TriState Capital Holdings, Inc (TSC) has reported 35.54 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $7.57 million, or $0.27 a share in the quarter, compared with $5.59 million, or $0.20 a share for the same period last year. Revenue during the quarter grew 21.11 percent to $31.98 million from $26.41 million in the previous year period. Net interest income for the quarter rose 10.80 percent over the prior year period to $19.51 million. Non-interest income for the quarter rose 50.95 percent over the last year period to $13.65 million.
Tristate Capital Holdings has made provision of $1.18 million for loan losses during the quarter, up 382.79 percent from $0.24 million in the same period last year.
Net interest margin contracted 12 basis points to 2.16 percent in the quarter from 2.28 percent in the last year period. Efficiency ratio for the quarter deteriorated to 67.79 percent from 64.08 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
“TriState Capital delivered double-digit EPS growth for the third consecutive year, driven primarily by record net interest income and non-interest income from strong contributions across all of our businesses, while maintaining superior asset quality and a very robust capital position,” Chief Executive Officer James F. Getz said. “Our focus is to continue growing our earnings in a meaningful manner, and by extension our book value. We expect ongoing expansion of what we believe is a premier investment management business in Chartwell, along with further organic growth in middle-market commercial banking and our highly differentiated national private banking franchise.”
Liabilities outpace assets growth
Total assets stood at $3,930.46 million as on Dec. 31, 2016, up 19 percent compared with $3,302.86 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,578.65 million as on Dec. 31, 2016, up 20.21 percent from $2,976.89 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $3,382.29 million as on Dec. 31, 2016, up 19.80 percent compared with $2,823.31 million on Dec. 31, 2015. Deposits stood at $3,286.78 million as on Dec. 31, 2016, up 22.19 percent compared with $2,689.84 million on Dec. 31, 2015.
Investments stood at $238.47 million as on Dec. 31, 2016, up 5.79 percent or $13.06 million from year-ago. Shareholders equity stood at $351.81 million as on Dec. 31, 2016, up 7.92 percent or $25.83 million from year-ago.
Return on average assets moved up 10 basis points to 0.79 percent in the quarter from 0.69 percent in the last year period. At the same time, return on average equity increased 183 basis points to 8.67 percent in the quarter from 6.84 percent in the last year period.
Nonperforming assets moved up 19.46 percent or $3.58 million to $21.97 million on Dec. 31, 2016 from $18.39 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was stable at 0.56 percent in the quarter, when compared with the last year period.
Tier-1 leverage ratio stood at 7.90 percent for the quarter, down from 9.05 percent for the previous year quarter. Book value per share was $12.38 for the quarter, up 6.54 percent or $0.76 compared to $11.62 for the same period last year.
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