TriCo Bancshares (NASDAQ:TCBK), parent company of Tri Counties
Bank, today announced record annual earnings of $23,671,000 for the
year ended December 31, 2005. This represents a 17.3% increase when
compared with earnings of $20,182,000 for the year ended December
31, 2004. Diluted earnings per share for the year ended December
31, 2005 increased 16.9% to $1.45 from $1.24 for the year ended
December 31, 2004. Total assets of the Company increased $213
million (13.1%) to $1.841 billion at December 31, 2005 versus
$1.628 billion at December 31, 2004. Total loans of the Company
increased $212 million (18.1%) to $1.385 billion at December 31,
2005 versus $1.173 billion at December 31, 2004. Total deposits of
the Company increased $148 million (11.0%) to $1.497 billion at
December 31, 2005 versus $1.349 billion at December 31, 2004. Net
income for the quarter ended December 31, 2005 increased 25.8% to
$6,734,000 from $5,355,000 in the quarter ended December 31, 2004.
Diluted earnings per share increased 24.2% to $0.41 in the quarter
ended December 31, 2005 from $0.33 in the quarter ended December
31, 2004. Richard Smith, President and Chief Executive Officer,
commented, "We are very pleased with the results TriCo achieved
during the quarter and year ended December 31, 2005. During this
time of rapidly increasing short-term interest rates, steady to
lower longer-term interest rates, and increased regulatory and
compliance requirements, our team members were able to achieve
record financial results for our Company. Almost all aspects of the
Company's performance were strong in 2005 including very strong
loan and deposit growth while maintaining strong credit quality and
net interest margin. On top of all that, we continued to restrain
growth of total noninterest expenses while opening three new
in-store branches, and remodeling and expanding our
Sacramento-Arden Fair office during 2005." The increase in earnings
for the quarter ended December 31, 2005 over the year-ago quarter
was due to a $2,103,000 (11.3%) increase in net interest income to
$20,766,000, and an $886,000 (15.5%) increase in noninterest income
to $6,622,000, which were partially offset by a $744,000 increase
in provision for loan loss to $561,000 from a $183,000 reversal, or
negative, provision for loan losses during the quarter ended
December 31, 2004. Noninterest expense decreased $15,000 (0.1%) to
$15,800,000 from the year-ago quarter. The increase in net interest
income was due to the loan growth noted above, which was partially
offset by a decrease in fully tax-equivalent net interest margin to
5.21% during the quarter ended December 31, 2005 versus 5.28%
during the quarter ended December 31, 2004. The fully
tax-equivalent net interest margin was 5.10% during the quarter
ended September 30, 2005. The increase in noninterest income was
primarily due to a $524,000 (12.3%) increase in service charges and
fees to $4,790,000 during the quarter ended December 31, 2005 from
the quarter ended December 31, 2004, which was due to the
introduction of a business overdraft privilege product during 2005.
Other noninterest income increased $362,000 (24.6%) to $1,832,000
due mainly to a $185,000 increase in income from cash value of life
insurance to $467,000, and a $141,000 increase in gain on sale of
loans to $484,000, offset by a $105,000 decrease in commission on
sale of nondeposit investment products to $515,000. The $744,000
increase in provision for loan loss from the quarter ended December
31, 2004 was mainly due to growth in loan balances during the
quarter ended December 31, 2005 as credit quality of the loan
portfolio remained high. Net loan charge-offs during the quarter
ended December 31, 2005 were $131,000. Nonperforming loans, net of
government agency guarantees, were $2,961,000 at December 31, 2005
compared to $4,906,000 at December 31, 2004. The Company's
allowance for losses, which consists of the allowance for loan
losses and the reserve for unfunded commitments, was $18,039,000 or
1.30% of total loans outstanding and 609% of nonperforming loans at
December 31, 2005 compared to $16,057,000 or 1.37% of total loans
outstanding and 327% of nonperforming loans at December 31, 2004.
The $15,000 decrease in noninterest expense during the quarter
ended December 31, 2005 was mainly due to a $315,000 (4.2%)
decrease in other noninterest expenses to $7,235,000 offset by a
$300,000 (3.6%) increase in salaries and benefits expense to
$8,565,000. The decrease in other noninterest expense was mainly
due to a $344,000 decrease in provision for losses -- unfunded
commitments to $139,000, while efficiencies in operations kept
other noninterest expenses approximately the same as the year-ago
quarter. The increase in salaries and benefits expense was the
result of regular salary increases, incentive compensation related
to the loan and deposit growth noted above, and the opening of
branches in Woodland, Lincoln, Folsom, Sacramento and Roseville in
November 2004, February 2005, March 2005, September 2005 and
November 2005, respectively. Mr. Smith continued, "We continue to
differentiate ourselves from the competition by offering high
levels of service and convenience to our markets with more branch
locations, and extended weekday, weekend and holiday hours. Today,
we opened our 49th and newest branch inside the Wal-Mart
Supercenter at 1150 Harter Road in Yuba City, California. We
currently anticipate that we will continue to grow within the
Central Valley of California by maximizing revenue growth and new
customer opportunities within this region. As always, we remain
focused on shareholder value which we measure primarily through
earnings per share and growth in earnings per share." As of January
31, 2006, the Company had purchased 374,371 shares of its common
stock under its stock repurchase plan announced on July 31, 2003
and amended on April 9, 2004, which leaves 125,629 shares available
for repurchase under the plan. In addition to the historical
information contained herein, this press release contains certain
forward-looking statements. The reader of this press release should
understand that all such forward-looking statements are subject to
various uncertainties and risks that could affect their outcome.
The Company's actual results could differ materially from those
suggested by such forward-looking statements. 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, loan losses, expenses, rates charged on
loans and earned on securities investments, rates paid on deposits,
competition effects, fee and other noninterest income earned as
well as other factors. 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. TriCo Bancshares and Tri Counties Bank are
headquartered in Chico, California. Tri Counties Bank has a 30-year
history in the banking industry. Tri Counties Bank operates 32
traditional branch locations and 17 in-store branch locations in 22
California counties. Tri Counties Bank offers financial services
and provides a diversified line of products and services to
consumers and businesses, which include demand, savings and time
deposits, consumer finance, online banking, mortgage lending, and
commercial banking throughout its market area. It operates a
network of 58 ATMs and a 24-hour, seven days a week telephone
customer service center. Brokerage services are provided at the
Bank's offices by the Bank's association with Raymond James
Financial, Inc. For further information please visit the Tri
Counties Bank web-site at http://www.tricountiesbank.com. -0- *T
TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA (Unaudited. Dollars
in thousands, except per share data) Three months ended
-------------------------------------------- December 31, September
30, June 30, 2005 2005 2005
-------------------------------------------- Statement of Income
Data Interest income $26,876 $25,334 $23,910 Interest expense 6,100
5,519 4,789 Net interest income $20,776 19,815 19,121 Provision
(benefit) for loan losses 561 947 561 Noninterest income: Service
charges and fees 4,790 4,795 4,505 Other income 1,832 1,837 1,805
Total noninterest income 6,622 6,632 6,310 Noninterest expense:
Salaries and benefits 8,565 8,584 8,408 Intangible amortization 346
346 346 Provision for losses - unfunded commitments 139 3 39 Other
expense 6,750 6,747 6,724 Total noninterest expense 15,800 15,680
15,517 Income before taxes 11,037 9,820 9,353 Net income $6,734
$5,961 $5,737 Share Data Basic earnings per share $0.43 $0.38 $0.37
Diluted earnings per share 0.41 0.37 0.35 Book value per common
share 9.52 9.30 9.10 Tangible book value per common share $8.25
$8.04 $7.81 Shares outstanding 15,707,835 15,728,106 15,684,092
Weighted average shares 15,711,257 15,687,547 15,701,867 Weighted
average diluted shares 16,336,888 16,330,035 16,288,728 Credit
Quality Non-performing loans, net of government agency guarantees
$2,961 $3,048 $2,922 Other real estate owned - - - Loans
charged-off 392 479 513 Loans recovered $261 $436 $281 Allowance
for losses to total loans(1) 1.30% 1.32% 1.32% Allowance for losses
to NPLs(1) 609% 573% 567% Allowance for losses to NPAs(1) 609% 573%
567% Selected Financial Ratios Return on average total assets 1.51%
1.37% 1.37% Return on average equity 18.00% 16.26% 16.03% Average
yield on loans 7.11% 6.93% 6.85% Average yield on interest-earning
assets 6.72% 6.51% 6.39% Average rate on interest- bearing
liabilities 1.94% 1.79% 1.62% Net interest margin (fully
tax-equivalent) 5.21% 5.10% 5.12% Total risk based capital ratio
10.8% 11.2% 11.5% Tier 1 Capital ratio 9.8% 10.1% 10.5% TRICO
BANCSHARES - CONSOLIDATED FINANCIAL DATA (Unaudited. Dollars in
thousands, except per share data) Three months ended
-------------------------- March 31, December 31, 2005 2004
------------ ------------- Statement of Income Data Interest income
$22,636 $22,441 Interest expense 4,121 3,768 Net interest income
18,515 18,673 Provision (benefit) for loan losses 100 (183)
Noninterest income: Service charges and fees 4,062 4,266 Other
income 1,265 1,470 Total noninterest income 5,327 5,736 Noninterest
expense: Salaries and benefits 8,369 8,265 Intangible amortization
343 343 Provision for losses - unfunded commitments 100 483 Other
expense 6,301 6,724 Total noninterest expense 15,113 15,815 Income
before taxes 8,629 8,777 Net income $5,239 $5,355 Share Data Basic
earnings per share $0.33 $0.34 Diluted earnings per share 0.32 0.33
Book value per common share 8.87 8.79 Tangible book value per
common share $7.57 $7.45 Shares outstanding 15,733,517 15,723,317
Weighted average shares 15,729,725 15,712,605 Weighted average
diluted shares 16,366,705 16,396,447 Credit Quality Non-performing
loans, net of government agency guarantees $4,072 $4,906 Other real
estate owned - - Loans charged-off 295 579 Loans recovered $233
$120 Allowance for losses to total loans(1) 1.37% 1.37% Allowance
for losses to NPLs(1) 398% 327% Allowance for losses to NPAs(1)
398% 327% Selected Financial Ratios Return on average total assets
1.29% 1.35% Return on average equity 14.83% 15.44% Average yield on
loans 6.69% 6.82% Average yield on interest-earning assets 6.25%
6.33% Average rate on interest-bearing liabilities 1.43% 1.35% Net
interest margin (fully tax-equivalent) 5.12% 5.28% Total risk based
capital ratio 11.9% 11.9% Tier 1 Capital ratio 10.8% 10.7% (1)
Allowance for losses includes allowance for loan losses and reserve
for unfunded commitments. TRICO BANCSHARES - CONSOLIDATED FINANCIAL
DATA (Unaudited. Dollars in thousands, except per share data) Three
months ended --------------------------------------------------
December September June March December 31, 30, 30, 31, 31, 2005
2005 2005 2005 2004
-------------------------------------------------- Balance Sheet
Data Cash and due from banks $90,562 $85,413 $79,287 $77,365
$70,037 Federal funds sold 2,377 218 235 181 - Securities,
available-for-sale 260,278 271,134 288,902 293,730 286,013 Federal
Home Loan Bank Stock 7,602 7,516 7,440 6,781 6,781 Loans Commercial
loans 143,175 141,057 137,620 125,354 140,332 Consumer loans
508,233 494,277 456,247 425,437 410,198 Real estate mortgage loans
623,511 600,875 573,836 556,059 544,373 Real estate construction
loans 110,116 91,881 82,349 75,583 78,064 Total loans, gross
1,385,035 1,328,090 1,250,052 1,182,433 1,172,967 Allowance for
loan losses (16,226) (15,796) (14,892) (14,563) (14,525) Premises
and equipment 21,291 21,223 21,182 20,599 19,853 Cash value of life
insurance 41,768 41,519 41,099 40,699 40,479 Goodwill 15,519 15,519
15,519 15,519 15,519 Intangible assets 4,407 4,373 4,719 5,065
5,408 Other assets 28,662 27,647 27,100 27,803 24,974 Total assets
1,841,275 1,786,856 1,720,643 1,655,612 1,627,506 Deposits
Noninterest-bearing demand deposits 368,412 346,456 332,887 312,738
311,275 Interest-bearing demand deposits 244,193 243,926 236,134
238,787 230,763 Savings deposits 438,177 449,893 466,062 484,660
474,414 Time certificates 446,015 398,024 365,094 362,564 332,381
Total deposits 1,496,797 1,438,299 1,400,177 1,398,749 1,348,833
Federal funds purchased & repurchase agreements 96,800 103,200
83,000 20,700 46,400 Reserve for unfunded commitments 1,813 1,674
1,671 1,632 1,532 Other liabilities 23,744 24,412 24,161 25,483
23,219 Other borrowings 31,390 31,711 27,628 28,176 28,152 Junior
subordinated debt 41,238 41,238 41,238 41,238 41,238 Total
liabilities 1,691,782 1,640,534 1,577,875 1,515,978 1,489,374 Total
shareholders' equity 149,493 146,322 142,768 139,634 138,132
Accumulated other comprehensive loss (3,825) (2,538) (1,468)
(2,242) (352) Average loans 1,344,654 1,284,977 1,209,061 1,167,039
1,142,483 Average interest- earning assets 1,615,901 1,574,392
1,511,668 1,464,028 1,433,641 Average total assets 1,784,018
1,744,015 1,679,653 1,628,827 1,592,464 Average deposits 1,473,625
1,421,055 1,407,586 1,363,064 1,343,273 Average total equity
$149,619 $146,660 $143,196 $141,264 $138,727 *T
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