Third Coast Bancshares, Inc. (TCBX) vs Washington Trust Bancorp, Inc. (WASH)

Third Coast Bancshares, Inc. and Washington Trust Bancorp, Inc. are both Banks Regional companies. Third Coast Bancshares, Inc. and Washington Trust Bancorp, Inc. are of similar size ($738.6M and $713.0M). Third Coast Bancshares, Inc. trades at the lower P/E: 9.2× against 13.4×. Washington Trust Bancorp, Inc. grew revenue faster over the last twelve months: 24.9% against 16.9%. Third Coast Bancshares, Inc. has the higher net margin (17.1% vs 14.5%) and the higher return on invested capital (21.9% vs 4.90%). Across the 19 metrics below, Third Coast Bancshares, Inc. leads on 12 and Washington Trust Bancorp, Inc. on 7.

Valuation

Metric TCBX WASH Banks Regional median
P/E 9.18 13.35 12.15
P/S 1.76 1.94 2.37
P/B 1.07 1.34 1.21
Price to free cash flow 45.46 7.73 10.80
EV/EBITDA n/m n/m —
EV/Sales 1.09 2.86 2.27
Earnings yield 10.89% 7.49% 8.11%
Free cash flow yield 2.20% 12.94% 8.98%

Profitability

Metric TCBX WASH Banks Regional median
Gross margin 58.05% 61.25% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 17.07% 14.50% 18.66%
Free cash flow margin 3.87% 25.09% 21.18%
Return on equity 11.92% 10.25% 10.64%
Return on assets 1.19% 0.83% 1.13%
Return on invested capital 21.87% 4.90% 8.33%

Growth

Metric TCBX WASH Banks Regional median
Revenue growth (TTM) 16.85% 24.92% 6.61%
EPS growth (last fiscal year) 36.33% 266.26% —
Revenue growth, 5-year CAGR 34.06% 7.90% 12.30%
Net income growth, 5-year CAGR 38.41% (5.60%) 9.71%

Health

Metric TCBX WASH Banks Regional median
Debt to equity 0.00 0.86 0.22
Current ratio 0.97 0.97 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric TCBX WASH Banks Regional median
Dividend yield — 8.74% 3.75%
Payout ratio 0.00 0.65 0.27

Size

Metric TCBX WASH Banks Regional median
Market cap 713.00m 738.56m 921.07m

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