Third Coast Bancshares Inc 2024年度报告

Flywheel Momentum DearFellowShareholders, ExceptionalGrowth&Efficiency ThirdCoast hasmadeexceptiona lstrides inbothgrowthand earnings since transitioningtoapubliclytradedcompany. We have ach ieved 14consewtivequartersofpositivenetinterestincomegrowth,culminatinginnetinterest incomeof$43.4millionforthefourthquarterof2024,representinga 16.4% increasefromthefourthquarteroftheprioryear.Ourgrowthinloans,deposits, and assets hasalsobeen impressive,withyear-over-year increasesof9%,13.3%, and 12.4%respectively.Specifically: •TotalLoansgrewby $327.6million,totaling$3.97billion.•TotalDeposits increasedby$507.4million,totaling$4.31billion.•TotalAssets roseby$546.4million,totaling$4.94billion. In2024,wealsosuccessfullyopened three new branchlocationswhileenhancingourefficiency,withourefficiency ratio improvingto58.80%forthefourthquarter. Theseaccomplishmentsreflectourstrategic v ision andthehardworkofourdedicated team. OperationalExcellencedrives Profitability A keystoneofourstrategyisourcommitmenttooperationalexcellence.Weunderstandthatconsistent efforts canyieldsignificantresultsover time, a conceptknownastheflywheeleffect.Thisprinciplecametolifein2024when welauncheda company-wide initiative encouragingemployeestoseekoutopportunitiesforimprovingefficiencies acrossouroperationsbyjust1%.Ourgoalwastoidentify thoseroutinemanualtasksorareaswheretechnologycouldenhanceoverallefficiency andstream lineourprocesses.Wecoined this initiative the1%ImprovementChallenge. Whatunfolded,however, surpassed evenourown expectations.Althoughourprimaryaim wastoenhance efficiency-whichwesuccessfullyachieved-wealsosaw a boost inprofitabilityasourteamsskillfullyhandledvendorrelationships,technology,and customer expectationstodeliverexceptionalservice.The1%ImprovementChallengeevolvedintoa guidingprincipleofourculture,gaining traction aswecelebratedsmallvictories in efficiency and cost savingsthatresultedinlargerimpacts overtimemuchlikeaflywheelgainingmomentum. Bytheendoftheyear,ournet income soaredto$47.7million,marking an impressive 42.7% increasefromtheprevious year'stotalof $33.4million. Service Excellence drives Relationships Attheheartofourcultureisourcommitmenttoserviceexcellence.Ourbankers strivetofosterstrong, comprehensiverelationshipswhilegenuinelyunderstandingtheneedsofourcustomers. That's why, overthepast year,wehave introduced threenewlinesofbusirness:Premier Banking,aimedatbusyprofessionalswitha focusonconvenience;BusinessAdvantageBanking,craftedforentrepreneurs andsmallbusinessestoprovide quick and effectivesolutions;andWorkplace Banking,whichenablesemployeesofourbusinessclientstoaccessessentialfinancialservices. Moreover,theopeningofthreenewbranches this past year hasnotonlyextendedourgeographicalreachbutalsobrought usclosertoourcustomers in those communities,allowingustobetter meettheirneeds in a more effective and efficient manner. Ourdedicationtoinnovationandtechno logyhas beencrucialin enhancing customerrelationships. By investing inourcore servicesandimprovingourcapabilities,especiallywithourFISconversionlaterthis year, we aimtoremain aleaderinourindustryandtrustedpartnerforourcustomers. Lookingahead For2025,wewillmaintainourdedicationtothe1%ImprovementChallenge,activelyseekingopportunitiestoenhanceouroperationswhilemanaging expenses an d improvingourefficiency ratio.Additional ly,we arecommittedtostrengtheningourcustomerrelationshipsand increasingourshareofdepositsthroughserviceexcellenceand innovativesolutions. As wereflectonthepast year,wearegratefulforthetrustandsupportofourshareholders,customers, andemployees.Your confidence inourvision and strategy has beeninstrumentalin drivingoursuccess.Weremain committedtodeliveringsustainedgrowthandvalue,andwe are excitedabouttheopportunitiesthatlieaheadin2025and beyond. Thank youforyourcontinuedsupportand partnership. Together, welookforwardtoachievingeven greatermilestonesin thefut ure. '((Byfostering a culture of continuous improvementandproactive riskmanagement, I aim to align withthecompany's strategic objectives of'efficiency and operational excellence.Myprimary goalisto cultivate a resilient'operation rooted in the values of transparency, accountability,andintegrity.,,-VickiAlexander,CROO '((Bystaying committed tothebusiness plan outlined when•we went public, we have successfully enhancedour'profitability each year since. Moving forward, we will'continuetoimprove and generate operating leveragebyincreasing revenueata faster ratethanexpenses.''-John McWhorter,CFO ASOFANDFORTHEYEARENDEDDECEMBER31, 2024$4.94 $47.7MILLIONINNETINCOME $460.7MILLIONINTOTALEQUITY SENIOREXECUTIVETEAM Bart0 .Caraway President&CEO ServesasChairman,PresidentandCEOofthecompany sinceformationin2013,andthebanksince organization in2008.Withover30yearsofbankingandpublicaccounting experience as a Texas licensedattorneyandCPA.Priortofoundingthebank, he served in executiverolesatcommunitybanks. Audrey A. Duncanceo ServesasSeniorEVPandChiefCreditOfficerandhas beenwiththebank sincejun