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Third Coast Bancshares, Inc. (NASDAQ: TCBX) is a Texas-based bank holding company known for its robust commercial banking services. Established in 2008 in Humble, Texas by local entrepreneurs, Third Coast Bank, SSB, the company's wholly-owned subsidiary, has steadily grown to operate through 16 branches and one loan production office across the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets. The bank provides a comprehensive range of financial services to small and mid-sized businesses and professionals in various sectors including commercial, industrial, manufacturing, healthcare, and real estate.
Third Coast focuses on offering personalized and responsive banking solutions, assisting businesses with working capital, facility expansion, equipment purchases, and refinancing or restructuring existing loans. As an independent bank with local decision-making capabilities, it tailors each loan to meet specific client needs. The success of Third Coast is reflected in its impressive growth, boasting assets worth $400 million.
Recently, Third Coast has reported significant achievements and ongoing projects. The bank has been aggressively expanding its loans and deposits, illustrating a strong financial position despite economic challenges. For instance, as of the third quarter of 2023, total assets, loans, and deposits saw substantial growth, with net income reflecting a healthy performance. Additionally, Third Coast has taken deliberate actions such as reducing operating expenses and winding down non-core divisions to ensure sustainable growth and operational efficiency.
In March 2024, Third Coast Bank successfully converted its charter from a Texas state savings bank to a Texas banking association. This strategic move aligns with the bank's goal to better serve commercial and retail customers by expanding its commercial loan portfolio while continuing to provide high-quality, relationship-based service.
Leadership plays a crucial role in Third Coast's success. Recent executive promotions within the company highlight a commitment to operational excellence and prudent risk management, further solidifying the bank's foundation for sustainable growth. These strategic leadership changes are expected to foster an innovative environment, enhancing customer satisfaction and driving shareholder value.
Third Coast's commitment to transparency and investor relations is evident through regular financial updates and scheduled earnings calls. The bank reported its 2023 fourth quarter and full-year financial results in January 2024, showcasing a 79% increase in net income over the previous year. The company continues to focus on enhancing operational efficiencies and managing expenses to drive profitability.
For more information, visit Third Coast Bank.
Third Coast Bancshares (NASDAQ: TCBX) reported its Q2 2024 financial results. The company achieved record earnings per share (EPS) of $0.70 and diluted EPS of $0.63, up from $0.68 and $0.61 in Q1 2024. Net income rose to $10.8 million, a 3.8% increase from Q1 2024. Return on average assets was 0.97%, while the efficiency ratio improved to 61.39% from 64.11% in Q1 2024.
Gross loans increased modestly by $12 million to $3.76 billion, and noninterest-bearing demand deposits rose 9.5% to $464.5 million. Book value per share grew to $26.99, and tangible book value per share reached $25.60. The company opened its 17th and 18th branches in Austin and The Woodlands, Texas.
Net interest income was $38.9 million, up 2.0% from Q1 2024. Noninterest income increased to $2.9 million, while noninterest expenses decreased to $25.6 million. However, the provision for credit losses was $1.9 million, and nonperforming loans rose to $24.4 million.
Third Coast Bancshares (NASDAQ: TCBX), the parent company of Third Coast Bank, will release its 2024 second quarter financial results on July 24, 2024, after market close. A conference call and webcast to discuss the results is scheduled for July 25, 2024, at 11:00 a.m. Eastern Time. Interested parties can listen in by dialing 201-389-0869 or via the internet. A replay will be available until August 1, 2024, and the webcast will be archived on the company's website for 90 days.
Third Coast Bancshares, the holding company of Third Coast Bank, declared a quarterly cash dividend of $17.0625 per share on its 6.75% Series A Convertible Non-Cumulative Preferred Stock. The dividend will be payable on July 15, 2024, to shareholders who hold the stock as of June 30, 2024. This announcement comes as part of the company's regular dividend schedule.
Stonegate Capital Partners has initiated coverage on Third Coast Bancshares, Inc. (NASDAQ: TCBX). The key takeaways from the announcement include a net income of $10.4 million for the quarter and a year-over-year loan growth of $530.6 million. Additionally, the bank has opened its 17th branch.
Third Coast Bancshares, Inc. celebrates Earth Month 2024 by reinforcing its commitment to impact and sustainability through a companywide sustainable habits initiative. The company has planted over 1,075 trees since 2022, showcasing its dedication to sustainability and environmental consciousness. The corporate strategy focuses on environmental consciousness, human capital management, and community outreach, fostering a culture of corporate responsibility. Third Coast promotes sustainable habits for employees and customers, culminating in a partnership with A Living Tribute to plant 360 trees in the South Texas National Wildlife Refuge Complex. The company operates primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its subsidiary Third Coast Bank, SSB.
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