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Employee Benefit Plans
6 Months Ended
Jun. 30, 2024
Postemployment Benefits [Abstract]  
Employee Benefit Plans
13.
Employee Benefit Plans

In 2009, the Company adopted the Third Coast Bank, SSB 401(k) Plan (the “Plan”) covering substantially all employees. Employees may elect to defer a percentage of their compensation subject to certain limits based on federal tax laws. The Company may make a discretionary match of employees’ contributions based on a percentage of salary contributed by participants.

Effective July 1, 2022, the Company amended the Third Coast Bank, SSB 401(k) Plan and merged that plan into the Third Coast Bank, SSB Employee Stock Ownership Plan (the “Merged Plan”). In connection with this amendment and plan merger, on July 1, 2022, the Company registered an aggregate of 400,000 shares of the Company's common stock, par value $1.00 per share, for issuance to the Merged Plan in connection with elections by participants to allocate a portion of their plan account balances (up to the limits prescribed under the Merged Plan) to the Company stock fund investment option. The number of shares held by the ESOP immediately prior to the plan merger was 149,461 shares. Under the Merged Plan, discretionary contributions made by the Company will be invested at the direction of the plan participant, in accordance with participant plan elections.

For the six months ended June 30, 2024 and 2023, Company contributions to the Merged Plan were approximately $768,000 and $742,000, respectively, and for the three months ended June 30, 2024 and 2023 Company contributions to the Merged Plan were approximately $380,000 and $410,000, respectively. Administrative expense related to the Merged Plan for the same six month periods totaled approximately $37,000 and $34,000, respectively, and for the same three month periods totaled approximately $18,000 and $9,000, respectively. The costs were included in salaries and employee benefits in the accompanying consolidated statements of income.