TriCo Bancshares (TCBK) 8-K Trico Bancshares Announces Quarterly Results

Exhibit 99.1

PRESS RELEASE For Immediate Release Contact:             Richard P. Smith President & CEO (530) 898-0300

TRICO BANCSHARES ANNOUNCES QUARTERLY RESULTS

CHICO, Calif. – (July 23, 2015) – 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:

(in thousands)	North Valley Bancorp 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 Balance		Income/ Expense			Yield/ Rate			Average Balance		Income/ Expense			Yield/ Rate			Average Balance		Income/ Expense			Yield/ 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 customerService 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. Visitwww.TriCountiesBank.com to learn more.

TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA

(Unaudited. Dollars in thousands, except share data)

	Three months ended
	June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 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, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014
Balance Sheet Data
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	%