Stonegate Updates Coverage on Third Coast Bancshares, Inc. (TCBX) Q4 2024

Rhea-AI Summary

Third Coast Bancshares (NASDAQ: TCBX) reported strong financial results for Q4 2024, with net income reaching $13.7 million, an increase from $12.8 million in Q3 2024. The company achieved basic and diluted EPS of $0.92 and $0.79, respectively. The quarterly growth was primarily driven by higher net interest income, supported by loan growth and increased investments in federal funds sold and interest-bearing deposits with correspondent banks.

The company's loan portfolio demonstrated robust growth with a $327.6 million increase year-over-year. The efficiency ratio improved to 58.80% from 59.57% in the previous quarter. However, the positive performance was partially offset by a higher provision for credit losses and increased expenses in salaries and employee benefits. The company continues to focus on operational efficiency through its 1% improvement initiative.

Positive

• Net income increased to $13.7M from $12.8M quarter-over-quarter
• Loan portfolio grew by $327.6M year-over-year
• Efficiency ratio improved to 58.80% from 59.57%
• Higher net interest income driven by loan growth

Negative

• Higher provision for credit losses
• Increased expenses in salaries and employee benefits

Dallas, Texas--(Newsfile Corp. - January 27, 2025) - Third Coast Bancshares, Inc. (NASDAQ: TCBX): Stonegate Capital Partners updates their coverage on Third Coast Bancshares, Inc. For 4Q24, Third Coast reported net income of $13.7M, up from $12.8M in 3Q24. This was equal to a basic and diluted EPS of $0.92 and $0.79, respectively. The Q/Q growth was primarily attributed to higher net interest income, driven by loan growth and increased investments in federal funds sold and interest-bearing deposits with correspondent banks. However, this increase was partially offset by a slightly higher provision for credit losses and rising expenses related to salaries and employee benefits. We anticipate that the Company will continue prioritizing operational efficiency by sustaining its 1% improvement initiative. This strategy is expected to support Third Coast in the current macroeconomic landscape.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Reported net income of $13.7M, up from $12.8M in 3Q24.
• The Company's loan portfolio continues to show strong growth, with an increase of $327.6M year over year.
• The efficiency ratio for the quarter was 58.80%, an improvement from59.57% last quarter.

Click image above to view full announcement.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238532

FAQ

What was Third Coast Bancshares (TCBX) net income for Q4 2024?

Third Coast Bancshares reported a net income of $13.7 million for Q4 2024, up from $12.8 million in Q3 2024.

How much did TCBX's loan portfolio grow year-over-year in Q4 2024?

Third Coast Bancshares' loan portfolio increased by $327.6 million year-over-year in Q4 2024.

What was TCBX's efficiency ratio in Q4 2024?

The efficiency ratio for Q4 2024 was 58.80%, improving from 59.57% in the previous quarter.

What were the main factors affecting TCBX's Q4 2024 performance?

The main factors were higher net interest income driven by loan growth and increased investments, partially offset by higher credit loss provisions and increased salary expenses.

What was Third Coast Bancshares' (TCBX) EPS for Q4 2024?

TCBX reported basic EPS of $0.92 and diluted EPS of $0.79 for Q4 2024.