TriCo Bancshares (NASDAQ:TCBK) (the "Company"), parent company
of Tri Counties Bank, today announced earnings of $11,366,000, or
$0.49 per diluted share, for the three months ended June 30, 2015.
For the three months ended June 30, 2014 the Company reported
earnings of $4,859,000, or $0.30 per diluted share. Diluted shares
outstanding were 22,980,033 and 16,310,463 for the three months
ended June 30, 2015 and 2014, respectively.
On October 3, 2014, TriCo completed its acquisition of North
Valley Bancorp. 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. In connection
with the acquisition, North Valley Bank was merged into Tri
Counties Bank. Beginning on October 4, 2014, the effect of revenue
and expenses from the operations of North Valley Bancorp, and
6,575,550 shares of TriCo Bancshares common shares issued in
consideration of the merger are included in the results of the
Company.
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.
Included in the results of the Company for the three months
ended June 30, 2015 and 2014 were $0 and $418,000, respectively, of
nonrecurring noninterest expenses related to the merger with North
Valley Bancorp of which $0 and $241,000, 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 April 1,
2015 to June 30, 2015, diluted earnings per share for the three
months ended June 30, 2015 and 2014 would have been $0.49 and
$0.33, respectively, on earnings of $11,366,000 and $5,342,000,
respectively.
The following is a summary of certain of the Company’s
consolidated assets and deposits as of the dates indicated:
As of June 30, (dollars in thousands)
2015 2014 $ Change % Change Total assets $3,893,855 $2,724,481
$1,169,374 42.9% Total loans 2,393,762 1,738,586 $655,176 37.7%
Total investments 1,077,669 525,598 $552,071 105.0% Total deposits
$3,341,682 $2,385,196 $956,486 40.1% Qtrly Avg
balances As of June 30, (dollars in thousands) 2015 2014 $ Change %
Change Total assets $3,894,196 $2,737,634 $1,156,562 42.2% Total
loans 2,355,864 1,714,061 $641,803 37.4% Total investments
1,064,142 495,006 $569,136 115.0% Total deposits $3,347,874
$2,395,146 $952,728 39.8%
Included in the changes in the Company’s assets and deposits
from June 30, 2014 to June 30, 2015 is the effect of those assets
and deposits acquired as part of the North Valley Bancorp
acquisition on October 3, 2014. The following table shows the fair
value of consideration transferred, the total identifiable net
assets acquired and the resulting goodwill related 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, average common shares, and average diluted
common shares outstanding for the periods indicated:
Three months ended June 30, (dollars
and shares in thousands) 2015 2014 $ Change % Change Net Interest
Income $38,521 $27,343 $11,178 40.9%
Benefit from (provision for) loan
losses
633 (1,708) 2,341 Noninterest income 12,080 7,877 4,203 53.4%
Noninterest expense (32,436) (25,116) (7,320) 29.1% Provision for
income taxes (7,432) (3,537) (3,895) 110.1% Net income $11,366
$4,859 $6,507 133.9% Average common shares 22,727 16,137
6,590 40.8% Average diluted common shares 22,950 16,331 6,619 40.5%
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
June 30,
2015
March 31,
2015
June 30,
2014
Average Income/ Yield/ Average Income/
Yield/ Average Income/ Yield/ Balance Expense Rate
Balance Expense Rate Balance Expense Rate Assets Earning assets
Loans $ 2,355,864 $ 32,019 5.44 % $ 2,283,622 $ 31,165 5.46 % $
1,714,061 $ 24,433 5.70 % Investments - taxable 1,020,806 7,380
2.89 % 906,366 6,135 2.71 % 478,904 3,594 3.00 % Investments -
nontaxable 43,336 518 4.78 % 21,512 258 4.80 % 16,102 187 4.65 %
Cash at Federal Reserve and other banks 143,919
144 0.40 % 345,603 264
0.31 %
350,229
274 0.31 % Total earning assets 3,563,925
40,061 4.50 % 3,557,103 37,822 4.25 %
2,559,296 28,488 4.45 % Other assets, net
330,271 335,373 178,338 Total
assets $ 3,894,196 $ 3,892,476 $ 2,737,634
Liabilities and shareholders' equity Interest-bearing Demand
deposits $ 796,958 116 0.06 % $ 792,204 125 0.06 % $ 550,372 115
0.08 % Savings deposits 1,165,530 362 0.12 % 1,156,710 357 0.12 %
853,643 263 0.12 % Time deposits 336,212 376 0.45 % 353,616 417
0.47 % 268,352 390 0.58 % Other borrowings 7,894 1 0.06 % 9,614 1
0.04 % 6,217 1 0.06 % Trust preferred securities 56,344
491 3.49 % 56,296 482
3.42 % 41,238 306 2.97 % Total
interest-bearing liabilities 2,362,938 1,346 0.23 %
2,368,440 1,382 0.23 % 1,719,822 1,075
0.25 % Noninterest-bearing deposits 1,049,174 1,047,840 722,779
Other liabilities 51,483 51,495 34,216 Shareholders' equity
430,601 424,701 260,817 Total
liabilities Total liabilities and shareholders' equity $ 3,894,196
$ 3,892,476 $ 2,737,634 Net interest rate
spread 4.27 % 4.02 % 4.20 % Net interest income/net interest margin
(FTE) 38,715 4.35 % 36,440 4.10 %
27,413 4.28 % FTE adjustment (194 ) (97
) (70 ) Net interest income (not FTE) $ 38,521 $
36,343 $ 27,343
Net interest income (FTE) during the three months ended June 30,
2015 increased $11,302,000 (41.2%) from the same period in 2014 to
$38,715,000. The increase in net interest income (FTE) was due
primarily to a $641,803,000 (37.4%) increase in the average balance
of loans to $2,355,864,000, and a $569,136,000 (115%) increase in
the average balance of investments to $1,064,142,000 that were
partially offset by a 26 basis point decrease in the average yield
on loans from 5.70% during the three months ended June 30, 2014 to
5.44% during the three months ended June 30, 2015, and an eight
basis point decrease in the average yield on investments from 3.06%
during the three months ended June 30, 2014 to 2.97% during the
three months ended June 30, 2015. The $641,803,000 increase in
average loan balances from the year ago quarter was primarily due
to the addition of $499,327,000 of loans through the acquisition of
North Valley Bancorp on October 4, 2014, and moderate to strong
loan demand during the three and six months ended June 30, 2015.
The $569,136,000 increase in average investment balances from the
year-ago quarter was primarily due to the use of cash at the
Federal Reserve and other banks to purchase investments and the
addition of $212,616,000 of investments through the acquisition of
North Valley Bancorp on October 4, 2014. 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 decrease in average investment yields is due
primarily to declines in market yields on new investments compared
to yields on existing investments. The increases in average loan
and investment balances added $9,146,000 and $4,381,000,
respectively, to net interest income (FTE) while the decreases in
average loan and investment yields reduced net interest income
(FTE) by $1,560,000 and $264,000, respectively, when compared to
the year-ago quarter. Included in interest income during the three
months ended June 30, 2015 was a special cash dividend of $626,000
from the Company’s investment in Federal Home Loan Bank stock, and
$2,133,000 of discount accretion from purchased loans compared to
$1,504,000 of discount accretion from purchased loans during the
three months ended June 30, 2014.
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 recorded a reversal of provision for loan losses of
$633,000 during the three months ended June 30, 2015 compared to a
provision for loan losses of $1,708,000 during the three months
ended June 30, 2014. The reversal of provision for loan losses
during the three months ended June 30, 2015 was due to a $600,000
decrease in the required allowance for loan losses from $36,055,000
at March 31, 2015 to $35,455,000 at June 30, 2015 and $33,000 of
net recoveries during the three months ended June 30, 2015. The
decrease in required allowance for loan losses was due primarily to
reduced impaired loans, improvements in estimated cash flows and
collateral values for the remaining and newly impaired loans, and
reductions in historical loss factors that, in part, determine the
required loan loss allowance for performing loans in accordance
with the Company’s allowance for loan losses methodology; and
despite a $72,879,000 increase in loan balances from $2,320,883,000
at March 31, 2015 to $2,393,762,000 at June 30, 2015. During the
three months ended June 30, 2015, nonperforming loans decreased
$9,337,000 (19.0%) to $39,880,000, and represented a decrease from
2.12% to 1.67% of loans outstanding as of March 31, 2015 and June
30, 2015, respectively.
The following table presents the key components of noninterest
income for the periods indicated:
Three months ended June 30, (dollars in
thousands) 2015 2014 $ Change % Change Service charges on deposit
accounts $3,637
#
$2,724 $913 33.5% ATM fees and interchange 3,383 2,192 1,191 54.3%
Other service fees 779 533 246 46.2% Mortgage banking service fees
528 421 107 25.4% Change in value of mortgage servicing rights 521
(351) 872 (248.4%) Total service charges and fees 8,848 5,519 3,329
60.3% Gain on sale of loans 837 514 323 62.8% Commission on
NDIP 784 843 (59) (7.0%) Increase in cash value of life insurance
675 400 275 68.8% Change in indemnification asset (57) (93) 36
(38.7%) Gain on sale of foreclosed assets 115 241 (126) (52.3%)
Other noninterest income 878 453 425 93.8% Total other noninterest
income 3,232 2,358 874 37.1% Total noninterest income $12,080
$7,877 $4,203 53.4%
Noninterest income increased $4,203,000 (53.4%) to $12,080,000
during the three months ended June 30, 2015 when compared to the
three months ended June 30, 2014. The increase in noninterest
income was due primarily to an increase in service charges on
deposit accounts of $913,000 (33.5%) to $3,637,000, an increase in
ATM fees and interchange revenue of $1,191,000 (54.3%) to
$3,383,000, an increase in change in value of mortgage servicing
rights (MSRs) of $872,000 to a positive $521,000 from a negative
$351,000, and an increase in other noninterest income of $425,000
(93.8%) to $878,000 compared to the year-ago quarter. These
increases, and the increases in other categories of noninterest
income noted in the table above, are primarily the result of the
acquisition of North Valley Bancorp on October 4, 2014. An increase
in interest rates during the three months ended June 30, 2015
resulted in a decrease in estimated prepayment speeds of serviced
loans, that in turn resulted in increased expected servicing cash
flows, and thus, a higher value of such servicing rights.
The following table presents the key components of the Company’s
noninterest expense for the periods indicated:
Three months ended June 30, (dollars in
thousands) 2015 2014
$ Change
% Change Salaries $11,502 $9,008 $2,494 27.7% Commissions and
incentives 1,390 1,205 185 15.4% Employee benefits 4,350 3,104
1,246 40.1% Total salaries and benefits expense 17,242 13,317 3,925
29.5% Occupancy 2,541 1,802 739 41.0% Equipment 1,527 1,060
467 44.1% Change in reserve for unfunded commitments 110 (185) 295
(159.5%) Data processing and software 1,834 1,350 484 35.9%
Telecommunications 785 713 72 10.1% ATM network charges 985 710 275
38.7% Professional fees 1,035 1,275 (240) (18.8%) Advertising and
marketing 1,002 341 661 193.8% Postage 330 221 109 49.3% Courier
service 253 224 29 12.9% Intangible amortization 289 52 237 455.8%
Operational losses 149 150 (1) (0.7%) Provision for foreclosed
asset losses 174 4 170 4250.0% Foreclosed asset expense 102 151
(49) (32.5%) Assessments 694 481 213 44.3% Merger related expense -
418 (418) (100.0%) Other 3,384 3,032 352 11.6% Total other
noninterest expense 15,194 11,799 3,395 28.8% Total noninterest
expense $32,436 $25,116 $7,320 29.1% Average full time
equivalent employees 944 726 218 30.0% Merger expense: Data
processing and software - - Professional fees - $243 Other - 175
Total merger expense - $418
Salary and benefit expenses increased $3,925,000 (29.5%) to
$17,242,000 during the three months ended June 30, 2015 compared to
the three months ended June 30, 2014. Base salaries, incentive
compensation and benefits & other compensation expense
increased $2,494,000 (27.7%), $185,000 (15.4%), and $1,246,000
(40.1%), respectively, to $11,502,000, $1,390,000 and $4,350,000,
respectively, during the three months ended June 30, 2015. The
increases in these categories of salary and benefits expense are
primarily due to the Company’s acquisition of North Valley Bancorp
on October 4, 2014. The average number of full-time equivalent
staff increased 218 (30.0%) from 726 during the three months ended
June 30, 2014 to 944 for the three months ended June 30, 2015.
Other noninterest expense increased $3,395,000 (28.8%) to
$15,194,000 during the three months ended June 30, 2015 compared to
the three months ended June 30, 2014. The increase in other
noninterest expense was primarily due to the Company’s acquisition
of North Valley Bancorp on October 4, 2014. Nonrecurring merger
expenses related to the North Valley Bancorp acquisition totaling
$0 and $418,000 are included in other noninterest expense for the
three months ended June 30, 2015 and 2014, respectively. As of
March 31, 2015, the Company had substantially completed all of its
previously planned facility consolidations related to the North
Valley Bancorp acquisition. Subsequent to March 31, 2015, and
following a thorough analysis of profitability and market
opportunity, the Bank identified five additional branches for
closure. Two of those branches are former North Valley Bank
branches. As of June 30, 2015 one of the five additional branches
slated for closure has been closed. The Bank expects the four
remaining branches will be closed by September 30, 2015.
Richard Smith, President and CEO of the Company commented, “The
benefits from the acquisition of North Valley Bancorp continued to
materialize in many areas in the second quarter of 2015. Customer
retention related to the acquisition has exceeded our internal
forecasts. Loan growth from all of our geographic markets was
strong, leading to higher levels of interest income. Noninterest
income from interchange fees, service charges, service fees and
mortgage lending all increased due to the added customers from
North Valley Bank and increased overall business activities. The
economies in our market areas continue to improve leading to
greater opportunities for lending activities and our nonperforming
loans also decreased significantly during the quarter. The
integration of the North Valley transaction is mostly complete and
the merger continues to provide us forward momentum.”
Smith added, “We continue to evaluate the ever changing needs of
our customers as we invest in technology solutions favored by our
customers. This also provides us with the opportunity to refine our
branch network to improve our operating efficiencies. As we move
forward, the balance between technology solutions and branch
offices will be determined by customers’ activities and
preferences. As previously announced, we will close four branches
in the third quarter of 2015.”
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, 2014. 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 June 30, March 31, December 31,
September 30, June 30, 2015 2015 2014
2014 2014
Statement of Income Data Interest income
$39,867 $37,725 $36,407 $29,131 $28,418 Interest expense 1,346
1,382 1,437 1,082 1,075 Net interest income 38,521 36,343 34,970
28,049 27,343 (Benefit from) provision for loan losses (633) 197
(1,421) (2,977) 1,708 Noninterest income: Service charges and fees
8,848 7,344 7,165 6,090 5,519 Other income 3,232 2,836 2,590 2,499
2,358 Total noninterest income 12,080 10,180 9,755 8,589 7,877
Noninterest expense:
Base salaries net of deferred loan
origination costs
11,502 11,744 12,402 9,066 9,008 Incentive compensation expense
1,390 1,596 1,475 1,265 1,205
Employee benefits and other compensation
expense
4,350 4,760 3,678 3,038 3,104 Total salaries and benefits expense
17,242 18,100 17,555 13,369 13,317 Other noninterest expense 15,194
14,182 19,011 12,011 11,799 Total noninterest expense 32,436 32,282
36,566 25,380 25,116 Income before taxes 18,798 14,044 9,580 14,235
8,396 Net income $11,366 $8,336 $5,650 $8,234 $4,859
Share
Data Basic earnings per share $0.50 $0.37 $0.25 $0.51 $0.30
Diluted earnings per share $0.49 $0.36 $0.25 $0.50 $0.30 Book value
per common share $18.95 $18.68 $18.42 $16.57 $16.17 Tangible book
value per common share $15.88 $15.59 $15.39 $15.56 $15.16 Shares
outstanding 22,749,523 22,740,503 22,714,964 16,139,414 16,133,414
Weighted average shares 22,744,926 22,727,038 22,500,544 16,136,675
16,128,550 Weighted average diluted shares 22,980,033 22,949,902
22,726,795 16,330,746 16,310,463
Credit Quality
Nonperforming originated loans $23,812 $34,576 $32,529 $33,849
$37,164 Total nonperforming loans 39,880 49,217 47,954 40,643
44,200 Foreclosed assets, net of allowance 5,393 5,892 4,894 5,096
5,785 Loans charged-off 514 1,235 419 345 1,028 Loans recovered
$547 $508 $505 $1,274 $967
Selected Financial Ratios Return
on average total assets 1.17% 0.86% 0.59% 1.19% 0.71% Return on
average equity 10.56% 7.85% 5.34% 12.39% 7.45% Average yield on
loans 5.44% 5.46% 5.46% 5.70% 5.70% Average yield on
interest-earning assets 4.50% 4.25% 4.16% 4.56% 4.45% Average rate
on interest-bearing liabilities 0.23% 0.23% 0.25% 0.25% 0.25% Net
interest margin (fully tax-equivalent) 4.35% 4.10% 3.99% 4.39%
4.28%
Supplemental Loan Interest Income Data: Discount
accretion PCI - cash basis loans $404 $172 $107 $290 $69 Discount
accretion PCI - other loans 907 1,011 919 822 811 Discount
accretion PNCI loans 822 1,348 827 402 624 All other loan interest
income $29,886 28,371 28,883 23,466 22,929 Total loan interest
income $32,019 $31,165 $30,736 $24,980 $24,433
TRICO BANCSHARES - CONSOLIDATED
FINANCIAL DATA
(Unaudited. Dollars in thousands)
Three months ended June 30, March 31, December
31, September 30, June 30,
Balance Sheet Data
2015 2015 2014 2014 2014
Cash and due from banks
$169,503 $281,228 $610,728 $369,679 $344,383
Securities, available for sale
284,430 225,126 83,205 84,962 91,514
Securities, held to maturity
776,283 802,482 676,426 443,509 422,502
Restricted equity securities
16,956 16,956 16,956 11,582 11,582
Loans held for sale
4,630 5,413 3,579 2,724 1,671
Loans:
Commercial loans
195,791 177,540 174,945 135,085 137,341
Consumer loans
411,788 410,727 417,084 373,620 377,143
Real estate mortgage loans
1,696,567 1,646,863 1,615,359 1,214,153 1,167,856
Real estate construction loans
89,616 85,753 75,136 43,013 56,246
Total loans, gross
2,393,762 2,320,883 2,282,524 1,765,871 1,738,586
Allowance for loan losses
(35,455) (36,055) (36,585) (37,920) (39,968)
Foreclosed assets
5,393 5,892 4,894 5,096 5,785
Premises and equipment
42,056 42,846 43,493 32,181 31,880
Cash value of life insurance
93,687 93,012 92,337 53,596 53,106
Goodwill
63,462 63,462 63,462 15,519 15,519
Other intangible assets
6,473 6,762 7,051 726 779
Mortgage servicing rights
7,814 7,057 7,378 5,985 5,909
Accrued interest receivable
10,064 9,794 9,275 6,862 7,008
Other assets
54,797 51,002 51,735 34,571 34,225
Total assets
$3,893,855 3,895,860 3,916,458 2,794,943 2,724,481
Deposits:
Noninterest-bearing demand deposits
1,060,650 1,034,012 1,083,900 762,452 720,743
Interest-bearing demand deposits
780,647 795,471 782,385 553,053 547,110
Savings deposits
1,179,836 1,172,257 1,156,126 872,432 854,127
Time certificates
320,549 347,748 358,012 249,419 263,216
Total deposits
3,341,682 3,349,488 3,380,423 2,437,356 2,385,196
Accrued interest payable
797 852 978 753 849
Reserve for unfunded commitments
2,125 2,015 2,145 2,220 2,045
Other liabilities
55,003 53,256 49,192 33,331 28,135
Other borrowings
6,735 9,096 9,276 12,665 6,075
Junior subordinated debt
56,369 56,320 56,272 41,238 41,238
Total liabilities
3,462,711 3,471,027 3,498,286 2,527,563 2,463,538
Total shareholders' equity
431,144 424,833 418,172 267,380 260,943
Accumulated other comprehensive gain
(loss)
(4,726) (2,083) (2,203) 1,796 2,188
Average loans
2,355,864 2,283,622 2,253,025 1,752,026 1,714,061
Average interest-earning assets
3,563,925 3,557,103 3,512,620 2,561,398 2,559,296
Average total assets
3,894,196 3,892,476 3,806,049 2,771,972 2,737,634
Average deposits
3,347,874 3,350,370 3,276,470 2,424,968 2,395,146
Average total equity
$430,601 $424,701 $423,502 $265,848 $260,817
Total risk based capital ratio
15.2% 15.2% 15.6% 14.8% 14.6%
Tier 1 capital ratio
13.9% 14.0% 14.4% 13.5% 13.4%
Tier 1 common equity ratio
12.2% 12.1% n/a n/a n/a
Tier 1 leverage ratio
10.9% 10.7% 10.8% 10.5% 10.4%
Tangible capital ratio
9.4% 9.3% 9.1% 9.0% 9.0%
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150723006629/en/
TriCo BancsharesRichard P. Smith, 530-898-0300President &
CEO
TriCo Bancshares (NASDAQ:TCBK)
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