Stonegate Updates Coverage on Third Coast Bancshares, Inc. (TCBX) Q4 2024

Core Insights - Third Coast Bancshares, Inc. reported a net income of $13.7 million for Q4 2024, an increase from $12.8 million in Q3 2024, resulting in a basic EPS of $0.92 and a diluted EPS of $0.79 [1][6] - The growth in net income was primarily driven by higher net interest income, attributed to loan growth and increased investments in federal funds sold and interest-bearing deposits with correspondent banks [1] - The company experienced a year-over-year increase in its loan portfolio of $327.6 million, indicating strong growth [6] - The efficiency ratio improved to 58.80% from 59.57% in the previous quarter, reflecting the company's focus on operational efficiency [6] - The company is expected to continue prioritizing operational efficiency through its 1% improvement initiative, which is anticipated to support its performance in the current macroeconomic environment [1]