Business Description
Third Coast Bancshares, Inc. serves as the parent company for Third Coast Bank, SSB, a financial institution primarily focused on delivering a broad spectrum of commercial banking solutions to small and medium-sized businesses, as well as individual professionals. The bank's offerings include a comprehensive range of deposit accounts, such as checking, savings, individual retirement accounts (IRAs), money market accounts, and certificates of deposit (CDs). For its lending services, it provides commercial and industrial (C&I) loans, which encompass financing for equipment, working capital, vehicle fleets, and various other commercial needs. Beyond these core services, Third Coast also offers treasury management, both consumer and commercial online banking platforms, mobile applications, secure safe deposit boxes, wire transfer capabilities, and debit cards. Geographically, the bank operates a total of twelve branches: eleven are strategically located across the major Texas metropolitan areas of Greater Houston, Dallas-Fort Worth, and Austin-San Antonio, with an additional branch situated in Detroit, Texas. The company was founded in 2008 and has its principal office in Humble, Texas.
Business History
Generated: Jun 7, 2026 4:39pmPrice Overview
Last updated: Jun 13, 2026 12:09am (just now)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 4.45
Total Equity: $531.03M
Shares: 16,373,000
Total Debt: $118.84M
Cash: $175.47M
EBITDA: $90.04M
Total Debt: $118.84M
Cash: $175.47M
Revenue: $366.95M
Revenue: $366.95M
Revenue: $366.95M
Total Equity: $531.03M
Tax Rate: 19.9%
Equity: $531.03M
Total Debt: $118.84M
Cash: $175.47M
Current Liabilities: $4.67B
Long-Term Debt: $80.97M
Total Debt: $118.84M
Total Equity: $531.03M
Shares: 16,373,000
Shares: 16,373,000
CapEx: -$2.68M
Shares: 16,373,000
Stock Price: $39.45
Net Income: $66.29M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 7, 2026 8:40pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $103.2M | $160.2M | $274.1M | $338.1M | $366.9M |
| Cost of Revenue | $20.0M | $49.7M | $133.3M | $173.3M | $164.2M |
| Gross Profit | $83.2M | $110.5M | $140.7M | $164.8M | $202.8M |
| Operating Expenses | $68.7M | $87.3M | $99.1M | $103.4M | $117.8M |
| Operating Income | $14.5M | $23.2M | $41.6M | $61.4M | $85.0M |
| Net Income | $11.4M | $18.7M | $33.4M | $47.7M | $66.3M |
| EBITDA | $14.2M | $25.7M | $45.6M | $66.0M | $90.0M |
| EPS | $1.45 | $1.28 | $2.11 | $3.14 | $4.45 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 7, 2026 4:39pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $326.9M | $329.9M | $296.9M | $371.5M | $175.5M |
| Total Current Assets | $363.5M | $524.3M | $498.1M | $781.4M | $428.6M |
| Total Assets | $2.5B | $3.8B | $4.4B | $4.9B | $5.3B |
| Current Liabilities | $2.1B | $3.3B | $3.8B | $4.3B | $4.7B |
| Long-Term Debt | $0 | $80.3M | $80.6M | $80.8M | $81.0M |
| Total Liabilities | $2.2B | $3.4B | $4.0B | $4.5B | $4.8B |
| Total Equity | $299.0M | $381.8M | $412.0M | $460.7M | $531.0M |
| Retained Earnings | $36.0M | $53.3M | $78.8M | $121.7M | $183.2M |
Cash Flow (Annual)
Last updated: Jun 7, 2026 8:40pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $4.6M | $21.8M | $39.1M | $35.1M | $50.8M |
| Capital Expenditure | -$5.6M | -$12.2M | -$3.4M | -$1.8M | -$2.7M |
| Free Cash Flow | -$1.0M | $9.6M | $35.6M | $33.4M | $48.2M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $-121,000 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $123.5M | $5.0M | $79.8M | $9.4M | -$240.0M |
Analyst Estimates (Annual)
Last updated: Jun 12, 2026 12:51am (23h ago)| Metric | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|
| Revenue |
$169.1M $168.4M – $169.7M
|
$205.7M $204.8M – $206.5M
|
$250.8M $242.7M – $258.9M
|
$272.5M $267.0M – $278.1M
|
| EBITDA |
$30.6M $30.5M – $30.7M
|
$37.2M $37.1M – $37.4M
|
$45.4M $43.9M – $46.9M
|
$49.3M $48.3M – $50.3M
|
| Net Income |
$43.6M $42.4M – $44.8M
|
$60.4M $60.1M – $60.6M
|
$63.8M $62.1M – $65.6M
|
$70.9M $67.1M – $74.8M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 7, 2026 8:40pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +55.2% | +71.1% | +23.4% | +8.5% |
| Gross Profit Growth | +32.8% | +27.4% | +17.1% | +23.1% |
| Operating Income Growth | +60.0% | +79.6% | +47.4% | +38.5% |
| Net Income Growth | +63.3% | +79.0% | +42.7% | +39.1% |
| EBITDA Growth | +81.0% | +77.1% | +44.8% | +36.5% |
Insider Trading (Recent)
Last updated: Jun 12, 2026 6:43pm (5h ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-21 | Phelps David R | A-Award | 1,318.00 | $0.00 | $0 |
| 2026-05-21 | Stunja Joseph | A-Award | 1,318.00 | $0.00 | $0 |
| 2026-05-21 | Eisenhart Lynn | A-Award | 1,318.00 | $0.00 | $0 |
| 2026-05-21 | Bailey Carolyn | A-Award | 1,318.00 | $0.00 | $0 |
| 2026-05-21 | Stich Mary | A-Award | 1,318.00 | $0.00 | $0 |
| 2026-05-21 | Swinbank Reagan | A-Award | 1,318.00 | $0.00 | $0 |
| 2026-05-21 | Greenleaf Clint Tuxberry | A-Award | 1,318.00 | $0.00 | $0 |
| 2026-05-21 | Glander Troy Andrew | A-Award | 1,318.00 | $0.00 | $0 |
| 2026-05-21 | Bonnen Dennis | A-Award | 1,318.00 | $0.00 | $0 |
| 2026-05-21 | Bonnen Greg | A-Award | 1,318.00 | $0.00 | $0 |
| 2026-05-21 | Basaldua Martin | A-Award | 1,318.00 | $0.00 | $0 |
| 2026-05-07 | McDonald Shelton | M-Exempt | 6,000.00 | $16.43 | $98,580 |
| 2026-05-07 | McDonald Shelton | M-Exempt | 6,000.00 | $16.43 | $98,580 |
| 2026-03-16 | Greenleaf Clint Tuxberry | 0.00 | $0.00 | $0 | |
| 2026-03-16 | Wilkinson Jeffrey A | 0.00 | $0.00 | $0 | |
| 2026-03-15 | Bobbora William | A-Award | 3,549.00 | $0.00 | $0 |
| 2026-03-15 | Caraway Bart | A-Award | 32,136.00 | $0.00 | $0 |
| 2026-03-15 | MCWHORTER RICHARD J | A-Award | 3,180.00 | $0.00 | $0 |
| 2026-03-15 | Eber Liz | A-Award | 1,338.00 | $0.00 | $0 |
| 2026-03-15 | Peacock Christopher Seay | A-Award | 669.00 | $0.00 | $0 |
Narrative Economics
Advanced Analysis Forensic deep-dive · two lenses
The two lenses tell a coherent story: quality says 'Solid, not great' at +16 because the franchise is genuinely scaling (margins 14%→23%, clean accruals, FCF tracking NI) but shareholders are being diluted at a 19% CAGR to fund it, and value says 'Fairly Valued' at -40 with deserved value in the high-$30s to low-$40s — right where it trades. There's no disagreement to exploit. This is a decent Texas community bank priced like a decent Texas community bank. I'm not paying up for a business whose per-share compounding is structurally capped by equity issuance, and I'm definitely not paying up when the e2e composite is flagged unreliable and I have no margin of safety on what is ultimately commodity lending.
My play: pass at $39, set an alert at $33 (the value lens's attractive-below, ~15% lower and roughly 1x a defensible TBV). At $33 I'd open a starter position around 1% of the book; if it overshoots to the high-$20s on a regional-bank scare (deposit beta, CRE mark, NIM compression headline) without the Texas franchise actually breaking, I'd scale to a 2.5-3% full position — that's the asymmetry I need to underwrite the ongoing dilution. Above $42 I'm uninterested entirely; the bull case is already in the price. Catalyst that would flip me to aggressive earlier: a clear deceleration in share issuance combined with continued NIM and ROA expansion — that would mean the per-share story is finally catching up to the franchise story, and quality re-rates from +16 toward something I'd actually pay fair value for.
Third Coast Bancshares is showing the operating profile of a maturing regional bank hitting scale. Revenue has compounded from $103M (2021) to $367M (2025), operating margin has expanded from 14% to 23.2%, and net income has gone from $11.4M to $66.3M. FCF turned from negative $1M in 2021 to $48.2M in 2025, and OCF/NI of 0.85x with accruals at just 0.1% of assets suggests earnings are largely real cash. Beneish M of -2.41 is in the clean range — no manipulation signature.
The blemish is dilution. Diluted shares went from 8.1M (2021) to a peak of 17.1M (2024), then 16.4M (2025) — a 19.1% CAGR. SBC is only 0.4% of revenue, so this isn't comp-driven; it's deliberate equity raises (capital build for a growing bank). The 'fortress balance sheet' and 'Altman Z distress' module readings are both noise here — for a bank, cash and Z-score are not meaningful framings, since deposits look like 'debt' and loans are the asset base. What matters: ROA/ROE trajectory, NIM, credit quality, and tangible book per share growth — none of which we can see directly, but the margin expansion and clean accruals strongly suggest the underlying bank is running well.
Verify before trusting this (8)
- Tangible book value per share growth over 2021-2025 — true measure of whether dilution destroyed or created per-share value
- ROA and ROE trend; ROTCE vs peer Texas regionals
- Net interest margin (NIM) and trajectory; deposit beta
- Non-performing loans, charge-offs, and loan loss reserve coverage — credit quality is the real risk for a bank growing this fast
- Loan concentration (commercial real estate exposure — relevant for Texas regionals)
- Capital ratios (CET1, total risk-based) — does the dilution reflect required regulatory capital build?
- Deposit composition — uninsured deposit % and any post-SVB funding stress
- Reason for the 8.1M → 13.8M share jump in 2022 (IPO/secondary?) and subsequent raises
TCBX trades at $39.21 with a ~$553M market cap. For a regional bank, the relevant anchor is tangible book and normalized earnings power, not the e2e composite which is flagged as 'Disconnected from Fundamentals' — I'm discounting that signal heavily. On a quality-adjusted basis, the franchise is genuinely improving (margin expansion, clean earnings, Texas growth markets), which supports deserved value, but the heavy share issuance (share count more than doubled while NI grew 6x) materially caps per-share value creation and warrants a haircut.
Net-net, with an earnings-quality hint of -1 and persistent dilution risk against a backdrop of solid-but-not-special small-bank economics, I peg deserved value roughly in the high-$30s to low-$40s — essentially where it trades. There's no priced-for-perfection setup here, but there's also no margin of safety. The bull case (Texas deposit growth, rising profitability) appears largely reflected; the bear case (NIM pressure, commodity lending, continued dilution) is the real risk to deserved value drifting lower.
Verify before trusting this (5)
- Tangible book value per share and P/TBV vs Texas regional peers (CFR, PB, FFIN)
- Forward NIM guidance and deposit cost trajectory
- Credit quality: NPL trends, reserve coverage, CRE/office exposure
- Share issuance cadence — is capital raising slowing or ongoing?
- Normalized ROTCE and whether mid-teens is sustainable