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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