Tristate Capital (TSC) Tops Q1 EPS by 4c

April 21, 2021 4:28 PM EDT

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Tristate Capital (NASDAQ: TSC) reported Q1 EPS of $0.35, $0.04 better than the analyst estimate of $0.31. Revenue for the quarter came in at $51.99 million versus the consensus estimate of $51.63 million.

  • The company earned $0.35 per diluted share in the first quarter of 2021, compared to $0.38 in the first quarter of 2020 and $0.37 in the fourth quarter of 2020.
  • First quarter 2021 results reflect a significantly higher number of diluted average shares outstanding and a $1.1 million increase in preferred dividends, compared to the linked quarter, both resulting from the company’s December 30, 2020 private placement of $105 million of common stock, convertible preferred stock and warrants.

“TriState Capital’s ability to surpass $10 billion in assets and $11 billion in AUM reflects our success in building the TriState Capital brand and driving meaningful demand for our core investment management, private banking and commercial banking offerings, with each of these businesses contributing to our exceptional growth in net income, as well as record pre-tax income and total revenue in the first quarter,” Chairman and Chief Executive Officer James F. Getz said. “Chartwell experienced a breakout quarter, generating impressive investment performance, investment management fee growth, and strong net inflows of client assets. TriState Capital Bank also expanded net interest margin and grew net interest income through continued growth in private banking loans and in-market commercial lending in the quarter. We continue to anticipate strong and responsible top- and bottom-line growth in 2021, based on our robust new-business pipelines, agile funding mechanism, financial services distribution capability and strong risk management as we enter a more favorable economic and credit environment.”

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

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