Tristate Capital Holdings, Inc. Announces Unaudited Separate and Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs for the Quarter; Provides Tax Rate Guidance for the Year 2016
For the year, on separate basis, the company reported interest income of $82,958,000 compared with $77,803,000 for the same period a year ago. Net interest income was $69,510,000 compared with $66,669,000 for the same period a year ago. Income before tax was $28,573,000 compared with $20,016,000 for the same period a year ago. Net income was $20,226,000 compared with $14,107,000 for the same period a year ago.
For the quarter, on consolidated basis, the company reported interest income of $21,846,000 compared with $20,933,000 for the same period a year ago. Net interest income was $17,534,000 compared with $17,516,000 for the same period a year ago. Income before tax was $8,351,000 compared with $7,177,000 for the same period a year ago. Net income was $5,586,000 compared with $5,092,000 for the same period a year ago. Return on average assets was 0.69% compared with 0.72% for the same period a year ago. Return on average equity was 6.84% compared with 6.56% for the same period a year ago.
For the year, on consolidated basis, the company reported interest income of $83,207,000 compared with $77,913,000 for the same period a year ago. Net interest income was $67,564,000 compared with $65,662,000 for the same period a year ago. Income before tax was $33,380,000 compared with $22,897,000 for the same period a year ago. Net income was $22,488,000 compared with $15,928,000 for the same period a year ago. Tangible book value per common share was $9.81 compared with $9.02 at December 31, 2014. Return on average assets was 0.74% compared with 0.61% for the same period a year ago. Return on average equity was 7.13% compared with 5.25% for the same period a year ago. Reported an effective tax rate of approximately 33% for 2015
For the fourth quarter of 2015, the company recorded net charge-offs of $1,621,000 compared to $1,894,000 a year ago.
The company expects a effective tax rate of approximately 35% for 2016.