Third Coast Bancshares, Inc. reported significant financial growth for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. The company’s total assets increased to $4.63 billion, up from $4.40 billion at the end of 2023, primarily driven by organic loan growth and investment purchases. Total loans rose to $3.89 billion, reflecting a $251 million increase, with notable growth in commercial and industrial loans and real estate loans.
For the three months ended September 30, 2024, interest income reached $82.7 million, a 19.2% increase from $69.4 million in the prior year. Net interest income for the same period was $40.4 million, up 14.5% from $35.3 million. The net interest margin slightly decreased to 3.73% from 3.71%. The yield on loans improved to 7.90%, compared to 7.57% in the previous year.
Net income for the third quarter of 2024 was $12.8 million, a substantial increase of 129% from $5.6 million in 2023. Basic earnings per share rose to $0.85 from $0.32. For the nine months ended September 30, 2024, net income totaled $33.9 million, compared to $23.7 million in the same period in 2023.
Total deposits increased by $191.3 million to $3.99 billion, with noninterest-bearing deposits rising to $489.8 million. The company’s total shareholders' equity also grew to $450.5 million, up from $412 million at the end of 2023.
The provision for credit losses for the nine months ended September 30, 2024, was $5.2 million, an increase from $3.4 million in the same period in 2023. The allowance for credit losses remained stable at $39.7 million, representing 1.02% of total loans.
Third Coast Bancshares has also made strategic moves, including the conversion from a Texas state savings bank to a Texas banking association completed in March 2024. The company filed a Registration Statement on Form S-3 for the resale of Series A Preferred Stock and Preferred Warrants in September 2024.
Operating expenses increased, driven by higher salaries and employee benefits, which rose to $48.1 million for the nine months ended September 30, 2024, compared to $46.1 million in the previous year. The average number of employees decreased to 361 from 371, indicating workforce reductions despite rising costs.
Overall, Third Coast Bancshares demonstrated robust growth in revenue and profitability, alongside strategic developments aimed at enhancing its market position.
About Third Coast Bancshares, Inc.
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