TriCo Bancshares (NASDAQ: TCBK) (the "Company"), parent company
of Tri Counties Bank, today announced earnings of $12,533,000, or
$0.54 per diluted share, for the three months ended December 31,
2016. For the three months ended December 31, 2015 the Company
reported earnings of $11,422,000, or $0.50 per diluted share.
Diluted shares outstanding were 23,115,708 and 23,055,900 for the
three months ended December 31, 2016 and 2015, respectively.
For the year ended December 31, 2016 the Company reported
earnings of $44,811,000, or $1.94 per diluted share.For the year
ended December 31, 2015 the Company reported earnings of
$43,818,000, or $1.91 per diluted share.
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) 2016 2015
$ Change
% Change Net Interest Income $ 43,155 $ 41,141 $ 2,014 4.9 %
Reversal of provision for loan losses 1,433 908 525 Noninterest
income 12,462 11,445 1,017 8.9 % Noninterest expense (36,563 )
(34,684 ) (1,879 ) 5.4 % Provision for income taxes (7,954 )
(7,388 ) (566 ) 7.7 % Net income $ 12,533 $
11,422 $ 1,111 9.7 % Average common shares
22,846 22,770 76 0.3 % Average diluted common shares 23,116 23,056
60 0.3 %
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, ($'s in
thousands) 2016 2015
$ Change
% Change Total assets $ 4,517,968 $ 4,220,722 $
297,246 7.0 % Total loans 2,759,593 2,522,937 236,656 9.4 % Total
investments 1,169,725 1,148,371 21,354 1.9 % Total deposits $
3,895,560 $ 3,631,266 $ 264,294 7.3 % Qtrly Avg
balances As of December 31, ($'s in thousands) 2016 2015
$ Change
% Change Total assets $ 4,445,310 $ 4,115,369 $ 329,941 8.0
% Total loans 2,695,743 2,489,406 206,337 8.3 % Total investments
1,174,705 1,112,992 61,713 5.5 % Total deposits $ 3,820,773 $
3,543,423 $ 277,350 7.8 %
Included in the period ending balances and quarterly average
balances is 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. These three acquired
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, loans with
balances of $289,000, premises and equipment valued at $1,590,000,
other assets valued at $141,000, and recorded a core deposit
intangible asset of $2,046,000 and goodwill of $849,000.
Also included in the Company’s results of operations for the
three months ended December 31, 2016 is the impact of the sale on
December 28, 2016, of twenty performing loans with recorded book
value of $1,975,000, and 49 nonperforming loans with recorded book
value, including pre-sale write downs and purchase discounts, of
approximately $2,709,000. The loans sold on December 28, 2016 had
contractual amounts outstanding of $7,100,000. Net sale proceeds of
$5,851,000 resulted in the recovery of loan balances previously
charged off of $692,000, additional loan charge offs of $316,000,
interest income of $586,000 from the recovery of interest payments
previously applied to principal balances, and gain on sale of
$205,000. In addition, associated with the loans sold on December
28, 2016 were specific allowances for loan loss of $503,000 on
September 30, 2016 that were no longer necessary at December 31,
2016; and had these loans not been sold, it is expected that the
allowance for loan losses would have been approximately $503,000
higher than reported at December 31, 2016, and the reversal of
provision for loan losses for the three months ended December 31,
2016 would have been approximately $503,000 less than reported.
Also included in the Company’s results of operations for the
three and twelve months ended December 31, 2016 is the impact of
the sale on August 22, 2016, of two performing loans with recorded
book value of $166,000, and 48 nonperforming loans with recorded
book value, including pre-sale write downs and purchase discounts,
of approximately $2,757,000. The loans sold on August 22, 2016 had
contractual amounts outstanding of $6,558,000. Net sale proceeds of
$4,980,000 resulted in the recovery of loan balances previously
charged off of $1,727,000, additional loan charge offs of $159,000,
and interest income of $488,000 from the recovery of interest
payments previously applied to principal balances.
Also included in the Company’s results of operations for the
three and twelve months ended December 31, 2016 is the impact of
the purchase, on May 19, 2016 of seven performing multi-family
commercial real estate loans valued at $22,503,000, and 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.
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.
Included in the Company’s net interest income is interest income
from municipal bonds that is almost entirely exempt from Federal
income tax. These municipal bonds are classified as investments –
nontaxable, and the Company may present the interest income from
these bonds on a fully tax equivalent (FTE) basis. Following is a
summary of the components of net interest income for the periods
indicated (dollars in thousands):
Three months ended December 31, (dollars and
shares in thousands) 2016 2015
$ Change
% Change Interest income $ 44,615 $ 42,490 $ 2,125 5.0 % Interest
expense (1,460 ) (1,349 ) (111 ) 8.2 % FTE adjustment 619
315 304 96.5 % Net interest
income (FTE) $ 43,774 $ 41,456 $ 2,318 5.6 %
Net interest margin (FTE) 4.28 % 4.39 %
Purchased loan discount accretion: Amount $ 1,778 $ 2,267 Effect on
average loan yield 0.27 % 0.37 % Effect on net interest margin
(FTE) 0.17 % 0.24 % Interest income recovered via loan sales:
Amount $ 586 $ 0 Effect on average loan yield 0.09 % 0.00 % Effect
on net interest margin (FTE) 0.06 % 0.00 %
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,
2016
September 30,
2016
December 31,
2015
Average Income/ Yield/ Average Income/
Yield/ Average Income/ Yield/ Balance Expense Rate
Balance Expense Rate Balance Expense Rate Assets Earning assets
Loans $ 2,695,743 $ 36,241 5.38 % $ 2,669,954 $ 35,769 5.36 % $
2,489,406 $ 34,838 5.60 % Investments - taxable 1,042,763 7,026
2.70 % 1,073,030 6,687 2.49 % 1,044,063 6,983 2.68 % Investments -
nontaxable 131,942 1,650 5.00 % 126,910 1,565 4.93 % 68,929 841
4.88 % Cash at Federal Reserve and other banks 223,564
317 0.57 % 185,552 275
0.59 % 174,746 143 0.33 % Total
earning assets 4,094,012 45,234 4.42 % 4,055,446
44,296 4.37 % 3,777,144 42,805 4.53 %
Other assets, net 351,298 351,875 338,225
Total assets $ 4,445,310 $ 4,407,322 $ 4,115,369 Liabilities and
shareholders' equity Interest-bearing Demand deposits $ 887,671 94
0.04 % $ 888,377 111 0.05 % $ 830,172 118 0.06 % Savings deposits
1,374,059 439 0.13 % 1,357,359 426 0.13 % 1,231,687 388 0.13 % Time
deposits 339,766 339 0.40 % 340,709 338 0.40 % 347,742 337 0.39 %
Other borrowings 19,036 2 0.04 % 18,951 2 0.05 % 10,189 1 0.04 %
Trust preferred securities 56,615 586
4.14 % 56,584 562 3.97 % 56,345
505 3.59 % Total interest-bearing liabilities
2,677,147 1,460 0.22 % 2,661,981 1,439
0.22 % 2,476,135 1,349 0.22 % Noninterest-bearing
deposits 1,219,276 1,198,302 1,133,822 Other liabilities 69,894
66,464 54,999 Shareholders' equity 478,993 480,575
450,413 Total liabilities and shareholders' equity $
4,445,310 $ 4,407,322 $ 4,115,369 Net interest rate spread 4.20 %
4.15 % 4.31 % Net interest income/net interest margin (FTE)
43,774 4.28 % 42,857 4.23 % 41,456
4.39 % FTE adjustment ($619 ) (587 )
(315 ) Net interest income (not FTE) $ 43,155 $ 42,270
$ 41,141
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
loan 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.
Net interest income (FTE) during the three months ended December
31, 2016 increased $2,318,000 (5.6%) from the same period in 2015
to $43,774,000. The increase in net interest income (FTE) was
primarily due to a $206,337,000 (8.3%) increase in the average
balance of loans to $2,695,743,000, and a $63,013,000 (91.4%)
increase in the average balance of investments - nontaxable to
$131,942,000 that were partially offset by a 22 basis point
decrease in the average yield on loans from 5.60% during the three
months ended December 31, 2015 to 5.38% during the three months
ended December 31, 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, and
despite 25 basis point increases in the Prime lending rate in each
of December 2015 and December 2016. The increases in average loan
and investments - nontaxable balances added $2,889,000 and
$769,000, respectively, to net interest income (FTE) while the
decrease in average loan yield reduced net interest income (FTE) by
$1,486,000 compared to the year-ago quarter. Included in interest
income from loans during the three months ended December 31, 2016
was $1,778,000 of discount accretion from purchased loans compared
to $2,267,000 of discount accretion from purchased loans during the
three months ended December 31, 2015. Included in interest income
from loans during the three months ended December 31, 2016 was
$586,000 of interest income that was previously applied to the
principal balance of loans in nonaccrual status that were sold
during the three months ended December 31, 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 Company recorded a reversal of provision for loan losses of
$1,433,000 during the three months ended December 31, 2016 compared
to a reversal of provision for loan losses of $908,000 during the
three months ended December 31, 2015. The $1,433,000 reversal of
provision for loan losses during the three months ended December
31, 2016 was primarily due to net loan recoveries of $376,000
associated with the sale of loans on December 28, 2016, additional
net loan recoveries of $76,000 during the three months ended
December 31, 2016, net credit quality upgrades, payoffs, and sale
of substandard performing loans, and continued low historical loan
loss experience, that were partially offset by the effect of a
$47,367,000 (1.8%) increase in loan balances during the three
months ended December 31, 2016.
During the three months ended December 31, 2016 nonperforming
loans decreased $824,000 (3.9%) to $20,128,000, or 0.73% of loans
outstanding as of December 31, 2016, and represented a decrease
from 0.77% of loans outstanding at September 30, 2016, and a
decrease from 1.47% of loans outstanding as of December 31, 2015.
The decrease in nonperforming loans during the three months ended
December 31, 2016 was due primarily to the sale of $2,709,000 of
nonperforming loans on December 28, 2016 that was partially offset
by a net increase of $1,885,000 in other nonperforming loans.
The following table presents the key components of noninterest
income for the periods indicated:
Three months ended December 31, (dollars in
thousands) 2016 2015
$ Change
% Change Service charges on deposit accounts $ 3,816 $ 3,397 $ 419
12.3 % ATM fees and interchange 4,723 3,635 1,088 29.9 % Other
service fees 752 712 40 5.6 % Mortgage banking service fees 495 581
(86 ) (14.8 %) Change in value of mortgage servicing rights
14 (131 ) 145 (110.7 %) Total service
charges and fees 9,800 8,194
1,606 19.6 % Gain on sale of loans 1,392 883 509 57.6
% Commission on NDIP 439 788 (349 ) (44.3 %) Increase in cash value
of life insurance 631 665 (34 ) (5.1 %) Change in indemnification
asset (219 ) (59 ) (160 ) 271.2 % Gain on sale of foreclosed assets
44 209 (165 ) (78.9 %) Other noninterest income 375
765 (390 ) (51.0 %) Total other noninterest
income 2,662 3,251 (589 ) (18.1
%) Total noninterest income $ 12,462 $ 11,445 $ 1,017
8.9 %
Noninterest income increased $1,017,000 (8.9%) to $12,462,000
during the three months ended December 31, 2016 compared to the
three months ended December 31, 2015. The increase in noninterest
income was primarily due to a $1,088,000 increase in ATM fees and
interchange income, a $509,000 increase in gain on sale of loans,
and a $419,000 increase in service charges on deposit accounts,
that were partially offset by a $390,000 decrease in other
noninterest income, and a $349,000 decrease in commissions on
nondeposit investment products.
The $1,088,000 increase in ATM fees and interchange revenue was
due primarily 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. The $509,000 increase in gain on sale
of loans was due primarily to increased gain on sale of loans
originated for sale, and a $205,000 gain on sale of other loans
sold on December 28, 2016. The increase in gain on sale of loans
originated for sale was due primarily to increased market refinance
activity and focus by the Company in this area during the three
months ended December 31, 2016 compared to the year-ago period. The
$419,000 increase in service charges on deposit accounts was due
primarily to increases in certain deposit account fees that were
instituted by the Company during the three months ended December
31, 2016, and the effect of service charges on the deposit accounts
acquired through the branch purchase on March 18, 2016. The
$390,000 decrease in other noninterest income was due primarily to
$155,000 of life insurance proceeds in excess of cash value, and a
$4,000 loss on disposal of fixed assets recorded during the three
months ended December 31, 2015 compared to no life insurance
proceeds in excess of cash value, and a $95,000 loss on disposal of
fixed assets recorded during the three months ended December 31,
2016.
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) 2016 2015
$ Change
% Change Base salaries, overtime and temporary help, net of
deferred loan origination costs $ 14,074 $ 12,014 $ 2,060 17.1 %
Commissions and incentives 1,864 2,304 (440 ) (19.1 %) Employee
benefits 4,616 4,212 404 9.6 %
Total salaries and benefits expense 20,554
18,530 2,024 10.9 % Occupancy 2,635 2,569 66
2.6 % Equipment 1,760 1,639 121 7.4 % Change in reserve for
unfunded commitments (189 ) 390 (579 ) (148.5 %) Data processing
and software 2,580 2,015 565 28.0 % Telecommunications 664 678 (14
) (2.1 %) ATM network charges 1,076 1,097 (21 ) (1.9 %)
Professional fees 2,226 1,392 834 59.9 % Advertising and marketing
808 1,256 (448 ) (35.7 %) Postage 417 340 77 22.6 % Courier service
182 350 (168 ) (48.0 %) Intangible amortization 360 290 70 24.1 %
Operational losses 558 263 295 112.2 % Provision for foreclosed
asset losses 100 155 (55 ) (35.5 %) Foreclosed asset expense 69 185
(116 ) (62.7 %) Assessments 241 585 (344 ) (58.8 %) Miscellaneous
other expense 2,522 2,950 (428 ) (14.5
%) Total other noninterest expense 16,009
16,154 (145 ) (0.9 %) Total noninterest expense $ 36,563
$ 34,684 $ 1,879 5.4 % Average full time
equivalent employees 1,008 952 56 5.9 %
Salary and benefit expenses increased $2,024,000 (10.9%) to
$20,554,000 during the three months ended December 31, 2016
compared to $18,530,000 during the three months ended December 31,
2015. Base salaries, overtime and temporary help, net of deferred
loan origination costs increased $2,060,000 (17.1%) to $14,074,000.
Base salaries, net of deferred loan origination costs increased
$1,773,000 (15.2%) to $13,452,000 primarily due to annual merit
increases, and an increase in average full-time equivalent
employees of 56 (5.9%) to 1,008 for the three months ended December
31, 2016. Overtime expense increased $33,000 to $345,000 during the
three months ended December 31, 2016. Temporary help expense
increased $255,000 to $278,000 during the three months ended
December 31, 2016.
Commissions and incentive compensation decreased $440,000
(19.1%) to $1,864,000 during the three months ended December 31,
2016. All categories of incentive compensation expense were lower
than the year-ago quarter except commission expense related to the
sale of consumer and small business banking products and
services.
Benefits & other compensation expense increased $404,000
(9.6%) to $4,616,000 during the three months ended December 31,
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 decreased $145,000 (0.9%) to
$16,009,000 during the three months ended December 31, 2016
compared to the three months ended December 31, 2015. The $145,000
decrease in other noninterest expense was due primarily to
decreases in change in reserve for unfunded commitments,
advertising and marketing, miscellaneous expense, and assessments
of $579,000, $448,000, $428,000, and $344,000, respectively. These
decreases from the year-ago period were partially offset by
increases in professional fees, data processing and software, and
operational losses of $834,000, $565,000, and $295,000,
respectively.
The $579,000 decrease in change in reserve for unfunded
commitments was due primarily to reduction in construction and
other loan commitments during the three months ended December 31,
2016 compared to an increase in such commitments during the year
ago period. The $448,000 decrease in advertising and marketing
expense was due to less activity in this area compared to the
year-ago period. The $428,000 decrease in miscellaneous other
noninterest expense was due primarily to small decreases in
numerous other types of expenses such as travel and entertainment.
The $344,000 decrease in assessments was due to a decrease in FDIC
deposit insurance rates during the three months ended December 31,
2016.
The $834,000 increase in professional fees was due to increased
consulting fees that were partially offset by decreases in legal
and accounting fees. The increase in consulting fees was due
primarily to consulting fees related to the Company’s system
conversion that was substantially completed during the three months
ended December 31, 2016. The $565,000 increase in data processing
and software expense was due primarily to increased use of
outsourced data processing services. The $295,000 increase in
operational losses was primarily due to an increase in losses from
fraudulent ATM and point of sale transactions.
The changes in noninterest income and noninterest expense noted
above also include the effects from the operation of three
branches, including $161,231,000 of deposits, acquired from Bank of
America on March 18, 2016.
Richard Smith, President and CEO of the Company commented, “2016
was another busy and successful year for the Company. We are
pleased with our quarterly and annual results for the year. Loan
growth continues at a strong pace and our acquisition of 3 branches
from Bank of America in the second quarter provided added deposits
and new loan growth opportunities for the Company. Our credit
quality remains very strong. The Bank also completed many
significant technology projects throughout the year. These
technology solutions provide us with the necessary infrastructure
for future growth and expansion. We will continue to look for new
opportunities to grow through both internal opportunities and
strategic acquisitions when appropriate.”
Smith added, “Key to our success is our talented and diligent
workforce. During the 4th quarter, we added two new members to our
management team. John Fleshood, our new EVP - Chief Operating
Officer and Mark Davis, our new SVP of Deposit Operations bring
significant banking experience to our Company. Our management team
remains motivated and enthusiastic going into 2017.”
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 December 31, September 30, June 30,
March 31, December 31, 2016 2016
2016 2016
2015
Statement of Income Data Interest income
$ 44,615 $ 43,709 $ 42,590 $ 42,794 $ 42,490 Interest expense 1,460
1,439 1,430 1,392 1,349 Net interest income 43,155 42,270 41,160
41,402 41,141 (Benefit from reversal of) provision for loan losses
(1,433 ) (3,973 ) (773 ) 209 (908 ) Noninterest income: Service
charges and fees 9,800 8,022 8,099 7,305 8,194 Other income 2,662
3,044 3,146 2,485 3,251 Total noninterest income 12,462 11,066
11,245 9,790 11,445 Noninterest expense:
Base salaries net of deferred loan
origination costs
14,074 13,419 12,968 12,708 12,014 Incentive compensation expense
1,864 2,798 2,471 1,739 2,304
Employee benefits and other compensation
expense
4,616 4,644 4,606 4,818 4,212 Total salaries and benefits expense
20,554 20,861 20,045 19,265 18,530 Other noninterest expense 16,009
16,555 18,222 14,486 16,154 Total noninterest expense 36,563 37,416
38,267 33,751 34,684 Income before taxes 20,487 19,893 14,911
17,232 18,810 Net income $ 12,533 $ 12,199 $ 9,405 $ 10,674 $
11,422
Share Data Basic earnings per share $ 0.55 $ 0.53 $
0.41 $ 0.47 $ 0.50 Diluted earnings per share $ 0.54 $ 0.53 $ 0.41
$ 0.46 $ 0.50 Book value per common share $ 20.87 $ 21.11 $ 20.76 $
20.34 $ 19.85 Tangible book value per common share $ 17.77 $ 17.99
$ 17.63 $ 17.18 $ 16.81 Shares outstanding 22,867,802 22,827,277
22,822,325 22,785,173 22,775,173 Weighted average shares 22,845,623
22,824,868 22,802,653 22,782,865 22,769,793 Weighted average
diluted shares 23,115,708 23,098,534 23,070,151 23,046,165
23,055,900
Credit Quality Nonperforming originated loans $
12,894 $ 13,083 $ 10,022 $ 12,660 $ 22,824 Total nonperforming
loans 20,128 20,952 19,977 24,034 37,119 Foreclosed assets, net of
allowance 3,986 4,124 3,842 4,471 5,369 Loans charged-off 635 664
641 1,289 380 Loans recovered $ 1,087 $ 2,612 $ 536 $ 1,457 $ 781
Selected Financial Ratios Return on average total assets
1.13 % 1.11 % 0.86 % 1.01 % 1.11 % Return on average equity 10.47 %
10.15 % 7.98 % 9.25 % 10.14 % Average yield on loans 5.38 % 5.36 %
5.32 % 5.48 % 5.60 % Average yield on interest-earning assets 4.42
% 4.37 % 4.28 % 4.47 % 4.53 % Average rate on interest-bearing
liabilities 0.22 % 0.22 % 0.21 % 0.22 % 0.22 % Net interest margin
(fully tax-equivalent) 4.28 % 4.23 % 4.13 % 4.33 % 4.39 %
Supplemental Loan Interest Income Data: Discount accretion
PCI - cash basis loans $ 483 $ 777 $ 426 $ 269 $ 302 Discount
accretion PCI - other loans 658 569 415 (45 ) 1,392 Discount
accretion PNCI loans 637 883 1,459 868 573 All other loan interest
income $ 34,463 33,540 32,038 33,646 32,571 Total loan interest
income $ 36,241 $ 35,769 $ 34,338 $ 34,738 $ 34,838
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 2016 2016
2016 2016
2015 Cash and due from banks $ 305,612 $ 315,088 $
216,786 $ 388,878 $ 303,461 Securities, available for sale 550,233
510,209 529,017 477,454 404,885 Securities, held to maturity
602,536 641,149 674,412 705,133 726,530 Restricted equity
securities 16,956 16,956 16,956 16,956 16,956 Loans held for sale
2,998 7,777 2,904 2,240 1,873 Loans: Commercial loans 218,002
217,110 209,840 197,695 194,913 Consumer loans 375,629 377,016
381,114 401,076 395,283 Real estate mortgage loans 2,043,543
1,998,913 1,913,024 1,813,933 1,811,832 Real estate construction
loans 122,419 119,187 149,652 128,843 120,909 Total loans, gross
2,759,593 2,712,226 2,653,630 2,541,547 2,522,937 Allowance for
loan losses (32,503 ) (33,484 ) (35,509 ) (36,388 ) (36,011 )
Foreclosed assets 3,986 4,124 3,842 4,471 5,369 Premises and
equipment 48,406 49,448 51,728 51,522 43,811 Cash value of life
insurance 95,912 95,281 94,572 95,256 94,560 Goodwill 64,311 64,311
64,311 64,311 63,462 Other intangible assets 6,563 6,923 7,282
7,641 5,894 Mortgage servicing rights 6,595 6,208 6,720 7,140 7,618
Accrued interest receivable 12,027 10,819 11,602 11,075 10,786
Other assets 74,743 60,096 54,239 57,720 48,591 Total assets $
4,517,968 4,467,131 4,352,492 4,394,956 4,220,722 Deposits:
Noninterest-bearing demand deposits 1,275,745 1,221,503 1,181,702
1,178,001 1,155,695 Interest-bearing demand deposits 887,625
910,638 867,638 884,638 853,961 Savings deposits 1,397,036
1,366,892 1,346,269 1,368,644 1,281,540 Time certificates 335,154
336,979 345,787 353,757 340,070 Total deposits 3,895,560 3,836,012
3,741,396 3,785,040 3,631,266 Accrued interest payable 818 774 727
751 774 Reserve for unfunded commitments 2,719 2,908 2,883 2,475
2,475 Other liabilities 67,364 69,695 57,587 68,064 65,293 Other
borrowings 17,493 19,235 19,464 18,671 12,328 Junior subordinated
debt 56,667 56,617 56,567 56,519 56,470 Total liabilities 4,040,621
3,985,241 3,878,624 3,931,520 3,768,606 Total shareholders' equity
477,347 481,890 473,868 463,436 452,116
Accumulated other comprehensive gain
(loss)
(7,913 ) 4,953 6,073 1,772 (1,778 ) Average loans 2,695,743
2,669,954 2,579,774 2,537,574 2,489,406 Average interest-earning
assets 4,094,011 4,055,446 4,038,728 3,876,786 3,777,144 Average
total assets 4,445,310 4,407,322 4,387,950 4,212,388 4,115,369
Average deposits 3,820,773 3,784,748 3,778,436 3,616,618 3,543,423
Average total equity $ 478,993 $ 480,575 $ 471,362 $ 461,520 $
450,413 Total risk based capital ratio 14.6 % 14.7 % 14.7 % 15.1 %
15.1 % Tier 1 capital ratio 13.6 % 13.6 % 13.6 % 13.9 % 13.8 % Tier
1 common equity ratio 12.0 % 12.0 % 12.0 % 12.3 % 12.2 % Tier 1
leverage ratio 10.6 % 10.6 % 10.4 % 10.7 % 10.8 % Tangible capital
ratio 9.1 % 9.3 % 9.4 % 9.1 % 9.2 %
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version on businesswire.com: http://www.businesswire.com/news/home/20170130006110/en/
TriCo BancsharesRichard P. Smith, 530-898-0300President &
CEO
TriCo Bancshares (NASDAQ:TCBK)
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