Third Coast Bancshares Inc
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
TCBX$38.69-1.0%Stored close · as of Nov 6, 2026
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Consolidated Balance Sheets
| June 30, | December 31, | |
|---|---|---|
| (Dollars in thousands, except share and per share data) | 2024 | 2023 |
| ASSETS · (unaudited) | ||
| Cash and cash equivalents: | ||
| Cash and due from banks | $241,809 | $296,926 |
| Federal funds sold | 12,088 | 114,919 |
| Total cash and cash equivalents | 253,897 | 411,845 |
| Interest bearing time deposits in other banks | 350 | — |
| Investment securities available-for-sale | 286,167 | 178,087 |
| Loans, net of allowance for credit losses of $38,211 and $37,022 at June 30, 2024 and December 31, 2023, respectively | 3,719,948 | 3,601,766 |
| Accrued interest receivable | 27,518 | 23,120 |
| Premises and equipment, net | 27,626 | 28,554 |
| Bank-owned life insurance | 67,030 | 65,861 |
| Non-marketable equity securities, at cost | 16,147 | 16,041 |
| Deferred tax asset, net | 8,972 | 9,227 |
| Derivative assets | 7,799 | 8,828 |
| Right-of-use asset - operating leases | 20,944 | 21,439 |
| Goodwill and other intangible assets | 18,922 | 19,003 |
| Other assets | 18,799 | 12,303 |
| Total assets | $4,474,119 | $4,396,074 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Deposits: | ||
| Noninterest bearing | $464,498 | $459,553 |
| Interest bearing | 3,391,093 | 3,343,595 |
| Total deposits | 3,855,591 | 3,803,148 |
| Accrued interest payable | 5,668 | 4,794 |
| Derivative liabilities | 7,626 | 10,687 |
| Lease liability - operating leases | 21,919 | 22,280 |
| Other liabilities | 30,786 | 23,763 |
| Line of credit - Senior Debt | 36,875 | 38,875 |
| Note payable - Subordinated Debentures, net | 80,656 | 80,553 |
| Total liabilities | 4,039,121 | 3,984,100 |
| Shareholders' equity: | ||
| Preferred stock, $1 par value; 1,000,000 shares authorized | ||
| Series A Convertible Non-Cumulative Preferred Stock, $1 par value; 69,400 shares authorized and outstanding at June 30, 2024 and December 31, 2023 | 69 | 69 |
| Series B Convertible Perpetual Preferred Stock, $1 par value; 69,400 shares authorized at June 30, 2024 and December 31, 2023 | — | — |
| Common stock, $1 par value; 50,000,000 shares authorized; 13,743,967 and 13,683,127 issued; and 13,665,505 and 13,604,665 outstanding at June 30, 2024 and December 31, 2023, respectively | 13,744 | 13,683 |
| Common stock - non-voting, $1 par value; 3,500,000 shares authorized at June 30, 2024 and December 31, 2023 | — | — |
| Additional paid-in capital | 320,496 | 319,613 |
| Retained earnings | 97,583 | 78,775 |
| Accumulated other comprehensive income | 4,205 | 933 |
| Treasury stock: at cost; 78,462 shares at June 30, 2024 and December 31, 2023 | (1,099) | (1,099) |
| Total shareholders' equity | 434,998 | 411,974 |
| Total liabilities and shareholders' equity | $4,474,119 | $4,396,074 |
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