TSC - Earnings call transcript Q3 2018 | TriState Capital Holdings, Inc.

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Operator

Good morning, everyone, and welcome to the TriState Capital Holdings Conference Call to discuss Financial Results for the Three Months ended September 30, 2018. All participants will be in listen-only mode. [Operator Instructions] Before turning the call over to management, I would like to remind everyone that today's call may contain forward-looking statements related to TriState Capital that may generally be identified as describing the company's future plans, objectives or goals. Such forward-looking statements are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those currently anticipated. These forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

XX-K the see could annual the reports on about future TriState and information filed please results, company's Forms further factors affect that Capital's quarterly For XX-Q. and most recent

Capital made. in keep date forward-looking by of that You speak they should as were mind only which statements any made TriState on the

does is to, To financial the cannot the call, are events discussed or and earnings today on Executive Please question-and-answer recorded. update Capital's reconciliations statements at and tristatecapitalbank.com. how on date Officer joined New is risks be which from conference President intend after up this this duty Capital by will Representing TriState the TriState these come go Chairman, and or not website turn Chief release, note Capital Getz, time to no may Mr. its to predict would over affect event He being revise company. Officer. this ahead. the and uncertainties forward-looking can which Chief Jim to they the be available comparable is Getz. in David time measures made. Financial time, like Please TriState has GAAP measures non-GAAP I for and management session. found they Demas, At extent to, in are

James Getz

robust even completed Good trend producing joining results morning for and long-term EPS quarter focus we as continuing our another on you We’ve just us. consistently strong delivering growth. thank of exceptional

ago. managers us culture offering nearly period start. financial scalable Today, franchise this carefully than while we sustainable, on management investment that investment opportunities by private scalable, our superregional private manner. we recently, highly dominant continuously treasury XXXX been deposit at with year we public products we program from year $XX.X private solutions XXXX; from investment more Capital. took up our business management outstanding premier the organically support from the and increase And a platform and initiated of with our a $XX.X rivals banking will XX% that $XX.X building grown to quarter. earnings to niche performance to to we've strategy significant up billion. in developed regional last That enhancements. XX% a million see and from here competition. XX% the fortify strategies administrative in anticipates released in pretax and mindset business. management talent, national are income of culminated has operational XXXX a We've franchise banking is income lending Beginning and which entrepreneurial Over we've resonates investments cornerstone client balance and fourth intend revenue Each same per and what equally of and a superior in competitive $XX $XX.X $XX XXXX. reflected TriState be and innovation [ph] sheet year-over-year billion last All XXXX, a assets the distribution, as loan for organic in This nearly acquired increased our to up facilitates We under common XXX%. quarter available platforms clients. digital the our with or XX% the common million of our invested and three provides the and from and million income recent third last We've raise TriState we $X.X these Net our XX% $X.XX clients that this and share and million, in banking of growth five XXX% to improvement assets financial collection initial well XX% XXXX. from to over XXX% for from fund for with through a meaningful year continuous periods and XXX% and relationships sophisticated interest one has million, investments in client equity prospects commitment of quarter client years commercial last net strategic Since doing clients our sophisticated third executed of truly year to We embodies by grew shareholders advantage. building well quarterly Capital is believe growth. an begin We do from performance and five-year highly XXX% have we from experience. last a for XXXX; to more from

XX generated XX growth year-over-year have public. been we've also double-digit quarters in EPS last We that of the

list Capital In to be one consecutive list for track of TriState fact, our named were three-year companies XXXX fastest annual recognized and and XXX We EPS, to which by year. growing recently making second total XX revenue, pleased industry this Fortune, for growth from based the its returns. any record companies on was only

build years. time revenue our revenue $XXX,XXX. growth and evident operating with This and of highly our team is scalable in scalability growth also that and leverage achieved expense over continue continues five in XXX have that to see opportunities model evident outpace is in to employee the per we company's incremental growth business. to to full success the XXX from This expanded last has We employees a just superior

with addition, goal nine remains in Bank's first months of low the improving [ph] our efficiency XX.XX% XXs TriState for line In ratio XXXX. to range Capital the of mid

can under to company is last operate five achieve next continue this years We sum in years. the what the multiple over viewpoint the five

even team, IPO scalable capital distribution our risk low profile, and the given infrastructure, from clients, and Our capabilities. better growth strategy is we are of unchanged today positioned time

items. our let great I'd third quarter rate touch on a faster linked draw attention quarter, like which noteworthy even on Turning few to me the an back at than year-over-year deposits the both basis. to loans to special and bank

real represent year-over-year. by second futures commodities unions deposit deposit and expanding and growth organic community quarter investment XX% and Our and company the our very Among deepening the third to public loan franchise interest These high broker-dealers, X.XX% our to is franchise growth are XX% quarter-to-quarter. contributed our client from expanded acquisition. have X% is all timing exceptional treasury funds, XXX%. of worth quarter commercial loan registered our and quartile management TriState quarterly average to municipalities added other net in and third and deposits linked third top success family Keep of deposit continue credit who liquidity positive strategic through growth expansion designed loans which as deposit by private from peers a places Accordingly, and margin highest growth companies, deposit may volume XX% firms, depositors deposits pushed this the and the companies, and to our our banks. individuals, the estate investment deposit quarter nearly middle-market those our including gathering This relationships. offices, The influx the the rates Capital and to reflected ratio management last of Recent year. quarter to organic. deposit history is compare This net for among quarter. in mind vary average expense growth of in nearly from national interest in of in fueling the

to X in points happy economic a with we're change this be the to only continued quarter, of growth we franchise. our view very ago quarter, year we from unique while the Although note basis impact deposit is the that the

growing of we direct and for we're of XXXX. fourth Importantly, which healthy ahead valuable deposit banking demand both to be commercial anticipated quarter very funding private loans the expect in

a look the business fueled manage to not As income our risk earning of before net in quality consistent nearly year outstanding million. market on at basis same XX% measure, for private linked instead as third XX% time quarter of same At average loan continued in focus for from the of volumes expanded growth net nearly XX an grew Even lending loan with quarter income linked yield By quarter. points interest dollars. last and drove we income and our high assets last plus from we've third the the XXXX year We the to same to deposit $XX period by do income interest Total was by growth this quarter. record interest growth $XX increasing returns. income said million interest XXXX grew points of margin quarter and organic the basis the quarter. as dollar banking from expansion positive increased net period middle indicator interest interest and adjusted the during third strength XX net

us have managed market of significant in LIBOR our loan of our floating we Well since Capital LIBOR changing rate portfolio continues conservatively interest while risk balance rate CDs. rate about general and fixed allow to pegged sensitive This a and an interest are in maintain managing our risk continues XX% deposits a to over quarter asset primarily sheet. flexibility note, conditions. to inception. neutral was As TriState rate

lending side, bank third the organically the $X.X a to quarter, grew XX% record On the billion from loans up the year of at end of prior. one again

compared same growing the loans growing risk originating are XXXX. of from continue in remained of largely third XX by last by double-digit growth period milestone XX% fastest strong footprint. total Private Low In And applications XXXX grew drive months now marketable and financial the We XX%. nearly which over continues same other to intermediaries lending applications category ago. months. backed XX% of in by These balances year-over-year. nine another to in over banking distribution significant grew billion commercial nearly XXXX the real to grew lending. trend securities this our liquid Commercial loan unparalleled collateral we TriState fundings balances loan the achieved XX% $X estate through last first also new be This year. over period Over XX% our loans XX% private and our of months. XX over XX the quarter continue relationships last by banking rates XXX middle months numbers to growing four-state of network commercial industrial XXX by national in organic Capital's market

again swap totaled Our third quarter in strong which million. fee to income contributors the CRE were relationships $X.X

in swaps than level. months With this in nine to to the we recognized of fees said can use we in on be year's first quarter we earlier exceed with are of $X.X already borrowers' that in to year, While more line million. swap year expected pace vary million the last XXXX's quarter, $X

United has assets $XX prior. at end businesses distribution in this from XX% States management new nearly that the and investment attract of funds capability Chartwell, revenue. Performance, year of presents our product asset mix income continue of our one noninterest increasing company's turn XX% total the around by most Chartwell manager. quarter under to the provides clients third management more to than billion to Moving and from our grown client

Third quarter revenue $X.X to grew from the investment from business period. X% year management the million ago

investment double-digit see growth. to is Chartwell for goals financial management discussed previously our of One

this growth we expect in maintain we While currently our inflows full-year business XXXX the expect don’t the of equities volatility. proud positive a stock organic relative and fixed attract continue industry. the for to to we net business and especially between income market achieved inflows balance recent given that have rate to growth We're of double-digit

additional We also management term continue objectives our this to support to space in long evaluate the acquisition opportunities business. investment for

had base While out minimally revenues accretive and gate acquisition our of close than growth. to rate annual run more Colombia contributor a of business, is the meaningful expected client to it million at and is become the future as $X expected

period. really ahead to strong benchmarks This five-year were continue and manager's the one of meaningful period positions These From strategies for three-year for ahead of for BB period. very and results year led perspective, a of net which our quarter first by is inflows our for and inflows the clients. XXXX. the quarter. well were nine third of were continued of performance Chartwell fixed product for by active professionals to high their period the duration deliver and growth. rated attracting other Chartwell strategies. investment third managers These short win months Chartwell's their our inflows investment this asset performance XX% end the were deliver ahead grade very for of deposit income XX% have the rewarded through continue been products for respective XX% We with performance critical

at $XX a As these long-term. sustaining focused on we the pipeline incremental fourth Based shareholders Maintain we performance a to double-digit mid-XXs continue to record of over head our revenue grow income businesses, we goals, management growth during XXXX. double-digit quarter pace in on expecting on new strong Also billion credit range. into and all pace, at I growth, of at addition treasury driving to XXXX earlier, efficiency to revenue head continuing the sustain next the we while at the in leverage double delivering Chartwell of Chartwell and are a aimed quarter we to double-digit remain our year earnings quality remain operating grow to a organically net expect pace, deposits, which metrics operating each loans maintain and surpass growth build bank fourth into ratio management assets three leverage. business drive within low under for mentioned

We EPS growth built believe years that please I'll we've over growth accelerating. David have and engine open consistently and Operator, Q&A. now for substantial me earnings last we for lines for ask delivered annual prepared is That concludes questions. my the remarks. five an to join only the

Operator

Perito question Instructions] comes Michael [Operator ahead. Please from first you. Our KBW. Thank of go

Michael Perito

for thanks taking questions. Jim, morning my David, good and

James Getz

Mike. Good morning

Michael Perito

term NIM you Jim, David and shorter in NII where of little few had kind guess growth you I just of but recovered appreciate that to saw and can with quarter, a you weeks the just you a but near the I compression one, I'm term any next LIBOR after quarter? worked some us the sense have questions, have quarter bit, a expect trend generally obviously curious margin, kind to the has just against on a the you picture maybe related guys here grow for obviously seems a just, this continue speaking I a the on give continue, of I dollar like for of out two you should you it little LIBOR but guess one first focus one then bigger term margin me help and shorter

James Getz

that margin. on answer a a thoughts bit you elaborate little I'll David want question net and may But me let observations to Michael, give more. and interest few

at interest perspective just A here in line. over for not business net trend looked and keep than holistically a put really time much must Let's be a it in more building TSC and a a quarter we're doesn't period margin make quarter. mind

and our narrow metric. not take us account cost infrastructure. past the into how technology a For expense how does years. at people, non-interest relative deposit has non-interest real so over gathering effective or very it's namely expense, It few it declined at methodology does Look our estate, we deposits in take since significantly Look third not fourth meaningful has almost TSC We growing. revenue into in of experienced risk - quarter the demand. a and that been. profile It anticipation does consideration loan is strong our third a really of of or quarter have non-interest the income uptick the nature during

a The second and growth fourth quarters have Capital. traditionally been TriState standpoint best loan from for

over to trailing go periods basis. cost we quarter consistent with data but quarter metrics to be me betas, over considered let and Now one than to Changes funding including quarter. quarterly a borrowing XXXX, is XX/XX/XXXX you couple XX-month our just NIM. four quarter relative deposit need longer quarter our our At and single is NIM XXXX two material, financial with our on a third XXXX, XXXX one hire

versa, including or Fed between and widening of increases, basis a are also general first Fed deposit be relative LIBOR higher list in as any branch timing of can quarter timing in in LIBOR, individual average due in acquire fund were client they namely twice loan rate high rate narrowing business increases of they an and average the XXXX quarter then growth were rates new sheet lumpy large model, effective of deposit note in third the Then balance environment, namely our growth in increases betas you'll we the rate Fed arriving quarter of of traditionally second higher in the a new but may target all average vice exceeding can't thirdly, borrowings deposits funding within but XXXX. quarter have we control to the to given in to as deposits Our growth or more based expected at funds on thereafter. rising deposits funds

XX/XX/XXXX. XX/XX/XXXX Our XXX to XX/XX/XXXX to NIM XXX at XXX from gone is XXX to at at XX/XX/XXXX at

we of constantly are pressure a our make XX of XX% is the by months. portfolio. seems always there is and of another downward that secured Today the fully year to surprising NIM I ongoing loan private there loans. total the our our loans over see large basis as X they'll our private XX expect were de-risking points marketables a of our loan on portfolio some to we While compression in in by back XX% continue grow. way, mix mind about a next we occurring loans basis if compression agreed created Said our sheet banks you of XX within as in XXXX and Keep to banking portion this quarter be balance shift over is not substantial, points given up take IPO,

Additionally to streamline nature ratio marketable of lower our variety, securities ongoing given on boarding contribute reductions loans. loans, the particularly of the spread efficiency large those our the at dollar

So what in contribution operating our is leverage and credit cost. is sacrificed NIM reduced there and spread picked up

Now, management all is what any this further the David, rebound to initiatives work as put will footing. and The does treasury continue you to liquidity our excess NIM points? mean? have gain did

David Demas

No, to I Jim, add. have well that nothing you said

Michael Perito

would it benefit was then, to try Jim sheet picture think platform economies asset to not opposed et forward having sheet to It just my guess is about the of have Thanks so perceived cetera? bigger is hedge exposed LIBOR to are asset better, and sensitive, a cetera, or your little guess growing is know accomplish, sensitive, sheet considered and manage ever of the being that's scale, you if and help a and TriState et the high the earnings as been trying I addressed like balance real, volatile and this remove what on that level to a focuses perspective yet? you your seem an you the less make bit it, variable obviously question I going and something the question so maybe guess the the I why variable from guys I margin be balance balance you and what leveraging would from as you somewhat but followup

James Getz

mind, earnings the it. keep very From an started considered portfolio. the January not this I period beginning have during we started XXXX asset been of We time of had of we XXXX, through that when and from in in we've sensitive And positive are we've time. the, bank of the XXXX conclude most we've company rate that guess could period reducing we in declining managed environment

periodically that risk. take at of not something particular earned we of period at quarters we asset you at, rate we at look have some of allowed it's opportunistic. over interest have So And of probably as it Having look candid we to portfolio at provision on any type all but with an releasing release that you've past and not you the sensitive embraced this the if be this this quite to us earnings, time, over as noticed couple provision. not period our look continued And time.

Our design. is asset by pristine quality

lower only of the XX-year in outcome have history and expected business XX the had a and charge-offs a bank provision. our of model It's severe recession. We we've that includes

really haven't at comment in that's let produced here. so the why numbers EPS looked we So and it this and us I'll has the worked for marketplace, David

David Demas

cycle. to and that liability move rate we we sensitive can the explore see shared rise. have anticipated ways this others sheet through and but hedge balance the sheet, as continue we've us from continue you to we’ll side time on now the we move move good We're to asset of as to as do side we Michael the asset you cycle time swaps asset to the with through balance we and neutral as

Michael Perito

I you it. Thank appreciate guys,

Operator

Russell Gunther Our D.A. of next ahead. go question from Davidson. Please comes

Russell Gunther

good guys. Hey, morning

James Getz

morning. Good

Russell Gunther

tie to a want to the you made try Jim. comments of just few I together

rebound prepared would the your I is that it liquidity to mentioned expect So as to the excess impact compression would you that in put be the remarks as you quarter that unique economic margin think margin this to work. I and to relates understand

see this you short growth to particularly and in get is to loan margin robust term excess quarter? in XQ rebound work growth mentioned the next deposit that triangulate So for to the the put with that, quarter could we going

James Getz

at that look should fourth the the both you private banking robust Historically, exactly when we've it line. XX, but the usually commercial particularly quarter quarter quarter private the the Yes, it look XX, the holiday that ends because had, I and particular most side. has and of until on And at around and as fourth way. the just banking loan January quarter been lifecycle doesn't December along things open basic season new of the the that

strong. first months this very to in So quarter we of few expect fully the be

Russell Gunther

those provide cured needed Okay, little just you. you a then color on switching And banking how nurtured share thank performed could an may and us bit, given of any great market private channel, up? to that volatility gears you just the have or be with what late, could loans have

James Getz

We past issues that we've talked really along the at not cured items In haven’t phase any the we impacted be you. that has can that market and portfolio things had all. line to and report of that current to you this had about to

on want you nothing turndown it we market, was phases to other that. in to the as mind at as quite think that to the market the you negative high the so I this of report not have point, when occurred was itself keep

David Demas

that Russell, that room any the there's XX%, a in fair between is value now right amount book so loan events. average to stress about and of XX%,

James Getz

I Well, been were to six cures all and there be want they've clear straightened out.

Russell Gunther

guys. right, thanks much, All so

Operator

of next Instructions] Stephens. [Operator question Please go Matt Olney comes from Our ahead.

Matt Olney

Good Hey, thanks. guys. morning

James Getz

Good morning.

David Demas

Good morning, Matt.

Matt Olney

want Good morning. to loan to yields. I the go back

how changed overall color I quarter? those Thanks. quarter the give loan XXX, what was third about C&I in loan versus think in CRE are bank yields more the versus the the about third the private some yields us and can you in

David Demas

have yielded private XXX, data XXX, about CRE but about C&I for about the and don’t yielded I XXX. for quarter, quarter the yielded the Matt, banking

Matt Olney

you the over in of the the is but is then, NII margin opportunities that I Okay view? you look to forward maintain as about Jim down the to sustainable last earlier over growth year, that so NII and point, that your bps XX% how challenges, about your XX% over talk about can guess time, is growth five

James Getz

what meaningfully I just we we it's additional more market making do reported of at have here think sustainable look intermediaries and we're reason the penetration.

a many some have like to us there, group out now years. of XX been you of the give seasoned have commercial example turmoil of in with an large, the We which for banking world in us firms, with dramatically in Philadelphia and two the Penn same going We National the regional out large thing Ohio First has acquiring helped Susquehanna. on had [indiscernible]. lenders region The BBNC with

we confidence So level move a have will XX%. continue to we had high XX% of up that to NII

Matt Olney

in towards And that then operating looks like David, XXXX the said somewhere of growth and we're expense I right XX%, XX% think kind past you for your between that. is headed expectations

you As your expense what's growth as your far as into view look XXXX levels?

David Demas

the a still I reasonable point. ’XX early expectation planning we're think process very indication for XX% Matt, at is this but in

certainly call. will update We you on our next

Matt Olney

ratios, you talk Okay, us your is ratio about that's how as are far constrained? me ratios, capital helpful. as viewing last capital And then to which your from

James Getz

you our billion when banks, with other is is their X% Tier constrained and billion meaningfully down a been to we're pretty at mood above the a a they have from they our even But regulatory TSC that most $XX not minimum well comfortable to in so peer before banks can we're capitalized taking of can comfortable of at in The anything and you'll look and consider it look I for is also. $X Tier though take and the banks see doing that authorities the still people I and look range. of X% capital that lot obviously we acquiring any standpoint

Matt Olney

you. Okay, great. Thank That’s all from me.

Operator

of comes Please Cardenas Daniel Raymond go ahead. Our next James. question from

Daniel Cardenas

morning, Good Jim.

James Getz

Hi Dan.

Daniel Cardenas

question been update do continue arena? that for successful side, that have to be maybe just questions that optimistic on you acquisitions in my asked on of prospects an and how's can one advisory most making Just M&A you is feel investment that as the answered, - in looking,

David Demas

by end and visit industry. more than this call, confident a our some make have to happen of the us lot ago made announcement feel somewhat. would multiples at year of people us, the we that XXXX. in down are we point with have that with There this to take macros when we public prepared come that We did occurred More are talk

You higher traded you point. times probably between X.X in and used they are than know and they publicly EBITDA arena now and that that noticed somewhere at EBITDA meaningfully XX to the times be this

a bit toward of moving much very market. a buyer's it's So

So reduce partner further now of the connect with the than is focus our and a asset can our will ourselves consequentially we where really risk end income and XXXX. I and it management top now think quality of arena expand on higher profile the non-interest up the between It really take course of company.

Daniel Cardenas

best? Okay, grow provisioning and at some been levels then that’s about should we given be provision loan pedestrian thinking good pretty dynamic but

David Demas

quarter, don't what we'll we agree. think Dan, recoveries credit the pretty certainly would know run the call We to credit events the don't anticipate quarter had anything some continue a quality good in fourth see book and as I in most people material. on

year. less the to see basis So points by I the end allowance being our overall total could XX or loans of

James Getz

the $XX million. total to loans loans are give Dan, a million you $X.X is here and classified criticized specific, our

cycle some portfolio is loan look And as just been take C&I this and it, it's portfolio, at in of is look have good than very constraints it. this well C&I pretty shape it. and good past XX% meaningfully at loan lot at so today the of - are really We've and banks for that estate portfolio it’s portfolio and even portfolio. XX, portfolio if we the out in banking less about So in - if you you of most loan aware portfolio, point, our think real our the years couple more commercial our are we I very and confidence the much good you but CRE on controls of a than that have is a private

Daniel Cardenas

guys. you thank right, All

Operator

question Please from next Boenning of go Scattergood. Our Matt & comes Schultheis ahead.

David Demas

Good morning Matt.

Matt Schultheis

of question that to was and of Quick neighborhood customer the think inflows? $XXX in is and in quarter AUM had morning. is attributable how to attributable I Good on Chartwell, performance something an for that much I much wondering of of just net million you how increase the

James Getz

I flows and quality the bond. presentation the the of were coming Most okay, as BB in corporate also from the mentioned high it

at and new appreciation million. their flows new was accounts some you look If million. $XXX business Market it from existing $XXX was

Okay?

Matt Schultheis

expected then said out volumes thank of really banking that unchanged? right are volatile the a that over little in regard became or application could loans, you the as and past to from play more turmoil with market And affect did you as all not periods private actually consumer the Okay, the did market demand you. that

James Getz

Well remember market a don't when about about talk we and turmoil about we talk months quarters and we year. weeks, talk

what So were went the the numbers up the year. had and by applications, see last for you this then it we over in same really XX% I quarter the presentation was pretty they and were period meaningful recall that can

So…

Matt Schultheis

that see people Okay but two or short in weeks get you didn’t tentative little a didn't just you more at a all? period

James Getz

Yes.

Matt Schultheis

thank Okay, you.

Operator

followup from Our Perito next KBW. Michael is ahead. of question go a Please

Michael Perito

I for on but Hey of guys, charges in release the if quick rate I on thanks tax as in want thoughts questions. I think just One, the fourth you this any for could preliminary specific wonder mentioned have the using attach where same it a quarter, had should settle I that comment at know what to that and [ph]. in guys the be you're neighborhood kind point? start followup. few I XXXX in you the

David Demas

continue on on guidance do year. speak, count but give a having any bit conversations Matt, we ’XX. responsibly prudently We’ll and opportunities, evaluate to specific here little can you to next manage regularly expense. We're continue tax actually to us to those as it's you that early

episodic will you past can't for look opportunities the we pretty shared and so and how but tend opportunities credits when to I've As the continue the you be to with to rate. those will solar come, predict in manage

to I can think the for you expect around rate be XXXX. overall somewhere XX%

Michael Perito

it percentage longer Okay, profile think risk right thank sheet, you which I would you helpful? the TriState but do you amount, it, times, then the in of mentioned for there deploy deposits the how fluctuate that, kind quarter-to-quarter a liquidity I can from we but you. liquidity kind guys to is lumpy thinking I and plan dollar are position And as term, it of the just thoughts core about what view the quarter, guess is any at is of you bill balance understand be that be it could given as know Jim the

James Getz

really never been have We concerned.

our look what you growth that consistently our been you loan unusual tell we fully anticipate with we're But pretty in growth. quarters the success to the deposit exceed over the XXX%. be it's marketplace next I to If over our that place, ratio, for the deposit at several program have loan having been that won't multifaceted would it I with

Michael Perito

a me, Okay. - for metrics just just horse hoping demand of for dead there's but sheet. last on here, don't balance And the margin then from positioning the to couple question I some want a beat and just the

reprices? can if overall So you your remind deposit I to LIBOR, was it just curious Thanks. directly when to funds? side, and have Fed in us of indexed the know you positioned what exposure XX-day is one are portfolio a that couple deposits any can remind the things, And of the could conversely most we if us XX-day on you primarily percentage of or then remind the, terms us but where

David Demas

Sure Michael.

predominantly will deposit it truly the XX% portfolio. that discretion. in are is side is I side XX%-ish indexed take to to excess loan is the in indexed comprises XX-day of On of XX-day indexed, funds XX% loans our rest of think asset And Fed LIBOR LIBOR, and about that to

Michael Perito

the Perfect, guys. thanks for color

Operator

ahead. Please of Stephens. is Olney follow question next a Our from Matt up go

Matt Olney

the And Yes, some reporting excellent, you quality credit the private look and that with the I but are some exposure equity market your borrowers, is of sponsored, the in credit some is leveraged much trends remind followup. me what mentioned at of just taken those sponsored and thanks XQ other banks loans. highly to how borrowers for more back leveraged? as point to in of to and go highly problems want this TE

James Getz

the now me We in it's performing learn some business of shared $XX - than credits quarter million in our let Right, the second had we take back performing segment more when your agreed. than of private and mistakes had back all portfolio that your national as they're successes. less issues equity from XXXX, of you you to related in

Matt Olney

you. thank Great,

Operator

Getz any session. like I would for our over Jim concludes This closing to turn to back the question-and-answer conference remarks.

James Getz

continued continuing and January. to appreciate truly much. next forward We you your you look update the our company interest in in very call the to on commitment on and quarterly progress our Thank

Operator

has you The now Thank presentation. concluded. conference for attending today's

You may disconnect. now

TriState Capital (TSC) 18 Oct 182018 Q3 Earnings call transcript