Third Coast Bancshares, Inc. Declares Quarterly Cash Dividend on its 6.75% Series A Convertible Non-Cumulative Preferred Stock

Rhea-AI Summary

Third Coast Bancshares (NASDAQ: TCBX) has announced that its Board of Directors declared a quarterly cash dividend of $17.25 per share on its 6.75% Series A Convertible Non-Cumulative Preferred Stock. The dividend will be paid on January 15, 2025 to shareholders of record as of December 31, 2024.

Positive

• Consistent dividend payment demonstrates financial stability
• High dividend rate of 6.75% on preferred stock indicates strong yield for investors

Negative

• Non-cumulative nature of preferred stock means missed dividends won't accumulate

HOUSTON, Dec. 19, 2024 /PRNewswire/ -- Third Coast Bancshares, Inc. (NASDAQ: TCBX), the holding company of Third Coast Bank, today announced that its Board of Directors has declared a quarterly cash dividend of $17.25 per share on its 6.75% Series A Convertible Non–Cumulative Preferred Stock. The dividend is payable on January 15, 2025 to holders of record at the close of business on December 31, 2024.

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.

Contact:
Ken Dennard / Natalie Hairston
Dennard Lascar Investor Relations
(713) 529-6600
TCBX@dennardlascar.com 

 

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SOURCE Third Coast Bancshares

FAQ

What is the dividend amount for TCBX Series A Preferred Stock in Q1 2025?

Third Coast Bancshares (TCBX) will pay a quarterly dividend of $17.25 per share on its Series A Convertible Non-Cumulative Preferred Stock.

When is the record date for TCBX's Q1 2025 preferred stock dividend?

The record date for TCBX's preferred stock dividend is December 31, 2024.

What is the payment date for TCBX's latest preferred stock dividend?

The dividend payment date is January 15, 2025.

What is the annual dividend yield on TCBX's Series A Preferred Stock?

The Series A Preferred Stock carries a 6.75% dividend yield.

Is TCBX's Series A Preferred Stock dividend cumulative?

No, TCBX's Series A Preferred Stock dividend is non-cumulative, meaning missed dividends do not accumulate.