Third Coast Bancshares, Inc. Stock Price, News & Analysis

Third Coast Bancshares (TCBX) reported strong Q3 2024 financial results with record earnings. Net income reached $12.8 million, or $0.85 and $0.74 per basic and diluted share, up from $10.8 million in Q2 2024. The company showed impressive growth with gross loans increasing by $131.7 million to $3.89 billion, a 3.5% increase from Q2. The efficiency ratio improved to 59.57%, and noninterest-bearing deposits grew by $25.3 million to $489.8 million. The net interest margin expanded to 3.73%, while maintaining strong asset quality with nonperforming loans at 0.62% of total loans.

Third Coast Bancshares (NASDAQ: TCBX), the holding company of Third Coast Bank, has announced its schedule for the 2024 third quarter earnings release and conference call. The company will report its financial results on Wednesday, October 23, 2024 after market close. A conference call and webcast are scheduled for Thursday, October 24, 2024 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss these results.

Interested parties can participate in the call by dialing 201-389-0869 or by accessing the webcast at https://ir.thirdcoast.bank/events-and-presentations/events/. For those unable to attend the live call, a replay will be available until October 31, 2024 by dialing 201-612-7415 and using passcode 13748897#. An archive of the webcast will also be accessible on the company's website for 90 days following the call.

Third Coast Bancshares, Inc. (NASDAQ: TCBX), the holding company of Third Coast Bank, has announced a quarterly cash dividend on its 6.75% Series A Convertible Non-Cumulative Preferred Stock. The Board of Directors has declared a dividend of $17.25 per share, which will be payable on October 15, 2024 to shareholders of record as of the close of business on September 30, 2024.

Third Coast Bank, a subsidiary of Third Coast Bancshares, Inc. (NASDAQ: TCBX), has successfully completed a New Syndicated Senior Credit Facility for Syntrio Solutions , surpassing the initial $50 million goal to reach $60 million. Syntrio specializes in providing high-speed internet and advanced technology services to underserved communities in North Texas and Southern Oklahoma.

The partnership aims to bridge the digital divide in rural areas, with the funds supporting Syntrio's fiber deployment. This investment aligns with Third Coast's commitment to community development and is expected to spur economic growth by bringing essential high-speed internet services to overlooked regions.

Third Coast Bancshares (NASDAQ: TCBX) is celebrating its 1,000th day as a Nasdaq-listed company by ringing the closing bell at the Nasdaq MarketSite in Times Square, New York on August 6, 2024. Since its IPO on November 12, 2021, the company has experienced significant growth:

• Assets increased from $2.5 billion to $4.5 billion
• Total loans grew from $2.1 billion to $3.8 billion
• Total deposits rose from $2.1 billion to $3.9 billion
• Community banking offices expanded from 11 to 18

CEO Bart Caraway expressed gratitude to stakeholders and confidence in the company's future growth and profitability. Third Coast Bank operates primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets.

Stonegate Capital Partners has updated its coverage on Third Coast Bancshares, Inc. (NASDAQ: TCBX) for Q2 2024. The key takeaways from the update include:

1. Net Income of $10.8 million for the quarter
2. Year-over-year loan growth of $422.9 million
3. Opening of the company's 18th branch

These highlights suggest positive financial performance and continued expansion for Third Coast Bancshares. The substantial loan growth indicates increased business activity, while the opening of a new branch demonstrates the company's commitment to expanding its physical presence and customer base.

Third Coast Bancshares (NASDAQ: TCBX) reported its Q2 2024 financial results. The company achieved record earnings per share (EPS) of $0.70 and diluted EPS of $0.63, up from $0.68 and $0.61 in Q1 2024. Net income rose to $10.8 million, a 3.8% increase from Q1 2024. Return on average assets was 0.97%, while the efficiency ratio improved to 61.39% from 64.11% in Q1 2024.

Gross loans increased modestly by $12 million to $3.76 billion, and noninterest-bearing demand deposits rose 9.5% to $464.5 million. Book value per share grew to $26.99, and tangible book value per share reached $25.60. The company opened its 17th and 18th branches in Austin and The Woodlands, Texas.

Net interest income was $38.9 million, up 2.0% from Q1 2024. Noninterest income increased to $2.9 million, while noninterest expenses decreased to $25.6 million. However, the provision for credit losses was $1.9 million, and nonperforming loans rose to $24.4 million.

Third Coast Bancshares (NASDAQ: TCBX), the parent company of Third Coast Bank, will release its 2024 second quarter financial results on July 24, 2024, after market close. A conference call and webcast to discuss the results is scheduled for July 25, 2024, at 11:00 a.m. Eastern Time. Interested parties can listen in by dialing 201-389-0869 or via the internet. A replay will be available until August 1, 2024, and the webcast will be archived on the company's website for 90 days.

Third Coast Bancshares, the holding company of Third Coast Bank, declared a quarterly cash dividend of $17.0625 per share on its 6.75% Series A Convertible Non-Cumulative Preferred Stock. The dividend will be payable on July 15, 2024, to shareholders who hold the stock as of June 30, 2024. This announcement comes as part of the company's regular dividend schedule.