TriCo Bancshares (NASDAQ:TCBK) (the "Company"), parent company
of Tri Counties Bank, today announced earnings of $8,234,000, or
$0.50 per diluted share, for the three months ended September 30,
2014. These results compare to earnings of $7,361,000, or $0.45 per
diluted share reported by the Company for the three months ended
September 30, 2013.
Included in the results for the three months ended September 30,
2014 were $799,000 of noninterest expenses related to the merger
with North Valley Bancorp that were incurred by the Company during
the three months ended September 30, 2014 of which $688,000 are not
deductible for income tax purposes, the recovery of $769,000
related to an originated residential construction loan that was
previously charged off and resulted in a reversal of provision for
loan losses of $769,000, the receipt of $2,500,000 representing the
complete payoff of all principal and interest due on a purchased
credit impaired commercial real estate loan that was accounted for
as part of a pool of loans that resulted in a reversal of provision
for loan losses of $670,000, and gains on the sale of foreclosed
assets of $385,000. Excluding these merger related expenses, loan
recoveries, and gain on sale of foreclosed assets, earnings for the
three months ended September 30, 2014 would have been $7,865,000 or
$0.48 per diluted share.
The Company’s results for the three months ended September 30,
2014 do not include the effect of revenue and expenses from the
operations of North Valley Bancorp, or the TriCo Bancshares common
stock issued in consideration of the merger, as the merger with
North Valley Bancorp occurred on October 3, 2014. Beginning on
October 4, 2014, the effect of revenue and expenses from the
operations of North Valley Bancorp, and the TriCo Bancshares common
stock issued in consideration of the merger will be included in the
results of the Company.
The following is a summary of the components of the Company’s
consolidated net income for the periods indicated:
Three months endedSeptember 30, (dollars in
thousands) 2014 2013 $ Change % Change Net Interest Income
$28,049 $26,367 $1,682 6.4 %
Benefit from reversal of provision for
loan losses
2,977 393 2,584 657.5 % Noninterest income 8,589 9,127 (538 ) (5.9
%) Noninterest expense (25,380 ) (23,616 ) (1,764 ) 7.5 % Provision
for income taxes (6,001 ) (4,910 ) (1,091 ) 22.2 % Net income
$8,234 $7,361 $873 11.9 %
The following is a summary of certain of the Company’s
consolidated assets and deposits as of the periods indicated:
As of September 30, (dollars in thousands)
2014 2013 $ Change % Change Total assets $2,794,943
$2,632,106 $162,837 6.2% Total loans 1,765,871 1,657,051 $108,820
6.6% Total investments 540,053 317,640 $222,413 70.0% Total
deposits $2,437,356 $2,293,311 $144,045 6.3%
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
EndedSeptember 30, 2014
Three Months
EndedJune 30, 2014
Three Months
EndedSeptember 30, 2013
AverageBalance Income/Expense Yield/Rate
AverageBalance Income/Expense Yield/Rate
AverageBalance Income/Expense Yield/Rate Assets
Earning assets Loans $ 1,752,026 $ 24,980 5.70 % $ 1,714,061 $
24,433 5.70 % $ 1,635,506 $ 25,123 6.14 % Investments - taxable
478,223 3,823 3.20 % 478,904 3,594 3.00 % 249,901 1,863 2.98 %
Investments - nontaxable 15,881 184 4.63 % 16,102 187 4.65 % 20,809
275 5.29 % Cash at Federal Reserve and other banks 315,267
213 0.27 % 350,229 274
0.31 % 498,978 378 0.30 % Total
earning assets 2,561,397 29,200 4.56 % 2,559,296
28,488 4.45 % 2,405,194 27,639 4.60 %
Other assets, net 210,575 178,338 198,049
Total assets $ 2,771,972 $ 2,737,634 $ 2,603,243 Liabilities and
shareholders' equity Interest-bearing Demand deposits $ 556,406 111
0.08 % $ 550,372 115 0.08 % $ 522,784 145 0.11 % Savings deposits
870,615 273 0.13 % 853,643 263 0.12 % 800,126 249 0.12 % Time
deposits 256,155 388 0.61 % 268,352 390 0.58 % 307,957 460 0.60 %
Other borrowings 6,829 - 0.00 % 6,217 1 0.06 % 7,693 1 0.05 % Trust
preferred securities 41,238 310 3.01 %
41,238 306 2.97 % 41,238
314 3.05 % Total interest-bearing liabilities
1,731,243 1,082 0.25 % 1,719,822 1,075
0.25 % 1,679,799 1,169 0.28 % Noninterest-bearing
deposits 741,792 722,779 643,175 Other liabilities 33,089 34,216
36,494 Shareholders' equity 265,848 260,817
243,776
Total liabilities and shareholders'
equity
$ 2,771,972 $ 2,737,634 $ 2,603,243 Net interest rate spread 4.31 %
4.20 % 4.32 % Net interest income/net interest margin (FTE)
28,118 4.39 % 27,413 4.28 % 26,470
4.40 % FTE adjustment (69 ) (70 ) (103
) Net interest income (not FTE) $ 28,049 $ 27,343 $
26,367
Net interest income (FTE) during the third quarter of 2014
increased $1,648,000 (6.2%) from the same period in 2013 to
$28,118,000. The increase in net interest income (FTE) was due
primarily to a $223,394,000 (83%) increase in the average balance
of investments to $494,104,000, and a $116,520,000 (7.1%) increase
in the average balance of loans to $1,752,026,000 that were
partially offset by a 44 basis point decrease in the average yield
on loans from 6.14% during the three months ended September 30,
2013 to 5.70% during the three months ended September 30, 2014.
During much of 2013 and the nine months ended September 30, 2014,
the Company used a portion of its Fed funds sold to buy investments
with higher yields while maintaining an appropriate level of
interest rate risk. The increase in average loan balances was due
to organic loan growth and the purchase of $19,690,000 and
$12,327,000 of single family residential real estate loans during
the second and third quarters of 2014, respectively. The decrease
in average loan yields is due primarily to declines in market
yields on new and renewed loans compared to yields on repricing,
maturing, and paid off loans. The increases in average investment
and loan balances added $1,636,000 and $1,789,000 to net interest
income (FTE) while the decrease in average loan yields reduced net
interest income (FTE) by $1,932,000 when compared to the year-ago
quarter. During the three and nine months ended September 30, 2014
and some of 2013, the Company continued to experience some increase
in loan demand albeit generally at lower yields than existing
loans.
Loans acquired through purchase or acquisition of other banks
are classified 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.
Generally, as time goes on, the effect of this discount accretion
decreases as these purchased loans mature or pay off early. 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.
The Company benefited from a $2,977,000 reversal of provision
for loan losses during the three months ended September 30, 2014
versus a $393,000 reversal of provision during the three months
ended September 30, 2013. As noted above, during the three months
ended September 30, 2014, the Company recovered $769,000 related to
an originated residential construction loan that was previously
charged off that resulted in a reversal of provision for loan
losses of $769,000, and received $2,500,000 representing the
complete payoff of all principal and interest due on a purchased
credit impaired commercial real estate loan that was accounted for
as part of a pool of loans that resulted in a reversal of provision
for loan losses of $670,000. Excluding these items, the benefit
from reversal of provision for loan losses would have been
$1,538,000 for the three months ended September 30, 2014. In
general, the credit quality of the Company’s loans continued to
improve during the quarter ended September 30, 2014 due to
improvements in collateral values and estimated cash flows related
to nonperforming originated loans and purchased credit impaired
loans, reductions in nonperforming originated loans and purchased
credit impaired loans, and decreases in loss histories for
performing originated loans compared to year-ago levels.
The following table presents the key components of noninterest
income for the periods indicated:
Three months endedSeptember 30, (dollars in
thousands) 2014 2013 $ Change % Change Service charges on
deposit accounts 2,885 3,353 (468 ) (14.0 %) ATM fees and
interchange 2,329 2,132 197 9.2 % Other service fees 545 562 (17 )
(3.0 %) Mortgage banking service fees 419 434 (15 ) (3.5 %) Change
in value of mortgage servicing rights (88 ) 181 (269 )
(148.6 %) Total service charges and fees 6,090 6,662
(572 ) (8.6 %) Gain on sale of loans 509 1,083 (574 ) (53.0
%) Commission on NDIP 703 692 11 1.6 % Increase in cash value of
life insurance 490 531 (41 ) (7.7 %) Change in indemnification
asset 14 (461 ) 475 (103.0 %) Gain on sale of foreclosed assets 385
313 72 23.0 % Other noninterest income 398 307 91
29.6 % Total other noninterest income 2,499 2,465
34 1.4 % Total noninterest income $8,589
$9,127 ($538 ) (5.9 %)
Noninterest income decreased $538,000 (5.9%) to $8,589,000
during the three months ended September 30, 2014 compared to the
three months ended September 30, 2013. The decrease in noninterest
income was due primarily to a $574,000 (53.0%) decrease in gain on
sale of loans to $509,000, a $468,000 (14.0%) decrease in service
charges on deposit accounts, and a $269,000 decrease in change in
value of mortgage servicing rights, that were partially offset by a
$475,000 improvement in change in indemnification asset and a
$197,000 (9.2%) increase in ATM fees and interchange revenue. The
decrease in gain on sale of loans was primarily due to a
significant decrease in newly originated mortgages for the Company
to sell, following the increase in residential real estate mortgage
rates that occurred in May 2013 that resulted in a significant
decrease in mortgage refinance activity. The decrease in service
charges on deposit accounts was primarily due to reduced customer
overdrafts and a resulting decrease in non-sufficient funds fees.
The decrease in the change in value of mortgage servicing rights
was due primarily to a decrease in the balance of mortgages
serviced during the quarter ended September 30, 2014 compared to an
increase in such balances during the quarter ended September 30,
2013, and a slight decrease in estimated prepayment speeds of such
mortgages during the three months ended September 30, 2014 versus a
larger decrease in estimated prepayment speeds during the three
months ended September 30, 2013. An increase in prepayment speed
decreases the value of mortgage servicing rights and a decrease in
mortgage prepayment speed increases the value of mortgage servicing
rights. Mortgage prepayment speed generally increases when market
rates for mortgages decrease, and vice versa. The improvement in
change in indemnification asset was primarily due to stable and low
expectations of future covered losses when compared to changes in
the year-ago quarter. The increase in ATM fees and interchange
revenue was primarily due to increased interchange revenue from the
negotiation of a more favorable agreement with the Company’s
interchange service provider and increased sales efforts in this
area.
The following table presents the key components of the Company’s
noninterest expense for the periods indicated:
Three months endedSeptember 30, (dollars in
thousands) 2014 2013 $ Change % Change Salaries 9,066 8,716
$350 4.0 % Commissions and incentives 1,265 1,166 99 8.5 % Employee
benefits 3,038 2,979 59 2.0 % Total salaries
and benefits expense 13,369 12,861 508 3.9 %
Occupancy 1,971 1,925 46 2.4 % Equipment 995 1,089 (94 )
(8.6 %) Change in reserve for unfunded commitments 175 (335 ) 510
(152.2 %) Data processing and software 1,637 1,184 453 38.3 %
Telecommunications 648 629 19 3.0 % ATM network charges 657 626 31
5.0 % Professional fees 1,468 776 692 89.2 % Advertising and
marketing 581 492 89 18.1 % Postage 179 269 (90 ) (33.5 %) Courier
service 269 217 52 24.0 % Intangible amortization 53 53 0 0.0 %
Operational losses 138 137 1 0.7 % Provision for foreclosed asset
losses 98 47 51 108.5 % Foreclosed asset expense 94 48 46 95.8 %
Assessments 493 572 (79 ) (13.8 %) Other 2,555 3,026
(471 ) (15.6 %) Total other noninterest expense 12,011
10,755 1,256 11.7 % Total noninterest expense $25,380
$23,616 $1,764 7.5 %
Salary and benefit expenses increased $508,000 (3.9%) to
$13,369,000 during the three months ended September 30, 2014
compared to the three months ended September 30, 2013. Base
salaries increased $350,000 (4.0%) to $9,066,000 during the three
months ended September 30, 2014 versus the year ago period despite
a 2.0% decrease in the average number of full time equivalent
employees from 732 to 717. The average number of full time
equivalent employees decreased primarily due to the reductions in
staff from the closing of six branches since December 31, 2012 that
was partially offset by increases in full time equivalent back
office staff and management. The salary expense attributable to the
newly added back office staff and management outweighed the
reduction in salary expense attributable to the branch closings.
Annual salary merit increases of approximately 2.5% also
contributed to the increase in base salary expense. Incentive and
commission related salary expenses increased $99,000 (8.5%) to
$1,265,000 during three months ended September 30, 2014. Benefits
expense, including retirement, medical and workers’ compensation
insurance, and taxes, increased $59,000 (2.0%) to $3,038,000 during
the three months ended September 30, 2014.
Other noninterest expense increased $1,256,000 (11.7%) to
$12,011,000 during the three months ended September 30, 2014
compared to the three months ended September 30, 2013. The increase
in other noninterest expense was due primarily to a $692,000
(89.2%) increase in professional fees to $1,468,000, a $510,000
increase in provision for losses for unfunded commitments to
$175,000, and a $453,000 (38.3%) increase in data processing and
software expenses to $1,637,000 that were partially offset by a
$471,000 (15.6%) decrease in other noninterest expenses. The
increase in professional fees was mainly due to $492,000 of legal
and consulting expenses related to the North Valley Bancorp merger.
The increase in provision for losses for unfunded commitments was
due to increased unfunded commitments during the three months ended
September 30, 2014 compared to a decrease in unfunded commitments
in the year-ago quarter. The increase in data processing and
software expenses was due primarily to $307,000 of system
conversion planning expenses related to the North Valley Bancorp
merger. The decrease in other noninterest expense was due primarily
to $339,000 of legal settlement expense during the three months
ended September 30, 2013 compared to no legal settlement expenses
during the three months ended September 30, 2014. During the three
months ended September 30, 2014, the Company incurred $799,000 of
noninterest expense related to the North Valley Bancorp merger.
On October 3, 2014, TriCo completed its acquisition of North
Valley Bancorp. Based on an exchange ratio of 0.9433 shares of
TriCo common stock for each share of North Valley Bancorp common
stock, North Valley Bancorp shareholders received a total of
6,575,550 shares of TriCo common stock and $6,823 of cash in-lieu
of fractional shares for all of the common shares of North Valley
Bancorp. The 6,575,550 shares of TriCo common stock issued to North
Valley Bancorp shareholders represents, on a pro forma basis, 28.9%
of the 22,714,964 shares of the combined Company’s outstanding
common stock on October 3, 2014. Based on TriCo’s closing stock
price of $23.01 on October 3, 2014, North Valley Bancorp
shareholders received consideration valued at $151,310,000 or
approximately $21.71 for each of the 6,971,105 shares of North
Valley Bancorp common stock outstanding immediately prior to the
merger. TriCo appointed three North Valley Bancorp directors to
TriCo’s board upon closing of the merger on October 3, 2014 as
contemplated by the merger agreement.
North Valley Bancorp was headquartered in Redding, California,
and was the parent of North Valley Bank that had approximately $935
million in assets and 22 commercial banking offices in Shasta,
Humboldt, Del Norte, Mendocino, Yolo, Sonoma, Placer and Trinity
Counties in Northern California at June 30, 2014. In connection
with the acquisition, North Valley Bank was merged into Tri
Counties Bank.
Richard Smith, President and CEO of Tri Counties Bank commented,
“We are very excited with the addition of the talented bankers that
have joined our team as a result of our acquisition of North Valley
Bank. We continue to be impressed with their efforts to capitalize
on opportunities afforded them by our business combination. We are
quickly becoming one team working together for a common goal.
Together we are better.”
Smith added, “Our acquisition of North Valley Bancorp was
completed on October 3, 2014. On October 25, 2014, we completed the
data conversion of the information systems from North Valley
Bancorp to Tri Counties Bank. This integration of data systems is a
critical phase of our merger plan, and allows us to continue
forward during the 4th quarter of 2014 to further integrate and
consolidate our banking operations. We are pleased with our
progress to date as we continue to execute our merger plan. “
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, competition effects, fee and other noninterest income
earned, the Company’s ability to effectively integrate the business
of North Valley as anticipated following the merger, 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,
2013. 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 September 30,2014 June 30,2014
March 31,2014 December 31,2013 September 30,2013
Statement of Income Data
Interest income $29,131 $28,418 $27,159 $27,462 $27,536 Interest
expense 1,082 1,075 1,087 1,123 1,169 Net interest income 28,049
27,343 26,072 26,339 26,367 (Benefit from) provision for loan
losses (2,977 ) 1,708 (1,355 ) 172 (393 ) Noninterest income:
Service charges and fees 6,090 5,519 5,462 5,973 6,662 Other income
2,499 2,358 2,833 1,380 2,465 Total noninterest income 8,589 7,877
8,295 7,353 9,127 Noninterest expense:
Base salaries net of deferred loan
origination costs
9,066 9,008 8,866 8,832 8,716 Incentive compensation expense 1,265
1,205 1,123 943 1,166
Employee benefits and other compensation
expense
3,038 3,104 3,314 3,449 2,979 Total salaries and benefits expense
13,369 13,317 13,303 13,224 12,861 Other noninterest expense 12,011
11,799 10,014 11,654 10,755 Total noninterest expense 25,380 25,116
23,317 24,878 23,616 Income before taxes 14,235 8,396 12,405 8,642
12,271 Net income $8,234 $4,859 $7,365 $5,236 $7,361
Share
Data Basic earnings per share $0.51 $0.30 $0.46 $0.33 $0.46
Diluted earnings per share $0.50 $0.30 $0.45 $0.32 $0.45 Book value
per common share $16.57 $16.17 $15.94 $15.61 $15.27 Tangible book
value per common share $15.56 $15.16 $14.93 $14.59 $14.24 Shares
outstanding 16,139,414 16,133,414 16,120,297 16,076,662 16,076,662
Weighted average shares 16,136,675 16,128,550 16,096,569 16,076,662
16,073,864 Weighted average diluted shares 16,330,746 16,310,463
16,322,295 16,333,476 16,230,160
Credit Quality
Nonperforming originated loans $33,849 $37,164 $44,334 $45,131
$53,261 Total nonperforming loans 40,643 44,200 51,968 53,216
61,384 Foreclosed assets, net of allowance 5,096 5,785 3,215 6,262
4,140 Loans charged-off 345 1,028 766 1,840 985 Loans recovered
$1,274 $967 $2,197 $574 $1,119
Selected Financial Ratios
Return on average total assets 1.19 % 0.71 % 1.08 % 0.78 % 1.13 %
Return on average equity 12.39 % 7.45 % 11.56 % 8.41 % 12.08 %
Average yield on loans 5.70 % 5.70 % 5.68 % 5.93 % 6.14 % Average
yield on interest-earning assets 4.56 % 4.45 % 4.27 % 4.39 % 4.60 %
Average rate on interest-bearing liabilities 0.25 % 0.25 % 0.25 %
0.26 % 0.28 % Net interest margin (fully tax-equivalent) 4.39 %
4.28 % 4.10 % 4.21 % 4.40 %
Supplemental Loan Interest Income
Data: Discount accretion PCI - cash basis loans $290 $69 $203
$255 $140 Discount accretion PCI - other loans 822 811 984 893 898
Discount accretion PNCI loans 402 624 379 568 1,115 All other loan
interest income 23,466 22,929 22,172 22,754 22,970 Total loan
interest income $24,980 $24,433 $23,738 $24,470 $25,123
TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA(Unaudited.
Dollars in thousands) Three months ended
Balance Sheet
Data September 30,2014 June 30,2014 March 31,2014
December 31,2013 September 30,2013 Cash and due from
banks $369,679 $344,383 $502,251 $598,368
$541,150 Securities, available for sale 84,962 91,514 97,269
104,647 115,215 Securities, held to maturity 443,509 422,502
344,523 240,504 193,262 Federal Home Loan Bank Stock 11,582 11,582
9,163 9,163 9,163 Loans held for sale 2,724 1,671 1,119 2,270 3,247
Loans: Commercial loans 135,085 137,341 119,418 131,878 133,616
Consumer loans 373,620 377,143 381,786 383,163 389,711 Real estate
mortgage loans 1,214,153 1,167,856 1,126,298 1,107,863 1,091,475
Real estate construction loans 43,013 56,246 59,550 49,103 42,249
Total loans, gross 1,765,871 1,738,586 1,687,052 1,672,007
1,657,051 Allowance for loan losses (37,920 ) (39,968 ) (38,322 )
(38,245 ) (39,340 ) Foreclosed assets 5,096 5,785 3,215 6,262 4,140
Premises and equipment 32,181 31,880 32,004 31,612 31,246 Cash
value of life insurance 53,596 53,106 52,706 52,309 51,919 Goodwill
15,519 15,519 15,519 15,519 15,519 Intangible assets 726 779 831
883 935 Mortgage servicing rights 5,985 5,909 6,107 6,165 6,049
Indemnification (liability) asset (3 ) (37 ) (220 ) 206 861 Accrued
interest receivable 6,862 7,008 6,690 6,516 6,450 Other assets
34,574 34,262 35,277 35,880 35,239 Total assets $2,794,943
2,724,481 2,755,184 2,744,066 2,632,106 Deposits:
Noninterest-bearing demand deposits 762,452 720,743 728,492 789,458
656,266 Interest-bearing demand deposits 553,053 547,110 554,296
533,351 524,897 Savings deposits 872,432 854,127 856,811 798,986
811,182 Time certificates 249,419 263,216 271,521 288,688 300,966
Total deposits 2,437,356 2,385,196 2,411,120 2,410,483 2,293,311
Accrued interest payable 753 849 865 938 937 Reserve for unfunded
commitments 2,220 2,045 2,230 2,415 2,875 Other liabilities 33,331
28,135 36,035 31,711 33,667 Other borrowings 12,665 6,075 6,719
6,335 14,626 Junior subordinated debt 41,238 41,238 41,238 41,238
41,238 Total liabilities 2,527,563 2,463,538 2,498,207 2,493,120
2,386,654 Total shareholders' equity 267,380 260,943 256,977
250,946 245,452
Accumulated other comprehensive gain
1,796 2,188 1,802 1,857 132 Average loans 1,752,026 1,714,061
1,671,231 1,649,692 1,635,506 Average interest-earning assets
2,561,398 2,559,296 2,552,912 2,511,318 2,405,194 Average total
assets 2,771,972 2,737,634 2,737,764 2,693,231 2,603,243 Average
deposits 2,424,968 2,395,146 2,399,918 2,357,230 2,274,042 Average
total equity $265,848 $260,817 $254,885 $249,020 $243,776 Total
risk based capital ratio 14.8 % 14.6 % 14.8 % 14.8 % 14.9 % Tier 1
capital ratio 13.5 % 13.4 % 13.6 % 13.5 % 13.6 % Tier 1 leverage
ratio 10.5 % 10.4 % 10.2 % 10.2 % 10.4 % Tangible capital ratio 9.0
% 9.0 % 8.8 % 8.6 % 8.8 %
TriCo BancsharesRichard P. Smith, 530-898-0300President &
CEO
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