Exhibit 99.1
PRESS RELEASE | Contact: Richard P. Smith | |
For Immediate Release | President & CEO (530) 898-0300 |
TRICO BANCSHARES ANNOUNCES QUARTERLY RESULTS
CHICO, Calif. – (January 28, 2013) – TriCo Bancshares (NASDAQ: TCBK) (the “Company”), parent company of Tri Counties Bank (the “Bank”), today announced earnings of $4,722,000, or $0.29 per diluted share, for the three months ended December 31, 2012. These results compare to earnings of $6,549,000, or $0.41 per diluted share reported by the Company for the three months ended December 31, 2011. Included in the results for the three months ended December 31, 2012 and 2011 were life insurance benefits of $75,000 and $789,000, respectively. Excluding these life insurance benefits, earnings for the three months ended December 31, 2012 and 2011 would have been approximately $4,647,000 and $5,760,000, respectively, or $0.29 and $0.36 per diluted share, respectively.
Diluted earnings per share for the years ended December 31, 2012 and 2011 were $1.18 and $1.16, respectively, on earnings of $18,944,000 and $18,590,000, respectively. Included in the results for the year ended December 31, 2012 is a legal settlement expense of $2,090,000 that was previous disclosed on September 27, 2012, and $675,000 of life insurance benefits. Included in the results for the year ended December 31, 2011 was a $7,575,000 bargain purchase gain related to the Company’s acquisition of the banking operations of Citizens Bank of Northern California on September 23, 2011, and $789,000 of life insurance benefits. Excluding the $2,090,000 legal settlement expense, and the $675,000 of life insurance benefits, earnings for the year ended December 31, 2012 would have been approximately $19,530,000, or approximately $1.22 per diluted share. Excluding the $7,575,000 bargain purchase gain, and the $789,000 of life insurance benefits, earnings for the year ended December 31, 2011 would have been approximately $13,411,000, or $0.84 per diluted share.
Total assets of the Company increased $53,672,000 (2.1%) to $2,609,269,000 at December 31, 2012 from $2,555,597,000 at December 31, 2011. Total loans of the Company increased $13,791,000 (0.9%) to $1,564,823,000 at December 31, 2012 from $1,551,032,000 at December 31, 2011. Total deposits of the Company increased $99,166,000 (4.5%) to $2,289,702,000 at December 31, 2012 from $2,190,536,000 at December 31, 2011.
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 | %) | |||||||||
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Net income | $ | 4,722 | $ | 6,549 | ($ | 1,827 | ) | (27.9 | %) | |||||||
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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 Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ 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 | % | ||||||||||||||||||||||||
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Total earning assets | 2,383,226 | 26,206 | 4.40 | % | 2,351,164 | 27,530 | 4.68 | % | 2,320,205 | 29,676 | 5.12 | % | ||||||||||||||||||||||||
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Other assets, net | 182,081 | 168,095 | 193,429 | |||||||||||||||||||||||||||||||||
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Total assets | $ | 2,565,307 | $ | 2,519,259 | $ | 2,513,634 | ||||||||||||||||||||||||||||||
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Liabilities and shareholders’ equity |
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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 | % | ||||||||||||||||||||||||
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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 | % | ||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||
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Total liabilities and shareholders’ equity | $ | 2,565,307 | $ | 2,519,259 | $ | 2,513,634 | ||||||||||||||||||||||||||||||
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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 | % | ||||||||||||||||||||||||||
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FTE adjustment | (63 | ) | (65 | ) | (67 | ) | ||||||||||||||||||||||||||||||
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Net interest income (not FTE) | $ | 24,771 | $ | 25,631 | $ | 27,280 | ||||||||||||||||||||||||||||||
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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.
The Company provided $1,524,000 for loan losses in the fourth quarter of 2012 versus $532,000 in the third quarter of 2012 and $5,429,000 in the fourth quarter of 2011. The decrease in provision for loan losses during the fourth quarter of 2012 compared to the fourth quarter of 2011 was primarily the result of improvement in collateral values and estimated cash flows related to nonperforming and purchased credit impaired loans, and a reduction in nonperforming loans.
The following table presents the key components of noninterest income for the periods indicated:
Three months ended December 31, | ||||||||||||||||
(dollars in thousands) | 2012 | 2011 | $Change | % Change | ||||||||||||
Service charges on deposit accounts | 3,502 | 3,877 | ($ | 375 | ) | (9.7 | %) | |||||||||
ATM fees and interchange | 2,040 | 1,857 | 183 | 9.9 | % | |||||||||||
Other service fees | 483 | 419 | 64 | 15.3 | % | |||||||||||
Mortgage banking service fees | 512 | 389 | 123 | 31.6 | % | |||||||||||
Change in value of mortgage servicing rights | (502 | ) | (85 | ) | (417 | ) | 490.6 | % | ||||||||
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Total service charges and fees | 6,035 | 6,457 | (422 | ) | (6.5 | %) | ||||||||||
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Gain on sale of loans | 2,493 | 1,219 | 1,274 | 104.5 | % | |||||||||||
Commission on NDIP | 745 | 555 | 190 | 34.2 | % | |||||||||||
Increase in cash value of life insurance | 470 | 535 | (65 | ) | (12.1 | %) | ||||||||||
Change in indemnification asset | (501 | ) | 512 | (1,013 | ) | (197.9 | %) | |||||||||
Gain on sale of foreclosed assets | 422 | 213 | 209 | 98.1 | % | |||||||||||
Gain on life insurance death benefit | 75 | 789 | (714 | ) | (90.5 | %) | ||||||||||
Other noninterest income | 272 | 209 | 63 | 30.1 | % | |||||||||||
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Total other noninterest income | 3,976 | 4,032 | (56 | ) | (1.4 | %) | ||||||||||
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Total noninterest income | 10,011 | 10,489 | ($ | 478 | ) | (4.6 | %) | |||||||||
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The $375,000 decrease in service charges on deposit accounts is due to decreased nonsufficient funds fees. The $183,000 increase in ATM fees and interchange revenue is primarily due to increased interchange revenue as a result of additional resources focused on growing that line of business. The $123,000 increase in mortgage banking service fees, and the $1,274,000 increase in gain on sale of loans are due to a significant increase in residential real estate mortgage loans originated and sold by the Bank for which the Bank remains as the loan servicer. The increase in residential real estate mortgage loans originated by the Bank is primarily due to historically low interest rates, and an increase in resources focused in this area. These same historically low interest rates have shortened the estimated life of the loans that the Bank services, thus shortening and reducing the estimated cash flow stream of servicing revenue from such loans, and thus, reducing the value the Bank’s mortgage servicing rights. This decrease in mortgage servicing rights negatively impacted service charge and fee revenue by $417,000 when compared to the year-ago quarter. The $190,000 increase in commission on sale of non-deposit investment products (NDIP) is due to increase resources focused in that area. The $1,013,000 negative impact from change in indemnification asset is due to improved (lessened) future loss estimates related to loans covered by FDIC loss-sharing agreements. While this item has a negative impact on this revenue item, it is more than offset by a reduction in the Bank’s loan loss provision.
Salary and benefit expenses increased $1,573,000 (14.6%) to $12,338,000 during the three months ended December 31, 2012 compared to the three months ended December 31, 2011. Base salaries increased $253,000 (3.1%) to $8,324,000 during the three months ended December 31, 2012. The increase in base salaries was mainly due to annual merit increases. Incentive and commission related salary expenses increased $974,000 (518%) to $1,162,000 during three months ended December 31, 2012 due primarily to large net income related bonus accrual reversals made during the three months ended December 31, 2011. These reversals were made in the year-ago period when it became apparent that certain production targets would not be achieved. Benefits expense, including retirement, medical and workers’ compensation insurance, and taxes, increased $346,000 (13.8%) to $2,852,000 during the three months ended December 31, 2012 primarily due to increased medical insurance costs.
Other noninterest expenses increased $1,477,000 (13.1%) to $12,788,000 during the three months ended December 31, 2012 when compared to the three months ended December 31, 2011. The increase in other noninterest expense is primarily due to a $960,000 increase in change in reserve for unfunded commitments to $1,060,000 for the three months ended December 31, 2012. This increase in change in reserve for unfunded commitments is primarily due to an increase in unfunded construction loan commitments during the three months ended December 31, 2012. Other changes in the various categories of other noninterest expense are reflected in the table below. The changes are indicative of the economic environment which has led to increases, or fluctuations, in professional loan collection expenses, provision for foreclosed asset losses, and foreclosed asset expenses.
The following table presents the key components of the Company’s noninterest expense for the periods indicated:
Three months ended December 31, | ||||||||||||||||
(dollars in thousands) | 2012 | 2011 | $ Change | % Change | ||||||||||||
Salaries | $ | 8,324 | $ | 8,071 | $ | 253 | 3.1 | % | ||||||||
Commissions and incentives | 1,162 | 188 | 974 | 518.1 | % | |||||||||||
Employee benefits | 2,852 | 2,506 | 346 | 13.8 | % | |||||||||||
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Total salaries and benefits expense | 12,338 | 10,765 | 1,573 | 14.6 | % | |||||||||||
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Occupancy | 1,839 | 1,815 | 24 | 1.3 | % | |||||||||||
Equipment | 1,063 | 1,020 | 43 | 4.2 | % | |||||||||||
Change in reserve for unfunded commitments | 1,060 | 100 | 960 | |||||||||||||
Data processing and software | 1,204 | 1,232 | (28 | ) | (2.3 | %) | ||||||||||
Telecommunications | 575 | 567 | 8 | 1.4 | % | |||||||||||
ATM network charges | 762 | 525 | 237 | 45.1 | % | |||||||||||
Professional fees | 763 | 682 | 81 | 11.9 | % | |||||||||||
Advertising and marketing | 805 | 871 | (66 | ) | (7.6 | %) | ||||||||||
Postage | 216 | 337 | (121 | ) | (35.9 | %) | ||||||||||
Courier service | 298 | 302 | (4 | ) | (1.3 | %) | ||||||||||
Intangible amortization | 52 | 52 | 0 | 0.0 | % | |||||||||||
Operational losses | 357 | 207 | 150 | 72.5 | % | |||||||||||
Provision for foreclosed asset losses | 208 | 592 | (384 | ) | (64.9 | %) | ||||||||||
Foreclosed asset expense | 398 | 258 | 140 | 54.3 | % | |||||||||||
Assessments | 607 | 589 | 18 | 3.1 | % | |||||||||||
Other | 2,581 | 2,162 | 419 | 19.4 | % | |||||||||||
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Total other noninterest expense | 12,788 | 11,311 | 1,477 | 13.1 | % | |||||||||||
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Total noninterest expense | $ | 25,126 | $ | 22,076 | $ | 3,050 | 13.8 | % | ||||||||
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In addition to the historical information contained herein, this press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The reader of this press release should understand that all such forward-looking statements are subject to various uncertainties and risks that could affect their outcome. The Company’s actual results could differ materially from those suggested by such forward-looking statements. 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 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, 2011. 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. Any forward-looking statement may turn out to be wrong and cannot be guaranteed. The Company does not intend to update any of the forward-looking statements after the date of this release.
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 athttp://www.tricountiesbank.com.
TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands, except share data)
Three months ended | ||||||||||||||||||||
December 31, 2012 | September 30, 2012 | June 30, 2012 | March 31, 2012 | December 31, 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, 2012 | September 30, 2012 | June 30, 2012 | March 31, 2012 | December 31, 2011 | ||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
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 | % |