TriCo Bancshares Announces Quarterly Results
TriCo Bancshares (NASDAQ: TCBK) reported a net income of $33.65 million for Q1 2021, up 42.2% from $23.66 million in Q4 2020 and 108.7% from $16.12 million in Q1 2020. Diluted EPS rose to $1.13, marking a 43% increase year-over-year. Key highlights include organic loan growth of $68.19 million, a net interest margin of 3.74%, and an efficiency ratio of 50.42%, indicating improved cost management. Total assets surged to $8.03 billion, driven by deposit growth of 22% annually. The company's book value per share increased to $31.71, reflecting robust financial health during the ongoing economic recovery.
- Net income increased by 42.2% to $33.65 million quarter-over-quarter.
- Diluted EPS rose to $1.13, a 43% increase year-over-year.
- Organic loan growth of $68.19 million (6.16% annualized) and total loan growth of $169.78 million (15.3% annualized).
- Efficiency ratio improved to 50.42% from 55.11% in the prior quarter, indicating better cost management.
- Total assets reached $8.03 billion, a 24.1% increase year-over-year.
- Book value per share increased to $31.71, showing strong financial foundations.
- Net interest margin decreased to 3.74% from 4.34% year-over-year.
- Provision for income taxes increased by 52.5% compared to the previous quarter.
TriCo Bancshares (NASDAQ: TCBK) (the “Company”), parent company of Tri Counties Bank, today announced net income of
Financial Highlights
Performance highlights and other developments for the Company as of or for the three months ended March 31, 2021 included the following:
-
For the three months ended March 31, 2021, the Company’s return on average assets was
1.75% and the return on average equity was14.51% . -
Organic loan growth, excluding PPP was
$68.19 million (6.16% annualized) for the quarter totaled while total loan growth, excluding PPP was$169.78 million (15.3% annualized) for the quarter. -
For the current quarter, net interest margin was
3.74% on a tax equivalent basis as compared to4.34% in the quarter ended March 31, 2020, and a decrease of 5 basis points from the3.79% in the trailing quarter. -
The efficiency ratio was
50.42% for the first quarter of 2021, as compared to55.11% in the trailing quarter and59.66% in the same quarter of the prior year. -
As of March 31, 2021, the Company reported total loans, total assets and total deposits of
$4.97 billion ,$8.03 billion and$6.86 billion , respectively. As a direct result of the considerable deposit growth experienced over the last twelve months, the loan to deposit ratio was72.37% as of March 31, 2021, as compared to73.21% at December 31, 2020 and81.05% at March 31, 2020. -
Non-interest bearing deposits as a percentage of total deposits were
40.31% at March 31, 2021, as compared to39.68% at December 31, 2020 and34.86% at March 31, 2020. -
The average rate of interest paid on deposits, including non-interest-bearing deposits, decreased to
0.06% for the first quarter of 2021 as compared with0.07% for the trailing quarter, and decreased by 13 basis points from the average rate paid of0.19% during the same quarter of the prior year. -
Total outstanding loan deferral modifications under the CARES Act legislation was
$48.27 million as of March 31, 2021, of which$18.0 million related to second deferrals, and an additional$1.9 million related to third deferrals. -
The reversal of provision for credit losses for loans and debt securities was
$6.1 million during the quarter ended March 31, 2021, as compared to a provision expense of$4.9 million during the trailing quarter ended December 31, 2020, and a provision expense totaling$8.1 million for the three month period ended March 31, 2020. -
The allowance for credit losses to total loans was
1.73% as of March 31, 2021, compared to1.93% as of December 31, 2020, and1.15% as January 1, 2020, following the Company's adoption of CECL. Non-performing assets to total assets were0.39% at March 31, 2021, as compared to0.39% as of December 31, 2020, and0.31% at March 31, 2020. -
Gain on sale of loans for the three months ended March 31, 2021 totaled
$3.2 million , as compared to$3.5 million during the quarter ended December 31, 2020 and$0.9 million for the quarter ended March 31, 2020.
“We continued to benefit from significant growth in deposits during the quarter and we effectively deployed that liquidity to defend net interest income through strong organic and PPP loan growth, as well as additional purchases of whole loans and investment securities," commented Peter Wiese, EVP and Chief Financial Officer. Rick Smith, President and CEO added; "The actions and activities that we pursued during the second half of last year continue to benefit Tri Counties Bank as evidenced by the significant reduction in noninterest expenses and our efficiency ratio. In addition, we rewarded shareholders with an increase in our dividend which now equates to
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the period ended March 31, 2021, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.
Summary Results
For the three months ended March 31, 2021, the Company’s return on average assets was
The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:
|
Three months ended |
|
|
|
|
|||||||||
|
March 31, |
|
December 31, |
|
|
|
|
|||||||
(dollars and shares in thousands) |
2021 |
|
2020 |
|
$ Change |
|
% Change |
|||||||
Net interest income |
$ |
66,440 |
|
|
$ |
66,422 |
|
|
$ |
18 |
|
|
0.0 |
% |
Reversal of (provision for) credit losses |
6,060 |
|
|
(4,850) |
|
|
10,910 |
|
|
(224.9) |
% |
|||
Noninterest income |
16,110 |
|
|
16,580 |
|
|
(470) |
|
|
(2.8) |
% |
|||
Noninterest expense |
(41,618) |
|
|
(45,745) |
|
|
4,127 |
|
|
(9.0) |
% |
|||
Provision for income taxes |
(13,343) |
|
|
(8,750) |
|
|
(4,593) |
|
|
52.5 |
% |
|||
Net income |
$ |
33,649 |
|
|
$ |
23,657 |
|
|
$ |
9,992 |
|
|
42.2 |
% |
Diluted earnings per share |
$ |
1.13 |
|
|
$ |
0.79 |
|
|
$ |
0.34 |
|
|
43.0 |
% |
Dividends per share |
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.03 |
|
|
13.6 |
% |
Average common shares |
29,727 |
|
|
29,757 |
|
|
(30) |
|
|
(0.1) |
% |
|||
Average diluted common shares |
29,905 |
|
|
29,863 |
|
|
42 |
|
|
0.1 |
% |
|||
Return on average total assets |
1.75 |
% |
|
1.24 |
% |
|
|
|
|
|||||
Return on average equity |
14.51 |
% |
|
10.37 |
% |
|
|
|
|
|||||
Efficiency ratio |
50.42 |
% |
|
55.11 |
% |
|
|
|
|
|||||
|
Three months ended
|
|
|
|
|
|||||||||
(dollars and shares in thousands) |
2021 |
|
2020 |
|
$ Change |
|
% Change |
|||||||
Net interest income |
$ |
66,440 |
|
|
$ |
63,192 |
|
|
$ |
3,248 |
|
|
5.1 |
% |
Reversal of (provision for) credit losses |
6,060 |
|
|
(8,070) |
|
|
14,130 |
|
|
(175.1) |
% |
|||
Noninterest income |
16,110 |
|
|
11,820 |
|
|
4,290 |
|
|
36.3 |
% |
|||
Noninterest expense |
(41,618) |
|
|
(44,749) |
|
|
3,131 |
|
|
(7.0) |
% |
|||
Provision for income taxes |
(13,343) |
|
|
(6,072) |
|
|
(7,271) |
|
|
119.7 |
% |
|||
Net income |
$ |
33,649 |
|
|
$ |
16,121 |
|
|
$ |
17,528 |
|
|
108.7 |
% |
Diluted earnings per share |
$ |
1.13 |
|
|
$ |
0.53 |
|
|
$ |
0.60 |
|
|
113.2 |
% |
Dividends per share |
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.03 |
|
|
13.6 |
% |
Average common shares |
29,727 |
|
|
30,395 |
|
|
(668) |
|
|
(2.2) |
% |
|||
Average diluted common shares |
29,905 |
|
|
30,523 |
|
|
(618) |
|
|
(2.0) |
% |
|||
Return on average total assets |
1.75 |
% |
|
1.00 |
% |
|
|
|
|
|||||
Return on average equity |
14.51 |
% |
|
7.14 |
% |
|
|
|
|
|||||
Efficiency ratio |
50.42 |
% |
|
59.66 |
% |
|
|
|
|
|||||
SBA Paycheck Protection Program
In March 2020, the Small Business Administration ("SBA") Paycheck Protection Program ("PPP") was created to help small businesses keep workers employed during the COVID-19 crisis. In December 2020, the SBA announced plans for a second round of PPP lending with streamlined requirements for both borrowers and lenders. Effective Friday, January 15, 2021, Tri Counties Bank launched and began accepting applications via an improved on-line portal which allows borrowers to open a new account and submit PPP applications under the new PPP guidance.
The following is a summary of PPP loan related activity as of the periods indicated:
(dollars in thousands) |
March 31, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
||||||||
Total number of PPP loans outstanding |
2,484 |
|
|
2,310 |
|
|
2,924 |
|
|
2,900 |
|
||||
|
|
|
|
|
|
|
|
||||||||
PPP loan balance (Round 1 origination), gross |
$ |
193,958 |
|
|
$ |
333,982 |
|
|
$ |
437,793 |
|
|
$ |
436,731 |
|
PPP loan balance (Round 2 origination), gross |
176,316 |
|
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|||
Total PPP loans, gross |
$ |
370,274 |
|
|
$ |
333,982 |
|
|
$ |
437,793 |
|
|
$ |
436,731 |
|
|
|
|
|
|
|
|
|
||||||||
PPP deferred loan fees (Round 1 origination) |
$ |
2,358 |
|
|
$ |
7,212 |
|
|
$ |
11,846 |
|
|
$ |
13,300 |
|
PPP deferred loan fees (Round 2 origination) |
7,072 |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
||||
Total PPP deferred loan fees |
$ |
9,430 |
|
|
$ |
7,212 |
|
|
$ |
11,846 |
|
|
$ |
13,300 |
|
As of March 31, 2021, the total gross balance outstanding of PPP loans (Round 1) was
As of March 31, 2021, the total gross balance outstanding of PPP loans (Round 2) was
COVID Deferrals
Following the passage of the CARES Act legislation, the "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus" was issued by federal bank regulators, which offers temporary relief from troubled debt restructuring accounting for loan payment deferrals for certain customers whose businesses are experiencing economic hardship due to Coronavirus. The applicable period for this relief, originally expected to expire on December 31, 2020, was extended through 2021 by way of the Consolidated Appropriations Act. The Company continues to closely monitor the effects of the pandemic on our loan and deposit customers. Our management team continues to be focused on assessing the risks in our loan portfolio and working with our customers to mitigate where possible, the risk of potential losses. Beginning in April 2020, the Company implemented loan programs to allow certain consumers and businesses impacted by the pandemic to defer loan principal and interest payments.
The following is a summary of COVID related loan customer modifications with outstanding balances as of March 31, 2021:
|
|
|
|
|
Modification Type |
|
Deferral Term |
||||||||||||||
(dollars in thousands) |
Modified
|
|
% of Total
|
|
Interest Only
|
|
Principal and
|
|
90 Days |
|
180 Days |
|
Other |
||||||||
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
CRE non-owner occupied |
$ |
41,848 |
|
2.69 |
% |
|
95.6 |
% |
|
4.4 |
% |
|
26.6 |
% |
|
57.9 |
% |
|
15.6 |
% |
|
CRE owner occupied |
5,148 |
|
0.80 |
|
|
100.0 |
|
|
— |
|
|
— |
|
|
75.1 |
|
|
24.9 |
|
||
Multifamily |
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||
Farmland |
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||
Total commercial real estate loans |
46,996 |
|
1.5 |
|
|
96.1 |
|
|
3.9 |
|
|
23.7 |
|
|
59.7 |
|
|
16.6 |
|
||
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
SFR 1-4 1st lien |
457 |
|
0.1 |
|
|
100.0 |
|
|
— |
|
|
— |
|
|
100.0 |
|
|
— |
|
||
SFR HELOCs and junior liens |
97 |
|
— |
|
|
— |
|
|
100.0 |
|
|
100.0 |
|
|
— |
|
|
— |
|
||
Other |
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||
Total consumer loans |
554 |
|
0.1 |
|
|
82.6 |
|
|
17.4 |
|
|
17.4 |
|
|
82.6 |
|
|
— |
|
||
Commercial and industrial |
716 |
|
0.1 |
|
|
78.8 |
|
|
21.2 |
|
|
— |
|
|
21.2 |
|
|
— |
|
||
Construction |
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||
Agriculture production |
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||
Leases |
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||
Total modifications |
$ |
48,266 |
|
1.0 |
% |
|
95.7 |
% |
|
4.3 |
% |
|
23.3 |
% |
|
59.4 |
% |
|
17.3 |
% |
|
Since inception, total loan modifications associated with CARES Act legislation totaled approximately
Management believes that its analysis of each borrower receiving a loan modification supports the ability of that borrower to return to their normal payment terms at the conclusion of the modification period. However, management determined that risk rating downgrades for each credit receiving a deferral modification was prudent until such time that the borrower's actual payment performance supported an upgrade to the pre-modification risk grade.
Balance Sheet
Total loans outstanding, excluding PPP, grew to
Total shareholders' equity increased by
Trailing Quarter Balance Sheet Change
Ending balances |
As of March 31, |
|
December 31, |
|
$ Change |
|
Annualized
|
|||||||
(dollars in thousands) |
2021 |
|
2020 |
|
||||||||||
Total assets |
$ |
8,031,612 |
|
|
$ |
7,639,529 |
|
|
$ |
392,083 |
|
|
20.5 |
% |
Total loans |
4,966,977 |
|
|
4,763,127 |
|
|
203,850 |
|
|
17.1 |
% |
|||
Total loans, excluding PPP |
4,606,133 |
|
|
4,436,357 |
|
|
169,776 |
|
|
15.3 |
% |
|||
Total investments |
1,962,780 |
|
|
1,719,102 |
|
|
243,678 |
|
|
56.7 |
% |
|||
Total deposits |
$ |
6,863,400 |
|
|
$ |
6,505,934 |
|
|
$ |
357,466 |
|
|
22.0 |
% |
The growth of deposit balances continued during the first quarter of 2021, increasing by
Average Trailing Quarter Balance Sheet Change
Qtrly avg balances |
As of March 31, |
|
As of December 31, |
|
$ Change |
|
Annualized
|
|||||||
(dollars in thousands) |
2021 |
|
2020 |
|
||||||||||
Total assets |
$ |
7,808,912 |
|
|
$ |
7,570,952 |
|
|
$ |
237,960 |
|
|
12.6 |
% |
Total loans |
4,763,025 |
|
|
4,767,715 |
|
|
(4,690) |
|
|
(0.4) |
% |
|||
Total loans, excluding PPP |
4,407,150 |
|
|
4,363,873 |
|
|
43,277 |
|
|
4.0 |
% |
|||
Total investments |
1,775,035 |
|
|
1,572,511 |
|
|
202,524 |
|
|
51.5 |
% |
|||
Total deposits |
$ |
6,653,754 |
|
|
$ |
6,341,175 |
|
|
$ |
312,579 |
|
|
19.7 |
% |
The decline in average total loans of
Year Over Year Balance Sheet Change
Ending balances |
As of March 31, |
|
|
|
|
|
|||||||||
(dollars in thousands) |
2021 |
|
2020 |
|
$ Change |
|
|
% Change |
|||||||
Total assets |
$ |
8,031,612 |
|
|
$ |
6,474,309 |
|
|
$ |
1,557,303 |
|
|
|
24.1 |
% |
Total loans |
4,966,977 |
|
|
4,379,062 |
|
|
587,915 |
|
|
|
13.4 |
% |
|||
Total loans, excluding PPP |
4,606,133 |
|
|
4,379,062 |
|
|
227,071 |
|
|
|
5.2 |
% |
|||
Total investments |
1,962,780 |
|
|
1,382,026 |
|
|
580,754 |
|
|
|
42.0 |
% |
|||
Total deposits |
$ |
6,863,400 |
|
|
$ |
5,402,698 |
|
|
$ |
1,460,702 |
|
|
|
27.0 |
% |
As discussed in previous quarters, the PPP program generated significant increases in volume during the twelve months ended March 31, 2021 for both loan and deposit balances. Other forms of stimulus payments have further elevated deposit levels during the same period. While excess deposit proceeds are ratably being allocated to the purchase of investment securities with medium term durations to improve overall margin, we expect to maintain above average levels of liquidity through 2021, as the economic impacts of COVID-19 and amount of future stimulus both remain uncertain. Investment securities increased to
Net Interest Income and Net Interest Margin
The following is a summary of the components of net interest income for the periods indicated:
|
Three months ended |
|
|
|
|
|||||||||
|
March 31, |
|
December 31, |
|
|
|
|
|||||||
(dollars in thousands) |
2021 |
|
2020 |
|
$ Change |
|
% Change |
|||||||
Interest income |
$ |
67,916 |
|
|
$ |
68,081 |
|
|
$ |
(165) |
|
|
(0.2) |
% |
Interest expense |
(1,476) |
|
|
(1,659) |
|
|
183 |
|
|
(11.0) |
% |
|||
Fully tax-equivalent adjustment (FTE) (1) |
277 |
|
|
258 |
|
|
19 |
|
|
7.4 |
% |
|||
Net interest income (FTE) |
$ |
66,717 |
|
|
$ |
66,680 |
|
|
$ |
37 |
|
|
0.1 |
% |
Net interest margin (FTE) |
3.74 |
% |
|
3.79 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||||
Acquired loans discount accretion, net: |
|
|
|
|
|
|
|
|||||||
Amount (included in interest income) |
$ |
1,712 |
|
|
$ |
1,960 |
|
|
$ |
(248) |
|
|
|
|
Net interest margin less effect of acquired loan discount accretion(1) |
3.64 |
% |
|
3.68 |
% |
|
|
|
(0.04) |
% |
||||
PPP loans yield, net: |
|
|
|
|
|
|
|
|||||||
Amount (included in interest income) |
$ |
5,863 |
|
|
$ |
5,676 |
|
|
$ |
187 |
|
|
|
|
Net interest margin less effect of PPP loan yield (1) |
3.59 |
% |
|
3.68 |
% |
|
|
|
(0.09) |
% |
||||
Acquired loans discount accretion and PPP loan yield, net: (1) |
|
|
|
|
|
|
|
|||||||
Amount (included in interest income) |
$ |
7,575 |
|
|
$ |
7,636 |
|
|
$ |
(61) |
|
|
|
|
Net interest margin less effect of acquired loan discount accretion and PPP loan yield (1) |
3.48 |
% |
|
3.56 |
% |
|
|
|
(0.08) |
% |
||||
|
Three months ended
|
|
|
|
|
|||||||||
(dollars in thousands) |
2021 |
|
2020 |
|
$ Change |
|
% Change |
|||||||
Interest income |
$ |
67,916 |
|
|
$ |
66,517 |
|
|
$ |
1,399 |
|
|
2.1 |
% |
Interest expense |
(1,476) |
|
|
(3,325) |
|
|
1,849 |
|
|
(55.6) |
% |
|||
Fully tax-equivalent adjustment (FTE) (1) |
277 |
|
|
271 |
|
|
6 |
|
|
2.2 |
% |
|||
Net interest income (FTE) |
$ |
66,717 |
|
|
$ |
63,463 |
|
|
$ |
3,254 |
|
|
5.1 |
% |
Net interest margin (FTE) |
3.74 |
% |
|
4.34 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||||
Acquired loans discount accretion, net: |
|
|
|
|
|
|
|
|||||||
Amount (included in interest income) |
$ |
1,712 |
|
|
$ |
1,748 |
|
|
$ |
(36) |
|
|
|
|
Net interest margin less effect of acquired loan discount accretion(1) |
3.64 |
% |
|
4.22 |
% |
|
|
|
(0.58) |
% |
||||
(1) |
Information is presented on a fully tax-equivalent (FTE) basis. The Company believes the use of this non-generally accepted accounting principles (non-GAAP) measure provides additional clarity in assessing its results, and the presentation of these measures on a FTE basis is a common practice within the banking industry. |
Loans may be acquired at a premium or discount to par value, in which case, the premium is amortized (subtracted from) or accreted (added to) interest income over the remaining life of the loan. Generally, as time goes on, the effects of loan discount accretion and loan premium amortization decrease as the purchased loans mature or pay off early. Upon the early pay off of a loan, any remaining unaccreted discount or unamortized premium is immediately taken into interest income; and as loan payoffs may vary significantly from quarter to quarter, so may the impact of discount accretion and premium amortization on interest income. As a result of the uptick in interest rates, the prepayment rate of portfolio loans, inclusive of those acquired at a premium or discount, decreased during the first quarter of 2021. During the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, purchased loan discount accretion was
The following table shows the components of net interest income and net interest margin on a fully tax-equivalent (FTE) basis for the quarterly 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 |
|||||||||||||||||||||||||||
|
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
|||||||||||||||||||||||||||
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans, excluding PPP |
$ |
4,407,150 |
|
|
$ |
54,573 |
|
|
5.02 |
% |
|
$ |
4,363,873 |
|
|
$ |
55,339 |
|
|
5.04 |
% |
|
$ |
4,329,357 |
|
|
$ |
56,258 |
|
|
5.23 |
% |
PPP loans |
355,875 |
|
|
5,863 |
|
|
6.68 |
% |
|
403,842 |
|
|
5,676 |
|
|
5.59 |
% |
|
— |
|
|
— |
|
|
— |
% |
||||||
Investments-taxable |
1,649,980 |
|
|
6,394 |
|
|
1.57 |
% |
|
1,458,856 |
|
|
6,022 |
|
|
1.64 |
% |
|
1,235,672 |
|
|
8,572 |
|
|
2.79 |
% |
||||||
Investments-nontaxable (1) |
125,055 |
|
|
1,200 |
|
|
3.89 |
% |
|
113,656 |
|
|
1,121 |
|
|
3.92 |
% |
|
118,992 |
|
|
1,175 |
|
|
3.97 |
% |
||||||
Total investments |
1,775,035 |
|
|
7,594 |
|
|
1.74 |
% |
|
1,572,512 |
|
|
7,143 |
|
|
1.81 |
% |
|
1,354,664 |
|
|
9,747 |
|
|
2.89 |
% |
||||||
Cash at Federal Reserve and other banks |
701,666 |
|
|
163 |
|
|
0.09 |
% |
|
658,355 |
|
|
181 |
|
|
0.11 |
% |
|
199,729 |
|
|
783 |
|
|
1.58 |
% |
||||||
Total earning assets |
7,239,726 |
|
|
68,193 |
|
|
3.82 |
% |
|
6,998,582 |
|
|
68,339 |
|
|
3.88 |
% |
|
5,883,750 |
|
|
66,788 |
|
|
4.57 |
% |
||||||
Other assets, net |
569,186 |
|
|
|
|
|
|
572,370 |
|
|
|
|
|
|
622,837 |
|
|
|
|
|
||||||||||||
Total assets |
$ |
7,808,912 |
|
|
|
|
|
|
$ |
7,570,952 |
|
|
|
|
|
|
$ |
6,506,587 |
|
|
|
|
|
|||||||||
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand deposits |
$ |
1,430,943 |
|
|
$ |
76 |
|
|
0.02 |
% |
|
$ |
1,275,550 |
|
|
$ |
43 |
|
|
0.01 |
% |
|
$ |
1,245,896 |
|
|
$ |
169 |
|
|
0.05 |
% |
Savings deposits |
2,228,281 |
|
|
329 |
|
|
0.06 |
% |
|
2,145,543 |
|
|
405 |
|
|
0.08 |
% |
|
1,864,967 |
|
|
1,062 |
|
|
0.23 |
% |
||||||
Time deposits |
336,605 |
|
|
532 |
|
|
0.64 |
% |
|
362,104 |
|
|
661 |
|
|
0.73 |
% |
|
430,064 |
|
|
1,320 |
|
|
1.23 |
% |
||||||
Total interest-bearing deposits |
3,995,829 |
|
|
937 |
|
|
0.10 |
% |
|
3,783,197 |
|
|
1,109 |
|
|
0.12 |
% |
|
3,540,927 |
|
|
2,551 |
|
|
0.29 |
% |
||||||
Other borrowings |
32,709 |
|
|
4 |
|
|
0.05 |
% |
|
32,504 |
|
|
4 |
|
|
0.05 |
% |
|
22,790 |
|
|
5 |
|
|
0.09 |
% |
||||||
Junior subordinated debt |
57,688 |
|
|
535 |
|
|
3.76 |
% |
|
57,581 |
|
|
546 |
|
|
3.77 |
% |
|
57,272 |
|
|
769 |
|
|
5.40 |
% |
||||||
Total interest-bearing liabilities |
4,086,226 |
|
|
1,476 |
|
|
0.15 |
% |
|
3,873,282 |
|
|
1,659 |
|
|
0.17 |
% |
|
3,620,989 |
|
|
3,325 |
|
|
0.37 |
% |
||||||
Noninterest-bearing deposits |
2,657,925 |
|
|
|
|
|
|
2,557,978 |
|
|
|
|
|
|
1,855,006 |
|
|
|
|
|
||||||||||||
Other liabilities |
123,986 |
|
|
|
|
|
|
232,224 |
|
|
|
|
|
|
121,959 |
|
|
|
|
|
||||||||||||
Shareholders’ equity |
940,775 |
|
|
|
|
|
|
907,468 |
|
|
|
|
|
|
908,633 |
|
|
|
|
|
||||||||||||
Total liabilities and shareholders’ equity |
$ |
7,808,912 |
|
|
|
|
|
|
$ |
7,570,952 |
|
|
|
|
|
|
$ |
6,506,587 |
|
|
|
|
|
|||||||||
Net interest rate spread (1) (2) |
|
|
|
|
3.67 |
% |
|
|
|
|
|
3.71 |
% |
|
|
|
|
|
4.20 |
% |
||||||||||||
Net interest income and margin (1) (3) |
|
|
$ |
66,717 |
|
|
3.74 |
% |
|
|
|
$ |
66,680 |
|
|
3.79 |
% |
|
|
|
$ |
63,463 |
|
|
4.34 |
% |
||||||
(1) |
Fully taxable equivalent (FTE). All yields and rates are calculated using specific day counts for the period and year as applicable. |
(2) |
Net interest spread is the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
(3) |
Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets. |
Net interest income (FTE) during the three months ended March 31, 2021 increased
As compared to the same quarter in the prior year, average loan yields, excluding PPP, decreased 21 basis points from
The decline in interest expense when compared to both the trailing quarter and the same quarter from the prior year was primarily attributed to reductions in the rates offered on deposit products. As a result, the cost of interest-bearing deposits, which decreased by 2 basis points as of March 31, 2021, to
In addition, the growth of noninterest-bearing deposits continues to benefit the average cost of total deposits as compared to historical periods. Specifically, the ratio of average total noninterest-bearing deposits to total average deposits was
Interest Rates and Loan Portfolio Composition
During the first quarter of 2020, several market interest rates, including many rates that serve as reference indices for variable rate loans, declined markedly from previous levels. This prolonged retraction in rates continued to apply downward pressure on the portfolio in the first quarter of 2021. As of March 31, 2021, the Company's loan portfolio consisted of approximately
As of December 31, 2020, the Company's loan portfolio consisted of approximately
Asset Quality and Credit Loss Provisioning
During the three months ended March 31, 2021, the Company recorded a reversal of provision for credit losses of
The following table presents details of the provision for credit losses for the periods indicated:
|
Three months ended |
||||||||||||||||||
(dollars in thousands) |
March 31, 2021 |
|
December 31, 2020 |
|
September 30, 2020 |
|
June 30, 2020 |
|
March 31, 2020 |
||||||||||
Addition to (reversal of) allowance for credit losses |
$ |
(6,240) |
|
|
$ |
4,450 |
|
|
$ |
7,649 |
|
|
$ |
22,089 |
|
|
$ |
8,000 |
|
Addition to reserve for unfunded loan commitments |
180 |
|
|
400 |
|
|
— |
|
|
155 |
|
|
70 |
|
|||||
Total provision for credit losses |
$ |
(6,060) |
|
|
$ |
4,850 |
|
|
$ |
7,649 |
|
|
$ |
22,244 |
|
|
$ |
8,070 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
The allowance for credit losses (ACL) was
The Company utilizes a forecast period of approximately eight quarters and obtains the forecast data from publicly available sources as of the balance sheet date. This forecast data continues to evolve and included significant shifts in the magnitude of changes for both the unemployment and GDP factors leading up to the balance sheet date. Management noted that the majority of economic forecasts utilized in the ACL calculation seem to have rebounded in the current quarter, coinciding with the widespread availability of vaccines, continued easing of occupancy and social distancing restrictions, and continued government stimulus efforts.
Loans past due 30 days or more increased by
The following table illustrates the total loans by risk rating and their respective percentage of total loans for the periods presented.
|
March 31, |
% of Total
|
|
December 31, |
% of Total
|
|
March 31, |
% of Total
|
|||||||||
(dollars in thousands) |
2021 |
|
2020 |
|
2020 |
||||||||||||
Risk Rating: |
|
|
|
|
|
|
|
|
|||||||||
Pass |
$ |
4,765,180 |
|
95.9 |
% |
|
$ |
4,555,154 |
|
95.6 |
% |
|
$ |
4,280,031 |
|
97.7 |
% |
Special Mention |
143,677 |
|
2.9 |
% |
|
158,241 |
|
3.4 |
% |
|
63,169 |
|
1.4 |
% |
|||
Substandard |
58,120 |
|
1.2 |
% |
|
49,732 |
|
1.0 |
% |
|
35,862 |
|
0.9 |
% |
|||
Total |
$ |
4,966,977 |
|
|
|
$ |
4,763,127 |
|
|
|
$ |
4,379,062 |
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||||
Classified loans to total loans |
1.17 |
% |
|
|
1.04 |
% |
|
|
0.82 |
% |
|
||||||
Loans past due 30+ days to total loans |
0.21 |
% |
|
|
0.14 |
% |
|
|
0.67 |
% |
|
||||||
The Company's loan portfolio for non-classified loans (loans graded special mention or better) remains generally consistent for the quarter ended March 31, 2021, as compared to the trailing quarter December 31, 2020, representing
There were no additions to other real estate owned during the quarter ended March 31, 2021 and there was one sale for proceeds of approximately
Allocation of Credit Loss Reserves by Loan Type
|
As of March 31, 2021 |
|
As of December 31, 2020 |
|
As of September 30, 2020 |
|||||||||||||
(dollars in thousands) |
Amount |
|
% of Loans
|
|
Amount |
|
% of Loans
|
|
Amount |
|
% of Loans
|
|||||||
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
CRE - Non Owner Occupied |
$ |
26,434 |
|
1.70 |
% |
|
$ |
29,380 |
|
1.91 |
% |
|
$ |
28,847 |
|
1.80 |
% |
|
CRE - Owner Occupied |
9,874 |
|
1.54 |
% |
|
10,860 |
|
1.74 |
% |
|
9,625 |
|
1.66 |
% |
||||
Multifamily |
12,371 |
|
1.62 |
% |
|
11,472 |
|
1.79 |
% |
|
10,032 |
|
1.67 |
% |
||||
Farmland |
1,724 |
|
1.17 |
% |
|
1,980 |
|
1.30 |
% |
|
1,790 |
|
1.17 |
% |
||||
Total commercial real estate loans |
50,403 |
|
1.62 |
% |
|
53,692 |
|
1.82 |
% |
|
50,294 |
|
1.71 |
% |
||||
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
SFR 1-4 1st Liens |
10,665 |
|
1.66 |
% |
|
10,117 |
|
1.83 |
% |
|
8,937 |
|
1.72 |
% |
||||
SFR HELOCs and Junior Liens |
11,079 |
|
3.34 |
% |
|
11,771 |
|
3.59 |
% |
|
11,676 |
|
3.51 |
% |
||||
Other |
2,860 |
|
3.99 |
% |
|
3,261 |
|
4.20 |
% |
|
3,394 |
|
4.18 |
% |
||||
Total consumer loans |
24,604 |
|
2.36 |
% |
|
25,149 |
|
2.62 |
% |
|
24,007 |
|
2.57 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial and Industrial |
4,464 |
|
0.81 |
% |
|
4,252 |
|
0.81 |
% |
|
4,534 |
|
0.72 |
% |
||||
Construction |
5,476 |
|
2.47 |
% |
|
7,540 |
|
2.65 |
% |
|
7,640 |
|
2.68 |
% |
||||
Agricultural Production |
988 |
|
2.49 |
% |
|
1,209 |
|
2.74 |
% |
|
1,093 |
|
2.69 |
% |
||||
Leases |
6 |
|
0.13 |
% |
|
5 |
|
0.13 |
% |
|
7 |
|
0.19 |
% |
||||
Allowance for credit losses |
85,941 |
|
1.73 |
% |
|
91,847 |
|
1.93 |
% |
|
87,575 |
|
1.81 |
% |
||||
Reserve for unfunded loan commitments |
3,586 |
|
|
|
3,400 |
|
|
|
3,000 |
|
|
|||||||
Total allowance for credit losses |
$ |
89,527 |
|
1.80 |
% |
|
$ |
95,247 |
|
2.00 |
% |
|
$ |
90,575 |
|
1.88 |
% |
|
For the periods presented in the table above and for purposes of calculating the "% of Loans Outstanding", PPP loans are included in the segment "Commercial and Industrial." PPP loans are fully guaranteed and therefore would not require any loss reserve allocation. Excluding the net outstanding balances of PPP loans from the ratio of the ACL to total loans results in a reserve ratio of approximately
Non-interest Income
The following table presents the key components of non-interest income for the current and trailing quarterly periods indicated:
|
Three months ended |
|
|
|
|
|||||||||
(dollars in thousands) |
March 31, 2021 |
|
December 31, 2020 |
|
$ Change |
|
% Change |
|||||||
ATM and interchange fees |
$ |
5,861 |
|
|
$ |
5,747 |
|
|
$ |
114 |
|
|
2.0 |
% |
Service charges on deposit accounts |
3,269 |
|
|
3,518 |
|
|
(249) |
|
|
(7.1) |
% |
|||
Other service fees |
871 |
|
|
860 |
|
|
11 |
|
|
1.3 |
% |
|||
Mortgage banking service fees |
463 |
|
|
469 |
|
|
(6) |
|
|
(1.3) |
% |
|||
Change in value of mortgage servicing rights |
12 |
|
|
(376) |
|
|
388 |
|
|
(103.2) |
% |
|||
Total service charges and fees |
10,476 |
|
|
10,218 |
|
|
258 |
|
|
2.5 |
% |
|||
Increase in cash value of life insurance |
673 |
|
|
746 |
|
|
(73) |
|
|
(9.8) |
% |
|||
Asset management and commission income |
834 |
|
|
745 |
|
|
89 |
|
|
11.9 |
% |
|||
Gain on sale of loans |
3,247 |
|
|
3,460 |
|
|
(213) |
|
|
(6.2) |
% |
|||
Lease brokerage income |
110 |
|
|
173 |
|
|
(63) |
|
|
(36.4) |
% |
|||
Sale of customer checks |
119 |
|
|
111 |
|
|
8 |
|
|
7.2 |
% |
|||
Gain on sale of investment securities |
— |
|
|
— |
|
|
— |
|
|
n/m |
|
|||
Loss on marketable equity securities |
(53) |
|
|
(8) |
|
|
(45) |
|
|
n/m |
|
|||
Other |
704 |
|
|
1,135 |
|
|
(431) |
|
|
(38.0) |
% |
|||
Total other non-interest income |
5,634 |
|
|
6,362 |
|
|
(728) |
|
|
(11.4) |
% |
|||
Total non-interest income |
$ |
16,110 |
|
|
$ |
16,580 |
|
|
$ |
(470) |
|
|
(2.8) |
% |
Non-interest income decreased
The following table presents the key components of non-interest income for the periods indicated:
|
Three months ended
|
|
|
|
|
|||||||||
(dollars in thousands) |
2021 |
|
2020 |
|
$ Change |
|
% Change |
|||||||
ATM and interchange fees |
$ |
5,861 |
|
|
$ |
5,111 |
|
|
$ |
750 |
|
|
14.7 |
% |
Service charges on deposit accounts |
3,269 |
|
|
4,046 |
|
|
(777) |
|
|
(19.2) |
% |
|||
Other service fees |
871 |
|
|
758 |
|
|
113 |
|
|
14.9 |
% |
|||
Mortgage banking service fees |
463 |
|
|
469 |
|
|
(6) |
|
|
(1.3) |
% |
|||
Change in value of mortgage servicing rights |
12 |
|
|
(1,258) |
|
|
1,270 |
|
|
(101.0) |
% |
|||
Total service charges and fees |
10,476 |
|
|
9,126 |
|
|
1,350 |
|
|
14.8 |
% |
|||
Increase in cash value of life insurance |
673 |
|
|
720 |
|
|
(47) |
|
|
(6.5) |
% |
|||
Asset management and commission income |
834 |
|
|
916 |
|
|
(82) |
|
|
(9.0) |
% |
|||
Gain on sale of loans |
3,247 |
|
|
891 |
|
|
2,356 |
|
|
264.4 |
% |
|||
Lease brokerage income |
110 |
|
|
193 |
|
|
(83) |
|
|
(43.0) |
% |
|||
Sale of customer checks |
119 |
|
|
124 |
|
|
(5) |
|
|
(4.0) |
% |
|||
Gain on sale of investment securities |
— |
|
|
— |
|
|
— |
|
|
n/m |
|
|||
Gain on marketable equity securities |
(53) |
|
|
47 |
|
|
(100) |
|
|
(212.8) |
% |
|||
Other |
704 |
|
|
(197) |
|
|
901 |
|
|
(457.4) |
% |
|||
Total other non-interest income |
5,634 |
|
|
2,694 |
|
|
2,940 |
|
|
109.1 |
% |
|||
Total non-interest income |
$ |
16,110 |
|
|
$ |
11,820 |
|
|
$ |
4,290 |
|
|
36.3 |
% |
In addition to the discussion above within the non-interest income for the three months ended March 31, 2021 and trailing December 31, 2020, deposit account related fee revenue has declined
Non-interest Expense
The following table presents the key components of non-interest expense for the current and trailing quarterly periods indicated:
|
Three Months Ended |
|
|
|
|
|||||||||
(dollars in thousands) |
March 31, 2021 |
|
December 31, 2020 |
|
$ Change |
|
% Change |
|||||||
Base salaries, net of deferred loan origination costs |
$ |
15,511 |
|
|
$ |
16,510 |
|
|
$ |
(999) |
|
|
(6.1) |
% |
Incentive compensation |
3,580 |
|
|
2,342 |
|
|
1,238 |
|
|
52.9 |
% |
|||
Benefits and other compensation costs |
6,239 |
|
|
9,621 |
|
|
(3,382) |
|
|
(35.2) |
% |
|||
Total salaries and benefits expense |
25,330 |
|
|
28,473 |
|
|
(3,143) |
|
|
(11.0) |
% |
|||
Occupancy |
3,726 |
|
|
3,815 |
|
|
(89) |
|
|
(2.3) |
% |
|||
Data processing and software |
3,202 |
|
|
2,919 |
|
|
283 |
|
|
9.7 |
% |
|||
Equipment |
1,517 |
|
|
1,293 |
|
|
224 |
|
|
17.3 |
% |
|||
Intangible amortization |
1,431 |
|
|
1,430 |
|
|
1 |
|
|
0.1 |
% |
|||
Advertising |
380 |
|
|
762 |
|
|
(382) |
|
|
(50.1) |
% |
|||
ATM and POS network charges |
1,246 |
|
|
1,536 |
|
|
(290) |
|
|
(18.9) |
% |
|||
Professional fees |
594 |
|
|
823 |
|
|
(229) |
|
|
(27.8) |
% |
|||
Telecommunications |
581 |
|
|
618 |
|
|
(37) |
|
|
(6.0) |
% |
|||
Regulatory assessments and insurance |
612 |
|
|
601 |
|
|
11 |
|
|
1.8 |
% |
|||
Postage |
198 |
|
|
377 |
|
|
(179) |
|
|
(47.5) |
% |
|||
Operational losses |
209 |
|
|
609 |
|
|
(400) |
|
|
(65.7) |
% |
|||
Courier service |
294 |
|
|
401 |
|
|
(107) |
|
|
(26.7) |
% |
|||
Gain on sale or acquisition of foreclosed assets |
(51) |
|
|
(177) |
|
|
126 |
|
|
n/m |
|
|||
Loss on disposal of fixed assets |
— |
|
|
30 |
|
|
(30) |
|
|
(100.0) |
% |
|||
Other miscellaneous expense |
2,349 |
|
|
2,235 |
|
|
114 |
|
|
5.1 |
% |
|||
Total other non-interest expense |
16,288 |
|
|
17,272 |
|
|
(984) |
|
|
(5.7) |
% |
|||
Total non-interest expense |
$ |
41,618 |
|
|
$ |
45,745 |
|
|
$ |
(4,127) |
|
|
(9.0) |
% |
Average full-time equivalent staff |
1,024 |
|
1,030 |
|
(6) |
|
|
(0.6) |
% |
|||||
Non-interest expense for the quarter ended March 31, 2021 decreased
The following table presents the key components of non-interest expense for the current and prior year quarterly periods indicated:
|
Three months ended March 31, |
|
|
|
|
|||||||||
(dollars in thousands) |
2021 |
|
2020 |
|
$ Change |
|
% Change |
|||||||
Base salaries, net of deferred loan origination costs |
$ |
15,511 |
|
|
$ |
17,623 |
|
|
$ |
(2,112) |
|
|
(12.0) |
% |
Incentive compensation |
3,580 |
|
|
3,101 |
|
|
479 |
|
|
15.4 |
% |
|||
Benefits and other compensation costs |
6,239 |
|
|
6,548 |
|
|
(309) |
|
|
(4.7) |
% |
|||
Total salaries and benefits expense |
25,330 |
|
|
27,272 |
|
|
(1,942) |
|
|
(7.1) |
% |
|||
Occupancy |
3,726 |
|
|
3,875 |
|
|
(149) |
|
|
(3.8) |
% |
|||
Data processing and software |
3,202 |
|
|
3,367 |
|
|
(165) |
|
|
(4.9) |
% |
|||
Equipment |
1,517 |
|
|
1,512 |
|
|
5 |
|
|
0.3 |
% |
|||
Intangible amortization |
1,431 |
|
|
1,431 |
|
|
— |
|
|
— |
% |
|||
Advertising |
380 |
|
|
665 |
|
|
(285) |
|
|
(42.9) |
% |
|||
ATM and POS network charges |
1,246 |
|
|
1,373 |
|
|
(127) |
|
|
(9.2) |
% |
|||
Professional fees |
594 |
|
|
703 |
|
|
(109) |
|
|
(15.5) |
% |
|||
Telecommunications |
581 |
|
|
725 |
|
|
(144) |
|
|
(19.9) |
% |
|||
Regulatory assessments and insurance |
612 |
|
|
95 |
|
|
517 |
|
|
544.2 |
% |
|||
Postage |
198 |
|
|
290 |
|
|
(92) |
|
|
(31.7) |
% |
|||
Operational losses |
209 |
|
|
221 |
|
|
(12) |
|
|
(5.4) |
% |
|||
Courier service |
294 |
|
|
331 |
|
|
(37) |
|
|
(11.2) |
% |
|||
Gain on sale or acquisition of foreclosed assets |
(51) |
|
|
(41) |
|
|
(10) |
|
|
24.4 |
% |
|||
Loss on disposal of fixed assets |
— |
|
|
— |
|
|
— |
|
|
n/m |
|
|||
Other miscellaneous expense |
2,349 |
|
|
2,930 |
|
|
(581) |
|
|
(19.8) |
% |
|||
Total other non-interest expense |
16,288 |
|
|
17,477 |
|
|
(1,189) |
|
|
(6.8) |
% |
|||
Total non-interest expense |
$ |
41,618 |
|
|
$ |
44,749 |
|
|
$ |
(3,131) |
|
|
(7.0) |
% |
Average full-time equivalent staff |
1,024 |
|
1,165 |
|
(141) |
|
|
(12.1) |
% |
|||||
Non-interest expense decreased by
Offsetting these decreases were larger regulatory assessment and insurance costs, which increased to a normalized quarterly rate of
Provision for Income Taxes
The Company’s effective tax rate was
About TriCo Bancshares
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 customer Service 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 ATMs, online and mobile banking access. Brokerage services are provided by Tri Counties Advisors through affiliation with Raymond James Financial Services, Inc. Visit www.TriCountiesBank.com to learn more.
Forward-Looking Statement
The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. There can be no assurance that future developments affecting us will be the same as those anticipated by management. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the impact of changes in financial services policies, laws and regulations; technological changes; weather, natural disasters and other catastrophic events that may or may not be caused by climate change and their effects on economic and business environments in which the Company operates; the continuing adverse impact on the U.S. economy, including the markets in which we operate due to the COVID-19 global pandemic, and the impact of a slowing U.S. economy and increased unemployment on the performance of our loan portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products; the costs or effects of mergers, acquisitions or dispositions we may make; the future operating or financial performance of the Company, including our outlook for future growth and changes in the level of our nonperforming assets and charge-offs; the appropriateness of the allowance for credit losses, including the timing and effects of the implementation of the current expected credit losses model; any deterioration in values of California real estate, both residential and commercial; the effect of changes in accounting standards and practices; possible other-than-temporary impairment of securities held by us; changes in consumer spending, borrowing and savings habits; our ability to attract and maintain deposits and other sources of liquidity; changes in the financial performance and/or condition of our borrowers; our noninterest expense and the efficiency ratio; competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional providers including retail businesses and technology companies; the challenges of integrating and retaining key employees; the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks and the cost to defend against such attacks; change to U.S. tax policies, including our effective income tax rate; the effect of a fall in stock market prices on our brokerage and wealth management businesses; the discontinuation of the London Interbank Offered Rate and other reference rates; and our ability to manage the risks involved in the foregoing. Additional factors that could cause results to differ materially from those described above can be found in our Annual Report on Form 10-K for the year ended December 31, 2020, which has been filed with the Securities and Exchange Commission (the “SEC”) and are available in the “Investor Relations” section of our website, https://www.tcbk.com/investor-relations and in other documents we file with the SEC. Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results. We are under no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
TRICO BANCSHARES—CONDENSED CONSOLIDATED FINANCIAL DATA (Unaudited. Dollars in thousands, except share data) |
|||||||||||||||||||
|
Three months ended |
||||||||||||||||||
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||||
Revenue and Expense Data |
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
$ |
67,916 |
|
|
$ |
68,081 |
|
|
$ |
65,438 |
|
|
$ |
67,148 |
|
|
$ |
66,517 |
|
Interest expense |
1,476 |
|
|
1,659 |
|
|
1,984 |
|
|
2,489 |
|
|
3,325 |
|
|||||
Net interest income |
66,440 |
|
|
66,422 |
|
|
63,454 |
|
|
64,659 |
|
|
63,192 |
|
|||||
Provision for (benefit from) credit losses |
(6,060) |
|
|
4,850 |
|
|
7,649 |
|
|
22,244 |
|
|
8,070 |
|
|||||
Noninterest income: |
|
|
|
|
|
|
|
|
|
||||||||||
Service charges and fees |
10,476 |
|
|
10,218 |
|
|
10,469 |
|
|
8,168 |
|
|
9,126 |
|
|||||
Gain on sale of investment securities |
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|||||
Other income |
5,634 |
|
|
6,362 |
|
|
4,661 |
|
|
3,489 |
|
|
2,694 |
|
|||||
Total noninterest income |
16,110 |
|
|
16,580 |
|
|
15,137 |
|
|
11,657 |
|
|
11,820 |
|
|||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and benefits |
25,330 |
|
|
28,473 |
|
|
29,321 |
|
|
27,055 |
|
|
27,272 |
|
|||||
Occupancy and equipment |
5,243 |
|
|
5,108 |
|
|
4,989 |
|
|
4,748 |
|
|
5,387 |
|
|||||
Data processing and network |
4,448 |
|
|
4,455 |
|
|
4,875 |
|
|
4,867 |
|
|
4,740 |
|
|||||
Other noninterest expense |
6,597 |
|
|
7,709 |
|
|
7,529 |
|
|
8,880 |
|
|
7,350 |
|
|||||
Total noninterest expense |
41,618 |
|
|
45,745 |
|
|
46,714 |
|
|
45,550 |
|
|
44,749 |
|
|||||
Total income before taxes |
46,992 |
|
|
32,407 |
|
|
24,228 |
|
|
8,522 |
|
|
22,193 |
|
|||||
Provision for income taxes |
13,343 |
|
|
8,750 |
|
|
6,622 |
|
|
1,092 |
|
|
6,072 |
|
|||||
Net income |
$ |
33,649 |
|
|
$ |
23,657 |
|
|
$ |
17,606 |
|
|
$ |
7,430 |
|
|
$ |
16,121 |
|
Share Data |
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share |
$ |
1.13 |
|
|
$ |
0.80 |
|
|
$ |
0.59 |
|
|
$ |
0.25 |
|
|
$ |
0.53 |
|
Diluted earnings per share |
$ |
1.13 |
|
|
$ |
0.79 |
|
|
$ |
0.59 |
|
|
$ |
0.25 |
|
|
$ |
0.53 |
|
Dividends per share |
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
Book value per common share |
$ |
31.71 |
|
|
$ |
31.12 |
|
|
$ |
30.31 |
|
|
$ |
29.76 |
|
|
$ |
28.91 |
|
Tangible book value per common share (1) |
$ |
23.72 |
|
|
$ |
23.09 |
|
|
$ |
22.24 |
|
|
$ |
21.64 |
|
|
$ |
20.80 |
|
Shares outstanding |
29,727,122 |
|
|
29,727,214 |
|
|
29,769,389 |
|
|
29,759,209 |
|
|
29,973,516 |
|
|||||
Weighted average shares |
29,727,182 |
|
|
29,756,831 |
|
|
29,763,898 |
|
|
29,753,699 |
|
|
30,394,904 |
|
|||||
Weighted average diluted shares |
29,904,974 |
|
|
29,863,478 |
|
|
29,844,396 |
|
|
29,883,193 |
|
|
30,522,842 |
|
|||||
Credit Quality |
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses to gross loans |
1.73 |
% |
|
1.93 |
% |
|
1.81 |
% |
|
1.66 |
% |
|
1.32 |
% |
|||||
Loans past due 30 days or more |
$ |
10,550 |
|
|
$ |
6,767 |
|
|
$ |
10,522 |
|
|
$ |
16,622 |
|
|
$ |
28,693 |
|
Total nonperforming loans |
$ |
28,941 |
|
|
$ |
26,864 |
|
|
$ |
22,963 |
|
|
$ |
20,730 |
|
|
$ |
17,955 |
|
Total nonperforming assets |
$ |
31,250 |
|
|
$ |
29,708 |
|
|
$ |
25,020 |
|
|
$ |
22,652 |
|
|
$ |
20,184 |
|
Loans charged-off |
$ |
226 |
|
|
$ |
560 |
|
|
$ |
194 |
|
|
$ |
491 |
|
|
$ |
510 |
|
Loans recovered |
$ |
560 |
|
|
$ |
382 |
|
|
$ |
381 |
|
|
$ |
230 |
|
|
$ |
892 |
|
Selected Financial Ratios |
|
|
|
|
|
|
|
|
|
||||||||||
Return on average total assets |
1.75 |
% |
|
1.24 |
% |
|
0.95 |
% |
|
0.43 |
% |
|
1.00 |
% |
|||||
Return on average equity |
14.51 |
% |
|
10.37 |
% |
|
7.79 |
% |
|
3.39 |
% |
|
7.14 |
% |
|||||
Average yield on loans, excluding PPP |
5.02 |
% |
|
5.04 |
% |
|
5.02 |
% |
|
5.17 |
% |
|
5.23 |
% |
|||||
Average yield on interest-earning assets |
3.82 |
% |
|
3.88 |
% |
|
3.83 |
% |
|
4.26 |
% |
|
4.57 |
% |
|||||
Average rate on interest-bearing deposits |
0.10 |
% |
|
0.12 |
% |
|
0.15 |
% |
|
0.20 |
% |
|
0.29 |
% |
|||||
Average cost of total deposits |
0.06 |
% |
|
0.07 |
% |
|
0.09 |
% |
|
0.12 |
% |
|
0.19 |
% |
|||||
Average rate on borrowings & subordinated debt |
2.42 |
% |
|
2.43 |
% |
|
2.49 |
% |
|
3.25 |
% |
|
3.89 |
% |
|||||
Average rate on interest-bearing liabilities |
0.15 |
% |
|
0.17 |
% |
|
0.20 |
% |
|
0.27 |
% |
|
0.37 |
% |
|||||
Net interest margin (fully tax-equivalent) (1) |
3.74 |
% |
|
3.79 |
% |
|
3.72 |
% |
|
4.10 |
% |
|
4.34 |
% |
|||||
Loans to deposits |
72.37 |
% |
|
73.21 |
% |
|
76.12 |
% |
|
76.84 |
% |
|
81.05 |
% |
|||||
Efficiency ratio |
50.42 |
% |
|
55.11 |
% |
|
59.44 |
% |
|
59.69 |
% |
|
59.66 |
% |
|||||
Supplemental Loan Interest Income Data |
|
|
|
|
|
|
|
|
|
||||||||||
Discount accretion on acquired loans |
$ |
1,712 |
|
|
$ |
1,960 |
|
|
$ |
1,876 |
|
|
$ |
2,587 |
|
|
$ |
1,748 |
|
All other loan interest income (excluding PPP) (1) |
$ |
52,861 |
|
|
$ |
53,379 |
|
|
$ |
53,560 |
|
|
$ |
53,466 |
|
|
$ |
54,510 |
|
Total loan interest income (excluding PPP) (1) |
$ |
54,573 |
|
|
$ |
55,339 |
|
|
$ |
55,436 |
|
|
$ |
56,053 |
|
|
$ |
56,258 |
|
(1) Non-GAAP measure |
|||||||||||||||||||
TRICO BANCSHARES—CONDENSED CONSOLIDATED FINANCIAL DATA (Unaudited. Dollars in thousands) |
|||||||||||||||||||
|
|
||||||||||||||||||
Balance Sheet Data |
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||||
Cash and due from banks |
$ |
609,522 |
|
|
$ |
669,551 |
|
|
$ |
652,582 |
|
|
$ |
705,852 |
|
|
$ |
185,466 |
|
Securities, available for sale, net |
1,685,076 |
|
|
1,417,289 |
|
|
1,145,989 |
|
|
999,313 |
|
|
1,005,006 |
|
|||||
Securities, held to maturity, net |
260,454 |
|
|
284,563 |
|
|
310,696 |
|
|
337,165 |
|
|
359,770 |
|
|||||
Restricted equity securities |
17,250 |
|
|
17,250 |
|
|
17,250 |
|
|
17,250 |
|
|
17,250 |
|
|||||
Loans held for sale |
3,995 |
|
|
6,268 |
|
|
6,570 |
|
|
8,352 |
|
|
2,695 |
|
|||||
Loans: |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loans |
590,201 |
|
|
570,202 |
|
|
673,281 |
|
|
667,263 |
|
|
285,830 |
|
|||||
Consumer loans |
382,649 |
|
|
385,451 |
|
|
400,711 |
|
|
416,490 |
|
|
428,313 |
|
|||||
Real estate mortgage loans |
3,772,518 |
|
|
3,522,639 |
|
|
3,466,307 |
|
|
3,437,960 |
|
|
3,422,440 |
|
|||||
Real estate construction loans |
221,609 |
|
|
284,835 |
|
|
286,039 |
|
|
279,692 |
|
|
242,479 |
|
|||||
Total loans, gross |
4,966,977 |
|
|
4,763,127 |
|
|
4,826,338 |
|
|
4,801,405 |
|
|
4,379,062 |
|
|||||
Allowance for credit losses |
(85,941) |
|
|
(91,847) |
|
|
(87,575) |
|
|
(79,739) |
|
|
(57,911) |
|
|||||
Total loans, net |
4,881,036 |
|
|
4,671,280 |
|
|
4,738,763 |
|
|
4,721,666 |
|
|
4,321,151 |
|
|||||
Premises and equipment |
82,338 |
|
|
83,731 |
|
|
84,856 |
|
|
85,292 |
|
|
86,304 |
|
|||||
Cash value of life insurance |
119,543 |
|
|
118,870 |
|
|
120,026 |
|
|
119,254 |
|
|
118,543 |
|
|||||
Accrued interest receivable |
19,442 |
|
|
20,004 |
|
|
19,557 |
|
|
20,337 |
|
|
18,575 |
|
|||||
Goodwill |
220,872 |
|
|
220,872 |
|
|
220,872 |
|
|
220,872 |
|
|
220,872 |
|
|||||
Other intangible assets |
16,402 |
|
|
17,833 |
|
|
19,264 |
|
|
20,694 |
|
|
22,126 |
|
|||||
Operating leases, right-of-use |
27,540 |
|
|
27,846 |
|
|
28,879 |
|
|
29,842 |
|
|
30,221 |
|
|||||
Other assets |
88,142 |
|
|
84,172 |
|
|
84,495 |
|
|
74,182 |
|
|
86,330 |
|
|||||
Total assets |
$ |
8,031,612 |
|
|
$ |
7,639,529 |
|
|
$ |
7,449,799 |
|
|
$ |
7,360,071 |
|
|
$ |
6,474,309 |
|
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits |
$ |
2,766,510 |
|
|
$ |
2,581,517 |
|
|
$ |
2,517,819 |
|
|
$ |
2,487,120 |
|
|
$ |
1,883,143 |
|
Interest-bearing demand deposits |
1,465,915 |
|
|
1,414,908 |
|
|
1,346,716 |
|
|
1,318,951 |
|
|
1,243,192 |
|
|||||
Savings deposits |
2,302,927 |
|
|
2,164,942 |
|
|
2,099,780 |
|
|
2,043,593 |
|
|
1,857,684 |
|
|||||
Time certificates |
328,048 |
|
|
344,567 |
|
|
376,273 |
|
|
398,594 |
|
|
418,679 |
|
|||||
Total deposits |
6,863,400 |
|
|
6,505,934 |
|
|
6,340,588 |
|
|
6,248,258 |
|
|
5,402,698 |
|
|||||
Accrued interest payable |
970 |
|
|
1,362 |
|
|
1,571 |
|
|
1,734 |
|
|
1,986 |
|
|||||
Operating lease liability |
27,780 |
|
|
27,973 |
|
|
28,894 |
|
|
29,743 |
|
|
30,007 |
|
|||||
Other liabilities |
102,955 |
|
|
94,597 |
|
|
91,902 |
|
|
98,684 |
|
|
96,560 |
|
|||||
Other borrowings |
36,226 |
|
|
26,914 |
|
|
27,055 |
|
|
38,544 |
|
|
19,309 |
|
|||||
Junior subordinated debt |
57,742 |
|
|
57,635 |
|
|
57,527 |
|
|
57,422 |
|
|
57,323 |
|
|||||
Total liabilities |
7,089,073 |
|
|
6,714,415 |
|
|
6,547,537 |
|
|
6,474,385 |
|
|
5,607,883 |
|
|||||
Common stock |
531,367 |
|
|
530,835 |
|
|
531,075 |
|
|
530,422 |
|
|
534,623 |
|
|||||
Retained earnings |
408,211 |
|
|
381,999 |
|
|
365,611 |
|
|
354,645 |
|
|
356,935 |
|
|||||
Accum. other comprehensive income (loss) |
2,961 |
|
|
12,280 |
|
|
5,576 |
|
|
619 |
|
|
(25,132) |
|
|||||
Total shareholders’ equity |
$ |
942,539 |
|
|
$ |
925,114 |
|
|
$ |
902,262 |
|
|
$ |
885,686 |
|
|
$ |
866,426 |
|
Quarterly Average Balance Data |
|
|
|
|
|
|
|
|
|
||||||||||
Average loans, excluding PPP |
$ |
4,407,150 |
|
|
$ |
4,363,873 |
|
|
$ |
4,389,672 |
|
|
$ |
4,363,481 |
|
|
$ |
4,329,357 |
|
Average interest-earning assets |
$ |
7,239,726 |
|
|
$ |
6,998,582 |
|
|
$ |
6,815,495 |
|
|
$ |
6,365,865 |
|
|
$ |
5,883,750 |
|
Average total assets |
$ |
7,808,912 |
|
|
$ |
7,570,952 |
|
|
$ |
7,380,961 |
|
|
$ |
7,027,735 |
|
|
$ |
6,506,587 |
|
Average deposits |
$ |
6,653,754 |
|
|
$ |
6,341,175 |
|
|
$ |
6,278,638 |
|
|
$ |
5,937,294 |
|
|
$ |
5,395,933 |
|
Average borrowings and subordinated debt |
$ |
90,397 |
|
|
$ |
90,085 |
|
|
$ |
91,225 |
|
|
$ |
83,685 |
|
|
$ |
80,062 |
|
Average total equity |
$ |
940,775 |
|
|
$ |
907,468 |
|
|
$ |
898,986 |
|
|
$ |
880,405 |
|
|
$ |
908,633 |
|
Capital Ratio Data |
|
|
|
|
|
|
|
|
|
||||||||||
Total risk based capital ratio |
15.1 |
% |
|
15.2 |
% |
|
15.2 |
% |
|
15.1 |
% |
|
15.1 |
% |
|||||
Tier 1 capital ratio |
13.9 |
% |
|
14.0 |
% |
|
14.0 |
% |
|
13.9 |
% |
|
13.9 |
% |
|||||
Tier 1 common equity ratio |
12.9 |
% |
|
12.9 |
% |
|
12.9 |
% |
|
12.8 |
% |
|
12.8 |
% |
|||||
Tier 1 leverage ratio |
10.0 |
% |
|
9.9 |
% |
|
10.0 |
% |
|
10.3 |
% |
|
11.2 |
% |
|||||
Tangible capital ratio (1) |
9.1 |
% |
|
9.3 |
% |
|
9.2 |
% |
|
9.1 |
% |
|
10.0 |
% |
|||||
(1) Non-GAAP measure |
|||||||||||||||||||
TRICO BANCSHARES—NON-GAAP FINANCIAL MEASURES |
(Unaudited. Dollars in thousands) |
|
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this press release because it believes that they provide useful and comparative information to assess trends in the Company's core operations reflected in the current quarter's results, and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below: |
|
Three months ended |
||||||||||
(dollars in thousands) |
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
Net interest margin |
|
|
|
|
|
||||||
Acquired loans discount accretion, net: |
|
|
|
|
|
||||||
Amount (included in interest income) |
$ |
1,712 |
|
|
$ |
1,960 |
|
|
$ |
1,748 |
|
Effect on average loan yield |
0.16 |
% |
|
0.18 |
% |
|
0.16 |
% |
|||
Effect on net interest margin (FTE) |
0.10 |
% |
|
0.11 |
% |
|
0.12 |
% |
|||
Net interest margin (FTE) |
3.74 |
% |
|
3.79 |
% |
|
4.34 |
% |
|||
Net interest margin less effect of acquired loan discount accretion (Non-GAAP) |
3.64 |
% |
|
3.68 |
% |
|
4.22 |
% |
|||
PPP loans yield, net: |
|
|
|
|
|
||||||
Amount (included in interest income) |
$ |
5,863 |
|
|
$ |
5,676 |
|
|
none |
||
Effect on net interest margin (FTE) |
0.15 |
% |
|
0.11 |
% |
|
none |
||||
Net interest margin less effect of PPP loan yield (Non-GAAP) |
3.59 |
% |
|
3.68 |
% |
|
none |
||||
Acquired loan discount accretion and PPP loan yield, net: |
|
|
|
|
|
||||||
Amount (included in interest income) |
$ |
7,575 |
|
|
$ |
7,636 |
|
|
$ |
1,748 |
|
Effect on net interest margin (FTE) |
0.25 |
% |
|
0.23 |
% |
|
0.12 |
% |
|||
Net interest margin less effect of acquired loan discount accretion and PPP yields, net (Non-GAAP) |
3.48 |
% |
|
3.56 |
% |
|
4.22 |
% |
|||
|
Three months ended |
||||||||||
(dollars in thousands) |
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
Pre-tax pre-provision return on average assets or equity |
|
|
|
|
|
||||||
Net income (GAAP) |
$ |
33,649 |
|
|
23,657 |
|
|
$ |
16,121 |
|
|
Exclude income tax expense |
13,343 |
|
|
8,750 |
|
|
6,072 |
|
|||
Exclude provision (benefit) for credit losses |
(6,060) |
|
|
4,850 |
|
|
8,070 |
|
|||
Net income before income tax and provision expense (Non-GAAP) |
$ |
40,932 |
|
|
$ |
37,257 |
|
|
$ |
30,263 |
|
|
|
|
|
|
|
||||||
Average assets (GAAP) |
$ |
7,808,912 |
|
|
$ |
7,570,952 |
|
|
$ |
6,506,587 |
|
Average equity (GAAP) |
940,775 |
|
|
907,468 |
|
|
908,633 |
|
|||
|
|
|
|
|
|
||||||
Return on average assets (GAAP) (annualized) |
1.75 |
% |
|
1.24 |
% |
|
1.00 |
% |
|||
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized) |
2.13 |
% |
|
1.96 |
% |
|
1.87 |
% |
|||
Return on average equity (GAAP) (annualized) |
14.51 |
% |
|
10.37 |
% |
|
7.14 |
% |
|||
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized) |
17.65 |
% |
|
16.33 |
% |
|
13.40 |
% |
|||
|
Three months ended |
||||||||||
(dollars in thousands) |
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
Return on tangible common equity |
|
|
|
|
|
||||||
Average total shareholders' equity |
$ |
940,775 |
|
|
$ |
907,468 |
|
|
$ |
908,633 |
|
Exclude average goodwill |
220,872 |
|
|
220,872 |
|
|
220,872 |
|
|||
Exclude average other intangibles |
17,118 |
|
|
18,549 |
|
|
22,842 |
|
|||
Average tangible common equity (Non-GAAP) |
$ |
702,785 |
|
|
$ |
668,047 |
|
|
$ |
664,919 |
|
|
|
|
|
|
|
||||||
Net income (GAAP) |
$ |
33,649 |
|
|
$ |
23,657 |
|
|
$ |
16,121 |
|
Exclude amortization of intangible assets, net of tax effect |
1,008 |
|
|
1,007 |
|
|
1,008 |
|
|||
Tangible net income available to common shareholders (Non-GAAP) |
$ |
34,657 |
|
|
24,664 |
|
|
$ |
17,129 |
|
|
|
|
|
|
|
|
||||||
Return on average equity |
14.51 |
% |
|
10.37 |
% |
|
7.14 |
% |
|||
Return on average tangible common equity (Non-GAAP) |
20.00 |
% |
|
14.69 |
% |
|
10.36 |
% |
|||
|
Three months ended |
||||||||||||||||||
(dollars in thousands) |
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||||
Tangible common shareholders' equity to tangible assets |
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' equity (GAAP) |
$ |
942,539 |
|
|
$ |
925,114 |
|
|
$ |
902,262 |
|
|
$ |
885,686 |
|
|
$ |
866,426 |
|
Exclude goodwill and other intangible assets, net |
237,274 |
|
|
238,705 |
|
|
240,136 |
|
|
241,566 |
|
|
242,998 |
|
|||||
Tangible s/h equity (Non-GAAP) |
$ |
705,265 |
|
|
$ |
686,409 |
|
|
$ |
662,126 |
|
|
$ |
644,120 |
|
|
$ |
623,428 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets (GAAP) |
$ |
8,031,612 |
|
|
$ |
7,639,529 |
|
|
$ |
7,449,799 |
|
|
$ |
7,360,071 |
|
|
$ |
6,474,309 |
|
Exclude goodwill and other intangible assets, net |
237,274 |
|
|
238,705 |
|
|
240,136 |
|
|
241,566 |
|
|
242,998 |
|
|||||
Total tangible assets (Non-GAAP) |
$ |
7,794,338 |
|
|
$ |
7,400,824 |
|
|
$ |
7,209,663 |
|
|
$ |
7,118,505 |
|
|
$ |
6,231,311 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common s/h equity to total assets (GAAP) |
11.74 |
% |
|
12.11 |
% |
|
12.11 |
% |
|
12.03 |
% |
|
13.38 |
% |
|||||
Tangible common shareholders' equity to tangible assets (Non-GAAP) |
9.05 |
% |
|
9.27 |
% |
|
9.18 |
% |
|
9.05 |
% |
|
10.00 |
% |
|||||
|
Three months ended |
||||||||||||||||||
(dollars in thousands) |
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||||
Tangible common shareholders' equity per share |
|
|
|
|
|
|
|
|
|
||||||||||
Tangible s/h equity (Non-GAAP) |
$ |
705,265 |
|
|
$ |
686,409 |
|
|
$ |
662,126 |
|
|
$ |
644,120 |
|
|
$ |
623,428 |
|
Tangible assets (Non-GAAP) |
7,794,338 |
|
|
7,400,824 |
|
|
7,209,663 |
|
|
7,118,505 |
|
|
6,231,311 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding at end of period |
29,727,122 |
|
|
29,727,214 |
|
|
29,769,389 |
|
|
29,759,209 |
|
|
29,973,516 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Common s/h equity (book value) per share (GAAP) |
$ |
31.71 |
|
|
$ |
31.12 |
|
|
$ |
30.31 |
|
|
$ |
29.76 |
|
|
$ |
28.91 |
|
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP) |
$ |
23.72 |
|
|
$ |
23.09 |
|
|
$ |
22.24 |
|
|
$ |
21.64 |
|
|
$ |
20.80 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210428005341/en/
FAQ
What was TriCo Bancshares' net income for Q1 2021?
How much did TriCo Bancshares' diluted earnings per share increase?
What are the organic loan growth figures for TriCo Bancshares in Q1 2021?
What is the current efficiency ratio for TriCo Bancshares?
How much did total assets grow for TriCo Bancshares?
