TriCo Bancshares (NASDAQ: TCBK) (the "Company"), parent company
of Tri Counties Bank, today announced earnings of $9,405,000, or
$0.41 per diluted share, for the three months ended June 30, 2016.
For the three months ended June 30, 2015 the Company reported
earnings of $11,366,000, or $0.49 per diluted share. Diluted shares
outstanding were 23,070,151 and 22,980,033 for the three months
ended June 30, 2016 and 2015, respectively.
The Company’s results for the three months ended June 30, 2016
include an accrual of $1,450,000 in expenses associated with
employment-related legal proceedings previously disclosed by the
Company under the heading “Legal Proceedings” in several of the
Company’s recent periodic reports filed with the U.S. Securities
and Exchange Commission. Also included in the results of the
Company for the three months ended June 30, 2016 was $162,000 of
nonrecurring noninterest expense related to the Company’s
acquisition of three bank branches from Bank of America on March
18, 2016. Excluding the legal proceedings expense and nonrecurring
merger related expense noted above, diluted earnings per share for
the three months ended June 30, 2016 would have been higher by
$0.04 than reported above, and earnings would have been $10,340,000
for the three months ended June 30, 2016. There were no
nonrecurring expenses recorded during the three months ended June
30, 2015. In addition to the legal proceedings expense and
nonrecurring merger related expense noted above, there were other
expense and revenue items during the three months ended June 30,
2016 and 2015 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 June 30, (dollars
and shares in thousands) 2016 2015
$ Change
% Change Net Interest Income $ 41,160 $ 38,521 $ 2,639 6.9 %
Reversal of provision for loan losses 773 633 140 Noninterest
income 11,245 12,080 (835 ) (6.9 %) Noninterest expense (38,267 )
(32,436 ) (5,831 ) 18.0 % Provision for income taxes (5,506
) (7,432 ) 1,926 (25.9 %) Net income $ 9,405
$ 11,366 ($1,961 ) (17.3 %) Average
common shares 22,803 22,745 58 0.3 % Average diluted common shares
23,070 22,980 90 0.4 %
The following is a summary of certain of the Company’s
consolidated assets and deposits as of the dates indicated:
Ending balances As of June 30, ($'s in
thousands) 2016 2015
$ Change
% Change Total assets $ 4,352,492 $ 3,893,855 $
458,637 11.8 % Total loans 2,653,630 2,393,762 259,868 10.9 % Total
investments 1,220,385 1,077,669 142,716 13.2 % Total deposits $
3,741,396 $ 3,341,682 $ 399,714 12.0 % Qtrly Avg
balances As of June 30, ($'s in thousands) 2016 2015
$ Change
% Change Total assets $ 4,387,950 $ 3,894,196 $ 493,754 12.7
% Total loans 2,579,774 2,355,864 223,910 9.5 % Total investments
1,211,556 1,064,142 147,414 13.9 % Total deposits $ 3,778,436 $
3,347,874 $ 430,562 12.9 %
Included in the changes in the Company’s deposits from June 30,
2015 to June 30, 2016 is the addition of a $45 million certificate
of deposit from the State of California on September 16, 2015,
bringing the total of such certificates of deposit from the State
of California to $50 million, and the addition of deposits from the
acquisition of three bank branches from Bank of America, that
totaled $161 million on the date of acquisition, March 18,
2016.
On March 18, 2016, Tri Counties Bank acquired three branches
from Bank of America. The branches are located in the cities of
Arcata, Eureka, and Fortuna in Humboldt County, California. The
Bank paid $3,204,000 for deposit relationships with balances of
$161,231,000 and loans with balances of $289,000.
The following table discloses the fair value of consideration
transferred, the total identifiable net assets acquired and the
resulting goodwill relating to the acquisition of three branch
banking offices and certain deposits from Bank of America on March
18, 2016:
(in thousands) March 18, 2016 Fair value of consideration
transferred: Cash consideration $ 3,204 Total fair value of
consideration 3,204 Asset acquired: Cash and cash
equivalents 159,520 Loans 289 Premises and equipment 1,590 Core
deposit intangible 2,046 Other assets 141 Total assets
acquired 163,586 Liabilities assumed: Deposits
161,231 Total liabilities assumed 161,231 Total net assets
acquired 2,355 Goodwill recognized $ 849
Also impacting the Company’s results of operations for the three
months ended June 30, 2016 is the impact of the sale, on March 31,
2016, of twenty-seven nonperforming loans, nine substandard
performing loans, and three purchased credit impaired loans with
total recorded book value of approximately $24,810,000, and the
purchase, on May 19, 2016 of seven performing multi-family
commercial real estate loans valued at $22,503,000.
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. A
loans may also be purchased at a premium to face value, in which
case, the premium is amortized into (subtracted from) interest
income over the remaining life of the loan. Generally, as time goes
on, the effects of loan discount accretion and loan premium
amortization decrease as the purchased loans mature or pay off
early. Upon the early pay off of a loan, any remaining (unaccreted)
discount or (unamortized) premium is immediately taken into
interest income; and as loan payoffs may vary significantly from
quarter to quarter, so may the impact of discount accretion and
premium amortization on interest income. 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’s primary source of revenue is net interest income,
or the difference between interest income on interest-earning
assets and interest expense on interest-bearing liabilities.
Following is a summary of the components of net interest income for
the periods indicated (dollars in thousands):
Three months ended June 30, 2016 2015 Interest income
$ 42,590 $ 39,867 Interest expense (1,430 ) (1,346 ) FTE
adjustment 585 194 Net interest
income (FTE) $ 41,745 $ 38,715 Net interest
margin (FTE) 4.13 % 4.35 % Purchased loan
discount accretion $ 2,300 $ 2,133
Effect of purchased loan discount
accretion on net interest margin (FTE)
0.23 % 0.24 %
Net interest income (FTE) during the three months ended June 30,
2016 increased $3,030,000 (7.8%) from the same period in 2015 to
$41,745,000. The increase in net interest income (FTE) was
primarily due to a $223,910,000 (9.5%) increase in the average
balance of loans to $2,579,774,000, and a $147,414,000 (13.9%)
increase in the average balance of investments to $1,211,556,000
that were partially offset by a 12 basis point decrease in the
average yield on loans from 5.44% during the three months ended
June 30, 2015 to 5.32% during the three months ended June 30, 2016,
and an 16 basis point decrease in the average yield on investments
from 2.97% during the three months ended June 30, 2015 to 2.81%
during the three months ended June 30, 2016. The decrease in
average loan yields is primarily due 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
primarily due to declines in market yields on new investments
compared to yields on existing investments, and to recent declines
in mortgage rates that lead to an increase in mortgage refinancing
activity that in turn lead to faster estimated mortgage prepayment
speeds and an accelerated level of interest income-reducing premium
amortization on existing mortgage backed investment securities. The
increases in average loan and investment balances added $3,045,000
and $1,457,000, respectively, to net interest income (FTE) while
the decreases in average loan and investment yields reduced net
interest income (FTE) by $726,000 and $850,000, 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 $2,300,000 of discount accretion from
purchased loans during the three months ended June 30, 2016. For
more information related to loan interest income, including loan
purchase discount accretion, see the Supplemental Loan Interest
Income Data in the tables at the end of this announcement.
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,
2016
March 31,
2016
June 30,
2015
Average Income/ Yield/ Average Income/
Yield/ Average Income/ Yield/ Balance Expense Rate
Balance Expense Rate Balance Expense Rate Assets Earning assets
Loans $ 2,579,774 $ 34,338 5.32 % $ 2,537,574 $ 34,738 5.48 % $
2,355,864 $ 32,019 5.44 % Investments - taxable 1,085,230 6,945
2.56 % 1,068,018 6,920 2.59 % 1,020,806 7,380 2.89 % Investments -
nontaxable 126,326 1,560 4.94 % 116,088 1,435 4.94 % 43,336 518
4.78 % Cash at Federal Reserve and other banks 247,398
332 0.54 % 155,106 239
0.62 % 143,919 144 0.40 % Total
earning assets 4,038,728 43,175 4.28 % 3,876,786
43,332 4.47 % 3,563,925 40,061 4.50 %
Other assets, net 349,222 335,602 330,271
Total assets $ 4,387,950 $ 4,212,388 $ 3,894,196 Liabilities and
shareholders' equity Interest-bearing Demand deposits $ 886,417 120
0.05 % $ 846,189 116 0.05 % $ 796,958 116 0.06 % Savings deposits
1,354,846 423 0.12 % 1,274,868 397 0.12 % 1,165,530 362 0.12 % Time
deposits 350,215 338 0.39 % 340,847 342 0.40 % 336,212 376 0.45 %
Other borrowings 19,152 3 0.06 % 18,264 2 0.04 % 7,894 1 0.06 %
Trust preferred securities 56,544 546
3.86 % 56,494 535 3.79 % 56,344
491 3.49 % Total interest-bearing liabilities
2,667,174 1,430 0.21 % 2,536,662 1,392
0.22 % 2,362,938 1,346 0.23 % Noninterest-bearing
deposits 1,186,958 1,154,714 1,049,174 Other liabilities 62,456
59,492 51,483 Shareholders' equity 471,362 461,520
430,601 Total liabilities and shareholders' equity $
4,387,950 $ 4,212,388 $ 3,894,196 Net interest rate spread 4.07 %
4.25 % 4.27 % Net interest income/net interest margin (FTE)
41,745 4.13 % 41,940 4.33 % 38,715
4.35 % FTE adjustment (585 ) (538 )
(194 ) Net interest income (not FTE) $ 41,160 $ 41,402
$ 38,521
The Company recorded a reversal of provision for loan losses of
$773,000 during the three months ended June 30, 2016 compared to a
reversal of provision for loan losses of $633,000 during the three
months ended June 30, 2015. The $773,000 reversal of provision for
loan losses during the three months ended June 30, 2016 was due to
a $879,000 decrease in the required allowance for loan losses from
$36,388,000 at March 31, 2016 to $35,509,000 at June 30, 2016 that
was partially offset by net loan charge offs of $106,000. The
decrease in the required allowance for loan losses from March 31,
2016 to June 30, 2016 was primarily due to pay downs on certain
nonperforming loans that had significant loss allowances assigned
to them, and are now no longer required or are significantly
reduced; that was partially offset by a $112,083,000 increase in
loan balances from $2,541,547,000 at March 31, 2016 to
$2,653,630,000 at June 30, 2016. During the three months ended June
30, 2016 nonperforming loans decreased $4,057,000 (16.9%) to
$19,977,000, and represented a decrease from 1.47% of loans
outstanding as of December 31, 2015, and 0.95% of loans outstanding
at March 31, 2016, to 0.75% of loans outstanding as of June 30,
2016. The decrease in nonperforming loans was primarily due to the
sale of nonperforming loans during the three months ended March 31,
2016, and the pay down of nonperforming loans during the three
months ended June 30, 2016.
The following table presents the key components of noninterest
income for the periods indicated:
Three months ended June 30, (dollars in
thousands) 2016 2015
$ Change
% Change Service charges on deposit accounts $ 3,543 $ 3,637
($94 ) (2.6 %) ATM fees and interchange 3,892 3,383 509 15.0 %
Other service fees 849 779 70 9.0 % Mortgage banking service fees
516 528 (12 ) (2.3 %) Change in value of mortgage servicing rights
(701 ) 521 (1,222 ) (234.5 %) Total
service charges and fees 8,099 8,848
(749 ) (8.5 %) Gain on sale of loans 889 837 52 6.2 %
Commission on NDIP 611 784 (173 ) (22.1 %) Increase in cash value
of life insurance 681 675 6 0.9 % Change in indemnification asset
(149 ) (57 ) (92 ) 161.4 % Gain on sale of foreclosed assets 57 115
(58 ) (50.4 %) Other noninterest income 1,057
878 179 20.4 % Total other noninterest income
3,146 3,232 (86 ) (2.7 %) Total
noninterest income $ 11,245 $ 12,080 ($835 )
(6.9 %)
Noninterest income decreased $835,000 (6.9%) to $11,245,000
during the three months ended June 30, 2016 compared to the three
months ended June 30, 2015. The decrease in noninterest income was
primarily due to a $1,222,000 decrease in change in value of
mortgage servicing rights (MSRs) to a negative $701,000 from a
positive $521,000 in the year-ago quarter. A decrease in interest
rates during the three months ended June 30, 2016 resulted in an
increase in estimated prepayment speeds of serviced loans, that in
turn resulted in a decrease in expected servicing cash flows, and
thus, a lower value of such servicing rights. In the year-ago
quarter, an increase in interest rates resulted in a decrease in
estimated prepayment speeds of serviced loans that in turn resulted
in an increase in expected servicing cash flows, and thus, a higher
value of such servicing rights. Partially offsetting the decrease
in change in value of mortgage servicing rights was a $509,000
(15.0%) increase in ATM fees and interchange revenue. The increase
in ATM fees and interchange revenue was primarily due to the
Company’s increased focus in this area, including the introduction
of new services in this area during the quarter ended March 31,
2016. Other noninterest interest income increased $179,000 (20.4%)
to $1,057,000 due to life insurance death benefits in excess of
cash value of $238,000 that was partially offset by decreases in
other items in this category during the three months ended June 30,
2016. The changes in noninterest income include the effects from
the operation of three branches, including $161,231,000 of
deposits, acquired from Bank of America on March 18, 2016.
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) 2016 2015
$ Change
% Change Base salaries, overtime and temporary help, net of
deferred loan orgination costs $ 12,968 $ 11,502 $ 1,466 12.7 %
Commissions and incentives 2,471 1,390 1,081 77.8 % Employee
benefits 4,606 4,350 256 5.9 % Total
salaries and benefits expense 20,045 17,242
2,803 16.3 % Occupancy 2,529 2,541 (12 ) (0.5 %)
Equipment 1,844 1,527 317 20.8 %
Change in reserve for unfunded
commitments
408 110 298 270.9 % Data processing and software 2,355 1,834 521
28.4 % Telecommunications 698 785 (87 ) (11.1 %) ATM network
charges 1,002 985 17 1.7 % Professional fees 1,356 1,035 321 31.0 %
Advertising and marketing 1,077 1,002 75 7.5 % Postage 342 330 12
3.6 % Courier service 265 253 12 4.7 % Intangible amortization 359
289 70 24.2 % Operational losses 345 149 196 131.5 % Provision for
foreclosed asset losses 42 174 (132 ) (75.9 %) Foreclosed asset
expense 114 102 12 11.8 % Assessments 578 694 (116 ) (16.7 %)
Merger and acquisition expense 162 - 162 Legal settlement 1,450 -
1,450 Miscellaneous other expense 3,296 3,384
(88 ) (2.6 %) Total other noninterest expense 18,222
15,194 3,028 19.9 % Total noninterest expense $
38,267 $ 32,436 $ 5,831 18.0 % Average full time
equivalent employees 1,001 944 57 6.0 %
Salary and benefit expenses increased $2,803,000 (16.3%) to
$20,045,000 during the three months ended June 30, 2016 compared to
$17,242,000 during the three months ended June 30, 2015. Base
salaries, overtime and temporary help, net of deferred loan
origination costs increased $1,466,000 (12.7%) to $12,968,000 of
which base salaries and overtime, net of deferred loan origination
costs increased $1,276,000 (11.1%) to $12,774,000 primarily due to
annual merit increases, and an increase in average full-time
equivalent employees of 57 (6.0%) to 1,001 for the three months
ended June 30, 2016. Temporary help expense increased $189,000 to
$194,000 during the three months ended June 30, 2016. The increase
in temporary help was primarily due to the use of temporary help in
the Company’s customer service call center during the three months
ended June 30, 2016. Incentive compensation increased 1,081,000
(77.8%) to $2,471,000 during the three months ended June 30, 2016.
All categories of incentive compensation expense were higher than
the year-ago quarter except commission expense related to the sale
of nondeposit investment products. The increases in the other
categories of incentive compensation, compared to the year-ago
quarter, were primarily due to increased loan production and other
performance measures to which incentive compensation is tied
compared to such measures in the year-ago quarter. Benefits &
other compensation expense increased 256,000 (5.9%) to $4,606,000
during the three months ended June 30, 2016 primarily due to the
increases in average full-time equivalent employees and salaries
expense, and their effects on group insurance and employer payroll
tax expenses.
Other noninterest expense increased $3,028,000 (19.9%) to
$18,222,000 during the three months ended June 30, 2016 compared to
the three months ended June 30, 2015. Included in other noninterest
expense for the three months ended June 30, 2016 was the legal
settlement expense of $1,450,000 as described above. Also
contributing to the increase in other noninterest expense during
the three months ended June 30, 2016 compared to the three months
ended June 30, 2015 were a $521,000 (28.4%) increase in data
processing and software expense, a $321,000 (31.0%) increase in
professional fees, a $317,000 (20.8%) increase in equipment
expense, and a $298,000 (271%) increase in provision for losses on
unfunded commitments. The increase in data processing and software
expense was primarily due to increased use of outside data
processing services. The increase in professional fees was
primarily due to increased consulting expense. The increase in
equipment expense was primarily due to increase maintenance and
repair expense associated with facilities maintenance. The increase
in provision for losses on unfunded commitments was primarily due
to a larger increase in unfunded construction loan commitments from
March 31, 2016 to June 30, 2016 than from March 31, 2015 to June
30, 2015. Merger related expenses during the three months ended
June 30, 2016 were $162,000, and consisted of consulting expenses
related to the acquisition of three bank branches from B of A on
March 18, 2016. There were no merger related expenses during the
three months ended June 30, 2015.
Richard Smith, President and CEO of the Company commented,
“While net income was negatively affected by recognition of legal
expenses related to previously disclosed pending litigation,
changes in mortgage servicing income due to lower interest rates,
expenses related to core systems conversions and expenses related
to our acquisition of three Bank of America branches, we
experienced many positives from the quarter. Ending year over year
balances were strong positives for the quarter. Total assets
increased by 11.8% from a June 30, 2015 to June 30, 2016. Total
loans increased year over year by over 10.9%. Loan quality also
improved as nonperforming loans decreased from $39,880,000 on June
30, 2015 to $19,997,000 on June 30, 2016. Bank deposits, including
deposits from the Bank of America branch acquisition, increased
year over year by 12%.
Smith added, “We continue to move forward with our ambitious
technology plans to upgrade our on-line products and core
processing systems to better serve our customers. Completion of
these projects is expected in the fall of 2016. This investment
into new computer solutions will improve operational efficiencies
and provide customers with added convenience and improved
self-service banking options.”
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, competitive effects, fee and other noninterest income
earned, the outcome of litigation, 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, 2015. 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, 2016 2016 2015
2015 2015
Statement of Income Data Interest income $
42,590 $ 42,794 $ 42,490 $ 41,332 $ 39,867 Interest expense 1,430
1,392 1,349 1,339 1,346 Net interest income 41,160 41,402 41,141
39,993 38,521 (Benefit from reversal of) provision for loan losses
(773 ) 209 (908 ) (866 ) (633 ) Noninterest income: Service charges
and fees 8,099 7,305 7,935 7,694 8,848 Other income 3,146 2,485
3,510 3,948 3,232 Total noninterest income 11,245 9,790 11,445
11,642 12,080 Noninterest expense:
Base salaries net of deferred loan
origination costs
12,968 12,708 12,014 11,562 11,502 Incentive compensation expense
2,471 1,739 2,304 1,674 1,390
Employee benefits and other compensation
expense
4,606 4,818 4,212 4,297 4,350 Total salaries and benefits expense
20,045 19,265 18,530 17,533 17,242 Other noninterest expense 18,222
14,486 16,154 13,906 15,194 Total noninterest expense 38,267 33,751
34,684 31,439 32,436 Income before taxes 14,911 17,232 18,810
21,062 18,798 Net income $ 9,405 $ 10,674 $ 11,422 $ 12,694 $
11,366
Share Data Basic earnings per share $ 0.41 $ 0.47 $
0.50 $ 0.56 $ 0.50 Diluted earnings per share $ 0.41 $ 0.46 $ 0.50
$ 0.55 $ 0.49 Book value per common share $ 20.76 $ 20.34 $ 19.85 $
19.48 $ 18.95 Tangible book value per common share $ 17.63 $ 17.18
$ 16.81 $ 16.42 $ 15.88 Shares outstanding 22,822,325 22,785,173
22,775,173 22,764,295 22,749,523 Weighted average shares 22,802,653
22,782,865 22,769,793 22,757,453 22,744,926 Weighted average
diluted shares 23,070,151 23,046,165 23,055,900 23,005,980
22,980,033
Credit Quality Nonperforming originated loans $
10,022 $ 12,660 $ 22,824 $ 24,052 $ 23,812 Total nonperforming
loans 19,977 24,034 37,119 38,898 39,880 Foreclosed assets, net of
allowance 3,842 4,471 5,369 5,285 5,393 Loans charged-off 641 1,289
380 687 514 Loans recovered $ 536 $ 1,457 $ 781 $ 2,616 $ 547
Selected Financial Ratios Return on average total assets
0.86 % 1.01 % 1.11 % 1.28 % 1.17 % Return on average equity 7.98 %
9.25 % 10.14 % 11.56 % 10.56 % Average yield on loans 5.32 % 5.48 %
5.60 % 5.57 % 5.44 % Average yield on interest-earning assets 4.28
% 4.47 % 4.53 % 4.60 % 4.50 % Average rate on interest-bearing
liabilities 0.21 % 0.22 % 0.22 % 0.23 % 0.23 % Net interest margin
(fully tax-equivalent) 4.13 % 4.33 % 4.39 % 4.46 % 4.35 %
Supplemental Loan Interest Income Data: Discount accretion
PCI - cash basis loans $ 426 $ 269 $ 302 $ 445 $ 404 Discount
accretion PCI - other loans 415 (45 ) 1,392 1,090 907 Discount
accretion PNCI loans 1,459 868 573 1,590 822 All other loan
interest income 32,038 33,646 32,571 30,689 29,886 Total loan
interest income $ 34,338 $ 34,738 $ 34,838 $ 33,814 $ 32,019
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 2016 2016
2015 2015 2015 Cash and due from banks $ 216,786 $
388,878 $ 303,461 $ 209,298 $ 169,503 Securities, available for
sale 529,017 477,454 404,885 329,361 284,430 Securities, held to
maturity 674,412 705,133 726,530 751,051 776,283 Restricted equity
securities 16,956 16,956 16,956 16,956 16,956 Loans held for sale
2,904 2,240 1,873 5,152 4,630 Loans: Commercial loans 209,840
197,695 194,913 199,330 195,791 Consumer loans 381,114 401,076
395,283 403,081 411,788 Real estate mortgage loans 1,913,024
1,813,933 1,811,832 1,757,082 1,686,567 Real estate construction
loans 149,652 128,843 120,909 110,073 99,616 Total loans, gross
2,653,630 2,541,547 2,522,937 2,469,566 2,393,762 Allowance for
loan losses (35,509 ) (36,388 ) (36,011 ) (36,518 ) (35,455 )
Foreclosed assets 3,842 4,471 5,369 5,285 5,393 Premises and
equipment 51,728 51,522 43,811 42,334 42,056 Cash value of life
insurance 94,572 95,256 94,560 94,458 93,687 Goodwill 64,311 64,311
63,462 63,462 63,462 Other intangible assets 7,282 7,641 5,894
6,184 6,473 Mortgage servicing rights 6,720 7,140 7,618 7,467 7,814
Accrued interest receivable 11,602 11,075 10,786 10,212 10,064
Other assets 54,239 57,720 48,591 47,360 54,797 Total assets $
4,352,492 4,394,956 4,220,722 4,021,628 3,893,855 Deposits:
Noninterest-bearing demand deposits 1,181,702 1,178,001 1,155,695
1,100,607 1,060,650 Interest-bearing demand deposits 867,638
884,638 853,961 817,034 780,647 Savings deposits 1,346,269
1,368,644 1,281,540 1,187,238 1,179,836 Time certificates 345,787
353,757 340,070 352,993 320,549 Total deposits 3,741,396 3,785,040
3,631,266 3,457,872 3,341,682 Accrued interest payable 727 751 774
795 797 Reserve for unfunded commitments 2,883 2,475 2,475 2,085
2,125 Other liabilities 57,587 68,064 65,293 53,681 55,003 Other
borrowings 19,464 18,671 12,328 6,859 6,735 Junior subordinated
debt 56,567 56,519 56,470 56,991 56,369 Total liabilities 3,878,624
3,931,520 3,768,606 3,578,283 3,462,711 Total shareholders' equity
473,868 463,436 452,116 443,345 431,144
Accumulated other comprehensive gain
(loss)
6,073 1,772 (1,778 ) (2,298 ) (4,726 ) Average loans 2,579,774
2,537,574 2,489,406 2,427,670 2,355,864 Average interest-earning
assets 4,038,728 3,876,786 3,777,144 3,616,912 3,563,925 Average
total assets 4,387,950 4,212,388 4,115,369 3,953,292 3,894,196
Average deposits 3,778,436 3,616,618 3,543,423 3,390,229 3,347,874
Average total equity $ 471,362 $ 461,520 $ 450,413 $ 439,360 $
430,601 Total risk based capital ratio 14.7 % 15.1 % 15.1 % 15.2 %
15.2 % Tier 1 capital ratio 13.6 % 13.9 % 13.8 % 13.9 % 13.9 % Tier
1 common equity ratio 12.0 % 12.3 % 12.2 % 12.3 % 12.2 % Tier 1
leverage ratio 10.4 % 10.7 % 10.8 % 11.0 % 10.9 % Tangible capital
ratio 9.4 % 9.1 % 9.2 % 9.5 % 9.4 %
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version on businesswire.com: http://www.businesswire.com/news/home/20160728006607/en/
TriCo BancsharesRichard P. Smith, 530-898-0300President &
CEO
TriCo Bancshares (NASDAQ:TCBK)
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TriCo Bancshares (NASDAQ:TCBK)
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