Third st Bancshares(US:TCBX)2025-10-22 20:22Financial Performance - Record net income of $18.1 million for Q3 2025, up from $16.7 million in Q2 2025 and $12.8 million in Q3 2024[6] - Basic and diluted earnings per share reached $1.22 and $1.03, respectively, compared to $1.12 and $0.96 in Q2 2025 and $0.85 and $0.74 in Q3 2024[7] - Noninterest income increased to $3.6 million in Q3 2025, up from $2.7 million in Q2 2025 and $2.5 million in Q3 2024[10] - Net income for the nine months ended September 30, 2024, was $48,393,000, compared to $33,938,000 for the same period in 2023, marking a growth of 42.5%[27] - Basic earnings per share for the nine months ended September 30, 2024, was $2.23, compared to $1.12 for the same period in 2023, reflecting an increase of 99.1%[27] - Net income available to common shareholders for the nine months ended September 2025 was $44,840,000, up from $30,385,000 in the same period of 2024, reflecting a year-over-year increase of 47.5%[42] Asset and Liability Management - Total assets increased to $5,061,808 thousand as of September 30, 2025, up from $4,943,771 thousand in the previous quarter, representing a growth of 2.2%[25] - Total liabilities increased to $4,547,978 thousand, up from $4,447,656 thousand in the previous quarter, representing a growth of 2.3%[25] - Total deposits rose to $4.37 billion, a 2.1% increase from $4.28 billion in Q2 2025 and a 9.5% increase from $3.99 billion in Q3 2024[17] - Total shareholders' equity increased to $513,830 thousand, a rise of 3.4% from $496,115 thousand in the prior quarter[25] - Total common equity to total assets ratio improved to 8.84% as of September 30, 2025, compared to 8.70% a year earlier, showing enhanced asset utilization[29] Loan and Credit Quality - Gross loans increased to $4.17 billion, a 2.1% increase from $4.08 billion in Q2 2025 and a 7.1% increase from $3.89 billion in Q3 2024[13] - Provision for credit loss was $2.8 million, with an allowance for credit losses of $42.6 million representing 1.02% of gross loans[15] - Nonperforming loans to total loans ratio improved to 0.52% in September 2025 from 0.49% in June 2025[38] - Nonaccrual loans decreased to $10,723 thousand in September 2025, down from $13,358 thousand in June 2025, a reduction of 19.5%[38] - The allowance for credit losses was $42,563 thousand, compared to $40,035 thousand in the previous quarter, reflecting a 6.3% increase[25] Efficiency and Cost Management - Efficiency ratio improved to 53.03% in Q3 2025 from 55.45% in Q2 2025 and 59.57% in Q3 2024[12] - The average cost of deposits was 3.56%, a decrease of 3 basis points from Q2 2025 and 62 basis points from Q3 2024[18] - Total noninterest expense for the nine months ended September 30, 2024, was $61,223,000, compared to $22,829,000 for the same period in 2023, showing a significant increase of 168.5%[27] Capital Position - Estimated Tier 1 capital to risk-weighted assets was 10.25% as of September 30, 2025, slightly up from 10.20% in the previous year, indicating a strong capital position[29] - Estimated total capital to risk-weighted assets was 12.90% as of September 30, 2025, up from 12.87% in the previous year, reflecting a solid capital base[29] - Tangible common equity reached $428,950,000 in September 2025, compared to $365,549,000 in September 2024, marking an increase of 17.3%[42] Shareholder Value - Book value per share increased to $32.25 as of September 30, 2025, up from $31.04 a year earlier, reflecting a growth of 3.91%[29] - Common shares outstanding at the end of the period were 13,879,091 in September 2025, compared to 13,667,591 in September 2024, indicating a slight increase[42] - Return on average common equity improved to 15.14% in September 2025, up from 11.05% in September 2024, showing a significant increase of 37.5%[42]