TriCo Bancshares Announces Quarterly Results

CHICO, Calif.--()--TriCo Bancshares (NASDAQ: TCBK) (the "Company"), parent company of Tri Counties Bank, today announced earnings of $12,079,000, or $0.52 per diluted share, for the three months ended March 31, 2017. For the three months ended March 31, 2016 the Company reported earnings of $10,674,000, or $0.46 per diluted share. Diluted shares outstanding were 23,231,778 and 23,046,165 for the three months ended March 31, 2017 and 2016, respectively.

The following is a summary of the components of the Company’s consolidated net income, average common shares, and average diluted common shares outstanding for the periods indicated:

       
Three months ended
March 31,
(dollars and shares in thousands) 2017 2016

$ Change

  % Change
Net Interest Income $41,993 $41,402 $591 1.4 %

Reversal of (provision for) loan losses

1,557 (209 ) 1,766
Noninterest income 11,703 9,790 1,913 19.5 %
Noninterest expense (35,822 ) (33,751 ) (2,071 ) 6.1 %
Provision for income taxes (7,352 ) (6,558 ) (794 ) 12.1 %
Net income $12,079   $10,674   $1,405   13.2 %
 
Average common shares 22,870 22,783 87 0.4 %
Average diluted common shares 23,232 23,046 186 0.8 %
 

The following is a summary of certain of the Company’s consolidated assets and deposits as of the dates indicated:

     
Ending balances As of March 31,
($'s in thousands) 2017   2016  

$ Change

  % Change
Total assets $4,527,954   $4,394,956 $132,998 3.0 %
Total loans 2,761,192 2,541,547 219,645 8.6 %
Total investments 1,168,812 1,199,543 (30,731 ) (2.6 %)
Total deposits $3,898,884 $3,785,040 $113,844 3.0 %
 
 
Qtrly avg balances As of March 31,
($'s in thousands) 2017   2016  

$ Change

  % Change
Total assets $4,493,657 $4,212,388 $281,269 6.7 %
Total loans 2,758,544 2,537,574 220,970 8.7 %
Total investments 1,174,519 1,184,106 (9,587 ) (0.8 %)
Total deposits $3,862,793 $3,616,618 $246,175 6.8 %
 

Included in the Company’s results of operations for the three months ended March 31, 2016 is the impact of the sale, on March 31, 2016, of twenty-seven nonperforming loans, nine substandard performing loans, and three purchased credit impaired loans with total contractual principal balances outstanding of $31,487,000, and recorded book value, including pre-sale write downs and purchase discounts, of approximately $24,810,000. Net proceeds from the sale of these loans were $27,049,000, and resulted in additional net loan write downs of $21,000, the recovery of $1,237,000 of interest income that was previously applied to the principal balance of loans in nonaccrual status, and a gain on sale of loans of $103,000.

Also, included in the results of the Company for the three months ended March 31, 2016 was $622,000 of nonrecurring noninterest expense related to the Company’s acquisition of three bank branches from Bank of America on March 18, 2016. The branches are located in the cities of Arcata, Eureka, and Fortuna in Humboldt County, California. The Bank paid $3,204,000 for deposit relationships with balances of $161,231,000 and loans with balances of $289,000, and received $159,520,000 in cash from Bank of America. The acquisition of the deposits and cash in this acquisition, on March 18, 2016, had a muted effect on average assets and average deposit balances for the quarter ended March 31, 2016, but had full effect in the quarters thereafter.

The Company’s primary source of revenue is net interest income, or the difference between interest income on interest-earning assets and interest expense on interest-bearing liabilities. Included in the Company’s net interest income is interest income from municipal bonds that is almost entirely exempt from Federal income tax. These municipal bonds are classified as investments – nontaxable, and the Company may present the interest income from these bonds on a fully tax equivalent (FTE) basis.

Loans acquired through purchase, or acquisition of other banks, are classified by the Company as Purchased Not Credit Impaired (PNCI), Purchased Credit Impaired – cash basis (PCI – cash basis), or Purchased Credit Impaired – other (PCI – other). Loans not acquired in an acquisition or otherwise “purchased” are classified as “originated”. Often, such purchased loans are purchased at a discount to face value, and part of this discount is accreted into (added to) interest income over the remaining life of the loan. A loan may also be purchased at a premium to face value, in which case, the premium is amortized into (subtracted from) interest income over the remaining life of the loan. Generally, as time goes on, the effects of loan discount accretion and loan premium amortization decrease as the purchased loans mature or pay off early. Upon the early pay off of a loan, any remaining (unaccreted) discount or (unamortized) premium is immediately taken into interest income; and as loan payoffs may vary significantly from quarter to quarter, so may the impact of discount accretion and premium amortization on interest income. Further details regarding interest income from loans, including fair value discount accretion, may be found under the heading “Supplemental Loan Interest Income Data” in the Consolidated Financial Data table at the end of this press release.

Following is a summary of the components of net interest income for the periods indicated (dollars in thousands):

         
Three months ended
March 31,
(dollars and shares in thousands) 2017   2016

$ Change

% Change
Interest income $43,484 $42,794 $690 1.6 %
Interest expense (1,491 ) (1,392 ) (99 ) 7.1 %
FTE adjustment 625   538   87   16.2 %
Net interest income (FTE) $42,618   $41,940   $678   1.6 %
Net interest margin (FTE) 4.13 % 4.33 %
Purchased loan discount accretion:
Amount (included in interest income) $1,541 $1,092
Effect on average loan yield 0.22 % 0.17 %
Effect on net interest margin (FTE) 0.15 % 0.11 %
Interest income recovered via loan sales:
Amount (included in interest income) $0 $1,237
Effect on average loan yield 0.00 % 0.19 %
Effect on net interest margin (FTE) 0.00 % 0.13 %
 

The following table shows the components of net interest income and net interest margin on a fully tax-equivalent (FTE) basis for the periods indicated:

ANALYSIS OF CHANGE IN NET INTEREST MARGIN ON EARNING ASSETS
(unaudited, dollars in thousands)
 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

March 31, 2017

December 31, 2016

March 31, 2016

Average   Income/   Yield/ Average   Income/   Yield/ Average   Income/   Yield/
Balance Expense Rate Balance Expense Rate Balance Expense Rate
Assets
Earning assets
Loans $ 2,758,544 $ 34,914 5.06 % $ 2,695,743 $ 36,241 5.38 % $ 2,537,574 $ 34,738 5.48 %
Investments - taxable 1,038,229 7,094 2.73 % 1,042,763 7,026 2.70 % 1,068,018 6,920 2.59 %
Investments - nontaxable 136,290 1,666 4.89 % 131,942 1,650 5.00 % 116,088 1,435 4.94 %
Cash at Federal Reserve and other banks   197,406     435   0.88 %   223,564     317   0.57 %   155,106     239   0.62 %
Total earning assets 4,130,469   44,109   4.27 % 4,094,012   45,234   4.42 % 3,876,786   43,332  

4.47

%
Other assets, net   363,188   351,298   335,602
Total assets $ 4,493,657 $ 4,445,310 $ 4,212,388
Liabilities and shareholders' equity
Interest-bearing
Demand deposits $ 907,104 127 0.06 % $ 887,671 94 0.04 % $ 846,189 116 0.05 %
Savings deposits 1,376,048 424 0.12 % 1,374,059 439 0.13 % 1,274,868 397 0.12 %
Time deposits 331,789 343 0.41 % 339,766 339 0.40 % 340,847 342 0.40 %
Other borrowings 17,483 2 0.05 % 19,036 2 0.04 % 18,264 2 0.04 %
Trust preferred securities   56,690     595   4.20 %   56,615     586   4.14 %   56,494     535   3.79 %
Total interest-bearing liabilities 2,689,114   1,491   0.22 % 2,677,147   1,460   0.22 % 2,536,662   1,392   0.22 %
Noninterest-bearing deposits 1,247,852 1,219,276 1,154,714
Other liabilities 71,880 69,894 59,492
Shareholders' equity   484,811   478,993   461,520
Total liabilities and shareholders' equity $ 4,493,657 $ 4,445,310 $ 4,212,388
Net interest rate spread 4.05 % 4.20 % 4.25 %
Net interest income/net interest margin (FTE)   42,618   4.13 %   43,774   4.28 %   41,940   4.33 %
FTE adjustment   (625 )   (619 )   (538 )
Net interest income (not FTE) $ 41,993   $ 43,155   $ 41,402  
 
 
Purchase loan discount accretion effect:
Amount (included in interest income) $ 1,541 $ 1,778 $ 1,092
Effect on avg loan yield 0.22 % 0.26 % 0.17 %
Effect on net interest margin 0.15 % 0.17 % 0.11 %
Loan sale effect:
Amount (included in interest income) - $ 586 $ 1,237
Effect on avg loan yield 0.00 % 0.09 % 0.19 %
Effect on net interest margin 0.00 % 0.06 % 0.13 %
 

Net interest income (FTE) during the three months ended March 31, 2017 increased $678,000 (1.6%) from the same period in 2016 to $42,618,000. The increase in net interest income (FTE) was due to volume increases in average balances of loans, investments – nontaxable, and Federal funds sold, and yield increases in investments – taxable and Federal funds sold that were partially offset by a decrease in the average yield on loans compared to the three months ended March 31, 2016.

During the three months ended March 31, 2017, average loan balances were $2,758,544,000, and represented a $220,970,000 (8.7%) increase compared to the three months ended March 31, 2016. These increased loan balances added approximately $3,027,000 to interest income compared to the year-ago quarter. The yield on loans decreased 42 basis points from 5.48% during the three months ended March 31, 2016 to 5.06% during the three months ended March 31, 2016. Included in interest income from loans during the three months ended March 31, 2017 was $1,541,000 of discount accretion from purchased loans compared to $1,092,000 of discount accretion from purchased loans during the three months ended March 31, 2016. Also, as noted above, included in interest income from loans during the three months ended March 31, 2016 was $1,237,000 of interest recovered upon the sale of loans. Excluding the $1,237,000 addition to loan interest income from the sale of loans during the three months ended March 31, 2016, the yield on loans during the three months ended March 31, 2016 would have been approximately 5.29%. The decrease in loan yields during the three months ended March 31, 2017 compared to the three months ended March 31, 2016 reduced interest income by approximately $2,851,000. The result of these loan volume and yield changes was a net increase in loan interest income of $176,000 compared to the year-ago quarter; and is reflected in the table below that sets forth a summary of the changes in interest income and interest expense from changes in average asset and liability balances (volume) and changes in average interest yields and rates for each category of interest earning asset and interest paying liability for the periods indicated:

 

Three months ended March 31,
2017 compared with three months
ended March 31, 2016

Volume   Yield/Rate   Total
Increase (decrease) in interest income:
Loans $ 3,027 $ (2,851 ) $ 176
Investments - taxable (193 ) 367 174
Investments - nontaxable 249 (18 ) 231
Federal funds sold   66     130     196
Total   3,149     (2,372 )   777
Increase (decrease) in interest expense:
Demand deposits (interest-bearing) 8 3 11
Savings deposits 30 (3 ) 27
Time deposits (9 ) 10 1
Other borrowings - - 0
Junior subordinated debt   2     58     60
Total   31     68     99
Increase (decrease) in net interest income $ 3,118   $ (2,440 ) $ 678
 

The decrease in average loan yields is primarily due to declines in market yields on new and renewed loans compared to yields on repricing, maturing, and paid off loans, and despite 25 basis point increases in the Prime lending rate in each of December 2015, December 2016, and March 2017. For more information related to loan interest income, including loan purchase discount accretion, see the Supplemental Loan Interest Income Data in the tables at the end of this announcement.

The Company recorded a reversal of provision for loan losses of $1,557,000 during the three months ended March 31, 2017 compared to a provision for loan losses of $209,000 during the three months ended March 31, 2016. The $1,557,000 reversal of provision for loan losses during the three months ended March 31, 2017 was primarily due to net loan recoveries of $71,000, a $617,000 reduction in nonperforming loans, and continued low historical loan loss experience. Nonperforming loans were $19,511,000, or 0.71% of loans outstanding as of March 31, 2017, and represented a decrease from 0.73% of loans outstanding at December 31, 2016, and a decrease from 0.95% of loans outstanding as of March 31, 2016.

The following table presents the key components of noninterest income for the periods indicated:

       
Three months ended
March 31,
(dollars in thousands) 2017 2016

$ Change

% Change
Service charges on deposit accounts $3,619 $3,365 $254 7.5 %
ATM fees and interchange 4,015 3,393 622 18.3 %
Other service fees 765 728 37 5.1 %
Mortgage banking service fees 521 517 4 0.8 %
Change in value of mortgage servicing rights (13 ) (698 ) 685   (98.1 %)
Total service charges and fees 8,907   7,305   1,602   21.9 %
 
Gain on sale of loans 910 802 108 13.5 %
Commission on NDIP 607 532 75 14.1 %
Increase in cash value of life insurance 685 696 (11 ) (1.6 %)
Change in indemnification asset (221 ) (115 ) (106 ) 92.2 %
Gain on sale of foreclosed assets 118 92 26 28.3 %
Other noninterest income 697   478   219   45.8 %
Total other noninterest income 2,796   2,485   311   12.5 %
Total noninterest income $11,703   $9,790   $1,913   19.5 %
 

Noninterest income increased $1,913,000 (19.5%) to $11,703,000 during the three months ended March 31, 2017 compared to the three months ended March 31, 2016. The increase in noninterest income was primarily due to a $622,000 increase in ATM fees and interchange income, a $254,000 increase in service charges on deposit accounts, and a $685,000 increase in change in value of mortgage servicing rights. The $622,000 increase in ATM fees and interchange revenue was due primarily to the Company’s continued focus in this area, as the effects of new services, fees, and operational changes introduced throughout 2016 were compounded by continued growth in electronic payments volume. The $254,000 increase in service charges on deposit accounts was due primarily to increased fee generation from both consumer and business checking customers. The $685,000 increase in change in value of mortgage servicing rights (MSRs) to a negative $13,000 from a negative $698,000 in the year-ago quarter was due primarily to an increase in estimated prepayment speeds of serviced loans that in turn resulted in a decrease in expected servicing cash flows, and thus, a $698,000 reduction in the value of the Company’s MSRs during the three months ended March 31, 2016. During the months ended March 31, 2017, there were no factors that significantly affected the value of the Company’s MSRs.

The following table presents the key components of the Company’s noninterest expense for the periods indicated:

       
Three months ended
March 31,
(dollars in thousands) 2017 2016

$ Change

% Change
Base salaries, overtime and temporary help, net of deferred loan origination costs 13,390 $12,708 $682 5.4 %
Commissions and incentives 2,198 1,739 459 26.4 %
Employee benefits 5,305 4,818   487   10.1 %
Total salaries and benefits expense 20,893 19,265   1,628   8.5 %
 
Occupancy 2,692 2,308 384 16.6 %
Equipment 1,723 1,386 337 24.3 %
Change in reserve for unfunded commitments 15 - 15
Data processing and software 2,396 1,843 553 30.0 %
Telecommunications 643 685 (42 ) (6.1 %)
ATM network charges 853 1,229 (376 ) (30.6 %)
Professional fees 766 809 (43 ) (5.3 %)
Advertising and marketing 967 895 72 8.0 %
Postage 404 463 (59 ) (12.7 %)
Courier service 254 271 (17 ) (6.3 %)
Intangible amortization 359 299 60 20.1 %
Operational losses 435 164 271 165.2 %
Provision for foreclosed asset losses 22 (11 ) 33 (300.0 %)
Foreclosed asset expense 38 46 (8 ) (17.4 %)
Assessments 405 632 (227 ) (35.9 %)
Merger and acquisition expense - 622 (622 ) (100.0 %)
Miscellaneous other expense 2,957 2,845   112   3.9 %
Total other noninterest expense 14,929 14,486   443   3.1 %
Total noninterest expense $35,822 $33,751   $2,071   6.1 %
 
Average full time equivalent employees 1,015 965 50 5.2 %
 
Merger & acquisition expense:
Base salaries - 187
Professional fees - 180
Advertising and marketing - 114
Miscellaneous other expense - 141  
Total merger expense - 622  
 

Salary and benefit expenses increased $1,628,000 (8.5%) to $20,893,000 during the three months ended March 31, 2017 compared to $19,265,000 during the three months ended March 31, 2016. Base salaries, overtime and temporary help, net of deferred loan origination costs increased $682,000 (5.4%) to $13,390,000. Base salaries, net of deferred loan origination costs increased $1,147,000 (9.7%) to $13,028,000 primarily due to annual merit increases, and an increase in average full-time equivalent employees of 50 (5.2%) to 1,015 for the three months ended March 31, 2017. Overtime expense was unchanged at $281,000 during the three months ended March 31, 2017. Temporary help expense decreased $466,000 to $81,000 during the three months ended March 31, 2017 as temporary help expense during the three months ended March 31, 2016 included a significant amount of overtime expense related to system conversion efforts that were completed during 2016.

Commissions and incentive compensation increased $459,000 (26.4%) to $2,198,000 during the three months ended March 31, 2017 compared to the year-ago quarter. All categories of incentive compensation expense were higher than the year-ago quarter except commission expense related to the sale of nondeposit investment products.

Benefits & other compensation expense increased $487,000 (10.1%) to $5,305,000 during the three months ended March 31, 2017 primarily due to the increases in average full-time equivalent employees and salaries expense, and their effects on group insurance and employer payroll tax expenses.

Other noninterest expense increased $443,000 (3.1%) to $14,929,000 during the three months ended March 31, 2017 compared to the three months ended March 31, 2016. The $443,000 increase in other noninterest expense was due primarily to increases in occupancy, equipment, data processing and software, and operational loss expenses. These increases from the year-ago period were partially offset by decreases in ATM network charges, and (deposit insurance) assessment expense and the absence of merger and acquisitions expenses during the three months ended March 31, 2017.

The $384,000 increase in occupancy expense was due to increased premises lease and maintenance expense. The $337,000 increase in equipment expense was due primarily to increased equipment maintenance expense. The $553,000 increase in data processing and software expense was due primarily to outsourced data processing expenses resulting from the Company’s system outsourcing that occurred in 2016. The $271,000 increase in operational losses is due primarily to increased debit card losses. The $376,000 decrease in ATM network charges is due primarily to the Company’s system outsourcing that occurred in 2016.

The changes in noninterest income and noninterest expense noted above also include the effects from the operation of three branches, including $161,231,000 of deposits, acquired from Bank of America on March 18, 2016.

Richard Smith, President and CEO of the Company commented, “We enjoyed strong earnings in the first quarter of 2017 despite operating in a difficult environment caused by record-breaking winter weather. While the weather conditions slowed construction and agricultural-related business activities during the quarter and resulted in seasonally lower loan growth, the good news is that the long California drought appears to have ended.

Smith added, “This quarter, we introduced a much simpler and streamlined consumer deposit products line-up. These new solutions have been well-received by our customers and contributed positively to noninterest income during the quarter.”

In addition to the historical information contained herein, this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to various uncertainties and risks that could affect their outcome. The Company’s actual results could differ materially. Factors that could cause or contribute to such differences include, but are not limited to, variances in the actual versus projected growth in assets, return on assets, interest rate fluctuations, economic conditions in the Company's primary market area, demand for loans, regulatory and accounting changes, loan losses, expenses, rates charged on loans and earned on securities investments, rates paid on deposits, competitive effects, fee and other noninterest income earned, the outcome of litigation, as well as other factors detailed in the Company's reports filed with the Securities and Exchange Commission which are incorporated herein by reference, including the Form 10-K for the year ended December 31, 2016. These reports and this entire press release should be read to put such forward-looking statements in context and to gain a more complete understanding of the uncertainties and risks involved in the Company's business. The Company does not intend to update any of the forward-looking statements after the date of this release.

Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, providing a unique brand of customer Service with Solutions available in traditional stand-alone and in-store bank branches in communities throughout Northern and Central California. Tri Counties Bank provides an extensive and competitive breadth of consumer, small business and commercial banking financial services, along with convenient around-the-clock ATM, online and mobile banking access. Brokerage services are provided by the Bank’s investment services through affiliation with Raymond James Financial Services, Inc. Visit www.TriCountiesBank.com to learn more.

 
TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands, except share data)
          Three months ended
March 31,   December 31,   September 30,   June 30,   March 31,
2017   2016   2016   2016   2016
Statement of Income Data
Interest income $43,484 $44,615 $43,709 $42,590 $42,794
Interest expense 1,491 1,460 1,439 1,430 1,392
Net interest income 41,993 43,155 42,270 41,160 41,402

(Benefit from reversal of) provision for loan losses

(1,557 ) (1,433 ) (3,973 ) (773 ) 209
Noninterest income:
Service charges and fees 8,907 9,800 8,022 8,099 7,305
Other income 2,796 2,662 3,044 3,146 2,485
Total noninterest income 11,703 12,462 11,066 11,245 9,790
Noninterest expense:

Base salaries net of deferred loan origination costs

13,390 14,074 13,419 12,968 12,708
Incentive compensation expense 2,198 1,864 2,798 2,471 1,739

Employee benefits and other compensation expense

5,305 4,616 4,644 4,606 4,818
Total salaries and benefits expense 20,893 20,554 20,861 20,045 19,265
Other noninterest expense 14,929 16,009 16,555 18,222 14,486
Total noninterest expense 35,822 36,563 37,416 38,267 33,751
Income before taxes 19,431 20,487 19,893 14,911 17,232
Net income $12,079 $12,533 $12,199 $9,405 $10,674
Share Data
Basic earnings per share $0.53 $0.55 $0.53 $0.41 $0.47
Diluted earnings per share $0.52 $0.54 $0.53 $0.41 $0.46
Book value per common share $21.28 $20.87 $21.11 $20.76 $20.34
Tangible book value per common share $18.20 $17.77 $17.99 $17.63 $17.18
Shares outstanding 22,873,305 22,867,802 22,827,277 22,822,325 22,785,173
Weighted average shares 22,870,467 22,845,623 22,824,868 22,802,653 22,782,865
Weighted average diluted shares 23,231,778 23,115,708 23,098,534 23,070,151 23,046,165
Credit Quality
Nonperforming originated loans $13,234 $12,894 $13,083 $10,022 $12,660
Total nonperforming loans 19,511 20,128 20,952 19,977 24,034
Foreclosed assets, net of allowance 3,529 3,986 4,124 3,842 4,471
Loans charged-off 409 635 664 641 1,289
Loans recovered

$480

$1,087 $2,612 $536 $1,457
Selected Financial Ratios
Return on average total assets 1.08 % 1.13 % 1.11 % 0.86 % 1.01 %
Return on average equity 9.97 % 10.47 % 10.15 % 7.98 % 9.25 %
Average yield on loans 5.06 % 5.38 % 5.36 % 5.32 % 5.48 %
Average yield on interest-earning assets 4.27 % 4.42 % 4.37 % 4.28 % 4.47 %
Average rate on interest-bearing liabilities 0.22 % 0.22 % 0.22 % 0.21 % 0.22 %
Net interest margin (fully tax-equivalent) 4.13 % 4.28 % 4.23 % 4.13 % 4.33 %
Supplemental Loan Interest Income Data:
Discount accretion PCI - cash basis loans $112 $483 $777 $426 $269
Discount accretion PCI - other loans 631 658 569 415 (45 )
Discount accretion PNCI loans 798 637 883 1,459 868
All other loan interest income $33,373 34,463 33,540 32,038 33,646
Total loan interest income $34,914 $36,241 $35,769 $34,338 $34,738
 
 
TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands)
      Three months ended
March 31,   December 31,   September 30,   June 30,   March 31,
Balance Sheet Data 2017   2016   2016   2016   2016
Cash and due from banks $323,706 $305,612 $315,088 $216,786 $388,878
Securities, available for sale 571,719 550,233 510,209 529,017 477,454
Securities, held to maturity 580,137 602,536 641,149 674,412 705,133
Restricted equity securities 16,956 16,956 16,956 16,956 16,956
Loans held for sale 1,176 2,998 7,777 2,904 2,240
Loans:
Commercial loans 212,685 218,002 217,110 209,840 197,695
Consumer loans 353,150 375,629 377,016 381,114 401,076
Real estate mortgage loans 2,070,815 2,043,543 1,998,913 1,913,024 1,813,933
Real estate construction loans 124,542 122,419 119,187 149,652 128,843
Total loans, gross 2,761,192 2,759,593 2,712,226 2,653,630 2,541,547
Allowance for loan losses (31,017 ) (32,503 ) (33,484 ) (35,509 ) (36,388 )
Foreclosed assets 3,529 3,986 4,124 3,842 4,471
Premises and equipment 49,508 48,406 49,448 51,728 51,522
Cash value of life insurance 95,783 95,912 95,281 94,572 95,256
Goodwill 64,311 64,311 64,311 64,311 64,311
Other intangible assets 6,204 6,563 6,923 7,282 7,641
Mortgage servicing rights 6,860 6,595 6,208 6,720 7,140
Accrued interest receivable 11,236 12,027 10,819 11,602 11,075
Other assets 66,654 74,743 60,096 54,239 57,720
Total assets $4,527,954 4,517,968 4,467,131 4,352,492 4,394,956
Deposits:
Noninterest-bearing demand deposits 1,254,431 1,275,745 1,221,503 1,181,702 1,178,001
Interest-bearing demand deposits 947,006 887,625 910,638 867,638 884,638
Savings deposits 1,370,015 1,397,036 1,366,892 1,346,269 1,368,644
Time certificates 327,432 335,154 336,979 345,787 353,757
Total deposits 3,898,884 3,895,560 3,836,012 3,741,396 3,785,040
Accrued interest payable 770 818 774 727 751
Reserve for unfunded commitments 2,734 2,719 2,908 2,883 2,475
Other liabilities 66,938 67,364 69,695 57,587 68,064
Other borrowings 15,197 17,493 19,235 19,464 18,671
Junior subordinated debt 56,713 56,667 56,617 56,567 56,519
Total liabilities 4,041,236 4,040,621 3,985,241 3,878,624 3,931,520
Total shareholders' equity 486,718 477,347 481,890 473,868 463,436

Accumulated other comprehensive gain (loss)

(7,402 ) (7,913 ) 4,953 6,073 1,772
Average loans 2,758,544 2,695,743 2,669,954 2,579,774 2,537,574
Average interest-earning assets 4,130,469 4,094,011 4,055,446 4,038,728 3,876,786
Average total assets 4,493,657 4,445,310 4,407,322 4,387,950 4,212,388
Average deposits 3,862,793 3,820,773 3,784,748 3,778,436 3,616,618
Average total equity $484,811 $478,993 $480,575 $471,362 $461,520
Total risk based capital ratio 14.9 % 14.6 % 14.7 % 14.7 % 15.1 %
Tier 1 capital ratio 13.9 % 13.6 % 13.6 % 13.6 % 13.9 %
Tier 1 common equity ratio 12.3 % 12.0 % 12.0 % 12.0 % 12.3 %
Tier 1 leverage ratio 10.8 % 10.6 % 10.6 % 10.4 % 10.7 %
Tangible capital ratio 9.3 % 9.1 % 9.3 % 9.4 % 9.1 %

Contacts

TriCo Bancshares
Richard P. Smith, 530-898-0300
President & CEO

Release Summary

TriCo Bancshares Announces Quarterly Results

Contacts

TriCo Bancshares
Richard P. Smith, 530-898-0300
President & CEO