TriState Capital Holdings, Inc.

Q3 2021 Earnings Conference Call

10/21/2021

spk01: Good morning, everyone, and thank you for joining the joint call with Raymond James Financial and Tri-State Capital Holding. This call is being recorded, and a replay will be available on the Investor Relations page of the company's website at www.raymondjames.com and investors.tristatecapitalbank.com. Now I'll turn the conference call over to Christy Waugh, Head of Investor Relations at Raymond James Financial.
spk02: Good morning. Thank you, Jamie. Thank you, everyone, for joining us as we discuss Raymond James Financial's announced acquisition of Tri-State Capital Holdings. With us on the call today are Raymond James' Chairman and CEO, Paul Riley, CFO, Paul Shukri, and Jim Goetz, Chairman and CEO of Tri-State Capital Holdings. Also available during the Q&A portion of the call are David Demas, Tri-State Capital CFO, Brian Federoff, President and CEO of Tri-State Capital Bank, and Tim Riddle, Chartwell Investment Partners CEO. The presentation being reviewed this morning is available on Raymond James Investor Relations website. Following the prepared remarks, the operator will open the line for questions. Statements including in this communication, which are not historical in nature, are intended to be and are hereby identified as forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements included, but are not limited to, statements about the benefits of the proposed acquisition of Tri-State Capital by Raymond James, including future financial and operating results, including the anticipated effect of the transaction on Raymond James' and Tri-State Capital's respective earnings, Statements related to the expected timing of the completion of the transaction, Raymond James' plans post-transaction, objectives, expectations, intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as may, will, should, scheduled, plans, intends, anticipates, expects, believes, estimates, potential, or continues, or negatives of such terms or other comparable terminology. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of Raymond James or Tri-State Capital to differ materially from any results expressed or implied by such forward-looking statements. Such factors include the ones listed in yesterday's press release concerning the transaction. Additional factors which could affect future results for Raymond James and Tri-State Capital can be found in Raymond James' annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8K, and Tri-State Capital's annual report on Form 10K, quarterly reports on Form 10Q, and current reports on Form 8K, in each case filed with the SEC and available on SEC's website at www.sec.gov. Raymond James and Tri-State Capital disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof. whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. Now, I'm pleased to turn the call over to Tri-State Capital Holdings Chairman and CEO, Jim Goetz. Mr. Goetz?
spk00: Thank you very much, Christy. Good morning, and thank you for joining us. I'd like to personally welcome Paul Riley and Paul Shukri to Pittsburgh. It's an honor and a pleasure to have you with us. While the third quarter results we reported yesterday will not be the focus of our comments today, we believe that they are indicative of the performance that attracted the attention of Raymond James in the first place. Once again, Each of our asset management, private banking, commercial banking businesses contributed to strong organic growth and quarterly revenue, net interest income, net income, and net income available to common shareholders, as well as a 69% increase in earnings per share over the same period last year. At Chartwell Investment Partners, our team's performance continued to attract positive net inflows. totaling some $499 million from institutional and retail clients year-to-date, along with double-digit organic growth in assets under management and revenue. Tri-State Capital's middle market commercial lending team also continued to deliver differentiated results, with nearly 15% fully organic growth over the last 12 months. And we continue to enhance Tri-State Capital's position as the nation's leading independent provider private banking securities-based loans, primarily collateralized by marketable securities. These loans grew organically by 39% over the last 12 months to surpass $6 billion, or 63% of total loans. Our national distribution network for this offering also continued to grow, numbering 322 independent
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