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    THIRD COAST BANCSHARES, INC. REPORTS 2024 THIRD QUARTER FINANCIAL RESULTS

    10/23/24 4:15:00 PM ET
    $TCBX
    Banks
    Finance
    Get the next $TCBX alert in real time by email

    Record Basic EPS of $0.85 and Diluted EPS of $0.74

    HOUSTON, Oct. 23, 2024 /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 third quarter financial results.

    2024 Third Quarter Financial and Operational Highlights

    • Net income totaled $12.8 million, or $0.85 and $0.74 per basic and diluted share, respectively, compared to $10.8 million, or $0.70 and $0.63 per basic and diluted share, respectively, for the second quarter of 2024.



    • Return on average assets increased to 1.14% annualized compared to 0.97% annualized for the second quarter of 2024 and 0.56% annualized for the third quarter of 2023.



    • Efficiency Ratio improved to 59.57% for the third quarter of 2024 from 61.39% for the second quarter of 2024.



    • Gross loans grew $131.7 million to $3.89 billion, 3.5% more than the $3.76 billion reported as of June 30, 2024.



    • Noninterest-bearing demand deposits increased $25.3 million, or 5.5%, to $489.8 million from $464.5 million as of June 30, 2024, and represented 12.3% of total deposits as of September 30, 2024, compared to 12.0% of total deposits as of June 30, 2024.



    • Book value per share and tangible book value per share(1) increased to $28.13 and $26.75, respectively, compared to $26.99 and $25.60, respectively, as of June 30, 2024.



    • Opened our 19th branch location with a de novo branch located in Houston, Texas.

    "We are pleased to report another quarter of record-setting earnings, with diluted earnings per share reaching 74 cents," said Bart Caraway, Chairman, President, and Chief Executive Officer of Third Coast. "This performance reflects our continued execution of our strategic plan, resulting in significant improvements across key metrics, including improving our loan and deposit mix, expanding our net interest margin, and achieving our goal of bringing the efficiency ratio below 60% ahead of schedule. Our team's efforts have led to an impressive 13 consecutive quarters of net interest income growth, demonstrating the sustainability of our approach. Finally, our results highlight our ability to successfully manage expenses while driving revenue growth, all while maintaining strong asset quality.

    "Looking ahead, we remain confident in our ability to deliver high-performing results. Our 1% improvement initiative continues to enhance operational efficiency, positioning us well to navigate the evolving interest rate environment. With our robust Texas markets and the right team in place, we are focused on maintaining this momentum and creating long-term value for our shareholders."

    ____________________________

    (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.

    Operating Results

    Net Income and Earnings Per Share

    Net income totaled $12.8 million for the third quarter of 2024, compared to $10.8 million for the second quarter of 2024 and $5.6 million for the third quarter of 2023. Net income available to common shareholders totaled $11.6 million for the third quarter of 2024, compared to $9.6 million for the second quarter of 2024 and $4.4 million for the third quarter of 2023. The quarter-over-quarter increase was primarily due to an increase in net interest income, resulting from loan growth and higher rates on loans, and a slightly lower provision for credit loss during the third 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 September 30, 2024 and June 30, 2024.

    Basic and diluted earnings per share were $0.85 per share and $0.74 per share, respectively, in the third quarter of 2024 compared to $0.70 per share and $0.63 per share, respectively, in the second quarter of 2024 and $0.32 per share for both basic and diluted in the third quarter of 2023.

    Net Interest Margin and Net Interest Income

    The net interest margin for the third quarter of 2024 was 3.73%, compared to 3.62% for the second quarter of 2024 and 3.71% for the third quarter of 2023. The yield on loans for the third quarter of 2024 was 7.90%, compared to 7.86% for the second quarter of 2024 and 7.57% for the third quarter of 2023.

    Net interest income totaled $40.4 million for the third quarter of 2024, an increase of 3.9% from $38.9 million for the second quarter of 2024 and an increase of 14.5% from $35.3 million for the third quarter of 2023. Interest income totaled $82.7 million for the third quarter of 2024, an increase of 1.8% from $81.2 million for the second quarter of 2024 and an increase of 19.2% from $69.4 million for the third quarter of 2023. Interest and fees on loans increased $2.4 million, or 3.2%, compared to the second quarter of 2024, and increased $10.1 million, or 15.4%, compared to the third quarter of 2023. Interest expense in the third quarter of 2024 remained consistent with the second quarter of 2024 at $42.3 million and $42.4 million, respectively.

    Noninterest Income and Noninterest Expense

    Noninterest income totaled $2.5 million for the third quarter of 2024, compared to $2.9 million for the second quarter of 2024 and $1.9 million for the third quarter of 2023. The sequential decrease in noninterest income was primarily due to losses recorded on the sale of a corporate bond and two mortgage-backed securities during the third quarter of 2024.

    Noninterest expense remained consistent at $25.6 million for the second and third quarters of 2024, and down from $27.5 million for the third quarter of 2023.

    The efficiency ratio improved to 59.57% for the third quarter of 2024, compared to 61.39% for the second quarter of 2024 and 74.07% for the third quarter of 2023.

    Balance Sheet Highlights

    Loan Portfolio and Composition

    For the quarter ended September 30, 2024, gross loans increased to $3.89 billion, an increase of $131.7 million, or 3.5%, from $3.76 billion as of June 30, 2024, and an increase of $329.9 million, or 9.3%, from $3.56 billion as of September 30, 2023. Commercial and industrial and real estate loans accounted for the majority of the loan growth for the third quarter of 2024, with commercial and industrial loans increasing $137.9 million and real estate loans increasing $33.0 million from the second quarter of 2024. The growth was partially offset by a $39.0 million decrease in municipal loans from June 30, 2024.

    Asset Quality

    Nonperforming loans at September 30, 2024 were comparable to June 30, 2024 at $24.0 million and $24.4 million, respectively. As of September 30, 2024, the nonperforming loans to total loans ratio was 0.62%, compared to 0.65% as of June 30, 2024.

    The provision for credit loss recorded for the third quarter of 2024 was $1.1 million and the allowance for credit losses of $39.7 million represented 1.02% of the $3.89 billion in gross loans outstanding as of September 30, 2024.

    The Company recorded net recoveries of $57,000 and net charge-offs of $24,000 for the third quarter of 2024 and 2023, respectively.

    Deposits and Composition

    Deposits totaled $3.99 billion as of September 30, 2024, an increase of 3.6% from $3.86 billion as of June 30, 2024, and an increase of 9.5% from $3.65 billion as of September 30, 2023. Noninterest-bearing demand deposits increased from $464.5 million as of June 30, 2024, to $489.8 million as of September 30, 2024 and represented 12.3% of total deposits as of September 30, 2024, compared to 12.0% of total deposits as of June 30, 2024. As of September 30, 2024, interest-bearing demand deposits decreased $62.3 million, or 2.2%, time deposits increased $177.9 million, or 36.2%, and savings accounts decreased $2.1 million, or 6.2%, respectively, from June 30, 2024.

    The average cost of deposits was 4.18% for the third quarter of 2024, representing a 4-basis point decrease from the second quarter of 2024 and a 45-basis point increase from the third quarter of 2023. The year-over-year increase was due to interest-bearing demand deposit growth and the increase in rates paid on interest-bearing demand deposits.

    Earnings Conference Call

    Third Coast has scheduled a conference call to discuss its 2024 third quarter results, which will be broadcast live over the Internet, on Thursday, October 24, 2024, 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 October 31, 2024, and may be accessed by dialing 201-612-7415 and using passcode 13748897#. 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)



    September 30





    June 30





    March 31





    December 31





    September 30



































    ASSETS































    Cash and cash equivalents:































    Cash and due from banks



    $

    258,191





    $

    241,809





    $

    367,831





    $

    296,926





    $

    142,122



    Federal funds sold





    12,265







    12,088







    130,429







    114,919







    144,408



    Total cash and cash equivalents





    270,456







    253,897







    498,260







    411,845







    286,530



































    Interest bearing time deposits in other banks





    353







    350







    -







    -







    -



    Investment securities available-for-sale





    292,104







    286,167







    246,291







    178,087







    201,035



    Loans held for investment





    3,889,831







    3,758,159







    3,746,178







    3,638,788







    3,559,953



    Less:  allowance for credit losses





    (39,683)







    (38,211)







    (38,140)







    (37,022)







    (38,067)



    Loans, net





    3,850,148







    3,719,948







    3,708,038







    3,601,766







    3,521,886



    Accrued interest receivable





    26,111







    27,518







    25,769







    23,120







    22,821



    Premises and equipment, net





    26,696







    27,626







    26,844







    28,554







    29,010



    Other real estate owned





    283







    -







    -







    -







    -



    Bank-owned life insurance





    67,679







    67,030







    66,443







    65,861







    65,303



    Non-marketable securities, at cost





    24,328







    16,147







    16,095







    16,041







    15,799



    Deferred tax asset, net





    8,654







    8,972







    8,712







    9,227







    8,335



    Derivative assets





    5,786







    7,799







    11,015







    8,828







    10,889



    Right-of-use assets - operating leases





    20,397







    20,944







    20,729







    21,439







    21,192



    Goodwill and other intangible assets





    18,882







    18,922







    18,963







    19,003







    19,043



    Other assets





    15,893







    18,799







    13,244







    12,303







    13,949



    Total assets



    $

    4,627,770





    $

    4,474,119





    $

    4,660,403





    $

    4,396,074





    $

    4,215,792



































    LIABILITIES































    Deposits:































    Noninterest bearing



    $

    489,822





    $

    464,498





    $

    424,019





    $

    459,553





    $

    500,187



    Interest bearing





    3,504,616







    3,391,093







    3,626,653







    3,343,595







    3,146,635



    Total deposits





    3,994,438







    3,855,591







    4,050,672







    3,803,148







    3,646,822



































    Accrued interest payable





    7,283







    5,668







    3,927







    4,794







    4,318



    Derivative liabilities





    6,874







    7,626







    8,253







    10,687







    10,519



    Lease liability - operating leases





    21,412







    21,919







    21,647







    22,280







    21,958



    Other liabilities





    34,632







    30,786







    27,806







    23,763







    15,467



    Line of credit - Senior Debt





    31,875







    36,875







    43,875







    38,875







    35,875



    Note payable - Subordinated Debentures, net





    80,708







    80,656







    80,605







    80,553







    80,502



      Total liabilities





    4,177,222







    4,039,121







    4,236,785







    3,984,100







    3,815,461



































    SHAREHOLDERS' EQUITY































    Series A Convertible Non-Cumulative Preferred Stock





    69







    69







    69







    69







    69



    Series B Convertible Perpetual Preferred Stock





    -







    -







    -







    -







    -



    Common stock





    13,746







    13,744







    13,731







    13,683







    13,679



    Common stock - non-voting





    -







    -







    -







    -







    -



    Additional paid-in capital





    320,871







    320,496







    320,077







    319,613







    319,134



    Retained earnings





    109,160







    97,583







    87,971







    78,775







    70,283



    Accumulated other comprehensive income (loss)





    7,801







    4,205







    2,869







    933







    (1,735)



    Treasury stock, at cost





    (1,099)







    (1,099)







    (1,099)







    (1,099)







    (1,099)



    Total shareholders' equity





    450,548







    434,998







    423,618







    411,974







    400,331



    Total liabilities and shareholders' equity



    $

    4,627,770





    $

    4,474,119





    $

    4,660,403





    $

    4,396,074





    $

    4,215,792



     

    Third Coast Bancshares, Inc. and Subsidiary

    Financial Highlights

    (unaudited)







    Three Months Ended





    Nine Months Ended









    2024





    2023





    2024





    2023





    (Dollars in thousands, except per share data)



    September

    30





    June 30





    March 31





    December

    31





    September

    30





    September

    30





    September

    30



















































    INTEREST INCOME:













































    Loans, including fees



    $

    75,468





    $

    73,103





    $

    70,671





    $

    70,325





    $

    65,380





    $

    219,242





    $

    178,586





    Investment securities available-for-sale





    4,532







    4,491







    3,093







    2,746







    1,990







    12,116







    5,567





    Federal funds sold and other





    2,719







    3,631







    5,112







    3,996







    2,015







    11,462







    5,324





    Total interest income





    82,719







    81,225







    78,876







    77,067







    69,385







    242,820







    189,477



















































    INTEREST EXPENSE:













































    Deposit accounts





    40,407







    40,410







    38,698







    37,671







    30,345







    119,515







    77,373





    FHLB advances and other borrowings





    1,929







    1,957







    2,099







    2,065







    3,772







    5,985







    9,910





    Total interest expense





    42,336







    42,367







    40,797







    39,736







    34,117







    125,500







    87,283



















































    Net interest income





    40,383







    38,858







    38,079







    37,331







    35,268







    117,320







    102,194



















































    Provision for credit losses





    1,085







    1,900







    1,560







    1,100







    2,620







    4,545







    5,220



















































    Net interest income after credit loss expense





    39,298







    36,958







    36,519







    36,231







    32,648







    112,775







    96,974



















































    NONINTEREST INCOME:













































    Service charges and fees





    2,143







    1,515







    1,505







    850







    884







    5,163







    2,383





    Earnings on bank-owned life insurance





    649







    587







    582







    559







    541







    1,818







    1,542





    (Loss) gain on sale of investment securities

    available-for-sale





    (480)







    123







    157







    21







    364







    (200)







    461





    Gain on sale of SBA loans





    -







    -







    30







    326







    114







    30







    114





    Derivative fees





    101







    28







    66







    358







    159







    195







    405





    Other





    104







    635







    3







    43







    (196)







    742







    1,143





    Total noninterest income





    2,517







    2,888







    2,343







    2,157







    1,866







    7,748







    6,048



















































    NONINTEREST EXPENSE:













































    Salaries and employee benefits





    15,679







    15,917







    16,502







    16,119







    17,353







    48,098







    46,098





    Occupancy and equipment expense





    3,229







    3,146







    3,045







    2,875







    2,925







    9,420







    8,410





    Legal and professional





    1,037







    1,621







    1,385







    2,305







    2,001







    4,043







    5,478





    Data processing and network expense





    1,608







    1,046







    1,418







    987







    1,284







    4,072







    3,748





    Regulatory assessments





    1,249







    1,005







    980







    942







    532







    3,234







    1,656





    Advertising and marketing





    420







    406







    355







    614







    515







    1,181







    2,013





    Software purchases and maintenance





    854







    828







    817







    839







    729







    2,499







    1,536





    Loan operations





    227







    262







    226







    134







    272







    715







    539





    Telephone and communications





    166







    141







    134







    125







    117







    441







    385





    Other





    1,085







    1,257







    1,052







    1,474







    1,777







    3,394







    3,521





    Total noninterest expense





    25,554







    25,629







    25,914







    26,414







    27,505







    77,097







    73,384



















































    NET INCOME BEFORE INCOME TAX

            EXPENSE





    16,261







    14,217







    12,948







    11,974







    7,009







    43,426







    29,638



















































    Income tax expense





    3,486







    3,421







    2,581







    2,285







    1,431







    9,488







    5,926



















































    NET INCOME





    12,775







    10,796







    10,367







    9,689







    5,578







    33,938







    23,712



















































    Preferred stock dividends declared





    1,198







    1,184







    1,171







    1,197







    1,184







    3,553







    3,539



















































    NET INCOME AVAILABLE TO COMMON

            SHAREHOLDERS



    $

    11,577





    $

    9,612





    $

    9,196





    $

    8,492





    $

    4,394





    $

    30,385





    $

    20,173



















































    EARNINGS PER COMMON SHARE:













































    Basic earnings per share



    $

    0.85





    $

    0.70





    $

    0.68





    $

    0.62





    $

    0.32





    $

    2.23





    $

    1.49





    Diluted earnings per share



    $

    0.74





    $

    0.63





    $

    0.61





    $

    0.57





    $

    0.32





    $

    1.99





    $

    1.41





     

    Third Coast Bancshares, Inc. and Subsidiary

    Financial Highlights

    (unaudited)











    Three Months Ended





    Nine Months Ended









    2024





    2023





    2024





    2023





    (Dollars in thousands, except share

    and per share data)



    September

    30





    June 30





    March 31





    December

    31





    September

    30





    September

    30





    September

    30



















































    Earnings per share, basic



    $

    0.85





    $

    0.70





    $

    0.68





    $

    0.62





    $

    0.32





    $

    2.23





    $

    1.49





    Earnings per share, diluted



    $

    0.74





    $

    0.63





    $

    0.61





    $

    0.57





    $

    0.32





    $

    1.99





    $

    1.41





    Dividends on common stock



    $

    -





    $

    -





    $

    -





    $

    -





    $

    -





    $

    -





    $

    -





    Dividends on Series A Convertible

            Non-Cumulative Preferred Stock



    $

    17.25





    $

    17.06





    $

    16.88





    $

    17.25





    $

    17.06





    $

    51.19





    $

    51.00



















































    Return on average assets (A)





    1.14

    %





    0.97

    %





    0.95

    %





    0.90

    %





    0.56

    %





    1.02

    %





    0.84

    %



    Return on average common equity (A)





    12.12

    %





    10.53

    %





    10.44

    %





    9.86

    %





    5.19

    %





    11.05

    %





    8.24

    %



    Return on average tangible common

            equity (A) (B)





    12.76

    %





    11.10

    %





    11.03

    %





    10.44

    %





    5.50

    %





    11.65

    %





    8.75

    %



    Net interest margin (A) (C)





    3.73

    %





    3.62

    %





    3.60

    %





    3.61

    %





    3.71

    %





    3.65

    %





    3.77

    %



    Efficiency ratio (D)





    59.57

    %





    61.39

    %





    64.11

    %





    66.89

    %





    74.07

    %





    61.64

    %





    67.80

    %

















































    Capital Ratios













































    Third Coast Bancshares, Inc.

    (consolidated):













































    Total common equity to total assets





    8.31

    %





    8.24

    %





    7.67

    %





    7.86

    %





    7.93

    %





    8.31

    %





    7.93

    %



    Tangible common equity to tangible

             assets (B)





    7.93

    %





    7.85

    %





    7.29

    %





    7.46

    %





    7.51

    %





    7.93

    %





    7.51

    %



    Common equity tier 1 (to risk weighted

            assets)





    8.38

    %





    8.29

    %





    7.97

    %





    8.06

    %





    8.01

    %





    8.38

    %





    8.01

    %



    Tier 1 capital (to risk weighted assets)





    9.93

    %





    9.88

    %





    9.54

    %





    9.70

    %





    9.68

    %





    9.93

    %





    9.68

    %



    Total capital (to risk weighted assets)





    12.80

    %





    12.78

    %





    12.41

    %





    12.66

    %





    12.72

    %





    12.80

    %





    12.72

    %



    Tier 1 capital (to average assets)





    9.53

    %





    9.24

    %





    9.15

    %





    9.23

    %





    9.79

    %





    9.53

    %





    9.79

    %

















































    Third Coast Bank:













































    Common equity tier 1 (to risk weighted

            assets)





    12.45

    %





    12.52

    %





    12.32

    %





    12.52

    %





    12.48

    %





    12.45

    %





    12.48

    %



    Tier 1 capital (to risk weighted assets)





    12.45

    %





    12.52

    %





    12.32

    %





    12.52

    %





    12.48

    %





    12.45

    %





    12.48

    %



    Total capital (to risk weighted assets)





    13.42

    %





    13.49

    %





    13.28

    %





    13.49

    %





    13.49

    %





    13.42

    %





    13.49

    %



    Tier 1 capital (to average assets)





    11.95

    %





    11.71

    %





    11.81

    %





    11.91

    %





    12.62

    %





    11.95

    %





    12.62

    %

















































    Other Data













































    Weighted average shares:













































    Basic





    13,665,400







    13,657,223







    13,606,256







    13,603,149







    13,608,718







    13,643,042







    13,576,949





    Diluted





    17,184,991







    17,018,680







    16,936,003







    16,890,381







    13,873,187







    17,046,640







    16,872,035





    Period end shares outstanding





    13,667,591







    13,665,505







    13,652,888







    13,604,665







    13,600,211







    13,667,591







    13,600,211





    Book value per share



    $

    28.13





    $

    26.99





    $

    26.18





    $

    25.41





    $

    24.57





    $

    28.13





    $

    24.57





    Tangible book value per share (B)



    $

    26.75





    $

    25.60





    $

    24.79





    $

    24.02





    $

    23.17





    $

    26.75





    $

    23.17





    ___________

    (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 on pages 11 and 12 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





    September 30, 2024



    June 30, 2024



    September 30, 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:

















































    Investment securities



    $

    300,969





    $

    4,532





    5.99 %



    $

    297,653





    $

    4,491





    6.07 %



    $

    198,305





    $

    1,990





    3.98 %

    Loans, gross





    3,801,954







    75,468





    7.90 %





    3,740,544







    73,103





    7.86 %





    3,424,738







    65,380





    7.57 %

    Federal funds sold and other

            interest-earning assets





    209,841







    2,719





    5.15 %





    277,144







    3,631





    5.27 %





    146,965







    2,015





    5.44 %

    Total interest-earning assets





    4,312,764







    82,719





    7.63 %





    4,315,341







    81,225





    7.57 %





    3,770,008







    69,385





    7.30 %

    Less allowance for loan losses





    (38,425)

















    (38,429)

















    (37,421)













    Total interest-earning assets, net of

            allowance





    4,274,339

















    4,276,912

















    3,732,587













    Noninterest-earning assets





    195,681

















    195,193

















    190,670













    Total assets



    $

    4,470,020















    $

    4,472,105















    $

    3,923,257































































    Liabilities and Shareholders'

    Equity

















































    Interest-bearing liabilities:

















































    Interest-bearing deposits



    $

    3,383,897





    $

    40,407





    4.75 %



    $

    3,411,592





    $

    40,410





    4.76 %



    $

    2,756,305





    $

    30,345





    4.37 %

    Note payable and line of credit





    113,536







    1,853





    6.49 %





    121,275







    1,957





    6.49 %





    112,765







    1,919





    6.75 %

    FHLB advances





    5,757







    76





    5.25 %



    —





    —





    —





    129,585







    1,853





    5.67 %

    Total interest-bearing liabilities





    3,503,190







    42,336





    4.81 %





    3,532,867







    42,367





    4.82 %





    2,998,655







    34,117





    4.51 %

    Noninterest-bearing deposits





    457,451

















    442,672

















    473,282













    Other liabilities





    63,255

















    63,056

















    49,271













    Total liabilities





    4,023,896

















    4,038,595

















    3,521,208













    Shareholders' equity





    446,124

















    433,510

















    402,049













    Total liabilities and shareholders'

            equity



    $

    4,470,020















    $

    4,472,105















    $

    3,923,257













    Net interest income









    $

    40,383















    $

    38,858















    $

    35,268







    Net interest spread (1)















    2.82 %















    2.75 %















    2.79 %

    Net interest margin (2)















    3.73 %















    3.62 %















    3.71 %

    ___________

    (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)







    Nine Months Ended





    September 30, 2024



    September 30, 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)



































    Assets

































    Interest-earnings assets:

































       Investment securities



    $

    267,091





    $

    12,116





    6.06 %



    $

    195,234





    $

    5,567





    3.81 %

       Loans, gross





    3,736,200







    219,242





    7.84 %





    3,287,053







    178,586





    7.26 %

       Federal funds sold and other interest-earning

               assets





    290,011







    11,462





    5.28 %





    142,224







    5,324





    5.00 %

          Total interest-earning assets





    4,293,302







    242,820





    7.55 %





    3,624,511







    189,477





    6.99 %

    Less allowance for loan losses





    (38,045)

















    (36,236)













    Total interest-earning assets, net of allowance





    4,255,257

















    3,588,275













    Noninterest-earning assets





    194,650

















    186,443













          Total assets



    $

    4,449,907















    $

    3,774,718















































    Liabilities and Shareholders' Equity

































    Interest-bearing liabilities:

































       Interest-bearing deposits



    $

    3,380,790





    $

    119,515





    4.72 %



    $

    2,645,127





    $

    77,373





    3.91 %

       Note payable and line of credit





    118,547







    5,909





    6.66 %





    111,777







    5,592





    6.69 %

       FHLB advances and other





    1,933







    76





    5.25 %





    106,353







    4,318





    5.43 %

          Total interest-bearing liabilities





    3,501,270







    125,500





    4.79 %





    2,863,257







    87,283





    4.08 %

    Noninterest-bearing deposits





    452,411

















    473,834













    Other liabilities





    62,753

















    44,025













          Total liabilities





    4,016,434

















    3,381,116













    Shareholders' equity





    433,473

















    393,602













          Total liabilities and shareholders' equity



    $

    4,449,907















    $

    3,774,718













    Net interest income









    $

    117,320















    $

    102,194







    Net interest spread (1)















    2.76 %















    2.91 %

    Net interest margin (2)















    3.65 %















    3.77 %

    ___________

    (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)







    Three Months Ended









    2024





    2023





    (Dollars in thousands)



    September

    30





    June 30





    March 31





    December 31





    September 30







































    Period-end Loan Portfolio:

































    Real estate loans:

































    Commercial real estate:

































    Non-farm non-residential owner occupied



    $

    470,222





    $

    499,941





    $

    510,266





    $

    520,822





    $

    517,917





    Non-farm non-residential non-owner occupied





    611,617







    612,268







    598,311







    586,626







    566,973





    Residential





    339,558







    349,461







    345,890







    342,589







    326,354





    Construction, development & other





    825,302







    756,646







    725,176







    693,553







    655,822





    Farmland





    35,650







    31,049







    29,706







    30,396







    30,646





    Commercial & industrial





    1,499,302







    1,361,401







    1,350,289







    1,263,077







    1,288,320





    Consumer





    2,002







    2,216







    2,382







    2,555







    2,665





    Municipal and other





    106,178







    145,177







    184,158







    199,170







    171,256





    Total loans



    $

    3,889,831





    $

    3,758,159





    $

    3,746,178





    $

    3,638,788





    $

    3,559,953







































    Asset Quality:

































    Nonaccrual loans



    $

    23,522





    $

    23,910





    $

    18,130





    $

    16,649





    $

    13,963





    Loans > 90 days and still accruing





    522







    507







    3,614







    670







    2,442





    Total nonperforming loans





    24,044







    24,417







    21,744







    17,319







    16,405





    Other real estate owned





    283







    -







    -







    -







    -





    Total nonperforming assets



    $

    24,327





    $

    24,417





    $

    21,744





    $

    17,319





    $

    16,405







































    QTD Net charge-offs (recoveries)



    $

    (57)





    $

    1,829





    $

    742





    $

    1,505





    $

    24







































    Nonaccrual loans:

































    Real estate loans:

































    Commercial real estate:

































    Non-farm non-residential owner occupied



    $

    9,696





    $

    10,051





    $

    2,369





    $

    1,211





    $

    978





    Non-farm non-residential non-owner occupied





    68







    74







    1,225







    1,235







    1,235





    Residential





    2,664







    2,767







    2,837







    2,938







    3,058





    Construction, development & other





    1







    301







    406







    247







    567





    Commercial & industrial





    11,093







    10,717







    11,293







    11,018







    8,125





    Total nonaccrual loans



    $

    23,522





    $

    23,910





    $

    18,130





    $

    16,649





    $

    13,963







































    Asset Quality Ratios:

































    Nonperforming assets to total assets





    0.53

    %





    0.55

    %





    0.47

    %





    0.39

    %





    0.39

    %



    Nonperforming loans to total loans





    0.62

    %





    0.65

    %





    0.58

    %





    0.48

    %





    0.46

    %



    Allowance for credit losses to total loans





    1.02

    %





    1.02

    %





    1.02

    %





    1.02

    %





    1.07

    %



    QTD Net charge-offs (recoveries) to average loans

            (annualized)





    (0.01)

    %





    0.20

    %





    0.08

    %





    0.17

    %





    0.00

    %



    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





    Nine Months Ended







    2024





    2023





    2024





    2023



    (Dollars in thousands, except share and per

    share data)



    September

    30





    June 30





    March 31





    December

    31





    September

    30





    September

    30





    September

    30















































    Tangible Common Equity:











































    Total shareholders' equity



    $

    450,548





    $

    434,998





    $

    423,618





    $

    411,974





    $

    400,331





    $

    450,548





    $

    400,331



    Less:  Preferred stock including additional

            paid in capital





    66,117







    66,225







    66,225







    66,225







    66,225







    66,117







    66,225



    Total common equity





    384,431







    368,773







    357,393







    345,749







    334,106







    384,431







    334,106



    Less:  Goodwill and core deposit intangibles,

            net





    18,882







    18,922







    18,963







    19,003







    19,043







    18,882







    19,043



    Tangible common equity



    $

    365,549





    $

    349,851





    $

    338,430





    $

    326,746





    $

    315,063





    $

    365,549





    $

    315,063















































    Common shares outstanding at end of period





    13,667,591







    13,665,505







    13,652,888







    13,604,665







    13,600,211







    13,667,591







    13,600,211















































    Book Value Per Share



    $

    28.13





    $

    26.99





    $

    26.18





    $

    25.41





    $

    24.57





    $

    28.13





    $

    24.57



    Tangible Book Value Per Share



    $

    26.75





    $

    25.60





    $

    24.79





    $

    24.02





    $

    23.17





    $

    26.75





    $

    23.17



























































































    Tangible Assets:











































    Total assets



    $

    4,627,770





    $

    4,474,119





    $

    4,660,403





    $

    4,396,074





    $

    4,215,792





    $

    4,627,770





    $

    4,215,792



    Adjustments:  Goodwill and core deposit

            intangibles, net





    18,882







    18,922







    18,963







    19,003







    19,043







    18,882







    19,043



    Tangible assets



    $

    4,608,888





    $

    4,455,197





    $

    4,641,440





    $

    4,377,071





    $

    4,196,749





    $

    4,608,888





    $

    4,196,749















































    Total Common Equity to Total Assets





    8.31

    %





    8.24

    %





    7.67

    %





    7.86

    %





    7.93

    %





    8.31

    %





    7.93

    %

    Tangible Common Equity to Tangible Assets





    7.93

    %





    7.85

    %





    7.29

    %





    7.46

    %





    7.51

    %





    7.93

    %





    7.51

    %

























































































    Average Tangible Common Equity:











































    Average shareholders' equity



    $

    446,124





    $

    433,510





    $

    420,646





    $

    407,972





    $

    402,049





    $

    433,473





    $

    393,602



    Less:  Average preferred stock including

            additional paid in capital





    66,223







    66,225







    66,225







    66,225







    66,225







    66,224







    66,225



    Average common equity





    379,901







    367,285







    354,421







    341,747







    335,824







    367,249







    327,377



    Less:  Average goodwill and core deposit

            intangibles, net





    18,906







    18,946







    18,987







    19,027







    19,068







    18,946







    19,108



    Average tangible common equity



    $

    360,995





    $

    348,339





    $

    335,434





    $

    322,720





    $

    316,756





    $

    348,303





    $

    308,269















































    Net Income



    $

    12,775





    $

    10,796





    $

    10,367





    $

    9,689





    $

    5,578





    $

    33,938





    $

    23,712



    Less: Dividends declared on preferred stock





    1,198







    1,184







    1,171







    1,197







    1,184







    3,553







    3,539



    Net Income Available to Common

    Shareholders



    $

    11,577





    $

    9,612





    $

    9,196





    $

    8,492





    $

    4,394





    $

    30,385





    $

    20,173















































    Return on Average Common Equity(A)





    12.12

    %





    10.53

    %





    10.44

    %





    9.86

    %





    5.19

    %





    11.05

    %





    8.24

    %

    Return on Average Tangible Common

    Equity(A)





    12.76

    %





    11.10

    %





    11.03

    %





    10.44

    %





    5.50

    %





    11.65

    %





    8.75

    %

    ___________

    (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-third-quarter-financial-results-302284912.html

    SOURCE Third Coast Bancshares

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