Third Coast Bancshares, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 25, 2023 at 04:25 pm
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Third Coast Bancshares, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 35.27 million compared to USD 31.36 million a year ago. Net income was USD 5.58 million compared to USD 6.77 million a year ago. Basic earnings per share from continuing operations was USD 0.32 compared to USD 0.5 a year ago. Diluted earnings per share from continuing operations was USD 0.32 compared to USD 0.49 a year ago.
For the nine months, net interest income was USD 102.19 million compared to USD 84.3 million a year ago. Net income was USD 23.71 million compared to USD 11.13 million a year ago. Basic earnings per share from continuing operations was USD 1.49 compared to USD 0.83 a year ago. Diluted earnings per share from continuing operations was USD 1.41 compared to USD 0.81 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.