TCBX Third Coast Bancshares Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS

AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

(Mark One)

☒	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 001-41028

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Third Coast Bank, SSB 401(k) and Employee Stock Ownership Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Third Coast Bancshares, Inc.

20202 Highway 59 North, Suite 190

Humble, Texas 77338

 

 

 

 

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Table of Contents

 

REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Report of Independent Registered Public Accounting Firm	1
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits	2
Statements of Changes in Net Assets Available for Benefits	3
Notes to Financial Statements	4
SUPPLEMENTAL SCHEDULE*
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2022	9
EXHIBIT INDEX	10
SIGNATURES	11

 

*Other schedules required by 29 CFR 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Participants and Plan Administrator of

Third Coast Bank, SSB 401(K) Plan and Employee Stock Ownership Plan:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Third Coast Bank, SSB 401(k) Plan and Employee Stock Ownership Plan (the “Plan”) as of December 31, 2022 and 2021, the related statement of changes in net assets available for benefits for the year ended December 31, 2022, and the related notes to the financial statements (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Information

The supplemental information in the accompanying Schedule H. Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2022, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ham, Langston & Brezina, L.L.P.

 

We have served as the Plan’s auditor since 2022.

Houston, Texas

June 29, 2023

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THIRD COAST BANK, SSB 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN

Statements of Net Assets Available for Benefits

December 31, 2022 and 2021

 

		December 31,
		2022				2021
ASSETS:
Investments, at fair value:
Money market		$	—			$	711,422
Employer securities			2,538,230				—
Mutual funds			12,736,599				10,951,951
Total investments, at fair value			15,274,829				11,663,373
Fully benefit-responsive investment contract, at contract value			195,103				—
Total investments			15,469,932				11,663,373
Receivables:
Notes receivable from participants			250,259				240,108
Total receivables			250,259				240,108
Net assets available for benefits		$	15,720,191			$	11,903,481

 

See accompanying Notes to Financial Statements

 

2

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THIRD COAST BANK, SSB 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN

Statement of Changes in Net Assets Available for Benefits

For the Year Ended December 31, 2022

 

		December 31,
		2022
Additions to net assets attributed to:
Investment loss:
Interest and dividends		$	303,583
Net depreciation in fair value of investments			(2,962,889	)
Total investment loss			(2,659,306	)
Interest income on notes receivable from participants			12,170
Contributions:
Employer			663,380
Participants			2,715,778
Participant rollovers			1,182,490
Total contributions			4,561,648
Total additions			1,914,512
Deductions from net assets attributed to:
Benefits and withdrawals			1,365,669
Administrative expenses			42,697
Total deductions			1,408,366
Net increase in net assets available for benefits before
transfers in from other qualified plans			506,146
Transfers in from other qualified plans			3,310,564
Net increase in net assets available for benefits			3,816,710
Net assets available for benefits:
Beginning of year			11,903,481
End of year		$	15,720,191

 

See accompanying Notes to Financial Statement

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THIRD COAST BANK, SSB 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN

NOTES TO FINANCIAL STATEMENTS

 

1. Description of Plan

The following description of the Third Coast Bank, SSB (the “Company”) 401(k) and Employee Stock Ownership Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General

The Plan, established on January 1, 2009, is a defined contribution plan covering generally all employees of Third Coast Bank, SSB and Third Coast Commercial Capital, Inc. (collectively, the “Company”) and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.

Effective July 1, 2022, the Plan was amended and restated to incorporate all previous amendments to the Plan and changes to regulations to which the Plan is subject. The Plan, as amended and restated, is composed of an employee stock ownership plan (“ESOP”) portion and a non-ESOP portion. The ESOP portion consists only of investments in Third Coast Bancshares, Inc. (“Parent”) common stock.

Effective August 1, 2022, the Third Coast Bank, SSB Employee Stock Ownership Plan was merged into the Plan. Investments totaling $3,310,564, consisting of shares of common stock of the Parent, were transferred in-kind to the Plan.

Administration

Newport Trust Company served as the Plan’s trustee and Newport Group, Inc. served as the Plan’s recordkeeper from January 1, 2021 to June 30, 2022. Effective July 1, 2022, Principal Trust Company (the “Trustee”), under a Directed Trust agreement, became the Plan’s trustee and Principal Financial Group (the “Recordkeeper”) became the Plan’s recordkeeper. The Company is the administrator of the Plan.

Eligibility

All employees of the Company, except for union, leased, and nonresidential alien employees, are immediately eligible to participate in the Plan upon hire.

Contributions

The Plan provides for voluntary pre-tax and Roth participant contributions expressed as a percentage of the participant’s eligible compensation. Contributions cannot exceed the limitation ($20,500 in 2022) set forth in Section 402(g) of the Internal Revenue Code (“IRC”). Participants may make catch-up contributions (pre-tax contributions that exceed the annual elective deferral limit) during any calendar year ending on or after the participant's 50th birthday. A participant's total catch-up contribution is limited to a maximum of $6,500 in both 2022.

The Company adopted the Safe Harbor Provision of the IRC. The Plan provides for a mandatory Safe Harbor contribution on behalf of each participant in the amount equal to 100% of the participant’s elective deferrals that do not exceed 3% of the participant’s eligible compensation, as defined in the Plan document, for the Plan year, plus 50% of the participant’s elective deferrals that exceed 3% of the participant’s eligible compensation, but do not exceed 5% of the participant’s eligible compensation. Prior to July 1, 2022, the Plan provided that the Safe Harbor contributions be deposited into the Third Coast Bank, SSB Employee Stock Ownership Plan. Effective July 1, 2022, the Safe Harbor contributions are deposited into the Plan and allocated to Plan investments at the direction of the participant. The Company may also make discretionary employer match and discretionary profit sharing contributions as described in the Plan Document. The Company did not make a discretionary employer match or discretionary profit sharing contribution in 2022.

Vesting

Participants are immediately vested at 100% in their pre-tax and Roth contributions, rollover contributions, Safe Harbor contributions, discretionary employer match contributions, and discretionary profit sharing contributions plus actual earnings.

Participant Accounts

Each participant’s account is credited with the participant’s contribution, an allocation of Plan earnings/losses, the employer’s Safe Harbor, discretionary match and discretionary profit sharing contributions, if any, and administrative expenses. Allocations are based on participant contributions, participant earnings or account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account balance.

Participants direct the allocation of their account balance in any of several investment options. Participants can change their investment options among the various investment funds either through direct transfers from one fund to another or by changing the percentage allocation of future contributions.

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THIRD COAST BANK, SSB 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN

NOTES TO FINANCIAL STATEMENTS — (Continued)

 

Notes Receivable from Participants

Participants may borrow a minimum of $1,000 from their fund accounts up to a maximum equal to the lesser of 50% of their vested account balance or $50,000. The loans are made for terms not to exceed five years unless the loan is used to acquire a principal residence, in which case, the administrator may permit a longer repayment term. Repayments of principal and interest are credited to the funds in which the participant’s deferrals and discretionary employer match contributions are invested.

Principal and interest are paid ratably through payroll deductions. The maximum number of loans that a participant may have outstanding at any one time is one. All notes receivable shall bear a reasonable rate of interest as determined by the Plan administrator based on the prevailing interest rates charged by persons in the business of lending money for loans which would be made under similar circumstances. Interest rates on outstanding loans ranged from 5.25% to 9.50% during the year ended December 31, 2022.

Benefit Payments

Participants are eligible for distributions of their vested account balances upon the event of death, disability, retirement, termination of employment, hardship, or the attainment of age 70½. In-service withdrawals are permitted on or after participants attain age 59 ½ in accordance with Plan provisions.

If the value of the participant's account balance upon termination is less than $5,000, and the participant does not consent to a lump-sum distribution, the account balance will be distributed to an individual retirement account for the benefit of the participant at the direction of the Plan administrator.

Administrative Expenses

Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. Fees related to the administration of notes receivable from participants and distributions to participants are charged directly to the participant’s account and are included in administrative expenses.

Forfeitures

Forfeitures are retained in the Plan and may be used to pay Plan expenses and may also be used to reduce future safe harbor, discretionary employer match, or discretionary profit sharing contributions. During 2022, forfeitures of approximately $2,282 were used to pay Plan administrative expenses or reduce safe harbor, discretionary employer match, or discretionary profit sharing contributions. As of December 31, 2022 and 2021, there were $0 and $2,282, respectively, of forfeitures available to be utilized.

2. Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan are prepared under the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of net assets available for benefits and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits and the statements of changes in net assets available for benefits.

Investment Valuation and Income Recognition

The Plan’s investments, other than the fully benefit-responsive investment contract, are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) in fair value of investments includes realized gains and losses on investments sold during the year and unrealized appreciation (depreciation) of investments held at the end of the year.

5

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THIRD COAST BANK, SSB 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN

NOTES TO FINANCIAL STATEMENTS — (Continued)

 

For fully benefit-responsive investment contracts of a defined contribution plan, contract value is the relevant measurement attributable to that portion of the net assets available for benefits, because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.

Notes Receivable from Participants

Participant notes receivable are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is accrued as earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. Delinquent participant notes receivable are reclassified as distributions based upon the terms of the Plan document. No allowance for loss on uncollectable notes receivable from participants was recorded as Plan management determined that the notes receivable from participants were adequately collateralized.

Benefit Payments

Benefits are recorded when paid.

3. Fair Value Measurements

Accounting Standards Codification (“ASC”) 820, Fair Value Measurement and Disclosures, (“ASC 820”) defines fair value and establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2 Inputs to the valuation methodology include:

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

In determining fair value, the Plan uses the market approach, which uses prices and other relevant data based on market transactions involving identical or comparable assets and liabilities.

Following is a description of the valuation methodology used for assets measured at fair value. There have been no changes in the methodology used at December 31, 2022 and 2021.

Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

Third Coast Bancshares, Inc. common stock: Valued at the closing price reported on the active market on which the individual securities are traded.

Money market fund: Valued at amortized cost, which approximates fair value.

The method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan administrator believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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THIRD COAST BANK, SSB 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN

NOTES TO FINANCIAL STATEMENTS — (Continued)

 

The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value on a recurring basis as of December 31, 2022 and 2021:

		Investments at Fair Value at December 31, 2022
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
Mutual Funds		$	12,736,599			$	—			$	—			$	12,736,599
Third Coast Bancshares, Inc. common stock			2,538,230				—				—				2,538,230
Total investments, at fair value		$	15,274,829			$	—			$	—			$	15,274,829
		Investments at Fair Value at December 31, 2021
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
Mutual Funds		$	10,951,951			$	—			$	—			$	10,951,951
Money market			711,422				—				—				711,422
Total investments, at fair value		$	11,663,373			$	—			$	—			$	11,663,373

 

4. Guaranteed Annuity Contract

The Plan offers the option to invest in the Principal Fixed Income Guaranteed Option (the “Contract), a fully benefit-responsive group annuity contract issued by the Principal Life Insurance Company (“Principal”). Principal maintains the contributions in a general account. The contract is reported at contract value. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses.

The contract issuer is contractually obligated to repay the principal and interest at the specified interest rate this is guaranteed to the Plan. The crediting rate is based on a formula established by the contract issuer but may not be less than 1% or greater than 3%. The crediting rate is reviewed on a quarterly basis for resetting.

An employer-level surrender of the Plan’s interest in the Contract or employer-initiated transfer is subject to either a 12-month advance notice or a 5% surrender charge, whichever the employer chooses.

There are no reserves against contract value for credit risk of the contract issuer or otherwise. Although the existence of certain conditions or transactions outside of the normal operations of the Contract could limit the Plan’s ability to transact at contract value, management has determined that as of December 31, 2022, these conditions or transactions are not considered probable.

5. Tax Status

Effective July 1, 2022, the Plan adopted a non-standardized pre-approved plan sponsored by Principal Life Insurance Company. The non-standardized pre-approved plan sponsor received an opinion letter from the IRS dated June 30, 2020, stating that the Plan and related trust are designed in accordance with the applicable requirements of the IRC. The Plan has been amended since receiving the opinion letter. However, the Plan administrator believes the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Accordingly, no provision for federal income tax has been recorded.

Prior to July 1, 2022, the Plan utilized a volume submitter (“VS”) plan that is designed to comply with provisions of the IRC’s Economic Growth and Tax Reconciliation Act of 2001 (“EGTRRA”). Such VS plans are pre-approved by the IRS by reference to the Cumulative List of Changes in Plan Qualification Requirements (the “Cumulative List”) provided under EGTRRA. Accordingly, the Plan was eligible for a six-year remedial amendment cycle. Because the Plan was a VS plan, the Company was not authorized to amend the Plan except to comply with changes in the Cumulative List. The Plan received a favorable determination letter from the IRS on March 31, 2014.

Plan management evaluates tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2022 and 2021, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

6. Plan Termination

Although it has not expressed any intent to do so, the Company has the right to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.

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THIRD COAST BANK, SSB 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN

NOTES TO FINANCIAL STATEMENTS — (Continued)

 

7. Party-in-Interest Transactions

Certain Plan investments are in shares of Third Coast Bancshares, Inc. common stock and contracts issued by Principal. The Plan also issues notes receivable from participants. These transactions qualify as party-in-interest transactions, as defined by ERISA. However, such transactions are permitted under the provisions of the Plan and are exempt from the prohibition of party-in-interest transactions under ERISA.

As of December 31, 2022 and 2021, the Plan held 137,722 and 0 shares of Third Coast Bancshares, Inc. common stock, respectively.

8. Subsequent Events

Plan management has evaluated subsequent events through June 29, 2023, which is the date the financial statements were issued, and has concluded that there are no significant events to be reported.

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THIRD COAST BANK, SSB 401(K) AND EMPLOYEE STOCK OWNERSHIP PLAN

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

December 31, 2022

 

EIN: 26-2027557

PN: 001

 

(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party		(c) Description of Investment, Including Maturity Date, Rate of Interest Collateral, Par or Maturity Value		(d) Cost		(e) Current Value
	Fidelity Investments		FIDELITY MID CP INDEX FUND		**		$	133,565
	Fidelity Investments		FIDELITY SM CAP INDEX FUND		**			62,952
	Fidelity Investments		FIDELITY 500 INDEX FUND		**			567,868
	Fidelity Investments		FIDELITY INTERNATIONSAL IDX FD		**			35,797
	American Century Inv Mgmt		AMER CENTURY SML CAP VAL R6 FD		**			15,936
	Oppenheimer		INV DS MP GTH R6 FD		**			6,858
	Allspring Global Investments		ALLSPRING CORE PLUS BOND R6		**			6,117
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2065 R6 FD		**			52,814
	Massachusetts Financial Svc Co		MFS MID CAP VALUE R6 FUND		**			21,163
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2010 R6 FD		**			57,110
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2015 R6 FD		**			127,041
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2020 R6 FD		**			1,181,456
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2025 R6 FD		**			1,943,946
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2030 R6 FD		**			2,317,104
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2035 R6 FD		**			973,330
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2040 R6 FD		**			1,008,640
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2045 R6 FD		**			1,785,767
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2050 R6 FD		**			1,200,831
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2055 R6 FD		**			575,634
	Capital Research and Mgmt Co		AM FDS TRGT DTE RTM 2060 R6 FD		**			263,753
	JP Morgan Funds		JP MORGAN LARGE CAP GR R6 FD		**			95,533
	Neuberger Berman Management		NEUB BERM LG CP VAL R6 FD		**			123,531
	PGIM Investments		PGIM HIGH YIELD R6 FUND		**			11,770
*	Principal Life Insurance Company		PRIN FIXED INC GUAR OPTION		**			195,103
	Putnam Investments		PUTNAM SM CAP GROWTH R6 FUND		**			13,110
*	THIRD COAST BANCSHARES INC		THIRD COAST BANCSHARES INC STK		**			2,538,230
	Thornburg		THORNBURG STRAT INCOME R6 FUND		**			129,592
	Transamerica		TRANSAMERICA INTL EQ R6 FUND		**			12,404
	William Blair & Company		WILLIAM BLAIR INTL LDRS R6 FD		**			12,977
								15,469,932
*	Participant Loans		Participant loans bearing interest rates ranging from 5.25% to 9.50% per year					250,259
							$	15,720,191

* Represents a party-in-interest.

** Cost information omitted for participant directed investments.

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Exhibit Index

 

Exhibit Number		Description
23.1		Consent of Independent Registered Public Accounting Firm

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		Third Coast Bank, SSB 401(k) and Employee Stock Ownership Plan
Date: June 29, 2023		By:	/s/ R. John McWhorter
			R. John McWhorter
			Third Coast Bank, SSB
			Chief Financial Officer

 

 

 

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EXHIBIT 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-265993) of Third Coast Bancshares, Inc. of our report dated June 29, 2023 relating to the financial statements and supplemental schedule of the Third Coast Bank, SSB 401(k) and Employee Stock Ownership Plan, which appears in this Form 11-K.

/s/ Ham, Langston & Brezina, L.L.P.

 

Houston, Texas

June 29, 2023

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