DALLAS - 
(NewMediaWire) - October 30, 2024 - Stonegate Capital Partners updates their coverage on Third Coast Bancshares, Inc. (NasdaqGS:TCBX). For 3Q24, Third Coast reported net income of $12.8M, up from $10.8M in 2Q24. This was equal to a basic and diluted EPS of $0.85 and $0.74, respectively. The Q/Q increase was mainly driven by higher net interest income due to increased loan rates, higher non-interest income, and ongoing savings from cost-cutting efforts implemented in previous quarters. This rise in net income was due in part to a slightly lower provision set aside for credit losses during the quarter. We expect the Company to keep operational efficiency a focus for the foreseeable future to help navigate the current macro environment.
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Key Takeaways
-Â Â Â Â Net Income of $12.8M in the quarter, up from $10.8M in 2Q24.
-    The Company’s loan portfolio remains on a strong footing with growth of $329.9M year over year.
-Â Â Â Â TCBX experienced significant growth in the first half of the year, opening its 17th and 18th branch locations in 2Q24, followed by the launch of its 19th branch in Houston, Texas.
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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
Contact:
Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com
