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TriCo Bancshares Announces Quarterly Results

The following is a summary of the components of the Company’s consolidated net income for the periods indicated:

 
  Three months ended      
December 31,
(dollars in thousands) 2012   2011

$ Change

% Change

Net Interest Income $ 24,771 $ 27,280 ($2,509 ) (9.2 %)
Provision for loan losses (1,524 ) (5,429 ) 3,905 (71.9 %)
Noninterest income 10,011 10,489 (478 ) (4.6 %)
Noninterest expense (25,126 ) (22,076 ) (3,050 ) 13.8 %
Provision for income taxes   (3,410 )   (3,715 )   305   (8.2 %)
Net income $ 4,722   $ 6,549     ($1,827 ) (27.9 %)
 

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, 2012

September 30, 2012

December 31, 2011

Average   Income/   Yield/ Average   Income/   Yield/ Average   Income/   Yield/
Balance Expense Rate Balance Expense Rate Balance Expense Rate
Assets
Earning assets
Loans $ 1,574,329 $ 24,245 6.16 % $ 1,573,816 $ 25,530 6.49 % $ 1,570,648 $ 27,247 6.94 %
Investments - taxable 174,954 1,348 3.08 % 195,951 1,455 2.97 % 245,683 1,887 3.07 %
Investments - nontaxable 9,433 168 7.12 % 9,561 173 7.24 % 10,128 181 7.15 %
Federal funds sold   624,510     445   0.29 %   571,837     372   0.26 %   493,746     361   0.29 %
Total earning assets 2,383,226   26,206   4.40 % 2,351,164   27,530   4.68 % 2,320,205   29,676   5.12 %
Other assets, net   182,081   168,095   193,429
Total assets $ 2,565,307 $ 2,519,259 $ 2,513,634

Liabilities and shareholders' equity

Interest-bearing
Demand deposits $ 494,259 174 0.14 % $ 479,565 196 0.16 % $ 424,109 235 0.22 %
Savings deposits 772,233 305 0.16 % 757,491 314 0.17 % 800,035 351 0.18 %
Time deposits 347,714 570 0.66 % 359,507 596 0.66 % 433,844 801 0.74 %
Other borrowings 9,024 2 0.09 % 41,852 395 3.78 % 75,179 617 3.28 %
Trust preferred securities   41,238     321   3.11 %   41,238     333   3.23 %   41,238     325   3.15 %
Total interest-bearing liabilities 1,664,468   1,372   0.33 % 1,679,652   1,834   0.44 % 1,774,405   2,329   0.53 %
Noninterest-bearing deposits 633,570 577,523 491,434
Other liabilities 36,973 35,227 32,816
Shareholders' equity   230,296   226,857   214,979

Total liabilities and shareholders' equity

$ 2,565,307 $ 2,519,259 $ 2,513,634
Net interest rate spread 4.07 % 4.24 % 4.59 %
Net interest income/net interest margin (FTE)   24,834   4.17 %   25,696   4.37 %   27,347   4.71 %
FTE adjustment   (63 )   (65 )   (67 )
Net interest income (not FTE) $ 24,771   $ 25,631   $ 27,280  
 

Net interest income (FTE) during the three months ended December 31, 2012 decreased $862,000 (3.4%) when compared to the three months ended September 30, 2012, and decreased $2,513,000 (9.2%) when compared to the three months ended December 31, 2011. These decreases in net interest income (FTE) are primarily due to decreases in the average yield on loans that are primarily due to decreases in market yields on new and renewed loans, and from decreased discount amortization from purchased loans. Loans acquired through purchase or acquisition of other banks are classified as Purchased Not Credit Impaired (PNCI), Purchased Credit Impaired – cash basis (PCI – cash basis), or Purchased Credit Impaired – other (PCI – other). Loans not acquired in an acquisition or otherwise “purchased” are classified as “originated”. Often, such purchased loans are purchased at a discount to face value, and part of this discount is accreted into (added to) interest income over the remaining life of the loan. Generally, as time goes on, the effect of this discount accretion becomes less and less as these purchased loans mature or payoff early. Further details regarding interest income from loans, including fair value discount accretion, may be found under the heading “Supplemental Loan Interest Income Data” in the Consolidated Financial Data table at the end of this announcement.

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