Tristate Capital Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
For the year, the company reported interest income of $98,312,000 compared with $83,596,000 for the same period a year ago. Net interest income was $74,813,000 compared with $67,953,000 for the same period a year ago. Income before tax was $41,689,000 compared with $33,380,000 for the same period a year ago. Net income was $28,641,000 compared with $22,488,000 for the same period a year ago, was up 27% for one year prior and a 168% from 2012. Earnings per share were $1.01 in 2016. The company delivered EPS growth of 26% compared to one year prior. Tangible book value per common share was $10.02 compared to $9.81 a year ago. Return on average assets 0.81% compared to 0.74% a year ago. Return on average equity was 8.48% compared to 7.13% a year ago. Total revenue hit a record $121 million in 2016, reflecting healthy contributions from all of businesses. Revenues grew more than 17% from one year prior and more than 94% since 2012. In addition, revenue stream is much more diversified than it was just four years ago.
For the fourth quarter of 2016, the company recorded net charge-offs of $2,627,000 compared to $1,621,000 a year ago.