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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TriState Capital Holdings Inc | NASDAQ:TSC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.58 | 28.65 | 30.62 | 0 | 01:00:00 |
-- Historic loan growth, lower funding costs, and NIM reflect TriState Capital Bank’s highly differentiated commercial and private banking relationships, while Chartwell Investment Partners continues to attract new AUM and enhance profitability --
TriState Capital Holdings, Inc. (Nasdaq: TSC) reported second quarter 2021 financial results including fully organic growth in all of its investment management, private banking and commercial banking businesses, as assets under management (AUM), loans, net interest income, fee income, revenue, pre-tax income and net income reach new record high levels.
The parent company of TriState Capital Bank and Chartwell Investment Partners grew net income available to common shareholders to $15.7 million in the second quarter of 2021, up 86.1% from $8.4 million in the second quarter of 2020 and up 19.5% from $13.1 million in the first quarter of 2021. Income before tax was a record $23.2 million in the second quarter of 2021, increasing 87.7% from $12.4 million in the second quarter of 2020 and 11.7% from $20.8 million in the linked quarter.
The company earned $0.41 per diluted share in the second quarter of 2021, compared to $0.30 in the second quarter of 2020 and $0.35 in the first quarter of 2021. Second quarter 2021 results include a higher number of diluted average shares outstanding and a $1.1 million increase in preferred dividends, compared to the year-ago 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 strong top- and bottom-line performance during the second quarter reflects the value of our premier relationships and the power of our company with more than $23 billion of on-balance-sheet assets and client assets under management,” Chairman and Chief Executive Officer James F. Getz said. “Our three business lines worked in concert to drive continued growth in total revenue, pre-tax income and net income during the second quarter. Building on its breakout performance in the first quarter, Chartwell grew AUM to a new record of $11.51 billion, while delivering very strong revenue growth. Private banking was a primary driver of strong organic loan growth to $9.28 billion at TriState Capital Bank, complemented by commercial lending with our middle-market clients, further enhancing what we believe is a very attractive risk profile for the company and its balance sheet. As we enter the second half of 2021, we do so from a position of strength, supported by healthy new business pipelines, an agile funding franchise, a highly motivated team and relationships with exceptional clients nationwide.”
SECOND QUARTER 2021 HIGHLIGHTS
REVENUE GROWTH
NII grew to a record $42.9 million in the second quarter of 2021, increasing 28.2% from $33.5 million in the year-ago quarter and 11.0% from $38.7 million in the first quarter of 2021. NIM expanded for the third consecutive quarter to 1.63% for the three months ended June 30, 2021, up from 1.52% in the second quarter of 2020 and 1.59% in the first quarter of 2021.
Non-interest income grew to a record $14.8 million in the second quarter of 2021, up 14.2% from $13.0 million in the year-ago quarter and 8.7% from $13.7 million in the linked quarter. Chartwell investment management fees grew to $9.5 million in the second quarter of 2021, up 22.1% from $7.7 million in the same period the prior year and 5.0% from $9.0 million in the linked quarter, reflecting market appreciation and positive net inflows of client assets. Fees from commercial and private banking clients’ use of TriState Capital’s interest rate swaps offering totaled $3.9 million in the second quarter of 2021, $3.9 million in the prior year quarter and $2.7 million in the linked quarter.
NII and non-interest income, excluding net gains and losses on the sale of debt securities, combined to generate record total revenue of $57.7 million for the second quarter of 2021, an increase of 24.1% from $46.5 million in the year-ago period and 10.2% from $52.3 million in the linked quarter. Total revenue, which is not a financial metric under generally accepted accounting principles (GAAP), is a measure that TriState Capital has consistently utilized to provide a greater understanding of the diversity and balance of its income-generating capabilities. Non-interest income represented 25.6% of total revenue in the second quarter of 2021 when excluding net gains on the sale of securities, compared to 27.9% from the year-ago period and 26.1% from the linked quarter.
EXPENSES IN LINE WITH EXPECTATIONS
TriState Capital continues to invest in talent, technology, products and risk and compliance management to support the continued responsible growth of its businesses and balance sheet, to provide a premier client experience, and to scale its efficient branchless operating model.
Second quarter 2021 non-interest expense of $34.4 million was in-line with the company’s expectations, increasing 22.5% from $28.1 million in the year-ago period and increasing 10.1% from $31.3 million in the linked quarter. Non-interest expense for the first half of 2021 was $65.7 million, up 14.8% from the first half of 2020. TriState Capital continues to maintain its goal of annual operating expense growth of 10% to 12% for full-year 2021.
Operating expenses continue to be favorably impacted by what are expected to be sustainable reductions in annual Federal Deposit Insurance Corporation (FDIC) insurance expense as a percentage of average assets, as compared to prior years. FDIC insurance expense was $1.1 million in the second quarter of 2021, or an annualized 0.04% of average assets, compared to $2.6 million, or 0.11%, in the same period the prior year, and $1.1 million, or 0.04%, in the linked quarter.
TriState Capital Bank’s efficiency ratio for the second quarter of 2021 was 51.51%, compared to 50.39% in the second quarter of 2020 and 50.59% in the linked quarter. Efficiency ratio is a non-GAAP financial metric utilized to provide a greater understanding of a bank’s level of non-interest expense as a percentage of total revenue.
TriState Capital continued to maintain a low annualized non-interest expense to average assets ratio of 1.27% in the second quarter of 2021, compared to 1.22% in the second quarter of 2020 and 1.24% in the linked quarter.
Pre-tax, pre-provision net revenue grew to a record $23.2 million in the second quarter of 2021, increasing 26.5% from $18.4 million in the year-ago period and 10.5% from $21.0 million in the linked quarter. Pre-tax, pre-provision net revenue is a non-GAAP financial metric representing net income, without giving effect to loan loss provision and income taxes, and excluding gains and losses on the sale and call of investment securities.
TriState Capital’s effective tax rate was 19.2% for the second quarter of 2021. The company’s effective tax rate is impacted by certain factors including the number, timing and size of tax credit investments, as well as the proportion of consolidated earnings attributed to investment management. The company’s 2021 effective tax rate, based on factors including anticipated tax credit investment opportunities, is currently expected to be in the high teens.
Net income available to common shareholders and earnings per share in the second quarter of 2021 are net of $3.1 million in dividends payable to holders of the company’s Series A, Series B and Series C Non-Cumulative Perpetual Preferred Stock.
INVESTMENT MANAGEMENT
A combination of investment performance, strong client relationships and a robust new business effort contributed to positive net inflows of $27.0 million for the three months ending June 30, 2021. In addition, Chartwell’s new business pipeline currently has in excess of $65 million in commitments from institutional investors.
Chartwell’s new business and new flows from existing accounts of $458.0 million and market appreciation of $281.0 million more than offset outflows of $431.0 million in the second quarter of 2021. Chartwell’s assets under management grew to $11.51 billion at June 30, 2021, increasing 24.4% from $9.25 billion on June 30, 2020 and 2.7% from $11.20 billion on March 31, 2021.
Annual run-rate revenue grew to $39.9 million as of June 30, 2021, increasing 2.7% from March 31, 2021. Chartwell’s weighted average fee rate was 0.35% at June 30, 2021. Investment management fee revenue was $9.5 million in the second quarter of 2021, compared to $7.7 million in the second quarter of 2020 and $9.0 million in the first quarter of 2021.
Initiatives to enhance Chartwell profitability continue to be reflected in the segment’s improving level of expenses relative to revenue. Chartwell segment expenses were $8.3 million in the second quarter of 2021, compared to $7.5 million in the second quarter of 2020 and $7.9 million in the first quarter of 2021.
ORGANIC LENDING FRANCHISE GROWTH
TriState Capital’s client engagement and distribution capabilities continued to drive the organic growth of both sides of its balance sheet by expanding the number and depth of its premier relationships with high-quality middle-market commercial customers, as well as expanding the number of high-net-worth clients the bank serves through its growing national referral network of financial intermediaries.
Average loans totaled a record $8.81 billion in the second quarter of 2021, growing 24.2% from $7.09 billion in the prior year period and 6.4% from $8.28 billion in the linked quarter. Period-end loans totaled a record $9.28 billion on June 30, 2021, growing $2.11 billion, or 29.5%, from June 30, 2020, and $739.7 million, or 8.7%, from March 31, 2021.
TriState Capital continued to fortify its position as the nation’s leading independent provider of marketable securities-backed loans for clients of independent investment advisory firms, trust companies, broker-dealers, regional securities firms, family offices, insurance companies and other financial intermediaries that do not offer banking services themselves. Private banking loans totaled a record $5.71 billion at June 30, 2021, increasing $1.65 billion, or 40.6%, from one year prior and $659.9 million, or 13.1%, from the end of the linked quarter.
The company continued to grow relationships with top-quality middle-market sponsors and businesses, driving originations of commercial and industrial (C&I) and commercial real estate (CRE) loans while managing credit quality within the portfolio. Commercial loans totaled $3.57 billion at June 30, 2021, increasing $461.7 million, or 14.9%, from one year prior and $79.8 million, or 2.3%, from the end of the linked quarter.
C&I loans grew to $1.24 billion at June 30, 2021, increasing $88.0 million, or 7.6%, from one year prior. C&I loans decreased $8.3 million, or 0.7%, from March 31, 2021, as new loan originations, draws and equipment finance production were offset by amortization and paydowns. The bank did not participate in the Paycheck Protection Program (PPP).
CRE loans grew to $2.33 billion at June 30, 2021, increasing $373.7 million, or 19.1%, from one year prior and $88.1 million, or 3.9%, from the end of the linked quarter.
STRATEGIC DEPOSIT AND LIQUIDITY MANAGEMENT FRANCHISE EXPANSION
TriState Capital continues to deliver growth on its agile liquidity management franchise, which creates meaningful service-based client relationships and provides highly responsive funding. The bank is winning new business and enhancing the breadth and depth of existing client relationships with its nationally distributed service and liquidity management offerings for financial services businesses, payroll and other specialized payment servicers, real estate firms, high-net-worth individuals, family offices, middle market companies, municipalities and non-profits.
Average deposits totaled a record $9.56 billion in the second quarter of 2021, growing 19.5% from $8.00 billion in the second quarter of last year and 8.0% from $8.85 billion in the linked quarter. Period-end deposits totaled a record $10.19 billion at June 30, 2021, growing $2.36 billion, or 30.1%, from June 30, 2020, and $941.4 million, or 10.2%, from March 31, 2021.
Treasury management deposit accounts totaled $2.27 billion at June 30, 2021, increasing $1.14 billion, or 101.9%, from June 30, 2020 and $450.1 million, or 24.8%, from March 31, 2021.
The bank’s loan-to-deposit ratio at June 30, 2021 was 91.09%, compared to 91.56% at June 30, 2020 and 92.36% at March 31, 2021, reflecting the bank’s differentiated ability to manage liquidity levels in line with deployment opportunities.
INTEREST RATE MANAGEMENT
TriState Capital continues to maintain a balance sheet with significant flexibility to manage interest rate dynamics, while offering attractive deposit and loan pricing to clients. Ultimately, the bank continues to favor an asset-neutral to asset-sensitive approach over the long term.
Investment securities totaled a record $1.34 billion at June 30, 2021, up 64.7% from June 30, 2020 and 8.7% from March 31, 2021 as the bank continued to build on-balance sheet liquidity.
Approximately 60% of TriState Capital’s non-fixed rate deposits use the Effective Fed Funds Rate or another benchmark as reference points, and the remaining non-fixed rate deposits are priced at rates set with bank discretion. Total cost of funds for all deposits and interest-bearing liabilities averaged 0.51% during the second quarter of 2021, compared to 0.87% in the same period last year and 0.59% in the linked quarter. The total cost of deposits averaged 0.42% during the second quarter of 2021, compared to 0.80% in the same period last year and 0.49% in the linked quarter.
At June 30, 2021, 94% of the bank’s loans were floating rate and indexed to 30-day LIBOR or the Prime Rate. TriState Capital continued to constructively use interest rate floors on existing and new variable rate loans throughout the second quarter of 2021.
The yield on total loans averaged 2.35% during the second quarter of 2021, compared to 2.69% in the prior year period and 2.41% in the linked quarter. Loan yields resulted primarily from trends in 30-day LIBOR which declined on average approximately 2 basis points during the second quarter of 2021. Loan yields were also affected by higher rates of growth in balances of private bank loans relative to commercial bank loans. Loan yield movement was offset by a continued reduction in deposit costs.
ASSET QUALITY
TriState Capital maintained strong asset quality metrics in the second quarter of 2021, reflecting its disciplined credit culture and lower risk profile resulting from the majority of its loans consisting of private banking non-purpose margin loans collateralized by marketable securities. Private banking grew to represent 61.5% of the total loan portfolio at June 30, 2021, while CRE and C&I comprised 25.1% and 13.4% of total loans, respectively.
COVID-19 deferral levels continued to decline in line with expectations to four loans representing $41.0 million or 0.4% of total loans on June 30, 2021, from eight loans representing $62.1 million or 0.7% of total loans on March 31, 2021.
The allowance for credit losses on loans and leases (ACL) was $32.6 million at June 30, 2021, compared to $23.3 million at June 30, 2020 and $34.6 million at March 31, 2021. ACL represented 0.91% of commercial loans at period end, excluding private banking loans primarily collateralized by liquid, marketable securities that do not require a reserve, compared to 0.75% at June 30, 2020 and 0.99% at March 31, 2021. As a percentage of total loans, ACL was 0.35% at June 30, 2021, 0.32% at June 30, 2020 and 0.41% at March 31, 2021.
TriState Capital’s net charge offs (NCOs) were $2.3 million in the second quarter of 2021, or 0.10% of total average loans of $8.81 billion. NCOs were $33,000 in the year-ago quarter and $199,000 in the linked quarter.
During the second quarter of 2021, NPAs, NPLs, and adverse-rated credits declined by 46.0%, 50.8% and 33.0%, respectively, from March 31, 2021 to June 30, 2021.
NPAs were $13.7 million, or 0.12% of total assets, at June 30, 2021, compared to $9.5 million, or 0.10%, at June 30, 2020 and $25.5 million, or 0.24%, at March 31, 2021. NPLs were $11.2 million, or 0.12% of total loans, at June 30, 2021, compared to $6.8 million, or 0.09%, at June 30, 2020 and $22.7 million, or 0.27%, at March 31, 2021.
Total adverse-rated credits, including NPLs, were $34.1 million, or 0.37% of total loans, at June 30, 2021, compared to $33.0 million, or 0.46%, at June 30, 2020 and $50.9 million, or 0.60%, at March 31, 2021.
TriState Capital recorded provision expense of $96,000 in the second quarter of 2021, $6.0 million in the second quarter of 2020 and $224,000 in the linked quarter.
CAPITAL STRENGTH AND EFFICIENCY
The company’s strong balance sheet included $1.87 billion in cash, equivalents and securities at June 30, 2021. Cash, equivalents, securities and private banking loans -- which are primarily collateralized by marketable securities that are monitored daily, liquid and subject to favorable treatment under regulatory capital requirements -- represented 65.68% of total assets at the end of the second quarter of 2021.
As of June 30, 2021, estimated regulatory capital ratios for TriState Capital Holdings were 13.94% for total risk-based capital, 11.94% for tier 1 risk-based capital, 9.06% for common equity tier 1 risk-based capital, and 6.86% for tier 1 leverage, reflecting the historic level of asset growth in the second quarter of 2021. For TriState Capital Bank, the estimated capital ratios were 13.26% for total risk-based capital, 12.80% for tier 1 risk-based capital, 12.80% for common equity tier 1 risk-based capital, and 7.34% for tier 1 leverage.
The company’s common shareholders equity to total assets was 5.3% on June 30, 2021. The ratio of common shareholders’ equity excluding intangible assets, or tangible common equity (TCE), to total assets excluding intangible assets was 4.81% on June 30, 2021. The TCE ratio was 9.58% excluding private banking loans primarily collateralized by liquid, marketable securities on June 30, 2021. The TCE ratio and TCE ratio excluding private banking loans are non-GAAP metrics utilized to provide a greater understanding of the capital adequacy of financial services companies.
TriState Capital had $9.8 million of common stock repurchase authority available at June 30, 2021 under previously disclosed buyback programs authorized by its Board of Directors. Since the Board first authorized share buybacks in 2014, the company has repurchased a total of 2.1 million shares for approximately $33.0 million at an average cost of $15.39 per share. The company has not repurchased shares on the open market since the second quarter of 2020.
CONFERENCE CALL
As previously announced, TriState Capital will hold a conference call tomorrow to review its financial results and operating performance.
The live conference call on July 22 will be held at 8:30 a.m. ET. Telephone participants may avoid any delays by pre-registering for the call using the link https://dpregister.com/sreg/10157838/e9f425b8be to receive a special dial-in number and PIN. Telephone participants who are unable to pre-register should dial in at least 10 minutes prior to the call and request the “TriState Capital investor call.” The call may be accessed by dialing 888-339-0757 from the United States or Canada, and 412-902-4194 from other international locations.
The live conference call will also be available through an audio webcast accessible at https://services.choruscall.com/links/tsc210722.html or https://investors.tristatecapitalbank.com. These links may also be used to access an archived replay of the conference call.
A telephone replay of the call will be available approximately one hour after the end of the conference through July 29. The replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada, or 412-317-0088 from other international locations, and entering the conference number 10157838.
ABOUT TRISTATE CAPITAL
TriState Capital Holdings, Inc. (Nasdaq: TSC) is a bank holding company headquartered in Pittsburgh, Pa., providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary had $11.46 billion in assets as of June 30, 2021, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Its Chartwell Investment Partners subsidiary had $11.51 billion in assets under management as of June 30, 2021, and serves institutional clients and TriState Capital’s financial intermediary network. For more information, please visit http://investors.tristatecapitalbank.com.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect TriState Capital’s current views with respect to, among other things, future events and the company’s financial performance, as well as the company’s goals and objectives for future operations, financial and business trends, business prospects and management’s outlook or expectations for earnings, revenues, expenses, capital levels, liquidity levels, asset quality or other measures of future financial or business performance, strategies or expectations. These statements are often, but not always, made through the use of words or phrases such as “achieve,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “maintain,” “may,” “opportunity,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “sustain,” “target,” “trend,” “will,” “will likely result,” and “would,” or the negative versions of those words or other comparable statements of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about TriState Capital’s industry and beliefs or assumptions made by management, many of which, by their nature, are inherently uncertain. Although TriState Capital believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, TriState Capital cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that change over time and are difficult to predict, including, but not limited to, the following:
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release. If one or more events related to these or other risks or uncertainties materialize, or if TriState Capital’s underlying assumptions prove to be incorrect, actual results may differ materially from what the company anticipates. Accordingly, readers should not place undue reliance on any such forward-looking statements. New factors emerge from time to time, and it is not possible for TriState Capital to predict which will arise. Any forward-looking statement speaks only as of the date on which it is made, and TriState Capital does not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. In addition, TriState Capital cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
NON-GAAP FINANCIAL DISCLOSURES
This news release and the accompanying tables contain certain financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). Specifically, TriState Capital reviews and reports tangible common equity, tangible book value per common share, tangible assets, tangible assets excluding private banking loans, tangible common equity ratio, tangible common equity ratio excluding private banking loans, EBITDA, total revenue, pre-tax, pre-provision net revenue and efficiency ratio. Although TriState Capital believes these non-GAAP financial measures provide a greater understanding of its business, these measures are not necessarily comparable to similar measures that may be presented by other companies. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP. Where non-GAAP disclosures are used, the most directly comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found within this news release and in the reconciliation tables accompanying this news release.
TRISTATE CAPITAL HOLDINGS, INC.
BALANCE SHEET DATA (UNAUDITED)
As of
June 30,
March 31,
June 30,
(Dollars in thousands)
2021
2021
2020
Cash and cash equivalents
$
529,453
$
446,484
$
724,942
Total investment securities
1,337,658
1,231,074
812,140
Loans and leases held-for-investment
9,282,922
8,543,182
7,170,770
Allowance for credit losses on loans and leases
(32,577)
(34,644)
(23,276)
Loans and leases held-for-investment, net
9,250,345
8,508,538
7,147,494
Goodwill and other intangibles, net
62,955
63,433
64,867
Other assets
360,761
315,621
380,398
Total assets
$
11,541,172
$
10,565,150
$
9,129,841
Deposits
$
10,191,433
$
9,250,019
$
7,831,471
Borrowings, net
345,600
345,547
395,552
Other liabilities
209,571
195,298
269,987
Total liabilities
10,746,604
9,790,864
8,497,010
Preferred stock
179,343
178,243
116,079
Common shareholders’ equity
615,225
596,043
516,752
Total shareholders’ equity
794,568
774,286
632,831
Total liabilities and shareholders’ equity
$
11,541,172
$
10,565,150
$
9,129,841
TRISTATE CAPITAL HOLDINGS, INC.
INCOME STATEMENT DATA (UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
(Dollars in thousands)
2021
2021
2020
2021
2020
Interest income:
Loans and leases
$
51,702
$
49,186
$
47,377
$
100,888
$
106,295
Investments
3,737
2,646
3,940
6,383
7,841
Interest-earning deposits
116
160
344
276
1,727
Total interest income
55,555
51,992
51,661
107,547
115,863
Interest expense:
Deposits
10,106
10,754
15,953
20,860
43,197
Borrowings
2,537
2,582
2,224
5,119
4,260
Total interest expense
12,643
13,336
18,177
25,979
47,457
Net interest income
42,912
38,656
33,484
81,568
68,406
Provision for credit losses
96
224
6,005
320
8,998
Net interest income after provision for credit losses
42,816
38,432
27,479
81,248
59,408
Non-interest income:
Investment management fees
9,451
9,000
7,738
18,451
15,376
Service charges on deposits
325
316
315
641
528
Net gain (loss) on the sale and call of debt securities
98
(1)
14
97
71
Swap fees
3,913
2,711
3,853
6,624
8,226
Commitment and other loan fees
564
326
462
890
881
Bank owned life insurance income
480
429
429
909
857
Other income
13
870
186
883
374
Total non-interest income
14,844
13,651
12,997
28,495
26,313
Non-interest expense:
Compensation and employee benefits
20,937
19,921
16,569
40,858
34,015
Premises and equipment expense
1,173
1,406
1,515
2,579
2,901
Professional fees
2,124
1,324
1,109
3,448
2,579
FDIC insurance expense
1,125
1,125
2,560
2,250
4,730
General insurance expense
341
298
278
639
540
State capital shares tax expense
777
650
366
1,427
749
Travel and entertainment expense
639
441
279
1,080
1,143
Technology and data services
3,687
3,100
2,414
6,787
4,717
Intangible amortization expense
478
478
486
956
988
Marketing and advertising
898
684
686
1,582
1,300
Other operating expenses
2,246
1,851
1,834
4,097
3,578
Total non-interest expense
34,425
31,278
28,096
65,703
57,240
Income before tax
23,235
20,805
12,380
44,040
28,481
Income tax expense
4,455
4,605
1,979
9,060
5,185
Net income
$
18,780
$
16,200
$
10,401
$
34,980
$
23,296
Preferred stock dividends
3,077
3,059
1,962
6,136
3,924
Net income available to common shareholders
$
15,703
$
13,141
$
8,439
$
28,844
$
19,372
TRISTATE CAPITAL HOLDINGS, INC.
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
As of and For the
Three Months Ended
As of and For the
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
(Dollars in thousands, except per share data)
2021
2021
2020
2021
2020
Per share and share data:
Earnings per common share:
Basic
$
0.42
$
0.36
$
0.30
$
0.78
$
0.69
Diluted
$
0.41
$
0.35
$
0.30
$
0.76
$
0.68
Book value per common share
$
18.54
$
17.97
$
17.31
$
18.54
$
17.31
Tangible book value per common share (1)
$
16.65
$
16.06
$
15.14
$
16.65
$
15.14
Common shares outstanding, at end of period
33,176,934
33,160,605
29,851,550
33,176,934
29,851,550
Weighted average common shares outstanding:
Basic
31,280,481
31,224,474
28,223,085
31,252,632
28,201,837
Diluted
32,147,758
32,187,034
28,527,961
32,278,282
28,687,804
Performance ratios:
Return on average assets (2)
0.69
%
0.64
%
0.45
%
0.67
%
0.54
%
Return on average common equity (2)
10.37
%
9.06
%
6.62
%
9.73
%
7.60
%
Net interest margin (2) (3)
1.63
%
1.59
%
1.52
%
1.61
%
1.67
%
Total revenue (1)
$
57,658
$
52,308
$
46,467
$
109,966
$
94,648
Pre-tax, pre-provision net revenue (1)
$
23,233
$
21,030
$
18,371
$
44,263
$
37,408
Bank efficiency ratio (1)
51.51
%
50.59
%
50.39
%
51.07
%
51.13
%
Non-interest expense to average assets (2)
1.27
%
1.24
%
1.22
%
1.26
%
1.34
%
Asset quality:
Non-performing loans
$
11,175
$
22,727
$
6,780
$
11,175
$
6,780
Non-performing assets
$
13,743
$
25,451
$
9,504
$
13,743
$
9,504
Other real estate owned
$
2,568
$
2,724
$
2,724
$
2,568
$
2,724
Non-performing assets to total assets
0.12
%
0.24
%
0.10
%
0.12
%
0.10
%
Non-performing loans to total loans
0.12
%
0.27
%
0.09
%
0.12
%
0.09
%
ACL to loans and leases
0.35
%
0.41
%
0.32
%
0.35
%
0.32
%
ACL to non-performing loans
291.52
%
152.44
%
343.30
%
291.52
%
343.30
%
Net charge-offs (recoveries)
$
2,253
$
199
$
33
$
2,452
$
(170)
Net charge-offs (recoveries) to average total loans (2)
0.10
%
0.01
%
—
%
0.06
%
—
%
Capital ratios: (4)
Tier 1 leverage ratio
6.86
%
7.13
%
6.30
%
6.86
%
6.30
%
Common equity tier 1 risk-based capital ratio
9.06
%
9.10
%
8.54
%
9.06
%
8.54
%
Tier 1 risk-based capital ratio
11.94
%
12.08
%
10.68
%
11.94
%
10.68
%
Total risk-based capital ratio
13.94
%
14.18
%
12.89
%
13.94
%
12.89
%
Bank tier 1 leverage ratio
7.34
%
7.65
%
7.11
%
7.34
%
7.11
%
Bank common equity tier 1 risk-based capital ratio
12.80
%
12.98
%
12.07
%
12.80
%
12.07
%
Bank tier 1 risk based capital ratio
12.80
%
12.98
%
12.07
%
12.80
%
12.07
%
Bank total risk-based capital ratio
13.26
%
13.49
%
12.52
%
13.26
%
12.52
%
Investment Management Segment:
Assets under management
$
11,511,000
$
11,203,000
$
9,254,000
$
11,511,000
$
9,254,000
EBITDA (1)
$
2,063
$
1,916
$
1,031
$
3,979
$
2,248
(1)
These measures are not measures recognized under GAAP and are therefore considered to be non-GAAP financial measures. See “Non-GAAP Financial Measures” for a reconciliation of these measures to their most directly comparable GAAP measures.
(2)
Ratios are annualized.
(3)
Net interest margin is calculated on a fully taxable equivalent basis.
(4)
Capital ratios are estimated until regulatory reports are filed.
TRISTATE CAPITAL HOLDINGS, INC.
AVERAGES AND YIELDS (UNAUDITED)
Three Months Ended
June 30, 2021
March 31, 2021
June 30, 2020
(Dollars in thousands)
Average Balance
Interest Income (1)/ Expense
Average Yield/ Rate (2)
Average Balance
Interest Income (1)/ Expense
Average Yield/ Rate (2)
Average Balance
Interest Income (1)/ Expense
Average Yield/ Rate (2)
Assets
Interest-earning deposits
$
407,627
$
114
0.11
%
$
555,427
$
158
0.12
%
$
1,098,510
$
342
0.13
%
Federal funds sold
11,502
2
0.07
%
10,557
2
0.08
%
7,883
1
0.05
%
Debt securities available-for-sale
266,264
886
1.33
%
348,835
570
0.66
%
329,015
2,026
2.48
%
Debt securities held-to-maturity
1,040,658
2,705
1.04
%
637,719
1,900
1.21
%
292,898
1,616
2.22
%
Debt securities trading
—
—
—
%
315
1
1.29
%
—
—
—
%
FHLB stock
11,776
154
5.25
%
11,551
182
6.39
%
13,269
305
9.24
%
Total loans and leases
8,808,775
51,702
2.35
%
8,276,059
49,186
2.41
%
7,094,744
47,377
2.69
%
Total interest-earning assets
10,546,602
55,563
2.11
%
9,840,463
51,999
2.14
%
8,836,319
51,667
2.35
%
Other assets
347,923
375,418
408,950
Total assets
$
10,894,525
$
10,215,881
$
9,245,269
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest-bearing checking accounts
$
3,852,078
$
3,214
0.33
%
$
3,065,983
$
2,793
0.37
%
$
2,327,513
$
2,719
0.47
%
Money market deposit accounts
4,316,946
5,636
0.52
%
4,345,454
5,964
0.56
%
3,862,068
7,377
0.77
%
Certificates of deposit
929,906
1,256
0.54
%
1,012,861
1,997
0.80
%
1,389,984
5,857
1.69
%
Borrowings:
FHLB borrowings
250,000
1,082
1.74
%
253,889
1,072
1.71
%
300,000
1,284
1.72
%
Line of credit borrowings
—
—
—
%
4,589
55
4.86
%
22,747
260
4.60
%
Subordinated notes payable, net
95,565
1,455
6.11
%
95,511
1,455
6.18
%
44,417
680
6.16
%
Total interest-bearing liabilities
9,444,495
12,643
0.54
%
8,778,287
13,336
0.62
%
7,946,729
18,177
0.92
%
Noninterest-bearing deposits
460,601
424,535
417,732
Other liabilities
203,033
247,659
252,303
Shareholders’ equity
786,396
765,400
628,505
Total liabilities and shareholders’ equity
$
10,894,525
$
10,215,881
$
9,245,269
Net interest income (1)
$
42,920
$
38,663
$
33,490
Net interest spread (1)
1.57
%
1.52
%
1.43
%
Net interest margin (1)
1.63
%
1.59
%
1.52
%
(1)
Calculated on a fully taxable equivalent basis.
(2)
Annualized.
TRISTATE CAPITAL HOLDINGS, INC.
AVERAGES AND YIELDS (UNAUDITED)
Six Months Ended June 30,
2021
2020
(Dollars in thousands)
Average Balance
Interest Income (1)/ Expense
Average Yield/ Rate (2)
Average Balance
Interest Income (1)/ Expense
Average Yield/ Rate (2)
Assets
Interest-earning deposits
$
481,119
$
272
0.11
%
$
781,406
$
1,705
0.44
%
Federal funds sold
11,032
4
0.07
%
7,491
21
0.56
%
Debt securities available-for-sale
307,322
1,456
0.96
%
305,442
4,070
2.68
%
Debt securities held-to-maturity
840,302
4,605
1.11
%
247,326
3,104
2.52
%
Debt securities trading
156
1
1.29
%
115
1
1.75
%
FHLB stock
11,664
336
5.81
%
16,724
703
8.45
%
Total loans and leases
8,543,889
100,888
2.38
%
6,883,718
106,295
3.11
%
Total interest-earning assets
10,195,484
107,562
2.13
%
8,242,222
115,899
2.83
%
Other assets
361,594
360,699
Total assets
$
10,557,078
$
8,602,921
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest-bearing checking accounts
$
3,461,202
$
6,007
0.35
%
$
1,900,563
$
7,933
0.84
%
Money market deposit accounts
4,331,121
11,600
0.54
%
3,705,517
22,031
1.20
%
Certificates of deposit
971,155
3,252
0.68
%
1,386,510
13,233
1.92
%
Borrowings:
FHLB borrowings
251,933
2,154
1.72
%
360,962
3,319
1.85
%
Line of credit borrowings
2,282
55
4.86
%
12,115
261
4.33
%
Subordinated notes payable, net
95,538
2,911
6.14
%
22,208
680
6.16
%
Total interest-bearing liabilities
9,113,231
25,979
0.57
%
7,387,875
47,457
1.29
%
Noninterest-bearing deposits
442,668
383,909
Other liabilities
225,223
202,755
Shareholders’ equity
775,956
628,382
Total liabilities and shareholders’ equity
$
10,557,078
$
8,602,921
Net interest income (1)
$
81,583
$
68,442
Net interest spread (1)
1.56
%
1.54
%
Net interest margin (1)
1.61
%
1.67
%
(1)
Interest income and net interest margin are calculated on a fully taxable equivalent basis.
(2)
Annualized.
TRISTATE CAPITAL HOLDINGS, INC.
LOAN AND LEASE COMPOSITION (UNAUDITED)
June 30, 2021
March 31, 2021
June 30, 2020
(Dollars in thousands)
Loan Balance
Percent of Total Loans
Loan Balance
Percent of Total Loans
Loan Balance
Percent of Total Loans
Private banking loans
$
5,713,562
61.5
%
$
5,053,621
59.2
%
$
4,063,116
56.6
%
Middle-market banking loans:
Commercial and industrial
1,240,917
13.4
%
1,249,208
14.6
%
1,152,880
16.1
%
Commercial real estate
2,328,443
25.1
%
2,240,353
26.2
%
1,954,774
27.3
%
Total middle-market banking loans
3,569,360
38.5
%
3,489,561
40.8
%
3,107,654
43.4
%
Loans and leases held-for-investment
$
9,282,922
100.0
%
$
8,543,182
100.0
%
$
7,170,770
100.0
%
TRISTATE CAPITAL HOLDINGS, INC.
STATEMENT OF INCOME BY REPORTABLE SEGMENT (UNAUDITED)
Three Months Ended June 30, 2021
Three Months Ended June 30, 2020
(Dollars in thousands)
Bank
Investment Management
Parent and Other
Consolidated
Bank
Investment Management
Parent and Other
Consolidated
Income statement data:
Interest income
$
55,555
$
—
$
—
$
55,555
$
51,661
$
—
$
—
$
51,661
Interest expense
11,199
—
1,444
12,643
17,251
—
926
18,177
Net interest income (loss)
44,356
—
(1,444)
42,912
34,410
—
(926)
33,484
Provision for credit losses
96
—
—
96
6,005
—
—
6,005
Net interest income (loss) after provision for credit losses
44,260
—
(1,444)
42,816
28,405
—
(926)
27,479
Non-interest income:
Investment management fees
—
9,774
(323)
9,451
—
7,897
(159)
7,738
Net gain on the sale and call of debt securities
98
—
—
98
14
—
—
14
Other non-interest income
5,283
12
—
5,295
5,215
30
—
5,245
Total non-interest income (loss)
5,381
9,786
(323)
14,844
5,229
7,927
(159)
12,997
Non-interest expense:
Intangible amortization expense
—
478
—
478
—
486
—
486
Other non-interest expense
25,570
7,826
551
33,947
19,967
7,003
640
27,610
Total non-interest expense
25,570
8,304
551
34,425
19,967
7,489
640
28,096
Income (loss) before tax
24,071
1,482
(2,318)
23,235
13,667
438
(1,725)
12,380
Income tax expense (benefit)
4,565
286
(396)
4,455
2,173
102
(296)
1,979
Net income (loss)
$
19,506
$
1,196
$
(1,922)
$
18,780
$
11,494
$
336
$
(1,429)
$
10,401
Six Months Ended June 30, 2021
Six Months Ended June 30, 2020
(Dollars in thousands)
Bank
Investment Management
Parent and Other
Consolidated
Bank
Investment Management
Parent and Other
Consolidated
Income statement data:
Interest income
$
107,547
$
—
$
—
$
107,547
$
115,863
$
—
$
—
$
115,863
Interest expense
23,038
—
2,941
25,979
46,547
—
910
47,457
Net interest income (loss)
84,509
—
(2,941)
81,568
69,316
—
(910)
68,406
Provision for credit losses
320
—
—
320
8,998
—
—
8,998
Net interest income (loss) after provision for credit losses
84,189
—
(2,941)
81,248
60,318
—
(910)
59,408
Non-interest income:
Investment management fees
—
19,009
(558)
18,451
—
15,662
(286)
15,376
Net gain on the sale and call of debt securities
97
—
—
97
71
—
—
71
Other non-interest income
9,915
32
—
9,947
10,866
—
—
10,866
Total non-interest income (loss)
10,012
19,041
(558)
28,495
10,937
15,662
(286)
26,313
Non-interest expense:
Intangible amortization expense
—
956
—
956
—
988
—
988
Other non-interest expense
48,225
15,268
1,254
64,747
41,000
13,630
1,622
56,252
Total non-interest expense
48,225
16,224
1,254
65,703
41,000
14,618
1,622
57,240
Income (loss) before tax
45,976
2,817
(4,753)
44,040
30,255
1,044
(2,818)
28,481
Income tax expense (benefit)
9,294
596
(830)
9,060
5,521
130
(466)
5,185
Net income (loss)
$
36,682
$
2,221
$
(3,923)
$
34,980
$
24,734
$
914
$
(2,352)
$
23,296
TRISTATE CAPITAL HOLDINGS, INC.
EARNINGS PER COMMON SHARE (UNAUDITED)
Three Months Ended
Years Ended
June 30,
March 31,
June 30,
June 30,
June 30,
(Dollars in thousands, except per share data)
2021
2021
2020
2021
2020
Basic earnings per common share:
Net income
$
18,780
$
16,200
$
10,401
$
34,980
$
23,296
Less: Preferred dividends on Series A and Series B
1,962
1,962
1,962
3,924
3,924
Less: Preferred dividends on Series C
1,115
1,097
—
2,212
—
Net income available to common shareholders
$
15,703
$
13,141
$
8,439
$
28,844
$
19,372
Allocation of net income available:
Common shareholders
$
13,272
$
11,127
$
8,439
$
24,375
$
19,372
Series C convertible preferred shareholders
2,040
1,685
—
3,749
—
Warrant shareholders
391
329
—
720
—
Total
$
15,703
$
13,141
$
8,439
$
28,844
$
19,372
Basic weighted average common shares outstanding:
Basic common shares
31,280,481
31,224,474
28,223,085
31,252,632
28,201,837
Series C convertible preferred stock, as-if converted
4,807,272
4,727,272
—
4,807,272
—
Warrants, as-if exercised
922,438
922,438
—
922,438
—
Basic earnings per common share
$
0.42
$
0.36
$
0.30
$
0.78
$
0.69
Diluted earnings per common share:
Income available to common shareholders after allocation
$
13,272
$
11,127
$
8,439
$
24,375
$
19,372
Diluted weighted average common shares outstanding:
Basic common shares
31,280,481
31,224,474
28,223,085
31,252,632
28,201,837
Restricted stock - dilutive
719,504
801,798
221,456
871,255
324,498
Stock options - dilutive
147,773
160,762
83,420
154,395
161,469
Diluted common shares
32,147,758
32,187,034
28,527,961
32,278,282
28,687,804
Diluted earnings per common share
$
0.41
$
0.35
$
0.30
$
0.76
$
0.68
June 30,
March 31,
June 30,
June 30,
June 30,
2021
2021
2020
2021
2020
Anti-dilutive shares:
Restricted stock
10,750
71,810
864,246
12,000
566,498
Stock options
—
—
5,500
—
—
Series C convertible preferred stock, as-if converted
4,807,272
4,727,272
—
4,807,272
—
Warrants, as-if exercised
922,438
922,438
—
922,438
—
Total anti-dilutive shares
5,740,460
5,721,520
869,746
5,741,710
566,498
Earnings per common share (“EPS”) is computed using the two-class method, which requires that the Series C convertible preferred stock and warrants to be treated as participating classes of securities in the computation of EPS. In addition, net income is reduced by dividends declared on all series of preferred stock to derive net income available to common shareholders. The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security. Net income available to common shareholders is reduced by the percentage of average common shares allocable to Series C convertible preferred holders and warrant holders on an as-if converted basis to arrive at net income allocable to common shareholders. Basic EPS is computed by dividing net income allocable to common shareholders by the weighted average number of its common shares outstanding for the period, excluding non-vested restricted stock. Diluted EPS reflects the potential dilution upon the exercise of stock options and warrants, and the vesting of restricted stock awards granted utilizing the treasury stock method. The Series C convertible preferred stock is excluded from diluted weighted average common shares outstanding because the payment of the dividend is considered in the net income allocable to common shareholders for the calculation of basic EPS.
TRISTATE CAPITAL HOLDINGS, INC. NON-GAAP FINANCIAL MEASURES
The information set forth above contains certain financial information determined by methods other than in accordance with GAAP. These non-GAAP financial measures are “tangible common equity,” “tangible book value per common share,” “tangible assets,” “tangible assets excluding private banking loans,” tangible common equity ratio,” “tangible common equity ratio excluding private banking loans,” “EBITDA,” “total revenue,” “pre-tax, pre-provision net revenue” and “efficiency ratio.” These non-GAAP financial measures are supplemental measures that we believe provide management and our investors with a more detailed understanding of our performance, although these measures are not necessarily comparable to similar measures that may be presented by other companies. These disclosures should not be viewed as a substitute for financial measures in accordance with GAAP. The non-GAAP financial measures presented herein are calculated as follows:
“Tangible common equity” is defined as common shareholders’ equity reduced by intangible assets, including goodwill. We believe this measure is important to management and investors so that they can better understand and assess changes from period to period in common shareholders’ equity exclusive of changes in intangible assets associated with prior acquisitions. Intangible assets are created when we buy businesses that add relationships and revenue to our Company. Intangible assets have the effect of increasing both equity and assets, while not increasing our tangible equity or tangible assets.
“Tangible book value per common share” is defined as common shareholders’ equity reduced by intangible assets, including goodwill, divided by common shares outstanding. We believe this measure is important to many investors who are interested in changes from period to period in book value per common share exclusive of changes in intangible assets associated with prior acquisitions.
“Tangible assets” is defined as total assets reduced by intangible assets, including goodwill. We believe this measure is important to many investors who are interested in changes from period to period in total assets exclusive of changes in intangible assets.
“Tangible assets excluding private banking loans” is defined as total assets reduced by intangible assets, including goodwill, and private banking loans. We believe this measure is important to many investors who are interested in changes from period to period in total assets exclusive of changes in intangible assets and private banking loans.
“Tangible common equity ratio” is defined as (i) common shareholders’ equity reduced by intangible assets, including goodwill, divided by (ii) total assets reduced by intangible assets, including goodwill. We believe this measure is important to many investors who are interested in changes from period to period in the ratio of common shareholders’ equity to total assets exclusive of changes in intangible assets.
“Tangible common equity ratio excluding private banking loans” is defined as (i) common shareholders’ equity reduced by intangible assets, including goodwill, divided by (ii) total assets reduced by intangible assets, including goodwill, and private banking loans. We believe this measure is important to many investors who are interested in changes from period to period in the ratio of common shareholders’ equity to total assets exclusive of changes in intangible assets and private banking loans.
“EBITDA” is defined as net income before interest expense, income tax expense, depreciation expense and intangible amortization expense. We use EBITDA particularly to assess the strength of our investment management business. We believe this measure is important because it allows management and investors to better assess our investment management performance in relation to our core operating earnings by excluding certain non-cash items and the volatility that is associated with certain discrete items that are unrelated to our core business.
“Total revenue” is defined as net interest income and total non-interest income, excluding gains and losses on the sale and call of debt securities. We believe adjustments made to our operating revenue allow management and investors to better assess our core operating revenue by removing the volatility that is associated with certain items that are unrelated to our core business.
“Pre-tax, pre-provision net revenue” is defined as net interest income and non-interest income, excluding gains and losses on the sale and call of debt securities and total non-interest expense. We believe this measure is important because it allows management and investors to better assess our performance in relation to our core operating revenue, excluding the volatility that is associated with provision for loan and lease losses and changes in our tax rates and other items that are unrelated to our core business.
“Efficiency ratio” is defined as total non-interest expense divided by our total revenue. We believe this measure allows management and investors to better assess our operating expenses in relation to our core operating revenue, particularly at the Bank.
TRISTATE CAPITAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
June 30,
March 31,
June 30,
(Dollars in thousands, except per share data)
2021
2021
2020
Tangible common equity and tangible book value per common share:
Common shareholders’ equity
$
615,225
$
596,043
$
516,752
Less: goodwill and intangible assets
62,955
63,433
64,867
Tangible common equity (numerator)
$
552,270
$
532,610
$
451,885
Common shares outstanding (denominator)
33,176,934
33,160,605
29,851,550
Tangible book value per common share
$
16.65
$
16.06
$
15.14
(Dollars in thousands)
June 30,
March 31,
June 30,
2021
2021
2020
Tangible common equity ratio excluding private banking channel loans:
Common shareholders' equity
$
615,225
$
596,043
$
516,752
Less: goodwill and intangible assets
62,955
63,433
64,867
Tangible common equity (numerator)
$
552,270
$
532,610
$
451,885
Total assets
11,541,172
10,565,150
9,129,841
Less: goodwill and intangible assets
62,955
63,433
64,867
Tangible assets
$
11,478,217
$
10,501,717
$
9,064,974
Tangible common equity ratio
4.81
%
5.07
%
4.98
%
Less: private banking loans
5,713,562
5,053,621
4,063,116
Tangible assets excluding private banking loans (denominator)
$
5,764,655
$
5,448,096
$
5,001,858
Tangible common equity ratio excluding private banking loans
9.58
%
9.78
%
9.03
%
INVESTMENT MANAGEMENT SEGMENT
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
(Dollars in thousands)
2021
2021
2020
2021
2020
Investment Management EBITDA:
Net income
$
1,196
$
1,025
$
336
$
2,221
$
914
Interest expense
—
—
—
—
—
Income tax expense
286
310
102
596
130
Depreciation expense
103
103
107
206
216
Intangible amortization expense
478
478
486
956
988
EBITDA
$
2,063
$
1,916
$
1,031
$
3,979
$
2,248
TRISTATE CAPITAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
(Dollars in thousands)
2021
2021
2020
2021
2020
Total revenue and pre-tax, pre-provision net revenue:
Net interest income
$
42,912
$
38,656
$
33,484
$
81,568
$
68,406
Total non-interest income
14,844
13,651
12,997
28,495
26,313
Less: net gain (loss) on the sale and call of debt securities
98
(1)
14
97
71
Total revenue
$
57,658
$
52,308
$
46,467
$
109,966
$
94,648
Less: total non-interest expense
34,425
31,278
28,096
65,703
57,240
Pre-tax, pre-provision net revenue
$
23,233
$
21,030
$
18,371
$
44,263
$
37,408
BANK SEGMENT
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
(Dollars in thousands)
2021
2021
2020
2021
2020
Bank total revenue:
Net interest income
$
44,356
$
40,153
$
34,410
$
84,509
$
69,316
Total non-interest income
5,381
4,630
5,229
10,012
10,937
Less: net gain (loss) on the sale and call of debt securities
98
(1)
14
97
71
Bank total revenue
$
49,639
$
44,784
$
39,625
$
94,424
$
80,182
Bank efficiency ratio:
Total non-interest expense (numerator)
$
25,570
$
22,655
$
19,967
$
48,225
$
41,000
Bank total revenue (denominator)
$
49,639
$
44,784
$
39,625
$
94,424
$
80,182
Bank efficiency ratio
51.51
%
50.59
%
50.39
%
51.07
%
51.13
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20210721005909/en/
MEDIA Hornercom Jack Horner 267-932-8760, ext. 302 412-600-2295 (mobile) jack@hornercom.com INVESTOR RELATIONS Lambert Jeff Schoenborn and Kate Croft 888-609-8351 TSC@lambert.com
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