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WKN: A3C7DT | ISIN: US88422P1093 | Ticker-Symbol:
NASDAQ
20.12.24
21:54 Uhr
34,100 US-Dollar
+0,630
+1,88 %
1-Jahres-Chart
THIRD COAST BANCSHARES INC Chart 1 Jahr
5-Tage-Chart
THIRD COAST BANCSHARES INC 5-Tage-Chart
PR Newswire
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Third Coast Bancshares, Inc. Reports Record 2023 Fourth Quarter And Full Year Financial Results

Finanznachrichten News

Year over Year Book Value grew 9.0% and Tangible Book Value(1) grew 9.7%

HOUSTON, Jan. 25, 2024 /PRNewswire/ -- Third Coast Bancshares, Inc. (NASDAQ: TCBX) (the "Company," "Third Coast," "we," "us," or "our"), the bank holding company for Third Coast Bank, SSB, today reported its 2023 fourth quarter and full year financial results.

2023 Fourth Quarter Financial Highlights

  • Total assets increased $180.3 million to a record $4.40 billion as of December 31, 2023, or 4.3% over the $4.22 billion reported as of September 30, 2023 .
  • Gross loans grew $78.8 million to $3.64 billion as of December 31, 2023, 2.2% more than the $3.56 billion reported as of September 30, 2023 .
  • Deposits increased $156.3 million to $3.80 billion as of December 31, 2023, or 4.3% over the $3.65 billion reported as of September 30, 2023 .
  • Book value per share and tangible book value per share(1) increased to $25.41 and $24.02, respectively, as of December 31, 2023, compared to $24.57 and $23.17, respectively, as of September 30, 2023 .
  • Net income for the fourth quarter of 2023 totaled $9.7 million, or $0.57 per diluted share, compared to $5.6 million, or $0.32 per diluted share, for the third quarter of 2023.

2023 Full Year Financial Highlights

  • Total assets increased $622.9 million to $4.40 billion as of December 31, 2023, or 16.5% over the $3.77 billion reported as of December 31, 2022 .
  • Gross loans grew $531.2 million to $3.64 billion as of December 31,2023, 17.1% more than the $3.11 billion reported as of December 31, 2022 .
  • Deposits increased $567.0 million to $3.80 billion as of December 31, 2023, or 17.5% over the $3.24 billion reported as of December 31, 2022 .
  • Book value per share and tangible book value per share(1) increased to $25.41 and $24.02, respectively, as of December 31, 2023, compared to $23.32 and $21.90, respectively, as of December 31, 2022 .
  • Net income totaled $33.4 million, or $1.98 per diluted share, and $18.7 million, or $1.25 per diluted share, for the years ended December 31, 2023 and 2022, respectively, an increase of 79.0%.

____________________________

(1)

Non-GAAP financial measure. Please refer to the table titled "GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures" at the end of this press release for a reconciliation of these non-GAAP financial measures.

"We are very pleased with our fourth quarter and full year 2023 results," said Bart Caraway, Chairman, President, and CEO of Third Coast. "Despite headwinds that included a lackluster economy and persistent interest rate hikes, the Third Coast team worked diligently to boost profitability by managing expenses and enhancing operational efficiencies. These efforts resulted in record performance, particularly, a 79% increase in net income over 2022. Moreover, our assets, loans, and deposits grew 17%, 17% and 18%, respectively, over the prior year, creating positive operating leverage.

"Looking ahead, we look forward to the possibilities and opportunities awaiting us in 2024. We will continue to focus on innovation, amplify the passion of our lenders and staff to offer our customers exceptional banking services across the largest metropolitan areas in Texas, and seek to deliver shareholder value by achieving above average growth in book value," Mr. Caraway concluded.

Operating Results

Net Income and Earnings Per Share

Net income totaled $9.7 million for the fourth quarter of 2023, compared to $5.6 million for the third quarter of 2023 and $7.5 million for the fourth quarter of 2022. Net income available to common shareholders totaled $8 .5 million for the fourth quarter of 2023, compared to $4.4 million for the third quarter of 2023 and $6.1 million for the fourth quarter of 2022. The quarter-over-quarter increase was primarily due to an increase in net interest income resulting from higher loan rates, a reduction in provision expense for credit losses for the quarter, and noninterest expense savings related to implementation of cost reduction plans in prior quarters. Dividends on our Series A Convertible Non-Cumulative Preferred Stock totaled $1.2 million for each of the quarters ended December 31, 2023 and September 30, 2023 . Basic earnings per share and diluted earnings per share were $0 .62 per share and $0.57 per share, respectively, in the fourth quarter of 2023 compared to $0.32 per share each, in the third quarter of 2023 and $0.45 per share and $0.44 per share, respectively, in the fourth quarter of 2022.

Net Interest Margin and Net Interest Income

The net interest margin for the fourth quarter of 2023 was 3.61%, compared to 3.71% for the third quarter of 2023 and 3.75% for the fourth quarter of 2022. The yield on loans for the fourth quarter of 2023 was 7.75%, compared to 7.57% for the third quarter of 2023 and 6.27% for the fourth quarter of 2022. The increase in yield on loans during the fourth quarter of 2023 was primarily due to the increase in the Prime Rate in previous quarters.

Net interest income totaled $37.3 million for the fourth quarter of 2023, an increase of 5.8% from $35.3 million for the third quarter of 2023 and an increase of 16.1% from $32.2 million for the fourth quarter of 2022. Interest income totaled $77.1 million for the fourth quarter of 2023, an increase of 11.1% from $69.4 million for the third quarter of 2023 and an increase of 50.7% from $51.2 million for the fourth quarter of 2022. Interest and fees on loans increased $4.9 million, or 7.6%, compared to the third quarter of 2023, and increased $22.2 million, or 46.3%, compared to the fourth quarter of 2022. Interest expense was $39.7 million for the fourth quarter of 2023, an increase of $5.6 million, or 16.5%, from $34.1 million for the third quarter of 2023 and an increase of $20 .7 million, or 109.1%, from $19.0 million for the fourth quarter of 2022. The increase in interest expense during the fourth quarter of 2023 was primarily due to interest-bearing deposit growth and increases in interest rates paid on interest-bearing deposit accounts.

Noninterest Income and Noninterest Expense

Noninterest income totaled $2.2 million for the fourth quarter of 2023, compared to $1.9 million for the third quarter of 2023 and $1.8 million for the fourth quarter of 2022. The increase in noninterest income from the third quarter of 2023 was primarily due to increased fees from derivative transactions and Small Business Investment Company income.

Noninterest expense totaled $26.4 million for the fourth quarter of 2023, down from $27.5 million for the third quarter of 2023 and up from $22.6 million for the fourth quarter of 2022. The year-over-year increase was primarily attributed to increased salary expenses, investment in new technology and software, increased professional fees related to growth and regulatory compliance, increased expenses related to four locations opened in 2022, and increased other expenses such as franchise taxes, fraud losses, and deposit related fees.

The efficiency ratio was 66.89% for the fourth quarter of 2023, compared to 74.07% for the third quarter of 2023 and 66.74% for the fourth quarter of 2022.

Balance Sheet Highlights

Loan Portfolio and Composition

For the quarter ended December 31, 2023, gross loans increased to $3.64 billion, an increase of $78.8 million, or 2.2%, from $3.56 billion as of September 30, 2023, and an increase of $531.2 million, or 17.1%, from $3 .11 billion as of December 31, 2022 . Real estate and municipal loans accounted for most of the loan growth for the fourth quarter of 2023, with real estate loans increasing $76.3 million and municipal loans increasing $23 .6 million from September 30, 2023 .

Asset Quality

Non-performing loans were $17.3 million at December 31, 2023, compared to $16.4 million at September 30, 2023, and $12.3 million at December 31, 2022.

The provision for credit loss recorded for the fourth quarter of 2023 was $1.1 million and related to provisioning for new loans and commitments. The allowance for credit losses of $37.0 million represented 1.02% of the $3 .64 billion in gross loans outstanding as of December 31, 2023 .

As of December 31, 2023, the nonperforming loans to loans held for investment ratio remained low at 0.48%, compared to 0.46% as of September 30, 2023, and 0.39% as of December 31, 2022 . During the three months ended December 31, 2023, and 2022, the Company recorded net charge-offs of $1.5 million and $708,000, respectively. On a full year basis, net charge-offs were $1.2 million and $1.1 million in 2023 and 2022, respectively.

Deposits and Composition

Deposits totaled $3.80 billion as of December 31, 2023, an increase of 4.3% from $3.65 billion as of September 30, 2023, and an increase of 17.5% from $3.24 billion as of December 31, 2022 . Noninterest-bearing demand deposits decreased from $500.2 million as of September 30, 2023, to $459.6 million as of December 31, 2023 and represented 12.1% of total deposits as of December 31, 2023, compared to 13.7% of total deposits as of September 30, 2023 . As of December 31, 2023, interest-bearing demand deposits increased $325.1 million, or 12.9%, and time deposits and savings accounts decreased $127.5 million, or 21.1%, and $639,000, or 2.5%, respectively, from September 30, 2023 .

The average cost of deposits was 4.07% for the fourth quarter of 2023, representing a 34-basis point increase from the third quarter of 2023 and a 190-basis point increase from the fourth quarter of 2022 due primarily to interest-bearing demand deposit growth and the increase in rates paid on interest-bearing demand deposits.

Earnings Conference Call

Third Coast has scheduled a conference call to discuss its 2023 fourth quarter and fiscal year results, which will be broadcast live over the Internet, on Friday, January 26, 2024, at 11:00 a.m. Eastern Time / 10:00 a.m. Central Time . To participate in the call, dial 201-389-0869 and ask for the Third Coast Bancshares, Inc. call at least 10 minutes prior to the start time, or access it live over the Internet at https://ir.tcbssb.com/events-and-presentations/events. For those who cannot listen to the live call, a replay will be available through February 2, 2024, and may be accessed by dialing 201-612-7415 and using passcode 13743555#. Also, an archive of the webcast will be available shortly after the call at https://ir.tcbssb.com/events-and-presentations/events for 90 days.

About Third Coast Bancshares, Inc.

Third Coast Bancshares, Inc. is a commercially focused, Texas -based bank holding company operating primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its wholly owned subsidiary, Third Coast Bank, SSB. Founded in 2008 in Humble, Texas, Third Coast Bank, SSB conducts banking operations through 16 branches encompassing the four largest metropolitan areas in Texas . Please visit https://www.tcbssb.com for more information.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "looking ahead," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: interest rate risk and fluctuations in interest rates; market conditions and economic trends generally and in the banking industry; our ability to maintain important deposit relationships; our ability to grow or maintain our deposit base; our ability to implement our expansion strategy; credit risk associated with our business; and changes in key management personnel. For a discussion of additional factors that could cause our actual results to differ materially from those described in the forward-looking statements, please see the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the "SEC"), and our other filings with the SEC.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures, including Tangible Common Equity, Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets and Return on Average Tangible Common Equity, which are supplemental measures that are not required by, or are not presented in accordance with GAAP. Please refer to the table titled "GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures" at the end of this press release for a reconciliation of these non-GAAP financial measures.

Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)




2023



2022


(Dollars in thousands)


December 31



September 30



June 30



March 31



December 31


















ASSETS
















Cash and cash equivalents:
















Cash and due from banks


$

296,926



$

142,122



$

244,813



$

309,153



$

329,864


Federal funds sold



114,919




144,408




23,206




1,789




2,150


Total cash and cash equivalents



411,845




286,530




268,019




310,942




332,014


















Investment securities available-for-sale



178,087




201,035




194,467




180,376




176,067


Loans held for investment



3,638,788




3,559,953




3,334,277




3,213,326




3,107,551


Less: allowance for credit losses



(37,022)




(38,067)




(37,243)




(35,915)




(30,351)


Loans, net



3,601,766




3,521,886




3,297,034




3,177,411




3,077,200


Accrued interest receivable



23,120




22,821




19,579




19,026




18,340


Premises and equipment, net



28,554




29,010




28,720




28,504




28,662


Bank-owned life insurance



65,861




65,303




64,762




64,235




60,761


Non-marketable securities, at cost



16,041




15,799




20,687




14,751




14,618


Deferred tax asset, net



9,227




8,335




7,808




7,146




6,303


Derivative assets



8,828




10,889




9,372




8,793




9,213


Right-of-use assets - operating leases



21,439




21,192




21,778




19,328




17,872


Core Deposit Intangible, net



969




1,009




1,050




1,090




1,131


Goodwill



18,034




18,034




18,034




18,034




18,034


Other assets



12,303




13,949




12,172




10,021




12,933


Total assets


$

4,396,074



$

4,215,792



$

3,963,482



$

3,859,657



$

3,773,148


















LIABILITIES
















Deposits:
















Noninterest bearing


$

459,553



$

500,187



$

529,474



$

516,909



$

486,114


Interest bearing



3,343,595




3,146,635




2,878,807




2,805,624




2,750,032


Total deposits



3,803,148




3,646,822




3,408,281




3,322,533




3,236,146


















Accrued interest payable



4,794




4,318




3,522




1,636




2,545


Derivative liabilities



10,687




10,519




9,177




7,271




9,221


Lease liability - operating leases



22,280




21,958




22,439




19,845




18,209


Other liabilities



23,763




15,467




12,792




10,054




14,024


Line of credit - Senior Debt



38,875




35,875




30,875




30,875




30,875


Note payable - Subordinated Debentures, net



80,553




80,502




80,451




80,399




80,348


Total liabilities



3,984,100




3,815,461




3,567,537




3,472,613




3,391,368


















SHAREHOLDERS' EQUITY
















Series A Convertible Non-Cumulative Preferred Stock



69




69




69




69




69


Series B Convertible Perpetual Preferred Stock



-




-




-




-




-


Common stock



13,683




13,679




13,688




13,658




13,610


Common stock - non-voting



-




-




-




-




-


Additional paid-in capital



319,613




319,134




318,769




318,350




318,033


Retained earnings



78,775




70,283




65,889




58,182




53,270


Accumulated other comprehensive income (loss)



933




(1,735)




(1,371)




(2,116)




(2,103)


Treasury stock, at cost



(1,099)




(1,099)




(1,099)




(1,099)




(1,099)


Total shareholders' equity



411,974




400,331




395,945




387,044




381,780


Total liabilities and shareholders' equity


$

4,396,074



$

4,215,792



$

3,963,482



$

3,859,657



$

3,773,148


Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)




Three Months Ended



Year Ended





2023



2022



2023



2022



(Dollars in thousands, except per share data)


December
31



September
30



June 30



March 31



December
31



December
31



December
31


























INTEREST INCOME:























Loans, including fees


$

70,325



$

65,380



$

59,295



$

53,911



$

48,081



$

248,911



$

146,425



Investment securities available-for-sale



2,746




1,990




2,029




1,548




1,388




8,313




3,925



Federal funds sold and other



3,996




2,015




1,389




1,920




1,682




9,320




3,596



Total interest income



77,067




69,385




62,713




57,379




51,151




266,544




153,946


























INTEREST EXPENSE:























Deposit accounts



37,671




30,345




24,936




22,092




15,682




115,044




30,696



FHLB advances and other borrowings



2,065




3,772




3,681




2,457




3,318




11,975




6,796



Total interest expense



39,736




34,117




28,617




24,549




19,000




127,019




37,492


























Net interest income



37,331




35,268




34,096




32,830




32,151




139,525




116,454


























Provision for credit losses



1,100




2,620




1,400




1,200




1,950




6,320




12,200


























Net interest income after credit loss expense



36,231




32,648




32,696




31,630




30,201




133,205




104,254


























NONINTEREST INCOME:























Service charges and fees



850




884




720




779




706




3,233




2,714



Gain on sale of SBA loans



326




114




-




-




123




440




950



Gain on sale of securities



21




364




-




97




-




482




-



Earnings on bank-owned life insurance



559




541




526




475




497




2,101




1,312



Derivative fees



358




159




247




(1)




117




763




1,259



Other



43




(196)




787




552




310




1,186




988



Total noninterest income



2,157




1,866




2,280




1,902




1,753




8,205




7,223


























NONINTEREST EXPENSE:























Salaries and employee benefits



16,119




17,353




15,033




13,712




14,473




62,217




56,510



Data processing and network expense



987




1,284




1,261




1,203




837




4,735




3,947



Occupancy and equipment expense



2,875




2,925




2,852




2,633




2,591




11,285




8,526



Legal and professional



2,305




2,001




1,547




1,930




1,887




7,783




6,987



Loan operations and other real estate owned



134




272




302




(35)




144




673




988



Advertising and marketing



614




515




812




686




580




2,627




1,912



Telephone and communications



125




117




129




139




175




510




496



Software purchases and maintenance



839




729




455




352




295




2,375




1,012



Regulatory assessments



942




532




458




666




863




2,598




3,464



Loss on sale of other real estate owned



-




-




-




-




-




-




350



Other



1,474




1,777




986




758




782




4,995




4,117



Total noninterest expense



26,414




27,505




23,835




22,044




22,627




99,798




88,309


























NET INCOME BEFORE INCOME TAX
EXPENSE



11,974




7,009




11,141




11,488




9,327




41,612




23,168


























Income tax expense



2,285




1,431




2,250




2,245




1,802




8,211




4,509


























NET INCOME



9,689




5,578




8,891




9,243




7,525




33,401




18,659


























Preferred stock dividends declared



1,197




1,184




1,184




1,171




1,418




4,736




1,418


























NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS


$

8,492



$

4,394



$

7,707



$

8,072



$

6,107



$

28,665



$

17,241


























EARNINGS PER COMMON SHARE:























Basic earnings per share


$

0.62



$

0.32



$

0.57



$

0.60



$

0.45



$

2.11



$

1.28



Diluted earnings per share


$

0.57



$

0.32



$

0.53



$

0.55



$

0.44



$

1.98



$

1.25



Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)




Three Months Ended



Year Ended




2023



2022



2023



2022


(Dollars in thousands, except share and per
share data)


December
31



September
30



June 30



March 31



December
31



December
31



December
31
























Earnings per share, basic


$

0.62



$

0.32



$

0.57



$

0.60



$

0.45



$

2.11



$

1.28


Earnings per share, diluted


$

0.57



$

0.32



$

0.53



$

0.55



$

0.44



$

1.98



$

1.25


Dividends on common stock


$

-



$

-



$

-



$

-



$

-



$

-



$

-


Dividends on Series A Convertible
Non-Cumulative Preferred Stock


$

17.25



$

17.06



$

17.06



$

16.88



$

20.44



$

68.25



$

20.44
























Return on average assets (A)



0.90

%



0.56

%



0.96

%



1.02

%



0.84

%



0.86

%



0.58

%

Return on average common equity (A)



9.86

%



5.19

%



9.44

%



10.28

%



7.69

%



8.66

%



5.62

%

Return on average tangible common
equity (A) (B)



10.44

%



5.50

%



10.02

%



10.93

%



8.19

%



9.19

%



6.00

%

Net interest margin (A) (C)



3.61

%



3.71

%



3.82

%



3.79

%



3.75

%



3.73

%



3.82

%

Efficiency ratio (D)



66.89

%



74.07

%



65.52

%



63.47

%



66.74

%



67.55

%



71.40

%























Capital Ratios






















Third Coast Bancshares, Inc. (consolidated):






















Total common equity to total assets



7.86

%



7.93

%



8.32

%



8.31

%



8.36

%



7.86

%



8.36

%

Tangible common equity to tangible
assets (B)



7.46

%



7.51

%



7.88

%



7.86

%



7.90

%



7.46

%



7.90

%

Common equity tier 1 (to risk weighted
assets)



8.06

%



8.01

%



7.75

%



7.89

%


N/A




8.06

%


N/A


Tier 1 capital (to risk weighted assets)



9.70

%



9.68

%



9.39

%



9.61

%


N/A




9.70

%


N/A


Total capital (to risk weighted assets)



12.66

%



12.72

%



12.31

%



12.63

%


N/A




12.66

%


N/A


Tier 1 capital (to average assets)



9.23

%



9.79

%



10.17

%



10.14

%


N/A




9.23

%


N/A
























Third Coast Bank, SSB:






















Common equity tier 1 (to risk weighted
assets)



12.52

%



12.48

%



12.06

%



12.32

%



12.95

%



12.52

%



12.95

%

Tier 1 capital (to risk weighted assets)



12.52

%



12.48

%



12.06

%



12.32

%



12.95

%



12.52

%



12.95

%

Total capital (to risk weighted assets)



13.49

%



13.49

%



12.99

%



13.25

%



13.79

%



13.49

%



13.79

%

Tier 1 capital (to average assets)



11.91

%



12.62

%



13.06

%



13.00

%



13.11

%



11.91

%



13.11

%























Other Data






















Weighted average shares:






















Basic



13,603,149




13,608,718




13,588,747




13,532,545




13,528,504




13,583,553




13,465,196


Diluted



16,890,381




13,873,187




16,855,822




16,801,815




13,760,076




16,877,891




13,754,610


Period end shares outstanding



13,604,665




13,600,211




13,609,697




13,579,498




13,531,736




13,604,665




13,531,736


Book value per share


$

25.41



$

24.57



$

24.23



$

23.63



$

23.32



$

25.41



$

23.32


Tangible book value per share (B)


$

24.02



$

23.17



$

22.82



$

22.22



$

21.90



$

24.02



$

21.90


___________

(A) Interim periods annualized.

(B) Refer to the calculation of these non-GAAP financial measures and a reconciliation to their most directly comparable GAAP financial measures on pages 12 and 13 of this News Release.

(C) Net interest margin represents net interest income divided by average interest-earning assets.

(D) Represents total noninterest expense divided by the sum of net interest income plus noninterest income. Taxes and provision for credit losses are not part of this calculation.

Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)




Three Months Ended



December 31, 2023


September 30, 2023


December 31, 2022

(Dollars in thousands)


Average
Outstanding
Balance



Interest
Earned/
Paid(3)



Average
Yield/
Rate(4)


Average
Outstanding
Balance



Interest
Earned/
Paid(3)



Average
Yield/
Rate(4)


Average
Outstanding
Balance



Interest
Earned/
Paid(3)



Average
Yield/
Rate(4)


























Assets

























Interest-earnings assets:

























Investment securities


$

203,376



$

2,746



5.36 %


$

198,305



$

1,990



3.98 %


$

170,463



$

1,388



3.23 %

Loans, gross



3,600,980




70,325



7.75 %



3,424,738




65,380



7.57 %



3,041,923




48,081



6.27 %

Federal funds sold and other
interest-earning assets



299,165




3,996



5.30 %



146,965




2,015



5.44 %



185,887




1,682



3.59 %

Total interest-earning assets



4,103,521




77,067



7.45 %



3,770,008




69,385



7.30 %



3,398,273




51,151



5.97 %

Less allowance for loan losses



(38,274)









(37,421)









(29,563)







Total interest-earning assets, net of
allowance



4,065,247









3,732,587









3,368,710







Noninterest-earning assets



194,659









190,670









203,834







Total assets


$

4,259,906








$

3,923,257








$

3,572,544
































Liabilities and Shareholders' Equity

























Interest-bearing liabilities:

























Interest-bearing deposits


$

3,202,462



$

37,671



4.67 %


$

2,756,305



$

30,345



4.37 %


$

2,354,990



$

15,682



2.64 %

Note payable and line of credit



118,816




2,065



6.90 %



112,765




1,919



6.75 %



111,199




1,761



6.28 %

FHLB advances


-



-



-



129,585




1,853



5.67 %



166,783




1,557



3.70 %

Total interest-bearing liabilities



3,321,278




39,736



4.75 %



2,998,655




34,117



4.51 %



2,632,972




19,000



2.86 %

Noninterest-bearing deposits



472,738









473,282









517,075







Other liabilities



57,918









49,271









41,226







Total liabilities



3,851,934









3,521,208









3,191,273







Shareholders' equity



407,972









402,049









381,271







Total liabilities and shareholders'
equity


$

4,259,906








$

3,923,257








$

3,572,544







Net interest income





$

37,331








$

35,268








$

32,151




Net interest spread (1)








2.70 %








2.79 %








3.11 %

Net interest margin (2)








3.61 %








3.71 %








3.75 %

___________

(1) Net interest spread is the average yield on interest earning assets minus the average rate on interest-bearing liabilities.

(2) Net interest margin represents net interest income divided by average interest-earning assets.

(3) Interest earned/paid includes accretion of deferred loan fees, premiums and discounts.

(4) Annualized.

Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)




Year Ended



December 31, 2023


December 31, 2022

(Dollars in thousands)


Average
Outstanding
Balance



Interest
Earned/
Paid(3)



Average
Yield/
Rate


Average
Outstanding
Balance



Interest
Earned/
Paid(3)



Average
Yield/
Rate


















Assets

















Interest-earnings assets:

















Investment securities


$

197,286



$

8,313



4.21 %


$

129,507



$

3,925



3.03 %

Loans, gross



3,366,180




248,911



7.39 %



2,694,428




146,425



5.43 %

Federal funds sold and other interest-earning
assets



181,782




9,320



5.13 %



223,781




3,596



1.61 %

Total interest-earning assets



3,745,248




266,544



7.12 %



3,047,716




153,946



5.05 %

Less allowance for loan losses



(36,750)









(25,600)







Total interest-earning assets, net of allowance



3,708,498









3,022,116







Noninterest-earning assets



188,514









178,135







Total assets


$

3,897,012








$

3,200,251
























Liabilities and Shareholders' Equity

















Interest-bearing liabilities:

















Interest-bearing deposits


$

2,785,605



$

115,044



4.13 %


$

2,377,079



$

30,696



1.29 %

Note payable and line of credit



113,552




7,657



6.74 %



77,317




4,605



5.96 %

FHLB advances and other



79,546




4,318



5.43 %



81,083




2,191



2.70 %

Total interest-bearing liabilities



2,978,703




127,019



4.26 %



2,535,479




37,492



1.48 %

Noninterest-bearing deposits



473,558









313,972







Other liabilities



47,527









27,115







Total liabilities



3,499,788









2,876,566







Shareholders' equity



397,224









323,685







Total liabilities and shareholders' equity


$

3,897,012








$

3,200,251







Net interest income





$

139,525








$

116,454




Net interest spread (1)








2.86 %








3.57 %

Net interest margin (2)








3.73 %








3.82 %

___________

(1) Net interest spread is the average yield on interest earning assets minus the average rate on interest-bearing liabilities.

(2) Net interest margin represents net interest income divided by average interest-earning assets.

(3) Interest earned/paid includes accretion of deferred loan fees, premiums and discounts.

Third Coast Bancshares, Inc. and Subsidiary
Financial Highlights
(unaudited)




Three Months Ended





2023



2022



(Dollars in thousands)


December 31



September 30



June 30



March 31



December 31




















Period-end Loan Portfolio:

















Real estate loans:

















Commercial real estate:

















Non-farm non-residential owner occupied


$

520,822



$

517,917



$

513,934



$

508,936



$

493,791



Non-farm non-residential non-owner occupied



586,626




566,973




547,120




511,546




506,012



Residential



342,589




326,354




310,842




286,358




308,775



Construction, development & other



693,553




655,822




595,601




627,143




567,851



Farmland



30,396




30,646




24,219




22,512




22,820



Commercial & industrial



1,263,077




1,288,320




1,164,624




1,112,638




1,058,910



Consumer



2,555




2,665




2,891




3,280




3,872



Municipal and other



199,170




171,256




175,046




140,913




145,520



Total loans


$

3,638,788



$

3,559,953



$

3,334,277



$

3,213,326



$

3,107,551




















Asset Quality:

















Nonaccrual loans


$

16,649



$

13,963



$

9,968



$

9,482



$

10,963



Loans> 90 days and still accruing



670




2,442




-




-




518



Restructured loans--accruing



-




-




-




-




780



Total nonperforming loans



17,319




16,405




9,968




9,482




12,261



Other real estate owned



-




-




-




-




-



Total nonperforming assets


$

17,319



$

16,405



$

9,968



$

9,482



$

12,261




















QTD Net charge-offs (recoveries)


$

1,505



$

24



$

72



$

(364)



$

708




















Nonaccrual loans:

















Real estate loans:

















Commercial real estate:

















Non-farm non-residential owner occupied


$

1,211



$

978



$

832



$

855



$

1,699



Non-farm non-residential non-owner occupied



1,235




1,235




1,417




282




296



Residential



2,938




3,058




494




506




513



Construction, development & other



247




567




36




39




45



Commercial & industrial



11,018




8,125




7,189




7,800




8,390



Consumer



-




-




-




-




20



Total nonaccrual loans


$

16,649



$

13,963



$

9,968



$

9,482



$

10,963




















Asset Quality Ratios:

















Nonperforming assets to total assets



0.39

%



0.39

%



0.25

%



0.25

%



0.32

%


Nonperforming loans to total loans



0.48

%



0.46

%



0.30

%



0.30

%



0.39

%


Allowance for credit losses to total loans



1.02

%



1.07

%



1.12

%



1.12

%



0.98

%


QTD Net charge-offs (recoveries) to average loans
(annualized)



0.17

%



0.00

%



0.01

%



(0.05)

%



0.09

%


Third Coast Bancshares, Inc. and Subsidiary
GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures
(unaudited)

Our accounting and reporting policies conform to GAAP (generally accepted accounting principles) and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional financial measures discussed in this earnings release as being non-GAAP financial measures. Specifically, we review Tangible Common Equity, Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Return on Average Tangible Common Equity for internal planning and forecasting purposes. We classify a financial measure as a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are not included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios, or statistical measures calculated using exclusively financial measures calculated in accordance with GAAP.

The non-GAAP financial measures that we discuss in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in this earnings release may differ from that of other companies reporting measures with similar names. It is important to understand how other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.

Management believes the following non-GAAP financial measures assist investors in understanding the financial condition of the company:

  • Tangible Common Equity. The most directly comparable GAAP financial measure for tangible common equity is total shareholders' equity. We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period of tangible common equity.
  • Tangible Book Value Per Share. The most directly comparable GAAP financial measure for tangible book value per share is book value per share. We believe that the tangible book value per share measure is important to many investors in the marketplace who are interested in changes from period to period in book value per share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.
  • Tangible Common Equity to Tangible Assets. The most directly comparable GAAP financial measure for tangible common equity is total shareholders' equity, the most directly comparable GAAP financial measure for tangible assets is total assets, and the most directly comparable GAAP financial measure for tangible common equity to tangible assets is total shareholders' equity to total assets. We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period of tangible common equity to tangible assets, each exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing both total shareholders' equity and assets while not increasing our tangible common equity or tangible assets.
  • Return on Average Tangible Common Equity. The most directly comparable GAAP financial measure for average tangible common equity is average shareholders' equity, and the most directly comparable GAAP financial measure for return on average tangible common equity is return on average common equity. We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period of return on average tangible common equity, exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing average shareholders' equity while not increasing our tangible common equity.

The calculations of these non-GAAP financial measures are as follows:



Three Months Ended



Year Ended




2023



2022



2023



2022


(Dollars in thousands, except share and per share
data)


December
31



September
30



June 30



March 31



December
31



December
31



December
31
























Tangible Common Equity:






















Total shareholders' equity


$

411,974



$

400,331



$

395,945



$

387,044



$

381,780



$

411,974



$

381,780


Less: Preferred stock including additional
paid in capital



66,225




66,225




66,225




66,225




66,225




66,225




66,225


Total common equity



345,749




334,106




329,720




320,819




315,555




345,749




315,555


Less: Goodwill and core deposit intangibles,
net



19,003




19,043




19,084




19,124




19,165




19,003




19,165


Tangible common equity


$

326,746



$

315,063



$

310,636



$

301,695



$

296,390



$

326,746



$

296,390
























Common shares outstanding at end of period



13,604,665




13,600,211




13,609,697




13,579,498




13,531,736




13,604,665




13,531,736
























Book Value Per Share


$

25.41



$

24.57



$

24.23



$

23.63



$

23.32



$

25.41



$

23.32


Tangible Book Value Per Share


$

24.02



$

23.17



$

22.82



$

22.22



$

21.90



$

24.02



$

21.90














































Tangible Assets:






















Total assets


$

4,396,074



$

4,215,792



$

3,963,482



$

3,859,657



$

3,773,148



$

4,396,074



$

3,773,148


Adjustments: Goodwill and core deposit
intangibles, net



19,003




19,043




19,084




19,124




19,165




19,003




19,165


Tangible assets


$

4,377,071



$

4,196,749



$

3,944,398



$

3,840,533



$

3,753,983



$

4,377,071



$

3,753,983
























Total Common Equity to Total Assets



7.86

%



7.93

%



8.32

%



8.31

%



8.36

%



7.86

%



8.36

%

Tangible Common Equity to Tangible Assets



7.46

%



7.51

%



7.88

%



7.86

%



7.90

%



7.46

%



7.90

%













































Average Tangible Common Equity:






















Average shareholders' equity


$

407,972



$

402,049



$

393,773



$

384,794



$

381,271



$

397,224



$

323,685


Less: Average preferred stock including
additional paid in capital



66,225




66,225




66,225




66,225




66,329




66,225




16,900


Average common equity



341,747




335,824




327,548




318,569




314,942




330,999




306,785


Less: Average goodwill and core deposit
intangibles, net



19,027




19,068




19,108




19,149




19,184




19,088




19,245


Average tangible common equity


$

322,720



$

316,756



$

308,440



$

299,420



$

295,758



$

311,911



$

287,540
























Net Income


$

9,689



$

5,578



$

8,891



$

9,243



$

7,525



$

33,401



$

18,659


Less: Dividends declared on preferred stock



1,197




1,184




1,184




1,171




1,418




4,736




1,418


Net Income Available to Common Shareholders


$

8,492



$

4,394



$

7,707



$

8,072



$

6,107



$

28,665



$

17,241
























Return on Average Common Equity(A)



9.86

%



5.19

%



9.44

%



10.28

%



7.69

%



8.66

%



5.62

%

Return on Average Tangible Common Equity(A)



10.44

%



5.50

%



10.02

%



10.93

%



8.19

%



9.19

%



6.00

%

___________

(A) Interim periods annualized.

Contact:
Ken Dennard / Natalie Hairston
Dennard Lascar Investor Relations
(713) 529-6600
[email protected]

SOURCE Third Coast Bancshares

© 2024 PR Newswire
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