Tristate Capital (TSC) Tops Q1 EPS by 1c

Tristate Capital (NASDAQ: TSC) reported Q1 EPS of $0.26, $0.01 better than the analyst estimate of $0.25. Revenue for the quarter came in at $32.33 million versus the consensus estimate of $32.93 million.

FIRST QUARTER 2017 HIGHLIGHTS

• EPS grew 23.8% and net income increased 28.2% from the first quarter of 2016
• Total assets cross $4 billion threshold with $4.1 billion at quarter end
• Net interest income (NII) of $20.9 million, investment management fees of $9.3 million, total non-interest income of $11.4 million and revenue of $32.3 million each marked first quarter records with strong double-digit growth over the same period last year
• Recent investments designed to enhance treasury management liquidity drove non-brokered deposit growth of $266.9 million in the first three months of 2017, offsetting a significant strategic reduction in brokered deposits and increasing total deposits by $561.7 million, or 20.4%, from one year prior and $31.1 million, or 0.9%, during the quarter to $3.32 billion
• Loans grew $640.5 million, or 22.1%, from one year prior and $136.0 million, or 4.0%, during the quarter to $3.54 billion, supporting TriState Capital’s ongoing long-term compound annual growth goal of 15%
• Strong credit quality continued with non-performing assets (NPAs) declining to 0.45% of assets and adverse-rated credits declining to 1.13% of loans at period end
• Investment management fees and total non-interest income represented 28.9% and 35.3% of total revenue, respectively
• Market appreciation and inflows took Chartwell assets under management (AUM) to $8.2 billion

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

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