Third Coast Bancshares Inc (NAS:TCBX)
$ 34.99 -0.55 (-1.55%) Market Cap: 478.63 Mil Enterprise Value: 354.29 Mil PE Ratio: 13.73 PB Ratio: 1.06 GF Score: 49/100
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Q2 2024 Third Coast Bancshares Inc Earnings Call Transcript

Jul 25, 2024 / 03:00 PM GMT
Release Date Price: $25.08 (+1.79%)

Key Points

Positve
  • Third Coast Bancshares Inc (TCBX) reported a significant increase in quarterly net interest income, growing from $24.6 million to $38.9 million, a 57.8% rise.
  • The company has successfully decreased noninterest expenses for three consecutive quarters, achieving a noninterest expense to average earning asset ratio of 2.39%.
  • Efficiency ratio improved from 75.3% to 61.4% since the fourth quarter of 2021.
  • Allowance for credit losses has doubled from $19.3 million to $38.2 million.
  • Third Coast Bancshares Inc (TCBX) expanded its presence in the Texas Triangle region by opening new branches in Austin and The Woodlands, Texas, bringing the total to 18 branches.
Negative
  • Loan growth for the quarter was modest, with loans increasing by only $12 million, falling short of initial projections due to higher than expected paydowns.
  • Nonperforming loans to total loans increased slightly to 0.65% from 0.58% the previous quarter.
  • Net charge-offs for the quarter totaled $1.8 million, primarily due to a $1.2 million charge-off of a Main Street Lending Program loan.
  • Investment securities were up $40 million for the quarter, but with current rates, it is unlikely that the portfolio will be added to in the third quarter.
  • The full extent of Hurricane Barrels' impact on expenses is still uncertain, potentially affecting future financial performance.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TCBX.OQ - Third Coast Bancshares Inc
Q2 2024 Third Coast Bancshares Inc Earnings Call
Jul 25, 2024 / 03:00PM GMT

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Presentation
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Operator [1]
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Thanks said Welcome to the Third Coast Bank Second Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded and it is now my pleasure to introduce your host, Candida.

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Unidentified_2 [2]
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Thank you, operator, and good morning, everyone. We appreciate you joining us for Third Coast
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