The following is a summary of the Third Coast Bancshares, Inc. (TCBX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Third Coast Bancshares reported Q1 2024 net income of $10.4 million, return on equity of 11%, and diluted earnings per share of $0.61.

• Net interest income rose 12.5% yearly based largely on better returns on investments and higher average loans.

• Noninterest expenses saw a 1.9% decrease, saving about $500,000 due to cost-reduction efforts.

• The company experienced strong loan growth of over $107 million and deposit growth of $248 million for the quarter.

• Nonperforming assets increased by $4.4 million, accounting for 0.47% of total assets.

Business Progress:

• The company implemented their strategic plans successfully, resulting in record quarterly profits and the successful execution of their cost-optimization scheme.

• The focus of cost-saving initiatives was on automation, software improvements, staffing tweaks, and workflow advancements.

• The bank introduced a 1% initiative for promoting overall efficiency, encouraging all employees to suggest improvements.

• Future plans include diversifying the deposit portfolio, managing expenses, enhancing operational efficiency, and identifying strategic growth opportunities.

• They reported stable nonperforming assets due to ongoing payments and accruals of credit loans.

• The bank aims to match their projected loan and deposit growth and is prepared to adjust their wholesale funding to maintain their anticipated loan-to-deposit ratio for the year.

More details: Third Coast Bancshares IR

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