Third Coast Bancshares in Houston has cut about 5% of its employees as part of a cost-cutting effort.
The $4.2 billion-asset company said in a press release that the cuts are designed to “better align with current market conditions.” Roughly 20 jobs were cut based on the bank’s June 30 employment numbers.
Third Coast incurred $460,000 in severance costs during the third quarter.
The company had previously announced plans to wind down its auto-finance division.
Third-quarter profit fell by 37.1% from the second quarter and by 17.6% from a year earlier, to $5.6 million.