TriCo Bancshares (NASDAQ: TCBK) (the "Company"), parent company
of Tri Counties Bank, today announced earnings of $11,422,000, or
$0.50 per diluted share, for the three months ended December 31,
2015. For the three months ended December 31, 2014 the Company
reported earnings of $5,650,000, or $0.25 per diluted share.
Diluted shares outstanding were 23,055,900 and 22,726,795 for the
three months ended December 31, 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 December 31, 2015 and 2014 were $0 and $3,590,000,
respectively, of nonrecurring noninterest expenses related to the
merger with North Valley Bancorp of which $0 and $438,000,
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, 2015, diluted earnings
per share for the three months ended December 31, 2015 and 2014
would have been $0.50 and $0.35, respectively, on earnings of
$11,422,000 and $7,916,000, respectively. In addition to these
nonrecurring merger related expenses, there were other expense and
revenue items during the three months ended December 31, 2015 and
2014 that may be considered nonrecurring, and these items are
described below in various sections of this announcement.
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 December 31, (dollars and
shares in thousands) 2015 2014
$ Change
% Change Net Interest Income $ 41,141 $ 34,970 $ 6,171 17.6 %
Benefit from reversal of provision for
loan losses
908 1,421 (513 ) Noninterest income 11,445 9,755 1,690 17.3 %
Noninterest expense (34,684 ) (36,566 ) 1,882 (5.1 %) Provision for
income taxes (7,388 ) (3,930 ) (3,458 ) 88.0 %
Net income $ 11,422 $ 5,650 $ 5,772 102.2 %
Average common shares 22,770 22,501 269 1.2 % Average
diluted common shares 23,056 22,727 329 1.4 %
The following is a summary of certain of the Company’s
consolidated assets and deposits as of the dates indicated:
Ending balances As of December 31, (dollars in
thousands) 2015 2014
$ Change
% Change Total assets $ 4,220,722 $ 3,916,458 $ 304,264 7.8 % Total
loans 2,522,937 2,282,524 240,413 10.5 % Total investments
1,148,371 776,587 371,784 47.9 % Total deposits $ 3,631,266 $
3,380,423 $ 250,843 7.4 % Qtrly Avg balances
As of December 31, (dollars in thousands) 2015 2014
$ Change
% Change Total assets $ 4,115,369 $ 3,806,049 $ 309,320 8.1 % Total
loans 2,489,406 2,253,025 236,381 10.5 % Total investments
1,112,992 781,637 331,355 42.4 % Total deposits $ 3,543,423 $
3,276,470 $ 266,953 8.1 %
Included in the changes in the Company’s deposits from December
31, 2014 to December 31, 2015 is the addition on September 16, 2015
of an additional $45 million certificate of deposit from the State
of California, bringing the total of such certificates of deposits
from the State of California to $50 million.
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,
2015
September 30,
2015
December 31,
2014
Average Income/ Yield/ Average Income/
Yield/ Average Income/ Yield/ Balance Expense Rate
Balance Expense Rate Balance Expense Rate Assets Earning assets
Loans $ 2,489,406 $ 34,838 5.60 % $ 2,427,670 $ 33,814 5.57 % $
2,253,025 $ 30,736 5.46 % Investments - taxable 1,044,063 6,983
2.68 % 1,028,931 6,923 2.69 % 763,131 5,197 2.72 % Investments -
nontaxable 68,929 841 4.88 % 64,914 797 4.91 % 18,506 219 4.73 %
Cash at Federal Reserve and other banks 174,746
143 0.33 % 95,397 97 0.41
% 477,958 337 0.28 % Total earning
assets 3,777,144 42,805 4.53 % 3,616,912
41,631 4.60 % 3,512,620 36,489 4.16 % Other
assets, net 338,225 336,380 293,429 Total
assets $ 4,115,369 $ 3,953,292 $ 3,806,049 Liabilities and
shareholders' equity Interest-bearing Demand deposits $ 830,172 118
0.06 % $ 813,581 117 0.06 % $ 767,103 137 0.07 % Savings deposits
1,231,687 388 0.13 % 1,178,684 368 0.12 % 1,140,817 360 0.13 % Time
deposits 347,742 337 0.39 % 324,427 353 0.44 % 360,788 455 0.50 %
Other borrowings 10,189 1 0.04 % 6,994 1 0.05 % 10,536 2 0.08 %
Trust preferred securities 56,345 505
3.59 % 56,394 500 3.55 % 53,750
483 3.59 % Total interest-bearing liabilities
2,476,135 1,349 0.22 % 2,380,081 1,339
0.23 % 2,332,994 1,437 0.25 % Noninterest-bearing
deposits 1,133,822 1,073,537 1,007,762 Other liabilities 54,999
60,314 41,791 Shareholders' equity 450,413 439,360
423,502 Total liabilities and shareholders' equity $
4,115,369 $ 3,953,292 $ 3,806,049 Net interest rate spread 4.31 %
4.37 % 3.91 % Net interest income/net interest margin (FTE)
41,456 4.39 % 40,292 4.46 % 35,052
3.99 % FTE adjustment (315 ) (299 ) (82
) Net interest income (not FTE) $ 41,141 $ 39,993 $
34,970
Net interest income (FTE) during the three months ended December
31, 2015 increased $6,404,000 (18.3%) from the same period in 2014
to $41,456,000. The increase in net interest income (FTE) was due
primarily to a $236,381,000 (13.5%) increase in the average balance
of loans to $2,489,406,000, a $331,355,000 (42.4%) increase in the
average balance of investments to $1,112,992,000, and a 14 basis
point increase in the average yield on loans from 5.46% during the
three months ended December 31, 2014 to 5.60% during the three
months ended December 31, 2015. The $236,381,000 increase in
average loan balances from the year ago quarter was due to organic
loan growth during the quarter and twelve months ended December 31,
2015. The $331,355,000 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. Average
deposit balances were $3,543,423 during the three months ended
December 31, 2015, and represented a $266,953,000 (8.1%) increase
in average deposit balances compared to the year-ago quarter. This
increase in average deposit balances helped fund the increases in
average loan and investment balances. The 14 basis point increase
in average loan yields was due primarily to an increase in the
accretion of loan purchase discounts into interest income and an
increase in the recovery of interest income from paid off
nonaccrual loans during the quarter ended December 31, 2015
compared to the year-ago quarter that were partially offset by
declines in market yields on new and renewed loans compared to
yields on repricing, maturing, and paid off loans. The increases in
average loan and investment balances added $3,227,000 and
$2,506,000, respectively, to net interest income (FTE) while the
increases in average loan yields increased net interest income
(FTE) by $875,000 compared to the year-ago quarter. Included in
loan interest income during the three months ended December 31,
2015 was $2,267,000 of discount accretion from purchased loans
compared to $1,853,000 of discount accretion from purchased loans
during the three months ended December 31, 2014. The discount
accretion of $2,267,000 and $1,853,000 added 37 and 33 basis
points, respectively, to the average yield on loans during the
three months ended December 31, 2015 and 2014, respectively. Also
included in loan interest income during the three months ended
December 31, 2015 was the recovery of $728,000 of loan interest
income from the payoff of a single originated loan that was in
interest nonaccrual status; and while recoveries of loan interest
income from paid off nonaccrual loans occur from time to time, a
recovery of this magnitude is unusual. The recovery of $728,000 of
loan interest income added 12 basis points to the average yield on
loans during the three months ended December 31, 2015.
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
$908,000 during the three months ended December 31, 2015 compared
to a reversal of provision for loan losses of $1,421,000 during the
three months ended December 31, 2014. The $908,000 reversal of
provision for loan losses during the three months ended December
31, 2015 was due to net recoveries of $401,000 and a $507,000
decrease in the required allowance for loan losses from $36,518,000
at September 30, 2015 to $36,011,000 at December 31, 2015. The
decrease in the required allowance for loan losses was due
primarily to the 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 was
partially offset by a $53,371,000 increase in loan balances from
$2,469,566,000 at September 30, 2015 to $2,522,937,000 at December
31, 2015. During the three months ended December 31, 2015,
nonperforming loans decreased $1,779,000 (4.6%) to $37,119,000, and
represented a decrease from 1.58% of loans outstanding as of
September 30, 2015 to 1.47% of loans outstanding as of December 31,
2015.
The following table presents the key components of noninterest
income for the periods indicated:
Three months ended December 31, (dollars in
thousands) 2015 2014
$ Change
% Change Service charges on deposit accounts $3,397 $3,512 ($115 )
(3.3 %) ATM fees and interchange 3,376 3,117 259 8.3 % Other
service fees 712 608 104 17.1 % Mortgage banking service fees 581
609 (28 ) (4.6 %) Change in value of mortgage servicing rights (131
) (681 ) 550 (80.8 %) Total service charges and fees 7,935
7,165 770 10.7 % Gain on sale of loans
883 545 338 62.0 % Commission on NDIP 788 678 110 16.2 % Increase
in cash value of life insurance 665 666 (1 ) (0.2 %) Change in
indemnification asset (59 ) (365 ) 306 (83.8 %) Gain on sale of
foreclosed assets 209 300 (91 ) (30.3 %) Other noninterest income
1,024 766 258 33.7 % Total other noninterest
income 3,510 2,590 920 35.5 % Total
noninterest income $11,445 $9,755 $1,690 17.3
%
As shown in the table above, noninterest income increased
$1,690,000 (17.3%) to $11,445,000 during the three months ended
December 31, 2015 compared to the three months ended December 31,
2014. The $550,000 improvement in change in value of mortgage
servicing rights was primarily due to the relative change (increase
or decrease) in mortgage rates during the three months ended
December 31, 2015 compared to the three months ended December 31,
2014, and the impact those changes in mortgage rates had on the
value of mortgage servicing rights during those periods. The
$338,000 (62.0%) increase in gain on sale of loans was due to the
volume of loans originated and sold, and the reduction in loans
held for sale during the quarter compared to the year-ago quarter.
The $306,000 improvement in change in indemnification asset was due
to a decrease in the amount of assets covered by loss share
agreements, and reduced changes in loss estimates related to those
assets compared to the year-ago quarter. The $259,000 (8.3%)
increase in ATM fees and interchange income was due primarily to an
increase in interchange revenue. The $258,000 (33.7%) increase in
other noninterest income was primarily due to $155,000 of insurance
policy receivable in excess of cash value that occurred during the
three months ended December 31, 2015.
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) 2015 2014
$ Change
% Change Salaries $12,014 $12,402 ($388 ) (3.1 %)
Commissions and incentives 2,304 1,475 829 56.2 % Employee benefits
4,212 3,678 534 14.5 % Total salaries and
benefits expense 18,530 17,555 975 5.6 %
Occupancy 2,569 2,468 101 4.1 % Equipment 1,639 1,423 216
15.2 % Change in reserve for unfunded commitments 390 (200 ) 590
(295.0 %) Data processing and software 2,015 2,407 (392 ) (16.3 %)
Telecommunications 678 929 (251 ) (27.0 %) ATM network charges 859
986 (127 ) (12.9 %) Professional fees 1,392 1,096 296 27.0 %
Advertising and marketing 1,256 1,149 107 9.3 % Postage 340 322 18
5.6 % Courier service 350 328 22 6.7 % Intangible amortization 290
289 1 0.3 % Operational losses 263 299 (36 ) (12.0 %) Provision for
foreclosed asset losses 155 70 85 121.4 % Foreclosed asset expense
185 125 60 48.0 % Assessments 585 612 (27 ) (4.4 %) Merger related
expense - 3,590 (3,590 ) (100.0 %) Other 3,188 3,118
70 2.2 % Total other noninterest expense 16,154 19,011
(2,857 ) (15.0 %) Total noninterest expense $34,684
$36,566 ($1,882 ) (5.1 %) Average full time
equivalent employees 952 957 (5 ) (0.5 %) Merger &
acquisition expense: Incentive compensation - 1,174 Benefits &
other compensation - 94 Data processing and software - $415
Professional fees - $1,357 Other - 550 Total merger expense
- 3,590
Noninterest expense decreased $1,882,000 (5.1%) from $36,566,000
during the three months ended December 31, 2014 to $34,684,000
during the three months ended December 31, 2015. Included in
noninterest expense during the three months ended December 31, 2015
and 2014 were merger expenses of $0 and $3,590,000, respectively,
related to the North Valley merger that occurred on October 3,
2014. Excluding these merger expenses, noninterest expense would
have increased $1,708,000 (5.2%) from $32,976,000 during the three
months ended December 31, 2014.
Salary and benefit expenses increased $975,000 (5.6%) to
$18,530,000 during the three months ended December 31, 2015
compared to the three months ended December 31, 2014. Salaries
decreased $388,000 (3.1%) due to a $181,000 increase in deferred
salary expense from increased loan production, and a $157,000
reduction in overtime and temporary help compared to the three
months ended December 31, 2014. Commission and incentive expense
increased $829,000 (56.2%) primarily due to increased commissions
and incentives related to loan production. Employee benefits
expense increased $534,000 (14.5%) primarily due to increased
employee stock ownership, 401k matching, executive supplemental
retirement, and employee medical insurance expense when compared to
the year-ago quarter.
Other noninterest expense decreased $2,857,000 (15.0%) to
$16,154,000 during the three months ended December 31, 2015
compared to the three months ended December 31, 2014. Excluding
$3,590,000 of merger expenses incurred during the three months
ended December 31, 2014, other noninterest expense would have
increased $733,00 (4.8%) from $15,421,000 during the three months
ended December 31, 2014. The $590,000 increase in change in reserve
for unfunded commitments was due to an increase in unused
construction loan commitments during the three months ended
December 31, 2015 compared to a reduction in unused loan
commitments during the three months ended December 31, 2014. The
$296,000 increase in professional fees was due primarily to
increased legal fees. The decreases in data processing and
software, telecommunications, and ATM network expenses of $392,000,
$251,000 and $127,000, respectively, were due primarily to most of
the efficiencies gained in these areas from the North Valley merger
occurring during or after the three months ended December 31, 2014.
The increases in occupancy and equipment expenses of $101,000 and
$216,000, respectively, were due to increases in occupancy and
equipment expenses at locations other than those locations closed
as part of the North Valley merger.
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 Company 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 consolidated into another branch and
closed. As of August 31, 2015 the four remaining branches were
consolidated into other branches and closed.
Richard Smith, President and CEO of the Company commented, “We
are very pleased with our operating results for 2015. With the
North Valley Bancorp acquisition now complete, our combined team of
bankers are building strong pipelines of deposit and lending
customers. This is evident by the increase in ending loans
outstanding of $240.4 million or 10.5% and increases in ending
deposits balances of $250.8 million or 7.4% in 2015. We also
continue to realize increases in noninterest income related to
customers increased usage of debit cards, real estate mortgage
lending activities and investment sales. These increases
demonstrate our continued efforts to deepen the number of products
and services our customers purchase from us. We are encouraged and
motivated by these results.”
Smith added, “While sales activities remain strong, our
attention to operating efficiencies remains a priority. As a
result, we will continue to invest into technologies that improve
both the customer experience and our back office operations.
Several projects including new mobile banking platforms and
business on line programs are currently being implemented for our
customers. Back office programs such as document imaging systems
are also being implemented for process improvement purposes.”
On October 28, 2015, the Company announced that its subsidiary,
Tri Counties Bank, has entered into an agreement to purchase three
branches on the North Coast of California from Bank of America. The
branches are located in the cities of Arcata, Eureka, and Fortuna
in Humboldt County. TriCo anticipates assuming approximately $245
million in deposits and purchasing approximately $400 thousand in
loans.
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, 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 December 31, September 30,
June 30, March 31, December 31, 2015
2015 2015 2015 2014
Statement of Income
Data Interest income $42,490 $41,332 $39,867 $37,725 $36,407
Interest expense 1,349 1,339 1,346 1,382 1,437 Net interest income
41,141 39,993 38,521 36,343 34,970 (Benefit from) provision for
loan losses (908 ) (866 ) (633 ) 197 (1,421 ) Noninterest income:
Service charges and fees 7,935 7,694 8,848 7,344 7,165 Other income
3,510 3,948 3,232 2,836 2,590 Total noninterest income 11,445
11,642 12,080 10,180 9,755 Noninterest expense:
Base salaries net of deferred loan
origination costs
12,014 11,562 11,502 11,744 12,402 Incentive compensation expense
2,304 1,674 1,390 1,596 1,475
Employee benefits and other compensation
expense
4,212 4,297 4,350 4,760 3,678 Total salaries and benefits expense
18,530 17,533 17,242 18,100 17,555 Other noninterest expense 16,154
13,906 15,194 14,182 19,011 Total noninterest expense 34,684 31,439
32,436 32,282 36,566 Income before taxes 18,810 21,062 18,798
14,044 9,580 Net income $11,422 $12,694 $11,366 $8,336 $5,650
Share Data Basic earnings per share $0.50 $0.56 $0.50 $0.37
$0.25 Diluted earnings per share $0.50 $0.55 $0.49 $0.36 $0.25 Book
value per common share $19.85 $19.48 $18.95 $18.68 $18.42 Tangible
book value per common share $16.81 $16.42 $15.88 $15.59 $15.39
Shares outstanding 22,775,173 22,764,295 22,749,523 22,740,503
22,714,964 Weighted average shares 22,769,793 22,757,453 22,744,926
22,727,038 22,500,544 Weighted average diluted shares 23,055,900
23,005,980 22,980,033 22,949,902 22,726,795
Credit Quality
Nonperforming originated loans $22,824 $24,052 $23,812 $34,576
$32,529 Total nonperforming loans 37,119 38,898 39,880 49,217
47,589 Foreclosed assets, net of allowance 5,369 5,285 5,393 5,892
4,894 Loans charged-off 380 687 514 1,235 419 Loans recovered $781
$2,616 $547 $508 $505
Selected Financial Ratios Return on
average total assets 1.11 % 1.28 % 1.17 % 0.86 % 0.59 % Return on
average equity 10.14 % 11.56 % 10.56 % 7.85 % 5.34 % Average yield
on loans 5.60 % 5.57 % 5.44 % 5.46 % 5.46 % Average yield on
interest-earning assets 4.53 % 4.60 % 4.50 % 4.25 % 4.16 % Average
rate on interest-bearing liabilities 0.22 % 0.23 % 0.23 % 0.23 %
0.25 % Net interest margin (fully tax-equivalent) 4.39 % 4.46 %
4.35 % 4.10 % 3.99 %
Supplemental Loan Interest Income Data:
Discount accretion PCI - cash basis loans $302 $445 $404 $172 $107
Discount accretion PCI - other loans 1,392 1,090 907 1,011 919
Discount accretion PNCI loans 573 1,590 822 1,348 827 All other
loan interest income 32,571 30,689 29,886 28,371 28,883 Total loan
interest income $34,838 $33,814 $32,019 $31,165 $30,736
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 2015 2015
2015 2015 2014 Cash and due from banks
$303,461 $209,298 $169,503 $281,228 $610,728 Securities, available
for sale 404,885 329,361 284,430 225,126 83,205 Securities, held to
maturity 726,530 751,051 776,283 802,482 676,426 Restricted equity
securities 16,956 16,956 16,956 16,956 16,956 Loans held for sale
1,873 5,152 4,630 5,413 3,579 Loans: Commercial loans 194,913
199,330 195,791 177,540 174,945 Consumer loans 395,283 403,081
411,788 410,727 417,084 Real estate mortgage loans 1,811,832
1,757,082 1,686,567 1,646,863 1,615,359 Real estate construction
loans 120,909 110,073 99,616 85,753 75,136 Total loans, gross
2,522,937 2,469,566 2,393,762 2,320,883 2,282,524 Allowance for
loan losses (36,011 ) (36,518 ) (35,455 ) (36,055 ) (36,585 )
Foreclosed assets 5,369 5,285 5,393 5,892 4,894 Premises and
equipment 43,811 42,334 42,056 42,846 43,493 Cash value of life
insurance 94,560 94,458 93,687 93,012 92,337 Goodwill 63,462 63,462
63,462 63,462 63,462 Other intangible assets 5,894 6,184 6,473
6,762 7,051 Mortgage servicing rights 7,618 7,467 7,814 7,057 7,378
Accrued interest receivable 10,786 10,212 10,064 9,794 9,275 Other
assets 48,591 47,360 54,797 51,002 51,735 Total assets $4,220,722
4,021,628 3,893,855 3,895,860 3,916,458 Deposits:
Noninterest-bearing demand deposits 1,155,695 1,100,607 1,060,650
1,034,012 1,083,900 Interest-bearing demand deposits 853,961
817,034 780,647 795,471 782,385 Savings deposits 1,281,540
1,187,238 1,179,836 1,172,257 1,156,126 Time certificates 340,070
352,993 320,549 347,748 358,012 Total deposits 3,631,266 3,457,872
3,341,682 3,349,488 3,380,423 Accrued interest payable 774 795 797
852 978 Reserve for unfunded commitments 2,475 2,085 2,125 2,015
2,145 Other liabilities 65,293 53,681 55,003 53,256 49,192 Other
borrowings 12,328 6,859 6,735 9,096 9,276 Junior subordinated debt
56,470 56,991 56,369 56,320 56,272 Total liabilities 3,768,606
3,578,283 3,462,711 3,471,027 3,498,286 Total shareholders' equity
452,116 443,345 431,144 424,833 418,172
Accumulated other comprehensive gain
(loss)
(1,778 ) (2,298 ) (4,726 ) (2,083 ) (2,203 ) Average loans
2,489,406 2,427,670 2,355,864 2,283,622 2,253,025 Average
interest-earning assets 3,777,144 3,616,912 3,563,925 3,557,103
3,512,620 Average total assets 4,115,369 3,953,292 3,894,196
3,892,476 3,806,049 Average deposits 3,543,423 3,390,229 3,347,874
3,350,370 3,276,470 Average total equity $450,413 $439,360 $430,601
$424,701 $423,502 Total risk based capital ratio 15.1 % 15.2 % 15.2
% 15.2 % 15.6 % Tier 1 capital ratio 13.8 % 13.9 % 13.9 % 14.0 %
14.4 % Tier 1 common equity ratio 12.2 % 12.3 % 12.2 % 12.1 % n/a
Tier 1 leverage ratio 10.8 % 11.0 % 10.9 % 10.7 % 10.8 % Tangible
capital ratio 9.2 % 9.5 % 9.4 % 9.3 % 9.1 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160128006412/en/
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