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) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TRICO BANCSHARES |
||||
Date: July 26, 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 | ||||||||||||||||
June 30, | ||||||||||||||||
(in thousands) | 2011 | 2010 | $ Change | % Change | ||||||||||||
Net Interest Income |
$ | 21,753 | $ | 22,134 | $ | (381 | ) | (1.7 | %) | |||||||
Provision for loan losses |
(5,561 | ) | (10,000 | ) | 4,439 | (44.4 | %) | |||||||||
Noninterest income |
8,251 | 8,104 | 147 | 1.8 | % | |||||||||||
Noninterest expense |
(20,095 | ) | (18,408 | ) | (1,687 | ) | 9.2 | % | ||||||||
Provision for income taxes |
(1,577 | ) | (510 | ) | (1,067 | ) | 209.2 | % | ||||||||
Net income |
$ | 2,771 | $ | 1,320 | $ | 1,451 | 109.9 | % | ||||||||
Three months ended | Three months ended | |||||||||||||||||||||||
June 30, 2011 | June 30, 2010 | |||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Loans |
$ | 1,393,989 | $ | 21,735 | 6.24 | % | $ | 1,463,475 | $ | 22,701 | 6.20 | % | ||||||||||||
Investment securities taxable |
271,089 | 2,354 | 3.47 | % | 278,799 | 2,733 | 3.92 | % | ||||||||||||||||
Investment securities nontaxable |
11,839 | 216 | 7.31 | % | 15,502 | 299 | 7.71 | % | ||||||||||||||||
Cash at Federal Reserve and other banks |
351,512 | 242 | 0.28 | % | 261,910 | 154 | 0.24 | % | ||||||||||||||||
Total earning assets |
2,028,429 | 24,547 | 4.84 | % | 2,019,686 | 25,887 | 5.13 | % | ||||||||||||||||
Other assets |
164,222 | 171,974 | ||||||||||||||||||||||
Total |
$ | 2,192,651 | $ | 2,191,660 | ||||||||||||||||||||
Liabilities and shareholders equity: |
||||||||||||||||||||||||
Interest-bearing demand deposits |
408,109 | 358 | 0.35 | % | 386,788 | 586 | 0.61 | % | ||||||||||||||||
Savings deposits |
613,924 | 372 | 0.24 | % | 541,710 | 613 | 0.45 | % | ||||||||||||||||
Time deposits |
406,436 | 1,072 | 1.06 | % | 544,320 | 1,528 | 1.12 | % | ||||||||||||||||
Other borrowings |
59,139 | 600 | 4.06 | % | 61,629 | 602 | 3.91 | % | ||||||||||||||||
Junior subordinated debt |
41,238 | 312 | 3.03 | % | 41,238 | 313 | 3.04 | % | ||||||||||||||||
Total interest-bearing liabilities |
1,528,846 | 2,714 | 0.71 | % | 1,575,685 | 3,642 | 0.92 | % | ||||||||||||||||
Noninterest-bearing deposits |
424,331 | 376,300 | ||||||||||||||||||||||
Other liabilities |
33,711 | 36,147 | ||||||||||||||||||||||
Shareholders equity |
205,763 | 203,528 | ||||||||||||||||||||||
Total liabilities and shareholders equity |
$ | 2,192,651 | $ | 2,191,660 | ||||||||||||||||||||
Net interest rate spread(1) |
4.13 | % | 4.21 | % | ||||||||||||||||||||
Net interest income and interest margin(2) |
$ | 21,833 | 4.31 | % | $ | 22,245 | 4.41 | % | ||||||||||||||||
Three months ended | ||||||||||||||||
June 30, | ||||||||||||||||
(in thousands) | 2011 | 2010 | $ Change | % Change | ||||||||||||
Service charges on deposit accounts |
$ | 3,700 | $ | 4,443 | $ | (743 | ) | (16.7 | %) | |||||||
ATM fees and interchange |
1,776 | 1,531 | 245 | 16.0 | % | |||||||||||
Other service fees |
437 | 362 | 75 | 20.7 | % | |||||||||||
Mortgage banking service fees |
370 | 315 | 55 | 17.5 | % | |||||||||||
Change in value of mortgage servicing rights |
(162 | ) | (569 | ) | 407 | (71.5 | %) | |||||||||
Total service charges and fees |
6,121 | 6,082 | 39 | 0.6 | % | |||||||||||
Gain on sale of loans |
495 | 577 | (82 | ) | (14.2 | %) | ||||||||||
Commission on NDIP |
648 | 362 | 286 | 79.0 | % | |||||||||||
Increase in cash value of life insurance |
450 | 426 | 24 | 5.6 | % | |||||||||||
Change in indemnification asset |
144 | | 144 | |||||||||||||
Gain (loss) on sale of foreclosed assets |
185 | 310 | (125 | ) | (40.3 | %) | ||||||||||
Bargain purchase gain |
| 232 | (232 | ) | (100.0 | %) | ||||||||||
Sale of customer checks |
67 | 54 | 13 | 24.1 | % | |||||||||||
Lease brokerage income |
95 | 21 | 74 | 352.4 | % | |||||||||||
Gain (loss) on disposal of fixed assets |
(6 | ) | (15 | ) | 9 | (60.0 | %) | |||||||||
Commission rebates |
(16 | ) | (17 | ) | 1 | (5.9 | %) | |||||||||
Other nonintrest income |
68 | 72 | (4 | ) | (5.6 | %) | ||||||||||
Total other noninterest income |
2,130 | 2,022 | 108 | 5.3 | % | |||||||||||
Total noninterest income |
$ | 8,251 | $ | 8,104 | $ | 147 | 1.8 | % | ||||||||
Three months ended | ||||||||||||||||
June 30, | ||||||||||||||||
(in thousands) | 2011 | 2010 | $ Change | % Change | ||||||||||||
Salaries |
$ | 7,198 | $ | 6,990 | $ | 208 | 3.0 | % | ||||||||
Commissions and incentives |
783 | 526 | 257 | 48.9 | % | |||||||||||
Employee benefits |
2,734 | 2,469 | 265 | 10.7 | % | |||||||||||
Total salaries and benefits expense |
10,715 | 9,985 | 730 | 7.3 | % | |||||||||||
Occupancy |
1,402 | 1,407 | (5 | ) | (0.4 | %) | ||||||||||
Equipment |
880 | 1,060 | (180 | ) | (17.0 | %) | ||||||||||
Change in reserve for unfunded commitments |
(50 | ) | (800 | ) | 750 | (93.8 | %) | |||||||||
Data processing and software |
956 | 661 | 295 | 44.6 | % | |||||||||||
Telecommunications |
520 | 461 | 59 | 12.8 | % | |||||||||||
ATM network charges |
507 | 446 | 61 | 13.7 | % | |||||||||||
Professional fees |
573 | 704 | (131 | ) | (18.6 | %) | ||||||||||
Advertising and marketing |
739 | 627 | 112 | 17.9 | % | |||||||||||
Postage |
219 | 311 | (92 | ) | (29.6 | %) | ||||||||||
Courier service |
221 | 201 | 20 | 10.0 | % | |||||||||||
Intangible amortization |
20 | 72 | (52 | ) | (72.2 | %) | ||||||||||
Operational losses |
118 | 120 | (2 | ) | (1.7 | %) | ||||||||||
Provision for foreclosed asset losses |
638 | 55 | 583 | 1060.0 | % | |||||||||||
Foreclosed asset expense |
115 | 66 | 49 | 74.2 | % | |||||||||||
Assessments |
518 | 812 | (294 | ) | (36.2 | %) | ||||||||||
Other |
2,004 | 2,220 | (216 | ) | (9.7 | %) | ||||||||||
Total other noninterest expense |
9,380 | 8,423 | 957 | 11.4 | % | |||||||||||
Total noninterest expense |
$ | 20,095 | $ | 18,408 | $ | 1,687 | 9.2 | % | ||||||||
Three months ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2011 | 2011 | 2010 | 2010 | 2010 | ||||||||||||||||
Statement of Income Data |
||||||||||||||||||||
Interest income |
$ | 24,467 | $ | 24,434 | $ | 25,627 | $ | 27,233 | $ | 25,776 | ||||||||||
Interest expense |
2,714 | 2,730 | 3,036 | 3,497 | 3,642 | |||||||||||||||
Net interest income |
$ | 21,753 | $ | 21,704 | 22,591 | 23,736 | 22,134 | |||||||||||||
Provision for loan losses |
5,561 | 7,001 | 8,144 | 10,814 | 10,000 | |||||||||||||||
Noninterest income: |
||||||||||||||||||||
Service charges and fees |
6,121 | 5,782 | 6,045 | 5,237 | 6,082 | |||||||||||||||
Other income |
2,130 | 3,568 | 3,836 | 1,926 | 2,022 | |||||||||||||||
Total noninterest income |
8,251 | 9,350 | 9,881 | 7,163 | 8,104 | |||||||||||||||
Noninterest expense: |
||||||||||||||||||||
Base salaries net of deferred
loan origination costs |
$ | 7,198 | $ | 7,004 | 7,160 | 7,131 | 6,990 | |||||||||||||
Incentive compensation expense |
783 | 916 | 478 | 294 | 526 | |||||||||||||||
Employee benefits and other
compensation expense |
2,734 | 2,873 | 2,434 | 2,473 | 2,469 | |||||||||||||||
Total salaries and benefits expense |
$ | 10,715 | $ | 10,793 | 10,072 | 9,898 | 9,985 | |||||||||||||
Other noninterest expense |
9,380 | 8,878 | 9,398 | 10,626 | 8,423 | |||||||||||||||
Total noninterest expense |
$ | 20,095 | 19,671 | 19,470 | 20,524 | 18,408 | ||||||||||||||
Income (loss) before taxes |
$ | 4,348 | $ | 4,382 | 4,858 | (439 | ) | 1,830 | ||||||||||||
Net income |
$ | 2,771 | $ | 2,800 | $ | 3,126 | $ | 1 | $ | 1,320 | ||||||||||
Share Data |
||||||||||||||||||||
Basic earnings per share |
$ | 0.17 | $ | 0.18 | $ | 0.20 | $ | 0.00 | $ | 0.08 | ||||||||||
Diluted earnings per share |
$ | 0.17 | $ | 0.17 | $ | 0.20 | $ | 0.00 | $ | 0.08 | ||||||||||
Book value per common share |
$ | 12.82 | $ | 12.72 | $ | 12.64 | $ | 12.66 | $ | 12.76 | ||||||||||
Tangible book value per common share |
$ | 11.82 | $ | 11.71 | $ | 11.62 | $ | 11.64 | $ | 11.74 | ||||||||||
Shares outstanding |
15,978,958 | 15,860,138 | 15,860,138 | 15,860,138 | 15,860,138 | |||||||||||||||
Weighted average shares |
15,922,228 | 15,860,138 | 15,860,138 | 15,860,138 | 15,860,138 | |||||||||||||||
Weighted average diluted shares |
15,953,572 | 16,023,589 | 16,009,538 | 15,972,826 | 16,107,909 | |||||||||||||||
Credit Quality |
||||||||||||||||||||
Nonperforming loans |
$ | 73,720 | $ | 71,053 | $ | 75,987 | $ | 84,983 | $ | 72,708 | ||||||||||
Guaranteed portion of nonperforming loans(2) |
3,496 | 3,736 | 3,937 | 4,131 | 4,674 | |||||||||||||||
Foreclosed assets, net of allowance |
9,337 | 8,983 | 9,913 | 11,172 | 9,945 | |||||||||||||||
Loans charged-off |
5,230 | 7,049 | 6,040 | 11,163 | 8,424 | |||||||||||||||
Loans recovered |
407 | 701 | 1,698 | 689 | 513 | |||||||||||||||
Allowance for losses to total loans(1) |
3.34 | % | 3.31 | % | 3.18 | % | 2.86 | % | 2.75 | % | ||||||||||
Allowance for losses to NPLs(1) |
63 | % | 65 | % | 59 | % | 49 | % | 57 | % | ||||||||||
Allowance for losses to NPAs(1) |
56 | % | 57 | % | 53 | % | 43 | % | 50 | % | ||||||||||
Selected Financial Ratios |
||||||||||||||||||||
Return on average total assets |
0.51 | % | 0.51 | % | 0.56 | % | 0.00 | % | 0.24 | % | ||||||||||
Return on average equity |
5.39 | % | 5.50 | % | 6.14 | % | 0.00 | % | 2.61 | % | ||||||||||
Average yield on loans |
6.24 | % | 6.22 | % | 6.39 | % | 6.61 | % | 6.20 | % | ||||||||||
Average yield on interest-earning assets |
4.84 | % | 4.84 | % | 4.88 | % | 5.31 | % | 5.13 | % | ||||||||||
Average rate on interest-bearing liabilities |
0.71 | % | 0.72 | % | 0.76 | % | 0.87 | % | 0.92 | % | ||||||||||
Net interest margin (fully tax-equivalent) |
4.31 | % | 4.31 | % | 4.30 | % | 4.63 | % | 4.41 | % |
(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 | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2011 | 2011 | 2010 | 2010 | 2010 | ||||||||||||||||
Balance Sheet Data |
||||||||||||||||||||
Cash and due from banks |
$ | 391,054 | $ | 406,294 | $ | 371,066 | $ | 398,191 | $ | 322,644 | ||||||||||
Securities, available-for-sale |
264,992 | 279,824 | 277,271 | 250,012 | 275,783 | |||||||||||||||
Federal Home Loan Bank Stock |
9,199 | 9,133 | 9,133 | 9,157 | 9,523 | |||||||||||||||
Loans held for sale |
4,379 | 2,834 | 4,988 | 9,455 | 4,153 | |||||||||||||||
Loans: |
||||||||||||||||||||
Commercial loans |
140,531 | 131,242 | 141,902 | 149,743 | 162,898 | |||||||||||||||
Consumer loans |
382,864 | 388,142 | 423,238 | 436,597 | 434,943 | |||||||||||||||
Real estate mortgage loans |
828,757 | 823,563 | 807,482 | 821,562 | 860,615 | |||||||||||||||
Real estate construction loans |
43,910 | 44,713 | 46,949 | 44,890 | 42,484 | |||||||||||||||
Total loans, gross |
1,396,062 | 1,387,660 | 1,419,571 | 1,452,792 | 1,500,940 | |||||||||||||||
Allowance for loan losses |
(43,962 | ) | (43,224 | ) | (42,571 | ) | (38,770 | ) | (38,430 | ) | ||||||||||
Foreclosed assets |
9,337 | 8,983 | 9,913 | 11,172 | 9,945 | |||||||||||||||
Premises and equipment |
20,142 | 18,552 | 19,120 | 18,947 | 19,001 | |||||||||||||||
Cash value of life insurance |
51,441 | 50,991 | 50,541 | 49,972 | 49,546 | |||||||||||||||
Goodwill |
15,519 | 15,519 | 15,519 | 15,519 | 15,519 | |||||||||||||||
Intangible assets |
475 | 495 | 580 | 665 | 750 | |||||||||||||||
Mortgage servicing rights |
4,818 | 4,808 | 4,605 | 3,905 | 4,033 | |||||||||||||||
FDIC indemnification asset |
4,545 | 6,689 | 5,640 | 5,098 | 7,515 | |||||||||||||||
Accrued interest receivable |
6,549 | 6,941 | 7,131 | 7,318 | 7,472 | |||||||||||||||
Other assets |
41,634 | 40,239 | 37,282 | 36,185 | 36,251 | |||||||||||||||
Total assets |
2,176,184 | 2,195,738 | 2,189,789 | 2,229,618 | 2,224,645 | |||||||||||||||
Deposits: |
||||||||||||||||||||
Noninterest-bearing demand deposits |
419,391 | 427,116 | 424,070 | 389,315 | 386,617 | |||||||||||||||
Interest-bearing demand deposits |
401,040 | 406,060 | 395,413 | 383,859 | 383,578 | |||||||||||||||
Savings deposits |
618,413 | 608,582 | 585,845 | 577,603 | 552,616 | |||||||||||||||
Time certificates |
397,887 | 418,154 | 446,845 | 537,764 | 567,138 | |||||||||||||||
Total deposits |
1,836,731 | 1,859,912 | 1,852,173 | 1,888,541 | 1,889,949 | |||||||||||||||
Accrued interest payable |
1,865 | 2,044 | 2,151 | 2,368 | 2,487 | |||||||||||||||
Reserve for unfunded commitments |
2,640 | 2,690 | 2,640 | 2,840 | 2,840 | |||||||||||||||
Other liabilities |
29,561 | 30,262 | 29,170 | 26,721 | 25,257 | |||||||||||||||
Other borrowings |
59,234 | 57,781 | 62,020 | 67,182 | 60,452 | |||||||||||||||
Junior subordinated debt |
41,238 | 41,238 | 41,238 | 41,238 | 41,238 | |||||||||||||||
Total liabilities |
1,971,269 | 1,993,927 | 1,989,392 | 2,028,890 | 2,022,223 | |||||||||||||||
Total shareholders equity |
204,915 | 201,811 | 200,397 | 200,728 | 202,422 | |||||||||||||||
Accumulated other
comprehensive gain (loss) |
2,644 | 1,086 | 1,310 | 3,606 | 4,132 | |||||||||||||||
Average loans |
1,393,989 | 1,396,331 | 1,443,603 | 1,481,497 | 1,463,473 | |||||||||||||||
Average interest-earning assets |
2,028,429 | 2,024,285 | 2,107,499 | 2,060,108 | 2,019,684 | |||||||||||||||
Average total assets |
2,192,651 | 2,189,363 | 2,235,471 | 2,237,670 | 2,191,660 | |||||||||||||||
Average deposits |
1,852,800 | 1,851,606 | 1,895,006 | 1,893,677 | 1,849,118 | |||||||||||||||
Average total equity |
$ | 205,763 | $ | 203,535 | $ | 203,712 | $ | 205,324 | $ | 203,528 | ||||||||||
Total risk based capital ratio |
14.6 | % | 14.5 | % | 14.2 | % | 13.8 | % | 13.6 | % | ||||||||||
Tier 1 capital ratio |
13.3 | % | 13.2 | % | 12.9 | % | 12.6 | % | 12.3 | % | ||||||||||
Tier 1 leverage ratio |
10.4 | % | 10.3 | % | 10.0 | % | 9.9 | % | 10.2 | % | ||||||||||
Tangible capital ratio |
8.7 | % | 8.5 | % | 8.5 | % | 8.3 | % | 8.4 | % |
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