California | 0-10661 | 94-2792841 | ||
(State or other jurisdiction of | (Commission File No.) | (I.R.S. Employer | ||
incorporation or organization) | Identification No.) |
63 Constitution Drive, Chico, California | 95973 | |
(Address of principal executive offices) | (Zip Code) |
99.1 | Press release dated April 28, 2011 |
TRICO BANCSHARES |
||||
Date: April 28, 2011 | By | /s/ Thomas J. Reddish | ||
Thomas J. Reddish, | ||||
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
PRESS RELEASE | Contact: Richard P. Smith | |
For Immediate Release | President & CEO (530) 898-0300 |
Three months ended | ||||||||||||||||
March 31, | ||||||||||||||||
(in thousands) | 2010 | 2010 | $ Change | % Change | ||||||||||||
Net Interest Income |
$ | 21,704 | $ | 21,978 | ($274 | ) | (1.2 | %) | ||||||||
Provision for loan losses |
(7,001 | ) | (8,500 | ) | 1,499 | (17.6 | %) | |||||||||
Noninterest income |
9,350 | 7,547 | 1,803 | 23.9 | % | |||||||||||
Noninterest expense |
(19,671 | ) | (18,803 | ) | (868 | ) | 4.6 | % | ||||||||
Provision for income taxes |
(1,582 | ) | (664 | ) | (918 | ) | 138.3 | % | ||||||||
Net income |
$ | 2,800 | $ | 1,558 | $ | 1,242 | 79.7 | % | ||||||||
Three months ended | Three months ended | |||||||||||||||||||||||
March 31, 2011 | March 31, 2010 | |||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Loans |
$ | 1,396,331 | $ | 21,722 | 6.22 | % | $ | 1,469,685 | $ | 22,813 | 6.21 | % | ||||||||||||
Investment securities taxable |
276,497 | 2,381 | 3.44 | % | 265,177 | 2,761 | 4.16 | % | ||||||||||||||||
Investment securities nontaxable |
12,063 | 223 | 7.38 | % | 17,310 | 331 | 7.64 | % | ||||||||||||||||
Cash at Federal Reserve and other banks |
339,394 | 191 | 0.23 | % | 256,724 | 154 | 0.24 | % | ||||||||||||||||
Total earning assets |
2,024,285 | 24,517 | 4.84 | % | 2,008,896 | 26,059 | 5.19 | % | ||||||||||||||||
Other assets |
165,078 | 160,242 | ||||||||||||||||||||||
Total |
$ | 2,189,363 | $ | 2,169,138 | ||||||||||||||||||||
Liabilities and shareholders equity: |
||||||||||||||||||||||||
Interest-bearing demand deposits |
402,267 | 349 | 0.35 | % | 368,660 | 615 | 0.67 | % | ||||||||||||||||
Savings deposits |
592,084 | 367 | 0.25 | % | 522,246 | 642 | 0.49 | % | ||||||||||||||||
Time deposits |
432,166 | 1,111 | 1.03 | % | 560,266 | 1,801 | 1.29 | % | ||||||||||||||||
Other borrowings |
59,223 | 593 | 4.01 | % | 61,843 | 594 | 3.84 | % | ||||||||||||||||
Junior subordinated debt |
41,238 | 310 | 3.01 | % | 41,238 | 306 | 2.97 | % | ||||||||||||||||
Total interest-bearing liabilities |
1,526,978 | 2,730 | 0.72 | % | 1,554,253 | 3,958 | 1.02 | % | ||||||||||||||||
Noninterest-bearing deposits |
425,089 | 374,018 | ||||||||||||||||||||||
Other liabilities |
33,761 | 36,667 | ||||||||||||||||||||||
Shareholders equity |
203,535 | 204,200 | ||||||||||||||||||||||
Total liabilities and shareholders equity |
$ | 2,189,363 | $ | 2,169,138 | ||||||||||||||||||||
Net interest rate spread(1) |
4.12 | % | 4.17 | % | ||||||||||||||||||||
Net interest income and interest margin(2) |
$ | 21,787 | 4.31 | % | $ | 22,101 | 4.40 | % | ||||||||||||||||
Three months ended | ||||||||||||||||
March 31, | ||||||||||||||||
(in thousands) | 2011 | 2010 | $ Change | % Change | ||||||||||||
Service charges on deposit accounts |
$ | 3,430 | $ | 3,778 | ($348 | ) | (9.2 | %) | ||||||||
ATM fees and interchange |
1,645 | 1,368 | 277 | 20.2 | % | |||||||||||
Other service fees |
406 | 331 | 75 | 22.7 | % | |||||||||||
Mortgage banking service fees |
361 | 307 | 54 | 17.6 | % | |||||||||||
Change in value of mortgage servicing rights |
(60 | ) | (49 | ) | (11 | ) | 22.4 | % | ||||||||
Total service charges and fees |
5,782 | 5,735 | 47 | 0.8 | % | |||||||||||
Gain on sale of loans |
725 | 585 | 140 | 23.9 | % | |||||||||||
Commission on NDIP |
360 | 267 | 93 | 34.8 | % | |||||||||||
Increase in cash value of life insurance |
450 | 426 | 24 | 5.6 | % | |||||||||||
Change in indemnification asset |
1,692 | | 1,692 | |||||||||||||
Gain (loss) on sale of foreclosed assets |
200 | 40 | 160 | 400.0 | % | |||||||||||
Legal settlement |
| 400 | (400 | ) | (100.0 | %) | ||||||||||
Sale of customer checks |
59 | 48 | 11 | 22.9 | % | |||||||||||
Lease brokerage income |
33 | 37 | (4 | ) | (10.8 | %) | ||||||||||
Gain (loss) on disposal of fixed assets |
(9 | ) | (25 | ) | 16 | (64.0 | %) | |||||||||
Commission rebates |
(17 | ) | (16 | ) | (1 | ) | 6.3 | % | ||||||||
Other nonintrest income |
75 | 50 | 25 | 50.0 | % | |||||||||||
Total other noninterest income |
3,568 | 1,812 | 1,756 | 96.9 | % | |||||||||||
Total noninterest income |
$ | 9,350 | $ | 7,547 | $ | 1,803 | 23.9 | % | ||||||||
Three months ended | ||||||||||||||||
March 31, | ||||||||||||||||
(in thousands) | 2011 | 2010 | $ Change | % Change | ||||||||||||
Salaries |
$ | 7,004 | $ | 6,974 | $ | 30 | 0.4 | % | ||||||||
Commissions and incentives |
916 | 546 | 370 | 67.8 | % | |||||||||||
Employee benefits |
2,873 | 2,630 | 243 | 9.2 | % | |||||||||||
Total salaries and benefits expense |
10,793 | 10,150 | 643 | 6.3 | % | |||||||||||
Occupancy |
1,460 | 1,329 | 131 | 9.9 | % | |||||||||||
Equipment |
921 | 974 | (53 | ) | (5.4 | %) | ||||||||||
Change in reserve for unfunded commitments |
50 | | 50 | |||||||||||||
Data processing and software |
852 | 675 | 177 | 26.2 | % | |||||||||||
Telecommunications |
406 | 413 | (7 | ) | (1.7 | %) | ||||||||||
ATM network charges |
482 | 458 | 24 | 5.2 | % | |||||||||||
Professional fees |
287 | 716 | (429 | ) | (59.9 | %) | ||||||||||
Advertising and marketing |
432 | 521 | (89 | ) | (17.1 | %) | ||||||||||
Postage |
216 | 247 | (31 | ) | (12.6 | %) | ||||||||||
Courier service |
208 | 197 | 11 | 5.6 | % | |||||||||||
Intangible amortization |
85 | 65 | 20 | 30.8 | % | |||||||||||
Operational losses |
109 | 67 | 42 | 62.7 | % | |||||||||||
Provision for foreclosed asset losses |
449 | | 449 | |||||||||||||
Foreclosed asset expense |
167 | 197 | (30 | ) | (15.2 | %) | ||||||||||
Assessments |
867 | 784 | 83 | 10.6 | % | |||||||||||
Other |
1,887 | 2,010 | (123 | ) | (6.1 | %) | ||||||||||
Total other noninterest expense |
8,878 | 8,653 | 225 | 2.6 | % | |||||||||||
Total noninterest expense |
$ | 19,671 | $ | 18,803 | $ | 868 | 4.6 | % | ||||||||
Three months ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
Statement of Income Data |
||||||||||||||||||||
Interest income |
$ | 24,434 | $ | 25,627 | $ | 27,233 | $ | 25,776 | $ | 25,936 | ||||||||||
Interest expense |
2,730 | 3,036 | 3,497 | 3,642 | 3,958 | |||||||||||||||
Net interest income |
$ | 21,704 | $ | 22,591 | 23,736 | 22,134 | 21,978 | |||||||||||||
Provision for loan losses |
7,001 | 8,144 | 10,814 | 10,000 | 8,500 | |||||||||||||||
Noninterest income: |
||||||||||||||||||||
Service charges and fees |
5,782 | 6,045 | 5,237 | 6,082 | 5,735 | |||||||||||||||
Other income |
3,568 | 3,836 | 1,926 | 2,022 | 1,812 | |||||||||||||||
Total noninterest income |
9,350 | 9,881 | 7,163 | 8,104 | 7,547 | |||||||||||||||
Noninterest expense: |
||||||||||||||||||||
Base salaries net of deferred
loan origination costs |
$ | 7,004 | $ | 7,160 | 7,131 | 6,990 | 6,974 | |||||||||||||
Incentive compensation expense |
916 | 478 | 294 | 526 | 546 | |||||||||||||||
Employee benefits and other
compensation expense |
2,873 | 2,434 | 2,473 | 2,469 | 2,630 | |||||||||||||||
Total salaries and benefits expense |
$ | 10,793 | $ | 10,072 | 9,898 | 9,985 | 10,150 | |||||||||||||
Other noninterest expense |
8,878 | 9,398 | 10,626 | 8,423 | 8,653 | |||||||||||||||
Total noninterest expense |
$ | 19,671 | 19,470 | 20,524 | 18,408 | 18,803 | ||||||||||||||
Income (loss) before taxes |
$ | 4,382 | $ | 4,858 | (439 | ) | 1,830 | 2,222 | ||||||||||||
Net income |
$ | 2,800 | $ | 3,126 | $ | 1 | $ | 1,320 | $ | 1,558 | ||||||||||
Share Data |
||||||||||||||||||||
Basic earnings per share |
$ | 0.18 | $ | 0.20 | $ | 0.00 | $ | 0.08 | $ | 0.10 | ||||||||||
Diluted earnings per share |
$ | 0.17 | $ | 0.20 | $ | 0.00 | $ | 0.08 | $ | 0.10 | ||||||||||
Book value per common share |
$ | 12.72 | $ | 12.64 | $ | 12.66 | $ | 12.76 | $ | 12.63 | ||||||||||
Tangible book value per common share |
$ | 11.71 | $ | 11.62 | $ | 11.64 | $ | 11.74 | $ | 11.63 | ||||||||||
Shares outstanding |
15,860,138 | 15,860,138 | 15,860,138 | 15,860,138 | 15,860,138 | |||||||||||||||
Weighted average shares |
15,860,138 | 15,860,138 | 15,860,138 | 15,860,138 | 15,822,789 | |||||||||||||||
Weighted average diluted shares |
16,023,589 | 16,009,538 | 15,972,826 | 16,107,909 | 16,073,875 | |||||||||||||||
Credit Quality |
||||||||||||||||||||
Nonperforming loans |
$ | 71,053 | $ | 75,987 | $ | 84,983 | $ | 72,708 | $ | 70,284 | ||||||||||
Guaranteed portion of nonperforming loans(2) |
3,736 | 3,937 | 4,131 | 4,674 | 4,853 | |||||||||||||||
Foreclosed assets, net of allowance |
8,983 | 9,913 | 11,172 | 9,945 | 5,579 | |||||||||||||||
Loans charged-off |
7,049 | 6,040 | 11,163 | 8,424 | 8,101 | |||||||||||||||
Loans recovered |
701 | 1,698 | 689 | 513 | 468 | |||||||||||||||
Allowance for losses to total loans(1) |
3.31 | % | 3.18 | % | 2.86 | % | 2.75 | % | 2.75 | % | ||||||||||
Allowance for losses to NPLs(1) |
65 | % | 59 | % | 49 | % | 57 | % | 57 | % | ||||||||||
Allowance for losses to NPAs(1) |
57 | % | 53 | % | 43 | % | 50 | % | 53 | % | ||||||||||
Selected Financial Ratios |
||||||||||||||||||||
Return on average total assets |
0.51 | % | 0.56 | % | 0.00 | % | 0.24 | % | 0.29 | % | ||||||||||
Return on average equity |
5.50 | % | 6.14 | % | 0.00 | % | 2.61 | % | 3.05 | % | ||||||||||
Average yield on loans |
6.22 | % | 6.39 | % | 6.61 | % | 6.20 | % | 6.21 | % | ||||||||||
Average yield on interest-earning assets |
4.84 | % | 4.88 | % | 5.31 | % | 5.13 | % | 5.19 | % | ||||||||||
Average rate on interest-bearing liabilities |
0.72 | % | 0.76 | % | 0.87 | % | 0.92 | % | 1.02 | % | ||||||||||
Net interest margin (fully tax-equivalent) |
4.31 | % | 4.30 | % | 4.63 | % | 4.41 | % | 4.40 | % |
(1) | Allowance for losses includes allowance for loan losses and reserve for unfunded commitments. | |
(2) | Portion of nonperforming loans guaranteed by the U.S. Government, including its agencies and its government-sponsored agencies. |
Three months ended | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
Balance Sheet Data |
||||||||||||||||||||
Cash and due from banks |
$ | 406,294 | $ | 371,066 | $ | 398,191 | $ | 322,644 | $ | 308,664 | ||||||||||
Securities, available-for-sale |
279,824 | 277,271 | 250,012 | 275,783 | 292,065 | |||||||||||||||
Federal Home Loan Bank Stock |
9,133 | 9,133 | 9,157 | 9,523 | 9,274 | |||||||||||||||
Loans held for sale |
2,834 | 4,988 | 9,455 | 4,153 | 3,384 | |||||||||||||||
Loans: |
||||||||||||||||||||
Commercial loans |
131,242 | 141,902 | 149,743 | 162,898 | 147,988 | |||||||||||||||
Consumer loans |
388,142 | 423,238 | 436,597 | 434,943 | 444,831 | |||||||||||||||
Real estate mortgage loans |
823,563 | 807,482 | 821,562 | 860,615 | 810,386 | |||||||||||||||
Real estate construction loans |
44,713 | 46,949 | 44,890 | 42,484 | 48,600 | |||||||||||||||
Total loans, gross |
1,387,660 | 1,419,571 | 1,452,792 | 1,500,940 | 1,451,805 | |||||||||||||||
Allowance for loan losses |
(43,224 | ) | (42,571 | ) | (38,770 | ) | (38,430 | ) | (36,340 | ) | ||||||||||
Foreclosed assets |
8,983 | 9,913 | 11,172 | 9,945 | 5,579 | |||||||||||||||
Premises and equipment |
18,552 | 19,120 | 18,947 | 19,001 | 19,178 | |||||||||||||||
Cash value of life insurance |
50,991 | 50,541 | 49,972 | 49,546 | 49,120 | |||||||||||||||
Goodwill |
15,519 | 15,519 | 15,519 | 15,519 | 15,519 | |||||||||||||||
Intangible assets |
495 | 580 | 665 | 750 | 260 | |||||||||||||||
Mortgage servicing rights |
4,808 | 4,605 | 3,905 | 4,033 | 4,310 | |||||||||||||||
FDIC indemnification asset |
6,689 | 5,640 | 5,098 | 7,515 | | |||||||||||||||
Accrued interest receivable |
6,941 | 7,131 | 7,318 | 7,472 | 7,715 | |||||||||||||||
Other assets |
40,239 | 37,282 | 36,185 | 36,251 | 39,054 | |||||||||||||||
Total assets |
2,195,738 | 2,189,789 | 2,229,618 | 2,224,645 | 2,169,587 | |||||||||||||||
Deposits: |
||||||||||||||||||||
Noninterest-bearing demand deposits |
427,116 | 424,070 | 389,315 | 386,617 | 378,695 | |||||||||||||||
Interest-bearing demand deposits |
406,060 | 395,413 | 383,859 | 383,578 | 375,313 | |||||||||||||||
Savings deposits |
608,582 | 585,845 | 577,603 | 552,616 | 533,115 | |||||||||||||||
Time certificates |
418,154 | 446,845 | 537,764 | 567,138 | 546,174 | |||||||||||||||
Total deposits |
1,859,912 | 1,852,173 | 1,888,541 | 1,889,949 | 1,833,297 | |||||||||||||||
Accrued interest payable |
2,044 | 2,151 | 2,368 | 2,487 | 3,064 | |||||||||||||||
Reserve for unfunded commitments |
2,690 | 2,640 | 2,840 | 2,840 | 3,640 | |||||||||||||||
Other liabilities |
30,262 | 29,170 | 26,721 | 25,257 | 27,112 | |||||||||||||||
Other borrowings |
57,781 | 62,020 | 67,182 | 60,452 | 60,952 | |||||||||||||||
Junior subordinated debt |
41,238 | 41,238 | 41,238 | 41,238 | 41,238 | |||||||||||||||
Total liabilities |
1,993,927 | 1,989,392 | 2,028,890 | 2,022,223 | 1,969,303 | |||||||||||||||
Total shareholders equity |
201,811 | 200,397 | 200,728 | 202,422 | 200,284 | |||||||||||||||
Accumulated other
comprehensive gain (loss) |
1,086 | 1,310 | 3,606 | 4,132 | 2,053 | |||||||||||||||
Average loans |
1,396,331 | 1,443,603 | 1,481,497 | 1,463,473 | 1,469,685 | |||||||||||||||
Average interest-earning assets |
2,024,285 | 2,107,499 | 2,060,108 | 2,019,684 | 2,008,896 | |||||||||||||||
Average total assets |
2,189,363 | 2,235,471 | 2,237,670 | 2,191,660 | 2,169,138 | |||||||||||||||
Average deposits |
1,851,606 | 1,895,006 | 1,893,677 | 1,849,118 | 1,825,190 | |||||||||||||||
Average total equity |
$ | 203,535 | $ | 203,712 | $ | 205,324 | $ | 203,528 | $ | 204,200 | ||||||||||
Total risk based capital ratio |
14.5 | % | 14.2 | % | 13.8 | % | 13.6 | % | 13.5 | % | ||||||||||
Tier 1 capital ratio |
13.2 | % | 12.9 | % | 12.6 | % | 12.3 | % | 12.3 | % | ||||||||||
Tier 1 leverage ratio |
10.3 | % | 10.0 | % | 9.9 | % | 10.2 | % | 10.3 | % | ||||||||||
Tangible capital ratio |
8.5 | % | 8.5 | % | 8.3 | % | 8.4 | % | 8.6 | % |
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