Mission Statement, Vision, & Core Values (2024) of Third Coast Bancshares, Inc. (TCBX)

An Overview of Third Coast Bancshares, Inc. (TCBX)

General Summary of Third Coast Bancshares, Inc. (TCBX)

Third Coast Bancshares, Inc. (TCBX) is a Texas-based financial institution that primarily operates through its wholly-owned subsidiary, Third Coast Bank. Established in 2018, TCBX has rapidly expanded its footprint across the Texas market by providing a range of financial services tailored to meet the needs of small to medium-sized businesses and individual customers. The bank's offerings include commercial and residential loans, deposit accounts, and various wealth management services.

As of 2024, Third Coast Bancshares reported total sales of approximately $4.63 billion in assets, reflecting a strategic growth trajectory supported by the increasing demand for its services in the local market.

Company's Financial Performance in the Latest Financial Reports

In the most recent financial reporting period, Third Coast Bancshares showcased a strong financial performance. For the nine months ended September 30, 2024, the company achieved a record net income of $33.9 million, up from $23.7 million during the same period in 2023, marking a significant increase of 43.1% year-over-year.

The company’s total assets grew to $4.63 billion as of September 30, 2024, up from $4.40 billion at the end of 2023, representing an increase of $231.7 million. This growth was primarily driven by organic loan growth and increased investment securities.

Third Coast Bancshares also reported a notable increase in total loans, which rose to $3.89 billion, a $251 million increase, or 6.9% from the previous year. The primary growth drivers included commercial and industrial loans, which increased by $236.2 million, and real estate loans, which rose by $108.4 million.

Introduction to Company as a Leader in the Industry

Third Coast Bancshares, Inc. is positioned as one of the leading financial institutions in the Texas market, recognized for its robust service offerings and customer-centric approach. The bank's consistent growth in assets and its ability to adapt to market demands have solidified its reputation as a trusted financial partner for both businesses and individuals.

Investors and stakeholders are encouraged to explore further insights into Third Coast Bancshares to understand the underlying strategies contributing to its success and market leadership.

Mission Statement of Third Coast Bancshares, Inc. (TCBX)

Company's Mission Statement Overview

The mission statement of Third Coast Bancshares, Inc. (TCBX) serves as a strategic guide for the company, focusing on delivering exceptional banking services to its customers. As of 2024, the mission is centered around providing high-quality financial products and fostering long-term relationships with clients, employees, and the communities served. This mission is pivotal in aligning the company’s operations with its core values and long-term objectives.

Core Component 1: Customer Commitment

Third Coast Bancshares emphasizes a strong commitment to customer service. The company aims to understand and meet the diverse needs of its clients, providing tailored financial solutions. In 2024, TCBX reported a total customer deposit base of $3.99 billion, reflecting a significant commitment to its customer-centric approach. This growth is indicative of the trust and satisfaction among its clientele, as evidenced by a net promoter score (NPS) that consistently ranks above industry averages.

Core Component 2: Employee Empowerment

Empowering employees is another critical element of TCBX's mission. The company believes that a motivated workforce is essential for delivering exceptional service. As of September 2024, TCBX employed approximately 500 individuals across its branches, with a focus on professional development and employee satisfaction. The company allocated approximately $1.1 million towards employee training and development programs in the past year. This investment underscores TCBX’s dedication to fostering a positive work environment that encourages growth and innovation.

Core Component 3: Community Engagement

Community engagement is integral to TCBX's mission. The company actively participates in local initiatives and supports economic development within its operational areas. In 2024, TCBX contributed over $250,000 to various community projects and charities, emphasizing its commitment to social responsibility. Additionally, TCBX has established partnerships with local organizations to provide financial literacy programs, aiming to enhance the financial well-being of the communities it serves.

Vision Statement of Third Coast Bancshares, Inc. (TCBX)

Vision Statement Overview

The vision statement of Third Coast Bancshares, Inc. (TCBX) emphasizes its commitment to being a leading commercial banking institution, focusing on small-to-medium-sized businesses and professionals across its operational markets.

Commitment to Community

Third Coast Bancshares aims to strengthen community ties by providing tailored financial solutions that address local needs. As of September 30, 2024, the company operates 19 branches, including:

Focus on Innovation

TCBX is committed to leveraging technology to enhance customer experience. The company reported total assets of $4.63 billion as of September 30, 2024, reflecting its investment in innovative banking solutions.

Customer-Centric Approach

Third Coast Bancshares places significant emphasis on understanding customer needs. As of the same date, the bank's total loans amounted to $3.89 billion, with a focus on:

• Commercial and industrial loans: $1.50 billion
• Real estate loans: $1.45 billion
• Consumer loans: $2 million
• Municipal loans: $106 million

Financial Performance

Third Coast Bancshares achieved a net income of $33.9 million for the nine months ended September 30, 2024, indicating strong financial health. The earnings per common share for the same period were:

Commitment to Growth

The bank's strategic growth initiatives have led to a total deposit increase to $3.99 billion as of September 30, 2024, up from $3.80 billion at year-end 2023. This growth reflects the bank's effective customer engagement and service delivery.

Regulatory Compliance and Capital Adequacy

TCBX maintains a strong capital position, with total shareholders' equity reported at $450.5 million as of September 30, 2024. The bank's capital ratios are well above regulatory requirements, ensuring it remains well-capitalized:

Conclusion

Third Coast Bancshares, Inc. envisions a future where it is recognized as a premier financial institution that prioritizes community engagement, customer satisfaction, and sustainable growth. Its financial metrics and operational strategies reflect this commitment.

Core Values of Third Coast Bancshares, Inc. (TCBX)

Integrity

The core value of integrity is fundamental to Third Coast Bancshares, Inc. (TCBX). It emphasizes ethical behavior and transparency in all business dealings. This principle is crucial for building trust with clients and stakeholders.

TCBX demonstrates its commitment to integrity through rigorous compliance with regulatory standards and ethical banking practices. As of September 30, 2024, the company maintained a well-capitalized status, with Tier 1 leverage capital at 9.53%, significantly above the required minimum of 4.00%.

Customer Commitment

Customer commitment reflects TCBX's dedication to providing exceptional service and support to its clients. This value is vital for fostering long-term relationships and ensuring customer satisfaction.

In 2024, TCBX launched a new customer service initiative aimed at enhancing client engagement. The initiative resulted in a 15% increase in customer satisfaction ratings, as reported in internal surveys. Additionally, the bank's noninterest income for the nine months ended September 30, 2024, reached $7.7 million, demonstrating effective service delivery.

Community Engagement

Community engagement is a core value that underscores TCBX's commitment to supporting the local communities it serves. This value is essential for promoting social responsibility and sustainable development.

In 2024, TCBX contributed approximately $1.5 million to local charities and community projects, focusing on education and economic development. The bank also participated in various community events, enhancing its visibility and fostering goodwill among residents.

Innovation

Innovation drives TCBX's approach to banking, enabling the company to adapt to changing market conditions and customer needs. This value is crucial for maintaining competitiveness in the financial services sector.

In 2024, TCBX invested $2 million in technology upgrades, including a new digital banking platform that improved user experience and increased online transaction volume by 25%. This platform not only streamlined operations but also positioned TCBX as a leader in digital banking services.

Teamwork

Teamwork is essential to TCBX's operational success, fostering collaboration and enhancing organizational effectiveness. This value is vital for creating a supportive work environment that drives employee engagement.

In 2024, TCBX implemented a team-building program that resulted in a 20% decrease in employee turnover, reflecting improved morale and collaboration among staff. The bank's investment in employee training and development increased by 10%, further reinforcing its commitment to teamwork.

Updated on 16 Nov 2024

Resources:

1. 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.
2. 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.