TriCo Bancshares Parent Only Financial Statements (unaudited)

9 Months Ended

Sep. 30, 2012

TriCo Bancshares Parent Only Financial Statements [Abstract]

TriCo Bancshares Parent Only Financial Statements

Note 28 – TriCo Bancshares Parent Only Financial Statements (unaudited)

Balance Sheets (In thousands, except per share data)	September 30, 2012		December 31, 2011
Assets
Cash and Cash equivalents	$	2,578	$	706
Investment in Tri Counties Bank		264,900		256,010
Other assets		1,238		1,238
Total assets	$	268,716	$	257,954
Liabilities and shareholders’ equity
Other liabilities		281	$	275
Junior subordinated debt		41,238		41,238
Total liabilities		41,519		41,513
Shareholders’ equity:
Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 15,992,893 and 15,978,958 shares, respectively		85,088		84,079
Retained earnings		138,474		128,551
Accumulated other comprehensive loss, net		3,635		3,811
Total shareholders’ equity		227,197		216,441
Total liabilities and shareholders’ equity	$	268,716	$	257,954

Statements of Income	Three months ended Sept. 30,						Nine months ended Sept. 30,
(In thousands)	2012			2011			2012			2011
Interest expense	$	333		$	312		$	1,003			934
Administration expense		131			138			445			461
Loss before equity in net income of Tri Counties Bank		(464	)		(450	)		(1,448	)		(1,395	)
Equity in net income of Tri Counties Bank:
Distributed		1,550			1,650			6,872			5,685
(Over) under distributed		3,739			5,081			8,244			7,163
Income tax benefit		195			189			604			588
Net income	$	5,020		$	6,470		$	14,272		$	12,041

Statements of Comprehensive Income	Three months ended Sept. 30,				Nine months ended Sept. 30,
(In thousands)	2012		2011		2012			2011
Net income	$	5,020	$	6,470	$	14,272		$	12,041
Other comprehensive income, net of tax:
Unrealized holding gains (losses) on securities arising during the period		98		824		(176	)		2,158
Other comprehensive loss		98		824		(176	)		2,158
Comprehensive income	$	5,118	$	7,294	$	14,096		$	14,199

Statements of Cash Flows	Nine months ended Sept. 30,
(In thousands)	2012			2011
Operating activities:
Net income	$	14,272		$	12,041
Adjustments to reconcile net income to net cash provided by operating activities:
Over (under) distributed equity in earnings of Tri Counties Bank		(8,244	)		(7,163	)
Stock option vesting expense		800			553
Stock option excess tax benefits		(21	)		(296	)
Net change in other assets and liabilities		(747	)		(556	)
Net cash provided by operating activities		6,060			4,579
Investing activities: None
Financing activities:
Issuance of common stock through option exercise		156			436
Stock option excess tax benefits		21			296
Repurchase of common stock		(48	)		(753	)
Cash dividends paid – common		(4,317	)		(4,304	)
Net cash used for financing activities		(4,188	)		(4,325	)
Increase in cash and cash equivalents		1,872			254
Cash and cash equivalents at beginning of year		706			633
Cash and cash equivalents at end of year	$	2,578		$	887