Third Coast Bancshares, Inc. · NYSE:TCBX
Third Coast Bancshares — Merger or Acquisition (October 2025)
18 slides from Third Coast Bancshares's merger presentation, Oct 22, 2025
Slide 1: Third Coast Investor Presentation: Partnering with Keystone and Expanding Austin Market Share
Third Coast Investor Presentation OCTOBER 22, 2025 Partnering with Keystone and Expanding Austin Market Share Exhibit 99.2
Slide 2: Disclaimer: Forward-Looking Statements
DISCLAIMER Forward-Looking Statements This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act
Slide 3: Creating a premier Texas franchise
Creating a premier Texas franchise Attractive financial impact Expected to deliver EPS accretion in year one with strong IRR and ~1.5 year earn-back Growth in key markets Expands TCBX’s presence in rapidly growing Austin markets Enhances diversification Adds to geographic diversification and improve
Slide 4: Overview of Keystone Bancshares, Inc. and Austin Footprint
Austin Footprint Overview of Keystone Bancshares, Inc. Bank level data unless otherwise noted. Non-GAAP financial measure. Map does not include 1 Keystone branch in Ballinger, Texas. Note: Bank level data utilized where consolidated financial data unavailable; Financial data as of September 30, 2025
Slide 5: Compelling Austin Market Demographics
Compelling AusTin Market Demographics S&P Capital IQ Pro. // (2) Austin Chamber of Commerce. // (3) Texas Economic Development Corporation. // (4) Cain Realty Group. // (5) Opportunity Austin. Austin Texas Nationwide Market Accolades(1) Top Employers in Austin(5) Austin Market Accolades #25 MSA by P
Slide 6: Meaningful Texas presence with a larger footprint in Austin
Meaningful Texas presence with a larger footprint in Austin Excludes The Charles Schwab Corp. and the United State Automobile Association. Note: Deposit data as of June 30, 2025; illustrated pro forma for pending and completed acquisitions. Source: S&P Capital IQ Pro. Texas Headquartered Bank Market
Slide 7: Pro Forma Loan and Deposit Composition
Pro Forma Loan and Deposit Composition Excludes purchase accounting adjustments. Note: Data as of September 30, 2025. Source: S&P Capital IQ Pro; Company Documents. Yield on loans 7.95% Yield on loans 7.05% Yield on loans 7.79% Cost of total deposits 3.60% Cost of total deposits 3.09% Cost of total
Slide 8: Transaction Terms & Structure
TRANSACTION TERMS & STRUCTURE Pricing Structure (5) Leadership & Branding Timing & Approvals $123.0M Deal Value(1) DV / TBVPS: 123%(2) Deal Value / ’26E Net Income: 11.6x(3) Deal Value / ’27E Net Income: 10.7x(3) (with cost savings: 7.5x (3) (4)) Core Deposit Premium: 3.4% Each common share of Keyst
Slide 9: Due Diligence Process
DUE DILIGENCE PROCESS Corporate & Organizational Legal & Regulatory Human Resources & Compliance Technology Financial, Treasury & Audit Credit & Loan Review Deposits & Funding Contracts Overview Management conducted diligence over a ~60-day period leading up to the announcement of the transaction, i
Slide 10: Key Transaction Assumptions
KEY TRANSACTION ASSUMPTIONS Estimated Cost Savings Loan Mark & Other Marks CDI Other Approximated 25% of Keystone’s non-interest expense 75% expected to be realized in 2026, and 100% thereafter ($6.3 million fully-phased in 2027) $217k, write up net of reserves $7.5 million gross credit mark $588k i
Slide 11: Estimated 2027 Financial Impact
ESTIMATED 2027 FINANCIAL IMPACT EPS Accretion(1)(3) TBV Impact at Close(2)(3) Internal Rate of Return Strong Pro Forma Capital Ratios 7.0% 2.6% Dilution 1.5 Yr Earnback ~ 23% TCE Ratio Leverage Ratio CET1 Ratio TRBC Ratio 8.3% 8.9% 9.3% 12.3% Based on 11.0x terminal multiple TBV earnback based on cr
Slide 12: Strategically compelling transaction
Strategically compelling transaction Solidifies presence in Austin–Round Rock–San Marcos, TX MSA Achievable cost savings & efficiencies Adds geographic diversity and increases granular deposits Strategic & cultural fit Favorable transaction metrics
Slide 13: Appendix: Non-GAAP Financial Measures
Non–GAAP Financial Measures APPENDIX
Slide 14: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Note: Financial impact metrics assume TCBX’s closing price of $39.17 as of 10/21/2025; assumes full cash election of $20 million; estimated at closing of the transaction (March 31, 2026) and assumes conversion of TCBX’s convertible preferred securities i
Slide 15: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Note: Financial impact metrics assume TCBX’s closing price of $39.17 as of 10/21/2025; assumes full cash election of $20 million; estimated at closing of the transaction (March 31, 2026) and illustratively assumes full conversion of TCBX’s convertible pr
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Note: EPS accretion assumes 100% phased-in cost savings in 2027; metrics assume TCBX’s closing price of $39.17 as of 10/21/2025; assumes full cash election of $20 million.
Slide 17: Additional information
Additional information No Offer or Solicitation This communication is being made in respect of the proposed merger transaction involving Third Coast and Keystone. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any
Slide 18: Third Coast Bancshares, Inc. Thank you
THIRD COAST BANCSHARES, INC. NYSE & NYSE Texas: TCBX Thank you. © 2025 Third Coast Bancshares, Inc.
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