Third st Bancshares(US:TCBX) Prnewswireยท2025-07-23 20:15Core Insights - Third Coast Bancshares, Inc. reported record earnings per share (EPS) of $1.12 and diluted EPS of $0.96 for the second quarter of 2025, reflecting strong financial performance [1][6] - The company achieved a 15.4% increase in net interest income from the previous quarter and a 27.1% increase compared to the same quarter in 2024 [3][8] - Total assets grew by 98% since the IPO in November 2021, reaching $4.94 billion [4] Financial Performance - Net income for Q2 2025 was $16.7 million, up from $13.6 million in Q1 2025 and $10.8 million in Q2 2024 [5][13] - Basic and diluted EPS increased from $0.90 and $0.78 in Q1 2025 to $1.12 and $0.96 in Q2 2025, respectively [6][29] - The net interest margin improved to 4.22% in Q2 2025, compared to 3.80% in Q1 2025 and 3.62% in Q2 2024 [7][29] Asset and Loan Growth - Gross loans increased to $4.08 billion as of June 30, 2025, marking a 2.3% increase from Q1 2025 and an 8.6% increase from Q2 2024 [14] - The company completed two securitizations of $100 million and $150 million in commercial real estate loans during Q2 2025 [13] Efficiency and Cost Management - The efficiency ratio improved to 55.45% in Q2 2025, down from 61.23% in Q1 2025 and 61.39% in Q2 2024, indicating better operational efficiency [11][29] - Noninterest expense rose to $28.8 million in Q2 2025, primarily due to increased legal and professional expenses related to loan securitization [10] Deposit Composition - Total deposits reached $4.28 billion as of June 30, 2025, reflecting a 0.8% increase from Q1 2025 and an 11.0% increase from Q2 2024 [18] - The average cost of deposits was 3.59% for Q2 2025, a slight decrease from Q1 2025 and a significant decrease from Q2 2024 [19] Credit Quality - Nonperforming loans increased to $20.1 million as of June 30, 2025, with a nonperforming loans to total loans ratio of 0.49% [15] - The provision for credit loss for Q2 2025 was $2.1 million, up from $450,000 in Q1 2025 [16]