Third Coast Bancshares Files Q3 2024 10-Q

TL;DR

**TCBX Q3 10-Q filed. Financials look steady.**

AI Summary

Third Coast Bancshares, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company. Key financial data and disclosures relevant to investors are included.

Why It Matters

This filing provides crucial financial insights into Third Coast Bancshares' performance and position as of Q3 2024, impacting investor decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Third Coast Bancshares is subject to inherent risks related to market conditions, credit quality, and regulatory changes.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the specific date for which financial information is reported.)
• 2024-11-05 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Third Coast Bancshares, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241105 (date) — Filing date
• 0001781730 (company) — Central Index Key for Third Coast Bancshares, Inc.

FAQ

Key Financial Figures

• $1.00 — ch registered Common Stock, par value $1.00 per share TCBX The Nasdaq Stock Mar

Filing Documents

• tcbx-20240930.htm (10-Q) — 6314KB
• tcbx-ex31_1.htm (EX-31.1) — 16KB
• tcbx-ex31_2.htm (EX-31.2) — 16KB
• tcbx-ex32_1.htm (EX-32.1) — 9KB
• tcbx-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-121492.txt ( ) — 26315KB
• tcbx-20240930.xsd (EX-101.SCH) — 2226KB
• tcbx-20240930_htm.xml (XML) — 7231KB

Financial Statements (unaudited)

Financial Statements (unaudited) 2 Consolidated Balance Sheets 2 Consolidated Statements of Income 3 Consolidated Statements of Comprehensive Income 4 Consolidated Statements of Changes in Shareholders' Equity 5 Consolidated Statements of Cash Flows 7 Notes to Unaudited Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 61 Item 4.

Controls and Procedures

Controls and Procedures 61 PART II. OTHER INFORMATION 62 Item 1.

Legal Proceedings

Legal Proceedings 62 Item 1A.

Risk Factors

Risk Factors 62 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 62 Item 3. Defaults Upon Senior Securities 62 Item 4. Mine Safety Disclosures 62 Item 5. Other Information 62 Item 6. Exhibits 63

Signatures

Signatures 64 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning 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," "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

—FIN ANCIAL INFORMATION

PART I—FIN ANCIAL INFORMATION Ite m 1. Financial Statements. THIRD COAST BANCSHARES, INC. AND SUBSIDIARY Consolidated Balance Sheets September 30, December 31, (Dollars in thousands, except share and per share data) 2024 2023 ASSETS (unaudited) Cash and cash equivalents: Cash and due from banks $ 258,191 $ 296,926 Federal funds sold 12,265 114,919 Total cash and cash equivalents 270,456 411,845 Interest bearing time deposits in other banks 353 — Investment securities available-for-sale 292,104 178,087 Loans, net of allowance for credit losses of $ 39,683 and $ 37,022 at September 30, 2024 and December 31, 2023, respectively 3,850,148 3,601,766 Accrued interest receivable 26,111 23,120 Premises and equipment, net 26,696 28,554 Bank-owned life insurance 67,679 65,861 Non-marketable equity securities, at cost 24,328 16,041 Deferred tax asset, net 8,654 9,227 Derivative assets 5,786 8,828 Right-of-use asset - operating leases 20,397 21,439 Goodwill and other intangible assets 18,882 19,003 Other assets 16,176 12,303 Total assets $ 4,627,770 $ 4,396,074 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest bearing $ 489,822 $ 459,553 Interest bearing 3,504,616 3,343,595 Total deposits 3,994,438 3,803,148 Accrued interest payable 7,283 4,794 Derivative liabilities 6,874 10,687 Lease liability - operating leases 21,412 22,280 Other liabilities 34,632 23,763 Line of credit - Senior Debt 31,875 38,875 Note payable - Subordinated Debentures, net 80,708 80,553 Total liabilities 4,177,222 3,984,100 Shareholders' equity: Preferred stock, $ 1 par value; 1,000,000 shares authorized Series A Convertible Non-Cumulative Preferred Stock, $ 1 par value; 69,400 shares authorized and outstanding at September 30, 2024 and December 31, 2023 69 69 Series B Convertible Perpetual Prefe

View Full Filing

View this 10-Q filing on SEC EDGAR