.65 |
|
|
$ |
28.13 |
|
|
$ |
26.99 |
|
|
$ |
26.18 |
|
|
$ |
25.41 |
|
|
$ |
28.65 |
|
|
$ |
25.41 |
|
Tangible Book Value Per Share |
|
$ |
27.29 |
|
|
$ |
26.75 |
|
|
$ |
25.60 |
|
|
$ |
24.79 |
|
|
$ |
24.02 |
|
|
$ |
27.29 |
|
|
$ |
24.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,942,446 |
|
|
$ |
4,627,770 |
|
|
$ |
4,474,119 |
|
|
$ |
4,660,403 |
|
|
$ |
4,396,074 |
|
|
$ |
4,942,446 |
|
|
$ |
4,396,074 |
|
Adjustments: Goodwill and core deposit intangibles, net |
|
|
18,841 |
|
|
|
18,882 |
|
|
|
18,922 |
|
|
|
18,963 |
|
|
|
19,003 |
|
|
|
18,841 |
|
|
|
19,003 |
|
Tangible assets |
|
$ |
4,923,605 |
|
|
$ |
4,608,888 |
|
|
$ |
4,455,197 |
|
|
$ |
4,641,440 |
|
|
$ |
4,377,071 |
|
|
$ |
4,923,605 |
|
|
$ |
4,377,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Equity to Total Assets |
|
|
7.98 |
% |
|
|
8.31 |
% |
|
|
8.24 |
% |
|
|
7.67 |
% |
|
|
7.86 |
% |
|
|
7.98 |
% |
|
|
7.86 |
% |
Tangible Common Equity to Tangible Assets |
|
|
7.63 |
% |
|
|
7.93 |
% |
|
|
7.85 |
% |
|
|
7.29 |
% |
|
|
7.46 |
% |
|
|
7.63 |
% |
|
|
7.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Tangible Common Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
|
$ |
460,169 |
|
|
$ |
446,124 |
|
|
$ |
433,510 |
|
|
$ |
420,646 |
|
|
$ |
407,972 |
|
|
$ |
440,184 |
|
|
$ |
397,224 |
|
Less: Average preferred stock including additional paid in capital |
|
|
66,121 |
|
|
|
66,223 |
|
|
|
66,225 |
|
|
|
66,225 |
|
|
|
66,225 |
|
|
|
66,198 |
|
|
|
66,225 |
|
Average common equity |
|
|
394,048 |
|
|
|
379,901 |
|
|
|
367,285 |
|
|
|
354,421 |
|
|
|
341,747 |
|
|
|
373,986 |
|
|
|
330,999 |
|
Less: Average goodwill and core deposit intangibles, net |
|
|
18,865 |
|
|
|
18,906 |
|
|
|
18,946 |
|
|
|
18,987 |
|
|
|
19,027 |
|
|
|
18,926 |
|
|
|
19,088 |
|
Average tangible common equity |
|
$ |
375,183 |
|
|
$ |
360,995 |
|
|
$ |
348,339 |
|
|
$ |
335,434 |
|
|
$ |
322,720 |
|
|
$ |
355,060 |
|
|
$ |
311,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
13,733 |
|
|
$ |
12,775 |
|
|
$ |
10,796 |
|
|
$ |
10,367 |
|
|
$ |
9,689 |
|
|
$ |
47,671 |
|
|
$ |
33,401 |
|
Less: Dividends declared on preferred stock |
|
|
1,196 |
|
|
|
1,198 |
|
|
|
1,184 |
|
|
|
1,171 |
|
|
|
1,197 |
|
|
|
4,749 |
|
|
|
4,736 |
|
Net Income Available to Common Shareholders |
|
$ |
12,537 |
|
|
$ |
11,577 |
|
|
$ |
9,612 |
|
|
$ |
9,196 |
|
|
$ |
8,492 |
|
|
$ |
42,922 |
|
|
$ |
28,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Common Equity(A) |
|
|
12.66 |
% |
|
|
12.12 |
% |
|
|
10.53 |
% |
|
|
10.44 |
% |
|
|
9.86 |
% |
|
|
11.48 |
% |
|
|
8.66 |
% |
Return on Average Tangible Common Equity(A) |
|
|
13.29 |
% |
|
|
12.76 |
% |
|
|
11.10 |
% |
|
|
11.03 |
% |
|
|
10.44 |
% |
|
|
12.09 |
% |
|
|
9.19 |
% |
___________
(A) Interim periods annualized.
v3.24.4
Document And Entity Information
|
Jan. 22, 2025 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jan. 22, 2025
|
Entity Registrant Name |
THIRD COAST BANCSHARES, INC.
|
Entity Central Index Key |
0001781730
|
Entity Emerging Growth Company |
true
|
Entity File Number |
001-41028
|
Entity Incorporation, State or Country Code |
TX
|
Entity Tax Identification Number |
46-2135597
|
Entity Address, Address Line One |
20202 Highway 59 North
|
Entity Address, Address Line Two |
Suite 190
|
Entity Address, City or Town |
Humble
|
Entity Address, State or Province |
TX
|
Entity Address, Postal Zip Code |
77338
|
City Area Code |
281
|
Local Phone Number |
446-7000
|
Entity Information, Former Legal or Registered Name |
Not Applicable
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Ex Transition Period |
false
|
Title of 12(b) Security |
Common stock, par value $1.00 per share
|
Trading Symbol |
TCBX
|
Security Exchange Name |
NASDAQ
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
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dei_AmendmentFlag |
Namespace Prefix: |
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Data Type: |
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Period Type: |
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|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
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dei_DocumentPeriodEndDate |
Namespace Prefix: |
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Data Type: |
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Period Type: |
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|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
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Namespace Prefix: |
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dei:submissionTypeItemType |
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|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
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Third Coast Bancshares (NASDAQ:TCBX)
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