TriCo Bancshares (NASDAQ: TCBK) (the "Company"), parent company
of Tri Counties Bank, today announced earnings of $12,079,000, or
$0.52 per diluted share, for the three months ended March 31, 2017.
For the three months ended March 31, 2016 the Company reported
earnings of $10,674,000, or $0.46 per diluted share. Diluted shares
outstanding were 23,231,778 and 23,046,165 for the three months
ended March 31, 2017 and 2016, respectively.
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 March 31, (dollars
and shares in thousands) 2017 2016
$ Change
% Change Net Interest Income $41,993 $41,402 $591 1.4 %
Reversal of (provision for) loan
losses
1,557 (209 ) 1,766 Noninterest income 11,703 9,790 1,913 19.5 %
Noninterest expense (35,822 ) (33,751 ) (2,071 ) 6.1 % Provision
for income taxes (7,352 ) (6,558 ) (794 ) 12.1 % Net income $12,079
$10,674 $1,405 13.2 % Average common
shares 22,870 22,783 87 0.4 % Average diluted common shares 23,232
23,046 186 0.8 %
The following is a summary of certain of the Company’s
consolidated assets and deposits as of the dates indicated:
Ending balances As of March 31, ($'s in
thousands) 2017 2016
$ Change
% Change Total assets $4,527,954 $4,394,956 $132,998
3.0 % Total loans 2,761,192 2,541,547 219,645 8.6 % Total
investments 1,168,812 1,199,543 (30,731 ) (2.6 %) Total deposits
$3,898,884 $3,785,040 $113,844 3.0 % Qtrly avg
balances As of March 31, ($'s in thousands) 2017 2016
$ Change
% Change Total assets $4,493,657 $4,212,388 $281,269 6.7 %
Total loans 2,758,544 2,537,574 220,970 8.7 % Total investments
1,174,519 1,184,106 (9,587 ) (0.8 %) Total deposits $3,862,793
$3,616,618 $246,175 6.8 %
Included in the Company’s results of operations for the three
months ended March 31, 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 contractual principal balances outstanding of $31,487,000,
and recorded book value, including pre-sale write downs and
purchase discounts, of approximately $24,810,000. Net proceeds from
the sale of these loans were $27,049,000, and resulted in
additional net loan write downs of $21,000, the recovery of
$1,237,000 of interest income that was previously applied to the
principal balance of loans in nonaccrual status, and a gain on sale
of loans of $103,000.
Also, included in the results of the Company for the three
months ended March 31, 2016 was $622,000 of nonrecurring
noninterest expense related to the Company’s acquisition of three
bank branches from Bank of America on March 18, 2016. 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, and received $159,520,000 in cash from Bank of
America. The acquisition of the deposits and cash in this
acquisition, on March 18, 2016, had a muted effect on average
assets and average deposit balances for the quarter ended March 31,
2016, but had full effect in the quarters thereafter.
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.
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.
Following is a summary of the components of net interest income
for the periods indicated (dollars in thousands):
Three months ended March 31,
(dollars and shares in thousands) 2017 2016
$ Change
% Change Interest income $43,484 $42,794 $690 1.6 % Interest
expense (1,491 ) (1,392 ) (99 ) 7.1 % FTE adjustment 625 538
87 16.2 % Net interest income (FTE) $42,618
$41,940 $678 1.6 % Net interest margin (FTE) 4.13 %
4.33 % Purchased loan discount accretion: Amount (included in
interest income) $1,541 $1,092 Effect on average loan yield 0.22 %
0.17 % Effect on net interest margin (FTE) 0.15 % 0.11 % Interest
income recovered via loan sales: Amount (included in interest
income) $0 $1,237 Effect on average loan yield 0.00 % 0.19 % Effect
on net interest margin (FTE) 0.00 % 0.13 %
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
March 31,
2017
December 31,
2016
March 31,
2016
Average Income/ Yield/ Average Income/
Yield/ Average Income/ Yield/ Balance Expense Rate
Balance Expense Rate Balance Expense Rate Assets Earning assets
Loans $ 2,758,544 $ 34,914 5.06 % $ 2,695,743 $ 36,241 5.38 % $
2,537,574 $ 34,738 5.48 % Investments - taxable 1,038,229 7,094
2.73 % 1,042,763 7,026 2.70 % 1,068,018 6,920 2.59 % Investments -
nontaxable 136,290 1,666 4.89 % 131,942 1,650 5.00 % 116,088 1,435
4.94 % Cash at Federal Reserve and other banks 197,406
435 0.88 % 223,564 317
0.57 % 155,106 239 0.62 % Total
earning assets 4,130,469 44,109 4.27 % 4,094,012
45,234 4.42 % 3,876,786 43,332
4.47
% Other assets, net 363,188 351,298 335,602
Total assets $ 4,493,657 $ 4,445,310 $ 4,212,388 Liabilities and
shareholders' equity Interest-bearing Demand deposits $ 907,104 127
0.06 % $ 887,671 94 0.04 % $ 846,189 116 0.05 % Savings deposits
1,376,048 424 0.12 % 1,374,059 439 0.13 % 1,274,868 397 0.12 % Time
deposits 331,789 343 0.41 % 339,766 339 0.40 % 340,847 342 0.40 %
Other borrowings 17,483 2 0.05 % 19,036 2 0.04 % 18,264 2 0.04 %
Trust preferred securities 56,690 595
4.20 % 56,615 586 4.14 % 56,494
535 3.79 % Total interest-bearing liabilities
2,689,114 1,491 0.22 % 2,677,147 1,460
0.22 % 2,536,662 1,392 0.22 % Noninterest-bearing
deposits 1,247,852 1,219,276 1,154,714 Other liabilities 71,880
69,894 59,492 Shareholders' equity 484,811 478,993
461,520 Total liabilities and shareholders' equity $
4,493,657 $ 4,445,310 $ 4,212,388 Net interest rate spread 4.05 %
4.20 % 4.25 % Net interest income/net interest margin (FTE)
42,618 4.13 % 43,774 4.28 % 41,940
4.33 % FTE adjustment (625 ) (619 )
(538 ) Net interest income (not FTE) $ 41,993 $ 43,155
$ 41,402 Purchase loan discount
accretion effect: Amount (included in interest income) $ 1,541 $
1,778 $ 1,092 Effect on avg loan yield 0.22 % 0.26 % 0.17 % Effect
on net interest margin 0.15 % 0.17 % 0.11 % Loan sale effect:
Amount (included in interest income) - $ 586 $ 1,237 Effect on avg
loan yield 0.00 % 0.09 % 0.19 % Effect on net interest margin 0.00
% 0.06 % 0.13 %
Net interest income (FTE) during the three months ended March
31, 2017 increased $678,000 (1.6%) from the same period in 2016 to
$42,618,000. The increase in net interest income (FTE) was due to
volume increases in average balances of loans, investments –
nontaxable, and Federal funds sold, and yield increases in
investments – taxable and Federal funds sold that were partially
offset by a decrease in the average yield on loans compared to the
three months ended March 31, 2016.
During the three months ended March 31, 2017, average loan
balances were $2,758,544,000, and represented a $220,970,000 (8.7%)
increase compared to the three months ended March 31, 2016. These
increased loan balances added approximately $3,027,000 to interest
income compared to the year-ago quarter. The yield on loans
decreased 42 basis points from 5.48% during the three months ended
March 31, 2016 to 5.06% during the three months ended March 31,
2016. Included in interest income from loans during the three
months ended March 31, 2017 was $1,541,000 of discount accretion
from purchased loans compared to $1,092,000 of discount accretion
from purchased loans during the three months ended March 31, 2016.
Also, as noted above, included in interest income from loans during
the three months ended March 31, 2016 was $1,237,000 of interest
recovered upon the sale of loans. Excluding the $1,237,000 addition
to loan interest income from the sale of loans during the three
months ended March 31, 2016, the yield on loans during the three
months ended March 31, 2016 would have been approximately 5.29%.
The decrease in loan yields during the three months ended March 31,
2017 compared to the three months ended March 31, 2016 reduced
interest income by approximately $2,851,000. The result of these
loan volume and yield changes was a net increase in loan interest
income of $176,000 compared to the year-ago quarter; and is
reflected in the table below that sets forth a summary of the
changes in interest income and interest expense from changes in
average asset and liability balances (volume) and changes in
average interest yields and rates for each category of interest
earning asset and interest paying liability for the periods
indicated:
Three months ended March 31,2017 compared
with three monthsended March 31, 2016
Volume Yield/Rate Total Increase (decrease) in
interest income: Loans $ 3,027 $ (2,851 ) $ 176 Investments -
taxable (193 ) 367 174 Investments - nontaxable 249 (18 ) 231
Federal funds sold 66 130 196
Total 3,149 (2,372 ) 777 Increase
(decrease) in interest expense: Demand deposits (interest-bearing)
8 3 11 Savings deposits 30 (3 ) 27 Time deposits (9 ) 10 1 Other
borrowings - - 0 Junior subordinated debt 2 58
60 Total 31 68 99
Increase (decrease) in net interest income $ 3,118 $ (2,440
) $ 678
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,
December 2016, and March 2017. 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
$1,557,000 during the three months ended March 31, 2017 compared to
a provision for loan losses of $209,000 during the three months
ended March 31, 2016. The $1,557,000 reversal of provision for loan
losses during the three months ended March 31, 2017 was primarily
due to net loan recoveries of $71,000, a $617,000 reduction in
nonperforming loans, and continued low historical loan loss
experience. Nonperforming loans were $19,511,000, or 0.71% of loans
outstanding as of March 31, 2017, and represented a decrease from
0.73% of loans outstanding at December 31, 2016, and a decrease
from 0.95% of loans outstanding as of March 31, 2016.
The following table presents the key components of noninterest
income for the periods indicated:
Three months ended March 31, (dollars
in thousands) 2017 2016
$ Change
% Change Service charges on deposit accounts $3,619 $3,365 $254 7.5
% ATM fees and interchange 4,015 3,393 622 18.3 % Other service
fees 765 728 37 5.1 % Mortgage banking service fees 521 517 4 0.8 %
Change in value of mortgage servicing rights (13 ) (698 ) 685
(98.1 %) Total service charges and fees 8,907 7,305
1,602 21.9 % Gain on sale of loans 910 802 108
13.5 % Commission on NDIP 607 532 75 14.1 % Increase in cash value
of life insurance 685 696 (11 ) (1.6 %) Change in indemnification
asset (221 ) (115 ) (106 ) 92.2 % Gain on sale of foreclosed assets
118 92 26 28.3 % Other noninterest income 697 478 219
45.8 % Total other noninterest income 2,796 2,485
311 12.5 % Total noninterest income $11,703
$9,790 $1,913 19.5 %
Noninterest income increased $1,913,000 (19.5%) to $11,703,000
during the three months ended March 31, 2017 compared to the three
months ended March 31, 2016. The increase in noninterest income was
primarily due to a $622,000 increase in ATM fees and interchange
income, a $254,000 increase in service charges on deposit accounts,
and a $685,000 increase in change in value of mortgage servicing
rights. The $622,000 increase in ATM fees and interchange revenue
was due primarily to the Company’s continued focus in this area, as
the effects of new services, fees, and operational changes
introduced throughout 2016 were compounded by continued growth in
electronic payments volume. The $254,000 increase in service
charges on deposit accounts was due primarily to increased fee
generation from both consumer and business checking customers. The
$685,000 increase in change in value of mortgage servicing rights
(MSRs) to a negative $13,000 from a negative $698,000 in the
year-ago quarter was due primarily to an increase in estimated
prepayment speeds of serviced loans that in turn resulted in a
decrease in expected servicing cash flows, and thus, a $698,000
reduction in the value of the Company’s MSRs during the three
months ended March 31, 2016. During the months ended March 31,
2017, there were no factors that significantly affected the value
of the Company’s MSRs.
The following table presents the key components of the Company’s
noninterest expense for the periods indicated:
Three months ended March 31, (dollars
in thousands) 2017 2016
$ Change
% Change Base salaries, overtime and temporary help, net of
deferred loan origination costs 13,390 $12,708 $682 5.4 %
Commissions and incentives 2,198 1,739 459 26.4 % Employee benefits
5,305 4,818 487 10.1 % Total salaries and benefits
expense 20,893 19,265 1,628 8.5 % Occupancy
2,692 2,308 384 16.6 % Equipment 1,723 1,386 337 24.3 % Change in
reserve for unfunded commitments 15 - 15 Data processing and
software 2,396 1,843 553 30.0 % Telecommunications 643 685 (42 )
(6.1 %) ATM network charges 853 1,229 (376 ) (30.6 %) Professional
fees 766 809 (43 ) (5.3 %) Advertising and marketing 967 895 72 8.0
% Postage 404 463 (59 ) (12.7 %) Courier service 254 271 (17 ) (6.3
%) Intangible amortization 359 299 60 20.1 % Operational losses 435
164 271 165.2 % Provision for foreclosed asset losses 22 (11 ) 33
(300.0 %) Foreclosed asset expense 38 46 (8 ) (17.4 %) Assessments
405 632 (227 ) (35.9 %) Merger and acquisition expense - 622 (622 )
(100.0 %) Miscellaneous other expense 2,957 2,845 112
3.9 % Total other noninterest expense 14,929 14,486 443
3.1 % Total noninterest expense $35,822 $33,751
$2,071 6.1 % Average full time equivalent employees
1,015 965 50 5.2 % Merger & acquisition expense: Base
salaries - 187 Professional fees - 180 Advertising and marketing -
114 Miscellaneous other expense - 141 Total merger expense -
622
Salary and benefit expenses increased $1,628,000 (8.5%) to
$20,893,000 during the three months ended March 31, 2017 compared
to $19,265,000 during the three months ended March 31, 2016. Base
salaries, overtime and temporary help, net of deferred loan
origination costs increased $682,000 (5.4%) to $13,390,000. Base
salaries, net of deferred loan origination costs increased
$1,147,000 (9.7%) to $13,028,000 primarily due to annual merit
increases, and an increase in average full-time equivalent
employees of 50 (5.2%) to 1,015 for the three months ended March
31, 2017. Overtime expense was unchanged at $281,000 during the
three months ended March 31, 2017. Temporary help expense decreased
$466,000 to $81,000 during the three months ended March 31, 2017 as
temporary help expense during the three months ended March 31, 2016
included a significant amount of overtime expense related to system
conversion efforts that were completed during 2016.
Commissions and incentive compensation increased $459,000
(26.4%) to $2,198,000 during the three months ended March 31, 2017
compared to the year-ago quarter. All categories of incentive
compensation expense were higher than the year-ago quarter except
commission expense related to the sale of nondeposit investment
products.
Benefits & other compensation expense increased $487,000
(10.1%) to $5,305,000 during the three months ended March 31, 2017
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 $443,000 (3.1%) to
$14,929,000 during the three months ended March 31, 2017 compared
to the three months ended March 31, 2016. The $443,000 increase in
other noninterest expense was due primarily to increases in
occupancy, equipment, data processing and software, and operational
loss expenses. These increases from the year-ago period were
partially offset by decreases in ATM network charges, and (deposit
insurance) assessment expense and the absence of merger and
acquisitions expenses during the three months ended March 31,
2017.
The $384,000 increase in occupancy expense was due to increased
premises lease and maintenance expense. The $337,000 increase in
equipment expense was due primarily to increased equipment
maintenance expense. The $553,000 increase in data processing and
software expense was due primarily to outsourced data processing
expenses resulting from the Company’s system outsourcing that
occurred in 2016. The $271,000 increase in operational losses is
due primarily to increased debit card losses. The $376,000 decrease
in ATM network charges is due primarily to the Company’s system
outsourcing that occurred in 2016.
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, “We
enjoyed strong earnings in the first quarter of 2017 despite
operating in a difficult environment caused by record-breaking
winter weather. While the weather conditions slowed construction
and agricultural-related business activities during the quarter and
resulted in seasonally lower loan growth, the good news is that the
long California drought appears to have ended.
Smith added, “This quarter, we introduced a much simpler and
streamlined consumer deposit products line-up. These new solutions
have been well-received by our customers and contributed positively
to noninterest income during the quarter.”
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, 2016. 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 March 31, December
31, September 30, June 30, March 31, 2017
2016 2016 2016 2016
Statement of
Income Data Interest income $43,484 $44,615 $43,709 $42,590
$42,794 Interest expense 1,491 1,460 1,439 1,430 1,392 Net interest
income 41,993 43,155 42,270 41,160 41,402
(Benefit from reversal of) provision for
loan losses
(1,557 ) (1,433 ) (3,973 ) (773 ) 209 Noninterest income: Service
charges and fees 8,907 9,800 8,022 8,099 7,305 Other income 2,796
2,662 3,044 3,146 2,485 Total noninterest income 11,703 12,462
11,066 11,245 9,790 Noninterest expense:
Base salaries net of deferred loan
origination costs
13,390 14,074 13,419 12,968 12,708 Incentive compensation expense
2,198 1,864 2,798 2,471 1,739
Employee benefits and other compensation
expense
5,305 4,616 4,644 4,606 4,818 Total salaries and benefits expense
20,893 20,554 20,861 20,045 19,265 Other noninterest expense 14,929
16,009 16,555 18,222 14,486 Total noninterest expense 35,822 36,563
37,416 38,267 33,751 Income before taxes 19,431 20,487 19,893
14,911 17,232 Net income $12,079 $12,533 $12,199 $9,405 $10,674
Share Data Basic earnings per share $0.53 $0.55 $0.53 $0.41
$0.47 Diluted earnings per share $0.52 $0.54 $0.53 $0.41 $0.46 Book
value per common share $21.28 $20.87 $21.11 $20.76 $20.34 Tangible
book value per common share $18.20 $17.77 $17.99 $17.63 $17.18
Shares outstanding 22,873,305 22,867,802 22,827,277 22,822,325
22,785,173 Weighted average shares 22,870,467 22,845,623 22,824,868
22,802,653 22,782,865 Weighted average diluted shares 23,231,778
23,115,708 23,098,534 23,070,151 23,046,165
Credit Quality
Nonperforming originated loans $13,234 $12,894 $13,083 $10,022
$12,660 Total nonperforming loans 19,511 20,128 20,952 19,977
24,034 Foreclosed assets, net of allowance 3,529 3,986 4,124 3,842
4,471 Loans charged-off 409 635 664 641 1,289 Loans recovered
$480
$1,087 $2,612 $536 $1,457
Selected Financial Ratios Return
on average total assets 1.08 % 1.13 % 1.11 % 0.86 % 1.01 % Return
on average equity 9.97 % 10.47 % 10.15 % 7.98 % 9.25 % Average
yield on loans 5.06 % 5.38 % 5.36 % 5.32 % 5.48 % Average yield on
interest-earning assets 4.27 % 4.42 % 4.37 % 4.28 % 4.47 % Average
rate on interest-bearing liabilities 0.22 % 0.22 % 0.22 % 0.21 %
0.22 % Net interest margin (fully tax-equivalent) 4.13 % 4.28 %
4.23 % 4.13 % 4.33 %
Supplemental Loan Interest Income Data:
Discount accretion PCI - cash basis loans $112 $483 $777 $426 $269
Discount accretion PCI - other loans 631 658 569 415 (45 ) Discount
accretion PNCI loans 798 637 883 1,459 868 All other loan interest
income $33,373 34,463 33,540 32,038 33,646 Total loan interest
income $34,914 $36,241 $35,769 $34,338 $34,738
TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA (Unaudited.
Dollars in thousands) Three months ended March
31, December 31, September 30, June 30,
March 31,
Balance Sheet Data 2017 2016 2016
2016 2016 Cash and due from banks $323,706 $305,612
$315,088 $216,786 $388,878 Securities, available for sale 571,719
550,233 510,209 529,017 477,454 Securities, held to maturity
580,137 602,536 641,149 674,412 705,133 Restricted equity
securities 16,956 16,956 16,956 16,956 16,956 Loans held for sale
1,176 2,998 7,777 2,904 2,240 Loans: Commercial loans 212,685
218,002 217,110 209,840 197,695 Consumer loans 353,150 375,629
377,016 381,114 401,076 Real estate mortgage loans 2,070,815
2,043,543 1,998,913 1,913,024 1,813,933 Real estate construction
loans 124,542 122,419 119,187 149,652 128,843 Total loans, gross
2,761,192 2,759,593 2,712,226 2,653,630 2,541,547 Allowance for
loan losses (31,017 ) (32,503 ) (33,484 ) (35,509 ) (36,388 )
Foreclosed assets 3,529 3,986 4,124 3,842 4,471 Premises and
equipment 49,508 48,406 49,448 51,728 51,522 Cash value of life
insurance 95,783 95,912 95,281 94,572 95,256 Goodwill 64,311 64,311
64,311 64,311 64,311 Other intangible assets 6,204 6,563 6,923
7,282 7,641 Mortgage servicing rights 6,860 6,595 6,208 6,720 7,140
Accrued interest receivable 11,236 12,027 10,819 11,602 11,075
Other assets 66,654 74,743 60,096 54,239 57,720 Total assets
$4,527,954 4,517,968 4,467,131 4,352,492 4,394,956 Deposits:
Noninterest-bearing demand deposits 1,254,431 1,275,745 1,221,503
1,181,702 1,178,001 Interest-bearing demand deposits 947,006
887,625 910,638 867,638 884,638 Savings deposits 1,370,015
1,397,036 1,366,892 1,346,269 1,368,644 Time certificates 327,432
335,154 336,979 345,787 353,757 Total deposits 3,898,884 3,895,560
3,836,012 3,741,396 3,785,040 Accrued interest payable 770 818 774
727 751 Reserve for unfunded commitments 2,734 2,719 2,908 2,883
2,475 Other liabilities 66,938 67,364 69,695 57,587 68,064 Other
borrowings 15,197 17,493 19,235 19,464 18,671 Junior subordinated
debt 56,713 56,667 56,617 56,567 56,519 Total liabilities 4,041,236
4,040,621 3,985,241 3,878,624 3,931,520 Total shareholders' equity
486,718 477,347 481,890 473,868 463,436
Accumulated other comprehensive gain
(loss)
(7,402 ) (7,913 ) 4,953 6,073 1,772 Average loans 2,758,544
2,695,743 2,669,954 2,579,774 2,537,574 Average interest-earning
assets 4,130,469 4,094,011 4,055,446 4,038,728 3,876,786 Average
total assets 4,493,657 4,445,310 4,407,322 4,387,950 4,212,388
Average deposits 3,862,793 3,820,773 3,784,748 3,778,436 3,616,618
Average total equity $484,811 $478,993 $480,575 $471,362 $461,520
Total risk based capital ratio 14.9 % 14.6 % 14.7 % 14.7 % 15.1 %
Tier 1 capital ratio 13.9 % 13.6 % 13.6 % 13.6 % 13.9 % Tier 1
common equity ratio 12.3 % 12.0 % 12.0 % 12.0 % 12.3 % Tier 1
leverage ratio 10.8 % 10.6 % 10.6 % 10.4 % 10.7 % Tangible capital
ratio 9.3 % 9.1 % 9.3 % 9.4 % 9.1 %
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version on businesswire.com: http://www.businesswire.com/news/home/20170427006633/en/
TriCo BancsharesRichard P. Smith, 530-898-0300President &
CEO
TriCo Bancshares (NASDAQ:TCBK)
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From Jun 2024 to Jul 2024
TriCo Bancshares (NASDAQ:TCBK)
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From Jul 2023 to Jul 2024
