Welcome to our dedicated page for Third Coast Bancshares news (Ticker: TCBX), a resource for investors and traders seeking the latest updates and insights on Third Coast Bancshares stock.
Third Coast Bancshares, Inc. reports developments for a commercially focused Texas bank holding company whose wholly owned subsidiary, Third Coast Bank, serves small and medium-sized businesses, professionals, and customers in the Austin, Dallas-Fort Worth, Greater Houston, and San Antonio markets.
Recurring company updates cover quarterly and annual operating results, net interest income, loan and deposit trends, noninterest expense, efficiency measures, branch-market activity, and capital actions. Coverage also includes preferred-stock dividends, investor-call materials, and integration matters following the completed Keystone Bancshares merger.
Third Coast Bancshares, Inc. (NASDAQ: TCBX) announced a quarterly cash dividend of $17.25 per share on its 6.75% Series A Convertible Non-Cumulative Preferred Stock. This dividend is set to be paid on January 17, 2023, to shareholders on record as of December 31, 2022. The company operates primarily in major Texas markets including Greater Houston, Dallas-Fort Worth, and Austin-San Antonio, with a network of 16 branches and one loan production office.
Third Coast Bancshares, Inc. (NASDAQ: TCBX) reported strong third quarter 2022 financial results, with net income of $6.8 million ($0.49 per diluted share), a significant increase from $2.3 million in Q2 2022. Loans rose 8.1% to $2.97 billion, and deposits increased by 3.0% to $2.98 billion. Total assets grew to $3.52 billion, up 4.7% from Q2 2022. Non-performing assets decreased to 0.29% of total assets. The company issued $69.4 million in preferred stock. The net interest margin held steady at 3.77%, bolstered by strong loan growth and increased interest income.
Third Coast Bancshares, Inc. (NASDAQ: TCBX) has declared a quarterly cash dividend of $3.1875 per share on its 6.75% Series A Convertible Non-Cumulative Preferred Stock. This dividend is payable on October 17, 2022 to shareholders on record by September 30, 2022. The company operates primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio areas through its wholly owned subsidiary, Third Coast Bank, SSB.
Third Coast Bancshares, Inc. (NASDAQ: TCBX) will release its 2022 third quarter financial results on October 26, 2022, after market close. Management has scheduled a conference call on October 27, 2022, at 11:00 a.m. Eastern Time to discuss these results. Investors can participate by calling 201-389-0869 or via the web at this link. A replay will be available until November 3, 2022. Third Coast operates primarily in Texas, with 14 branches serving major metropolitan areas.
Third Coast Bancshares, Inc. (NASDAQ: TCBX) has successfully closed a private placement of 69,400 shares of Series A Preferred Stock, raising $69.4 million. The shares were sold to accredited investors at $1,000 per share, with Castle Creek Capital Partners VIII, LP acting as the lead investor. The proceeds will be used for general corporate purposes. Additionally, 175,000 warrants were issued to certain investors for common stock purchases. Piper Sandler & Co. served as the sole placement agent for this offering.
Third Coast Bancshares, Inc. (NASDAQ: TCBX) announced a private placement of $69.4 million in non-cumulative convertible preferred stock with Castle Creek Capital Partners and other investors. The offering, set to close on September 22, 2022, aims to bolster growth strategies and enhance operational capabilities. The Series A Preferred Stock will yield a 6.75% dividend rate, convertible into common stock at $22.50 per share. The move reflects confidence in future profitability and operational growth, with a representative from Castle Creek joining the Board post-closing.
Third Coast Bancshares (TCBX) reported strong second quarter 2022 results with loans increasing by $301.2 million (12.3%) to $2.75 billion, and total deposits rising by $311.1 million (12.0%) to $2.90 billion. Net income reached $2.3 million, or $0.16 per diluted share. Despite growth, noninterest-bearing deposits fell significantly, and net interest margin decreased to 3.77%. The bank is pursuing a strategic growth plan, realigning leadership and investing in fintech initiatives to boost future revenue. New branches were opened in Georgetown and Ft. Worth, Texas.
Third Coast Bancshares, Inc. (Nasdaq: TCBX) has announced the promotions of Bill Bobbora to Executive Vice President and Chief Banking Officer, and Andrew Novarini to Executive Vice President and President of Community Banking. These appointments position them to drive the Commercial Banking group, leveraging their extensive experience in corporate and community banking across Texas markets such as Greater Houston, Dallas-Fort Worth, and Austin-San Antonio. CEO Bart Caraway expressed confidence in their leadership abilities to impact the bank's future positively.
Third Coast Bancshares, Inc. (NASDAQ: TCBX) announced that it will release its 2022 second quarter financial results on July 27, 2022, after market close. A conference call is scheduled for July 28, 2022, at 11:00 a.m. Eastern Time, to discuss these results. The call can be accessed via phone or online. A replay will be available until August 4, 2022. Third Coast Bancshares operates primarily in Texas, focusing on commercial banking in major metropolitan areas.
Third Coast Bancshares, Inc. (Nasdaq: TCBX) announced an extension of its exchange offer for $82,250,000 in 5.500% Fixed-to-Floating Rate Subordinated Notes due 2032. The offer, initially set to expire on July 8, 2022, will now end on July 18, 2022. As of the last update, approximately 96.7% or $79,500,000 of the Old Notes have been tendered. The notes will be replaced with new notes, registered under the Securities Act of 1933. UMB Bank, N.A. acts as the exchange agent for the offer.