# Third Coast Bancshares, Inc. (TCBX)

Informational only - not investment advice.

CIK: 0001781730
SIC: 6036 Savings Institutions, Not Federally Chartered
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6036 Savings Institutions, Not Federally Chartered](/industry/6036/)
Latest 10-K filed: 2026-03-04
SEC page: https://www.sec.gov/edgar/browse/?CIK=1781730
Filing source: https://www.sec.gov/Archives/edgar/data/1781730/000119312526091656/tcbx-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-04 · accession 0001193125-26-091656 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001781730.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 316,215,000 USD | 2025 | verified |
| Net income | 66,291,000 USD | 2025 | verified |
| Assets | 5,340,759,000 USD | 2025 | verified |
| Net margin | 20.96% | 2025 | computed |
| Revenue YoY | +7.10% | 2025 | computed |
| ROE | 12.48% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | TCBX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 21.0% | 17.7% | 60 | 16 |
| Revenue growth | 7.1% | 8.5% | 33 | 16 |
| FCF margin | 11.3% | 23.0% | 15 | 14 |
| ROE | 12.5% | 7.3% | 87 | 16 |
| ROA | 1.2% | 1.0% | 80 | 16 |
| Liabilities / equity | 9.06 | 7.69 | 80 | 16 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6036 Savings Institutions, Not Federally Chartered, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 316215000 | USD | 2025 | 2026-03-04 |
| Net income | 66291000 | USD | 2025 | 2026-03-04 |
| Assets | 5340759000 | USD | 2025 | 2026-03-04 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001781730.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 47,570,000 | 80,791,000 | 98,886,000 | 146,425,000 | 248,911,000 | 295,259,000 | 316,215,000 |
| Net income |  | 2,381,000 | 12,115,000 | 11,424,000 | 18,659,000 | 33,401,000 | 47,671,000 | 66,291,000 |
| Diluted EPS |  | 0.60 | 1.91 | 1.40 | 1.25 | 1.98 | 2.78 | 3.79 |
| Operating cash flow |  | 3,587,000 | -3,654,000 | 4,584,000 | 21,791,000 | 39,075,000 | 35,136,000 | 50,837,000 |
| Capital expenditures |  | 2,976,000 | 1,354,000 | 5,620,000 | 12,189,000 | 3,437,000 | 1,766,000 |  |
| Assets |  |  | 1,867,293,000 | 2,499,412,000 | 3,773,148,000 | 4,396,074,000 | 4,942,446,000 | 5,340,759,000 |
| Liabilities |  |  | 1,745,575,000 | 2,200,405,000 | 3,391,368,000 | 3,984,100,000 | 4,481,727,000 | 4,809,732,000 |
| Stockholders' equity | 54,126,000 | 56,521,000 | 120,416,000 | 299,007,000 | 381,780,000 | 411,974,000 | 460,719,000 | 531,027,000 |
| Cash and cash equivalents |  |  | 201,270,000 | 326,733,000 | 329,864,000 | 296,926,000 | 371,157,000 | 175,202,000 |
| Free cash flow |  | 611,000 | -5,008,000 | -1,036,000 | 9,602,000 | 35,638,000 | 33,370,000 |  |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 5.01% | 15.00% | 11.55% | 12.74% | 13.42% | 16.15% | 20.96% |
| Return on equity |  | 4.21% | 10.06% | 3.82% | 4.89% | 8.11% | 10.35% | 12.48% |
| Return on assets |  |  | 0.65% | 0.46% | 0.49% | 0.76% | 0.96% | 1.24% |
| Liabilities / equity |  |  | 14.50 | 7.36 | 8.88 | 9.67 | 9.73 | 9.06 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001781730.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.49 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.55 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.53 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 65,380,000 | 5,578,000 | 0.32 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 70,325,000 | 9,689,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 70,671,000 | 10,367,000 | 0.61 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 73,103,000 | 10,796,000 | 0.63 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 75,468,000 | 12,775,000 | 0.74 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 76,017,000 | 13,733,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 73,087,000 | 13,589,000 | 0.78 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 79,706,000 | 16,747,000 | 0.96 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 82,054,000 | 18,057,000 | 1.03 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 81,368,000 | 17,898,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 85,893,000 | 16,368,000 | 0.88 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 94,584,000 | 21,987,000 | 1.08 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from TCBX's latest 10-K: [/company/TCBX/business/](/company/TCBX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from TCBX's latest 10-K: [/company/TCBX/risk-factors/](/company/TCBX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1781730/000119312526332779/tcbx-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included in this Quarterly Report on Form 10-Q (this “Form 10-Q”) and in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2026. Unless we state otherwise or the context otherwise requires, references in this Form 10-Q to “we,” “our,” “us,” and the “Company” refer to Third Coast Bancshares, Inc., a Texas corporation, and its consolidated subsidiaries, references in this Form 10-Q to the “Bank” refer to Third Coast Bank, a Texas banking association and our wholly owned bank subsidiary, and references in this Form 10-Q to “TCCC” refer to Third Coast Commercial Capital, Inc., a Texas corporation and wholly owned subsidiary of the Bank.

The following discussion contains “forward-looking statements” that reflect our future plans, estimates, beliefs and expected performance. We caution that assumptions, expectations, projections, intentions or beliefs about future events may, and often do, vary from actual results and the differences can be material. See “Cautionary Note Regarding Forward-Looking Statements.” Also, see the risk factors and other cautionary statements described under the heading “Risk Factors” included in our Annual Report on Form 10-K filed with the SEC on March 4, 2026 and in Item 1A of this Form 10-Q. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law.

Overview

We are a bank holding company with headquarters in Humble, Texas that operates through our wholly owned subsidiary, the Bank, and the Bank’s wholly owned subsidiary, TCCC. We focus on providing commercial banking solutions to small and medium-sized businesses and professionals with operations in our markets. We provide financial results based on a fiscal year ending December 31 as a single reportable segment. Our market expertise, coupled with a deep understanding of our customers’ needs, allows us to deliver tailored financial products and services. We currently operate twenty-one branches, with ten branches in the Greater Houston market, three branches in the Dallas-Fort Worth market, six branches in the Austin-San Antonio market, one branch in Detroit, Texas, and one branch in Ballinger, Texas. As of June 30, 2026, we had, on a consolidated basis, total assets of $6.74 billion, total loans of $5.44 billion, total deposits of $5.86 billion and total shareholders’ equity of $670.8 million.

As a bank holding company that operates through one segment, community banking, we generate most of our revenue from interest on loans, and customer service and loan fees. We incur interest expense on deposits and other borrowed funds, as well as noninterest expense, such as salaries and employee benefits and occupancy expenses. We analyze our ability to maximize income generated from interest-earning assets and control the interest expenses of our liabilities, measured as net interest income, through our net interest margin and net interest spread. Net interest income is the difference between interest income on interest-earning assets, such as loans and interest-bearing time deposits in other banks, and interest expense on interest-bearing liabilities, such as deposits and borrowings, which are used to fund those assets. Net interest margin is a ratio calculated as net interest income divided by average interest-earning assets. Net interest spread is the difference between average rates earned on interest-earning assets and average rates paid on interest-bearing liabilities.

Changes in market interest rates and the interest rates we earn on interest-earning assets or pay on interest-bearing liabilities, as well as in the volume and types of interest-earning assets, interest-bearing liabilities and noninterest-bearing liabilities, are usually the largest drivers of periodic changes in net interest spread, net interest margin and net interest income. Fluctuations in market interest rates are driven by many factors, including governmental monetary policies, inflation, deflation, macroeconomic developments, changes in unemployment, the money supply, political and international conditions and conditions in domestic and foreign financial markets. Periodic changes in the volume and types of loans in our loan portfolio are affected by, among other factors, economic and competitive conditions in Texas, as well as developments affecting the real estate, technology, financial services, insurance, transportation, manufacturing and energy sectors within our target markets and throughout the state of Texas.

Keystone Merger

On February 1, 2026, we completed our merger with Keystone Bancshares, Inc. (“Keystone”), the parent company of Keystone Bank, SSB (“Keystone Bank”), a Texas state savings bank, pursuant to the terms of the Agreement and Plan of Reorganization, dated as of October 22, 2025, by and among the Company, Arch Merger Sub, Inc. (“Merger Sub”), a Texas corporation and a wholly owned subsidiary of the Company, and Keystone (the “Merger Agreement”).

Pursuant to the Merger Agreement, on February 1, 2026, Merger Sub merged with and into Keystone (the “Merger”), with Keystone surviving as a wholly owned subsidiary of the Company. Immediately following the Merger, Keystone merged with and into the Company, with the Company surviving the merger (the “Second Step Merger”). Immediately following the Second Step Merger, Keystone Bank merged with and into the Bank, with the Bank surviving the merger. In connection with the Merger, we issued approximately 2.6 million shares of our common stock and paid approximately $20.0 million in cash.

49

Results of Operations

Our results of operations depend substantially on net interest income and noninterest income. Other factors contributing to our results of operations include our level of our noninterest expenses, such as salaries and employee benefits, occupancy and equipment and other miscellaneous operating expenses. See the analysis of the material fluctuations in the related discussions that follow.

[[GREPCENT_TABLE]]
[["","","For the Three Months Ended June 30,","","For the Six Months Ended June 30,"],["(Dollars in thousands)","","2026","","","2025","","","Increase (Decrease)","","2026","","","2025","","","Increase (Decrease)"],["Interest income","","$","105,989","","","$","88,662","","","$","17,327","","","19.5%","","$","203,375","","","$","169,428","","","$","33,947","","","20.0%"],["Interest expense","","","45,713","","","","39,288","","","","6,425","","","16.4%","","","89,454","","","","77,257","","","","12,197","","","15.8%"],["Net interest income","","","60,276","","","","49,374","","","","10,902","","","22.1%","","","113,921","","","","92,171","","","","21,750","","","23.6%"],["Provision for credit losses","","","2,069","","","","2,130","","","","(61",")","","(2.9)%","","","2,649","","","","2,580","","","","69","","","2.7%"],["Noninterest income","","","7,717","","","","2,650","","","","5,067","","","191.2%","","","11,750","","","","5,757","","","","5,993","","","104.1%"],["Noninterest expense","","","38,424","","","","28,846","","","","9,578","","","33.2%","","","76,527","","","","56,954","","","","19,573","","","34.4%"],["Income before income taxes","","","27,500","","","","21,048","","","","6,452","","","30.7%","","","46,495","","","","38,394","","","","8,101","","","21.1%"],["Income tax expense","","","5,513","","","","4,301","","","","1,212","","","28.2%","","","8,140","","","","8,058","","","","82","","","1.0%"],["Net income","","$","21,987","","","$","16,747","","","$","5,240","","","31.3%","","$","38,355","","","$","30,336","","","$","8,019","","","26.4%"]]
[[/GREPCENT_TABLE]]

Net Interest Income

Our operating results depend primarily on our net interest income, calculated as the difference between interest income on interest-earning assets, such as loans and securities, and interest expense on interest-bearing liabilities, such as deposits and borrowings. Fluctuations in market interest rates impact the yield and rates paid on interest-earning assets and interest-bearing liabilities, respectively. Changes in the amount and type of interest-earning assets and interest-bearing liabilities also impact our net interest income. To evaluate net interest income, we measure and monitor (1) yields on our loans and other interest-earning assets, (2) the costs of our deposits and other funding sources, (3) our net interest spread and (4) our net interest margin. Because noninterest-bearing sources of funds, such as noninterest-bearing deposits and shareholders’ equity, also fund interest-earning assets, net interest margin includes the benefit of these noninterest-bearing sources.

Six months ended June 30, 2026 vs. Six months ended June 30, 2025

Net interest income increased $21.8 million, or 23.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to increased interest income, partially offset by increased interest expense. The increase in interest income primarily resulted from an increase in loans, slightly offset by a decrease in loan yields. The increase in interest expense primarily resulted from an increase in interest-bearing demand deposits, slightly offset by a reduction in rates paid on interest-bearing demand deposits. Average loans increased from $4.00 billion for the six months ended June 30, 2025 to $5.17 billion for the six months ended June 30, 2026, primarily as a result of the Merger. The yield on loans for the six months ended June 30, 2026 was 7.03%, compared to 7.70% for the six months ended June 30, 2025. Interest expense related to interest bearing deposit accounts was $84.9 million and $73.8 million for six months ended June 30, 2026 and 2025, respectively. Average interest-bearing deposits increased from $3.71 billion for the six months ended June 30, 2025 to $4.94 billion for the six months ended June 30, 2026, primarily as a result of the Merger. The average rate paid on interest-bearing deposits decreased from 4.01% for the six months ended June 30, 2025 to 3.47% for the six months ended June 30, 2026. For the six months ended June 30, 2026, net interest margin and net interest spread were 3.75% and 3.17%, respectively, compared to 4.02% and 3.31%, respectively, for the six months ended June 30, 2025.

50

The following table presents an analysis of net interest income and net interest spread for the periods indicated, including average outstanding balances for each major category of interest-earning assets and interest-bearing liabilities, the interest earned or paid on such amounts, and the average rate earned or paid on such assets or liabilities, respectively. The table also sets forth the net interest margin on average total interest-earning assets for the same periods.

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1781730/000119312526091656/tcbx-20251231.htm
Complete FY 2025 MD&A: /company/TCBX/mda/fy2025/

Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-03-04
Report date: 2025-12-31

Overview

We are a bank holding company headquartered in Humble, Texas and operated through our wholly owned subsidiary, the Bank, and the Bank’s wholly owned subsidiary, TCCC. We focus on providing commercial banking solutions to small- and medium-sized businesses and professionals with operations in our markets. Our market expertise, coupled with a deep understanding of our customers’ needs, allows us to deliver tailored financial products and services. Following the completion of our merger with Keystone Bancshares, Inc., a Texas corporation (“Keystone”), discussed below, we currently operate twenty-two branches, with ten branches in the Greater Houston market, three branches in the Dallas-Fort Worth market, seven branches in the Austin-San Antonio market, one branch in Ballinger, Texas, and one branch in Detroit, Texas. As of December 31, 2025, we had, on a consolidated basis, total assets of $5.34 billion, total loans of $4.39 billion, total deposits of $4.63 billion and total shareholders’ equity of $531.0 million.

As a bank holding company that operates through one segment, community banking, we generate most of our revenue from interest on loans, and customer service and loan fees. We incur interest expense on deposits and other borrowed funds, as well as noninterest expense, such as salaries and employee benefits and occupancy expenses. We analyze our ability to maximize income generated from interest-earning assets and control the interest expenses of our liabilities, measured as net interest income, through our net interest margin and net interest spread. Net interest income is the difference between interest income on interest-earning assets, such as loans and interest-bearing time deposits in other banks, and interest expense on interest-bearing liabilities, such as deposits and borrowings, which are used to fund those assets. Net interest margin is a ratio calculated as net interest income divided by average interest-earning assets. Net interest spread is the difference between average rates earned on interest-earning assets and average rates paid on interest-bearing liabilities.

Changes in market interest rates and the interest rates we earn on interest-earning assets or pay on interest-bearing liabilities, as well as in the volume and types of interest-earning assets, interest-bearing liabilities and noninterest-bearing liabilities, are usually the largest drivers of periodic changes in net interest spread, net interest margin and net interest income. Fluctuations in market interest rates are driven by many factors, including governmental monetary policies, inflation, deflation, macroeconomic developments, changes in unemployment, the money supply, political and international conditions and conditions in domestic and foreign financial markets. Periodic changes in the volume and types of loans in our loan portfolio are affected by, among other factors, economic and competitive conditions in Texas, as well as developments affecting the real estate, technology, financial services, insurance, transportation, manufacturing and energy sectors within our target markets and throughout the state of Texas.

Keystone Merger

On February 1, 2026, we completed our merger with Keystone, the parent company of Keystone Bank, SSB (“Keystone Bank”), a Texas state savings bank, pursuant to the terms of the Agreement and Plan of Reorganization, dated as of October 22, 2025, by and among the Company, Arch Merger Sub, Inc. (“Merger Sub”), a Texas corporation and a wholly owned subsidiary of the Company, and Keystone (the “Merger Agreement”). Pursuant to the Merger Agreement, on February 1, 2026, Merger Sub merged with and into Keystone (the “Merger”), with Keystone surviving as a wholly owned subsidiary of the Company. Immediately following the Merger, Keystone merged with and into the Company, with the Company surviving the merger (the “Second Step Merger”). Immediately following the Second Step Merger, Keystone Bank merged with and into the Bank, with the Bank surviving the merger. The total aggregate consideration payable in the Merger was approximately 2.6 million shares of our common stock and $20 million in cash.

Registration of Securities Issued in Private Placement

The Company filed a Registration Statement on Form S-3 with the SEC on September 25, 2024 registering the resale from time to time by the securityholders named therein of the shares of Series A Preferred Stock and warrants to purchase an aggregate of 175,000 shares of the Company's common stock (or, at the election of the warrant holder in accordance with the terms of the warrant agreement, Series B Preferred Stock or non-voting common stock of the Company) (the “Preferred Warrants”)), issued to such securityholders in the private placement completed on September 30, 2022 and the securities issuable upon conversion of shares of

48

Series A Preferred Stock, Series B Preferred Stock or non-voting common stock, or upon exercise of the Preferred Warrants. The Registration Statement was declared effective by the SEC on October 4, 2024.

Conversion to State Bank

On March 13, 2024, the Bank completed its conversion from a Texas state savings bank to a Texas banking association. As a result of the conversion, the TDB is the Bank’s primary state regulator. The Bank remains as a member of the Federal Reserve System, and the Federal Reserve is the Bank’s primary federal regulator. The Federal Reserve also continues to be the Company’s primary federal regulator.

Results of Operations

This section provides a comparative discussion of the Company’s results of operations for the two-year period ended December 31, 2025, unless otherwise specified. See “Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of 2024 versus 2023 results.

Our results of operations depend substantially on net interest income and noninterest income. Other factors contributing to our results of operations include our level of our noninterest expenses, such as salaries and employee benefits, occupancy and equipment and other miscellaneous operating expenses. See the analysis of the material fluctuations in the related discussions that follow.

[[GREPCENT_TABLE]]
[["","For the Year Ended December 31,","","","For the Year Ended December 31,"],["(Dollars in thousands)","2025","","","2024","","","Increase (Decrease)","2024","","","2023","","","Increase (Decrease)"],["Interest income","$","354,030","","","$","328,356","","","$","25,674","","","","7.8","%","","$","328,356","","","$","266,544","","","$","61,812","","","","23.2","%"],["Interest expense","","158,813","","","","167,598","","","","(8,785",")","","","(5.2",")%","","","167,598","","","","127,019","","","","40,579","","","","31.9","%"],["Net interest income","","195,217","","","","160,758","","","","34,459","","","","21.4","%","","","160,758","","","","139,525","","","","21,233","","","","15.2","%"],["Provision for credit losses","","7,588","","","","5,701","","","","1,887","","","","33.1","%","","","5,701","","","","6,320","","","","(619",")","","","(9.8",")%"],["Noninterest income","","13,653","","","","10,621","","","","3,032","","","","28.5","%","","","10,621","","","","8,205","","","","2,416","","","","29.4","%"],["Noninterest expense","","118,537","","","","104,327","","","","14,210","","","","13.6","%","","","104,327","","","","99,798","","","","4,529","","","","4.5","%"],["Income before income taxes","","82,745","","","","61,351","","","","21,394","","","","34.9","%","","","61,351","","","","41,612","","","","19,739","","","","47.4","%"],["Income tax expense","","16,454","","","","13,680","","","","2,774","","","","20.3","%","","","13,680","","","","8,211","","","","5,469","","","","66.6","%"],["Net income","$","66,291","","","$","47,671","","","$","18,620","","","","39.1","%","","$","47,671","","","$","33,401","","","$","14,270","","","","42.7","%"]]
[[/GREPCENT_TABLE]]

Net Interest Income

Our operating results depend primarily on our net interest income, calculated as the difference between interest income on interest-earning assets, such as loans and securities, and interest expense on interest-bearing liabilities, such as deposits and borrowings. Fluctuations in market interest rates impact the yield and rates paid on interest-earning assets and interest-bearing liabilities, respectively. Changes in the amount and type of interest-earning assets and interest-bearing liabilities also impact our net interest income. To evaluate net interest income, we measure and monitor (1) yields on our loans and other interest-earning assets, (2) the costs of our deposits and other funding sources, (3) our net interest spread and (4) our net interest margin. Because noninterest-bearing sources of funds, such as noninterest-bearing deposits and shareholders’ equity, also fund interest-earning assets, net interest margin includes the benefit of these noninterest-bearing sources.

Year ended December 31, 2025 vs. Year ended December 31, 2024

Net interest income increased $34.5 million, or 21.4%, during the year ended December 31, 2025, compared to the year ended December 31, 2024, primarily due to increased interest income from loan growth, a portion of which loans were securitized, and the purchase of associated securities resulted in an increase in investment yields, and decreased rates paid on interest-bearing deposits. Average loans were $4.12 billion for the year ended December 31, 2025, compared to $3.79 billion for the year ended December 31, 2024, with the increase primarily due to loan growth in commercial and industrial loans. Average yield on loans was 7.68% for the year ended December 31, 2025, compared to 7.80% for the year ended December 31, 2024. Interest expense related to interest bearing deposit accounts was $150.3 million and $159.7 million for the years ended December 31, 2025 and 2024, respectively. Average interest-bearing deposits were $3.83 billion for the year ended December 31, 2025, compared to $3.46 billion for the year ended December 31, 2024. The average cost of interest-bearing deposits was 3.93% for the year ended December 31, 2025 and 4.62% for the year ended December 31, 2024. For the year ended December 31, 2025, net interest margin and net interest spread were 4.06% and 3.36%, respectively, compared to 3.67% and 2.81%, respectively, for the year ended December 31, 2024.

49

The following table presents an analysis of net interest income and net interest spread for the periods indicated, including average outstanding balances for each major category of interest-earning assets and interest-bearing liabilities, the interest earned or paid on such amounts, and the average rate earned or paid on such assets or liabilities, respectively. The table also sets forth the net interest margin on average total interest-earning assets for the same periods.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/TCBX/mda/fy2025/
All MD&A years: /company/TCBX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/TCBX/mda/fy2024/): filed 2025-03-05; accession 0000950170-25-033724 (https://www.sec.gov/Archives/edgar/data/1781730/000095017025033724/tcbx-20241231.htm)
- [FY 2023 MD&A](/company/TCBX/mda/fy2023/): filed 2024-03-07; accession 0000950170-24-027956 (https://www.sec.gov/Archives/edgar/data/1781730/000095017024027956/tcbx-20231231.htm)
- [FY 2022 MD&A](/company/TCBX/mda/fy2022/): filed 2023-03-15; accession 0000950170-23-008204 (https://www.sec.gov/Archives/edgar/data/1781730/000095017023008204/tcbx-20221231.htm)
- [FY 2021 MD&A](/company/TCBX/mda/fy2021/): filed 2022-03-17; accession 0000950170-22-003984 (https://www.sec.gov/Archives/edgar/data/1781730/000095017022003984/tcbx-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6036 Savings Institutions, Not Federally Chartered) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/TCBX.md · JSON record: /company/TCBX.json · verified financials: /company/TCBX/financials.json / /company/TCBX/financials.csv · machine TOC for the whole site: /llms.txt