• Joseph Gladue, CFA, PRM
  • Banking Research & Commentary
  • October 31, 2019
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TCFC: Non-Recurring Items Cause Earnings Miss; Strong Loan & Deposit Growth, Stable Expenses Partly Offset Unfavorable Interest Rate Pressures; Lowering EPS Estimates; Maintaining Price Target, Reiterating Outperform Rating.

TCFC reported 3Q19 net income of $3.7 million, up 1.8% compared to the $3.6 million posted in 2Q19. On a per share basis, 3Q19 results were $0.66 compared to the $0.65 recorded in the prior quarter. Reported EPS fell $0.10 short of our $0.76 estimate, and $0.07 shy of the $0.73 median Street estimate. The under performance was primarily driven by higher-than-anticipated non interest expenses (mainly employee compensation and OREO expenses) and lower net interest income, offset partially by higher non interest income. Highlights from the quarter include:

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Media Contact: Joseph Gladue, CFA, PRM

Joseph Gladue has over 30 years industry experience with over 25 years focused on banking research. Mr. Gladue was Director of Research at several firms including Cohen & Company and Merion Capital Group. Previously he was a senior research analyst at B. Riley and worked in finance at Bank of the Internet. Joe has covered small and mid-cap banks across the US and has also follow companies in other financial service industries. Joe also provides his banking expertise in the asset management arena for Bluestone Capital Partners. Joe can be reached at jgladue@aldensecurities.com, 215-572-8700.

 

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