Tristate Capital (TSC) Tops Q4 EPS by 4c, Revenues Miss

Tristate Capital (NASDAQ: TSC) reported Q4 EPS of $0.50, $0.04 better than the analyst estimate of $0.46. Revenue for the quarter came in at $41.18 million versus the consensus estimate of $43.28 million.

“TriState Capital’s record performance illustrates the consistent earnings power of our unique combination of businesses with diverse revenue streams, attractive risk profiles, growing client base, and a balance sheet built for growth and resilience across economic cycles and operating environments,” Chief Executive Officer James F. Getz said. “As we begin the new year, pipelines are very strong for each of our three business channels. We are very confident about demand trends for our select product offerings and markets, as well as our team’s ability to consistently execute against our growth strategy in 2019 and beyond.”

FOURTH QUARTER 2018 HIGHLIGHTS

• Chartwell’s active investment strategies generated net inflows of $174 million in 2018 and $25 million in the quarter
• Net interest income (NII) grew to a record $29.5 million, increasing 19.1% from the fourth quarter of 2017 and 2.5% from the linked quarter
• Total loans surpassed $5 billion at period end, growing 22.7% from one year prior and 7.9% during the quarter
• Private banking loans grew 26.6% from one year prior and 9.2% during the quarter, commercial and industrial loans grew 17.6% from one year prior and 1.8% during the quarter and commercial real estate loans grew 18.2% from one year prior and 8.8% during the quarter
• Total assets surpassed $6 billion at period end, growing 26.3% from one year prior and 8.3% during the quarter
• Total deposits surpassed $5 billion at period end, growing 26.7% from one year prior and 6.2% during the quarter, supported by continued growth in national deposits and family office deposits and demand for treasury and liquidity management products
• Superior credit quality metrics continued to improve, with non-performing assets declining to 0.09% of assets, non-performing loans declining to 0.04% of loans and adverse-rated credits declining to 0.48% of loans at period end
• Operating leverage drove further improvement in the bank’s efficiency ratio to 53.09% for the year and 54.60% for the quarter

For earnings history and earnings-related data on Tristate Capital (TSC) click here.

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