Third Coast Bancshares, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
January 26, 2024 at 03:19 am IST
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Third Coast Bancshares, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported net interest income was USD 37.33 million compared to USD 32.15 million a year ago. Net income was USD 9.69 million compared to USD 7.53 million a year ago. Basic earnings per share from continuing operations was USD 0.62 compared to USD 0.45 a year ago. Diluted earnings per share from continuing operations was USD 0.57 compared to USD 0.44 a year ago.
For the full year, the company reported net interest income was USD 139.53 million compared to USD 116.45 million a year ago. Net income was USD 33.4 million compared to USD 18.66 million a year ago. Basic earnings per share from continuing operations was USD 2.11 compared to USD 1.28 a year ago. Diluted earnings per share from continuing operations was USD 1.98 compared to USD 1.25 a year ago.
Third Coast Bancshares, Inc. is a bank holding company. The Company operates through its wholly owned subsidiary, the Bank, and the Bankâs wholly owned subsidiary, Third Coast Commercial Capital, Inc. It focuses on providing commercial banking solutions to small and medium-sized businesses and professionals with operations in its markets. The Banks deposits include checking accounts, money market accounts, savings accounts, a variety of certificates of deposit and individual retirement accounts. It provides a range of banking services, such as retail and commercial online banking platforms, mobile banking apps, debit cards, credit cards, a suite of treasury management solutions, merchant card services and customer digital solutions. The Banks investment portfolio includes state and municipal securities, mortgage-backed securities, agency collateralized mortgage obligations, United States treasury bonds, and corporate bonds. It conducts banking operations through 15 branches.