Recent Insider Transactions Derivative • May 11
Independent Director exercised options to buy US$231k worth of stock. On the 7th of May, Shelton McDonald exercised options to buy 6k shares at a strike price of around US$16.43, costing a total of US$99k. This transaction amounted to 80% of their direct individual holding at the time of the trade. Since June 2025, Shelton's direct individual holding has increased from 7.48k shares to 13.48k. Company insiders have collectively bought US$567k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Apr 23
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: US$1.03 (up from US$0.90 in 1Q 2025). Revenue: US$57.1m (up 26% from 1Q 2025). Net income: US$15.2m (up 22% from 1Q 2025). Profit margin: 27% (in line with 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 17
Third Coast Bancshares, Inc., Annual General Meeting, May 21, 2026 Third Coast Bancshares, Inc., Annual General Meeting, May 21, 2026. Location: at the office of third coast bank, located at 20202 highway 59 north, suite 190, texas 77338, humble, United States Announcement • Apr 09
Third Coast Bancshares, Inc. to Report Q1, 2026 Results on Apr 22, 2026 Third Coast Bancshares, Inc. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 22, 2026 New Risk • Mar 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 05
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$4.45 (up from US$3.14 in FY 2024). Revenue: US$201.3m (up 22% from FY 2024). Net income: US$61.5m (up 43% from FY 2024). Profit margin: 31% (up from 26% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.06% (up from 3.67% in FY 2024). Non-performing loans: 0.49% (down from 0.70% in FY 2024). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 3.6%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 34% per year. Announcement • Mar 05
Third Coast Bancshares, Inc. Appoints Eva Pawelek as Regional President and Head of Houston Corporate Banking Third Coast Bancshares, Inc. announced the appointment of Eva Pawelek as Regional President and Head of Houston Corporate Banking. Pawelek joined the organization in October 2025 following the announced merger between Third Coast Bancshares, Inc. and Keystone Bancshares, Inc., a strategic transaction that has created one of the largest independent Texas-based banking franchises with over $6 billion in assets. In her role, Pawelek will lead the continued expansion of Third Coast's middle-market banking franchise in Houston, one of the bank's most strategic and competitive markets. She will emphasize recruiting and developing a team of seasoned bankers, deepening corporate relationships, and increasing the bank's presence across key industry verticals, including beverages, waste and environmental services, and food distribution and manufacturing. Pawelek will also partner closely with regional and select national sponsors to broaden the Third Coast's reach within the private-equity and sponsor-finance ecosystem. Pawelek brings more than 16 years of combined experience in corporate banking and private equity, giving clients both financial discipline and an owner–operator perspective well suited to the bank's relationship–driven approach. Prior to joining Third Coast, she spent two years in private equity working directly with business owners and investors to support growth initiatives, operational improvements, and capital strategy. Earlier in her career, she spent over 14 years in corporate and commercial banking, building deep expertise in credit, relationship management, and middle-market lending. Reported Earnings • Jan 22
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$4.45 (up from US$3.14 in FY 2024). Revenue: US$201.3m (up 22% from FY 2024). Net income: US$61.5m (up 43% from FY 2024). Profit margin: 31% (up from 26% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 3.6%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 32% per year. Announcement • Jan 22
Third Coast Bancshares, Inc. Reports Net Charge-Offs for the Three Months Ended December 31, 2025 Third Coast Bancshares, Inc. reported net charge-offs for the three months ended December 31, 2025. For the period, the company reported net charge-offs of $844,000 against $879,000 a year ago. Announcement • Jan 01
Third Coast Bancshares, Inc. to Report Q4, 2025 Results on Jan 21, 2026 Third Coast Bancshares, Inc. announced that they will report Q4, 2025 results After-Market on Jan 21, 2026 Buy Or Sell Opportunity • Dec 19
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at US$40.41. The fair value is estimated to be US$51.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 39%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. Recent Insider Transactions • Nov 05
Independent Director recently sold US$63k worth of stock On the 30th of October, Troy Glander sold around 2k shares on-market at roughly US$36.96 per share. This transaction amounted to 5.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$624k more than they sold in the last 12 months. Reported Earnings • Oct 23
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$1.22 (up from US$0.85 in 3Q 2024). Revenue: US$51.7m (up 24% from 3Q 2024). Net income: US$16.9m (up 46% from 3Q 2024). Profit margin: 33% (up from 28% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.1%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Oct 23
Third Coast Bancshares, Inc. (NYSE:TCBX) entered into a definitive merger agreement to acquire Keystone Bancshares, Inc. for approximately $120 million. Third Coast Bancshares, Inc. (NYSE:TCBX) entered into a definitive merger agreement to acquire Keystone Bancshares, Inc. for approximately $120 million on October 22, 2025. Under the terms of the merger agreement, at the election of Keystone’s shareholders, they will receive, for each outstanding share of Keystone common stock, either (i) 0.45925 shares of Third Coast common stock or (ii) an amount of cash equal to 0.45925 multiplied by the volume-weighted average price per share of Third Coast common stock for the 20 trading day period set forth in the merger agreement. The exchange ratio is subject to a possible downward adjustment in the event Keystone’s adjusted shareholders’ equity is less than $94,576,000 as of the Calculation Date, as defined in the merger agreement. Keystone’s shareholders will be permitted to elect the form of consideration, provided that the aggregate cash consideration will not exceed $20 million. Following the transaction, the combined company will operate under the Third Coast name and brand.
The transaction has been approved unanimously by each company’s board of directors. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals, the approval of Keystone’s shareholders of the merger agreement and the merger, and the approval of Third Coast’s shareholders of the issuance of Third Coast common stock pursuant to the merger agreement. The expected completion of the transaction is during the first quarter of 2026. The transaction is expected to deliver EPS accretion in year one.
Raymond James & Associates, Inc. acted as financial advisor for Third Coast Bancshares, Inc. Fenimore Kay Harrison LLP acted as legal advisor for Keystone Bancshares, Inc. Norton Rose Fulbright US LLP acted as legal advisor for Third Coast Bancshares, Inc. Stephens Inc. acted as financial advisor for Keystone Bancshares, Inc. Buy Or Sell Opportunity • Oct 16
Now 22% undervalued Over the last 90 days, the stock has risen 4.6% to US$37.59. The fair value is estimated to be US$47.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 14% in the next year. Buy Or Sell Opportunity • Sep 30
Now 20% undervalued Over the last 90 days, the stock has risen 10% to US$37.97. The fair value is estimated to be US$47.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 15% in the next year. New Risk • Sep 14
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$114k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Jul 31
Independent Director recently sold US$114k worth of stock On the 29th of July, Troy Glander sold around 3k shares on-market at roughly US$37.86 per share. This transaction amounted to 8.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$688k more than they sold in the last 12 months. Recent Insider Transactions Derivative • Jul 30
Independent Director notifies of intention to sell stock Troy Glander intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of July. If the sale is conducted around the recent share price of US$36.98, it would amount to US$111k. Since March 2025, Troy's direct individual holding has increased from 32.89k shares to 33.54k. Company insiders have collectively bought US$835k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Jul 29
Price target increased by 8.5% to US$42.67 Up from US$39.33, the current price target is an average from 3 analysts. New target price is 9.4% above last closing price of US$39.00. Stock is up 65% over the past year. The company is forecast to post earnings per share of US$3.49 for next year compared to US$3.14 last year. Price Target Changed • Jul 25
Price target increased by 9.7% to US$41.33 Up from US$37.67, the current price target is an average from 3 analysts. New target price is 13% above last closing price of US$36.60. Stock is up 48% over the past year. The company is forecast to post earnings per share of US$3.52 for next year compared to US$3.14 last year. Reported Earnings • Jul 25
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$1.13 (up from US$0.70 in 2Q 2024). Revenue: US$49.9m (up 25% from 2Q 2024). Net income: US$15.6m (up 62% from 2Q 2024). Profit margin: 31% (up from 24% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.0%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Jul 24
Third Coast Bancshares, Inc. Announces Net Charge-Offs for the Second Quarter Ended June 30, 2025 Third Coast Bancshares, Inc. announced net charge-offs for the second quarter ended June 30, 2025. For the quarter, the company reported net charge-offs of $2,376,000 against $1,829,000 a year ago. Announcement • Jul 03
Third Coast Bancshares, Inc. to Report Q2, 2025 Results on Jul 23, 2025 Third Coast Bancshares, Inc. announced that they will report Q2, 2025 results After-Market on Jul 23, 2025 Recent Insider Transactions • Jun 18
Director recently bought US$251k worth of stock On the 13th of June, Dennis Bonnen bought around 8k shares on-market at roughly US$30.30 per share. This transaction amounted to 5.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$292k. Insiders have collectively bought US$752k more in shares than they have sold in the last 12 months. Announcement • Jun 18
Third Coast Bancshares, Inc. (NasdaqGS:TCBX) announces an Equity Buyback for $30 million worth of its shares. Third Coast Bancshares, Inc. (NasdaqGS:TCBX) announces a share repurchase program. Under the program, the company will repurchase up to $30 million of its common stock. The program will expire on May 22, 2026. Recent Insider Transactions • Apr 30
Senior EVP & CFO recently bought US$292k worth of stock On the 28th of April, R. McWhorter bought around 10k shares on-market at roughly US$29.21 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was R.'s only on-market trade for the last 12 months. Price Target Changed • Apr 25
Price target decreased by 7.6% to US$37.67 Down from US$40.75, the current price target is an average from 3 analysts. New target price is 33% above last closing price of US$28.24. Stock is up 42% over the past year. The company is forecast to post earnings per share of US$3.11 for next year compared to US$3.14 last year. Reported Earnings • Apr 24
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: US$0.90 (up from US$0.68 in 1Q 2024). Revenue: US$45.5m (up 17% from 1Q 2024). Net income: US$12.4m (up 35% from 1Q 2024). Profit margin: 27% (up from 24% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.5%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Apr 24
Third Coast Bancshares, Inc. Announces Net Charge-Offs for the First Quarter Ended March 31, 2025 Third Coast Bancshares, Inc. announced net charge-offs for the first quarter ended March 31, 2025. For the period, the company reported net charge-offs of $398,000 against $742,000 a year ago. Announcement • Apr 18
Third Coast Bancshares, Inc., Annual General Meeting, May 22, 2025 Third Coast Bancshares, Inc., Annual General Meeting, May 22, 2025. Location: theoffice of third coast bank, 20202highway 59north, suite 190, texas 77338, humble United States Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$28.32, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Banks industry in the US. Total returns to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$50.42 per share. Announcement • Apr 03
Third Coast Bancshares, Inc. to Report Q1, 2025 Results on Apr 23, 2025 Third Coast Bancshares, Inc. announced that they will report Q1, 2025 results After-Market on Apr 23, 2025 Recent Insider Transactions • Mar 16
Executive VP & Chief Banking Officer recently bought US$65k worth of stock On the 14th of March, William Bobbora bought around 2k shares on-market at roughly US$32.35 per share. This transaction amounted to 4.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$229k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 06
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$3.14 (up from US$2.11 in FY 2023). Revenue: US$165.7m (up 17% from FY 2023). Net income: US$42.9m (up 50% from FY 2023). Profit margin: 26% (up from 20% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.67% (down from 3.73% in FY 2023). Non-performing loans: 0.70% (up from 0.48% in FY 2023). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Feb 21
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$75k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Feb 21
Independent Director recently sold US$75k worth of stock On the 19th of February, W. Brunson sold around 2k shares on-market at roughly US$37.54 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$136k more than they sold in the last 12 months. Major Estimate Revision • Jan 29
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$182.0m to US$191.2m. EPS estimate increased from US$2.81 to US$3.15 per share. Net income forecast to grow 23% next year vs 11% growth forecast for Banks industry in the US. Consensus price target up from US$36.75 to US$40.75. Share price rose 7.7% to US$35.91 over the past week. Price Target Changed • Jan 27
Price target increased by 9.5% to US$40.25 Up from US$36.75, the current price target is an average from 4 analysts. New target price is 9.3% above last closing price of US$36.82. Stock is up 84% over the past year. The company is forecast to post earnings per share of US$3.20 for next year compared to US$3.14 last year. Price Target Changed • Jan 24
Price target increased by 12% to US$38.50 Up from US$34.50, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$36.69. Stock is up 85% over the past year. The company is forecast to post earnings per share of US$3.20 for next year compared to US$3.14 last year. Reported Earnings • Jan 23
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$3.14 (up from US$2.11 in FY 2023). Revenue: US$165.7m (up 17% from FY 2023). Net income: US$42.9m (up 50% from FY 2023). Profit margin: 26% (up from 20% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.67% (down from 3.73% in FY 2023). Non-performing loans: 0.70% (up from 0.48% in FY 2023). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Jan 23
Third Coast Bancshares, Inc. Reports Net Charge-Offs for the Fourth Quarter of 2024 Third Coast Bancshares, Inc. reported net charge-offs for the fourth quarter of 2024. For the period, the company recorded net charge-offs of $879,000 against $1.5 million recorded for the fourth quarter of 2023. Announcement • Jan 09
Third Coast Bancshares, Inc. to Report Q4, 2024 Results on Jan 22, 2025 Third Coast Bancshares, Inc. announced that they will report Q4, 2024 results on Jan 22, 2025 Buy Or Sell Opportunity • Jan 02
Now 21% undervalued Over the last 90 days, the stock has risen 30% to US$32.84. The fair value is estimated to be US$41.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 30% in the next 2 years. Recent Insider Transactions Derivative • Nov 14
Chairman exercised options and sold US$708k worth of stock On the 8th of November, Bart Caraway exercised 93.70k options at around US$11.00, then sold 29k of the shares acquired at an average of US$35.09 per share and kept the remainder. For the year to December 2020, Bart's total compensation was 37% salary and 63% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, Bart's direct individual holding has increased from 76.24k shares to 76.28k. Company insiders have collectively bought US$349k more than they sold, via options and on-market transactions, in the last 12 months. Buy Or Sell Opportunity • Nov 01
Now 20% undervalued Over the last 90 days, the stock has risen 47% to US$32.57. The fair value is estimated to be US$40.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$33.21, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 114% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$40.90 per share. Major Estimate Revision • Oct 30
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$165.2m to US$168.7m. EPS estimate increased from US$2.35 to US$2.65 per share. Net income forecast to grow 14% next year vs 12% growth forecast for Banks industry in the US. Consensus price target up from US$29.00 to US$33.25. Share price rose 20% to US$33.21 over the past week. Price Target Changed • Oct 25
Price target increased by 16% to US$33.25 Up from US$28.75, the current price target is an average from 4 analysts. New target price is 6.9% above last closing price of US$31.09. Stock is up 107% over the past year. The company is forecast to post earnings per share of US$2.65 for next year compared to US$2.11 last year. Reported Earnings • Oct 24
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.85 (up from US$0.32 in 3Q 2023). Revenue: US$41.8m (up 21% from 3Q 2023). Net income: US$11.6m (up 164% from 3Q 2023). Profit margin: 28% (up from 13% in 3Q 2023). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Buy Or Sell Opportunity • Oct 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to US$26.99. The fair value is estimated to be US$22.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Announcement • Oct 03
Third Coast Bancshares, Inc. to Report Q3, 2024 Results on Oct 23, 2024 Third Coast Bancshares, Inc. announced that they will report Q3, 2024 results After-Market on Oct 23, 2024 Buy Or Sell Opportunity • Sep 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to US$25.61. The fair value is estimated to be US$21.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 13% in a year. Earnings are forecast to grow by 21% in the next year. Price Target Changed • Jul 29
Price target increased by 10% to US$27.25 Up from US$24.75, the current price target is an average from 4 analysts. New target price is 10% above last closing price of US$24.71. Stock is up 19% over the past year. The company is forecast to post earnings per share of US$2.39 for next year compared to US$2.11 last year. Price Target Changed • Jul 26
Price target increased by 10% to US$25.75 Up from US$23.40, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$24.71. Stock is up 21% over the past year. The company is forecast to post earnings per share of US$2.39 for next year compared to US$2.11 last year. Announcement • Jul 12
Third Coast Bancshares, Inc. to Report Q2, 2024 Results on Jul 24, 2024 Third Coast Bancshares, Inc. announced that they will report Q2, 2024 results After-Market on Jul 24, 2024 Major Estimate Revision • May 01
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$162.1m to US$166.0m. EPS estimate increased from US$2.29 to US$2.57 per share. Net income forecast to grow 31% next year vs 1.5% growth forecast for Banks industry in the US. Consensus price target up from US$23.40 to US$24.75. Share price was steady at US$19.42 over the past week. Announcement • Apr 27
Third Coast Bancshares, Inc., Annual General Meeting, May 30, 2024 Third Coast Bancshares, Inc., Annual General Meeting, May 30, 2024, at 10:00 Central Standard Time. Location: the office of Third Coast Bank located at 20202 Highway 59 North, Suite 190 Humble Texas United States Agenda: To elect four Class B directors to serve on the board of directors of the company until the company’s 2027 annual meeting of shareholders and until their respective successor or successors are duly elected and qualified or until their earlier resignation or removal; to ratify the appointment of Whitley Penn LLP as the independent registered public accounting firm of the company for the year ending December 31, 2024; and to transact such other business as may properly come before the annual meeting or any adjournment or postponement thereof. Reported Earnings • Apr 25
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$0.68 (up from US$0.60 in 1Q 2023). Revenue: US$38.9m (up 16% from 1Q 2023). Net income: US$9.20m (up 14% from 1Q 2023). Profit margin: 24% (in line with 1Q 2023). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 2.4%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Announcement • Apr 05
Third Coast Bancshares, Inc. to Report Q1, 2024 Results on Apr 24, 2024 Third Coast Bancshares, Inc. announced that they will report Q1, 2024 results After-Market on Apr 24, 2024 Recent Insider Transactions Derivative • Mar 26
Independent Director exercised options to buy US$95k worth of stock. On the 21st of March, Troy Glander exercised options to buy 5k shares at a strike price of around US$11.00, costing a total of US$55k. This transaction amounted to 19% of their direct individual holding at the time of the trade. Since March 2023, Troy's direct individual holding has increased from 24.33k shares to 26.93k. Company insiders have collectively bought US$899k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Mar 19
Independent Director exercised options to buy US$99k worth of stock. On the 15th of March, Joseph Stunja exercised options to buy 5k shares at a strike price of around US$11.00, costing a total of US$55k. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. Since March 2023, Joseph's direct individual holding has increased from 131.43k shares to 134.89k. Company insiders have collectively bought US$789k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 10
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$2.11 (up from US$1.28 in FY 2022). Revenue: US$141.4m (up 27% from FY 2022). Net income: US$28.7m (up 66% from FY 2022). Profit margin: 20% (up from 16% in FY 2022). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.73% (down from 3.82% in FY 2022). Non-performing loans: 0.48% (up from 0.39% in FY 2022). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 7.5%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Announcement • Mar 06
Third Coast Bancshares, Inc. Announces Organizational Changes to Drive Future Growth Third Coast Bancshares, Inc. announced two executive promotions to strategically align its operational, risk, and legal functions. The new leadership roles for Vicki Alexander and Liz Eber reflect Third Coast's strategic focus on operational excellence and prudent risk management as foundations for sustainable, profitable growth. Alexander, who joined the Company as Chief Compliance and Risk Officer in September 2022, has been designated as the Chief Risk and Operations Officer, effective March 1, 2024. In this new capacity, Alexander will oversee Third Coast's operations, including the Company's risk and compliance functions. Eber, who joined the Company as Head of Legal in January 2023, has been named the Chief Legal Officer, effective March 1, 2024. In addition to the legal department, Eber will also supervise communications and marketing. Price Target Changed • Jan 30
Price target increased by 8.3% to US$23.40 Up from US$21.60, the current price target is an average from 5 analysts. New target price is 18% above last closing price of US$19.78. Stock is up 6.7% over the past year. The company is forecast to post earnings per share of US$2.28 for next year compared to US$2.11 last year. Announcement • Jan 27
Third Coast Bancshares, Inc. Reports Net Charge-Offs for the Fourth Quarter of 2023 Third Coast Bancshares, Inc. reported net charge-offs for the fourth quarter of 2023. Net charge-offs of $1.5 million for the quarter were primarily the result of the charge-off of one C&I revolving line of credit. Reported Earnings • Jan 26
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$2.11 (up from US$1.28 in FY 2022). Revenue: US$141.4m (up 27% from FY 2022). Net income: US$28.7m (up 66% from FY 2022). Profit margin: 20% (up from 16% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 7.5%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Banks industry in the US. Announcement • Jan 05
Third Coast Bancshares, Inc. to Report Q4, 2023 Results on Jan 25, 2024 Third Coast Bancshares, Inc. announced that they will report Q4, 2023 results After-Market on Jan 25, 2024 Price Target Changed • Oct 30
Price target decreased by 11% to US$20.50 Down from US$23.00, the current price target is an average from 4 analysts. New target price is 37% above last closing price of US$15.00. Stock is down 23% over the past year. The company is forecast to post earnings per share of US$1.94 for next year compared to US$1.28 last year. Reported Earnings • Oct 27
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: US$0.32 (down from US$0.50 in 3Q 2022). Revenue: US$34.5m (up 11% from 3Q 2022). Net income: US$4.39m (down 35% from 3Q 2022). Profit margin: 13% (down from 22% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 41%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Banks industry in the US. Announcement • Oct 26
Third Coast Bancshares, Inc. Reports Unaudited Net Charge-Offs Results for the Third Quarter Ended September 30, 2023 Third Coast Bancshares, Inc. reported unaudited net charge-offs results for the third quarter ended September 30, 2023. For the quarter, the company recorded net charge-offs of $24,000 against $457,000 a year ago. Announcement • Oct 05
Third Coast Bancshares, Inc. to Report Q3, 2023 Results on Oct 25, 2023 Third Coast Bancshares, Inc. announced that they will report Q3, 2023 results After-Market on Oct 25, 2023 Announcement • Sep 26
Michael Deckert Resigns as Executive Vice President and Chief Operating Officer of Third Coast Bancshares, Inc. and Third Coast Bank, SSB On September 25, 2023, Third Coast Bancshares, Inc. announced that Michael Deckert resigned as Executive Vice President and Chief Operating Officer of the Company and Third Coast Bank, SSB, the Company’s wholly owned subsidiary, effective September 22, 2023. New Risk • Aug 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 28
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: US$0.57 (up from US$0.17 in 2Q 2022). Revenue: US$35.0m (up 36% from 2Q 2022). Net income: US$7.71m (up 238% from 2Q 2022). Profit margin: 22% (up from 8.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 9.4%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Announcement • Jul 28
Third Coast Bancshares, Inc. Appoints David Phelps to Board of Directors Third Coast Bancshares, Inc. announced the appointment of David Phelps to its Board of Directors, effective immediately. Mr. Phelps, who has been a Director on the Third Coast Bank Board since June 2022, was formerly the leader of the Business Advisory practice of Briggs & Veselka. During his tenure, Phelps led the Business Advisory practice with more than 30 years of experience providing internal audit, Sarbanes-Oxley Act compliance, accounting support, efficiency analysis, and policy and procedure development services to various industries. Phelps retired from Briggs & Veselka at the end of 2020. During his career, Phelps served as the Chief Risk Officer and Internal Audit Director for a publicly traded financial services company. Phelps also spent a decade as the Director of Risk Management at a public bank. As a respected industry leader, Mr. Phelps has made significant contributions to the financial services sector for over 50 financial institutions ranging in size from small community banks to institutions in excess of several billion. With his extensive background in financial services and banking, the appointment of Mr. Phelps to the Board of Directors represents an exciting opportunity for Third Coast to leverage his exceptional skills, leadership, and industry experience to drive continued growth and profitability. Announcement • Jul 12
Third Coast Bancshares, Inc. Announces Demise of Norma J. Galloway, As Director The Board of Directors of Third Coast Bancshares, Inc. is deeply saddened to report that Norma J. Galloway, a Director of the Company since 2019 and a former executive officer of the Company’s subsidiary, Third Coast Bank, SSB, passed away unexpectedly on July 7, 2023. Announcement • Jul 06
Third Coast Bancshares, Inc. to Report Q2, 2023 Results on Jul 26, 2023 Third Coast Bancshares, Inc. announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Jul 26, 2023 Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$15.11, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Banks industry in the US. Total loss to shareholders of 35% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$12.15 per share. Recent Insider Transactions • May 10
Chief Financial Officer recently bought US$68k worth of stock On the 5th of May, R. McWhorter bought around 5k shares on-market at roughly US$12.87 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was R.'s only on-market trade for the last 12 months. Price Target Changed • Apr 08
Price target decreased by 7.4% to US$21.00 Down from US$22.67, the current price target is an average from 3 analysts. New target price is 40% above last closing price of US$15.01. Stock is down 33% over the past year. The company is forecast to post earnings per share of US$2.15 for next year compared to US$1.28 last year. Reported Earnings • Mar 16
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: US$1.28. Revenue: US$111.5m (up 30% from FY 2021). Net income: US$17.2m (up 51% from FY 2021). Profit margin: 16% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.82% (down from 4.65% in FY 2021). Non-performing loans: 0.39% (down from 0.75% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in the US. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$14.86, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Banks industry in the US. Total loss to shareholders of 34% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$14.08 per share. Major Estimate Revision • Feb 02
Consensus EPS estimates increase by 14%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$148.9m to US$145.1m. EPS estimate rose from US$1.96 to US$2.23. Net income forecast to grow 54% next year vs 9.5% growth forecast for Banks industry in the US. Consensus price target broadly unchanged at US$22.67. Share price rose 2.1% to US$18.99 over the past week. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. Director Tony Scavuzzo was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 27
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: US$1.28. Revenue: US$111.5m (up 30% from FY 2021). Net income: US$17.2m (up 51% from FY 2021). Profit margin: 16% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Banks industry in the US. Announcement • Jan 13
Third Coast Bancshares, Inc. to Report Q4, 2022 Results on Jan 26, 2023 Third Coast Bancshares, Inc. announced that they will report Q4, 2022 results After-Market on Jan 26, 2023 Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$0.50 (up from US$0.29 in 3Q 2021). Revenue: US$31.0m (up 50% from 3Q 2021). Net income: US$6.77m (up 184% from 3Q 2021). Profit margin: 22% (up from 12% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Banks industry in the US. Major Estimate Revision • Nov 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$120.8m to US$124.0m. EPS estimate fell from US$1.40 to US$1.24 per share. Net income forecast to grow 122% next year vs 14% growth forecast for Banks industry in the US. Consensus price target broadly unchanged at US$23.33. Share price rose 16% to US$19.86 over the past week. 