TSC - Earnings call transcript Q3 2019 | 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, 2019. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

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. subject or and from outcomes are cause that those statements results actual to forward-looking to uncertainties risks could anticipated. Such differ materially Harbor Securities statements of XXXX. forward-looking are pursuant the These made the Reform Litigation Safe Private Act of to provisions

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

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

New uncertainties date management to, company. intend to, and which on may or come risks duty to up made. not the the time cannot how update they are from or and TriState affect events no does time Capital revise has predict forward-looking these and after they statements

financial comparable its To found be is tristatecapitalbank.com. TriState in are measures and measures the reconciliations available discussed extent at which GAAP release, can this non-GAAP on Capital’s earning in website call,

and Getz, Chief Representing Financial the session. TriState Demas, Capital question-and-answer He President Officer David Jim today for Chairman, be Chief by Officer. is joined will Executive

would to time, I to like this turn over the Mr. At Getz. conference

James Getz

joining morning thank Good and us. for you

we to the delighted long-term metrics we not quarterly this latest We only in Capital’s execution, and share performance and and have TriState confidence delivered, believe XXXX the achieved results you commitment because growth of with to are but company’s our more because beyond. of milestones record-setting morning, importantly indicative the is potential

environments. variety of growth built, value a Our robust and power to one rate third earnings we’ve the that’s of results designed and quarter company deliver the clearly in economic demonstrate

ratio loans for $X we first time, recall you to the one Continued was mark growth also from one the financial $X loan-to-deposit performance XX% for funded Total the for organic threshold second and was $X crossed our set billion target, under the asset which billion Loan growth surpassed billion may loan us up ago. propelled compared year of growth prior. goals deposits fully year our consecutive X quarter. XXXX. the over deposit was by XX% XXX% Total

reached are quarter, organic income over past a and which private growth commercial loans, up interest Net XX level by months. for respectively banking XX% supported and in banking the XX% double-digit record middle-market both the

levels At continues statement the and our revenue low time, not even first in the spread strong with rate income quarter growth, X capable dependent and to new same of of solely XX% is LIBOR on the is represent total interest record Non-interest fees for and earnings income months current of environment. the short-term income producing reaching year.

pleased commercial We to are investment and our and together deliver banking, with top- working management bottom-line very results. strong how businesses are private banking

a $XX year million, Third quarter record revenue up than from XX% totaled prior. X more

revenue million, year, grew of total first more prior XX% Through the from the up a months $XXX record the than X to year.

is also We XXXX. our continue and in scalability efficiency rate ratio, for this to with with in goal year. bank’s is goal evident low-XXs the with full operating the business At which of growth the business single-digit time, same line stated year for invest annual expenses improving in line our our

pre-tax Revenues record our pushed the and target income year, the on the XX% new pre-tax X months full first pace income highs for for to to both XXXX. year of quarter with XX% growth

$X.XX That’s of earnings. company quarter. second the in the $X.XX from flowed through top-line reported strong bottom annualized Earnings XX% the grew X% more results the than line. increase Our per share an in linked

of in resilience X businesses result drive our and growth, financial working is concert performance profitable to of differentiated and illustrating model. the the The flexibility unique

Through fortified quarters provider individuals, high-net-worth to nation’s now its TriState securities-backed trusts we advisors. network banking, to of through some of as position date, spent numbers one delivered Bank’s premier loans business marketable as financial banking provide cultivating private Capital financial all-round we Our best nationwide, have the firms, XXX. and and accessed we years through of and which a businesses experience intermediary products, solutions private

have X,XXX banking Private loan had of representing growth before not past advisors, total XX we over loans months. individual Year-to-date, nearly end, we during worked billion with new with who banking loans XX% XX% and balances closed $X.X quarter private XXXX. totaled the of at reflecting

through private XXXX. over increased we And same About the applications in banking quarter. half are received loan number of of and increase from every platform this period continues third coming the quarter applications our XX% digital these to loan

with, and periods. other this expect built help more and We serve lending attract platform effectively we to them high-net-worth advisors, work to officers this future trust we even the applications intermediaries easily platform digital in more investment through to the clients

banking commercial middle-market September balances with an exceptional total at increase $X.X growing loan from have business end period commercial growth, XX% continues XX, Our to billion, to XXXX. of

$XXX by XX% loans $X strong Commercial approximately grew months, during the billion. million nearly third the and in remain industrial quarter. totaling past C&I originations XX approaching

the and relationship additional to growth enhancements our reflects finance. like Our to agile team high-quality more including capabilities our C&I equipment managers products

with growing total origination nature totaled Strong activity of the strong we’ve high-touch the as quality fact, remains our pristine, our third become XX% and disciplined CRE year relationship team comprising the well totaling clients improved loans. Credit quality well asset hallmark metrics has the during Commercial remain prior and the performance from in underwriting of about even million developed as quarter. our and of loan $X.X billion employees. X standards estate third $XXX real loans as further reflects in XX% a of quarter.

loan We expect remains be clients our deposit quarter. funded Loan by for treasury TriState with essential our offering. now and treasury robust need growth management for we continued business sophisticated franchise payments fourth including liquidity Capital’s including an processing our continue Pipelines offering. than and fully more middle-market commercial the XXX to strong deposit-only relationships growth in have lending management and

our and treasury $XXX adding we’ve treasury approximately million deposits deposit Year-to-date, million Treasury treasury during surpassed the management goals XXXX. $X achieving by management balances of grown – management in deposit $XXX during third to forward deposits account threshold quarter. billion look

continue with just pricing X an nature re-price of of XX% nature or We rates The duration, a Reserve over the deposits in of other are term flexibility XX% maintain our at half less remainder institutional discretion. are months and indices. with our to are than approximately Federal deposits

funds of deposits for costs the liabilities total and interest-bearing X.XX%. Our all averaging improved quarter during third

we We X.XX% ability with by quarter basis to to funds points linked our full second are in deposits. on compared our very pleased gathering XX cost of lower as lower cost focus to a continue the

income in rate to the have third swap quarter. the range $X.X million for $X $X.X remain our may third news the swaps noted quarter, you will million release, healthy exceeded million from believe during borrower interest fee fees As quarter fourth we

to by swap client quarter traditional largely maximize borrowers within relationship relationships. and While driven the prime success growing commercial XX% banking this more activities private rate base. real fee private a third is managers fees opportunity, income In large in our building banking their our of from work than our environment, methodically example our swap alone demand the borrowers, estate were beyond generated

third The investment to million, majority XXXX growth our approximately gather for management full continue X% performance for totaled by generated believe outstanding positive year-over-year, third by fees of to which year momentum. assets during Chartwell we our non-interest $X.X billion subsidiary, income to goal capabilities X.X% expect Partners the achieve quarter no Investment and organic the management quarter. while products, grew Chartwell down $X.X we our is revenues, longer under distribution strong unique Investment

business period, were the strategies active respective year-to-date performance products X-year its deliver for Chartwell’s performance XXXX. This Chartwell products benchmarks million the ahead business our to ahead quarter. of the through has been superior quarter new This the during for all million institutional investment continue XXXX. of ahead of to third end level to of X-year of XX% attract a attracted to key and were about performance. new for third institutional its business. XX% were has performance, performance outperformed the XX% $XXX through compares through ability of X-year XX% of $XXX new

side environment the in strong seeing one we of the advantage part are we we the to business, experienced a take of, have on a the distribution and refinements and to we assembled. institutional which because position team are of made in Overall, better

our that this believe we are been. rated in investors are like low difficult and improvement, Products new mid-cap Chartwell’s are our short-duration and to to within returns strategy this track it’s institutional value products their the capturing Chartwell’s BB for attention. good generate replicate believe actively record passively Today and managed is environment, ever business strongest opportunities search rate pipeline activity. here, searching high-yields increasingly and We through we shine strategies have

At quarter commitments anticipate of of the million $XX we fund XXXX. September had than that fourth in are XX, to more institutional

than more ahead. we today, to new our addition, business the In in and pursuing we share have are actively in that aim win we more pipeline fair considerably months the

advisors investment retail to gaining We management offer. are relationships financial business, expanding registered high our are the our also and investment increasingly the with who we performing unique products on attracted of side and

gross through approximately We million have generated sales September XX, XXXX. retail $XXX in

has As with as been. business it retail ever is pipeline strong institutional our our

take $XX we capital as us management assets that above to pursue grow be help always management billion. shareholders. As most our evaluating investment work to would TriState and that under only accretive deals know, you put immediately acquisition opportunities will unabated, efforts of Capital are actively to continue Those to through to strategic we a

provide and fit cultural strong Our offerings. complementary products’

and remains focused in building invested value is leadership shareholders. Capital’s success on TriState for its long-term

quarter XXXX of about a $X invested our each senior reported board in effective made stock of of strong execution earnings executives excess months nine members the we of third totaling TriState dozen first reflect the team. significant The common Capital During the engaged and acquisitions management and in year-to-date and million.

ready Our an and opportunity enables on that capital acquisition position to arise. may be strong act us appropriate is to

from and peers differentiate the continues remains to quality Asset us industry. pristine and

have funding multifaceted mechanism We in sophisticated place. a diversified, and

In fourth well success positioned in are continued then summary, the the future. quarter on for we to and

this ask remarks I’ll for now prepared Demas open lines. morning. my please the concludes Q&A. me That join Operator, to David

Operator

Thank you.

now first will question-and-answer Instructions] [Operator Our question begin ahead. the go Gunther Please comes with We Russell today Davidson. from D.A. session.

Russell Gunther

guys. morning, good Hey,

James Getz

Good morning, Russell.

David Demas

Good morning.

Russell Gunther

for and to growth a in C&I put to geographic C&I the quarter. terms start vertical pockets well forward? contributed strong to equipment related outlook wanted loan how able sustain you strength quality this the asset Would finance bucket on for other guys have sort some any what like I going strength of of up. such thing you’re helpful color add of Perhaps be you’d to continued as on that as get in sense

James Getz

Great.

so launched business seen in about for to balances those of the the continue that in to quarter, think activity equipment business nicely talk has $XX first. Russell, we’d remainder New there the fourth million the expect that year. But we At good growth have approximately in January September portfolio. about finance and Let’s that had equipment far XXXX, this year. We typically, XX, as grow so its through biggest needs companies the Year,

C&I we the were great the pretty continuing next many recession. beginning see to we’ve had grow On we and laid to When other during had for banks We own of front, us looking – been the issues, And the and that this. foundation we’re groundwork by handily the legacy we the for funding, for laid over couple the to we a we that so had years. growth inwardly, this extent their capital had reap benefits experiencing. of

growth this our on all seeing C&I We’re regions. across

the of Susquehanna of predominant, Philadelphia to result we’ve BB&T and developing disruption we there’s acquiring the with Penn, in that. area, arena like able acquire is it there, as Nat banking been Some talent see and particularly in a assets been what some and where

this call right had there well. million it been nicely and of X grow go participating been now we up well $XX pretty picking But we growing with pretty the facilities We into a some regions people have We have $XX have been all as years, that capital now expect us. and that so that I for million Year. as us they’re up part would of are continue average to And XX we’ve have go about over established. New business most pretty say our group here. we expect And to actively for nicely we another on about outstanding the

Russell Gunther

over your then, the growing next dynamics understand zero And your asset that. guys’ that banking. appreciate would of sense, view book quality I outlook be helpful favorable just Jim. your just loses But I C&I view years. this within within within content perhaps C&I, on get Thanks, of couple Great. to normalized the private loss and

James Getz

today don’t consider loans. normalized. I’m X% the situation you current surprised that bank I’m loss we’re in speak Well, to assuming only a our has you’ll non-performing

a… only it’s So

Russell Gunther

certain it is. I’m

James Getz

anticipate Right, $XXX it’s continue. of non-performing $XXX this We million, portfolio of million loans. the fully to quality

staff that considerable, millions of amount the a I dollars. a credit topnotch considerable As in have by you’re well today. we over we’ve aware, And money invested of years mean, analytical in place

with very individual They strength They’re XX create management scrutiny like security career with analysts it you them in have provided would really relationship that the just friction we what they with characterize do do managers now. place on detailed I in analysts and and field the industry us as the of We in about credits. positive asset the in some value place.

differentiates us a that staff they their a the sense many at relationship to banks intermediary it credit in becoming manager these And as people. and are career clearly from other step look

I met be Officer. in Credit one best think Chief the the consider Tom to country. you probably Groneman, our of him I

every quite through You and that’s his credits mention any single of can gone articulate staff. he’s on one and of them, our commercial

$X to get to to But of a billion that a New lower there. we in be you’re say So very don’t into expect us good the that situation the with our a going Year going activity think portfolio. lot going I negative are I not $XXX,XXX any than loans would see non-performing

Operator

next The with you. today comes Thank ahead. from Please question go Michael KBW. Perito

Michael Perito

for But balance see room sheet traditional we combined what capital peer the with struggled portfolios. Chartwell environment. good question the think I look morning, of here. performance, a expect I they last in X have, as with capital quarters, have over obviously, at X more some kind the wanted guys. bit or low-risk to taking would Hey, question. you little to below we mean, you at Chartwell kind my banks guys, you on the start of I have to lower Thanks

had net had really haven’t kind I have think solid, and but tilt been of growth the has you revenues shown guys have downward a margins improved.

by the how doing your business I of there, sense does allocating internally to capital Or you time? be improve Chartwell’s over think their performance So, make opportunities help it you guess, well try kind is that while do adding bit? growth could of accelerate little capital is with guys the question improvement Chartwell to the to allocating rest a more that to currently, scale

James Getz

Okay.

perspective first around There it’s is of what XX%, clear year, the a at of you for from – this their X give on okay. me you months contribution Let this. the look if standpoint the

the Mike, contribution, XX% So we it’s you at okay. this consider fee this you a okay. in and income to this look that ask business yourself, you of a why are meaningful business, this company But management you if because in provides holistically. for quarter, type at and have look recurring there in about if lot it you it is are asset flow, And with think, I of – cash

profile really So the level considerably higher it level less a does risk company with provide and much a higher of strengthen – for of us company. the

integral So part of the an we company. it consider

get a much investment From really the performance couldn’t standpoint, okay. better, performance

of $XX in first This this revenue. are million. thrown I So it with year the March going you and more when company we financial – metric line revenue million is had be $XX previous about to off XXXX, that of the year talking the bought contribution, the in year

quarter, see of look We with that past because flows we on some It’s been sales end we’ve only here. negative next going the it expect flows X had of the opportunities better. in the to the quarters are the

feel place leadership and business, investment we’re about we here. team the team the the in really So comfortable very positive that’s with

been instinct themselves a XXXX, to gratification level, back, back hasn’t that excess that they contribution if either not I but XXXX in. XXXX that look their take to the to you and XXXX, are and okay. You have find XXXX, particular up in realize to things industry you XX%, was take has it XXXX,

I the want clearly it match based you and you we that’s management that we’re finding around growth quite expense the dissect place in would is business, distribution. retain at The their marketplace look and to – outlook the in might if to suggest you, on revenue the attractive, pricing and put there discipline performance

to bit, growth that runway you a with regard understand a into and of this you have So to lot a have this is future. dissect the that has really to business

to we mean the the – a you market, of sellers’ the additional into And it’s mass, marketplace I buyer’s a was becoming feel today, more critical it than previously and a sellers’ more market can thing So way market. to wrong of market do. sellers’ not it’s take find a

made So consolidated we franchise. are that strategically comfortable we’ve we comfortable and XX% are the commitment are pretty that the with income for fees non-interest generated and with here the very between Chartwell of swap

Michael Perito

about quarter. to fourth million in the fees, just Got the be I it question was $X.X million you about it remarks it. the commentary And $X.X – separate expect swap to think, then

in environment that line continue will we a base that had little environment, guys, your elevated bit that margin, it’s Is it? guys be real you you that, more that of remain balance a if kind drag way we you decent feel an decline, for of, have of that type did that product on the fair if – about customer of on bit guys where the that historically? kind margin think think beyond commercial a and to As estate offering now about the an you can broadly, offset lower mean, in done that little have more kind that I are obviously, some of which, remain to rates have given and we that expansion a a offset in for

James Getz

this, in to future. But it a the give they look reached more will when a it. in prosper way think, fair the while, at does The way. because for people decline at interest for it, an is a absolutely me plateaus to it’s rate look I a a to you and fair would I environment. that This let way But rate that business secure have that declining continue you want

here expect fairly of business private with by XX% banking the to have private into the was going would business, revenue the robust estate a about we business complemented the you commercial banking business real which new saw year there. the So

penetrate And are the various so it’s the a the a other we beginning with market loans it. fee just on secured that put in there putting sometimes marketables that unusual loan was at there want also rate, day lock to this $XXX,XXX not we some and opportunities and are by people to have through and we time, like we’re sites on like

as pretty a wouldn’t environment. and it’s like to it’s interest classified decline is, in a consistent So a be stable business income low I – recurring fee asset going but say management rate

Operator

The next question Please Stephens. go from with comes today Olney Matt ahead.

Matt Olney

Hey, thanks. Good morning, everybody.

James Getz

morning, Good Matt.

Matt Olney

want part start on of banking that I Jim, on years, growth you’ve impressive the private But that business X the I’m noticed racing that with little of size is decent is recent towards some take from curious I discount the And to in business commissions. that growth seems competition. very that a some think private brokers. business your some what banking TriState now the discount are does at I think, brokers

So and channel? banking their curious competition their it for I’m the now seems changes private believe you right in how model your could affect model changing these like is

James Getz

Well, fact securities standpoint, I with from X. positive put can their they because our the think, securities it’s for more because of people very trade situation, maybe that them, a

way. be want to quite to if helpful business. candid, be our would not it you that we in So are To at I’m delighted look clause, that

to a broker that’s dealers make spreads, you their that but the end are the goes market. the and probably for businesses, make company of for-profit is into at way to them, it these lot cash putting they back are the challenging more going organization the are here and We able by the be a through flow aware,

lot manner. captive to have own bank, cash that Schwab their a Some in of they’re that E-Trade their captive has of them bank, deploy like and able own an

is it a to of So income aware past continue I as income long-term the means offsetting you’re the But long would find would see trading we of becoming alternative been well years. they’ve those marketplace. say, couple of level level positive that situation as broker-dealer experiencing of down as as that over throughout can folks the

major impact a So having business all. of that on I don’t at much see a our as

Matt Olney

of impact the next And CECL on I’m unique? very your within CECL then future provisioning? impact Jim, loan portfolio your starting what With reserve is methodology curious what will about year, the be

David Demas

morning. good David, it’s Matt, Hey,

Matt Olney

Good morning.

David Demas

we Stay filed our are a in CECL, to potential and provide its tuned preparing Form on early more on in we impact XX-Q lot – November. which detail

Matt Olney

more far Okay. look year. so the David. the have tax outlook fourth in, quarter Great. What’s Thanks. year? The If rate tax been for and volatile rates I take this on the next one into

David Demas

management. not as it rate also quarter as unexpected that the you in to And well pretax us outlook attributable routinely the strategies, bank Matt, tax effective evaluated always, this may number consolidated energy. earnings versus credit tax in driven a as that the surprise. So any both we’ve growth. of change the an as historic which terms giving was driven that this as year, now The tax caught close strong impact as is credits of planning quarters And income well proportionate tax by alternative know, investment to of timing was really net by by of

rate see tax somewhere for we the of XX% the the year. effect around of So remainder being

Operator

question Instructions] Our ahead. from with B. [Operator Riley today Please Steve go FBR. Moss comes next

Stephen Moss

morning. Good

James Getz

Steve. morning, Good

Stephen Moss

I apologize late. jumping for on

I’ll there. that’s or compensation outlook just the have sticky? on So give on I update for in asked, can expenses. if start apologize drivers if Any And my you I questions line, particular, just – been that. maybe the in

David Demas

to and XX% to that grow meaningfully good Thanks than And Steve, higher double-digit year, this. going less to had is so put – call. years. for accomplishing we Last growing expenses continue expenses a revenue grow we’re leverage stated at than Growing do X focus rate were of been it into base. far, a years context, at at on year growing XX% XX%. and work grow hard XX%. We to goal our it goal our to that for we’ve expenses, morning. ago, the we’re operating to number joining This and under we’re a to to able

incentive incentive compensation virtually sort highly is every motivated some by program. on This is comp that of an organization is employee

that seeing accordance compensation it’s net levels proportionally et raises and see increases increases with income we’re book, across income production the growth. so and the in the cetera, swap And in loan you that pretax so

So that’s really the this increase the is what comp driver for quarter.

James Getz

Steve, Jim. is this

a to, X single-digit and look really our our January, months of at lot XXXX number we that in EPS X at that’s see for for up of to – to expenses pretax you core pay lot attention we compare looking revenue you’ll up core the indicated this if company first If XX% about up year of analyze is first we over of see financial X that. income, up year-to-date you we of really and and a had And you X%. the to expenses months have XX% net expenses XXXX, expected the that’s can months And first because and metrics that were the our was and the attention the an we folks awful XX%. pay feel and you’ll in the

compensation here, drives that So metrics what and be that you. candid programs of is our pretax in EPS to the lot a with

Stephen Moss

we to help at the and any And would around here the great? the quarter, Right. question end that inversion margin my helpful. That’s the quarter, saw impact curve just in quantify second the for yield if given you quarter wondering, of the the then be that challenges

James Getz

let But our perspective work net little bit to Well, me interest about a you on to it. I’ll margin, okay. talk quantify David let

relationship very credit to business paramount borrowers’ we a continue a relationships For where are gathering quality high the fund business and be needs. building, building we’re deposits we’re to that

like We’re building interest that’s that also aware income doesn’t leaner, expenses. business you’re a probably of much include type any net

organizations so, are our non-interest XX% size. than to And XX% expenses about our other less

our and than different look other lower are risk not risk argue take that’s you dramatically would And a earning profile, If there, institutions. case. we net assets that interest the margin, the at in

from does NIM operation. and reflect advantage And competitive others branchless at enjoy bank we having a the not our

in bank for also they’re income that loans, isn’t well, contributes generating around our in either. of about from our variety, to marketable dollar large at our that look efficiency there our reductions that’s spread XX%. particularly ratio, We’re revenue And you if lower now XX% the non-interest ongoing the securities-backed

while also is to or leader target deposit the of rate we incrementally moderate we through year. in in our been second costs believe maintained up, So the assuming catch fund’s the funding competitors lowered we’ve pricing. XXXX, half a range of fed the And back-half expect

you Do comment? to want

David Demas

than agile, good described, Yeah, Steve, well very deposit of as is XX% model years and ago, more loan book Jim that good of it’s About XX results a can and it’s variable book rate. environments. is variety rate. demonstrate our a our business has in About that formulated growth so XX% variable he of

seen talk heard as in Jim you of about, down cost so, come And we’ve as the quarter. funds measurably the

impact There $X,XXX and a to quarter. third for of I number, relationships would when estimate LIBOR, effective anticipating between when exact get whack and be are out which bit impact those is two fed times of the that somewhere occurred Fed funds an quarter. cut, LIBOR little have a in $X,XXX the I but don’t

Stephen Moss

you thank much. right, very All

Operator

from The D.A. next ahead. Gunther question today is Russell Davidson. a of Please follow-up go

Russell Gunther

Hey, guys. thanks

recommitment State ticky-tacky modeling shares bit purposes growth color I question, heard forward the a David, going the of little Maybe for dynamic a capital please. the within this year. for to Just a high-single-digit on expense just on tax, you

David Demas

Sure.

a and benefit that. it to that onetime had Pennsylvania this of strategy that carefully It were the about item to it I expect or State with of very continue. we we identified we quarter able prevail on don’t external So we we the was to worked advisors. a talked

shares of expense. more historic so that in to we expect get back the terms And norms will tax I’d

Russell Gunther

much. so Thanks Great.

Operator

The Michael Please today KBW. comes from go next Perito question ahead. with

Michael Perito

guys, for thanks, taking Hey, the follow-up questions.

at as you balance through Just was Do just sheet little the elevated. first quarter? normalized on And NIM, a points more average basis? have a balances a to period-end little presumably level X and if follow-up on the basis a margin, the David, those looking or that normalized – has were that in a X would to looked add since I cash the any the insight

David Demas

short, given have a into putting on environment is And They where the been versus two think and you I think – work then staying a holding rate shared and with investment believe we’ve cash ago, had the you now. in the equivalents cash at as in I this quarter the money And liquid moment. I and Mike. question past normalized, right portfolio or

So strong. balance liquidity the really is strong sheet and position will the moment. at I we remain like mean,

Michael Perito

then, And handy provide to sheet? the don’t to sheet, of you incremental kind you’re have what that or us – adding I relative it. share can was liabilities know the – you I on you that but David, is the balance and can something Got this the spread assets the like legacy with balance maybe margin wondering, looks

guess, what of funding variable get I’m any at I guys XX% a where better that just XX% I of come dynamic, trying costs figures to around down. have I’m get to grow you a you imagine variable if trying trying that. sense though, will the is get to as incremental deposit, loans, that sense

David Demas

hopefully, you Let then me color. gives facts, it enough give you some

me on Let deposits. start

And yield matures and CD and are about the that X.XX%, issued re-prices. where Our to X-month very on pricing as so being is CD CDs X.XX% around that the new good short X.XX% now. right book moment, somewhere opportunities about a duration is at portfolio there

somewhere real at then, on, on loans and and between over over And LIBOR. X.XX% on LIBOR. to LIBOR. the is we’re X.XX% estate new X.XX% somewhere C&I going between loan banking X.XX% Commercial X.XX% On side, X.XX% over and X.XX% putting going private about is

stands at the And so, moment. that’s pricing where

respond business a to and feel to variety of scenarios. good interest got rate can really model continue a that We we agile

Michael Perito

it, appreciate it. Got guys. you, I Thank helpful.

David Demas

welcome. You’re

Operator

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

James Getz

to today. Thank Year. interest January. TriState fourth results a you you participation great much our in for continued and New in XXXX and full happy We and forward Capital Have on year day quarter very your updating look your

Operator

Thank The presentation. today’s for now you concluded. conference is attending

disconnect. now may You

TriState Capital (TSC) 17 Oct 192019 Q3 Earnings call transcript