TriCo Bancshares Announces Quarterly Results

CHICO, Calif.--()--TriCo Bancshares (NASDAQ:TCBK) (the "Company"), parent company of Tri Counties Bank, today announced earnings of $11,366,000, or $0.49 per diluted share, for the three months ended June 30, 2015. For the three months ended June 30, 2014 the Company reported earnings of $4,859,000, or $0.30 per diluted share. Diluted shares outstanding were 22,980,033 and 16,310,463 for the three months ended June 30, 2015 and 2014, respectively.

On October 3, 2014, TriCo completed its acquisition of North Valley Bancorp. North Valley Bancorp was headquartered in Redding, California, and was the parent of North Valley Bank that had approximately $935 million in assets and 22 commercial banking offices in Shasta, Humboldt, Del Norte, Mendocino, Yolo, Sonoma, Placer and Trinity Counties in Northern California. In connection with the acquisition, North Valley Bank was merged into Tri Counties Bank. Beginning on October 4, 2014, the effect of revenue and expenses from the operations of North Valley Bancorp, and 6,575,550 shares of TriCo Bancshares common shares issued in consideration of the merger are included in the results of the Company.

On October 25, 2014, North Valley Bank’s electronic customer service and other data processing systems were converted into Tri Counties Bank’s systems. Between January 7, 2015 and January 21, 2015, four Tri Counties Bank branches and four former North Valley Bank branches were consolidated into other Tri Counties Bank or other former North Valley Bank branches.

Included in the results of the Company for the three months ended June 30, 2015 and 2014 were $0 and $418,000, respectively, of nonrecurring noninterest expenses related to the merger with North Valley Bancorp of which $0 and $241,000, respectively, were not deductible for income tax purposes. Excluding these nonrecurring merger related expenses, but including the revenue and other expenses from the operations of North Valley Bancorp from April 1, 2015 to June 30, 2015, diluted earnings per share for the three months ended June 30, 2015 and 2014 would have been $0.49 and $0.33, respectively, on earnings of $11,366,000 and $5,342,000, respectively.

The following is a summary of certain of the Company’s consolidated assets and deposits as of the dates indicated:

       
As of June 30,
(dollars in thousands) 2015 2014 $ Change % Change
Total assets $3,893,855 $2,724,481 $1,169,374 42.9%
Total loans 2,393,762 1,738,586 $655,176 37.7%
Total investments 1,077,669 525,598 $552,071 105.0%
Total deposits $3,341,682 $2,385,196 $956,486 40.1%
 
 
Qtrly Avg balances As of June 30,
(dollars in thousands) 2015 2014 $ Change % Change
Total assets $3,894,196 $2,737,634 $1,156,562 42.2%
Total loans 2,355,864 1,714,061 $641,803 37.4%
Total investments 1,064,142 495,006 $569,136 115.0%
Total deposits $3,347,874 $2,395,146 $952,728 39.8%
 

Included in the changes in the Company’s assets and deposits from June 30, 2014 to June 30, 2015 is the effect of those assets and deposits acquired as part of the North Valley Bancorp acquisition on October 3, 2014. The following table shows the fair value of consideration transferred, the total identifiable net assets acquired and the resulting goodwill related to the North Valley Bancorp acquisition:

 

 

North Valley Bancorp

(in thousands)

 

October 3, 2014

Fair value of consideration transferred:  
Fair value of shares issued

 

$151,303

Cash consideration

 

7

   
Total fair value of consideration transferred 151,310    
Asset acquired:

 

Cash and cash equivalents 141,142
Securities available for sale 17,288
Securities held to maturity 189,950
Restricted equity securities 8,279
Loans 499,327
Foreclosed assets 695
Premises and equipment 11,936
Cash value of life insurance 38,075
Core deposit intangible 6,614
Other assets 18,540    
Total assets acquired 932,116    
Liabilities assumed:
Deposits 801,956
Other liabilities 10,104
Junior subordinated debt 14,987    
Total liabilities assumed 827,047    
Total net assets acquired 105,069    
Goodwill recognized

 

$46,241

   
 

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
June 30,
(dollars and shares in thousands) 2015 2014 $ Change % Change
Net Interest Income $38,521 $27,343 $11,178 40.9%

Benefit from (provision for) loan losses

633 (1,708) 2,341
Noninterest income 12,080 7,877 4,203 53.4%
Noninterest expense (32,436) (25,116) (7,320) 29.1%
Provision for income taxes (7,432) (3,537) (3,895) 110.1%
Net income $11,366 $4,859 $6,507 133.9%
 
Average common shares 22,727 16,137 6,590 40.8%
Average diluted common shares 22,950 16,331 6,619 40.5%
 

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

June 30, 2015

March 31, 2015

June 30, 2014

Average   Income/   Yield/ Average   Income/   Yield/ Average   Income/   Yield/
Balance Expense Rate Balance Expense Rate Balance Expense Rate
Assets
Earning assets
Loans $ 2,355,864 $ 32,019 5.44 % $ 2,283,622 $ 31,165 5.46 % $ 1,714,061 $ 24,433 5.70 %
Investments - taxable 1,020,806 7,380 2.89 % 906,366 6,135 2.71 % 478,904 3,594 3.00 %
Investments - nontaxable 43,336 518 4.78 % 21,512 258 4.80 % 16,102 187 4.65 %
Cash at Federal Reserve and other banks   143,919     144   0.40 %   345,603     264   0.31 %  

350,229

    274   0.31 %
Total earning assets 3,563,925   40,061   4.50 % 3,557,103   37,822   4.25 % 2,559,296   28,488   4.45 %
Other assets, net   330,271     335,373     178,338  
Total assets $ 3,894,196   $ 3,892,476   $ 2,737,634  
Liabilities and shareholders' equity
Interest-bearing
Demand deposits $ 796,958 116 0.06 % $ 792,204 125 0.06 % $ 550,372 115 0.08 %
Savings deposits 1,165,530 362 0.12 % 1,156,710 357 0.12 % 853,643 263 0.12 %
Time deposits 336,212 376 0.45 % 353,616 417 0.47 % 268,352 390 0.58 %
Other borrowings 7,894 1 0.06 % 9,614 1 0.04 % 6,217 1 0.06 %
Trust preferred securities   56,344     491   3.49 %   56,296     482   3.42 %   41,238     306   2.97 %
Total interest-bearing liabilities 2,362,938   1,346   0.23 % 2,368,440   1,382   0.23 % 1,719,822   1,075   0.25 %
Noninterest-bearing deposits 1,049,174 1,047,840 722,779
Other liabilities 51,483 51,495 34,216
Shareholders' equity   430,601     424,701     260,817  
Total liabilities
Total liabilities and shareholders' equity $ 3,894,196   $ 3,892,476   $ 2,737,634  
Net interest rate spread 4.27 % 4.02 % 4.20 %
Net interest income/net interest margin (FTE)   38,715   4.35 %   36,440   4.10 %   27,413   4.28 %
FTE adjustment   (194 )   (97 )   (70 )
Net interest income (not FTE) $ 38,521   $ 36,343   $ 27,343  
 

Net interest income (FTE) during the three months ended June 30, 2015 increased $11,302,000 (41.2%) from the same period in 2014 to $38,715,000. The increase in net interest income (FTE) was due primarily to a $641,803,000 (37.4%) increase in the average balance of loans to $2,355,864,000, and a $569,136,000 (115%) increase in the average balance of investments to $1,064,142,000 that were partially offset by a 26 basis point decrease in the average yield on loans from 5.70% during the three months ended June 30, 2014 to 5.44% during the three months ended June 30, 2015, and an eight basis point decrease in the average yield on investments from 3.06% during the three months ended June 30, 2014 to 2.97% during the three months ended June 30, 2015. The $641,803,000 increase in average loan balances from the year ago quarter was primarily due to the addition of $499,327,000 of loans through the acquisition of North Valley Bancorp on October 4, 2014, and moderate to strong loan demand during the three and six months ended June 30, 2015. The $569,136,000 increase in average investment balances from the year-ago quarter was primarily due to the use of cash at the Federal Reserve and other banks to purchase investments and the addition of $212,616,000 of investments through the acquisition of North Valley Bancorp on October 4, 2014. The decrease in average loan yields is due primarily to declines in market yields on new and renewed loans compared to yields on repricing, maturing, and paid off loans. The decrease in average investment yields is due primarily to declines in market yields on new investments compared to yields on existing investments. The increases in average loan and investment balances added $9,146,000 and $4,381,000, respectively, to net interest income (FTE) while the decreases in average loan and investment yields reduced net interest income (FTE) by $1,560,000 and $264,000, respectively, when compared to the year-ago quarter. Included in interest income during the three months ended June 30, 2015 was a special cash dividend of $626,000 from the Company’s investment in Federal Home Loan Bank stock, and $2,133,000 of discount accretion from purchased loans compared to $1,504,000 of discount accretion from purchased loans during the three months ended June 30, 2014.

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. Generally, as time goes on, the effect of this discount accretion decreases as these purchased loans mature or pay off 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 press release.

The Company recorded a reversal of provision for loan losses of $633,000 during the three months ended June 30, 2015 compared to a provision for loan losses of $1,708,000 during the three months ended June 30, 2014. The reversal of provision for loan losses during the three months ended June 30, 2015 was due to a $600,000 decrease in the required allowance for loan losses from $36,055,000 at March 31, 2015 to $35,455,000 at June 30, 2015 and $33,000 of net recoveries during the three months ended June 30, 2015. The decrease in required allowance for loan losses was due primarily to reduced impaired loans, improvements in estimated cash flows and collateral values for the remaining and newly impaired loans, and reductions in historical loss factors that, in part, determine the required loan loss allowance for performing loans in accordance with the Company’s allowance for loan losses methodology; and despite a $72,879,000 increase in loan balances from $2,320,883,000 at March 31, 2015 to $2,393,762,000 at June 30, 2015. During the three months ended June 30, 2015, nonperforming loans decreased $9,337,000 (19.0%) to $39,880,000, and represented a decrease from 2.12% to 1.67% of loans outstanding as of March 31, 2015 and June 30, 2015, respectively.

The following table presents the key components of noninterest income for the periods indicated:

     
Three months ended
June 30,
(dollars in thousands) 2015 2014 $ Change % Change
Service charges on deposit accounts $3,637

#

$2,724 $913 33.5%
ATM fees and interchange 3,383 2,192 1,191 54.3%
Other service fees 779 533 246 46.2%
Mortgage banking service fees 528 421 107 25.4%
Change in value of mortgage servicing rights 521 (351) 872 (248.4%)
Total service charges and fees 8,848 5,519 3,329 60.3%
 
Gain on sale of loans 837 514 323 62.8%
Commission on NDIP 784 843 (59) (7.0%)
Increase in cash value of life insurance 675 400 275 68.8%
Change in indemnification asset (57) (93) 36 (38.7%)
Gain on sale of foreclosed assets 115 241 (126) (52.3%)
Other noninterest income 878 453 425 93.8%
Total other noninterest income 3,232 2,358 874 37.1%
Total noninterest income $12,080 $7,877 $4,203 53.4%
 

Noninterest income increased $4,203,000 (53.4%) to $12,080,000 during the three months ended June 30, 2015 when compared to the three months ended June 30, 2014. The increase in noninterest income was due primarily to an increase in service charges on deposit accounts of $913,000 (33.5%) to $3,637,000, an increase in ATM fees and interchange revenue of $1,191,000 (54.3%) to $3,383,000, an increase in change in value of mortgage servicing rights (MSRs) of $872,000 to a positive $521,000 from a negative $351,000, and an increase in other noninterest income of $425,000 (93.8%) to $878,000 compared to the year-ago quarter. These increases, and the increases in other categories of noninterest income noted in the table above, are primarily the result of the acquisition of North Valley Bancorp on October 4, 2014. An increase in interest rates during the three months ended June 30, 2015 resulted in a decrease in estimated prepayment speeds of serviced loans, that in turn resulted in increased expected servicing cash flows, and thus, a higher value of such servicing rights.

The following table presents the key components of the Company’s noninterest expense for the periods indicated:

       
Three months ended
June 30,
(dollars in thousands) 2015 2014

$ Change

% Change
Salaries $11,502 $9,008 $2,494 27.7%
Commissions and incentives 1,390 1,205 185 15.4%
Employee benefits 4,350 3,104 1,246 40.1%
Total salaries and benefits expense 17,242 13,317 3,925 29.5%
 
Occupancy 2,541 1,802 739 41.0%
Equipment 1,527 1,060 467 44.1%
Change in reserve for unfunded commitments 110 (185) 295 (159.5%)
Data processing and software 1,834 1,350 484 35.9%
Telecommunications 785 713 72 10.1%
ATM network charges 985 710 275 38.7%
Professional fees 1,035 1,275 (240) (18.8%)
Advertising and marketing 1,002 341 661 193.8%
Postage 330 221 109 49.3%
Courier service 253 224 29 12.9%
Intangible amortization 289 52 237 455.8%
Operational losses 149 150 (1) (0.7%)
Provision for foreclosed asset losses 174 4 170 4250.0%
Foreclosed asset expense 102 151 (49) (32.5%)
Assessments 694 481 213 44.3%
Merger related expense - 418 (418) (100.0%)
Other 3,384 3,032 352 11.6%
Total other noninterest expense 15,194 11,799 3,395 28.8%
Total noninterest expense $32,436 $25,116 $7,320 29.1%
 
Average full time equivalent employees 944 726 218 30.0%
 
Merger expense:
Data processing and software - -
Professional fees - $243
Other - 175
Total merger expense - $418
 

Salary and benefit expenses increased $3,925,000 (29.5%) to $17,242,000 during the three months ended June 30, 2015 compared to the three months ended June 30, 2014. Base salaries, incentive compensation and benefits & other compensation expense increased $2,494,000 (27.7%), $185,000 (15.4%), and $1,246,000 (40.1%), respectively, to $11,502,000, $1,390,000 and $4,350,000, respectively, during the three months ended June 30, 2015. The increases in these categories of salary and benefits expense are primarily due to the Company’s acquisition of North Valley Bancorp on October 4, 2014. The average number of full-time equivalent staff increased 218 (30.0%) from 726 during the three months ended June 30, 2014 to 944 for the three months ended June 30, 2015.

Other noninterest expense increased $3,395,000 (28.8%) to $15,194,000 during the three months ended June 30, 2015 compared to the three months ended June 30, 2014. The increase in other noninterest expense was primarily due to the Company’s acquisition of North Valley Bancorp on October 4, 2014. Nonrecurring merger expenses related to the North Valley Bancorp acquisition totaling $0 and $418,000 are included in other noninterest expense for the three months ended June 30, 2015 and 2014, respectively. As of March 31, 2015, the Company had substantially completed all of its previously planned facility consolidations related to the North Valley Bancorp acquisition. Subsequent to March 31, 2015, and following a thorough analysis of profitability and market opportunity, the Bank identified five additional branches for closure. Two of those branches are former North Valley Bank branches. As of June 30, 2015 one of the five additional branches slated for closure has been closed. The Bank expects the four remaining branches will be closed by September 30, 2015.

Richard Smith, President and CEO of the Company commented, “The benefits from the acquisition of North Valley Bancorp continued to materialize in many areas in the second quarter of 2015. Customer retention related to the acquisition has exceeded our internal forecasts. Loan growth from all of our geographic markets was strong, leading to higher levels of interest income. Noninterest income from interchange fees, service charges, service fees and mortgage lending all increased due to the added customers from North Valley Bank and increased overall business activities. The economies in our market areas continue to improve leading to greater opportunities for lending activities and our nonperforming loans also decreased significantly during the quarter. The integration of the North Valley transaction is mostly complete and the merger continues to provide us forward momentum.”

Smith added, “We continue to evaluate the ever changing needs of our customers as we invest in technology solutions favored by our customers. This also provides us with the opportunity to refine our branch network to improve our operating efficiencies. As we move forward, the balance between technology solutions and branch offices will be determined by customers’ activities and preferences. As previously announced, we will close four branches in the third quarter of 2015.”

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, competition effects, fee and other noninterest income earned, the Company’s ability to effectively integrate the business of North Valley Bancorp, 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, 2014. 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
June 30,   March 31,   December 31,   September 30,   June 30,
2015   2015   2014   2014   2014
Statement of Income Data
Interest income $39,867 $37,725 $36,407 $29,131 $28,418
Interest expense 1,346 1,382 1,437 1,082 1,075
Net interest income 38,521 36,343 34,970 28,049 27,343
(Benefit from) provision for loan losses (633) 197 (1,421) (2,977) 1,708
Noninterest income:
Service charges and fees 8,848 7,344 7,165 6,090 5,519
Other income 3,232 2,836 2,590 2,499 2,358
Total noninterest income 12,080 10,180 9,755 8,589 7,877
Noninterest expense:

Base salaries net of deferred loan origination costs

11,502 11,744 12,402 9,066 9,008
Incentive compensation expense 1,390 1,596 1,475 1,265 1,205

Employee benefits and other compensation expense

4,350 4,760 3,678 3,038 3,104
Total salaries and benefits expense 17,242 18,100 17,555 13,369 13,317
Other noninterest expense 15,194 14,182 19,011 12,011 11,799
Total noninterest expense 32,436 32,282 36,566 25,380 25,116
Income before taxes 18,798 14,044 9,580 14,235 8,396
Net income $11,366 $8,336 $5,650 $8,234 $4,859
Share Data
Basic earnings per share $0.50 $0.37 $0.25 $0.51 $0.30
Diluted earnings per share $0.49 $0.36 $0.25 $0.50 $0.30
Book value per common share $18.95 $18.68 $18.42 $16.57 $16.17
Tangible book value per common share $15.88 $15.59 $15.39 $15.56 $15.16
Shares outstanding 22,749,523 22,740,503 22,714,964 16,139,414 16,133,414
Weighted average shares 22,744,926 22,727,038 22,500,544 16,136,675 16,128,550
Weighted average diluted shares 22,980,033 22,949,902 22,726,795 16,330,746 16,310,463
Credit Quality
Nonperforming originated loans $23,812 $34,576 $32,529 $33,849 $37,164
Total nonperforming loans 39,880 49,217 47,954 40,643 44,200
Foreclosed assets, net of allowance 5,393 5,892 4,894 5,096 5,785
Loans charged-off 514 1,235 419 345 1,028
Loans recovered $547 $508 $505 $1,274 $967
Selected Financial Ratios
Return on average total assets 1.17% 0.86% 0.59% 1.19% 0.71%
Return on average equity 10.56% 7.85% 5.34% 12.39% 7.45%
Average yield on loans 5.44% 5.46% 5.46% 5.70% 5.70%
Average yield on interest-earning assets 4.50% 4.25% 4.16% 4.56% 4.45%
Average rate on interest-bearing liabilities 0.23% 0.23% 0.25% 0.25% 0.25%
Net interest margin (fully tax-equivalent) 4.35% 4.10% 3.99% 4.39% 4.28%
Supplemental Loan Interest Income Data:
Discount accretion PCI - cash basis loans $404 $172 $107 $290 $69
Discount accretion PCI - other loans 907 1,011 919 822 811
Discount accretion PNCI loans 822 1,348 827 402 624
All other loan interest income $29,886 28,371 28,883 23,466 22,929
Total loan interest income $32,019 $31,165 $30,736 $24,980 $24,433
 
 

TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA

(Unaudited. Dollars in thousands)

  Three months ended
June 30,   March 31,   December 31,   September 30,   June 30,

Balance Sheet Data

2015   2015   2014   2014   2014

Cash and due from banks

$169,503 $281,228 $610,728 $369,679 $344,383

Securities, available for sale

284,430 225,126 83,205 84,962 91,514

Securities, held to maturity

776,283 802,482 676,426 443,509 422,502

Restricted equity securities

16,956 16,956 16,956 11,582 11,582

Loans held for sale

4,630 5,413 3,579 2,724 1,671

Loans:

Commercial loans

195,791 177,540 174,945 135,085 137,341

Consumer loans

411,788 410,727 417,084 373,620 377,143

Real estate mortgage loans

1,696,567 1,646,863 1,615,359 1,214,153 1,167,856

Real estate construction loans

89,616 85,753 75,136 43,013 56,246

Total loans, gross

2,393,762 2,320,883 2,282,524 1,765,871 1,738,586

Allowance for loan losses

(35,455) (36,055) (36,585) (37,920) (39,968)

Foreclosed assets

5,393 5,892 4,894 5,096 5,785

Premises and equipment

42,056 42,846 43,493 32,181 31,880

Cash value of life insurance

93,687 93,012 92,337 53,596 53,106

Goodwill

63,462 63,462 63,462 15,519 15,519

Other intangible assets

6,473 6,762 7,051 726 779

Mortgage servicing rights

7,814 7,057 7,378 5,985 5,909

Accrued interest receivable

10,064 9,794 9,275 6,862 7,008

Other assets

54,797 51,002 51,735 34,571 34,225

Total assets

$3,893,855 3,895,860 3,916,458 2,794,943 2,724,481

Deposits:

Noninterest-bearing demand deposits

1,060,650 1,034,012 1,083,900 762,452 720,743

Interest-bearing demand deposits

780,647 795,471 782,385 553,053 547,110

Savings deposits

1,179,836 1,172,257 1,156,126 872,432 854,127

Time certificates

320,549 347,748 358,012 249,419 263,216

Total deposits

3,341,682 3,349,488 3,380,423 2,437,356 2,385,196

Accrued interest payable

797 852 978 753 849

Reserve for unfunded commitments

2,125 2,015 2,145 2,220 2,045

Other liabilities

55,003 53,256 49,192 33,331 28,135

Other borrowings

6,735 9,096 9,276 12,665 6,075

Junior subordinated debt

56,369 56,320 56,272 41,238 41,238

Total liabilities

3,462,711 3,471,027 3,498,286 2,527,563 2,463,538

Total shareholders' equity

431,144 424,833 418,172 267,380 260,943

Accumulated other comprehensive gain (loss)

(4,726) (2,083) (2,203) 1,796 2,188

Average loans

2,355,864 2,283,622 2,253,025 1,752,026 1,714,061

Average interest-earning assets

3,563,925 3,557,103 3,512,620 2,561,398 2,559,296

Average total assets

3,894,196 3,892,476 3,806,049 2,771,972 2,737,634

Average deposits

3,347,874 3,350,370 3,276,470 2,424,968 2,395,146

Average total equity

$430,601 $424,701 $423,502 $265,848 $260,817

Total risk based capital ratio

15.2% 15.2% 15.6% 14.8% 14.6%

Tier 1 capital ratio

13.9% 14.0% 14.4% 13.5% 13.4%

Tier 1 common equity ratio

12.2% 12.1% n/a n/a n/a

Tier 1 leverage ratio

10.9% 10.7% 10.8% 10.5% 10.4%

Tangible capital ratio

9.4% 9.3% 9.1% 9.0% 9.0%
 

Contacts

TriCo Bancshares
Richard P. Smith, 530-898-0300
President & CEO

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TriCo Bancshares Announces Quarterly Results

TriCo Bancshares