Tristate Capital (TSC) Tops Q1 EPS by 5c

Tristate Capital (NASDAQ: TSC) reported Q1 EPS of $0.48, $0.05 better than the analyst estimate of $0.43.

• Pre-tax income grew to $17.1 million, increasing 28.9% from the prior year period and 11.4% from the linked quarter.
• Net interest income (NII) and non-interest income, excluding gains and losses on debt securities, combined to generate total revenue of $43.4 million, increasing 16.2% from the prior year period and 5.4% from the linked quarter.
• Average loans grew to $5.18 billion, up 24.3% from the same period last year and 6.7% from the linked quarter.
• Private banking loans of $2.98 billion comprised 55.9% of total loans at period end, reflecting growth of 27.3% from one year prior and 3.9% from December 31, 2018.
• Average deposits grew to $5.04 billion, up 27.5% from the same period last year and 5.0% from the linked quarter.
• Chartwell’s assets under management (AUM) grew to $9.73 billion at period end, up 16.6% compared to one year prior and 5.9% during the quarter.
• Investment management fees grew to $9.4 million, increasing 5.8% from the same period last year and 2.2% from the linked quarter.

“Effective execution across all our business lines continues to be reflected in our record results and first quarter financial metrics,” Chairman and Chief Executive Officer James F. Getz said. “Critical mass is being reached for both Chartwell and TriState Capital Bank, and demand for the company’s investment management, private banking, commercial banking and treasury management offerings has never been stronger. Just as importantly, our ability to meet that demand and the expectations of our clients is better than ever, and we’re very well positioned to realize each of the full-year 2019 performance goals we introduced in January.”

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

You May Also Be Interested In

• CalPrivate Bank names Andra Frazier as chief credit officer
• Four Tree Island Advisory calls DoubleDown $11.25 offer too low
• BD names Gary Sorsher as chief quality officer, replacing retiree