Third Coast Bancshares, Inc. (TCBX) reported a net income of $47.67 million for the year ended December 31, 2024, a 42.7% increase compared to $33.40 million in 2023. This increase was driven by a 15.2% rise in net interest income to $160.76 million, primarily due to loan growth and increased yields, partially offset by higher interest expense from deposit growth and increased rates paid on those deposits. Noninterest income also increased by 29.4% to $10.62 million, mainly due to higher service charges and fees and earnings from bank-owned life insurance. Noninterest expense rose by 4.5% to $104.33 million, primarily due to increased salaries and employee benefits and expenses related to new branch locations.
Significant changes compared to the previous year include a $21.23 million (15.2%) increase in net interest income, a $2.42 million (29.4%) increase in noninterest income, and a $4.53 million (4.5%) increase in noninterest expense. The company's total assets grew to $4.94 billion as of December 31, 2024, a 12.4% increase from $4.40 billion in 2023, primarily due to organic loan growth and increased investment securities. Total loans increased by 9.0% to $3.97 billion, with growth concentrated in commercial and industrial loans and construction and development real estate loans. Total deposits increased by 13.3% to $4.31 billion.
The company completed its conversion from a Texas state savings bank to a Texas banking association on March 13, 2024, resulting in the Texas Department of Banking becoming its primary state regulator. No material legal proceedings were reported. The company also reinforced its commitment to employee engagement through the establishment of an Employee Engagement Council and launched a Mentoring Circles Program. As of December 31, 2024, the company employed 369 employees. The company repurchased 604 shares of its common stock during October 2024 to satisfy tax withholding obligations.
The company's risk factors include interest rate risk, deposit withdrawal risk, challenges in implementing its expansion strategy, credit risk, and cybersecurity risks. The company also highlighted risks associated with its geographic concentration in Texas, competition from other financial institutions, and the potential impact of future legislation and regulatory changes, including those related to climate change and ESG practices. The company's outlook is not explicitly stated, but the filing indicates a continued focus on organic growth, strategic acquisitions, and expansion of its branch network. The company also notes that it remains an emerging growth company and benefits from certain regulatory exemptions.
About Third Coast Bancshares, Inc.
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