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    Third Coast Bancshares, Inc. Reports 2024 Fourth Quarter and Full Year Financial Results

    1/22/25 4:15:00 PM ET
    $TCBX
    Banks
    Finance
    Get the next $TCBX alert in real time by email

    Year Over Year Book Value grew 12.8% and Tangible Book Value(1) grew 13.6%

    HOUSTON, Jan. 22, 2025 /PRNewswire/ -- 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.
    • 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.

     











    (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 press release for a reconciliation of these non-GAAP financial measures.

    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)







    2024





    2023



    (Dollars in thousands)



    December 31





    September 30





    June 30





    March 31





    December 31



































    ASSETS































    Cash and cash equivalents:































    Cash and due from banks



    $

    371,157





    $

    258,191





    $

    241,809





    $

    367,831





    $

    296,926



    Federal funds sold





    50,045







    12,265







    12,088







    130,429







    114,919



    Total cash and cash equivalents





    421,202







    270,456







    253,897







    498,260







    411,845



































    Interest bearing time deposits in other banks





    356







    353







    350







    -







    -



    Investment securities available-for-sale





    384,025







    292,104







    286,167







    246,291







    178,087



    Loans held for investment





    3,966,425







    3,889,831







    3,758,159







    3,746,178







    3,638,788



    Less:  allowance for credit losses





    (40,304)







    (39,683)







    (38,211)







    (38,140)







    (37,022)



    Loans, net





    3,926,121







    3,850,148







    3,719,948







    3,708,038







    3,601,766



    Accrued interest receivable





    25,820







    26,111







    27,518







    25,769







    23,120



    Premises and equipment, net





    26,230







    26,696







    27,626







    26,844







    28,554



    Bank-owned life insurance





    68,341







    67,679







    67,030







    66,443







    65,861



    Non-marketable securities, at cost





    15,980







    24,328







    16,147







    16,095







    16,041



    Deferred tax asset, net





    11,445







    8,654







    8,972







    8,712







    9,227



    Derivative assets





    6,479







    5,786







    7,799







    11,015







    8,828



    Right-of-use assets - operating leases





    19,863







    20,397







    20,944







    20,729







    21,439



    Goodwill and other intangible assets





    18,841







    18,882







    18,922







    18,963







    19,003



    Other assets





    17,743







    16,176







    18,799







    13,244







    12,303



    Total assets



    $

    4,942,446





    $

    4,627,770





    $

    4,474,119





    $

    4,660,403





    $

    4,396,074



































    LIABILITIES































    Deposits:































    Noninterest bearing



    $

    602,082





    $

    489,822





    $

    464,498





    $

    424,019





    $

    459,553



    Interest bearing





    3,708,416







    3,504,616







    3,391,093







    3,626,653







    3,343,595



    Total deposits





    4,310,498







    3,994,438







    3,855,591







    4,050,672







    3,803,148



































    Accrued interest payable





    6,281







    7,283







    5,668







    3,927







    4,794



    Derivative liabilities





    8,660







    6,874







    7,626







    8,253







    10,687



    Lease liability - operating leases





    20,900







    21,412







    21,919







    21,647







    22,280



    Other liabilities





    23,754







    34,632







    30,786







    27,806







    23,763



    Line of credit - Senior Debt





    30,875







    31,875







    36,875







    43,875







    38,875



    Note payable - Subordinated Debentures, net





    80,759







    80,708







    80,656







    80,605







    80,553



      Total liabilities





    4,481,727







    4,177,222







    4,039,121







    4,236,785







    3,984,100



































    SHAREHOLDERS' EQUITY































    Series A Convertible Non-Cumulative Preferred Stock





    69







    69







    69







    69







    69



    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.

     

    Contact:

    Ken Dennard / Natalie Hairston

    Dennard Lascar Investor Relations

    (713) 529-6600

    [email protected]  

     

    Cision View original content:https://www.prnewswire.com/news-releases/third-coast-bancshares-inc-reports-2024-fourth-quarter-and-full-year-financial-results-302357711.html

    SOURCE Third Coast Bancshares

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