TriCo Bancshares (NASDAQ:TCBK) (the "Company"), parent company
of Tri Counties Bank, today announced earnings of $5,650,000, or
$0.25 per diluted share, for the three months ended December 31,
2014. For the three months ended December 31, 2013 the Company
reported earnings of $5,236,000, or $0.32 per diluted share.
Diluted earnings per share for the years ended December 31, 2014
and 2013 were $1.46 and $1.69, respectively, on earnings of
$26,108,000 and $27,399,000, respectively.
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.
On October 25, 2014, North Valley Bank’s electronic customer
service and other data processing systems were converted into Tri
Counties Bank’s systems. Between January 7, 2015 and January 21,
2015, four Tri Counties Bank branches and four former North Valley
Bank branches were consolidated into other Tri Counties Bank or
other former North Valley Bank branches.
Beginning on October 4, 2014, the effect of revenue and expenses
from the operations of North Valley Bancorp, and the TriCo
Bancshares common shares issued in consideration of the merger are
included in the results of the Company.
Included in the results of the Company for the three months
ended December 31, 2014 and 2013 were $3,590,000 and $312,000,
respectively, of nonrecurring noninterest expenses related to the
merger with North Valley Bancorp of which $438,000 and $250,000,
respectively, were not deductible for income tax purposes.
Excluding these nonrecurring merger related expenses, but including
the revenue and other expenses from the operations of North Valley
Bancorp from October 4, 2014 to December 31, 2014, diluted earnings
per share for the three months ended December 31, 2014 and 2013
would have been $0.35 and $0.34, respectively, on earnings of
$7,916,000 and $5,522,000, respectively.
Included in the results of the Company for the years ended
December 31, 2014 and 2013 were $4,858,000 and $312,000,
respectively, of nonrecurring noninterest expenses related to the
merger with North Valley Bancorp of which $1,269,000 and $250,000,
respectively, were not deductible for income tax purposes.
Excluding these nonrecurring merger related expenses, but including
the revenue and other expenses from the operations of North Valley
Bancorp from October 4, 2014 to December 31, 2014, diluted earnings
per share for the years ended December 31, 2014 and 2013 would have
been $1.64 and $1.71, respectively, on earnings of $29,459,000 and
$27,685,000, respectively.
The following is a summary of certain of the Company’s
consolidated assets and deposits as of the dates indicated:
As of December 31, (dollars in thousands) 2014
2013
$ Change
% Change Total assets $3,912,358 $2,744,066 $1,168,292 42.6% Total
loans 2,282,523 1,672,007 $610,516 36.5% Total investments 776,856
354,314 $422,542 119.3% Total deposits $3,380,423 $2,410,483
$969,940 40.2%
The assets acquired and liabilities assumed from North Valley
Bancorp were accounted for in accordance with ASC 805 "Business
Combinations," using the acquisition method of accounting and were
recorded at their estimated fair values on the October 3, 2014
acquisition date; and its results of operations are included in the
Company’s consolidated statements of income since that date. The
fair value estimates of assets acquired and liabilities assumed are
considered provisional, as additional analysis will be performed on
certain assets and liabilities in which fair values are primarily
determined through the use of inputs that are not observable from
market-based information. The Company may further adjust the
provisional fair values for a period of up to one year from the
date of the acquisition. The excess of the fair value of
consideration transferred over total identifiable net assets was
recorded as goodwill. The goodwill arising from the acquisition
consists largely of the synergies and economies of scale expected
from combining the operations of the Company and North Valley
Bancorp. None of the goodwill is deductible for income tax purposes
as the acquisition was accounted for as a tax-free exchange. The
assets and liabilities that continue to be provisional include
loans, intangible assets, OREO, deferred tax assets, accrued assets
and liabilities, and the residual effects that the adjustments
would have on goodwill.
The following table discloses the calculation of the fair value
of consideration transferred, the total identifiable net assets
acquired and the resulting goodwill relating to the North Valley
Bancorp acquisition:
North Valley Bancorp (in thousands) October 3, 2014 Fair
value of consideration transferred: Fair value of shares issued
$151,303
Cash consideration
7
Total fair value of consideration transferred 151,310 Asset
acquired: Cash and cash equivalents 141,142 Securities available
for sale 17,288 Securities held to maturity 189,950 Restricted
equity securities 8,279 Loans 499,327 Foreclosed assets 695
Premises and equipment 11,936 Cash value of life insurance 38,075
Core deposit intangible 6,614 Other assets 18,540 Total assets
acquired 932,116 Liabilities assumed: Deposits 801,956 Other
liabilities 10,104 Junior subordinated debt 14,987 Total
liabilities assumed 827,047 Total net assets acquired 105,069
Goodwill recognized $46,241
The following is a summary of the components of the Company’s
consolidated net income for the periods indicated:
Three months ended December 31, (dollars in
thousands) 2014 2013
$ Change
% Change Net Interest Income $34,970 $26,339 $8,631 32.8%
Benefit from (provision for) loan
losses
1,421 (172 ) 1,593 (926.2%) Noninterest income 9,755 7,353 2,402
32.7% Noninterest expense (36,566 ) (24,878 ) (11,688 ) 47.0%
Provision for income taxes (3,930 ) (3,406 ) (524 ) 15.4% Net
income $5,650 $5,236 $414 7.9%
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
December 31,
2014
September 30,
2014
December 31,
2013
Average Income/ Yield/ Average Income/
Yield/ Average Income/ Yield/ Balance Expense Rate
Balance Expense Rate Balance Expense Rate Assets Earning assets
Loans $ 2,253,025 $ 30,736 5.46 % $ 1,752,026 $ 24,980 5.70 % $
1,649,692 $ 24,470 5.93 % Investments - taxable 763,131 5,197 2.72
% 478,223 3,823 3.20 % 326,696 2,457 3.01 % Investments -
nontaxable 18,506 219 4.73 % 15,881 184 4.63 % 19,641 256 5.21 %
Cash at Federal Reserve and other banks 477,958
337 0.28 % 315,267 213
0.27 % 515,289 375 0.29 % Total earning
assets 3,512,620 36,489 4.16 % 2,561,397
29,200 4.56 % 2,511,318 27,558 4.39 % Other
assets, net 293,429 210,575 181,913 Total
assets $ 3,806,049 $ 2,771,972 $ 2,693,231 Liabilities and
shareholders' equity Interest-bearing Demand deposits $ 767,103 137
0.07 % $ 556,406 111 0.08 % $ 534,270 117 0.09 % Savings deposits
1,140,817 360 0.13 % 870,615 273 0.13 % 826,378 260 0.13 % Time
deposits 360,788 455 0.50 % 256,155 388 0.61 % 297,052 434 0.58 %
Other borrowings 10,536 2 0.08 % 6,829 - 0.00 % 8,629 1 0.05 %
Trust preferred securities 53,750 483
3.59 % 41,238 310 3.01 % 41,238
311 3.02 % Total interest-bearing liabilities
2,332,994 1,437 0.25 % 1,731,243 1,082
0.25 % 1,707,567 1,123 0.26 % Noninterest-bearing
deposits 1,007,762 741,792 699,530 Other liabilities 41,791 33,089
37,114 Shareholders' equity 423,502 265,848
249,020
Total liabilities and shareholders'
equity
$ 3,806,049 $ 2,771,972 $ 2,693,231 Net interest rate spread 3.91 %
4.31 % 4.13 % Net interest income/net interest margin (FTE)
35,052 3.99 % 28,118 4.39 % 26,435
4.21 % FTE adjustment (82 ) (69 ) (96 )
Net interest income (not FTE) $ 34,970 $ 28,049 $
26,339
Net interest income (FTE) during the fourth quarter of 2014
increased $8,617,000 (32.6%) from the same period in 2013 to
$35,052,000. The increase in net interest income (FTE) was due
primarily to a $1,001,302,000 (39.9%) increase in the average
balance of interest earning assets to $3,512,620,000, and the use
of fed funds sold to purchase higher yielding investments
throughout 2014 that were partially offset by a 47 basis point
decrease in the average yield on loans to 5.46% and a 36 basis
point decrease in the average yield on investments to 2.77% during
the three months ended December 31, 2014 when compared to the year
ago quarter. The acquisition of North Valley Bancorp contributed
approximately $6,730,000, to interest income from loans, including
approximately $480,000 of loan purchase discount accretion, and
$1,310,000 to interest income from investments during the quarter
ended December 31, 2014. For the quarter ended December 31, 2014,
the average yields on the acquired North Valley Bancorp loans,
including the effect of loan purchase discount accretion, and
investments were approximately 5.68% and 2.72% (FTE), respectively.
During the quarter ended December 31, 2014, the Company did not
acquire any loans other than the North Valley Bancorp loans.
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.
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 $1,421,000 reversal of provision
for loan losses during the three months ended December 31, 2014
versus a $172,000 provision for loan losses during the three months
ended December 31, 2013. In general, the credit quality of the
Company’s loans continued to improve during the quarter ended
December 31, 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. Also, On October 3, 2014, in accordance with
generally accepted accounting principles, the Company recorded the
loans acquired in the North Valley Bancorp acquisition at fair
value, including the effects of any credit deterioration; and this
acquisition method of accounting precludes the need for a separate
allowance for loan losses related to the North Valley Bancorp loans
on October 3, 2014. In addition, the Company analyzed the North
Valley Bancorp loans for impairment and identified $11,488,000 of
such loans as impaired, determined their fair value to be
$9,411,000, and placed, or kept, them in nonaccrual status as of
October 3, 2014.
The following table presents the cost basis, fair value
discount, and fair value of loans acquired from North Valley
Bancorp on October 3, 2014:
North Valley Bancorp Acquired Loans October 3, 2014 (in
thousands) Cost Basis
Discount
Fair Value
PNCI $ 502,637 $ (12,721 ) $ 489,916 PCI – other 11,488 (2,077 )
9,411 Total $ 514,125 $ (14,798 ) $ 499,327
The following table presents the key components of noninterest
income for the periods indicated:
Three months ended December 31, (dollars in
thousands) 2014
2013
$ Change
% Change Service charges on deposit accounts $3,512 $2,946 $566
19.2% ATM fees and interchange 3,117 2,130 987 46.3% Other service
fees 608 461 147 31.9% Mortgage banking service fees 609 494 115
23.3% Change in value of mortgage servicing rights (681 ) (58 )
(623 ) 1074.1% Total service charges and fees 7,165 5,973
1,192 20.0% Gain on sale of loans 545 635 (90
) (14.2%) Commission on NDIP 678 689 (11 ) (1.6%) Increase in cash
value of life insurance 666 390 276 70.8% Change in indemnification
asset (365 ) (773 ) 408 (52.8%) Gain on sale of foreclosed assets
300 161 139 86.3% Other noninterest income 766 278
488 175.5% Total other noninterest income 2,590 1,380
1,210 87.7% Total noninterest income $9,755
$7,353 $2,402 32.7%
Noninterest income increased $2,402,000 (32.7%) to $9,755,000
during the three months ended December 31, 2014 compared to the
three months ended December 31, 2013. The increase in noninterest
income was due primarily to the North Valley Bancorp acquisition
and its related service charges on deposit accounts, interchange
revenue, and increase in cash value of life insurance, and the
Company’s own improvement in interchange revenue, other noninterest
income and change in indemnification asset, that were partially
offset by a decrease in change in value of mortgage service rights.
The decrease in the change in value of mortgage servicing rights
was due primarily to a decrease in estimated prepayment speeds of
such mortgages during the three months ended December 31, 2014
versus a smaller decrease in estimated prepayment speeds during the
three months ended December 31, 2013. An increase in estimated
prepayment speed decreases 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 losses with respect to loans covered by a
loss-sharing agreement with the FDIC 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, increased sales efforts in this area,
and the acquisition of North Valley Bancorp and its customer
base.
The following table presents the key components of the Company’s
noninterest expense for the periods indicated:
Three months ended December 31, (dollars in
thousands) 2014 2013
$ Change
% Change Salaries $12,402 $8,832 $3,570 40.4% Commissions and
incentives 1,475 943 532 56.4% Employee benefits 3,678 3,449
229 6.6% Total salaries and benefits expense 17,555
13,224 4,331 32.8% Occupancy 2,468
2,068 400 19.3% Equipment 1,423 1,126 297 26.4% Change in reserve
for unfunded commitments (200 ) (460 ) 260 (56.5%) Data processing
and software 2,407 1,302 1,105 84.9% Telecommunications 929 708 221
31.2% ATM network charges 986 679 307 45.2% Professional fees 1,096
725 371 51.2% Advertising and marketing 1,149 749 400 53.4% Postage
322 153 169 110.5% Courier service 328 349 (21 ) (6.0%) Intangible
amortization 289 52 237 455.8% Operational losses 299 242 57 23.6%
Provision for foreclosed asset losses 70 62 8 12.9% Foreclosed
asset expense 125 204 (79 ) (38.7%) Assessments 612 527 85 16.1%
Merger related expense 3,590 312 3,278 1050.6% Other 3,118
2,856 262 9.2% Total other noninterest expense 19,011
11,654 7,357 63.1% Total noninterest expense
$36,566 $24,878 $11,688 47.0% Full time
equivalent employees 957 730 227 31.1% Merger expense:
Incentives 1,174 - Employee benefits 94 - Data processing and
software 415 - Professional fees 1,357 312 Other 550 -
Total merger expense $3,590 $312
Salaries and benefits expense increased $4,331,000 (32.8%) to
$17,555,000 during the three months ended December 31, 2014
compared to the three months ended December 31, 2013. Base salaries
increased $3,570,000 (40.4%) to $12,402,000 during the three months
ended December 31, 2014 versus the year ago period primarily due to
the North Valley Bancorp acquisition. The average number of full
time equivalent employees increased 227 (31.1%) to 957 during the
three months end December 31, 2014 when compared to the year-ago
quarter. The increase in full time equivalent employees is due to
the addition of employees from the North Valley Bancorp acquisition
and the addition of operations, compliance, marketing, and
administrative employees, that were partially offset by reductions
of employees from the consolidation of three, two, one and one Tri
Counties Bank branches during the three months ended December 31,
2013, and March 31, June 30, and September 30, 2014, respectively.
Annual salary merit increases of approximately 3.0% also
contributed to the increase in base salary expense. Incentive and
commission related salary expenses increased $532,000 (56.4%) to
$1,475,000 during three months ended December 31, 2014 due to
increases in all types of incentive compensation. Benefits expense,
including retirement, medical and workers’ compensation insurance,
and taxes, increased $229,000 (6.6%) to $3,678,000 during the three
months ended December 31, 2014 due to small to no increases in most
benefit types that were partially offset by a $170,000 (32%)
decrease in retirement expense when compared to the three months
ended December 31, 2013.
Other noninterest expense increased $7,357,000 (63.1%) to
$19,011,000 during the three months ended December 31, 2014
compared to the three months ended December 31, 2013. The increase
in other noninterest expense was due primarily to a $3,278,000
increase in merger related expense to $3,590,000, of which $438,000
are not deductible for tax purposes, and a $1,105,000 (84.9%)
increase in data processing and software expenses to $2,407,000.
The increase in merger expenses was due to the North Valley Bancorp
acquisition and included stay bonuses, severance pay, and other
retention incentives, system conversion and other data processing
expenses, professional fees including financial advisor and other
consultant fees. The increase in data processing and software
expenses was due primarily to increases in ongoing data processing
and software expenses some of which are due to increased ongoing
processing volume as a result of the North Valley Bancorp
acquisition. Increases in other areas of noninterest expense are
primarily due to the North Valley Bancorp acquisition.
Richard Smith, President and CEO of Tri Counties Bank commented,
“We are pleased to report the conversion of the North Valley Bank
data onto the Tri Counties Bank data systems was completed within
just three weeks of the acquisition date. This significant
achievement furthers our efforts to streamline the business
operations of the combined bank. This also provided us the
opportunity to streamline our branch network with the closing of
eight branches by January 21, 2015. This swift progress was made
possible due to the loyal and dedicated team of employees from both
North Valley Bank and Tri Counties Bank.”
Smith added, “We are most thankful to all former North Valley
Bank customers who placed their trust in us as their primary
banking institution and supported our efforts through the
conversion. Our retention of customers since the acquisition has
exceeded our projections and is further confirmation of our
expectation for a successful merger of our companies.”
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 Bancorp, 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
December 31, September 30, June 30, March 31,
December 31, 2014 2014 2014 2014
2013
Statement of Income Data Interest income $36,407
$29,131 $28,418 $27,159 $27,462 Interest expense 1,437 1,082 1,075
1,087 1,123 Net interest income 34,970 28,049 27,343 26,072 26,339
(Benefit from) provision for loan losses (1,421 ) (2,977 ) 1,708
(1,355 ) 172 Noninterest income: Service charges and fees 7,165
6,090 5,519 5,462 5,973 Other income 2,590 2,499 2,358 2,833 1,380
Total noninterest income 9,755 8,589 7,877 8,295 7,353 Noninterest
expense:
Base salaries net of deferred loan
origination costs
12,402 9,066 9,008 8,866 8,832 Incentive compensation expense 1,475
1,265 1,205 1,123 943
Employee benefits and other compensation
expense
3,678 3,038 3,104 3,314 3,449 Total salaries and benefits expense
17,555 13,369 13,317 13,303 13,224 Other noninterest expense 19,011
12,011 11,799 10,014 11,654 Total noninterest expense 36,566 25,380
25,116 23,317 24,878 Income before taxes 9,580 14,235 8,396 12,405
8,642 Net income $5,650 $8,234 $4,859 $7,365 $5,236
Share
Data Basic earnings per share $0.25 $0.51 $0.30 $0.46 $0.33
Diluted earnings per share $0.25 $0.50 $0.30 $0.45 $0.32 Book value
per common share $18.42 $16.57 $16.17 $15.94 $15.61 Tangible book
value per common share $15.39 $15.56 $15.16 $14.93 $14.59 Shares
outstanding 22,714,964 16,139,414 16,133,414 16,120,297 16,076,662
Weighted average shares 22,500,544 16,136,675 16,128,550 16,096,569
16,076,662 Weighted average diluted shares 22,726,795 16,330,746
16,310,463 16,322,295 16,333,476
Credit Quality
Nonperforming originated loans $32,529 $33,849 $37,164 $44,334
$45,131 Total nonperforming loans 47,954 40,643 44,200 51,968
53,216 Foreclosed assets, net of allowance 4,894 5,096 5,785 3,215
6,262 Loans charged-off 419 345 1,028 766 1,840 Loans recovered
$505 $1,274 $967 $2,197 $574
Selected Financial Ratios
Return on average total assets 0.59 % 1.19 % 0.71 % 1.08 % 0.78 %
Return on average equity 5.34 % 12.39 % 7.45 % 11.56 % 8.41 %
Average yield on loans 5.46 % 5.70 % 5.70 % 5.68 % 5.93 % Average
yield on interest-earning assets 4.16 % 4.56 % 4.45 % 4.27 % 4.39 %
Average rate on interest-bearing liabilities 0.25 % 0.25 % 0.25 %
0.25 % 0.26 % Net interest margin (fully tax-equivalent) 3.99 %
4.39 % 4.28 % 4.10 % 4.21 %
Supplemental Loan Interest Income
Data: Discount accretion PCI - cash basis loans $107 $290 $69
$203 $255 Discount accretion PCI - other loans 919 822 811 984 893
Discount accretion PNCI loans 827 402 624 379 568 All other loan
interest income $28,883 23,466 22,929 22,172 22,754 Total loan
interest income $30,736 $24,980 $24,433 $23,738 $24,470
TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA (Unaudited.
Dollars in thousands) Three months ended December 31,
September 30, June 30, March 31, December 31,
Balance Sheet Data 2014 2014 2014 2014
2013 Cash and due from banks $610,728 $369,679 $344,383
$502,251 $598,368 Securities, available for sale 83,474 84,962
91,514 97,269 104,647 Securities, held to maturity 676,426 443,509
422,502 344,523 240,504 Restricted equity securities 16,956 11,582
11,582 9,163 9,163 Loans held for sale 3,579 2,724 1,671 1,119
2,270 Loans: Commercial loans 177,643 135,085 137,341 119,418
131,878 Consumer loans 423,097 373,620 377,143 381,786 383,163 Real
estate mortgage loans 1,605,369 1,214,153 1,167,856 1,126,298
1,107,863 Real estate construction loans 76,414 43,013 56,246
59,550 49,103 Total loans, gross 2,282,523 1,765,871 1,738,586
1,687,052 1,672,007 Allowance for loan losses (36,585 ) (37,920 )
(39,968 ) (38,322 ) (38,245 ) Foreclosed assets 4,894 5,096 5,785
3,215 6,262 Premises and equipment 43,493 32,181 31,880 32,004
31,612 Cash value of life insurance 92,337 53,596 53,106 52,706
52,309 Goodwill 61,760 15,519 15,519 15,519 15,519 Intangible
assets 7,051 726 779 831 883 Mortgage servicing rights 7,378 5,985
5,909 6,107 6,165 Indemnification (liability) asset (349 ) (3 ) (37
) (220 ) 206 Accrued interest receivable 9,275 6,862 7,008 6,690
6,516 Other assets 49,418 34,574 34,262 35,277 35,880 Total assets
$3,912,358 2,794,943 2,724,481 2,755,184 2,744,066 Deposits:
Noninterest-bearing demand deposits 1,083,900 762,452 720,743
728,492 789,458 Interest-bearing demand deposits 782,385 553,053
547,110 554,296 533,351 Savings deposits 1,156,126 872,432 854,127
856,811 798,986 Time certificates 358,012 249,419 263,216 271,521
288,688 Total deposits 3,380,423 2,437,356 2,385,196 2,411,120
2,410,483 Accrued interest payable 978 753 849 865 938 Reserve for
unfunded commitments 2,145 2,220 2,045 2,230 2,415 Other
liabilities 44,779 33,331 28,135 36,035 31,711 Other borrowings
9,276 12,665 6,075 6,719 6,335 Junior subordinated debt 56,273
41,238 41,238 41,238 41,238 Total liabilities 3,493,874 2,527,563
2,463,538 2,498,207 2,493,120 Total shareholders' equity 418,484
267,380 260,943 256,977 250,946
Accumulated other comprehensive gain
(loss)
(1,891 ) 1,796 2,188 1,802 1,857 Average loans 2,253,025 1,752,026
1,714,061 1,671,231 1,649,692 Average interest-earning assets
3,512,620 2,561,398 2,559,296 2,552,912 2,511,318 Average total
assets 3,806,049 2,771,972 2,737,634 2,737,764 2,693,231 Average
deposits 3,276,470 2,424,968 2,395,146 2,399,918 2,357,230 Average
total equity $423,502 $265,848 $260,817 $254,885 $249,020 Total
risk based capital ratio 15.7 % 14.8 % 14.6 % 14.8 % 14.8 % Tier 1
capital ratio 14.4 % 13.5 % 13.4 % 13.6 % 13.5 % Tier 1 leverage
ratio 10.8 % 10.5 % 10.4 % 10.2 % 10.2 % Tangible capital ratio 9.1
% 9.0 % 9.0 % 8.8 % 8.6 %
TriCo BancsharesRichard P. Smith, 530-898-0300President &
CEO
TriCo Bancshares (NASDAQ:TCBK)
Historical Stock Chart
From Jun 2024 to Jul 2024
TriCo Bancshares (NASDAQ:TCBK)
Historical Stock Chart
From Jul 2023 to Jul 2024