Third Coast Bancshares, Inc. Reports 2024 Fourth Quarter and Full Year Financial Results
Third Coast Bancshares (NASDAQ: TCBX) reported strong financial results for Q4 and full year 2024. Q4 net income reached $13.7 million ($0.92 basic, $0.79 diluted EPS), up from $12.8 million in Q3 2024. Net interest income grew 7.6% to $43.4 million quarter-over-quarter.
Full-year 2024 highlights include net income of $47.7 million ($3.14 basic, $2.78 diluted EPS), compared to $33.4 million in 2023. Total assets increased 12.4% to $4.94 billion, while gross loans grew 9.0% to $3.97 billion. Deposits rose 13.3% to $4.31 billion.
The bank's efficiency ratio improved to 58.80% in Q4 from 59.57% in Q3. Asset quality metrics showed nonperforming loans at $27.9 million (0.70% of total loans) as of December 31, 2024. The company expanded its presence by opening three new branches in Texas during 2024.
Third Coast Bancshares (NASDAQ: TCBX) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. Nel quarto trimestre, il reddito netto ha raggiunto i 13,7 milioni di dollari (0,92 dollari di utile per azione base, 0,79 dollari di utile per azione diluito), in aumento rispetto ai 12,8 milioni di dollari del terzo trimestre 2024. Il reddito netto da interessi è cresciuto del 7,6% raggiungendo i 43,4 milioni di dollari rispetto al trimestre precedente.
Tra i punti salienti dell'intero anno 2024 ci sono un reddito netto di 47,7 milioni di dollari (3,14 dollari di utile per azione base, 2,78 dollari di utile per azione diluito), rispetto ai 33,4 milioni di dollari del 2023. Gli attivi totali sono aumentati del 12,4% raggiungendo i 4,94 miliardi di dollari, mentre i prestiti lordi sono cresciuti del 9,0% a 3,97 miliardi di dollari. I depositi sono aumentati del 13,3% fino a 4,31 miliardi di dollari.
Il rapporto di efficienza della banca è migliorato al 58,80% nel quarto trimestre rispetto al 59,57% del terzo trimestre. Le metriche di qualità degli attivi hanno mostrato prestiti non performanti per 27,9 milioni di dollari (0,70% del totale dei prestiti) al 31 dicembre 2024. L'azienda ha ampliato la sua presenza aprendo tre nuove filiali in Texas durante il 2024.
Third Coast Bancshares (NASDAQ: TCBX) informó sobre fuertes resultados financieros para el cuarto trimestre y el año completo 2024. En el cuarto trimestre, el ingreso neto alcanzó los 13.7 millones de dólares (0.92 dólares por acción básica, 0.79 dólares por acción diluida), en comparación con los 12.8 millones de dólares en el tercer trimestre de 2024. Los ingresos netos por intereses crecieron un 7.6% a 43.4 millones de dólares en comparación con el trimestre anterior.
Los aspectos destacados del año completo 2024 incluyen un ingreso neto de 47.7 millones de dólares (3.14 dólares por acción básica, 2.78 dólares por acción diluida), frente a 33.4 millones de dólares en 2023. Los activos totales aumentaron un 12.4% a 4.94 mil millones de dólares, mientras que los préstamos brutos crecieron un 9.0% a 3.97 mil millones de dólares. Los depósitos aumentaron un 13.3% a 4.31 mil millones de dólares.
El ratio de eficiencia del banco mejoró al 58.80% en el cuarto trimestre desde el 59.57% en el tercer trimestre. Las métricas de calidad de los activos mostraron préstamos improductivos por 27.9 millones de dólares (0.70% del total de préstamos) a fecha del 31 de diciembre de 2024. La empresa amplió su presencia abriendo tres nuevas sucursales en Texas durante 2024.
제3코스트 뱅크쉐어즈 (NASDAQ: TCBX)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 발표했습니다. 4분기 순이익은 1,370만 달러(주당 기본 0.92달러, 희석 주당 0.79달러)에 도달하여 2024년 3분기의 1,280만 달러에서 증가했습니다. 순이자 수익은 전분기 대비 7.6% 증가하여 4,340만 달러에 달했습니다.
2024년 전체 연도의 주요 사항에는 2023년의 3,340만 달러와 비교하여 4,770만 달러(주당 기본 3.14달러, 희석 주당 2.78달러)의 순이익이 포함됩니다. 총 자산은 4.94억 달러로 12.4% 증가했으며, 총 대출은 3.97억 달러로 9.0% 증가했습니다. 예금은 4.31억 달러로 13.3% 증가했습니다.
은행의 효율성 비율은 4분기 58.80%로 3분기 59.57%에서 개선되었습니다. 자산 품질 지표는 2024년 12월 31일 기준으로 비수익 대출이 2,790만 달러(총 대출의 0.70%)임을 보여줍니다. 이 회사는 2024년 동안 텍사스에 세 개의 새로운 지점을 열어 존재감을 확장했습니다.
Third Coast Bancshares (NASDAQ: TCBX) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année complète 2024. Le revenu net du quatrième trimestre a atteint 13,7 millions de dollars (0,92 $ de bénéfice par action de base, 0,79 $ de bénéfice par action diluée), en hausse par rapport à 12,8 millions de dollars au troisième trimestre 2024. Le revenu net d'intérêts a augmenté de 7,6 % pour atteindre 43,4 millions de dollars d'un trimestre à l'autre.
Les faits marquants de l'année complète 2024 incluent un revenu net de 47,7 millions de dollars (3,14 $ par action de base, 2,78 $ par action diluée), comparé à 33,4 millions de dollars en 2023. Les actifs totaux ont augmenté de 12,4 % pour atteindre 4,94 milliards de dollars, tandis que les prêts bruts ont augmenté de 9,0 % pour atteindre 3,97 milliards de dollars. Les dépôts ont augmenté de 13,3 % pour atteindre 4,31 milliards de dollars.
Le ratio d'efficacité de la banque s'est amélioré, atteignant 58,80 % au quatrième trimestre, contre 59,57 % au troisième trimestre. Les indicateurs de qualité des actifs ont montré des prêts non performants à 27,9 millions de dollars (0,70 % du total des prêts) au 31 décembre 2024. L'entreprise a élargi sa présence en ouvrant trois nouvelles agences au Texas en 2024.
Third Coast Bancshares (NASDAQ: TCBX) hat starke Finanzergebnisse für das vierte Quartal und das Gesamtjahr 2024 bekanntgegeben. Der Nettogewinn im vierten Quartal betrug 13,7 Millionen Dollar (0,92 Dollar Basis-EPS, 0,79 Dollar verwässertes EPS) und stieg von 12,8 Millionen Dollar im dritten Quartal 2024. Die Nettozinserträge wuchsen um 7,6% auf 43,4 Millionen Dollar im Vergleich zum vorherigen Quartal.
Die Höhepunkte des Gesamtjahres 2024 umfassen einen Nettogewinn von 47,7 Millionen Dollar (3,14 Dollar Basis-EPS, 2,78 Dollar verwässertes EPS) im Vergleich zu 33,4 Millionen Dollar im Jahr 2023. Die gesamten Vermögenswerte stiegen um 12,4% auf 4,94 Milliarden Dollar, während die Bruttokredite um 9,0% auf 3,97 Milliarden Dollar wuchsen. Die Einlagen stiegen um 13,3% auf 4,31 Milliarden Dollar.
Das Effizienzkriterium der Bank verbesserte sich im vierten Quartal auf 58,80% von 59,57% im dritten Quartal. Die Qualitätskennzahlen der Vermögenswerte zeigten, dass die notleidenden Kredite zum 31. Dezember 2024 bei 27,9 Millionen Dollar lagen (0,70% der Gesamtkredite). Das Unternehmen erweiterte seine Präsenz, indem es 2024 drei neue Filialen in Texas eröffnete.
- Net income increased to $13.7M in Q4 2024, up from $12.8M in Q3 2024
- Net interest income grew 7.6% quarter-over-quarter to $43.4M
- Total assets increased 12.4% YoY to $4.94B
- Deposits grew 13.3% YoY to $4.31B
- Efficiency ratio improved to 58.80% from 59.57% quarter-over-quarter
- Book value per share grew 12.8% YoY
- Nonperforming loans increased to $27.9M from $24.0M in Q3 2024
- Net charge-offs increased to $3.4M in 2024 from $1.2M in 2023
- Net interest margin declined to 3.71% from 3.73% quarter-over-quarter
Insights
Third Coast Bancshares delivered robust Q4 2024 results, with net income reaching
Several key metrics deserve attention:
- Net interest income grew to
$43.4 million , up7.6% quarter-over-quarter, despite a slight compression in net interest margin to3.71% . This resilience in margins is particularly noteworthy given the challenging interest rate environment many regional banks face. - The efficiency ratio improved to
58.80% , indicating better cost management and operational leverage. This is particularly impressive considering the expansion costs associated with three new branch openings. - Deposit growth shows strong momentum with total deposits up
7.9% quarter-over-quarter to$4.31 billion . The increase in noninterest-bearing deposits to14.0% of total deposits is especially positive as it helps reduce funding costs.
However, there are some areas warranting monitoring:
- Nonperforming loans increased to
$27.9 million , representing0.70% of total loans, up from0.62% in Q3. While management indicates low loss expectations on recent downgrades, this trend requires attention. - The
2.0% quarterly loan growth, while positive, shows some moderation compared to the annual growth rate of9.0% , suggesting a more measured approach to lending in the current environment.
The bank's strategic expansion through new branches in key Texas markets, combined with strong deposit growth and careful credit management, positions it well for continued growth. The
Year Over Year Book Value grew
2024 Fourth Quarter Financial Highlights
- Net income totaled
$13.7 million $0.92 $0.79 $12.8 million $0.85 $0.74 - Net interest income totaled
$43.4 million 7.6% from$40.4 million - Return on average assets of
1.13% annualized for the quarter compared to1.14% annualized for the third quarter of 2024 and0.90% annualized for the fourth quarter of 2023. - Efficiency Ratio improved to
58.80% for the fourth quarter of 2024 from59.57% for the third quarter of 2024. - Gross loans grew
$76.6 million $3.97 billion 2.0% more than the$3.89 billion - Book value per share and tangible book value per share(1) increased to
$28.65 $27.29 $28.13 $26.75
2024 Full Year Financial and Operational Highlights
- Net income totaled
$47.7 million $3.14 $2.78 $33.4 million $2.11 $1.98 - Total assets increased
$546.4 million $4.94 billion 12.4% over the$4.40 billion - Gross loans grew
$327.6 million $3.97 billion 9.0% more than the$3.64 billion - Deposits increased
$507.4 million $4.31 billion 13.3% over the$3.80 billion - Opened three de novo branches in
Austin ,The Woodlands , andHouston, Texas .
(1) | Non-GAAP financial measure. Please refer to the table titled "GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures" at the end of this press release for a reconciliation of these non-GAAP financial measures. | |||
Bart Caraway, Founder, Chairman, President & Chief Executive Officer of Third Coast, said, "I take tremendous pride in our remarkable team. Third Coast has exceptionally talented and dedicated bankers who consistently achieve outstanding results. For example, our fourth quarter net interest income was
"Looking ahead, we are excited about the potential to further strengthen our position and continue producing outstanding results. Third Coast remains focused on sustaining this momentum by innovating and adapting to evolving market conditions. We continue to explore new opportunities that align with our growth objectives while staying true to our mission of delivering exceptional value to our stakeholders," Mr. Caraway concluded.
Operating Results
Net Income and Earnings Per Share
Net income totaled
Basic and diluted earnings per share were
Net Interest Margin and Net Interest Income
The net interest margin for the fourth quarter of 2024 was
Net interest income totaled
Noninterest Income and Noninterest Expense
Noninterest income totaled
Noninterest expense increased to
The efficiency ratio improved to
Balance Sheet Highlights
Loan Portfolio and Composition
For the quarter ended December 31, 2024, gross loans increased to
Asset Quality
Nonperforming loans at December 31, 2024 were
The provision for credit loss recorded for the fourth quarter of 2024 was
The Company recorded net charge-offs of
Deposits and Composition
Deposits totaled
The average cost of deposits was
Earnings Conference Call
Third Coast has scheduled a conference call to discuss its 2024 fourth quarter and fiscal year results, which will be broadcast live over the Internet, on Thursday, January 23, 2025, at 11:00 a.m. Eastern Time / 10:00 a.m. Central Time. To participate in the call, dial 201-389-0869 and ask for the Third Coast Bancshares, Inc. call at least 10 minutes prior to the start time, or access it live over the Internet at https://ir.thirdcoast.bank/events-and-presentations/events/. For those who cannot listen to the live call, a replay will be available through January 28, 2025, and may be accessed by dialing 201-612-7415 and using passcode 13750591#. Also, an archive of the webcast will be available shortly after the call at https://ir.thirdcoast.bank/events-and-presentations/events/ for 90 days.
About Third Coast Bancshares, Inc.
Third Coast Bancshares, Inc. is a commercially focused,
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
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures, including Tangible Common Equity, Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets and Return on Average Tangible Common Equity, which are supplemental measures that are not required by, or are not presented in accordance with GAAP. Please refer to the table titled "GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures" at the end of this press release for a reconciliation of these non-GAAP financial measures.
Third Coast Bancshares, Inc. and Subsidiary | ||||||||||||||||||||
Financial Highlights | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||
(Dollars in thousands) | December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Cash and due from banks | $ | 371,157 | $ | 258,191 | $ | 241,809 | $ | 367,831 | $ | 296,926 | ||||||||||
Federal funds sold | 50,045 | 12,265 | 12,088 | 130,429 | 114,919 | |||||||||||||||
Total cash and cash equivalents | 421,202 | 270,456 | 253,897 | 498,260 | 411,845 | |||||||||||||||
Interest bearing time deposits in other banks | 356 | 353 | 350 | - | - | |||||||||||||||
Investment securities available-for-sale | 384,025 | 292,104 | 286,167 | 246,291 | 178,087 | |||||||||||||||
Loans held for investment | 3,966,425 | 3,889,831 | 3,758,159 | 3,746,178 | 3,638,788 | |||||||||||||||
Less: allowance for credit losses | (40,304) | (39,683) | (38,211) | (38,140) | (37,022) | |||||||||||||||
Loans, net | 3,926,121 | 3,850,148 | 3,719,948 | 3,708,038 | 3,601,766 | |||||||||||||||
Accrued interest receivable | 25,820 | 26,111 | 27,518 | 25,769 | 23,120 | |||||||||||||||
Premises and equipment, net | 26,230 | 26,696 | 27,626 | 26,844 | 28,554 | |||||||||||||||
Bank-owned life insurance | 68,341 | 67,679 | 67,030 | 66,443 | 65,861 | |||||||||||||||
Non-marketable securities, at cost | 15,980 | 24,328 | 16,147 | 16,095 | 16,041 | |||||||||||||||
Deferred tax asset, net | 11,445 | 8,654 | 8,972 | 8,712 | 9,227 | |||||||||||||||
Derivative assets | 6,479 | 5,786 | 7,799 | 11,015 | 8,828 | |||||||||||||||
Right-of-use assets - operating leases | 19,863 | 20,397 | 20,944 | 20,729 | 21,439 | |||||||||||||||
Goodwill and other intangible assets | 18,841 | 18,882 | 18,922 | 18,963 | 19,003 | |||||||||||||||
Other assets | 17,743 | 16,176 | 18,799 | 13,244 | 12,303 | |||||||||||||||
Total assets | $ | 4,942,446 | $ | 4,627,770 | $ | 4,474,119 | $ | 4,660,403 | $ | 4,396,074 | ||||||||||
LIABILITIES | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest bearing | $ | 602,082 | $ | 489,822 | $ | 464,498 | $ | 424,019 | $ | 459,553 | ||||||||||
Interest bearing | 3,708,416 | 3,504,616 | 3,391,093 | 3,626,653 | 3,343,595 | |||||||||||||||
Total deposits | 4,310,498 | 3,994,438 | 3,855,591 | 4,050,672 | 3,803,148 | |||||||||||||||
Accrued interest payable | 6,281 | 7,283 | 5,668 | 3,927 | 4,794 | |||||||||||||||
Derivative liabilities | 8,660 | 6,874 | 7,626 | 8,253 | 10,687 | |||||||||||||||
Lease liability - operating leases | 20,900 | 21,412 | 21,919 | 21,647 | 22,280 | |||||||||||||||
Other liabilities | 23,754 | 34,632 | 30,786 | 27,806 | 23,763 | |||||||||||||||
Line of credit - Senior Debt | 30,875 | 31,875 | 36,875 | 43,875 | 38,875 | |||||||||||||||
Note payable - Subordinated Debentures, net | 80,759 | 80,708 | 80,656 | 80,605 | 80,553 | |||||||||||||||
Total liabilities | 4,481,727 | 4,177,222 | 4,039,121 | 4,236,785 | 3,984,100 | |||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Series A Convertible Non-Cumulative Preferred Stock | 69 | 69 | 69 | 69 | 69 | |||||||||||||||
Series B Convertible Perpetual Preferred Stock | - | - | - | - | - | |||||||||||||||
Common stock | 13,848 | 13,746 | 13,744 | 13,731 | 13,683 | |||||||||||||||
Common stock - non-voting | - | - | - | - | - | |||||||||||||||
Additional paid-in capital | 321,696 | 320,871 | 320,496 | 320,077 | 319,613 | |||||||||||||||
Retained earnings | 121,697 | 109,160 | 97,583 | 87,971 | 78,775 | |||||||||||||||
Accumulated other comprehensive income | 4,508 | 7,801 | 4,205 | 2,869 | 933 | |||||||||||||||
Treasury stock, at cost | (1,099) | (1,099) | (1,099) | (1,099) | (1,099) | |||||||||||||||
Total shareholders' equity | 460,719 | 450,548 | 434,998 | 423,618 | 411,974 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 4,942,446 | $ | 4,627,770 | $ | 4,474,119 | $ | 4,660,403 | $ | 4,396,074 | ||||||||||
Third Coast Bancshares, Inc. and Subsidiary | |||||||||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | December | September | June 30 | March | December | December | December | ||||||||||||||||||||||
INTEREST INCOME: | |||||||||||||||||||||||||||||
Loans, including fees | $ | 76,017 | $ | 75,468 | $ | 73,103 | $ | 70,671 | $ | 70,325 | $ | 295,259 | $ | 248,911 | |||||||||||||||
Investment securities available-for-sale | 4,939 | 4,532 | 4,491 | 3,093 | 2,746 | 17,055 | 8,313 | ||||||||||||||||||||||
Federal funds sold and other | 4,580 | 2,719 | 3,631 | 5,112 | 3,996 | 16,042 | 9,320 | ||||||||||||||||||||||
Total interest income | 85,536 | 82,719 | 81,225 | 78,876 | 77,067 | 328,356 | 266,544 | ||||||||||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||||||||||||||
Deposit accounts | 40,233 | 40,407 | 40,410 | 38,698 | 37,671 | 159,748 | 115,044 | ||||||||||||||||||||||
FHLB advances and other borrowings | 1,865 | 1,929 | 1,957 | 2,099 | 2,065 | 7,850 | 11,975 | ||||||||||||||||||||||
Total interest expense | 42,098 | 42,336 | 42,367 | 40,797 | 39,736 | 167,598 | 127,019 | ||||||||||||||||||||||
Net interest income | 43,438 | 40,383 | 38,858 | 38,079 | 37,331 | 160,758 | 139,525 | ||||||||||||||||||||||
Provision for credit losses | 1,156 | 1,085 | 1,900 | 1,560 | 1,100 | 5,701 | 6,320 | ||||||||||||||||||||||
Net interest income after credit loss expense | 42,282 | 39,298 | 36,958 | 36,519 | 36,231 | 155,057 | 133,205 | ||||||||||||||||||||||
NONINTEREST INCOME: | |||||||||||||||||||||||||||||
Service charges and fees | 1,772 | 2,143 | 1,515 | 1,505 | 850 | 6,935 | 3,233 | ||||||||||||||||||||||
Earnings on bank-owned life insurance | 662 | 649 | 587 | 582 | 559 | 2,480 | 2,101 | ||||||||||||||||||||||
Gain (loss) on sale of investment securities available-for-sale | 196 | (480) | 123 | 157 | 21 | (4) | 482 | ||||||||||||||||||||||
Gain on sale of SBA loans | - | - | - | 30 | 326 | 30 | 440 | ||||||||||||||||||||||
Other | 243 | 205 | 663 | 69 | 401 | 1,180 | 1,949 | ||||||||||||||||||||||
Total noninterest income | 2,873 | 2,517 | 2,888 | 2,343 | 2,157 | 10,621 | 8,205 | ||||||||||||||||||||||
NONINTEREST EXPENSE: | |||||||||||||||||||||||||||||
Salaries and employee benefits | 17,018 | 15,679 | 15,917 | 16,502 | 16,119 | 65,116 | 62,217 | ||||||||||||||||||||||
Occupancy and equipment expense | 3,292 | 3,229 | 3,146 | 3,045 | 2,875 | 12,712 | 11,285 | ||||||||||||||||||||||
Legal and professional | 1,587 | 1,037 | 1,621 | 1,385 | 2,305 | 5,630 | 7,783 | ||||||||||||||||||||||
Data processing and network expense | 1,182 | 1,608 | 1,046 | 1,418 | 987 | 5,254 | 4,735 | ||||||||||||||||||||||
Regulatory assessments | 1,196 | 1,249 | 1,005 | 980 | 942 | 4,430 | 2,598 | ||||||||||||||||||||||
Advertising and marketing | 526 | 420 | 406 | 355 | 614 | 1,707 | 2,627 | ||||||||||||||||||||||
Software purchases and maintenance | 766 | 854 | 828 | 817 | 839 | 3,265 | 2,375 | ||||||||||||||||||||||
Loan operations | 189 | 227 | 262 | 226 | 134 | 904 | 673 | ||||||||||||||||||||||
Telephone and communications | 144 | 166 | 141 | 134 | 125 | 585 | 510 | ||||||||||||||||||||||
Other | 1,330 | 1,085 | 1,257 | 1,052 | 1,474 | 4,724 | 4,995 | ||||||||||||||||||||||
Total noninterest expense | 27,230 | 25,554 | 25,629 | 25,914 | 26,414 | 104,327 | 99,798 | ||||||||||||||||||||||
NET INCOME BEFORE INCOME TAX | 17,925 | 16,261 | 14,217 | 12,948 | 11,974 | 61,351 | 41,612 | ||||||||||||||||||||||
Income tax expense | 4,192 | 3,486 | 3,421 | 2,581 | 2,285 | 13,680 | 8,211 | ||||||||||||||||||||||
NET INCOME | 13,733 | 12,775 | 10,796 | 10,367 | 9,689 | 47,671 | 33,401 | ||||||||||||||||||||||
Preferred stock dividends declared | 1,196 | 1,198 | 1,184 | 1,171 | 1,197 | 4,749 | 4,736 | ||||||||||||||||||||||
NET INCOME AVAILABLE TO COMMON | $ | 12,537 | $ | 11,577 | $ | 9,612 | $ | 9,196 | $ | 8,492 | $ | 42,922 | $ | 28,665 | |||||||||||||||
EARNINGS PER COMMON SHARE: | |||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.92 | $ | 0.85 | $ | 0.70 | $ | 0.68 | $ | 0.62 | $ | 3.14 | $ | 2.11 | |||||||||||||||
Diluted earnings per share | $ | 0.79 | $ | 0.74 | $ | 0.63 | $ | 0.61 | $ | 0.57 | $ | 2.78 | $ | 1.98 | |||||||||||||||
Third Coast Bancshares, Inc. and Subsidiary | |||||||||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
(Dollars in thousands, except share and per share data) | December | September | June 30 | March 31 | December | December | December | ||||||||||||||||||||||
Earnings per share, basic | $ | 0.92 | $ | 0.85 | $ | 0.70 | $ | 0.68 | $ | 0.62 | $ | 3.14 | $ | 2.11 | |||||||||||||||
Earnings per share, diluted | $ | 0.79 | $ | 0.74 | $ | 0.63 | $ | 0.61 | $ | 0.57 | $ | 2.78 | $ | 1.98 | |||||||||||||||
Dividends on common stock | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
Dividends on Series A Convertible | $ | 17.25 | $ | 17.25 | $ | 17.06 | $ | 16.88 | $ | 17.25 | $ | 68.44 | $ | 68.25 | |||||||||||||||
Return on average assets (A) | 1.13 | % | 1.14 | % | 0.97 | % | 0.95 | % | 0.90 | % | 1.05 | % | 0.86 | % | |||||||||||||||
Return on average common equity (A) | 12.66 | % | 12.12 | % | 10.53 | % | 10.44 | % | 9.86 | % | 11.48 | % | 8.66 | % | |||||||||||||||
Return on average tangible common | 13.29 | % | 12.76 | % | 11.10 | % | 11.03 | % | 10.44 | % | 12.09 | % | 9.19 | % | |||||||||||||||
Net interest margin (A) (C) | 3.71 | % | 3.73 | % | 3.62 | % | 3.60 | % | 3.61 | % | 3.67 | % | 3.73 | % | |||||||||||||||
Efficiency ratio (D) | 58.80 | % | 59.57 | % | 61.39 | % | 64.11 | % | 66.89 | % | 60.88 | % | 67.55 | % | |||||||||||||||
Capital Ratios | |||||||||||||||||||||||||||||
Third Coast Bancshares, Inc. (consolidated): | |||||||||||||||||||||||||||||
Total common equity to total assets | 7.98 | % | 8.31 | % | 8.24 | % | 7.67 | % | 7.86 | % | 7.98 | % | 7.86 | % | |||||||||||||||
Tangible common equity to tangible | 7.63 | % | 7.93 | % | 7.85 | % | 7.29 | % | 7.46 | % | 7.63 | % | 7.46 | % | |||||||||||||||
Common equity tier 1 (to risk weighted | 8.41 | % | 8.38 | % | 8.29 | % | 7.97 | % | 8.06 | % | 8.41 | % | 8.06 | % | |||||||||||||||
Tier 1 capital (to risk weighted assets) | 9.90 | % | 9.93 | % | 9.88 | % | 9.54 | % | 9.70 | % | 9.90 | % | 9.70 | % | |||||||||||||||
Total capital (to risk weighted assets) | 12.68 | % | 12.80 | % | 12.78 | % | 12.41 | % | 12.66 | % | 12.68 | % | 12.66 | % | |||||||||||||||
Tier 1 capital (to average assets) | 9.12 | % | 9.53 | % | 9.24 | % | 9.15 | % | 9.23 | % | 9.12 | % | 9.23 | % | |||||||||||||||
Third Coast Bank: | |||||||||||||||||||||||||||||
Common equity tier 1 (to risk weighted | 12.35 | % | 12.45 | % | 12.52 | % | 12.32 | % | 12.52 | % | 12.35 | % | 12.52 | % | |||||||||||||||
Tier 1 capital (to risk weighted assets) | 12.35 | % | 12.45 | % | 12.52 | % | 12.32 | % | 12.52 | % | 12.35 | % | 12.52 | % | |||||||||||||||
Total capital (to risk weighted assets) | 13.29 | % | 13.42 | % | 13.49 | % | 13.28 | % | 13.49 | % | 13.29 | % | 13.49 | % | |||||||||||||||
Tier 1 capital (to average assets) | 11.37 | % | 11.95 | % | 11.71 | % | 11.81 | % | 11.91 | % | 11.37 | % | 11.91 | % | |||||||||||||||
Other Data | |||||||||||||||||||||||||||||
Weighted average shares: | |||||||||||||||||||||||||||||
Basic | 13,698,010 | 13,665,400 | 13,657,223 | 13,606,256 | 13,603,149 | 13,656,859 | 13,583,553 | ||||||||||||||||||||||
Diluted | 17,394,884 | 17,184,991 | 17,018,680 | 16,936,003 | 16,890,381 | 17,133,845 | 16,877,891 | ||||||||||||||||||||||
Period end shares outstanding | 13,769,780 | 13,667,591 | 13,665,505 | 13,652,888 | 13,604,665 | 13,769,780 | 13,604,665 | ||||||||||||||||||||||
Book value per share | $ | 28.65 | $ | 28.13 | $ | 26.99 | $ | 26.18 | $ | 25.41 | $ | 28.65 | $ | 25.41 | |||||||||||||||
Tangible book value per share (B) | $ | 27.29 | $ | 26.75 | $ | 25.60 | $ | 24.79 | $ | 24.02 | $ | 27.29 | $ | 24.02 | |||||||||||||||
___________ | |
(A) | Interim periods annualized. |
(B) | Refer to the calculation of these non-GAAP financial measures and a reconciliation to their most directly comparable GAAP financial measures at the end of this news release. |
(C) | Net interest margin represents net interest income divided by average interest-earning assets. |
(D) | Represents total noninterest expense divided by the sum of net interest income plus noninterest income. Taxes and provision for credit losses are not part of this calculation. |
Third Coast Bancshares, Inc. and Subsidiary | ||||||||||||||||||||||||||||||
Financial Highlights | ||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Average | Interest | Average | Average | Interest | Average | Average | Interest | Average | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Interest-earnings assets: | ||||||||||||||||||||||||||||||
Loans, gross | $ | 3,937,405 | $ | 76,017 | 7.68 % | $ | 3,801,954 | $ | 75,468 | 7.90 % | $ | 3,600,980 | $ | 70,325 | 7.75 % | |||||||||||||||
Investment securities | 342,474 | 4,939 | 5.74 % | 300,969 | 4,532 | 5.99 % | 203,376 | 2,746 | 5.36 % | |||||||||||||||||||||
Federal funds sold and other | 379,836 | 4,580 | 4.80 % | 209,841 | 2,719 | 5.15 % | 299,165 | 3,996 | 5.30 % | |||||||||||||||||||||
Total interest-earning assets | 4,659,715 | 85,536 | 7.30 % | 4,312,764 | 82,719 | 7.63 % | 4,103,521 | 77,067 | 7.45 % | |||||||||||||||||||||
Less allowance for loan losses | (39,855) | (38,425) | (38,274) | |||||||||||||||||||||||||||
Total interest-earning assets, net of | 4,619,860 | 4,274,339 | 4,065,247 | |||||||||||||||||||||||||||
Noninterest-earning assets | 195,143 | 195,681 | 194,659 | |||||||||||||||||||||||||||
Total assets | $ | 4,815,003 | $ | 4,470,020 | $ | 4,259,906 | ||||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 3,692,533 | $ | 40,233 | 4.33 % | $ | 3,383,897 | $ | 40,407 | 4.75 % | $ | 3,202,462 | $ | 37,671 | 4.67 % | |||||||||||||||
Note payable and line of credit | 109,294 | 1,708 | 6.22 % | 113,536 | 1,853 | 6.49 % | 118,816 | 2,065 | 6.90 % | |||||||||||||||||||||
FHLB advances | 11,900 | 157 | 5.25 % | 5,757 | 76 | 5.25 % | — | — | — | |||||||||||||||||||||
Total interest-bearing liabilities | 3,813,727 | 42,098 | 4.39 % | 3,503,190 | 42,336 | 4.81 % | 3,321,278 | 39,736 | 4.75 % | |||||||||||||||||||||
Noninterest-bearing deposits | 484,738 | 457,451 | 472,738 | |||||||||||||||||||||||||||
Other liabilities | 56,369 | 63,255 | 57,918 | |||||||||||||||||||||||||||
Total liabilities | 4,354,834 | 4,023,896 | 3,851,934 | |||||||||||||||||||||||||||
Shareholders' equity | 460,169 | 446,124 | 407,972 | |||||||||||||||||||||||||||
Total liabilities and shareholders' | $ | 4,815,003 | $ | 4,470,020 | $ | 4,259,906 | ||||||||||||||||||||||||
Net interest income | $ | 43,438 | $ | 40,383 | $ | 37,331 | ||||||||||||||||||||||||
Net interest spread (1) | 2.91 % | 2.82 % | 2.70 % | |||||||||||||||||||||||||||
Net interest margin (2) | 3.71 % | 3.73 % | 3.61 % | |||||||||||||||||||||||||||
___________ | |
(1) | Net interest spread is the average yield on interest earning assets minus the average rate on interest-bearing liabilities. |
(2) | Net interest margin represents net interest income divided by average interest-earning assets. |
(3) | Interest earned/paid includes accretion of deferred loan fees, premiums and discounts. |
(4) | Annualized. |
Third Coast Bancshares, Inc. and Subsidiary | ||||||||||||||||||||
Financial Highlights | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Years Ended | ||||||||||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||||||||||
(Dollars in thousands) | Average | Interest | Average | Average | Interest | Average | ||||||||||||||
Assets | ||||||||||||||||||||
Interest-earnings assets: | ||||||||||||||||||||
Loans, gross | $ | 3,786,776 | $ | 295,259 | 7.80 % | $ | 3,366,180 | $ | 248,911 | 7.39 % | ||||||||||
Investment securities | 286,039 | 17,055 | 5.96 % | 197,286 | 8,313 | 4.21 % | ||||||||||||||
Federal funds sold and other interest-earning | 312,590 | 16,042 | 5.13 % | 181,782 | 9,320 | 5.13 % | ||||||||||||||
Total interest-earning assets | 4,385,405 | 328,356 | 7.49 % | 3,745,248 | 266,544 | 7.12 % | ||||||||||||||
Less allowance for loan losses | (38,500) | (36,750) | ||||||||||||||||||
Total interest-earning assets, net of allowance | 4,346,905 | 3,708,498 | ||||||||||||||||||
Noninterest-earning assets | 194,775 | 188,514 | ||||||||||||||||||
Total assets | $ | 4,541,680 | $ | 3,897,012 | ||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Interest-bearing deposits | $ | 3,459,151 | $ | 159,748 | 4.62 % | $ | 2,785,605 | $ | 115,044 | 4.13 % | ||||||||||
Note payable and line of credit | 116,222 | 7,617 | 6.55 % | 113,552 | 7,657 | 6.74 % | ||||||||||||||
FHLB advances and other | 4,438 | 233 | 5.25 % | 79,546 | 4,318 | 5.43 % | ||||||||||||||
Total interest-bearing liabilities | 3,579,811 | 167,598 | 4.68 % | 2,978,703 | 127,019 | 4.26 % | ||||||||||||||
Noninterest-bearing deposits | 460,537 | 473,558 | ||||||||||||||||||
Other liabilities | 61,148 | 47,527 | ||||||||||||||||||
Total liabilities | 4,101,496 | 3,499,788 | ||||||||||||||||||
Shareholders' equity | 440,184 | 397,224 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ | 4,541,680 | $ | 3,897,012 | ||||||||||||||||
Net interest income | $ | 160,758 | $ | 139,525 | ||||||||||||||||
Net interest spread (1) | 2.81 % | 2.86 % | ||||||||||||||||||
Net interest margin (2) | 3.67 % | 3.73 % | ||||||||||||||||||
___________ | |
(1) | Net interest spread is the average yield on interest earning assets minus the average rate on interest-bearing liabilities. |
(2) | Net interest margin represents net interest income divided by average interest-earning assets. |
(3) | Interest earned/paid includes accretion of deferred loan fees, premiums and discounts. |
Third Coast Bancshares, Inc. and Subsidiary | |||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||
(Dollars in thousands) | December | September | June 30 | March 31 | December 31 | ||||||||||||||||
Period-end Loan Portfolio: | |||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||
Non-farm non-residential owner occupied | $ | 448,134 | $ | 470,222 | $ | 499,941 | $ | 510,266 | $ | 520,822 | |||||||||||
Non-farm non-residential non-owner occupied | 652,119 | 611,617 | 612,268 | 598,311 | 586,626 | ||||||||||||||||
Residential | 336,736 | 339,558 | 349,461 | 345,890 | 342,589 | ||||||||||||||||
Construction, development & other | 871,373 | 825,302 | 756,646 | 725,176 | 693,553 | ||||||||||||||||
Farmland | 30,915 | 35,650 | 31,049 | 29,706 | 30,396 | ||||||||||||||||
Commercial & industrial | 1,497,408 | 1,499,302 | 1,361,401 | 1,350,289 | 1,263,077 | ||||||||||||||||
Consumer | 1,859 | 2,002 | 2,216 | 2,382 | 2,555 | ||||||||||||||||
Municipal and other | 127,881 | 106,178 | 145,177 | 184,158 | 199,170 | ||||||||||||||||
Total loans | $ | 3,966,425 | $ | 3,889,831 | $ | 3,758,159 | $ | 3,746,178 | $ | 3,638,788 | |||||||||||
Asset Quality: | |||||||||||||||||||||
Nonaccrual loans | $ | 26,773 | $ | 23,522 | $ | 23,910 | $ | 18,130 | $ | 16,649 | |||||||||||
Loans > 90 days and still accruing | 1,173 | 522 | 507 | 3,614 | 670 | ||||||||||||||||
Total nonperforming loans | 27,946 | 24,044 | 24,417 | 21,744 | 17,319 | ||||||||||||||||
Other real estate owned | 862 | 283 | - | - | - | ||||||||||||||||
Total nonperforming assets | $ | 28,808 | $ | 24,327 | $ | 24,417 | $ | 21,744 | $ | 17,319 | |||||||||||
QTD Net charge-offs (recoveries) | $ | 879 | $ | (57) | $ | 1,829 | $ | 742 | $ | 1,505 | |||||||||||
Nonaccrual loans: | |||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||
Non-farm non-residential owner occupied | $ | 10,433 | $ | 9,696 | $ | 10,051 | $ | 2,369 | $ | 1,211 | |||||||||||
Non-farm non-residential non-owner occupied | - | 68 | 74 | 1,225 | 1,235 | ||||||||||||||||
Residential | 2,226 | 2,664 | 2,767 | 2,837 | 2,938 | ||||||||||||||||
Construction, development & other | 400 | 1 | 301 | 406 | 247 | ||||||||||||||||
Commercial & industrial | 13,714 | 11,093 | 10,717 | 11,293 | 11,018 | ||||||||||||||||
Total nonaccrual loans | $ | 26,773 | $ | 23,522 | $ | 23,910 | $ | 18,130 | $ | 16,649 | |||||||||||
Asset Quality Ratios: | |||||||||||||||||||||
Nonperforming assets to total assets | 0.58 | % | 0.53 | % | 0.55 | % | 0.47 | % | 0.39 | % | |||||||||||
Nonperforming loans to total loans | 0.70 | % | 0.62 | % | 0.65 | % | 0.58 | % | 0.48 | % | |||||||||||
Allowance for credit losses to total loans | 1.02 | % | 1.02 | % | 1.02 | % | 1.02 | % | 1.02 | % | |||||||||||
QTD Net charge-offs (recoveries) to average loans | 0.09 | % | (0.01) | % | 0.20 | % | 0.08 | % | 0.17 | % | |||||||||||
Third Coast Bancshares, Inc. and Subsidiary
GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures
(unaudited)
Our accounting and reporting policies conform to GAAP (generally accepted accounting principles) and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional financial measures discussed in this earnings release as being non-GAAP financial measures. Specifically, we review Tangible Common Equity, Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Return on Average Tangible Common Equity for internal planning and forecasting purposes. We classify a financial measure as a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are not included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in
The non-GAAP financial measures that we discuss in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in this earnings release may differ from that of other companies reporting measures with similar names. It is important to understand how other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.
Management believes the following non-GAAP financial measures assist investors in understanding the financial condition of the company:
- Tangible Common Equity. The most directly comparable GAAP financial measure for tangible common equity is total shareholders' equity. We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period of tangible common equity.
- Tangible Book Value Per Share. The most directly comparable GAAP financial measure for tangible book value per share is book value per share. We believe that the tangible book value per share measure is important to many investors in the marketplace who are interested in changes from period to period in book value per share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.
- Tangible Common Equity to Tangible Assets. The most directly comparable GAAP financial measure for tangible common equity is total shareholders' equity, the most directly comparable GAAP financial measure for tangible assets is total assets, and the most directly comparable GAAP financial measure for tangible common equity to tangible assets is total shareholders' equity to total assets. We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period of tangible common equity to tangible assets, each exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing both total shareholders' equity and assets while not increasing our tangible common equity or tangible assets.
- Return on Average Tangible Common Equity. The most directly comparable GAAP financial measure for average tangible common equity is average shareholders' equity, and the most directly comparable GAAP financial measure for return on average tangible common equity is return on average common equity. We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period of return on average tangible common equity, exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing average shareholders' equity while not increasing our tangible common equity.
The calculations of these non-GAAP financial measures are as follows:
Three Months Ended | Years Ended | |||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
(Dollars in thousands, except share and per share data) | December | September | June 30 | March 31 | December | December | December | |||||||||||||||||||||
Tangible Common Equity: | ||||||||||||||||||||||||||||
Total shareholders' equity | $ | 460,719 | $ | 450,548 | $ | 434,998 | $ | 423,618 | $ | 411,974 | $ | 460,719 | $ | 411,974 | ||||||||||||||
Less: Preferred stock including additional | 66,160 | 66,117 | 66,225 | 66,225 | 66,225 | 66,160 | 66,225 | |||||||||||||||||||||
Total common equity | 394,559 | 384,431 | 368,773 | 357,393 | 345,749 | 394,559 | 345,749 | |||||||||||||||||||||
Less: Goodwill and core deposit intangibles, | 18,841 | 18,882 | 18,922 | 18,963 | 19,003 | 18,841 | 19,003 | |||||||||||||||||||||
Tangible common equity | $ | 375,718 | $ | 365,549 | $ | 349,851 | $ | 338,430 | $ | 326,746 | $ | 375,718 | $ | 326,746 | ||||||||||||||
Common shares outstanding at end of period | 13,769,780 | 13,667,591 | 13,665,505 | 13,652,888 | 13,604,665 | 13,769,780 | 13,604,665 | |||||||||||||||||||||
Book Value Per Share | $ | 28.65 | $ | 28.13 | $ | 26.99 | $ | 26.18 | $ | 25.41 | $ | 28.65 | $ | 25.41 | ||||||||||||||
Tangible Book Value Per Share | $ | 27.29 | $ | 26.75 | $ | 25.60 | $ | 24.79 | $ | 24.02 | $ | 27.29 | $ | 24.02 | ||||||||||||||
Tangible Assets: | ||||||||||||||||||||||||||||
Total assets | $ | 4,942,446 | $ | 4,627,770 | $ | 4,474,119 | $ | 4,660,403 | $ | 4,396,074 | $ | 4,942,446 | $ | 4,396,074 | ||||||||||||||
Adjustments: Goodwill and core deposit | 18,841 | 18,882 | 18,922 | 18,963 | 19,003 | 18,841 | 19,003 | |||||||||||||||||||||
Tangible assets | $ | 4,923,605 | $ | 4,608,888 | $ | 4,455,197 | $ | 4,641,440 | $ | 4,377,071 | $ | 4,923,605 | $ | 4,377,071 | ||||||||||||||
Total Common Equity to Total Assets | 7.98 | % | 8.31 | % | 8.24 | % | 7.67 | % | 7.86 | % | 7.98 | % | 7.86 | % | ||||||||||||||
Tangible Common Equity to Tangible Assets | 7.63 | % | 7.93 | % | 7.85 | % | 7.29 | % | 7.46 | % | 7.63 | % | 7.46 | % | ||||||||||||||
Average Tangible Common Equity: | ||||||||||||||||||||||||||||
Average shareholders' equity | $ | 460,169 | $ | 446,124 | $ | 433,510 | $ | 420,646 | $ | 407,972 | $ | 440,184 | $ | 397,224 | ||||||||||||||
Less: Average preferred stock including | 66,121 | 66,223 | 66,225 | 66,225 | 66,225 | 66,198 | 66,225 | |||||||||||||||||||||
Average common equity | 394,048 | 379,901 | 367,285 | 354,421 | 341,747 | 373,986 | 330,999 | |||||||||||||||||||||
Less: Average goodwill and core deposit | 18,865 | 18,906 | 18,946 | 18,987 | 19,027 | 18,926 | 19,088 | |||||||||||||||||||||
Average tangible common equity | $ | 375,183 | $ | 360,995 | $ | 348,339 | $ | 335,434 | $ | 322,720 | $ | 355,060 | $ | 311,911 | ||||||||||||||
Net Income | $ | 13,733 | $ | 12,775 | $ | 10,796 | $ | 10,367 | $ | 9,689 | $ | 47,671 | $ | 33,401 | ||||||||||||||
Less: Dividends declared on preferred stock | 1,196 | 1,198 | 1,184 | 1,171 | 1,197 | 4,749 | 4,736 | |||||||||||||||||||||
Net Income Available to Common Shareholders | $ | 12,537 | $ | 11,577 | $ | 9,612 | $ | 9,196 | $ | 8,492 | $ | 42,922 | $ | 28,665 | ||||||||||||||
Return on Average Common Equity(A) | 12.66 | % | 12.12 | % | 10.53 | % | 10.44 | % | 9.86 | % | 11.48 | % | 8.66 | % | ||||||||||||||
Return on Average Tangible Common Equity(A) | 13.29 | % | 12.76 | % | 11.10 | % | 11.03 | % | 10.44 | % | 12.09 | % | 9.19 | % | ||||||||||||||
___________ | |
(A) | Interim periods annualized. |
Contact:
Ken Dennard / Natalie Hairston
Dennard Lascar Investor Relations
(713) 529-6600
TCBX@dennardlascar.com
View original content:https://www.prnewswire.com/news-releases/third-coast-bancshares-inc-reports-2024-fourth-quarter-and-full-year-financial-results-302357711.html
SOURCE Third Coast Bancshares
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