TriState Capital Holdings, Inc. (TSC) has reported a 28.22 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $7.49 million, or $0.26 a share in the quarter, compared with $5.84 million, or $0.21 a share for the same period last year.
Revenue during the quarter grew 18.08 percent to $32.08 million from $27.17 million in the previous year period. Net interest income for the quarter rose 13.82 percent over the prior year period to $20.92 million. Non-interest income for the quarter rose 27.98 percent over the last year period to $11.41 million.
TriState Capital Holdings, Inc. has made provision of $0.24 million for loan losses during the quarter, up 99.18 percent from $0.12 million in the same period last year.
Net interest margin contracted 10 basis points to 2.24 percent in the quarter from 2.34 percent in the last year period. Efficiency ratio for the quarter improved to 64.02 percent from 64.55 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
However, the adjusted EBITDA for the quarter stood at $2.48 million compared with $1.80 million in the prior year period. At the same time, adjusted EBITDA margin improved 108 basis points in the quarter to 7.71 percent from 6.63 percent in the last year period.
"The consistent earnings power of TriState Capital's commercial banking, investment management and private banking businesses were on full display in the first quarter of 2017," chief executive officer James F. Getz said. "Once again, all key financial metrics show very favorable trends, including record first quarter net interest income, investment management fees and earnings, profitable double-digit expansion of loans, substantial growth in relationship deposits, further enhancement of the bank’s superior credit quality, and highly credible investment performance at Chartwell."
Liabilities outpace assets growth
Total assets stood at $4,075.04 million as on Mar. 31, 2017, up 19.86 percent compared with $3,399.87 million on Mar. 31, 2016. On the other hand, total liabilities stood at $3,715.38 million as on Mar. 31, 2017, up 21.04 percent from $3,069.63 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $3,520.90 million as on Mar. 31, 2017, up 22.34 percent compared with $2,878.06 million on Mar. 31, 2016. Deposits stood at $3,317.88 million as on Mar. 31, 2017, up 20.38 percent compared with $2,756.21 million on Mar. 31, 2016.
Investments stood at $234.87 million as on Mar. 31, 2017, down 3.90 percent or $9.53 million from year-ago. Shareholders equity stood at $359.66 million as on Mar. 31, 2017, up 8.91 percent or $29.42 million from year-ago.
Return on average assets moved up 5 basis points to 0.76 percent in the quarter from 0.71 percent in the last year period. At the same time, return on average equity increased 137 basis points to 8.52 percent in the quarter from 7.15 percent in the last year period.
Nonperforming assets moved down 20.33 percent or $4.65 million to $18.23 million on Mar. 31, 2017 from $22.88 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.45 percent in the quarter, down from 0.67 percent in the last year period.
Tier-1 leverage ratio stood at 7.56 percent for the quarter, down from 8.83 percent for the previous year quarter. Book value per share was $12.52 for the quarter, up 7.28 percent or $0.85 compared to $11.67 for the same period last year.
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