Third st Bancshares-Third Coast Bancshares, Inc. Reports 2024 Fourth Quarter and Full Year Financial Results

Core Insights - Third Coast Bancshares, Inc. reported a year-over-year growth in Book Value of 12.8% and Tangible Book Value of 13.6% for 2024 [1] Financial Highlights - For Q4 2024, net income was $13.7 million, up from$ 12.8 million in Q3 2024 and $9.7 million in Q4 2023 [6][8] - Basic and diluted earnings per share for Q4 2024 were$ 0.92 and $0.79, respectively, compared to$ 0.85 and $0.74 in Q3 2024 and$ 0.62 and $0.57 in Q4 2023 [7][8] - Net interest income for Q4 2024 was$ 43.4 million, a 7.6% increase from $40.4 million in Q3 2024 and a 16.4% increase from$ 37.3 million in Q4 2023 [10] - Total assets increased by $546.4 million to$ 4.94 billion, representing a 12.4% growth year-over-year [8] - Deposits rose by $507.4 million to$ 4.31 billion, a 13.3% increase from $3.80 billion as of December 31, 2023 [8] Operational Metrics - The efficiency ratio improved to 58.80% in Q4 2024 from 59.57% in Q3 2024 and 66.89% in Q4 2023 [13] - Return on average assets was 1.13% annualized for Q4 2024, compared to 1.14% in Q3 2024 and 0.90% in Q4 2023 [8][27] - The net interest margin for Q4 2024 was 3.71%, slightly down from 3.73% in Q3 2024 but up from 3.61% in Q4 2023 [9][27] Loan and Deposit Composition - Gross loans increased to$ 3.97 billion, up $76.6 million or 2.0% from Q3 2024 and$ 327.6 million or 9.0% from Q4 2023 [14] - Noninterest-bearing demand deposits increased to $602.1 million, representing 14.0% of total deposits as of December 31, 2024 [17] - The average cost of deposits decreased to 3.83% for Q4 2024, down 35 basis points from Q3 2024 [18] Asset Quality - Nonperforming loans increased to$ 27.9 million, with a nonperforming loans to total loans ratio of 0.70% as of December 31, 2024 [15][16] - The provision for credit loss for Q4 2024 was $1.2 million, with an allowance for credit losses of$ 40.3 million, representing 1.02% of gross loans [16]