TriCo Bancshares (NASDAQ: TCBK) (the “Company”), parent company
of Tri Counties Bank, today announced net income of $16,121,000 for
the quarter ended March 31, 2020, compared to $22,890,000 during
the trailing quarter ended December 31, 2019 and $22,726,000 during
the quarter ended March 31, 2019. Diluted earnings per share were
$0.53 for the first quarter of 2020, compared to $0.75 for the
fourth quarter of 2019 and $0.74 for the first quarter of 2019.
Financial Highlights
Performance highlights and other developments for the Company as
of or for the three months ended March 31, 2020 included the
following:
- For the three months ended March 31, 2020, the Company’s return
on average assets was 1.00%, and the return on average equity was
7.14%.
- During the quarter ended March 31, 2020, the Company paid a
cash dividend of $0.22 and repurchased 558,670 shares of common
stock for approximately $17.30 million or $30.96 per share.
- As of March 31, 2020, the Company reported total loans, total
assets and total deposits of $4.38 billion, $6.47 billion and $5.40
billion, respectively.
- The loan to deposit ratio was 81.05% as of March 31, 2020, as
compared to 80.26% at December 31, 2019 and 74.29% at March 31,
2019.
- For the current quarter, net interest margin was 4.34% on a tax
equivalent basis as compared to 4.52% in the quarter ended March
31, 2019, and a decrease of 5 basis points from the 4.39% in the
trailing quarter.
- Non-interest bearing deposits as a percentage of total deposits
were 34.86% at March 31, 2020, as compared to 34.15% at December
31, 2019 and 32.44% at March 31, 2019.
- The average rate of interest paid on deposits, including
non-interest-bearing deposits, decreased to 0.19% for the first
quarter of 2020 as compared with 0.22% for the trailing quarter,
and also decreased by 1 basis point from the average rate paid
during the same quarter of the prior year.
- Non-performing assets to total assets were 0.31% at March 31,
2020, as compared to 0.30% as of December 31, 2019, and 0.34% at
March 31, 2019.
- The Company adopted and implemented ASU 2016-13, more commonly
referred to as the Current Expected Credit Loss (CECL) on January
1, 2020 which resulted in an increase to the allowance for loan
losses of $18.9 million and a decrease, net of taxes, to retained
earnings of $13.0 million.
- Provision expense for loans and debt securities was $8.0
million during the quarter ended March 31, 2020, as compared to
benefits from reversal of $298,000 and $1.6 million for the three
month periods ended December 31, 2019 and March 31, 2019,
respectively.
- The efficiency ratio was 59.75% for the first quarter of 2020,
as compared to 59.92% in the trailing quarter and 60.06% in the
same quarter of the 2019 year.
President and CEO, Rick Smith commented, “All of our banking
team members have endured much over the past two decades and in
every instance, our team members have risen to the occasion to
support our customers and communities as a trusted financial
partner. The reputation of any company can best be measured by the
quality and commitment of its workforce. We have an incredible team
that truly cares for its customers, communities, investors and each
other. Over the past two weeks the Tri Counties Bank team has been
working day and night to implement the Payroll Protection Program
(PPP) and help as many businesses and employees of those businesses
as they can to the maximum of their abilities. Unfortunately, the
PPP program offers only limited help and not all businesses will
receive funding from this program. As a result, the economic damage
of COVID-19 continues and we expect further damage each day that
America and the world remains shut down.” Smith added, "While we
cannot predict the duration or severity of the crisis, we enter
this cycle with a level of financial strength in excess of the
levels from the prior recession which, combined with a history of a
conservative balance sheet and experienced leaders, serve as
sources of stability and provide us with confidence that we will be
able to successfully navigate the uncertain challenges that lay
ahead.”
Summary Results
For the three months ended March 31, 2020, December 31, 2019 and
March 31, 2019, the Company’s return on average assets was 1.00%,
1.40% and 1.43%, respectively, and the return on average equity was
7.14%, 10.03% and 10.93%, respectively.
The following is a summary of the components of the Company’s
operating results and performance ratios for the periods
indicated:
Three months ended
March 31,
December 31,
(dollars and shares in thousands)
2020
2019
$ Change
% Change
Net interest income
$
63,192
$
64,196
$
(1,004
)
(1.6
)%
(Provision for) reversal of loan
losses
(8,000
)
298
(8,298
)
(2,784.6
)%
Noninterest income
11,820
14,186
(2,366
)
(16.7
)%
Noninterest expense
(44,819
)
(46,964
)
2,145
(4.6
)%
Provision for income taxes
(6,072
)
(8,826
)
2,754
(31.2
)%
Net income
$
16,121
$
22,890
$
(6,769
)
(29.6
)%
Diluted earnings per share
$
0.53
$
0.75
$
(0.22
)
(29.3
)%
Dividends per share
$
0.22
$
0.22
$
—
0.0
%
Average common shares
30,395
30,520
(125
)
(0.4
)%
Average diluted common shares
30,523
30,650
(127
)
(0.4
)%
Return on average total assets
1.00
%
1.40
%
Return on average equity
7.14
%
10.03
%
Efficiency ratio
59.75
%
59.92
%
Three months ended March 31,
(dollars and shares in thousands)
2020
2019
$ Change
% Change
Net interest income
$
63,192
$
63,870
$
(678
)
(1.1
)%
(Provision for) reversal of loan
losses
(8,000
)
1,600
(9,600
)
(600.0
)%
Noninterest income
11,820
11,803
17
0.1
%
Noninterest expense
(44,819
)
(45,452
)
633
(1.4
)%
Provision for income taxes
(6,072
)
(9,095
)
3,023
(33.2
)%
Net income
$
16,121
$
22,726
$
(6,605
)
(29.1
)%
Diluted earnings per share
$
0.53
$
0.74
$
(0.21
)
(28.4
)%
Dividends per share
$
0.22
$
0.19
$
0.03
15.8
%
Average common shares
30,395
30,424
(29
)
(0.1
)%
Average diluted common shares
30,523
30,658
(135
)
(0.4
)%
Return on average total assets
1.00
%
1.43
%
Return on average equity
7.14
%
10.93
%
Efficiency ratio
59.75
%
60.06
%
The Company's Preparations and
Responses to COVID-19 Pandemic
The Company, as part of its ongoing risk preparation and
mitigation efforts, had developed a detailed plan and action
measures related to a possible pandemic scenario. This pandemic
plan was implemented on March 16, 2020. Subsequently, the Company
initiated a series of measures to limit operational disruptions,
support customer needs and to ensure the continued safety of
employees, customers and vendors. Management continues to monitor
and, when appropriate, make changes to our planned response. To
date we have:
- Continued to serve customers through digital and other
e-banking solutions.
- Augmented business hours and the location and hours of employee
teams in order to maximize social distancing protocols, including
remote work solutions for nearly 450 employees (nearly 40% of the
workforce) in order to balance our "essential worker" and
"shelter-in-place" responsibilities.
- Subsequent to March 31, 2020, we processed SBA PPP loan
approval requests for nearly 1,200 borrowers and $293.0 million (an
estimated 27,000 jobs). Received additional inquiries or
applications from approximately 2,700 borrowers which represent an
estimated 63,000 jobs.
- Actively engaged borrowers and other businesses in discussions
to identify short-term cash flow and other financial needs, which
may include possible principal and interest payment deferrals.
- Decided to pause any share repurchase activities until the stay
at home orders have been lifted or the end of the pandemic has been
identified by State officials.
- Refreshed and analyzed the Company's liquidity, funding and
capital stress forecasts and risk assumptions.
- Implemented CDC guidance and best practices to keep our staff
and customers safe.
- Implemented cost savings initiatives to support bank
earnings.
Balance Sheet
Total loans outstanding reached a record high of $4.38 billion
as of March 31, 2020, an increase of 8.5% over the same quarter of
the prior year and an annualized increase of 6.7% over the trailing
quarter. The growth in earning assets during the quarter were
further benefited by a net increase in investment securities of
$36,072,000. Net deposit growth of $35,704,000 or 2.7% annualized
over the trailing quarter primarily supported growth in the
investment securities portfolio while a reduction in excess
liquidity was utilized to fund loan growth and ultimately shift the
mix of earning assets to those with greater yields. Average earning
assets to total average assets continued to increase slightly to
90.4% at March 31, 2020, as compared to 89.8% and 89.6% at December
31, 2019, and March 31, 2019 respectively. Moreover, the Company's
loan to deposit ratio continued to increase and reached 81.1% at
March 31, 2020 as compared to 80.3% and 74.3% at December 31, 2019,
and March 31, 2019 respectively.
Total shareholders' equity decreased by $40,144,000 during the
quarter ended March 31, 2020 as a result of $17,295,000 in common
stock repurchases, inclusive of net settlements on the vesting or
exercise of share based awards, a $12,983,000 impact from the
implementation of CECL, and $19,910,000 from further declines in
unrealized losses on investment securities recorded, net of tax as
a component of accumulated other comprehensive income (loss). These
decreases were partially offset by net income of $16,121,000 during
the quarter. The Company’s book value per share was $28.91 per
share at March 31, 2020 as compared to $29.70 and $28.04 at
December 31, 2019, and March 31, 2019, respectively. The Company’s
tangible book value per share, calculated by subtracting goodwill
and other intangible assets from total shareholders’ equity and
dividing that sum by total shares outstanding, was $20.76 per share
at March 31, 2020 as compared to $21.69 and $19.86 at December 31,
2019, and March 31, 2019, respectively.
Trailing Quarter Balance Sheet Change
Ending balances
As of March 31,
As of December 31,
$ Change
Annualized % Change
($‘s in thousands)
2020
2019
Total assets
$
6,474,309
$
6,471,181
$
3,128
0.2
%
Total loans
4,379,062
4,307,366
71,696
6.7
%
Total investments
1,382,026
1,345,954
36,072
10.7
%
Total deposits
$
5,402,698
$
5,366,994
$
35,704
2.7
%
Loan growth of $71,696,000 or 6.7% on an annualized basis during
the first quarter of 2020 provided benefit to the yield on earning
assets and net interest margin as excess liquidity was utilized to
augment the mix of earning assets.
Average Trailing Quarter Balance Sheet Change
Qtrly avg balances
As of March 31,
As of December 31,
$ Change
Annualized % Change
($‘s in thousands)
2020
2019
Total assets
$
6,506,587
$
6,482,832
$
23,755
1.5
%
Total loans
4,329,357
4,231,347
98,010
9.3
%
Total investments
1,354,664
1,356,067
(1,403
)
(0.4
)%
Total deposits
$
5,395,933
$
5,385,190
$
10,743
0.8
%
The growth in average loans of $98,010,000 or 9.3% on an
annualized basis during the first quarter of 2020 was slightly
above the annual year over year growth rate of 8.5%, and
significantly higher than the annualized period ended growth of
6.7% due to a strong pipeline of loans that existed coming into
2020 as well as a mild winter which did not impact the completion
of construction progress and their migration to a permanent
financing solution.
Year Over Year Balance Sheet Change
Ending balances
As of March 31,
($'s in thousands)
2020
2019
$ Change
% Change
Total assets
$
6,474,309
$
6,471,852
$
2,457
—
%
Total loans
4,379,062
4,034,331
344,731
8.5
%
Total investments
1,382,026
1,564,692
(182,666
)
(11.7
)%
Total deposits
$
5,402,698
$
5,430,262
$
(27,564
)
(0.5
)%
Total assets were relatively static between March 2020 and March
2019, with a total increase of $2,457,000. However, during this
period loan balances increased by $344,731,000 or 8.5%, which was
funded primarily by cash flows from the maturity, prepayment and
sales of investment securities which decreased by $182,666,000 or
11.7% during the same period. Additionally, excess cash and due
from balances which were reduced by $133,242,000 or 41.8%, were
utilized to fund loan growth during the twelve-month period.
Net Interest Income and Net Interest
Margin
The following is a summary of the components of net interest
income for the periods indicated:
Three months ended
March 31,
December 31,
(dollars in thousands)
2020
2019
$ Change % Change
Interest income
$
66,517
$
67,918
$
(1,401
)
(2.1
)%
Interest expense
(3,325
)
(3,722
)
397
(10.7
)%
Fully tax-equivalent adjustment (FTE)
(1)
271
272
(1
)
(0.4
)%
Net interest income (FTE)
$
63,463
$
64,468
$
(1,005
)
(1.6
)%
Net interest margin (FTE)
4.34
%
4.39
%
Acquired loans discount accretion,
net:
Amount (included in interest income)
$
1,748
$
2,218
$
(470
)
(21.2
)%
Effect on average loan yield
0.16
%
0.21
%
Effect on net interest margin (FTE)
0.12
%
0.16
%
Net interest margin less effect of
acquired loan discount accretion
4.22
%
4.23
%
Three months ended March 31,
(dollars in thousands)
2020
2019
$ Change
% Change
Interest income
$
66,517
$
67,457
$
(940
)
(1.4
)%
Interest expense
(3,325
)
(3,587
)
262
(7.3
)%
Fully tax-equivalent adjustment (FTE)
(1)
271
322
(51
)
(15.8
)%
Net interest income (FTE)
$
63,463
$
64,192
$
(729
)
(1.1
)%
Net interest margin (FTE)
4.34
%
4.52
%
Acquired loans discount accretion,
net:
Amount (included in interest income)
$
1,748
$
1,655
$
93
5.6
%
Effect on average loan yield
0.17
%
0.16
%
Effect on net interest margin (FTE)
0.12
%
0.17
%
Net interest margin less effect of
acquired loan discount accretion
4.22
%
4.35
%
(1)
Information is presented on a fully
tax-equivalent (FTE) basis. The Company believes the use of this
non-generally accepted accounting principles (non-GAAP) measure
provides additional clarity in assessing its results, and the
presentation of these measures on a FTE basis is a common practice
within the banking industry.
Loans may be acquired at a premium or discount to par value, in
which case, the premium is amortized (subtracted from) or accreted
(added to) 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. As
a result of the uncertain economic environment and corresponding
rate volatility beginning in March 2020, the prepayment rate of
portfolio loans, inclusive of those acquired at a premium or
discount, declined in the latter half of the first quarter of 2020,
following several consecutive quarters of accelerated activity.
During the three months ended March 31, 2020, December 31, 2019,
September 30, 2019 and June 30, 2019, purchased loan discount
accretion was $1,748,000, $2,218,000, $2,360,000, and $1,904,000
respectively. Net accretion for the quarter ended March 31, 2019
was reduced by $259,000 from the early repayment of loans purchased
at a premium several years ago.
The following table shows the components of net interest income
and net interest margin on a fully tax-equivalent (FTE) basis for
the quarterly 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, 2020
December 31, 2019
March 31, 2019
Average Balance
Income/ Expense
Yield/ Rate
Average Balance
Income/ Expense
Yield/ Rate
Average Balance
Income/ Expense
Yield/ Rate
Assets
Loans
$
4,329,357
$
56,258
5.23
%
$
4,231,347
$
56,862
5.33
%
$
4,023,864
$
54,398
5.48
%
Investments-taxable
1,235,672
8,572
2.79
%
1,236,717
9,246
2.97
%
1,425,352
10,915
3.11
%
Investments-nontaxable (1)
118,992
1,175
3.97
%
119,350
1,179
3.92
%
142,232
1,395
3.98
%
Total investments
1,354,664
9,747
2.89
%
1,356,067
10,425
3.05
%
1,567,584
12,310
3.18
%
Cash at Federal Reserve and other
banks
199,729
783
1.58
%
236,381
903
1.52
%
168,518
1,071
2.58
%
Total earning assets
5,883,750
66,788
4.57
%
5,823,795
68,190
4.65
%
5,759,966
67,779
4.77
%
Other assets, net
622,837
659,037
666,261
Total assets
$
6,506,587
$
6,482,832
$
6,426,227
Liabilities and shareholders’ equity
Interest-bearing demand deposits
$
1,245,896
169
0.05
%
$
1,227,854
229
0.07
%
$
1,273,376
$
287
0.09
%
Savings deposits
1,864,967
1,062
0.23
%
1,859,652
1,261
0.27
%
1,927,120
1,133
0.24
%
Time deposits
430,064
1,320
1.23
%
453,894
1,458
1.27
%
441,778
1,300
1.19
%
Total interest-bearing deposits
3,540,927
2,551
0.29
%
3,541,400
2,948
0.33
%
3,642,274
2,720
0.30
%
Other borrowings
22,790
5
0.09
%
20,247
3
0.06
%
15,509
13
0.34
%
Junior subordinated debt
57,272
769
5.40
%
57,205
771
5.35
%
56,950
855
6.09
%
Total interest-bearing liabilities
3,620,989
3,325
0.37
%
3,618,852
3,722
0.41
%
3,714,733
3,588
0.39
%
Noninterest-bearing deposits
1,855,006
1,843,790
1,744,805
Other liabilities
121,959
114,605
123,599
Shareholders’ equity
908,633
905,585
843,090
Total liabilities and shareholders’
equity
$
6,506,587
$
6,482,832
$
6,426,227
Net interest rate spread (1) (2)
4.20
%
4.24
%
4.38
%
Net interest income and margin (1) (3)
$
63,463
4.34
%
$
64,468
4.39
%
$
64,191
4.52
%
(1)
Fully taxable equivalent (FTE)
(2)
Net interest spread is the average yield
earned on interest-earning assets minus the average rate paid on
interest-bearing liabilities.
(3)
Net interest margin is computed by
calculating the difference between interest income and interest
expense, divided by the average balance of interest-earning assets.
All yields and rates are calculated using the specific day counts
for the period and the total number of days for the year.
Net interest income (FTE) during the three months ended March
31, 2020 decreased $1,005,000 or 1.6% to $63,463,000 compared to
$64,468,000 during the three months ended December 31, 2019. Over
the same period net interest margin declined 5 basis points to
4.34% as compared to 4.39% in the trailing quarter. The decline in
net interest income (FTE) was due primarily to a decline in yield
on interest earning assets, which was 4.57% for the quarter ended
March 31, 2020, which represents a decrease of 8 basis points over
the trailing quarter and a decrease of 20 basis points over the
same quarter in the prior year. The index utilized in a significant
portion of the Company’s variable rate loans, Wall Street Journal
Prime, decreased by 150 basis points during the current quarter to
3.25% at March 31, 2020, as compared to 4.75% at December 31, 2019
and 5.50% at March 31, 2019.
As compared to the same quarter in the prior year, average loan
yields decreased 25 basis points from 5.48% during the three months
ended March 31, 2019 to 5.23% during the three months ended March
31, 2020. Of the 25 basis point decrease in yields on loans during
the comparable three month periods ended March 31, 2020 and 2019,
26 basis points was attributable to decreases in market rates while
1 basis point was gained from the accretion of purchased loan
discounts.
The decline in interest expense is attributed primarily to the
reduction in the cost of interest bearing deposits, which decreased
by 4 basis points as of March 31, 2020 to 0.29% from 0.33% at
December 31, 2019, as a direct result of the declining interest
rate environment.
Interest Rates and Loan Portfolio
Composition
Subsequent to December 31, 2019, declines in several market
interest rates, including many rates that serve as reference
indices for variable rate loans declined markedly from previous
levels. As of December 31, 2019 the Company's loan portfolio
consisted of approximately $4,346,723,000 in outstanding principal
with a weighted average rate of 4.89%. As of March 31, 2020 the
Company's loan portfolio consisted of approximately $4,420,889,000
in outstanding principal balances with weighted average rate of
4.80%. Included in this March 31, 2020 total are variable rate
loans totaling $2,948,076,000 of which 81.2% or $2,394,323,000 were
at their floor rate. The remaining variable rate loans totaling
$553,753,000, which carried a weighted average rate of 5.37% as of
March 31, 2020, are subject to further rate adjustment. If those
remaining variable rate loans were to collectively, through future
rate adjustments, be reduced to their respective floors, they would
have a weighted average rate of approximately 4.40% which would
result in the reduction of the weighted average rate of the total
loan portfolio from 4.80% to approximately 4.70%.
Asset Quality and Credit Loss
Provisioning
The allowance for credit losses (ACL), formerly known as the
allowance for loan losses was $30,616,000 as of December 31, 2019.
Upon adoption of CECL on January 1, 2020, the Company recognized an
increase in the ACL for loans totaling $18,913,000, including a
reclassification of $481,000 from discounts on acquired loans to
the allowance for credit losses, as a cumulative effect adjustment
from change in accounting policies, with a corresponding decrease
in retained earnings, net of $5,449,000 in taxes of $12,983,000.
Management has separately evaluated its held-to-maturity investment
securities from obligations of state and political subdivisions
utilizing the historical loss data represented by similar
securities over a period of time spanning nearly 50 years. Based on
this evaluation, management has determined that the expected credit
losses associated with these securities is less than significant
for financial reporting purposes and therefore, no loss reserves
were recorded for these securities at the time of adoption and
implementation of the CECL standard.
The Company recorded a provision for credit losses of $8,000,000
and benefit from reversal of provision of $298,000 during the three
months ended March 31, 2020 and December 31, 2019, respectively, as
compared to a benefit from reversal of $1,600,000 during the three
months ended March 31, 2019.
The change in ACL during the quarter ended March 31, 2020
totaled $8,382,000. More specifically, the net loan portfolio
growth in the first quarter of 2020 of approximately $71,696,000
combined with changes in credit quality associated with the levels
of classified, past due and non-performing loans resulted in the
need for a provision for loan losses of $1,063,000 which was
partially offset by net recoveries of $382,000. However, the
majority of the increase in ACL reflects potential credit
deterioration due to the pandemic, specifically portfolio-wide
qualitative indicators such as the outlook for changes in
California Unemployment and Gross Domestic Product (GDP) resulted
in a $7,319,000 increase in provision expense during the current
quarter. The Company utilizes a forecast period of approximately
eight quarters and obtains the forecast data from publicly
available sources as of the balance sheet date. While this forecast
data was rapidly evolving and included significant shifts in the
magnitude of changes for both the unemployment and GDP factors
leading up to the balance sheet date, management noted that the
majority of sources identified economic recovery during the year
ended 2020 as being most likely.
Loans past due 30 days or more increased by $19,669,000 during
the quarter ended March 31, 2020 to $28,693,000, as compared to
$9,024,000 at December 31, 2019. The increase in past due balances
was driven primarily by three loans from three relationships
totaling $17,198,000, one of which was slightly in excess of
$13,000,000. All three loans were less than 60 days past due, are
considered well-secured and are not expected to become impaired as
all of the related borrowers are in active discussions with
management regarding their short term resolution needs.
Total non-performing loans were $17,955,000 at March 31, 2020
and remained relatively static as compared to the $16,864,000 and
$19,565,000 as of December 31, 2019 and March 31, 2019,
respectively. There were no additions and one sale of other real
estate owned during three month period ended March 31, 2020. The
sold property generated $354,000 in proceeds and had a carrying
value of $313,000. As of March 31, 2020, other real estate owned
consisted of five properties with a carrying value of
$2,229,000.
For the three months ended March 31, 2019, the Company recorded
a benefit from the reversal of loan losses of $1,600,000. The
benefit from the reversal of the provision was necessitated in part
by $1,082,000 in net recoveries on previously charged-off loans
during the first quarter of 2019.
Allocation of Loan
Loss Reserves by Loan Type
December 31, 2019 Probable
Incurred Losses
January 1, 2020 CECL Adoption
As of March 31, 2020
(dollars in thousands)
Amount
% of Credit Outstanding
Amount
% of Credit Outstanding
Amount
% of Credit Outstanding
Real Estate Mortgage:
CRE - Owner Occupied
$
2,325
0.43
%
$
4,316
0.79
%
$
5,451
0.99
%
CRE - Non Owner Occupied
6,849
0.43
%
14,981
0.93
%
17,947
1.10
%
Multifamily
2,203
0.43
%
4,094
0.79
%
5,140
0.92
%
Farmland
617
0.43
%
451
0.31
%
713
0.50
%
11,994
0.43
%
23,842
0.85
%
29,251
1.01
%
Consumer:
SFR Mortgage
2,917
0.54
%
5,681
1.06
%
6,324
1.18
%
SFR Equity Lines
5,572
1.67
%
10,120
3.03
%
10,522
3.08
%
Automobile and Other
1,595
1.93
%
2,566
3.10
%
2,746
3.33
%
10,084
1.06
%
18,367
1.92
%
19,592
2.05
%
Commercial and Industrial
4,533
1.81
%
2,505
1.00
%
3,868
1.46
%
Leases
21
1.64
%
9
0.70
%
11
0.65
%
Agricultural Production
596
1.83
%
485
1.49
%
594
2.51
%
Construction
3,388
1.36
%
4,321
1.73
%
4,595
1.90
%
Allowance for loan and lease losses
30,616
0.71
%
49,529
1.15
%
57,911
1.32
%
Reserve for unfunded loan commitments
2,775
2,775
2,845
Total allowance for credit losses
$
33,391
$
52,304
$
60,756
In addition to the allowance for credit losses above, the
Company has acquired various performing loans whose fair value as
of the acquisition date was determined to be less than the
principal balance owed on those loans. This difference represents
the collective discount of credit, interest rate and liquidity
measurements which is expected to be amortized over the life of the
loans. As of March 31, 2020, the unamortized discount associated
with acquired loans totaled $33,033,000 and if aggregated with the
allowance for loan losses would collectively represent 2.06% of
total gross loans.
Management has evaluated its exposure to various industries
which may have an increased level of risk exposure as a result of
the economic conditions brought about by the pandemic. As of March
31, 2020, the following industry groups and related portfolio
composition have been identified:
Potential At-Risk
Loan Segments Resulting from the COVID-19 Pandemic
Commitment
Outstanding Balance
% of Total Portfolio
(dollars in thousands)
Hotel, Recreation and Leisure
$
253,817
$
234,420
5.31
%
Healthcare
104,432
75,959
1.72
%
Retail
91,098
75,393
1.71
%
Restaurants, Bars and Catering
60,923
56,747
1.29
%
Gas Stations
53,378
48,476
1.10
%
Trucking and Transportation
43,028
34,974
0.79
%
Grocery and Beverage Stores
26,597
22,616
0.51
%
Personal and Professional Services
25,993
22,326
0.51
%
Nursing and Residential Care
Facilities
26,264
21,589
0.49
%
Education
15,777
14,737
0.33
%
Childcare
3,157
1,978
0.04
%
$
704,464
$
609,215
13.81
%
To provide financial relief and support to the economy, at the
end of March, Congress passed the Coronavirus Aid, Relief, and
Economic Security Act (“CARES Act”). Subsequently, federal bank
regulators announced guidance that offers temporary relief from
troubled debt restructuring accounting for loan payment deferrals
for certain customers whose businesses are experiencing economic
hardship due to Coronavirus. The Company is closely monitoring the
effects of the pandemic on our loan and deposit customers. Our
management team is focused on assessing the risks in our loan
portfolio and working with our customers to mitigate where
possible, the risk of potential losses. We have implemented loan
programs to allow consumers and businesses impacted by the pandemic
to defer loan principal and interest payments for up to 180 days.
As of March 31, 2020, loan customer requests to defer payments on
290 loans totaling approximately $149,916,000 were granted.
Non-interest Income
The following table presents the key components of non-interest
income for the current and trailing quarterly periods
indicated:
Three months ended
(dollars in thousands)
March 31, 2020
December 31, 2019
$ Change
% Change
ATM and interchange fees
$
5,111
$
5,227
$
(116
)
(2.2
)
%
Service charges on deposit accounts
4,046
4,268
(222
)
(5.2
)
%
Other service fees
758
817
(59
)
(7.2
)
%
Mortgage banking service fees
469
476
(7
)
(1.5
)
%
Change in value of mortgage servicing
rights
(1,258
)
(159
)
(1,099
)
691.2
%
Total service charges and fees
9,126
10,629
(1,503
)
(14.1
)
%
Increase in cash value of life
insurance
720
735
(15
)
(2.0
)
%
Asset management and commission income
916
775
141
18.2
%
Gain on sale of loans
891
1,059
(168
)
(15.9
)
%
Lease brokerage income
193
247
(54
)
(21.9
)
%
Sale of customer checks
124
128
(4
)
(3.1
)
%
Gain on sale of investment securities
—
3
(3
)
(100.0
)
%
Gain (loss) on marketable equity
securities
47
(14
)
61
(435.7
)
%
Other
(197
)
624
(821
)
(131.6
)
%
Total other non-interest income
2,694
3,557
(863
)
(24.3
)
%
Total non-interest income
$
11,820
$
14,186
$
(2,366
)
(16.7
)
%
Non-interest income decreased $2,366,000 or 16.7% to $11,820,000
during the three months ended March 31, 2020 compared to
$14,186,000 during the trailing quarter December 31, 2019. The
value of mortgage servicing rights declined significantly, which is
consistent with the decreases in the rate environment, an increase
in the mortgage refinance index and changes in other fair value
assumptions. Specifically, accelerated prepayment speeds resulting
from decreases in the 15 and 30 year mortgage rates, continued to
be the largest contributor to the decline in fair value of the
mortgage servicing asset which decreased by $1,258,000 or an
additional decrease of $1,099,000 during the three months ended
March 31, 2020, as compared to the $159,000 decline during the
trailing three months period ended December 31, 2019. Other
non-interest income was adversely impacted by decreases of $372,000
in the fair value assets associated with acquired deferred
compensation plans which comparatively had increases in value of
$171,000 and $199,000 recorded during the three months ended
December 31, 2019 and March 31, 2019, respectively.
The following table presents the key components of non-interest
income for the current and prior year quarterly periods
indicated:
Three months ended March 31,
(dollars in thousands)
2020
2019
$ Change
% Change
ATM and interchange fees
$
5,111
$
4,581
$
530
11.6
%
Service charges on deposit accounts
4,046
3,880
166
4.3
%
Other service fees
758
771
(13
)
(1.7
)
%
Mortgage banking service fees
469
483
(14
)
(2.9
)
%
Change in value of mortgage servicing
rights
(1,258
)
(645
)
(613
)
95.0
%
Total service charges and fees
9,126
9,070
56
0.6
%
Increase in cash value of life
insurance
720
775
(55
)
(7.1
)
%
Asset management and commission income
916
642
274
42.7
%
Gain on sale of loans
891
412
479
116.3
%
Lease brokerage income
193
220
(27
)
(12.3
)
%
Sale of customer checks
124
140
(16
)
(11.4
)
%
Gain (loss) on sale of investment
securities
—
—
—
nm
Gain on marketable equity securities
47
36
11
30.6
%
Other
(197
)
508
(705
)
(138.8
)
%
Total other non-interest income
2,694
2,733
(39
)
(1.4
)
%
Total non-interest income
$
11,820
$
11,803
$
17
0.1
%
Non-interest income increased $17,000 or 0.1% to $11,820,000
during the three months ended March 31, 2020 compared to
$11,803,000 during the comparable three month period in 2019.
Non-interest income for the three months ended March 31, 2020 as
compared to the same period in 2019 was impacted by changes in the
fair value of the Company’s mortgage servicing assets, which
contributed to a $613,000 decline. Other non-interest income, as
noted above, was also negatively impacted by decreases in the fair
value of assets used to fund acquired deferred compensation plans.
However, this was partially offset by gains from the sale of
mortgage loans, which resulted from increased volume, contributed
$479,000 to the overall increase in non-interest income during the
three months ended March 31, 2020. As noted in previous quarters,
ATM and interchange fees continue to increase, totaling $5,111,000
for the quarter ended March 31, 2020 as compared to $4,581,000 for
the comparative period in 2019, for an increase of $530,000.
Non-interest Expense
The following table presents the key components of non-interest
expense for the current and trailing quarterly periods
indicated:
Three Months Ended
(dollars in thousands)
March 31, 2020
December 31, 2019
$ Change
% Change
Base salaries, net of deferred loan
origination costs
$
17,623
$
18,594
$
(971
)
(5.2
)%
Incentive compensation
3,101
3,042
59
1.9
%
Benefits and other compensation costs
6,548
5,683
865
15.2
%
Total salaries and benefits expense
27,272
27,319
(47
)
(0.2
)%
Occupancy
3,875
3,670
205
5.6
%
Data processing and software
3,367
3,403
(36
)
(1.1
)%
Equipment
1,512
1,724
(212
)
(12.3
)%
Intangible amortization
1,431
1,430
1
0.1
%
Advertising
665
1,411
(746
)
(52.9
)%
ATM and POS network charges
1,373
1,511
(138
)
(9.1
)%
Professional fees
703
859
(156
)
(18.2
)%
Telecommunications
725
753
(28
)
(3.7
)%
Regulatory assessments and insurance
95
93
2
2.2
%
Postage
290
195
95
48.7
%
Operational losses
221
307
(86
)
(28.0
)%
Courier service
331
269
62
23.0
%
Gain on sale of foreclosed assets
(41
)
—
(41
)
—
%
Other miscellaneous expense
3,000
4,020
(1,020
)
(25.4
)%
Total other non-interest expense
17,547
19,645
(2,098
)
(10.7
)%
Total non-interest expense
$
44,819
$
46,964
$
(2,145
)
(4.6
)%
Average full-time equivalent staff
1,165
1,163
2
0.2
%
Non-interest expense for the quarter ended March 31, 2020
decreased $2,145,000 or 4.6% to $44,819,000 as compared to
$46,964,000 during the trailing quarter ended December 31, 2019.
This decline in other expenses was led by an advertising expense
decline of $746,000 or 52.9% to $665,000 at March 31, 2020 compared
to $1,411,000 as of December 31, 2019. In addition, other
miscellaneous expenses decreased $1,020,000 or 25.4% to $3,000,000
during the current quarter, as compared to $4,020,000 in the
trailing quarter.
The following table presents the key components of non-interest
expense for the current and prior year quarterly periods
indicated:
Three months ended March 31,
(dollars in thousands)
2020
2019
$ Change
% Change
Base salaries, net of deferred loan
origination costs
$
17,623
$
16,757
$
866
5.2
%
Incentive compensation
3,101
2,567
534
20.8
%
Benefits and other compensation costs
6,548
5,804
744
12.8
%
Total salaries and benefits expense
27,272
25,128
2,144
8.5
%
Occupancy
3,875
3,774
101
2.7
%
Data processing and software
3,367
3,349
18
0.5
%
Equipment
1,512
1,867
(355
)
(19.0
)%
Intangible amortization
1,431
1,431
—
—
%
Advertising
665
1,331
(666
)
(50.0
)%
ATM and POS network charges
1,373
1,323
50
3.8
%
Professional fees
703
839
(136
)
(16.2
)%
Telecommunications
725
797
(72
)
(9.0
)%
Regulatory assessments and insurance
95
511
(416
)
(81.4
)%
Postage
290
310
(20
)
(6.5
)%
Operational losses
221
225
(4
)
(1.8
)%
Courier service
331
270
61
22.6
%
Gain on sale of foreclosed assets
(41
)
(99
)
58
(58.6
)%
Loss on disposal of fixed assets
—
24
(24
)
(100.0
)%
Other miscellaneous expense
3,000
4,372
(1,372
)
(31.4
)%
Total other non-interest expense
17,547
20,324
(2,777
)
(13.7
)%
Total non-interest expense
$
44,819
$
45,452
$
(633
)
(1.4
)%
Average full-time equivalent staff
1,165
1,160
5
0.4
%
Non-interest expense decreased by $633,000 or 1.4% to
$44,819,000 during the three months ended March 31, 2020 as
compared to $45,452,000 for the three months ended March 31, 2019.
Salary and benefit expense increased $2,144,000 or 8.5% to
$27,272,000 during the three months ended March 31, 2020 as
compared to $25,128,000 for the same period in 2019. These
increases were impacted equally by increased costs associated with
production incentives and long term benefit obligation costs. To a
lesser extent, increases of $866,000 in base salaries during these
comparable periods were the result of annual merit increases in
2019 as well as compensation adjustments associated with changes in
the organizational structure of management.
As an offset to the increase above, reductions in advertising
expense totaled $666,000 or 50.0%, to $665,000 during the three
months ended March 31, 2020 as compared to $1,331,000 for the same
period in 2019. Regulatory assessment credits issued by the FDIC
during the three month periods ended March 31, 2020 and March 31,
2019 totaled $437,000 and $0, respectively. Other expenses
decreased $1,372,000 or 31.4% to $3,000,000 during the current
quarter, as compared to $4,372,000 for the same period in 2019.
Provision for Income
Taxes
The Company’s effective tax rate was 27.4% for the quarter ended
March 31, 2020 as compared to 28.0% for the quarter ended December
31, 2019 and 27.4% for the year ended December 31, 2019.
About TriCo Bancshares
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.
Forward-Looking
Statement
The statements contained herein that are not historical facts
are forward-looking statements based on management’s current
expectations and beliefs concerning future developments and their
potential effects on the Company. Such statements involve inherent
risks and uncertainties, many of which are difficult to predict and
are generally beyond our control. There can be no assurance that
future developments affecting us will be the same as those
anticipated by management. We caution readers that a number of
important factors could cause actual results to differ materially
from those expressed in, or implied or projected by, such
forward-looking statements. These risks and uncertainties include,
but are not limited to, the following: the strength of the United
States economy in general and the strength of the local economies
in which we conduct operations; the effects of, and changes in,
trade, monetary and fiscal policies and laws, including interest
rate policies of the Board of Governors of the Federal Reserve
System; inflation, interest rate, market and monetary fluctuations;
the impact of changes in financial services policies, laws and
regulations; technological changes; weather, natural disasters and
other catastrophic events that may or may not be caused by climate
change and their effects on economic and business environments in
which the Company operates; the adverse impact on the U.S. economy,
including the markets in which we operate, of the novel
coronavirus, which causes the Coronavirus disease 2019
(“COVID-19”), global pandemic, and the impact of a slowing U.S.
economy and increased unemployment on the performance of our loan
portfolio, the market value of our investment securities, the
availability of sources of funding and the demand for our products;
the costs or effects of mergers, acquisitions or dispositions we
may make; the future operating or financial performance of the
Company, including our outlook for future growth, changes in the
level of our nonperforming assets and charge-offs; the
appropriateness of the allowance for credit losses including the
timing and effects of the implementation of the current expected
credit losses model; any deterioration in values of California real
estate, both residential and commercial; the effect of changes in
accounting standards and practices; possible other-than-temporary
impairment of securities held by us; changes in consumer spending,
borrowing and savings habits; our ability to attract deposits and
other sources of liquidity; changes in the financial performance
and/or condition of our borrowers; our noninterest expense and the
efficiency ratio; competition and innovation with respect to
financial products and services by banks, financial institutions
and non-traditional providers including retail businesses and
technology companies; the challenges of integrating and retaining
key employees; the costs and effects of litigation and of
unexpected or adverse outcomes in such litigation; a failure in or
breach of our operational or security systems or infrastructure, or
those of our third-party vendors or other service providers,
including as a result of cyber-attacks and the cost to defend
against such attacks; the effect of a fall in stock market prices
on our brokerage and wealth management businesses; and our ability
to manage the risks involved in the foregoing. Additional factors
that could cause results to differ materially from those described
above can be found in our Annual Report on Form 10-K for the year
ended December 31, 2019, which is on file with the Securities and
Exchange Commission (the “SEC”) and available in the “Investor
Relations” section of our website,
https://www.tcbk.com/investor-relations and in other documents we
file with the SEC. Annualized, pro forma, projections and estimates
are not forecasts and may not reflect actual results.
TRICO BANCSHARES—CONDENSED
CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands,
except share data)
Three months ended
March 31, 2020
December 31, 2019
September 30, 2019
June 30, 2019
March 31, 2019
Revenue and Expense Data
Interest income
$
66,517
$
67,918
$
68,889
$
68,180
$
67,457
Interest expense
3,325
3,722
4,201
3,865
3,587
Net interest income
63,192
64,196
64,688
64,315
63,870
Provision for (benefit from) credit
losses
8,000
(298
)
(329
)
537
(1,600
)
Noninterest income:
Service charges and fees
9,126
10,629
10,590
10,128
9,070
Gain on sale of investment securities
—
3
107
—
—
Other income
2,694
3,554
3,411
3,295
2,733
Total noninterest income
11,820
14,186
14,108
13,423
11,803
Noninterest expense:
Salaries and benefits
27,272
27,319
26,899
26,719
25,128
Occupancy and equipment
5,387
5,394
5,390
5,490
5,641
Data processing and network
4,740
4,914
4,754
4,624
4,672
Other noninterest expense
7,420
9,337
9,301
9,864
10,011
Total noninterest expense
44,819
46,964
46,344
46,697
45,452
Total income before taxes
22,193
31,716
32,781
30,504
31,821
Provision for income taxes
6,072
8,826
9,386
7,443
9,095
Net income
$
16,121
$
22,890
$
23,395
$
23,061
$
22,726
Share Data
Basic earnings per share
$
0.53
$
0.75
$
0.77
$
0.76
$
0.75
Diluted earnings per share
$
0.53
$
0.75
$
0.76
$
0.75
$
0.74
Dividends per share
$
0.22
$
0.22
$
0.22
$
0.19
$
0.19
Book value per common share
$
28.91
$
29.70
$
29.39
$
28.71
$
28.04
Tangible book value per common share
(1)
$
20.76
$
21.69
$
21.33
$
20.60
$
19.86
Shares outstanding
29,973,516
30,523,824
30,512,187
30,502,757
30,432,419
Weighted average shares
30,394,904
30,520,490
30,509,057
30,458,427
30,424,184
Weighted average diluted shares
30,522,842
30,650,071
30,629,027
30,642,518
30,657,833
Credit Quality
Allowance for credit losses to gross
loans
1.32
%
0.71
%
0.75
%
0.80
%
0.79
%
Loans past due 30 days or more
$
28,693
$
9,024
$
8,089
$
14,580
$
16,761
Total nonperforming loans
$
17,955
$
16,864
$
18,565
$
20,585
$
19,565
Total nonperforming assets
$
20,184
$
19,405
$
20,111
$
22,133
$
21,880
Loans charged-off
$
402
$
1,098
$
1,522
$
293
$
726
Loans recovered
$
835
$
475
$
520
$
560
$
1,808
Selected Financial Ratios
Return on average total assets
1.00
%
1.40
%
1.44
%
1.45
%
1.43
%
Return on average equity
7.14
%
10.03
%
10.42
%
10.68
%
10.93
%
Average yield on loans
5.23
%
5.33
%
5.46
%
5.50
%
5.48
%
Average yield on interest-earning
assets
4.57
%
4.65
%
4.72
%
4.76
%
4.77
%
Average rate on interest-bearing
deposits
0.29
%
0.33
%
0.34
%
0.33
%
0.30
%
Average cost of total deposits
0.19
%
0.22
%
0.23
%
0.22
%
0.20
%
Average rate on borrowings &
subordinated debt
3.89
%
3.96
%
3.50
%
4.62
%
4.75
%
Average rate on interest-bearing
liabilities
0.37
%
0.41
%
0.45
%
0.42
%
0.39
%
Net interest margin (fully
tax-equivalent)
4.34
%
4.39
%
4.44
%
4.50
%
4.52
%
Loans to deposits
81.05
%
80.26
%
78.98
%
76.82
%
74.29
%
Efficiency ratio
59.75
%
59.92
%
58.82
%
60.07
%
60.06
%
Supplemental Loan Interest Income
Data
Discount accretion on acquired loans
$
1,748
$
2,218
$
2,360
$
1,904
$
1,655
All other loan interest income
$
54,510
$
54,644
$
54,639
$
53,587
$
52,743
Total loan interest income
$
56,258
$
56,862
$
56,999
$
55,491
$
54,398
(1)
Tangible book value per share is
calculated by subtracting goodwill and other intangible assets from
total shareholders’ equity and dividing that result by the shares
outstanding at the end of the period. Management believes that
tangible book value per common share is meaningful because it is a
measure that the Company and investors commonly use to assess
shareholder value.
TRICO BANCSHARES—CONDENSED
CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in
thousands)
Balance Sheet Data
March 31, 2020
December 31, 2019
September 30, 2019
June 30, 2019
March 31, 2019
Cash and due from banks
$
185,466
$
276,507
$
259,047
$
175,582
$
318,708
Securities, available for sale, net
1,005,006
953,098
987,054
1,136,946
1,116,426
Securities, held to maturity, net
359,770
375,606
393,449
412,524
431,016
Restricted equity securities
17,250
17,250
17,250
17,250
17,250
Loans held for sale
2,695
5,265
7,604
5,875
5,410
Loans:
Commercial loans
285,830
283,707
278,458
276,045
269,163
Consumer loans
428,313
445,542
442,539
434,388
418,352
Real estate mortgage loans
3,422,440
3,328,290
3,247,156
3,178,730
3,129,339
Real estate construction loans
242,479
249,827
214,195
214,524
217,477
Total loans, gross
4,379,062
4,307,366
4,182,348
4,103,687
4,034,331
Allowance for credit losses
(57,911
)
(30,616
)
(31,537
)
(32,868
)
(32,064
)
Total loans, net
4,321,151
4,276,750
4,150,811
4,070,819
4,002,267
Premises and equipment
86,304
87,086
87,424
88,534
89,275
Cash value of life insurance
118,543
117,823
117,088
116,606
117,841
Accrued interest receivable
18,575
18,897
18,205
20,990
20,431
Goodwill
220,872
220,872
220,872
220,972
220,972
Other intangible assets
22,126
23,557
24,988
26,418
27,849
Operating leases, right-of-use
30,221
27,879
28,957
30,030
30,942
Other assets
86,330
70,591
72,134
72,626
73,465
Total assets
$
6,474,309
$
6,471,181
$
6,384,883
$
6,395,172
$
6,471,852
Deposits:
Noninterest-bearing demand deposits
$
1,883,143
$
1,832,665
$
1,777,357
$
1,780,339
$
1,761,559
Interest-bearing demand deposits
1,243,192
1,242,274
1,222,955
1,263,635
1,297,672
Savings deposits
1,857,684
1,851,549
1,843,873
1,856,749
1,925,168
Time certificates
418,679
440,506
451,222
441,450
445,863
Total deposits
5,402,698
5,366,994
5,295,407
5,342,173
5,430,262
Accrued interest payable
1,986
2,407
2,847
2,665
2,195
Operating lease liability
30,007
27,540
28,494
29,434
30,204
Other liabilities
96,560
91,984
87,867
74,590
86,362
Other borrowings
19,309
18,454
16,423
13,292
12,466
Junior subordinated debt
57,323
57,232
57,180
57,132
57,085
Total liabilities
5,607,883
5,564,611
5,488,218
5,519,286
5,618,574
Common stock
534,623
543,998
543,415
542,939
542,340
Retained earnings
356,935
367,794
351,751
335,145
319,865
Accum. other comprehensive income
(loss)
(25,132
)
(5,222
)
1,499
(2,198
)
(8,927
)
Total shareholders’ equity
$
866,426
$
906,570
$
896,665
$
875,886
$
853,278
Quarterly Average Balance Data
Average loans
$
4,329,357
$
4,231,347
$
4,142,602
$
4,044.044
$
4,023,864
Average interest-earning assets
$
5,883,750
$
5,823,795
$
5,810,248
$
5,764.966
$
5,759,966
Average total assets
$
6,506,587
$
6,482,832
$
6,452,470
$
6,385.889
$
6,426,227
Average deposits
$
5,395,933
$
5,385,190
$
5,327,235
$
5,370.879
$
5,387,079
Average borrowings and subordinated
debt
$
80,062
$
77,452
$
130,506
$
75.185
$
72,459
Average total equity
$
908,633
$
905,585
$
890,667
$
866.284
$
843,090
Capital Ratio Data
Total risk based capital ratio
15.1
%
15.1
%
15.2
%
14.9
%
14.4
%
Tier 1 capital ratio
13.9
%
14.4
%
14.5
%
14.2
%
13.6
%
Tier 1 common equity ratio
12.8
%
13.3
%
13.4
%
13.0
%
12.5
%
Tier 1 leverage ratio
11.2
%
11.6
%
11.3
%
11.1
%
10.6
%
Tangible capital ratio (1)
10.0
%
10.6
%
10.6
%
10.2
%
9.7
%
(1)
Tangible capital ratio is calculated by
subtracting goodwill and other intangible assets from total
shareholders’ equity and total assets and then dividing the
adjusted assets by the adjusted equity. Management believes that
the tangible capital ratio is meaningful because it is a measure
that the Company and investors commonly use to assess capital
adequacy.
. . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. .
Financial results reported in this document are preliminary.
Final financial results and other disclosures will be reported in
our Quarterly Report on Form 10-Q for the period ended March 31,
2020, and may differ materially from the results and disclosures in
this document due to, among other things, the completion of final
review procedures, the occurrence of subsequent events, or the
discovery of additional information.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200429005405/en/
Richard P. Smith President & CEO (530) 898-0300
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