Third Coast Bancshares announces $30 million share buyback plan

HOUSTON - Third Coast Bancshares, Inc. (NASDAQ:TCBX), a $414 million market cap regional bank that has delivered a remarkable 54% return over the past year, announced Tuesday that its Board of Directors has authorized a new share repurchase program of up to $30 million of its common stock.

The program will expire on May 22, 2026, and received non-objection from the Federal Reserve Bank of Dallas on June 16, according to a company press release.

Under the repurchase program, the Texas-based bank holding company may buy shares through various methods including open market transactions, privately negotiated deals, and block trades, all in compliance with federal securities laws.

The company noted that the program does not obligate Third Coast to repurchase any specific number of shares and can be extended, modified, suspended or terminated at any time by its Board of Directors.

Management will determine specific details of each repurchase, including method, timing, and price range, based on factors such as the company’s capital status, liquidity, financial performance, market conditions, and regulatory requirements.

Third Coast Bancshares operates primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its wholly owned subsidiary, Third Coast Bank, which conducts banking operations through 19 branches across Texas.

In other recent news, Third Coast Bancshares Inc. reported its first-quarter 2025 earnings, with earnings per share (EPS) surpassing expectations at $0.78, compared to the forecast of $0.71. However, the company’s revenue slightly missed projections, coming in at $45.9 million against an anticipated $46.15 million. The company maintained a flat net income of $12.4 million from the previous quarter, while net interest income grew by 12.4% year-over-year. Additionally, Third Coast Bancshares successfully completed a $200 million commercial real estate securitization early in the second quarter, which is expected to lower its commercial real estate and construction concentration. Analyst Matt Olney from Stephens adjusted the price target for the company to $39.00 from $44.00, maintaining an Overweight rating due to the company’s solid performance but cautious macroeconomic conditions. During its Annual Meeting of Shareholders, Third Coast Bancshares elected several directors to its board and ratified Whitley Penn LLP as its independent registered public accounting firm for the year ending December 31, 2025. These developments reflect the company’s strategic moves to enhance growth and manage risks effectively.

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