Third st Bancshares(US:TCBX)2026-01-21 21:20Financial Performance - Record annual net income of $66.3 million and diluted earnings per share of $3.79 for the year ended December 31, 2025, compared to $47.7 million and $2.78 per diluted share for 2024[3] - Net income for the three months ended December 31, 2025, was $17,898 thousand, slightly down from $18,057 thousand in the previous quarter, a decrease of 0.88%[29] - Net income available to common shareholders for the three months ended December 2025 was $16,701,000, compared to $12,418,000 for the same period in 2024, reflecting a year-over-year increase of 34.5%[45] - Diluted earnings per share for the year ended December 31, 2025, was $3.79, up from $2.78 in the previous year, representing a growth of 36.3%[29] - Basic earnings per share for Q4 2025 was $1.21, up from $0.90 in Q4 2024, representing a 34.4% increase[31] - Basic earnings per share for the three months ended December 31, 2025, was $1.21, compared to $1.22 in the previous quarter, reflecting a decline of 0.82%[29] Asset Growth - Total assets rose by $398.3 million to $5.34 billion, representing an 8.1% increase over the previous year[10] - Total assets grew to $5,340,759,000 in December 2025 from $4,942,446,000 in December 2024, a rise of 8.1%[45] - Total assets increased to $5,221,538 thousand in Q4 2025, compared to $5,091,618 thousand in Q3 2025, marking a 2.6% increase[34] Loan and Deposit Metrics - Gross loans increased to $4.39 billion as of December 31, 2025, a growth of 10.8% from $3.97 billion reported as of December 31, 2024[10] - Deposits totaled $4.63 billion as of December 31, 2025, a 7.3% increase from $4.31 billion reported as of December 31, 2024[10] - Total loan portfolio increased to $4,394,751 thousand in December 2025, up from $4,165,116 thousand in September 2024, representing a growth of 5.5%[40] - Interest-bearing deposits rose to $3,989,201 thousand in Q4 2025, with an average rate of 3.73%, down from 3.98% in Q3 2025[34] Income and Expense Analysis - Net interest income for the fourth quarter of 2025 was $52.2 million, up 20.2% from $43.4 million in the fourth quarter of 2024[9] - Noninterest income increased to $4.3 million for the fourth quarter of 2025, compared to $2.9 million for the same quarter in 2024[11] - Total noninterest expense rose to $32,691 thousand for the three months ended December 31, 2025, compared to $28,892 thousand in the previous quarter, indicating an increase of 13.5%[29] - Total interest income for the three months ended December 31, 2025, was $92,099 thousand, compared to $92,503 thousand for the previous quarter, reflecting a decrease of 0.44%[29] Credit Quality - Nonperforming loans decreased to $21.5 million, with a nonperforming loans to total loans ratio of 0.49% as of December 31, 2025[15] - The provision for credit loss for the fourth quarter of 2025 was $2.2 million, with an allowance for credit losses of $43.9 million, representing 1.00% of gross loans[16] - The allowance for credit losses to total loans ratio was 1.00% in December 2025, slightly down from 1.02% in September 2024[40] - The company maintains a focus on asset quality, with nonaccrual loans totaling $10,120 thousand in December 2025, down from $10,723 thousand in September 2024[40] Shareholder Metrics - Shareholders' equity increased to $531,027 thousand, reflecting a growth of 3.4% from $513,830 thousand in the prior quarter[27] - Book value per share increased to $33.47 in Q4 2025 from $28.65 in Q4 2024, a growth of 16.3%[31] - Tangible common equity reached $446,187,000 in December 2025, up from $375,718,000 in December 2024, marking an increase of 19.0%[45] Strategic Outlook - The integration of Keystone Bancshares, Inc. is expected to enhance market presence and operational efficiency, although potential risks remain[23] - The company anticipates continued revenue and earnings growth, supported by strategic expansion initiatives and market conditions[24]