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On May 22, 2025, Third Coast Bancshares, Inc. (TCBX), a Texas-based savings institution with a market capitalization of $425 million, conducted its Annual Meeting of Shareholders. According to InvestingPro data, the company has maintained profitability over the last twelve months, with a healthy 17.4% revenue growth. Several key decisions were made concerning its board of directors and the appointment of its independent registered public accounting firm for the upcoming fiscal year.
During the meeting, shareholders voted on the election of directors to the company’s board. The results concluded with the election of four individuals to serve as Class C directors until the 2028 annual meeting, one as a Class A director until the 2026 annual meeting, and one as a Class B director until the 2027 annual meeting, or until their successors are elected and qualified. The votes were cast as follows: Martin Basaldua received 4,697,331 for, 3,721,261 against, 29,644 abstained, and 1,735,440 broker non-votes. David Phelps had 7,464,110 for, 971,864 against, 12,262 abstained, and 1,735,440 broker non-votes. Reagan Swinbank was elected with 7,122,011 for, 1,307,920 against, 18,305 abstained, and 1,735,440 broker non-votes. Greg Bonnen received 7,029,489 for, 1,405,051 against, 13,696 abstained, and 1,735,440 broker non-votes. Mary Stich, a Class A director, received 7,327,380 for, 1,104,145 against, 16,711 abstained, and 1,735,440 broker non-votes. Lastly, Lynn Eisenhart, a Class B director, received 7,466,969 for, 964,556 against, 16,711 abstained, and 1,735,440 broker non-votes.
Additionally, the appointment of Whitley Penn LLP as the company’s independent registered public accounting firm for the year ending December 31, 2025, was ratified with 8,962,200 votes for, 1,220,976 against, and 500 abstained.
The announcement of the voting results is based on the information provided in the company’s SEC filing.
In other recent news, Third Coast Bancshares Inc. reported first-quarter 2025 earnings per share (EPS) of $0.78, surpassing the forecasted $0.71. Despite this earnings beat, the company’s revenue slightly missed expectations, coming in at $45.9 million against a forecast of $46.15 million. Analysts from Stephens have adjusted their price target for Third Coast Bancshares, reducing it to $39.00 from $44.00, while maintaining an Overweight rating. This adjustment follows the company’s first-quarter performance and a successful $200 million commercial real estate securitization aimed at reducing concentration risks and generating short-term fees. The securitization is expected to positively impact the net interest margin in the second quarter. The company also reported a stable net income of $12.4 million, with net interest income growing by 12.4% year-over-year. Furthermore, Third Coast Bancshares is targeting $325 million in loan growth for the year, representing an 8% annual run rate. Despite macroeconomic uncertainties, the company remains optimistic about its strategic initiatives and future growth prospects.
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