TriState Capital Holdings, Inc. (TSC) stated record yearly growth in deposits and loans, record net interest income and further improvements in the company’s superior credit quality metrics in the second quarter of 2k19, as well as strong investment performance at its asset management business.
SECOND QUARTER 2k19 HIGHLIGHTS
- Net interest income (NII) grew to a record $31.3M, increasing 8.7% from the previous year period and 3.1% from the linked quarter.
- Average deposits grew to $5.34B, up 30.4% from the same period last year and 6.1% from the linked quarter.
- Average loans grew to $5.46B, up 24.8% from the same period last year and 5.5% from the linked quarter.
- Private banking loans surpassed the $3B milestone to grow to a record $3.19B at period end, increasing 28.2% from one year previous and 6.9% during the quarter.
- Commercial loans grew to a record $2.48B at period end, increasing 19.9% from one year previous and 5.2% during the quarter.
- Non-performing loans (NPLs) and adverse rated credits declined to 0.04% and 0.47% of total loans, respectively, at period end, while allowance for loan and lease losses (ALLL) raised to 640.29% of NPLs.
- Non-interest expenses grew 9.0%, from the previous year period, and the bank efficiency ratio was 55.16%.
- 85% of Chartwell’s investment strategies surpassed their benchmarks for the trailing three years and 75% surpassed their benchmarks for the trailing five years.
The company’s investments in talent and building operating scale continue to drive yearly revenue and profit growth, client acquisition and product innovation, while achieving incremental operating leverage. TriState Capital Bank’s efficiency ratio for the second quarter of 2k19 was 55.16%, contrast to 50.49% in the second quarter of 2k18 and 56.30% in the linked quarter.
Second quarter 2k19 non-interest expense was $27.6M, increasing 9.0% from $25.3M in the year-before period and 3.4% from $26.7M in the first quarter of 2k19. TriState Capital also continued to lower non-interest expense as a percentage of average assets to 1.71% in the second quarter of 2k19, down from 2.00% in the second quarter of 2k18 and 1.77% in the linked quarter.
Pre-tax income totaled $16.4M in the second quarter of 2k19, contrast to $15.6M in the second quarter of 2k18 and $17.1M in the linked quarter.
ORGANIC LOAN GROWTH
TriState Capital continued to show strong organic growth on both sides of its balance sheet, expanding the number and depth of its relationships with high-quality middle-market commercial consumers, as well as the high-net-worth clients the bank serves through its national referral network of investment advisors and other financial intermediaries.
Average loans totaled a record $5.46B in the second quarter of 2k19, growing 24.8% from $4.38B in the previous year period and 5.5% from $5.18B in the linked quarter. Loans at June 30, 2k19 totaled $5.66B, growing $1.11B, or 24.4%, from June 30, 2k18, and $328.2M, or 6.2%, from March 31, 2k19.
TriState Capital Holdings, Inc. (NASDAQ:TSC) moved with change of +2.98% to $21.07 with the total traded volume of 100,872 shares in recent session versus to an average volume of 94,389. After opening the first trading session at $20.30, it registered a day’s high of $21.16 and touched a day’s low of $20.30. Analysts mean Recommendation on a stock is noted at 1.80. Analyst Recommendation is an outlook of a stock-market analyst on a stock. Rating Scale: 1.0 represent “Strong Buy” and 2.0 signify “Buy” 3.0 while shows “Hold”. 4.0 display “Sell” and 5.0 reveal “Strong Sell” rating.
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