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    Third Coast Bancshares, Inc. Reports 2025 First Quarter Financial Results

    4/23/25 4:15:00 PM ET
    $TCBX
    Banks
    Finance
    Get the next $TCBX alert in real time by email

    Year-over-Year Net Income Improved 31% and Diluted EPS increased 28%

    Net Interest Margin Expands to 3.80% and Book Value Per Share Increases

    HOUSTON, April 23, 2025 /PRNewswire/ -- Third Coast Bancshares, Inc. (NASDAQ:TCBX) (the "Company," "Third Coast," "we," "us," or "our"), the bank holding company for Third Coast Bank (the "Bank"), today reported its 2025 first quarter financial results.

    Year to Date Financial Highlights

    • Return on average assets of 1.17% annualized for the first quarter of 2025 compared to 1.13% annualized for the fourth quarter of 2024 and 0.95% annualized for the first quarter of 2024.
    • Net interest margin of 3.80% for the first quarter of 2025 compared to 3.71% for the fourth quarter of 2024 and 3.60% for the first quarter of 2024.
    • Net income for the first quarter of 2025 totaled $13.6 million, or $0.90 and $0.78 per basic and diluted share, respectively, compared to $13.7 million, or $0.92 and $0.79 per basic and diluted share, respectively, for the fourth quarter of 2024.
    • Gross loans grew to $3.99 billion as of March 31, 2025, from $3.97 billion reported as of December 31, 2024.
    • Book value per share and tangible book value per share(1) increased to $29.92 and $28.56, respectively, as of March 31, 2025, compared to $28.65 and $27.29, respectively, as of December 31, 2024 and $26.18 and $24.79, respectively, as of March 31, 2024.
    • On April 1, 2025, the Bank completed a $200 million commercial real estate loan securitization, reducing our risk-weighted assets and improving risk-weighted capital ratios. The transactions also strengthened our financial position by reducing construction and land development loan concentrations and mitigating credit risk.

    ______________

    (1)

    Non-GAAP financial measure. Please refer to the table titled "GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures" at the end of this news release for a reconciliation of these non-GAAP financial measures.

    Bart Caraway, Founder, Chairman, President & CEO of Third Coast, said, "We delivered a solid first quarter, marked by continued expansion in our net interest margin and steady growth in our loan portfolio, while preserving strong asset quality. Our disciplined approach to managing deposit costs and thoughtful credit risk management enabled us to enhance shareholder value, as reflected in the increase in both book value and tangible book value per share. Despite some seasonal softness in deposits, our core profitability metrics improved, and our capital ratios strengthened, underscoring the resilience of our business model and our commitment to sustainable growth.

    "Just following the quarter end, we successfully executed a significant commercial real estate loan securitization, which will provide us with additional flexibility to manage our balance sheet and capital ratios. We believe this transaction will not only reduce our CRE concentration and improve our risk-based capital, but also generate meaningful fee income that will benefit our results in the coming quarters. The securitization demonstrates our forward-thinking approach to capital management and positions us to support future loan growth while upholding a prudent risk profile.

    "With a strong capital base, improved asset quality, and a focus on disciplined execution, Third Coast is well positioned to deliver continued value for our shareholders and to compete effectively in the dynamic Texas banking landscape," Mr. Caraway concluded.

    Operating Results

    Net Income and Earnings Per Share

    Net income totaled $13.6 million for the first quarter of 2025, compared to $13.7 million for the fourth quarter of 2024 and $10.4 million for the first quarter of 2024. Net income available to common shareholders totaled $12.4 million for the first quarter of 2025, compared to $12.5 million for the fourth quarter of 2024 and $9.2 million for the first quarter of 2024. The year-over-year increase was primarily due to an increase in net interest income, resulting from loan growth and the purchase of investment securities, and an increase in service charges and fees, offset by an increase in salary and employee benefit expenses during the first quarter of 2025. Dividends on our Series A Convertible Non-Cumulative Preferred Stock ("Series A Preferred Stock") totaled $1.2 million for each of the quarters ended March 31, 2025 and December 31, 2024.

    Basic and diluted earnings per share were $0.90 per share and $0.78 per share, respectively, in the first quarter of 2025, compared to $0.92 per share and $0.79 per share, respectively, in the fourth quarter of 2024 and $0.68 per share and $0.61 per share, respectively, in the first quarter of 2024.

    Net Interest Margin and Net Interest Income

    The net interest margin for the first quarter of 2025 was 3.80%, compared to 3.71% for the fourth quarter of 2024 and 3.60% for the first quarter of 2024. The yield on loans for the first quarter of 2025 was 7.45%, compared to 7.68% for the fourth quarter of 2024 and 7.75% for the first quarter of 2024. The cost of interest-bearing deposits for the first quarter of 2025 was 4.02%, compared to 4.33% for the fourth quarter of 2024 and 4.65% for the first quarter of 2024.

    Net interest income totaled $42.8 million for the first quarter of 2025, a decrease of 1.5% from $43.4 million for the fourth quarter of 2024 and an increase of 12.4% from $38.1 million for the first quarter of 2024. Interest income totaled $80.8 million for the first quarter of 2025, a decrease of 5.6% from $85.5 million for the fourth quarter of 2024 and an increase of 2.4% from $78.9 million for the first quarter of 2024. The quarter-over-quarter decrease in interest income resulted from a decrease in loan yields and a decrease in interest income from federal funds sold and deposits in interest-bearing correspondent banks during the first quarter of 2025. Interest expense decreased from $42.1 million for the fourth quarter of 2024 and $40.8 million for the first quarter of 2024 to $38.0 million for the first quarter of 2025, primarily resulting from the reduction in rates paid on interest-bearing deposits.

    Noninterest Income and Noninterest Expense

    Noninterest income totaled $3.1 million for the first quarter of 2025, compared to $2.9 million for the fourth quarter of 2024 and $2.3 million for the first quarter of 2024. The sequential increase in noninterest income was primarily due to increased service charges and fees during the first quarter of 2025.

    Noninterest expense increased to $28.1 million for the first quarter of 2025, compared to $27.2 million for the fourth quarter of 2024 and $25.9 million for the first quarter of 2024. 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 first quarter of 2025. At March 31, 2025, the number of employees was 383, compared to 369 at December 31, 2024.

    The efficiency ratio was 61.23% for the first quarter of 2025, compared to 58.80% for the fourth quarter of 2024 and 64.11% for the first quarter of 2024.

    Balance Sheet Highlights

    Loan Portfolio and Composition

    For the quarter ended March 31, 2025, gross loans increased to $3.99 billion, an increase of $21.6 million, or 0.5%, from $3.97 billion as of December 31, 2024, and an increase of $241.9 million, or 6.5%, from $3.75 billion as of March 31, 2024. Commercial and industrial loans accounted for the majority of the loan growth for the first quarter of 2025, offset by slight decreases in real estate loans and municipal loans from the fourth quarter of 2024.

    Asset Quality

    Nonperforming loans at March 31, 2025 were $18.6 million, compared to $27.9 million at December 31, 2024 and $21.7 million at March 31, 2024. As of March 31, 2025, the nonperforming loans to total loans ratio was 0.47%, compared to 0.70% as of December 31, 2024 and 0.58% as of March 31, 2024. The decrease in nonperforming loans during the first quarter of 2025 was primarily due to the foreclosure and transfer to OREO of three nonperforming loans for one relationship totaling $7.3 million, the payoff and paydown of five nonperforming loans totaling $1.9 million, and the charge-off of one relationship for $810,000.  

    The provision for credit loss recorded for the first quarter of 2025 was $450,000, and the allowance for credit losses of $40.5 million represented 1.01% of the $3.99 billion in gross loans outstanding as of March 31, 2025. 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 decrease in the provision for credit loss recorded in the first quarter of 2025 compared to the fourth quarter of 2024 is a reflection of the improvement in asset quality and loan growth.

    The Company recorded net charge-offs of $398,000 and $742,000 for the three months ended March 31, 2025 and March 31, 2024, respectively.

    Deposits and Composition

    Deposits totaled $4.25 billion as of March 31, 2025, a decrease of 1.4% from $4.31 billion as of December 31, 2024, and an increase of 4.9% from $4.05 billion as of March 31, 2024. Noninterest-bearing demand deposits decreased from $602.1 million as of December 31, 2024, to $448.5 million as of March 31, 2025 and represented 10.6% of total deposits as of March 31, 2025, compared to 14.0% of total deposits as of December 31, 2024. As of March 31, 2025, interest-bearing demand deposits increased $23.5 million, or 0.8%, time deposits increased $71.2 million, or 12.3%, and savings accounts decreased $3.1 million, or 11.1%, respectively, from December 31, 2024.

    The average cost of deposits was 3.60% for the first quarter of 2025, representing a 23-basis point decrease from the fourth quarter of 2024 and a 49-basis point decrease from the first quarter of 2024. The decreases were due to the reduction in rates paid on interest-bearing demand deposits.

    Earnings Conference Call

    Third Coast has scheduled a conference call to discuss its 2025 first quarter results, which will be broadcast live over the Internet, on Thursday, April 24, 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 May 1, 2025, and may be accessed by dialing 201-612-7415 and using passcode 13752283#. 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; economic conditions affecting the real estate market; prepayment risks associated with commercial real estate loans; liquidity risks in the securitization market; operational risks related to the administration of securitized assets; 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, 2024 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)

     





    2025





    2024



    (Dollars in thousands)



    March 31





    December 31





    September 30





    June 30





    March 31



































    ASSETS































    Cash and cash equivalents:































    Cash and due from banks



    $

    218,990





    $

    371,157





    $

    258,191





    $

    241,809





    $

    367,831



    Federal funds sold





    110,379







    50,045







    12,265







    12,088







    130,429



    Total cash and cash equivalents





    329,369







    421,202







    270,456







    253,897







    498,260



































    Interest bearing time deposits in other banks





    359







    356







    353







    350







    -



    Investment securities available-for-sale





    397,442







    384,025







    292,104







    286,167







    246,291



    Loans held for investment





    3,988,039







    3,966,425







    3,889,831







    3,758,159







    3,746,178



    Less:  allowance for credit losses





    (40,456)







    (40,304)







    (39,683)







    (38,211)







    (38,140)



    Loans, net





    3,947,583







    3,926,121







    3,850,148







    3,719,948







    3,708,038



    Accrued interest receivable





    26,752







    25,820







    26,111







    27,518







    25,769



    Premises and equipment, net





    25,669







    26,230







    26,696







    27,626







    26,844



    Bank-owned life insurance





    74,018







    68,341







    67,679







    67,030







    66,443



    Non-marketable securities, at cost





    15,994







    15,980







    24,328







    16,147







    16,095



    Deferred tax asset, net





    9,176







    11,445







    8,654







    8,972







    8,712



    Derivative assets





    3,052







    6,479







    5,786







    7,799







    11,015



    Right-of-use assets - operating leases





    19,370







    19,863







    20,397







    20,944







    20,729



    Goodwill and other intangible assets





    18,801







    18,841







    18,882







    18,922







    18,963



    Other assets





    29,404







    17,743







    16,176







    18,799







    13,244



    Total assets



    $

    4,896,989





    $

    4,942,446





    $

    4,627,770





    $

    4,474,119





    $

    4,660,403



































    LIABILITIES































    Deposits:































    Noninterest bearing



    $

    448,542





    $

    602,082





    $

    489,822





    $

    464,498





    $

    424,019



    Interest bearing





    3,800,001







    3,708,416







    3,504,616







    3,391,093







    3,626,653



    Total deposits





    4,248,543







    4,310,498







    3,994,438







    3,855,591







    4,050,672



































    Accrued interest payable





    7,044







    6,281







    7,283







    5,668







    3,927



    Derivative liabilities





    3,527







    8,660







    6,874







    7,626







    8,253



    Lease liability - operating leases





    20,425







    20,900







    21,412







    21,919







    21,647



    Other liabilities





    25,979







    23,754







    34,632







    30,786







    27,806



    Line of credit - Senior Debt





    30,875







    30,875







    31,875







    36,875







    43,875



    Note payable - Subordinated Debentures, net





    80,810







    80,759







    80,708







    80,656







    80,605



      Total liabilities





    4,417,203







    4,481,727







    4,177,222







    4,039,121







    4,236,785



































    SHAREHOLDERS' EQUITY































    Series A Convertible Non-Cumulative Preferred Stock





    69







    69







    69







    69







    69



    Series B Convertible Perpetual Preferred Stock





    -







    -







    -







    -







    -



    Common stock





    13,904







    13,848







    13,746







    13,744







    13,731



    Common stock - non-voting





    -







    -







    -







    -







    -



    Additional paid-in capital





    322,456







    321,696







    320,871







    320,496







    320,077



    Retained earnings





    134,115







    121,697







    109,160







    97,583







    87,971



    Accumulated other comprehensive income





    10,341







    4,508







    7,801







    4,205







    2,869



    Treasury stock, at cost





    (1,099)







    (1,099)







    (1,099)







    (1,099)







    (1,099)



    Total shareholders' equity





    479,786







    460,719







    450,548







    434,998







    423,618



    Total liabilities and shareholders' equity



    $

    4,896,989





    $

    4,942,446





    $

    4,627,770





    $

    4,474,119





    $

    4,660,403



     

    Third Coast Bancshares, Inc. and Subsidiary

    Financial Highlights

    (unaudited)

     





    Three Months Ended





    Year Ended







    2025





    2024





    2024



    (Dollars in thousands, except per share data)



    March 31





    December 31





    September 30





    June 30





    March 31





    December 31









































    INTEREST INCOME:





































    Loans, including fees



    $

    73,087





    $

    76,017





    $

    75,468





    $

    73,103





    $

    70,671





    $

    295,259



    Investment securities available-for-sale





    5,693







    4,939







    4,532







    4,491







    3,093







    17,055



    Federal funds sold and other





    1,986







    4,580







    2,719







    3,631







    5,112







    16,042



    Total interest income





    80,766







    85,536







    82,719







    81,225







    78,876







    328,356









































    INTEREST EXPENSE:





































    Deposit accounts





    36,226







    40,233







    40,407







    40,410







    38,698







    159,748



    FHLB advances and other borrowings





    1,743







    1,865







    1,929







    1,957







    2,099







    7,850



    Total interest expense





    37,969







    42,098







    42,336







    42,367







    40,797







    167,598









































    Net interest income





    42,797







    43,438







    40,383







    38,858







    38,079







    160,758









































    Provision for credit losses





    450







    1,156







    1,085







    1,900







    1,560







    5,701









































    Net interest income after credit loss expense





    42,347







    42,282







    39,298







    36,958







    36,519







    155,057









































    NONINTEREST INCOME:





































    Service charges and fees





    2,277







    1,772







    2,143







    1,515







    1,505







    6,935



    Earnings on bank-owned life insurance





    677







    662







    649







    587







    582







    2,480



    (Loss) gain on sale of investment securities available-for-sale





    (228)







    196







    (480)







    123







    157







    (4)



    Gain on sale of SBA loans





    30







    -







    -







    -







    30







    30



    Other





    351







    243







    205







    663







    69







    1,180



    Total noninterest income





    3,107







    2,873







    2,517







    2,888







    2,343







    10,621









































    NONINTEREST EXPENSE:





































    Salaries and employee benefits





    18,341







    17,018







    15,679







    15,917







    16,502







    65,116



    Occupancy and equipment expense





    3,282







    3,292







    3,229







    3,146







    3,045







    12,712



    Legal and professional





    1,431







    1,587







    1,037







    1,621







    1,385







    5,630



    Data processing and network expense





    1,120







    1,182







    1,608







    1,046







    1,418







    5,254



    Regulatory assessments





    1,306







    1,196







    1,249







    1,005







    980







    4,430



    Advertising and marketing





    409







    526







    420







    406







    355







    1,707



    Software purchases and maintenance





    811







    766







    854







    828







    817







    3,265



    Loan operations





    269







    189







    227







    262







    226







    904



    Telephone and communications





    175







    144







    166







    141







    134







    585



    Other





    964







    1,330







    1,085







    1,257







    1,052







    4,724



    Total noninterest expense





    28,108







    27,230







    25,554







    25,629







    25,914







    104,327









































    NET INCOME BEFORE INCOME TAX

            EXPENSE





    17,346







    17,925







    16,261







    14,217







    12,948







    61,351









































    Income tax expense





    3,757







    4,192







    3,486







    3,421







    2,581







    13,680









































    NET INCOME





    13,589







    13,733







    12,775







    10,796







    10,367







    47,671









































    Preferred stock dividends declared





    1,171







    1,196







    1,198







    1,184







    1,171







    4,749









































    NET INCOME AVAILABLE TO COMMON

            SHAREHOLDERS



    $

    12,418





    $

    12,537





    $

    11,577





    $

    9,612





    $

    9,196





    $

    42,922









































    EARNINGS PER COMMON SHARE:





































    Basic earnings per share



    $

    0.90





    $

    0.92





    $

    0.85





    $

    0.70





    $

    0.68





    $

    3.14



    Diluted earnings per share



    $

    0.78





    $

    0.79





    $

    0.74





    $

    0.63





    $

    0.61





    $

    2.78



     

    Third Coast Bancshares, Inc. and Subsidiary

    Financial Highlights

    (unaudited)

     





    Three Months Ended





    Year Ended









    2025





    2024





    2024





    (Dollars in thousands, except share and per share data)



    March 31





    December 31





    September 30





    June 30





    March 31





    December 31













































    Earnings per share, basic



    $

    0.90





    $

    0.92





    $

    0.85





    $

    0.70





    $

    0.68





    $

    3.14





    Earnings per share, diluted



    $

    0.78





    $

    0.79





    $

    0.74





    $

    0.63





    $

    0.61





    $

    2.78





    Dividends on common stock



    $

    -





    $

    -





    $

    -





    $

    -





    $

    -





    $

    -





    Dividends on Series A Convertible

            Non-Cumulative Preferred Stock



    $

    16.88





    $

    17.25





    $

    17.25





    $

    17.06





    $

    16.88





    $

    68.44













































    Return on average assets (A)





    1.17

    %





    1.13

    %





    1.14

    %





    0.97

    %





    0.95

    %





    1.05

    %



    Return on average common equity (A)





    12.41

    %





    12.66

    %





    12.12

    %





    10.53

    %





    10.44

    %





    11.48

    %



    Return on average tangible common

            equity (A) (B)





    13.01

    %





    13.29

    %





    12.76

    %





    11.10

    %





    11.03

    %





    12.09

    %



    Net interest margin (A) (C)





    3.80

    %





    3.71

    %





    3.73

    %





    3.62

    %





    3.60

    %





    3.67

    %



    Efficiency ratio (D)





    61.23

    %





    58.80

    %





    59.57

    %





    61.39

    %





    64.11

    %





    60.88

    %











































    Capital Ratios







































    Third Coast Bancshares, Inc. (consolidated):







































    Total common equity to total assets





    8.45

    %





    7.98

    %





    8.31

    %





    8.24

    %





    7.67

    %





    7.98

    %



    Tangible common equity to tangible

             assets (B)





    8.09

    %





    7.63

    %





    7.93

    %





    7.85

    %





    7.29

    %





    7.63

    %



    Common equity tier 1 (to risk weighted

            assets)





    8.70

    %





    8.41

    %





    8.38

    %





    8.29

    %





    7.97

    %





    8.41

    %



    Tier 1 capital (to risk weighted assets)





    10.19

    %





    9.90

    %





    9.93

    %





    9.88

    %





    9.54

    %





    9.90

    %



    Total capital (to risk weighted assets)





    12.97

    %





    12.68

    %





    12.80

    %





    12.78

    %





    12.41

    %





    12.68

    %



    Tier 1 capital (to average assets)





    9.58

    %





    9.12

    %





    9.53

    %





    9.24

    %





    9.15

    %





    9.12

    %











































    Third Coast Bank:







































    Common equity tier 1 (to risk weighted

            assets)





    12.69

    %





    12.35

    %





    12.45

    %





    12.52

    %





    12.32

    %





    12.35

    %



    Tier 1 capital (to risk weighted assets)





    12.69

    %





    12.35

    %





    12.45

    %





    12.52

    %





    12.32

    %





    12.35

    %



    Total capital (to risk weighted assets)





    13.63

    %





    13.29

    %





    13.42

    %





    13.49

    %





    13.28

    %





    13.29

    %



    Tier 1 capital (to average assets)





    11.93

    %





    11.37

    %





    11.95

    %





    11.71

    %





    11.81

    %





    11.37

    %











































    Other Data







































    Weighted average shares:







































    Basic





    13,776,998







    13,698,010







    13,665,400







    13,657,223







    13,606,256







    13,656,859





    Diluted





    17,440,826







    17,394,884







    17,184,991







    17,018,680







    16,936,003







    17,133,845





    Period end shares outstanding





    13,825,286







    13,769,780







    13,667,591







    13,665,505







    13,652,888







    13,769,780





    Book value per share



    $

    29.92





    $

    28.65





    $

    28.13





    $

    26.99





    $

    26.18





    $

    28.65





    Tangible book value per share (B)



    $

    28.56





    $

    27.29





    $

    26.75





    $

    25.60





    $

    24.79





    $

    27.29





    ___________

    (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





    March 31, 2025



    December 31, 2024



    March 31, 2024

    (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



    $

    3,979,859





    $

    73,087





    7.45 %



    $

    3,937,405





    $

    76,017





    7.68 %



    $

    3,665,378





    $

    70,671





    7.75 %

    Investment securities





    398,115







    5,693





    5.80 %





    342,474







    4,939





    5.74 %





    202,277







    3,093





    6.15 %

    Federal funds sold and other

            interest-earning assets





    186,893







    1,986





    4.31 %





    379,836







    4,580





    4.80 %





    383,929







    5,112





    5.36 %

    Total interest-earning assets





    4,564,867







    80,766





    7.18 %





    4,659,715







    85,536





    7.30 %





    4,251,584







    78,876





    7.46 %

    Less allowance for loan losses





    (40,595)

















    (39,855)

















    (37,278)













    Total interest-earning assets, net of

            allowance





    4,524,272

















    4,619,860

















    4,214,306













    Noninterest-earning assets





    198,522

















    195,143

















    193,070













    Total assets



    $

    4,722,794















    $

    4,815,003















    $

    4,407,376































































    Liabilities and Shareholders' Equity

















































    Interest-bearing liabilities:

















































    Interest-bearing deposits



    $

    3,652,006





    $

    36,226





    4.02 %



    $

    3,692,533





    $

    40,233





    4.33 %



    $

    3,346,847





    $

    38,698





    4.65 %

    Note payable and line of credit





    111,661







    1,713





    6.22 %





    109,294







    1,708





    6.22 %





    120,884







    2,099





    6.98 %

    FHLB advances





    2,551







    30





    4.77 %





    11,900







    157





    5.25 %



    —





    —





    —

    Total interest-bearing liabilities





    3,766,218







    37,969





    4.09 %





    3,813,727







    42,098





    4.39 %





    3,467,731







    40,797





    4.73 %

    Noninterest-bearing deposits





    423,780

















    484,738

















    457,054













    Other liabilities





    60,755

















    56,369

















    61,945













    Total liabilities





    4,250,753

















    4,354,834

















    3,986,730













    Shareholders' equity





    472,041

















    460,169

















    420,646













    Total liabilities and shareholders'

            equity



    $

    4,722,794















    $

    4,815,003















    $

    4,407,376













    Net interest income









    $

    42,797















    $

    43,438















    $

    38,079







    Net interest spread (1)















    3.09 %















    2.91 %















    2.73 %

    Net interest margin (2)















    3.80 %















    3.71 %















    3.60 %

    ___________

    (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









    2025





    2024





    (Dollars in thousands)



    March 31





    December 31





    September 30





    June 30





    March 31







































    Period-end Loan Portfolio:

































    Real estate loans:

































    Commercial real estate:

































    Non-farm non-residential owner occupied



    $

    420,902





    $

    448,134





    $

    470,222





    $

    499,941





    $

    510,266





    Non-farm non-residential non-owner occupied





    633,227







    652,119







    611,617







    612,268







    598,311





    Residential





    335,285







    336,736







    339,558







    349,461







    345,890





    Construction, development & other





    846,166







    871,373







    825,302







    756,646







    725,176





    Farmland





    30,783







    30,915







    35,650







    31,049







    29,706





    Commercial & industrial





    1,605,243







    1,497,408







    1,499,302







    1,361,401







    1,350,289





    Consumer





    1,443







    1,859







    2,002







    2,216







    2,382





    Municipal and other





    114,990







    127,881







    106,178







    145,177







    184,158





    Total loans



    $

    3,988,039





    $

    3,966,425





    $

    3,889,831





    $

    3,758,159





    $

    3,746,178







































    Asset Quality:

































    Nonaccrual loans



    $

    17,066





    $

    26,773





    $

    23,522





    $

    23,910





    $

    18,130





    Loans > 90 days and still accruing





    1,503







    1,173







    522







    507







    3,614





    Total nonperforming loans





    18,569







    27,946







    24,044







    24,417







    21,744





    Other real estate owned





    8,752







    862







    283







    -







    -





    Total nonperforming assets



    $

    27,321





    $

    28,808





    $

    24,327





    $

    24,417





    $

    21,744







































    QTD Net charge-offs (recoveries)



    $

    398





    $

    879





    $

    (57)





    $

    1,829





    $

    742







































    Nonaccrual loans:

































    Real estate loans:

































    Commercial real estate:

































    Non-farm non-residential owner occupied



    $

    3,100





    $

    10,433





    $

    9,696





    $

    10,051





    $

    2,369





    Non-farm non-residential non-owner occupied





    -







    -







    68







    74







    1,225





    Residential





    2,616







    2,226







    2,664







    2,767







    2,837





    Construction, development & other





    358







    400







    1







    301







    406





    Commercial & industrial





    10,992







    13,714







    11,093







    10,717







    11,293





    Total nonaccrual loans



    $

    17,066





    $

    26,773





    $

    23,522





    $

    23,910





    $

    18,130







































    Asset Quality Ratios:

































    Nonperforming assets to total assets





    0.56

    %





    0.58

    %





    0.53

    %





    0.55

    %





    0.47

    %



    Nonperforming loans to total loans





    0.47

    %





    0.70

    %





    0.62

    %





    0.65

    %





    0.58

    %



    Allowance for credit losses to total loans





    1.01

    %





    1.02

    %





    1.02

    %





    1.02

    %





    1.02

    %



    QTD Net charge-offs (recoveries) to average loans

            (annualized)





    0.04

    %





    0.09

    %





    (0.01)

    %





    0.20

    %





    0.08

    %



     

    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





    Year Ended







    2025





    2024





    2024



    (Dollars in thousands, except share and per share data)



    March 31





    December 31





    September 30





    June 30





    March 31





    December 31









































    Tangible Common Equity:





































    Total shareholders' equity



    $

    479,786





    $

    460,719





    $

    450,548





    $

    434,998





    $

    423,618





    $

    460,719



    Less:  Preferred stock including additional

            paid in capital





    66,160







    66,160







    66,117







    66,225







    66,225







    66,160



    Total common equity





    413,626







    394,559







    384,431







    368,773







    357,393







    394,559



    Less:  Goodwill and core deposit intangibles,

            net





    18,801







    18,841







    18,882







    18,922







    18,963







    18,841



    Tangible common equity



    $

    394,825





    $

    375,718





    $

    365,549





    $

    349,851





    $

    338,430





    $

    375,718









































    Common shares outstanding at end of period





    13,825,286







    13,769,780







    13,667,591







    13,665,505







    13,652,888







    13,769,780









































    Book Value Per Share



    $

    29.92





    $

    28.65





    $

    28.13





    $

    26.99





    $

    26.18





    $

    28.65



    Tangible Book Value Per Share



    $

    28.56





    $

    27.29





    $

    26.75





    $

    25.60





    $

    24.79





    $

    27.29









































    Tangible Assets:





































    Total assets



    $

    4,896,989





    $

    4,942,446





    $

    4,627,770





    $

    4,474,119





    $

    4,660,403





    $

    4,942,446



    Adjustments:  Goodwill and core deposit

            intangibles, net





    18,801







    18,841







    18,882







    18,922







    18,963







    18,841



    Tangible assets



    $

    4,878,188





    $

    4,923,605





    $

    4,608,888





    $

    4,455,197





    $

    4,641,440





    $

    4,923,605









































    Total Common Equity to Total Assets





    8.45

    %





    7.98

    %





    8.31

    %





    8.24

    %





    7.67

    %





    7.98

    %

    Tangible Common Equity to Tangible Assets





    8.09

    %





    7.63

    %





    7.93

    %





    7.85

    %





    7.29

    %





    7.63

    %







































    Average Tangible Common Equity:





































    Average shareholders' equity



    $

    472,041





    $

    460,169





    $

    446,124





    $

    433,510





    $

    420,646





    $

    440,184



    Less:  Average preferred stock including

            additional paid in capital





    66,160







    66,121







    66,223







    66,225







    66,225







    66,198



    Average common equity





    405,881







    394,048







    379,901







    367,285







    354,421







    373,986



    Less:  Average goodwill and core deposit

            intangibles, net





    18,826







    18,865







    18,906







    18,946







    18,987







    18,926



    Average tangible common equity



    $

    387,055





    $

    375,183





    $

    360,995





    $

    348,339





    $

    335,434





    $

    355,060









































    Net Income



    $

    13,589





    $

    13,733





    $

    12,775





    $

    10,796





    $

    10,367





    $

    47,671



    Less: Dividends declared on preferred stock





    1,171







    1,196







    1,198







    1,184







    1,171







    4,749



    Net Income Available to Common Shareholders



    $

    12,418





    $

    12,537





    $

    11,577





    $

    9,612





    $

    9,196





    $

    42,922









































    Return on Average Common Equity(A)





    12.41

    %





    12.66

    %





    12.12

    %





    10.53

    %





    10.44

    %





    11.48

    %

    Return on Average Tangible Common Equity(A)





    13.01

    %





    13.29

    %





    12.76

    %





    11.10

    %





    11.03

    %





    12.09

    %

    ___________

    (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-2025-first-quarter-financial-results-302436199.html

    SOURCE Third Coast Bancshares

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    • Third Coast Bancshares, Inc. Announces 2025 First Quarter Earnings Release and Conference Call Schedule

      HOUSTON, April 16, 2025 /PRNewswire/ -- Third Coast Bancshares, Inc. (NASDAQ:TCBX), ("Third Coast"), the holding company of Third Coast Bank, today announced that it will report its 2025 first quarter financial results on Wednesday, April 23, 2025 after the market closes. Management has scheduled a conference call and webcast on Thursday, April 24, 2025 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss these financial results. What: Third Coast Bancshares' 2025 First Quarter Earnings Conference Call When: Thursday, April 24, 2025 at 11:00 a.m. Eastern / 10:00 a.m. Central How: Live via phone – By dialing 201-389-0869 and ask for the Third Coast Bancshares, Inc. call at least 1

      4/16/25 4:15:00 PM ET
      $TCBX
      Banks
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    • EJF Capital Closes Securitization of a $100 Million Commercial Real Estate Loan Originated by Third Coast Bank

      EJF Capital LLC ("EJF Capital"), a global alternative asset management firm with approximately $5.4 billion of assets under management, today announced that it has completed a $100 million securitization transaction for Third Coast Bank, a Texas banking association and wholly owned bank subsidiary of Third Coast Bancshares, Inc. (NASDAQ:TCBX). On April 1, 2025, Third Coast Bank originated a $200 million revolving commercial real estate loan (the "Mortgage Loan") made to one of America's largest private investment firms focused on real estate development. The Mortgage Loan is secured by interests in a portfolio of eleven Residential Master Planned Communities under development located in th

      4/9/25 8:30:00 AM ET
      $TCBX
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    $TCBX
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

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    • Officer Bobbora William bought $37,683 worth of shares (1,200 units at $31.40) (SEC Form 4)

      4 - Third Coast Bancshares, Inc. (0001781730) (Issuer)

      5/21/25 4:30:10 PM ET
      $TCBX
      Banks
      Finance
    • Officer Eber Liz bought $2,080 worth of shares (70 units at $29.71), increasing direct ownership by 15% to 543 units (SEC Form 4)

      4 - Third Coast Bancshares, Inc. (0001781730) (Issuer)

      4/30/25 6:02:49 PM ET
      $TCBX
      Banks
      Finance
    • Officer Caraway Bart bought $29,280 worth of shares (1,000 units at $29.28), increasing direct ownership by 0.75% to 135,047 units (SEC Form 4)

      4 - Third Coast Bancshares, Inc. (0001781730) (Issuer)

      4/29/25 4:45:04 PM ET
      $TCBX
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    $TCBX
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Third Coast Bancshares downgraded by Raymond James

      Raymond James downgraded Third Coast Bancshares from Outperform to Mkt Perform

      4/2/25 8:48:19 AM ET
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      Banks
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    • Third Coast Bancshares downgraded by Keefe Bruyette with a new price target

      Keefe Bruyette downgraded Third Coast Bancshares from Outperform to Mkt Perform and set a new price target of $42.00 from $40.00 previously

      1/29/25 7:10:46 AM ET
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      Banks
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    • Keefe Bruyette initiated coverage on Third Coast Bancshares with a new price target

      Keefe Bruyette initiated coverage of Third Coast Bancshares with a rating of Outperform and set a new price target of $26.00

      1/11/24 7:54:04 AM ET
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    $TCBX
    Large Ownership Changes

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    • Amendment: SEC Form SC 13D/A filed by Third Coast Bancshares Inc.

      SC 13D/A - Third Coast Bancshares, Inc. (0001781730) (Subject)

      11/20/24 8:16:18 PM ET
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      Banks
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    • Amendment: SEC Form SC 13D/A filed by Third Coast Bancshares Inc.

      SC 13D/A - Third Coast Bancshares, Inc. (0001781730) (Subject)

      11/13/24 6:52:55 PM ET
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    • SEC Form SC 13G/A filed by Third Coast Bancshares Inc. (Amendment)

      SC 13G/A - Third Coast Bancshares, Inc. (0001781730) (Subject)

      1/29/24 3:26:24 PM ET
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    $TCBX
    SEC Filings

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    • Third Coast Bancshares Inc. filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

      8-K - Third Coast Bancshares, Inc. (0001781730) (Filer)

      5/23/25 8:00:10 AM ET
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      Banks
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    • Amendment: SEC Form SCHEDULE 13G/A filed by Third Coast Bancshares Inc.

      SCHEDULE 13G/A - Third Coast Bancshares, Inc. (0001781730) (Subject)

      5/14/25 5:15:40 PM ET
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      Banks
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    • SEC Form 10-Q filed by Third Coast Bancshares Inc.

      10-Q - Third Coast Bancshares, Inc. (0001781730) (Filer)

      5/6/25 4:31:45 PM ET
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    $TCBX
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Officer Bobbora William bought $37,683 worth of shares (1,200 units at $31.40) (SEC Form 4)

      4 - Third Coast Bancshares, Inc. (0001781730) (Issuer)

      5/21/25 4:30:10 PM ET
      $TCBX
      Banks
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    • Officer Duncan Audrey exercised 5,000 shares at a strike of $11.00 and covered exercise/tax liability with 1,730 shares, increasing direct ownership by 28% to 14,941 units (SEC Form 4)

      4 - Third Coast Bancshares, Inc. (0001781730) (Issuer)

      5/15/25 4:30:31 PM ET
      $TCBX
      Banks
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    • Officer Eber Liz bought $2,080 worth of shares (70 units at $29.71), increasing direct ownership by 15% to 543 units (SEC Form 4)

      4 - Third Coast Bancshares, Inc. (0001781730) (Issuer)

      4/30/25 6:02:49 PM ET
      $TCBX
      Banks
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    $TCBX
    Financials

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    • Third Coast Bancshares, Inc. Reports 2025 First Quarter Financial Results

      Year-over-Year Net Income Improved 31% and Diluted EPS increased 28% Net Interest Margin Expands to 3.80% and Book Value Per Share Increases HOUSTON, April 23, 2025 /PRNewswire/ -- Third Coast Bancshares, Inc. (NASDAQ:TCBX) (the "Company," "Third Coast," "we," "us," or "our"), the bank holding company for Third Coast Bank (the "Bank"), today reported its 2025 first quarter financial results. Year to Date Financial Highlights Return on average assets of 1.17% annualized for the first quarter of 2025 compared to 1.13% annualized for the fourth quarter of 2024 and 0.95% annualized for the first quarter of 2024.Net interest margin of 3.80% for the first quarter of 2025 compared to 3.71% for th

      4/23/25 4:15:00 PM ET
      $TCBX
      Banks
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    • Third Coast Bancshares, Inc. Announces 2025 First Quarter Earnings Release and Conference Call Schedule

      HOUSTON, April 16, 2025 /PRNewswire/ -- Third Coast Bancshares, Inc. (NASDAQ:TCBX), ("Third Coast"), the holding company of Third Coast Bank, today announced that it will report its 2025 first quarter financial results on Wednesday, April 23, 2025 after the market closes. Management has scheduled a conference call and webcast on Thursday, April 24, 2025 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss these financial results. What: Third Coast Bancshares' 2025 First Quarter Earnings Conference Call When: Thursday, April 24, 2025 at 11:00 a.m. Eastern / 10:00 a.m. Central How: Live via phone – By dialing 201-389-0869 and ask for the Third Coast Bancshares, Inc. call at least 1

      4/16/25 4:15:00 PM ET
      $TCBX
      Banks
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    • Third Coast Bank Announces Securitization of $200 Million Commercial Real Estate Loan in a Transaction Sponsored by EJF Capital LLC

      HOUSTON, April 7, 2025 /PRNewswire/ -- Third Coast Bank, a Texas banking association (the "Bank") and a wholly owned bank subsidiary of Third Coast Bancshares, Inc. (NASDAQ:TCBX) (the "Company," "we" or "our"), today announced that, on April 1, 2025, it originated a $200 million revolving commercial real estate loan (the "Mortgage Loan") made to one of America's largest private investment firms focused on real estate development.  The Mortgage Loan is secured by interests in a portfolio of eleven Residential Master Planned Communities under development located in the Houston, Dallas and Austin metropolitan areas in the State of Texas. EJF Capital LLC ("EJF Capital"), a global alternative as

      4/7/25 8:00:00 AM ET
      $TCBX
      Banks
      Finance