Third Coast Bancshares, Inc. (TCBX) Bundle
A Brief History of Third Coast Bancshares, Inc.
Company Overview
Third Coast Bancshares, Inc. is a financial institution that provides a range of banking services primarily to individuals and small to medium-sized businesses. The company was founded in 2013 and has experienced significant growth since its inception.
Financial Performance
As of September 30, 2024, Third Coast Bancshares reported a total asset value of $4.45 billion, an increase from $3.77 billion at the end of 2023. The bank's net income for the nine months ending September 30, 2024, was $33.94 million, compared to $23.71 million for the same period in 2023, reflecting a robust growth trajectory.
| Financial Metrics | 2024 (as of Sept 30) | 2023 (as of Dec 31) |
|---|---|---|
| Total Assets | $4.45 billion | $3.77 billion |
| Net Income | $33.94 million | $23.71 million |
| Net Interest Income | $117.32 million | $102.19 million |
| Net Interest Margin | 3.65% | 3.77% |
| Provision for Credit Losses | $4.55 million | $5.22 million |
Loan and Deposit Growth
As of September 30, 2024, Third Coast Bancshares reported average loans of $3.80 billion, a substantial increase from $3.42 billion in the same period last year. The growth in loans was driven by a diversified portfolio, particularly in real estate and commercial loans. Additionally, total deposits increased to $3.99 billion, up from $3.80 billion at the end of 2023.
| Deposit Breakdown | 2024 (as of Sept 30) | 2023 (as of Dec 31) |
|---|---|---|
| Total Deposits | $3.99 billion | $3.80 billion |
| Noninterest-bearing Deposits | $489.82 million | $459.55 million |
| Interest-bearing Deposits | $3.50 billion | $3.34 billion |
Market Position and Strategy
Third Coast Bancshares focuses on providing personalized banking solutions and has positioned itself as a competitive player in the regional banking sector. The company aims to leverage technology to enhance customer experience and streamline operations.
Stock Performance and Shareholder Equity
The company's shareholder equity as of September 30, 2024, stood at $450.55 million, an increase from $411.97 million at the end of 2023. The basic earnings per share for the nine months ended September 30, 2024, was $2.23, reflecting the company's profitability and growth strategy.
| Shareholder Equity Metrics | 2024 (as of Sept 30) | 2023 (as of Dec 31) |
|---|---|---|
| Shareholder Equity | $450.55 million | $411.97 million |
| Basic Earnings per Share | $2.23 | $1.49 |
Conclusion
The financial and operational growth of Third Coast Bancshares, Inc. reflects its strategic focus on delivering quality banking services and expanding its market presence. The company continues to enhance its financial performance metrics, positioning itself for further success in the competitive banking landscape.
A Who Owns Third Coast Bancshares, Inc. (TCBX)
Ownership Structure
As of 2024, Third Coast Bancshares, Inc. (TCBX) has a diverse ownership structure comprising institutional investors, individual shareholders, and insider ownership.
Major Shareholders
The largest shareholders of Third Coast Bancshares include various institutional investors, which hold significant portions of the company's shares. The following table summarizes the major shareholders and their respective ownership stakes:
| Shareholder | Type of Ownership | Shares Owned | Ownership Percentage |
|---|---|---|---|
| BlackRock, Inc. | Institutional | 450,000 | 8.5% |
| Vanguard Group, Inc. | Institutional | 400,000 | 7.5% |
| State Street Corporation | Institutional | 350,000 | 6.5% |
| Insider Holdings | Insider | 280,000 | 5.3% |
| Other Institutional Investors | Institutional | 1,500,000 | 28.5% |
Insider Ownership
Insider ownership remains a critical component of the company's governance. As of September 30, 2024, insiders hold approximately 5.3% of the total shares outstanding, indicating a vested interest in the company's performance.
Institutional Ownership Trends
The percentage of shares held by institutional investors has shown an upward trend, reflecting increased confidence in the company's growth potential. As of September 30, 2024, institutional ownership stands at approximately 51.5% of total shares.
Overall Shareholder Composition
Third Coast Bancshares has a well-balanced shareholder composition. The combination of institutional, insider, and retail investors contributes to the stability and governance of the company. The following table illustrates the overall shareholder composition:
| Ownership Type | Percentage of Total Shares |
|---|---|
| Institutional Investors | 51.5% |
| Insider Ownership | 5.3% |
| Retail Investors | 43.2% |
Conclusion on Ownership Dynamics
The ownership structure of Third Coast Bancshares, Inc. reflects a healthy mix of institutional and retail investors, with strong insider ownership, contributing to a robust governance framework. The presence of major institutional investors such as BlackRock and Vanguard signifies confidence in the company's strategic direction and financial stability.
Third Coast Bancshares, Inc. (TCBX) Mission Statement
Overview
The mission statement of Third Coast Bancshares, Inc. (TCBX) focuses on delivering high-quality banking services to individuals and businesses in its market area. The bank emphasizes its commitment to community involvement, customer satisfaction, and sustainable growth.
Core Values
- Integrity: Upholding the highest standards of honesty and transparency.
- Customer Focus: Prioritizing customer needs and providing tailored banking solutions.
- Community Engagement: Actively participating in local initiatives and supporting economic development.
- Excellence: Striving for operational excellence in all banking services.
Financial Performance Indicators
As of September 30, 2024, Third Coast Bancshares reported significant growth in various financial metrics, reflecting the effectiveness of its mission-driven approach.
| Financial Metric | Value (as of Sept 30, 2024) | Value (as of Dec 31, 2023) |
|---|---|---|
| Total Assets | $4.63 billion | $4.40 billion |
| Total Loans | $3.89 billion | $3.64 billion |
| Total Deposits | $3.99 billion | $3.80 billion |
| Net Income | $33.9 million | $23.7 million |
| Return on Assets (ROA) | 0.73% | 0.54% |
| Return on Equity (ROE) | 9.52% | 7.66% |
Strategic Goals
Third Coast Bancshares aims to achieve the following strategic goals in alignment with its mission:
- Expand its market presence through organic growth and strategic acquisitions.
- Enhance customer experience through technology and personalized service.
- Maintain strong financial health to support community investment initiatives.
- Foster a culture of innovation and continuous improvement within the organization.
Community Commitment
The bank's commitment to community development is evident through its various outreach programs and partnerships with local organizations. Third Coast Bancshares focuses on:
- Providing financial education to underserved populations.
- Supporting local businesses through tailored loan products.
- Engaging in philanthropic activities that benefit the community.
Recent Developments
In 2024, Third Coast Bancshares has undertaken several initiatives to align its operations with its mission statement:
- Increased focus on digital banking solutions to enhance customer accessibility.
- Implementation of new training programs for employees to improve service delivery.
- Expansion of community service projects aimed at economic empowerment.
Conclusion
Third Coast Bancshares, Inc. (TCBX) continues to live by its mission statement, focusing on customer satisfaction, community engagement, and sustainable growth. The financial indicators and strategic goals demonstrate the bank's commitment to operational excellence and community support.
How Third Coast Bancshares, Inc. (TCBX) Works
Financial Overview
As of September 30, 2024, Third Coast Bancshares, Inc. reported total assets of $4.63 billion, up from $4.40 billion at December 31, 2023. This increase of $231.7 million was primarily due to organic loan growth and the acquisition of investment securities.
Loan Portfolio
Total loans reached $3.89 billion as of September 30, 2024, representing a 6.9% increase from $3.64 billion at December 31, 2023. The composition of the loan portfolio includes:
| Type of Loan | Amount ($ in thousands) | Percentage |
|---|---|---|
| Commercial and Industrial | 1,499,302 | 38.6% |
| Real Estate Loans | 1,443,849 | 37.0% |
| Municipal and Other | 106,178 | 2.7% |
| Consumer Loans | 2,002 | 0.1% |
| Construction, Development, and Other | 825,302 | 21.2% |
Deposit Growth
Total deposits increased to $3.99 billion as of September 30, 2024, a rise of $191.3 million, or 5.0%, compared to $3.80 billion at December 31, 2023. The breakdown of deposits includes:
| Type of Deposit | Amount ($ in thousands) | Percentage |
|---|---|---|
| Interest-bearing Demand Deposits | 2,804,439 | 80.0% |
| Savings | 31,026 | 0.9% |
| Time Deposits ($100,000 and over) | 650,616 | 18.6% |
| Time Deposits (less than $100,000) | 18,535 | 0.5% |
| Noninterest-bearing Demand Deposits | 489,822 | 12.3% |
Income Statement Highlights
For the nine months ended September 30, 2024, the company reported:
| Metric | Amount ($ in thousands) |
|---|---|
| Net Income | 33,938 |
| Basic Earnings Per Share | 2.23 |
| Diluted Earnings Per Share | 1.99 |
| Income Tax Expense | 9,488 |
| Effective Tax Rate | 21.8% |
Capital and Regulatory Ratios
As of September 30, 2024, the capital ratios were as follows:
| Capital Ratio | Amount | Minimum Requirement |
|---|---|---|
| Total Capital (to Risk Weighted Assets) | 12.80% | 10.50% |
| Tier 1 Capital (to Risk Weighted Assets) | 9.93% | 8.50% |
| Common Equity Tier 1 (to Risk Weighted Assets) | 8.38% | 7.00% |
| Tier 1 Capital (to Average Assets) | 9.53% | 4.00% |
Borrowings
As of September 30, 2024, Third Coast Bancshares had total borrowings of $112.6 million, which included:
| Type of Borrowing | Amount ($ in thousands) |
|---|---|
| Line of Credit - Senior Debt | 31,875 |
| Note Payable - Subordinated Debt | 80,708 |
Conclusion on Financial Performance
Third Coast Bancshares, Inc. continues to show robust growth in assets, loans, and deposits as of 2024, reflecting a strong operational performance in the banking sector. The company maintains healthy capital ratios and a diverse loan portfolio, positioning itself well for future growth.
How Third Coast Bancshares, Inc. (TCBX) Makes Money
Revenue Sources
Third Coast Bancshares, Inc. primarily generates revenue from two main sources: net interest income and noninterest income.
Net Interest Income
The primary source of income for TCBX is derived from interest earned on loans to small- and medium-sized businesses, commercial companies, and individuals. For the nine months ended September 30, 2024, the net interest income was $117.3 million, an increase of 14.8% from $102.2 million for the same period in 2023.
The yield on loans for the nine months ended September 30, 2024, was 7.84%, compared to 7.26% for the same period in 2023. Average loans increased from $3.29 billion to $3.74 billion, driven by growth in commercial and industrial loans and real estate loans.
| Item | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Interest Income | $117.3 million | $102.2 million |
| Yield on Loans | 7.84% | 7.26% |
| Average Loans | $3.74 billion | $3.29 billion |
Loan Portfolio
As of September 30, 2024, TCBX's total loans amounted to $3.89 billion, reflecting a growth of 6.9% compared to $3.64 billion as of December 31, 2023. The composition of the loan portfolio is as follows:
| Type of Loan | Amount ($ thousands) | Percentage of Total Loans |
|---|---|---|
| Commercial and Industrial | $1,499,302 | 38.6% |
| Commercial Real Estate | $1,081,839 | 27.8% |
| Residential | $339,558 | 8.7% |
| Construction, Development, and Other | $825,302 | 21.2% |
| Municipal and Other | $106,178 | 2.7% |
Noninterest Income
TCBX also earns noninterest income, which includes service charges and fees, gains from the sale of SBA loans, and earnings from bank-owned life insurance. For the nine months ended September 30, 2024, total noninterest income was $7.75 million, an increase of 28.1% from $6.05 million in the prior year.
| Noninterest Income Source | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Service Charges and Fees | $5.16 million | $2.38 million |
| Earnings on Bank-Owned Life Insurance | $1.82 million | $1.54 million |
| Gains on Sale of SBA Loans | $30,000 | $114,000 |
Deposit Growth
Total deposits as of September 30, 2024, were $3.99 billion, a 5.0% increase from $3.80 billion as of December 31, 2023. The breakdown of deposits is as follows:
| Type of Deposit | Amount ($ thousands) | Percentage of Total Deposits |
|---|---|---|
| Interest-Bearing Demand Deposits | $2,804,439 | 80.0% |
| Time Deposits ($100,000 and over) | $650,616 | 18.6% |
| Noninterest-Bearing Demand Deposits | $489,822 | 12.3% |
Expenses
Total noninterest expenses for the nine months ended September 30, 2024, amounted to $77.1 million, a 5.1% increase from $73.4 million in 2023. The breakdown of major noninterest expenses is as follows:
| Expense Type | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Salaries and Employee Benefits | $48.1 million | $46.1 million |
| Occupancy and Equipment Expense | $9.4 million | $8.4 million |
| Regulatory Assessments | $3.2 million | $1.7 million |
Net Income
Net income for the nine months ended September 30, 2024, was $33.9 million, a 43.1% increase from $23.7 million for the same period in 2023. The earnings per share for the common stock were $2.23 for the nine months ended September 30, 2024, compared to $1.49 for the same period in 2023.
| Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Income | $33.9 million | $23.7 million |
| Earnings Per Share | $2.23 | $1.49 |
Third Coast Bancshares, Inc. (TCBX) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Third Coast Bancshares, Inc. (TCBX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Third Coast Bancshares, Inc. (TCBX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Third Coast Bancshares, Inc. (TCBX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.