Third Coast Bancshares, Inc. Reports 2025 First Quarter Financial Results
Third Coast Bancshares (NASDAQ: TCBX) reported strong Q1 2025 financial results, with net income reaching $13.6 million ($0.78 diluted EPS), marking a 31% year-over-year improvement. The bank's performance showed notable improvements with:
- Net interest margin expansion to 3.80% from 3.60% year-over-year
- Gross loans growth to $3.99 billion, up 6.5% from previous year
- Book value per share increased to $29.92 from $28.65 in Q4 2024
The bank completed a significant $200 million commercial real estate loan securitization on April 1, 2025, aimed at reducing risk-weighted assets and improving capital ratios. Asset quality improved with nonperforming loans decreasing to $18.6 million (0.47% of total loans) from $27.9 million in Q4 2024. Total deposits stood at $4.25 billion, showing a 4.9% year-over-year increase despite a 1.4% quarterly decline.
Third Coast Bancshares (NASDAQ: TCBX) ha riportato solidi risultati finanziari nel primo trimestre 2025, con un utile netto di 13,6 milioni di dollari (utile diluito per azione di 0,78 $), segnando un miglioramento del 31% rispetto all'anno precedente. La performance della banca ha mostrato miglioramenti significativi con:
- Espansione del margine di interesse netto al 3,80% dal 3,60% anno su anno
- Crescita dei prestiti lordi a 3,99 miliardi di dollari, in aumento del 6,5% rispetto all'anno precedente
- Valore contabile per azione salito a 29,92 $ da 28,65 $ nel quarto trimestre 2024
La banca ha completato una significativa cartolarizzazione di prestiti immobiliari commerciali da 200 milioni di dollari il 1° aprile 2025, con l'obiettivo di ridurre gli attivi ponderati per il rischio e migliorare i coefficienti patrimoniali. La qualità degli attivi è migliorata con i prestiti in sofferenza scesi a 18,6 milioni di dollari (0,47% del totale prestiti) da 27,9 milioni nel quarto trimestre 2024. I depositi totali si sono attestati a 4,25 miliardi di dollari, mostrando un aumento del 4,9% anno su anno nonostante un calo trimestrale dell'1,4%.
Third Coast Bancshares (NASDAQ: TCBX) reportó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso neto de 13,6 millones de dólares (EPS diluido de 0,78 $), lo que representa una mejora del 31% interanual. El desempeño del banco mostró mejoras notables con:
- Expansión del margen de interés neto al 3,80% desde 3,60% interanual
- Crecimiento de préstamos brutos a 3,99 mil millones de dólares, un aumento del 6,5% respecto al año anterior
- Valor contable por acción incrementado a 29,92 $ desde 28,65 $ en el cuarto trimestre de 2024
El banco completó una importante titulización de préstamos comerciales inmobiliarios por 200 millones de dólares el 1 de abril de 2025, con el objetivo de reducir los activos ponderados por riesgo y mejorar los índices de capital. La calidad de los activos mejoró con préstamos en mora que disminuyeron a 18,6 millones de dólares (0,47% del total de préstamos) desde 27,9 millones en el cuarto trimestre de 2024. Los depósitos totales se situaron en 4,25 mil millones de dólares, mostrando un aumento interanual del 4,9% a pesar de una caída trimestral del 1,4%.
Third Coast Bancshares (NASDAQ: TCBX)는 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익은 1,360만 달러(희석 주당순이익 0.78달러)를 기록하여 전년 대비 31% 증가했습니다. 은행의 실적은 다음과 같은 눈에 띄는 개선을 보였습니다:
- 순이자마진이 전년 대비 3.60%에서 3.80%로 확대
- 총 대출액이 39억 9천만 달러로 전년 대비 6.5% 증가
- 주당 장부가치가 2024년 4분기 28.65달러에서 29.92달러로 상승
은행은 2025년 4월 1일에 2억 달러 규모의 상업용 부동산 대출 증권화를 완료하여 위험가중자산을 줄이고 자본비율을 개선하는 데 주력했습니다. 자산 건전성도 개선되어 부실 대출이 2024년 4분기 2,790만 달러에서 1,860만 달러(총 대출의 0.47%)로 감소했습니다. 총 예금은 42억 5천만 달러로 전년 대비 4.9% 증가했으나 분기별로는 1.4% 감소했습니다.
Third Coast Bancshares (NASDAQ: TCBX) a publié de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice net atteignant 13,6 millions de dollars (BPA dilué de 0,78 $), soit une amélioration de 31 % en glissement annuel. La performance de la banque a montré des améliorations notables avec :
- Une expansion de la marge d’intérêt nette à 3,80 % contre 3,60 % l’an dernier
- Une croissance des prêts bruts à 3,99 milliards de dollars, en hausse de 6,5 % par rapport à l’année précédente
- Une valeur comptable par action passée à 29,92 $ contre 28,65 $ au quatrième trimestre 2024
La banque a finalisé une titrisation importante de prêts immobiliers commerciaux de 200 millions de dollars le 1er avril 2025, visant à réduire les actifs pondérés en fonction des risques et à améliorer les ratios de capital. La qualité des actifs s’est améliorée avec une baisse des prêts non performants à 18,6 millions de dollars (0,47 % du total des prêts) contre 27,9 millions au quatrième trimestre 2024. Les dépôts totaux se sont élevés à 4,25 milliards de dollars, affichant une hausse de 4,9 % en glissement annuel malgré une baisse trimestrielle de 1,4 %.
Third Coast Bancshares (NASDAQ: TCBX) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 13,6 Millionen US-Dollar (verwässertes Ergebnis je Aktie von 0,78 $), was eine Verbesserung von 31 % gegenüber dem Vorjahr darstellt. Die Leistung der Bank zeigte bemerkenswerte Verbesserungen bei:
- Ausweitung der Nettozinsmarge auf 3,80 % von 3,60 % im Jahresvergleich
- Wachstum der Bruttokredite auf 3,99 Milliarden US-Dollar, ein Anstieg von 6,5 % gegenüber dem Vorjahr
- Steigerung des Buchwerts je Aktie auf 29,92 $ von 28,65 $ im vierten Quartal 2024
Die Bank schloss am 1. April 2025 eine bedeutende Verbriefung von gewerblichen Immobilienkrediten in Höhe von 200 Millionen US-Dollar ab, um risikogewichtete Aktiva zu reduzieren und die Kapitalquoten zu verbessern. Die Vermögensqualität verbesserte sich, da notleidende Kredite von 27,9 Millionen US-Dollar im vierten Quartal 2024 auf 18,6 Millionen US-Dollar (0,47 % der Gesamtkredite) sanken. Die Gesamteinlagen beliefen sich auf 4,25 Milliarden US-Dollar, was trotz eines quartalsweisen Rückgangs von 1,4 % einem Anstieg von 4,9 % im Jahresvergleich entspricht.
- Net income increased 31% year-over-year to $13.6 million
- Net interest margin expanded to 3.80% from 3.60% year-over-year
- Gross loans grew 6.5% year-over-year to $3.99 billion
- Nonperforming loans ratio improved to 0.47% from 0.70% in Q4 2024
- Average cost of deposits decreased by 23 basis points from Q4 2024
- Quarter-over-quarter net income slightly decreased from $13.7M to $13.6M
- Noninterest expense increased to $28.1M from $27.2M in Q4 2024
- Efficiency ratio worsened to 61.23% from 58.80% in Q4 2024
- Noninterest-bearing deposits decreased significantly to $448.5M from $602.1M in Q4 2024
- Net interest income declined 1.5% quarter-over-quarter
Insights
TCBX posts solid Q1 with 31% YoY net income growth, strong NIM expansion, and improved asset quality, despite deposit mix concerns.
Third Coast Bancshares delivered robust year-over-year performance with
The bank's net interest margin expanded impressively to
A concerning trend emerged in deposit composition, with noninterest-bearing deposits declining to
Asset quality showed notable improvement with nonperforming loans decreasing to
The post-quarter
The efficiency ratio deteriorated to
Book value per share increased to
Year-over-Year Net Income Improved
Net Interest Margin Expands to
Year to Date Financial Highlights
- Return on average assets of
1.17% annualized for the first quarter of 2025 compared to1.13% annualized for the fourth quarter of 2024 and0.95% annualized for the first quarter of 2024. - Net interest margin of
3.80% for the first quarter of 2025 compared to3.71% for the fourth quarter of 2024 and3.60% for the first quarter of 2024. - Net income for the first quarter of 2025 totaled
$13.6 million $0.90 $0.78 $13.7 million $0.92 $0.79 - Gross loans grew to
$3.99 billion $3.97 billion - Book value per share and tangible book value per share(1) increased to
$29.92 $28.56 $28.65 $27.29 $26.18 $24.79 - On April 1, 2025, the Bank completed a
$200 million
______________ | |
(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
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 first quarter of 2025 was
Net interest income totaled
Noninterest Income and Noninterest Expense
Noninterest income totaled
Noninterest expense increased to
The efficiency ratio was
Balance Sheet Highlights
Loan Portfolio and Composition
For the quarter ended March 31, 2025, gross loans increased to
Asset Quality
Nonperforming loans at March 31, 2025 were
The provision for credit loss recorded for the first quarter of 2025 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 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,
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
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)
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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 | 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 | $ | 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)
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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 | $ | 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 | 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 | 8.09 | % | 7.63 | % | 7.93 | % | 7.85 | % | 7.29 | % | 7.63 | % | |||||||||||||
Common equity tier 1 (to risk weighted | 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 | 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 | Interest | Average | Average | Interest | Average | Average | Interest | Average | |||||||||||||||||||||
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 | 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 | 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' | $ | 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 | 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 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 | 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, | 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 | 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 | 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 | 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
TCBX@dennardlascar.com
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
FAQ
What was Third Coast Bancshares (TCBX) earnings per share in Q1 2025?
How much did TCBX's net interest margin improve in Q1 2025?
What is the size of TCBX's loan portfolio as of March 2025?
How will the $200 million loan securitization impact TCBX?
What is TCBX's asset quality status in Q1 2025?
