Third Coast Bancshares Enters Material Definitive Agreement

TL;DR

TCBX signed a big deal on 3/12, creating a new financial obligation. Details to follow.

AI Summary

Third Coast Bancshares, Inc. (TCBX) entered into a material definitive agreement on March 12, 2024, related to a financial obligation. The filing details the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. Specific details regarding the nature and value of this obligation are not fully disclosed in the provided text, but it constitutes a significant event for the company.

Why It Matters

This filing indicates a new financial commitment or obligation for Third Coast Bancshares, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — The creation of a material definitive agreement and financial obligation introduces potential risks related to the terms and execution of this new commitment.

Key Players & Entities

• Third Coast Bancshares, Inc. (company) — Registrant
• March 12, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $1.00 — ch registered Common stock, par value $1.00 per share TCBX The Nasdaq Stock Mar
• $43,875,000 — borrowings under the Loan Agreement of $43,875,000 and it had pledged all of the issued an
• $50,000,000 — ommitment under the Loan Agreement from $50,000,000 to $55,000,000; (iii) amends the intere
• $55,000,000 — the Loan Agreement from $50,000,000 to $55,000,000; (iii) amends the interest rate provisi

Filing Documents

• tcbx-20240312.htm (8-K) — 43KB
• tcbx-ex10_1.htm (EX-10.1) — 39KB
• 0000950170-24-047588.txt ( ) — 209KB
• tcbx-20240312.xsd (EX-101.SCH) — 26KB
• tcbx-20240312_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Effective March 12, 2024 (the "Effective Date"), Third Coast Bancshares, Inc. (the "Company") entered into a Renewal, Extension and Modification of Loan (the "Amendment") of the Loan Agreement, dated March 10, 2021, by and between the Company and American National Bank & Trust (the "Loan Agreement"). As of March 12, 2024, the Company had outstanding borrowings under the Loan Agreement of $43,875,000 and it had pledged all of the issued and outstanding capital stock of Third Coast Bank as collateral for the loan under the Loan Agreement. The Amendment, among other things, (i) extends the maturity date of the loan under the Loan Agreement from September 10, 2024 to March 10, 2026; (ii) increases the maximum commitment under the Loan Agreement from $50,000,000 to $55,000,000; (iii) amends the interest rate provision to provide that the interest rate per annum under the Loan Agreement shall be equal to the U.S. "Prime Rate" reported by The Wall Street Journal, less six hundred twenty-five thousandths percent (0.625%), subject a floor rate of five percent (5.00%); and (iv) modifies certain covenants under the Loan Agreement. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 of this Current Report on Form 8-K is hereby incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description of Exhibit 10.1 Renewal, Extension and Modification of Loan, effective March 12, 2024, by and among Third Coast Bancshares, Inc. and American National Bank & Trust 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THIRD COAST BANCSHARES, INC. Date: April 24, 2024 By: /s/ R. John McWhorter R. John McWhorter Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR