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TheStreet Open House

TriCo Bancshares Announces Quarterly Results

TriCo Bancshares and Tri Counties Bank are headquartered in Chico, California. Tri Counties Bank has a 37-year history in the banking industry. It operates 41 traditional branch locations and 25 in-store branch locations in 23 California counties. Tri Counties Bank offers financial services and provides a diversified line of products and services to consumers and businesses, which include demand, savings and time deposits, consumer finance, online banking, mortgage lending, and commercial banking throughout its market area. It operates a network of 72 ATMs and a 24-hour, seven days-a-week telephone customer service center. Brokerage services are provided by the Bank’s investment services affiliate, Raymond James Financial Services, Inc. For further information please visit the Tri Counties Bank web site at http://www.tricountiesbank.com.

 
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,
2012   2012   2012   2012   2011
Statement of Income Data
Interest income $ 26,143 $ 27,465 $ 27,944 $ 27,164 $ 29,609
Interest expense 1,372 1,834 2,010 2,128 2,329
Net interest income 24,771 25,631 25,934 25,036 27,280
Provision for loan losses 1,524 532 3,371 3,996 5,429
Noninterest income:
Service charges and fees 6,035 5,783 6,155 5,952 6,457
Other income 3,976 3,344 4,422 2,313 4,032
Total noninterest income 10,011 9,127 10,577 8,265 10,489
Noninterest expense:

Base salaries net of deferred loan origination costs

8,324 8,337 8,273 8,159 8,071
Incentive compensation expense 1,162 1,254 1,347 1,375 188

Employee benefits and other compensation expense

2,852 2,771 2,870 3,228 2,506
Total salaries and benefits expense 12,338 12,362 12,490 12,762 10,765
Other noninterest expense 12,788 13,228 11,877 10,153 11,311
Total noninterest expense 25,126 25,590 24,367 22,915 22,076
Income before taxes 8,132 8,636 8,773 6,390 10,264
Net income $ 4,722 $ 5,020 $ 5,321 $ 3,931 $ 6,549
Share Data
Basic earnings per share $ 0.30 $ 0.31 $ 0.33 $ 0.25 $ 0.41
Diluted earnings per share $ 0.29 $ 0.31 $ 0.33 $ 0.25 $ 0.41
Book value per common share $ 14.33 $ 14.21 $ 13.96 $ 13.71 $ 13.55
Tangible book value per common share $ 13.30 $ 13.16 $ 12.91 $ 12.66 $ 12.49
Shares outstanding 16,000,838 15,992,893 15,992,893 15,978,958 15,978,958
Weighted average shares 15,996,137 15,992,893 15,985,922 15,978,958 15,978,958
Weighted average diluted shares 16,064,685 16,051,876 16,047,344 16,042,765 16,015,312
Credit Quality
Nonperforming originated loans $ 61,769 $ 66,654 $ 69,749 $ 70,764 $ 75,775
Total nonperforming loans 72,516 81,611 82,877 82,575 85,731
Guaranteed portion of nonperforming loans 131 218 218 218 3,061
Foreclosed assets, net of allowance 7,498 10,185 12,743 14,789 16,332
Loans charged-off 4,006 3,368 4,188 4,922 5,340
Loans recovered 983 1,133 1,214 464 525
Selected Financial Ratios
Return on average total assets 0.74 % 0.80 % 0.85 % 0.63 % 1.04 %
Return on average equity 8.20 % 8.85 % 9.54 % 7.14 % 12.19 %
Average yield on loans 6.16 % 6.49 % 6.73 % 6.53 % 6.94 %
Average yield on interest-earning assets 4.40 % 4.68 % 4.81 % 4.66 % 5.12 %
Average rate on interest-bearing liabilities 0.33 % 0.44 % 0.48 % 0.49 % 0.53 %
Net interest margin (fully tax-equivalent) 4.17 % 4.37 % 4.46 % 4.30 % 4.71 %
Supplemental Loan Interest Income Data:
Discount accretion PCI - cash basis loans 42 24 108 18 418
Discount accretion PCI - other loans 979 1,192 886 776 949
Discount accretion PNCI loans 841 591 1,391 1,286 1,738
Regular interest Purchased loans 3,226 3,251 3,439 3,420 3,651
All other loan interest income 19,157 20,472 19,968 19,429 20,491
Total loan interest income 24,245 25,530 25,792 24,929 27,247
 
 
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 2012   2012   2012   2012   2011
Cash and due from banks $ 748,899 $ 622,494 $ 644,102 $ 681,760 $ 637,275
Securities, available-for-sale 163,027 183,432 202,849 212,157 229,223
Federal Home Loan Bank Stock 9,647 9,647 9,990 10,508 10,610
Loans held for sale 12,053 14,937 5,321 5,869 10,219
Loans:
Commercial loans 135,528 145,469 139,733 129,906 139,131
Consumer loans 386,111 388,844 393,248 419,539 406,330
Real estate mortgage loans 1,010,130 1,007,432 984,147 924,336 965,922
Real estate construction loans 33,054 33,902 35,354 37,304 39,649
Total loans, gross 1,564,823 1,575,647 1,552,482 1,511,085 1,551,032
Allowance for loan losses (42,648 ) (44,146 ) (45,849 ) (45,452 ) (45,914 )
Foreclosed assets 7,498 10,185 12,743 14,789 16,332
Premises and equipment 26,985 24,083 22,595 19,814 19,893
Cash value of life insurance 50,582 50,742 50,292 50,853 50,403
Goodwill 15,519 15,519 15,519 15,519 15,519
Intangible assets 1,092 1,144 1,196 1,248 1,301
Mortgage servicing rights 4,552 4,485 4,757 4,784 4,603
FDIC indemnification asset 1,997 2,485 4,046 3,405 4,405
Accrued interest receivable 6,636 7,638 7,545 7,095 7,312
Other assets 38,607 37,189 38,030 39,474 43,384
Total assets 2,609,269 2,515,481 2,525,618 2,532,908 2,555,597
Deposits:
Noninterest-bearing demand deposits 684,833 592,529 578,010 564,143 541,276
Interest-bearing demand deposits 503,465 483,557 480,337 488,573 431,565
Savings deposits 762,919 767,244 737,433 724,449 797,182
Time certificates 338,485 358,309 369,997 392,581 420,513
Total deposits 2,289,702 2,201,639 2,165,777 2,169,746 2,190,536
Accrued interest payable 1,036 1,139 1,415 1,587 1,674
Reserve for unfunded commitments 3,615 2,555 2,590 2,550 2,740
Other liabilities 35,122 32,449 30,538 29,675 30,427
Other borrowings 9,197 9,264 60,831 69,074 72,541
Junior subordinated debt 41,238 41,238 41,238 41,238 41,238
Total liabilities 2,379,910 2,288,284 2,302,389 2,313,870 2,339,156
Total shareholders' equity 229,359 227,197 223,229 219,038 216,441

Accumulated other comprehensive gain

2,159 3,635 3,537 3,658 3,811
Average loans 1,574,329 1,573,816 1,534,006 1,527,536 1,570,648
Average interest-earning assets 2,383,226 2,351,164 2,331,148 2,334,842 2,320,205
Average total assets 2,565,307 2,519,259 2,509,099 2,514,541 2,513,634
Average deposits 2,247,776 2,174,085 2,148,964 2,149,212 2,149,422
Average total equity $ 230,296 $ 226,857 $ 223,028 $ 220,366 $ 214,979
Total risk based capital ratio 14.5 % 14.4 % 14.3 % 14.3 % 13.9 %
Tier 1 capital ratio 13.3 % 13.1 % 13.0 % 13.0 % 12.7 %
Tier 1 leverage ratio 9.8 % 9.9 % 9.7 % 9.5 % 9.5 %
Tangible capital ratio 8.2 % 8.4 % 8.2 % 8.0 % 7.9 %
 




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