TriCo Bancshares Reports Third Quarter 2024 Net Income of $29.1 Million, Diluted EPS of $0.88
TriCo Bancshares (TCBK) reported Q3 2024 net income of $29.1 million, or $0.88 per diluted share, compared to $29.0 million or $0.87 per share in Q2 2024. Key highlights include a net interest margin increase to 3.71%, up 3 basis points from the previous quarter. Total deposits decreased by $13.1 million (0.7% annualized) from Q2, while the average cost of deposits rose to 1.52%. The loan-to-deposit ratio decreased to 83.2%, and the efficiency ratio was 60.02%. Non-performing assets to total assets increased to 0.45% from 0.36% in the previous quarter.
TriCo Bancshares (TCBK) ha riportato un reddito netto per il terzo trimestre del 2024 di $29,1 milioni, ovvero $0,88 per azione diluita, rispetto a $29,0 milioni o $0,87 per azione nel secondo trimestre del 2024. Tra i punti salienti segnaliamo un incremento del margine di interesse netto al 3,71%, con un aumento di 3 punti base rispetto al trimestre precedente. I depositi totali sono diminuiti di $13,1 milioni (0,7% annualizzato) rispetto al secondo trimestre, mentre il costo medio dei depositi è salito all'1,52%. Il rapporto prestiti/depositi è diminuito all'83,2% e il rapporto di efficienza si è attestato al 60,02%. Gli attivi non performanti rispetto agli attivi totali sono aumentati allo 0,45% rispetto allo 0,36% del trimestre precedente.
TriCo Bancshares (TCBK) reportó un ingreso neto del tercer trimestre de 2024 de $29.1 millones, o $0.88 por acción diluida, en comparación con $29.0 millones o $0.87 por acción en el segundo trimestre de 2024. Los puntos destacados incluyen un aumento en el margen de interés neto al 3.71%, subiendo 3 puntos básicos con respecto al trimestre anterior. Los depósitos totales disminuyeron en $13.1 millones (0.7% anualizado) desde el segundo trimestre, mientras que el costo medio de los depósitos aumentó al 1.52%. La relación de préstamos a depósitos disminuyó al 83.2%, y la relación de eficiencia fue del 60.02%. Los activos no productivos respecto a los activos totales aumentaron al 0.45% desde el 0.36% en el trimestre anterior.
TriCo Bancshares (TCBK)는 2024년 3분기 순이익이 $29.1백만으로, 희석 주당 $0.88에 달했다고 보고했습니다. 이는 2024년 2분기의 $29.0백만 또는 주당 $0.87과 비교됩니다. 주요 포인트로는 순이자 마진이 3.71%로 3 베이시스 포인트 상승한 점을 들 수 있습니다. 총 예금은 2분기보다 $13.1백만(연환산 0.7%) 감소했으며, 예금의 평균 비용은 1.52%로 증가했습니다. 대출 대비 예금 비율은 83.2%로 감소했고, 효율성 비율은 60.02%였습니다. 비수익 자산 비율은 이전 분기 0.36%에서 0.45%로 증가했습니다.
TriCo Bancshares (TCBK) a annoncé un revenu net de 29,1 millions de dollars pour le troisième trimestre 2024, soit 0,88 $ par action diluée, comparé à 29,0 millions de dollars ou 0,87 $ par action au deuxième trimestre 2024. Les points clés incluent une augmentation de la marge d'intérêt nette à 3,71%, en hausse de 3 points de base par rapport au trimestre précédent. Les dépôts totaux ont diminué de 13,1 millions de dollars (0,7% annualisé) par rapport au deuxième trimestre, tandis que le coût moyen des dépôts a grimpé à 1,52%. Le ratio prêts/dépôts a diminué à 83,2%, et le ratio d'efficacité était de 60,02%. Les actifs non performants par rapport aux actifs totaux ont augmenté à 0,45% contre 0,36% au trimestre précédent.
TriCo Bancshares (TCBK) hat im dritten Quartal 2024 einen Nettogewinn von $29,1 Millionen oder $0,88 pro verwässerter Aktie berichtet, verglichen mit $29,0 Millionen oder $0,87 pro Aktie im zweiten Quartal 2024. Zu den wichtigen Highlights gehört eine Erhöhung der Nettozinsspanne auf 3,71%, die um 3 Basispunkte gegenüber dem vorherigen Quartal gestiegen ist. Die Gesamteinlagen sanken um $13,1 Millionen (annualisiert 0,7%) im Vergleich zum 2. Quartal, während die durchschnittlichen Kosten der Einlagen auf 1,52% stiegen. Das Verhältnis von Krediten zu Einlagen sank auf 83,2%, und das Effizienzziel lag bei 60,02%. Der Anteil der notleidenden Vermögenswerte an den Gesamta Vermögens stieg von 0,36% im vorherigen Quartal auf 0,45%.
- Net income slightly increased to $29.1 million from $29.0 million quarter-over-quarter
- Net interest margin improved to 3.71%, up 3 basis points from previous quarter
- Book value per share grew to $37.55 from $32.18 year-over-year
- Non-performing assets increased to 0.45% from 0.36% quarter-over-quarter
- Deposit balances decreased by $13.1 million (0.7% annualized)
- Efficiency ratio worsened to 60.02% from 59.61% in previous quarter
- Net income decreased 5% year-over-year from $30.59 million in Q3 2023
Insights
The Q3 2024 results for TriCo Bancshares show mixed performance with some concerning trends. Net income remained relatively flat at
- Net interest margin pressure continues despite slight improvement to
3.71% from3.68% in Q2 - Loan balances decreased
3.5% annualized, indicating weak lending demand - Rising deposit costs with total deposit beta at
31.2% since March 2022 - Non-performing assets increased to
0.45% of total assets from0.36% in Q2
The bank maintains solid capital and liquidity positions, with primary liquidity sources covering
3Q24 Financial Highlights
-
Net income was
or$29.1 million per diluted share as compared to$0.88 or$29.0 million per diluted share in the trailing quarter$0.87 -
Deposit balances decreased
or$13.1 million 0.7% (annualized) from the trailing quarter and have increased or$27.4 million 0.3% (annualized) from the same quarter of the prior year -
Average yield on earning assets was
5.26% , an increase of 2 basis points over the5.24% in the trailing quarter -
Net interest margin (FTE) was
3.71% in the recent quarter, an increase of 3 basis points over3.68% in the trailing quarter -
Non-interest bearing deposits averaged
31.7% of total deposits during the quarter -
The average cost of total deposits was
1.52% , an increase of 7 basis points as compared to1.45% in the trailing quarter, and an increase of 66 basis points from0.86% in the same quarter of the prior year; the Company's total cost of deposits have increased 148 basis points since FOMC rate actions began in March 2022, which translates to a cycle-to-date deposit beta of31.2%
Executive Commentary:
“Our financial performance for the third quarter demonstrates the effectiveness and strength of adhering to a long term plan and our teams' consistent ability to execute. In addition, recent strategic hires have been transitioning at an accelerated pace and we are looking forward to their more meaningful impact in 2025," said Rick Smith, President and CEO.
Peter Wiese, EVP and CFO added, “While both net interest margin and net interest income expanded during the quarter, we continue to execute incremental balance sheet strategies to minimize the forecasted impacts of recent and anticipated interest rate cuts. More notably, the reshaping of the yield curve with less inversion will likely provide longer term benefits to revenue and earnings per share growth.”
Selected Financial Highlights
-
For the quarter ended September 30, 2024, the Company’s return on average assets was
1.20% , while the return on average equity was9.52% ; for the trailing quarter ended June 30, 2024, the Company’s return on average assets was1.19% , while the return on average equity was9.99% -
Diluted earnings per share were
for the third quarter of 2024, compared to$0.88 for the trailing quarter and$0.87 during the third quarter of 2023$0.92 -
The loan to deposit ratio decreased to
83.2% as of September 30, 2024, as compared to83.8% for the trailing quarter end, as a result of loan contraction during the quarter -
The efficiency ratio was
60.02% for the quarter ended September 30, 2024, as compared to59.61% for the trailing quarter -
The provision for credit losses was approximately
during the quarter ended September 30, 2024, as compared to$0.2 million during the trailing quarter end, with reserves on individually analyzed loans increasing during the current quarter$0.4 million -
The allowance for credit losses (ACL) to total loans was
1.85% as of September 30, 2024, compared to1.83% as of the trailing quarter end, and1.73% as of September 30, 2023. Non-performing assets to total assets were0.45% on September 30, 2024, as compared to0.36% as of June 30, 2024, and0.33% at September 30, 2023. At September 30, 2024, the ACL represented297% of non-performing loans
The financial results reported in this document are preliminary and unaudited. Final financial results and other disclosures will be reported on Form 10-Q for the period ended September 30, 2024, 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.
Operating Results and Performance Ratios
|
Three months ended |
|
|
|
|
|||||||||
|
September 30,
|
|
June 30,
|
|
|
|
|
|||||||
(dollars and shares in thousands, except per share data) |
|
|
$ Change |
|
% Change |
|||||||||
Net interest income |
$ |
82,611 |
|
|
$ |
81,997 |
|
|
$ |
614 |
|
|
0.7 |
% |
Provision for credit losses |
|
(220 |
) |
|
|
(405 |
) |
|
|
185 |
|
|
(45.7 |
)% |
Noninterest income |
|
16,495 |
|
|
|
15,866 |
|
|
|
629 |
|
|
4.0 |
% |
Noninterest expense |
|
(59,487 |
) |
|
|
(58,339 |
) |
|
|
(1,148 |
) |
|
2.0 |
% |
Provision for income taxes |
|
(10,348 |
) |
|
|
(10,085 |
) |
|
|
(263 |
) |
|
2.6 |
% |
Net income |
$ |
29,051 |
|
|
$ |
29,034 |
|
|
$ |
17 |
|
|
0.1 |
% |
Diluted earnings per share |
$ |
0.88 |
|
|
$ |
0.87 |
|
|
$ |
0.01 |
|
|
1.1 |
% |
Dividends per share |
$ |
0.33 |
|
|
$ |
0.33 |
|
|
$ |
— |
|
|
— |
% |
Average common shares |
|
32,993 |
|
|
|
33,121 |
|
|
|
(128 |
) |
|
(0.4 |
)% |
Average diluted common shares |
|
33,137 |
|
|
|
33,244 |
|
|
|
(107 |
) |
|
(0.3 |
)% |
Return on average total assets |
|
1.20 |
% |
|
|
1.19 |
% |
|
|
|
|
|||
Return on average equity |
|
9.52 |
% |
|
|
9.99 |
% |
|
|
|
|
|||
Efficiency ratio |
|
60.02 |
% |
|
|
59.61 |
% |
|
|
|
|
|
Three months ended
|
|
|
|
|
|||||||||
(dollars and shares in thousands, except per share data) |
|
2024 |
|
|
|
2023 |
|
|
$ Change |
|
% Change |
|||
Net interest income |
$ |
82,611 |
|
|
$ |
88,123 |
|
|
$ |
(5,512 |
) |
|
(6.3 |
)% |
Provision for credit losses |
|
(220 |
) |
|
|
(4,155 |
) |
|
|
3,935 |
|
|
(94.7 |
)% |
Noninterest income |
|
16,495 |
|
|
|
15,984 |
|
|
|
511 |
|
|
3.2 |
% |
Noninterest expense |
|
(59,487 |
) |
|
|
(57,878 |
) |
|
|
(1,609 |
) |
|
2.8 |
% |
Provision for income taxes |
|
(10,348 |
) |
|
|
(11,484 |
) |
|
|
1,136 |
|
|
(9.9 |
)% |
Net income |
$ |
29,051 |
|
|
$ |
30,590 |
|
|
$ |
(1,539 |
) |
|
(5.0 |
)% |
Diluted earnings per share |
$ |
0.88 |
|
|
$ |
0.92 |
|
|
$ |
(0.04 |
) |
|
(4.3 |
)% |
Dividends per share |
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.03 |
|
|
10.0 |
% |
Average common shares |
|
32,993 |
|
|
|
33,263 |
|
|
|
(270 |
) |
|
(0.8 |
)% |
Average diluted common shares |
|
33,137 |
|
|
|
33,319 |
|
|
|
(182 |
) |
|
(0.5 |
)% |
Return on average total assets |
|
1.20 |
% |
|
|
1.23 |
% |
|
|
|
|
|||
Return on average equity |
|
9.52 |
% |
|
|
10.91 |
% |
|
|
|
|
|||
Efficiency ratio |
|
60.02 |
% |
|
|
55.59 |
% |
|
|
|
|
|
Nine months ended
|
|
|
|||||||||||
(dollars and shares in thousands) |
|
2024 |
|
|
|
2023 |
|
|
$ Change |
|
% Change |
|||
Net interest income |
$ |
247,344 |
|
|
$ |
270,060 |
|
|
$ |
(22,716 |
) |
|
(8.4 |
)% |
Provision for credit losses |
|
(4,930 |
) |
|
|
(18,000 |
) |
|
|
13,070 |
|
|
(72.6 |
)% |
Noninterest income |
|
48,132 |
|
|
|
45,360 |
|
|
|
2,772 |
|
|
6.1 |
% |
Noninterest expense |
|
(174,330 |
) |
|
|
(172,915 |
) |
|
|
(1,415 |
) |
|
0.8 |
% |
Provision for income taxes |
|
(30,382 |
) |
|
|
(33,190 |
) |
|
|
2,808 |
|
|
(8.5 |
)% |
Net income |
$ |
85,834 |
|
|
$ |
91,315 |
|
|
$ |
(5,481 |
) |
|
(6.0 |
)% |
Diluted earnings per share |
$ |
2.58 |
|
|
$ |
2.74 |
|
|
$ |
(0.16 |
) |
|
(5.8 |
)% |
Dividends per share |
$ |
0.99 |
|
|
$ |
0.90 |
|
|
$ |
0.09 |
|
|
10.0 |
% |
Average common shares |
|
33,119 |
|
|
|
33,259 |
|
|
|
(140 |
) |
|
(0.4 |
)% |
Average diluted common shares |
|
33,251 |
|
|
|
33,356 |
|
|
|
(105 |
) |
|
(0.3 |
)% |
Return on average total assets |
|
1.17 |
% |
|
|
1.24 |
% |
|
|
|
|
|||
Return on average equity |
|
9.67 |
% |
|
|
11.06 |
% |
|
|
|
|
|||
Efficiency ratio |
|
59.00 |
% |
|
|
54.82 |
% |
|
|
|
|
Balance Sheet Data
Total loans outstanding were
Total shareholders' equity increased by
Trailing Quarter Balance Sheet Change
Ending balances |
September 30,
|
|
June 30,
|
|
|
|
Annualized
|
|||||||
(dollars in thousands) |
|
|
$ Change |
|||||||||||
Total assets |
$ |
9,823,890 |
|
$ |
9,741,399 |
|
$ |
82,491 |
|
|
3.4 |
% |
||
Total loans |
|
6,683,891 |
|
|
6,742,526 |
|
|
(58,635 |
) |
|
(3.5 |
) |
||
Total investments |
|
2,116,469 |
|
|
2,086,090 |
|
|
30,379 |
|
|
5.8 |
|
||
Total deposits |
|
8,037,091 |
|
|
8,050,230 |
|
|
(13,139 |
) |
|
(0.7 |
) |
||
Total other borrowings |
|
266,767 |
|
|
247,773 |
|
|
18,994 |
|
|
30.7 |
|
Loans outstanding decreased by
Investment security balances increased
Deposit balances decreased by
Other borrowings totaled
Average Trailing Quarter Balance Sheet Change
Quarterly average balances for the period ended |
September 30,
|
|
June 30,
|
|
|
|
Annualized % Change |
|||||||
(dollars in thousands) |
|
|
$ Change |
|
||||||||||
Total assets |
$ |
9,666,979 |
|
$ |
9,782,228 |
|
$ |
(115,249 |
) |
|
(4.7 |
)% |
||
Total loans |
|
6,690,326 |
|
|
6,792,303 |
|
|
(101,977 |
) |
|
(6.0 |
) |
||
Total investments |
|
2,108,359 |
|
|
2,141,291 |
|
|
(32,932 |
) |
|
(6.2 |
) |
||
Total deposits |
|
8,020,936 |
|
|
8,024,441 |
|
|
(3,505 |
) |
|
(0.2 |
) |
||
Total other borrowings |
|
175,268 |
|
|
325,604 |
|
|
(150,336 |
) |
|
(184.7 |
) |
Year Over Year Balance Sheet Change
Ending balances | As of September 30, |
|
|
|
% Change |
|||||||||
(dollars in thousands) |
|
2024 |
|
|
2023 |
|
$ Change |
|
||||||
Total assets |
$ |
9,823,890 |
|
$ |
9,897,006 |
|
$ |
(73,116 |
) |
|
(0.7 |
)% |
||
Total loans |
|
6,683,891 |
|
|
6,708,666 |
|
|
(24,775 |
) |
|
(0.4 |
) |
||
Total investments |
|
2,116,469 |
|
|
2,333,162 |
|
|
(216,693 |
) |
|
(9.3 |
) |
||
Total deposits |
|
8,037,091 |
|
|
8,009,643 |
|
|
27,448 |
|
|
0.3 |
|
||
Total other borrowings |
|
266,767 |
|
|
537,975 |
|
|
(271,208 |
) |
|
(50.4 |
) |
Primary Sources of Liquidity
(dollars in thousands) | September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
||||||
Borrowing capacity at correspondent banks and FRB |
$ |
2,757,640 |
|
|
$ |
2,998,009 |
|
|
$ |
2,927,065 |
|
Less: borrowings outstanding |
|
(250,000 |
) |
|
|
(225,000 |
) |
|
|
(500,000 |
) |
Unpledged available-for-sale (AFS) investment securities |
|
1,312,745 |
|
|
|
1,285,185 |
|
|
|
1,702,265 |
|
Cash held or in transit with FRB |
|
274,908 |
|
|
|
163,809 |
|
|
|
72,049 |
|
Total primary liquidity |
$ |
4,095,293 |
|
|
$ |
4,222,003 |
|
|
$ |
4,201,379 |
|
Estimated uninsured deposit balances |
$ |
2,513,313 |
|
$ |
2,486,910 |
|
$ |
2,406,552 |
|
On September 30, 2024, the Company's primary sources of liquidity represented
Net Interest Income and Net Interest Margin
During the twelve-month period ended September 30, 2024, the Company's yield on total loans increased 32 basis points to
The Company continues to manage its cost of deposits through the use of various pricing and product mix strategies. As of September 30, 2024, December 31, 2023, and September 30, 2023, deposits priced utilizing these strategies totaled
|
Three months ended |
|
|
|
|
|||||||||
|
September 30,
|
|
June 30,
|
|
|
|
|
|||||||
(dollars in thousands) |
|
|
Change |
|
% Change |
|||||||||
Interest income |
$ |
117,347 |
|
|
$ |
117,032 |
|
|
$ |
315 |
|
|
0.3 |
% |
Interest expense |
|
(34,736 |
) |
|
|
(35,035 |
) |
|
|
299 |
|
|
(0.9 |
)% |
Fully tax-equivalent adjustment (FTE) (1) |
|
269 |
|
|
|
275 |
|
|
|
(6 |
) |
|
(2.2 |
)% |
Net interest income (FTE) |
$ |
82,880 |
|
|
$ |
82,272 |
|
|
$ |
608 |
|
|
0.7 |
% |
Net interest margin (FTE) |
|
3.71 |
% |
|
|
3.68 |
% |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Acquired loans discount accretion, net: |
|
|
|
|
|
|
|
|||||||
Amount (included in interest income) |
$ |
1,018 |
|
|
$ |
850 |
|
|
$ |
168 |
|
|
19.8 |
% |
Net interest margin less effect of acquired loan discount accretion(1) |
|
3.66 |
% |
|
|
3.64 |
% |
|
|
0.02 |
% |
|
|
|
Three months ended
|
|
|
|
|
|||||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
Interest income |
$ |
117,347 |
|
|
$ |
112,380 |
|
|
$ |
4,967 |
|
|
4.4 |
% |
Interest expense |
|
(34,736 |
) |
|
|
(24,257 |
) |
|
|
(10,479 |
) |
|
43.2 |
% |
Fully tax-equivalent adjustment (FTE) (1) |
|
269 |
|
|
|
405 |
|
|
|
(136 |
) |
|
(33.6 |
)% |
Net interest income (FTE) |
$ |
82,880 |
|
|
$ |
88,528 |
|
|
$ |
(5,648 |
) |
|
(6.4 |
)% |
Net interest margin (FTE) |
|
3.71 |
% |
|
|
3.88 |
% |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Acquired loans discount accretion, net: |
|
|
|
|
|
|
|
|||||||
Amount (included in interest income) |
$ |
1,018 |
|
|
$ |
1,324 |
|
|
$ |
(306 |
) |
|
(23.1 |
)% |
Net interest margin less effect of acquired loan discount accretion(1) |
|
3.66 |
% |
|
|
3.82 |
% |
|
|
(0.16 |
)% |
|
|
|
Nine months ended
|
|
|
|
|
|||||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
Interest income |
$ |
349,796 |
|
|
$ |
322,445 |
|
|
$ |
27,351 |
|
|
8.5 |
% |
Interest expense |
|
(102,452 |
) |
|
|
(52,385 |
) |
|
|
(50,067 |
) |
|
95.6 |
% |
Fully tax-equivalent adjustment (FTE) (1) |
|
819 |
|
|
|
1,176 |
|
|
|
(357 |
) |
|
(30.4 |
)% |
Net interest income (FTE) |
$ |
248,163 |
|
|
$ |
271,236 |
|
|
$ |
(23,073 |
) |
|
(8.5 |
)% |
Net interest margin (FTE) |
|
3.69 |
% |
|
|
4.01 |
% |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Acquired loans discount accretion, net: |
|
|
|
|
|
|
|
|||||||
Amount (included in interest income) |
$ |
3,200 |
|
|
$ |
4,192 |
|
|
$ |
(992 |
) |
|
(23.7 |
)% |
Net interest margin less effect of acquired loan discount accretion(1) |
|
3.64 |
% |
|
|
3.95 |
% |
|
|
(0.31 |
)% |
|
|
(1) |
Certain information included herein is presented on a fully tax-equivalent (FTE) basis and / or to present additional financial details which may be desired by users of this financial information. The Company believes the use of these non-generally accepted accounting principles (non-GAAP) measures provide additional clarity in assessing its results, and the presentation of these measures are common practice within the banking industry. See additional information related to non-GAAP measures at the back of this document. |
Analysis Of Change In Net Interest Margin On Earning Assets
|
Three months ended |
|
Three months ended |
|
Three months ended |
|||||||||||||||||||||||||||
(dollars in thousands) |
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|||||||||||||||||||||||||||
|
Average Balance |
|
Income/ Expense |
|
Yield/ Rate |
|
Average Balance |
|
Income/ Expense |
|
Yield/ Rate |
|
Average Balance |
|
Income/ Expense |
|
Yield/ Rate |
|||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans |
$ |
6,690,326 |
|
$ |
98,085 |
|
5.83 |
% |
|
$ |
6,792,303 |
|
$ |
98,229 |
|
5.82 |
% |
|
$ |
6,597,400 |
|
$ |
91,707 |
|
5.51 |
% |
||||||
Investments-taxable |
|
1,972,859 |
|
|
17,188 |
|
3.47 |
% |
|
|
2,003,124 |
|
|
17,004 |
|
3.41 |
% |
|
|
2,246,569 |
|
|
18,990 |
|
3.35 |
% |
||||||
Investments-nontaxable (1) |
|
135,500 |
|
|
1,166 |
|
3.42 |
% |
|
|
138,167 |
|
|
1,190 |
|
3.46 |
% |
|
|
182,766 |
|
|
1,755 |
|
3.81 |
% |
||||||
Total investments |
|
2,108,359 |
|
|
18,354 |
|
3.46 |
% |
|
|
2,141,291 |
|
|
18,194 |
|
3.42 |
% |
|
|
2,429,335 |
|
|
20,745 |
|
3.39 |
% |
||||||
Cash at Fed Reserve and other banks |
|
93,538 |
|
|
1,177 |
|
5.01 |
% |
|
|
68,080 |
|
|
884 |
|
5.22 |
% |
|
|
26,654 |
|
|
333 |
|
4.96 |
% |
||||||
Total earning assets |
|
8,892,223 |
|
|
117,616 |
|
5.26 |
% |
|
|
9,001,674 |
|
|
117,307 |
|
5.24 |
% |
|
|
9,053,389 |
|
|
112,785 |
|
4.94 |
% |
||||||
Other assets, net |
|
774,756 |
|
|
|
|
|
|
780,554 |
|
|
|
|
|
|
820,851 |
|
|
|
|
||||||||||||
Total assets |
$ |
9,666,979 |
|
|
|
|
|
$ |
9,782,228 |
|
|
|
|
|
$ |
9,874,240 |
|
|
|
|
||||||||||||
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand deposits |
$ |
1,736,442 |
|
$ |
6,132 |
|
1.40 |
% |
|
$ |
1,769,370 |
|
$ |
6,215 |
|
1.41 |
% |
|
$ |
1,751,625 |
|
$ |
3,916 |
|
0.89 |
% |
||||||
Savings deposits |
|
2,686,303 |
|
|
13,202 |
|
1.96 |
% |
|
|
2,673,272 |
|
|
12,260 |
|
1.84 |
% |
|
|
2,790,197 |
|
|
9,526 |
|
1.35 |
% |
||||||
Time deposits |
|
1,055,612 |
|
|
11,354 |
|
4.28 |
% |
|
|
1,016,190 |
|
|
10,546 |
|
4.17 |
% |
|
|
535,715 |
|
|
3,937 |
|
2.92 |
% |
||||||
Total interest-bearing deposits |
|
5,478,357 |
|
|
30,688 |
|
2.23 |
% |
|
|
5,458,832 |
|
|
29,021 |
|
2.14 |
% |
|
|
5,077,537 |
|
|
17,379 |
|
1.36 |
% |
||||||
Other borrowings |
|
175,268 |
|
|
2,144 |
|
4.87 |
% |
|
|
325,604 |
|
|
4,118 |
|
5.09 |
% |
|
|
449,274 |
|
|
5,106 |
|
4.51 |
% |
||||||
Junior subordinated debt |
|
101,150 |
|
|
1,904 |
|
7.49 |
% |
|
|
101,128 |
|
|
1,896 |
|
7.54 |
% |
|
|
101,070 |
|
|
1,772 |
|
6.96 |
% |
||||||
Total interest-bearing liabilities |
|
5,754,775 |
|
|
34,736 |
|
2.40 |
% |
|
|
5,885,564 |
|
|
35,035 |
|
2.39 |
% |
|
|
5,627,881 |
|
|
24,257 |
|
1.71 |
% |
||||||
Noninterest-bearing deposits |
|
2,542,579 |
|
|
|
|
|
|
2,565,609 |
|
|
|
|
|
|
2,965,564 |
|
|
|
|
||||||||||||
Other liabilities |
|
155,115 |
|
|
|
|
|
|
161,731 |
|
|
|
|
|
|
168,391 |
|
|
|
|
||||||||||||
Shareholders’ equity |
|
1,214,510 |
|
|
|
|
|
|
1,169,324 |
|
|
|
|
|
|
1,112,404 |
|
|
|
|
||||||||||||
Total liabilities and shareholders’ equity |
$ |
9,666,979 |
|
|
|
|
|
$ |
9,782,228 |
|
|
|
|
|
$ |
9,874,240 |
|
|
|
|
||||||||||||
Net interest rate spread (1) (2) |
|
|
|
|
2.86 |
% |
|
|
|
|
|
2.85 |
% |
|
|
|
|
|
3.23 |
% |
||||||||||||
Net interest income and margin (1) (3) |
|
|
$ |
82,880 |
|
3.71 |
% |
|
|
|
$ |
82,272 |
|
3.68 |
% |
|
|
|
$ |
88,528 |
|
3.88 |
% |
(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 September 30, 2024, increased
As compared to the same quarter in the prior year, average loan yields increased 32 basis points from
For the quarter ended September 30, 2024, the ratio of average total noninterest-bearing deposits to total average deposits was
(dollars in thousands) |
Nine months ended September 30, 2024 |
|
Nine months ended September 30, 2023 |
||||||||||||||||||
|
Average Balance |
|
Income/ Expense |
|
Yield/ Rate |
|
Average Balance |
|
Income/ Expense |
|
Yield/ Rate |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans |
$ |
6,755,916 |
|
$ |
292,799 |
|
5.79 |
% |
|
$ |
6,493,585 |
|
$ |
260,868 |
|
5.37 |
% |
||||
Investments-taxable |
|
2,034,336 |
|
|
52,021 |
|
3.42 |
% |
|
|
2,328,883 |
|
|
56,681 |
|
3.25 |
% |
||||
Investments-nontaxable (1) |
|
137,515 |
|
|
3,548 |
|
3.45 |
% |
|
|
184,524 |
|
|
5,096 |
|
3.69 |
% |
||||
Total investments |
|
2,171,851 |
|
|
55,569 |
|
3.42 |
% |
|
|
2,513,407 |
|
|
61,777 |
|
3.29 |
% |
||||
Cash at Fed Reserve and other banks |
|
58,792 |
|
|
2,247 |
|
5.11 |
% |
|
|
27,606 |
|
|
976 |
|
4.73 |
% |
||||
Total earning assets |
|
8,986,559 |
|
|
350,615 |
|
5.21 |
% |
|
|
9,034,598 |
|
|
323,621 |
|
4.79 |
% |
||||
Other assets, net |
|
781,406 |
|
|
|
|
|
|
832,501 |
|
|
|
|
||||||||
Total assets |
$ |
9,767,965 |
|
|
|
|
|
$ |
9,867,099 |
|
|
|
|
||||||||
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand deposits |
$ |
1,738,876 |
|
$ |
17,294 |
|
1.33 |
% |
|
$ |
1,694,438 |
|
$ |
6,476 |
|
0.51 |
% |
||||
Savings deposits |
|
2,670,555 |
|
|
36,362 |
|
1.82 |
% |
|
|
2,818,817 |
|
|
20,616 |
|
0.98 |
% |
||||
Time deposits |
|
961,577 |
|
|
29,582 |
|
4.11 |
% |
|
|
413,359 |
|
|
6,889 |
|
2.23 |
% |
||||
Total interest-bearing deposits |
|
5,371,008 |
|
|
83,238 |
|
2.07 |
% |
|
|
4,926,614 |
|
|
33,981 |
|
0.92 |
% |
||||
Other borrowings |
|
361,175 |
|
|
13,640 |
|
5.04 |
% |
|
|
402,016 |
|
|
13,318 |
|
4.43 |
% |
||||
Junior subordinated debt |
|
101,128 |
|
|
5,574 |
|
7.36 |
% |
|
|
101,057 |
|
|
5,086 |
|
6.73 |
% |
||||
Total interest-bearing liabilities |
|
5,833,311 |
|
|
102,452 |
|
2.35 |
% |
|
|
5,429,687 |
|
|
52,385 |
|
1.29 |
% |
||||
Noninterest-bearing deposits |
|
2,584,705 |
|
|
|
|
|
|
3,153,807 |
|
|
|
|
||||||||
Other liabilities |
|
163,704 |
|
|
|
|
|
|
179,483 |
|
|
|
|
||||||||
Shareholders’ equity |
|
1,186,245 |
|
|
|
|
|
|
1,104,122 |
|
|
|
|
||||||||
Total liabilities and shareholders’ equity |
$ |
9,767,965 |
|
|
|
|
|
$ |
9,867,099 |
|
|
|
|
||||||||
Net interest rate spread (1) (2) |
|
|
|
|
2.86 |
% |
|
|
|
|
|
3.50 |
% |
||||||||
Net interest income and margin (1) (3) |
|
|
$ |
248,163 |
|
3.69 |
% |
|
|
|
$ |
271,236 |
|
4.01 |
% |
(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. |
Interest Rates and Earning Asset Composition
As of September 30, 2024, the Company's loan portfolio consisted of approximately
Asset Quality and Credit Loss Provisioning
During the three months ended September 30, 2024, the Company recorded a provision for credit losses of
|
Three months ended |
|
Nine months ended |
|||||||||||
(dollars in thousands) |
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|||||
Addition to allowance for credit losses |
320 |
|
335 |
|
3,120 |
|
4,670 |
|
16,415 |
|||||
Addition to (reversal of) reserve for unfunded loan commitments |
(100 |
) |
|
70 |
|
1,035 |
|
260 |
|
1,585 |
||||
Total provision for credit losses |
220 |
|
405 |
|
4,155 |
|
4,930 |
|
18,000 |
The provision for credit losses on loans of
|
Three Months Ended September 30, |
|
Nine months ended September 30, |
||||||||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Balance, beginning of period |
$ |
123,517 |
|
|
$ |
117,329 |
|
|
$ |
121,522 |
|
|
$ |
105,680 |
|
Provision for credit losses |
|
320 |
|
|
|
3,120 |
|
|
|
4,670 |
|
|
|
16,415 |
|
Loans charged-off |
|
(444 |
) |
|
|
(5,357 |
) |
|
|
(3,329 |
) |
|
|
(7,391 |
) |
Recoveries of previously charged-off loans |
|
367 |
|
|
|
720 |
|
|
|
897 |
|
|
|
1,108 |
|
Balance, end of period |
$ |
123,760 |
|
|
$ |
115,812 |
|
|
$ |
123,760 |
|
|
$ |
115,812 |
|
The allowance for credit losses (ACL) was
Loans past due 30 days or more increased by
|
September 30, |
|
% of Loans
|
|
June 30, |
|
% of Loans
|
|
September 30, |
|
% of Loans
|
|||||||||
(dollars in thousands) |
|
2024 |
|
|
|
|
2024 |
|
|
|
|
2023 |
|
|
||||||
Risk Rating: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pass |
$ |
6,461,451 |
|
|
96.7 |
% |
|
$ |
6,536,223 |
|
|
96.9 |
% |
|
$ |
6,532,424 |
|
|
97.4 |
% |
Special Mention |
|
104,759 |
|
|
1.6 |
% |
|
|
101,324 |
|
|
1.5 |
% |
|
|
94,614 |
|
|
1.4 |
% |
Substandard |
|
117,681 |
|
|
1.8 |
% |
|
|
104,979 |
|
|
1.6 |
% |
|
|
81,628 |
|
|
1.2 |
% |
Total |
$ |
6,683,891 |
|
|
|
|
$ |
6,742,526 |
|
|
|
|
$ |
6,708,666 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Classified loans to total loans |
|
1.76 |
% |
|
|
|
|
1.56 |
% |
|
|
|
|
1.22 |
% |
|
|
|||
Loans past due 30+ days to total loans |
|
0.57 |
% |
|
|
|
|
0.45 |
% |
|
|
|
|
0.12 |
% |
|
|
The ratio of classified loans to total loans of
Outstanding balances on construction loans, which have historically been associated with elevated levels of risk, experienced balance reductions of
Management continues to proactively assess the repayment capacity of borrowers that will be subject to rate resets in the near term. To date this analysis as well as management's observations of loans that have experienced a rate reset, have resulted in an insignificant need to provide concessions to borrowers.
As of September 30, 2024, other real estate owned consisted of 10 properties with a carrying value of approximately
Allocation of Credit Loss Reserves by Loan Type
|
As of September 30, 2024 |
|
As of June 30, 2024 |
|
As of September 30, 2023 |
||||||||||||||||||
(dollars in thousands) |
Amount |
|
% of Loans Outstanding |
|
Amount |
|
% of Loans Outstanding |
|
Amount |
|
% of Loans Outstanding |
||||||||||||
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
CRE - Non-Owner Occupied |
$ |
36,206 |
|
1.61 |
% |
|
$ |
37,155 |
|
1.66 |
% |
|
$ |
33,723 |
|
1.55 |
% |
||||||
CRE - Owner Occupied |
|
15,382 |
|
1.62 |
% |
|
|
15,873 |
|
1.67 |
% |
|
|
14,503 |
|
1.51 |
% |
||||||
Multifamily |
|
15,735 |
|
1.54 |
% |
|
|
15,973 |
|
1.60 |
% |
|
|
14,239 |
|
1.48 |
% |
||||||
Farmland |
|
4,016 |
|
1.50 |
% |
|
|
4,031 |
|
1.52 |
% |
|
|
4,210 |
|
1.51 |
% |
||||||
Total commercial real estate loans |
|
71,339 |
|
1.59 |
% |
|
|
73,032 |
|
1.64 |
% |
|
|
66,675 |
|
1.53 |
% |
||||||
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
14,366 |
|
1.66 |
% |
|
|
14,604 |
|
1.65 |
% |
|
|
13,535 |
|
1.56 |
% |
||||||
SFR HELOCs and Junior Liens |
|
10,185 |
|
2.87 |
% |
|
|
10,087 |
|
2.91 |
% |
|
|
10,163 |
|
2.88 |
% |
||||||
Other |
|
2,953 |
|
4.70 |
% |
|
|
2,983 |
|
4.30 |
% |
|
|
2,920 |
|
4.44 |
% |
||||||
Total consumer loans |
|
27,504 |
|
2.14 |
% |
|
|
27,674 |
|
2.13 |
% |
|
|
26,618 |
|
2.07 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and Industrial |
|
14,453 |
|
2.98 |
% |
|
|
12,128 |
|
2.21 |
% |
|
|
12,290 |
|
2.05 |
% |
||||||
Construction |
|
7,119 |
|
2.58 |
% |
|
|
7,466 |
|
2.63 |
% |
|
|
8,097 |
|
2.52 |
% |
||||||
Agricultural Production |
|
3,312 |
|
2.30 |
% |
|
|
3,180 |
|
2.27 |
% |
|
|
2,125 |
|
1.72 |
% |
||||||
Leases |
|
33 |
|
0.44 |
% |
|
|
37 |
|
0.44 |
% |
|
|
7 |
|
0.09 |
% |
||||||
Allowance for credit losses |
|
123,760 |
|
1.85 |
% |
|
|
123,517 |
|
1.83 |
% |
|
|
115,812 |
|
1.73 |
% |
||||||
Reserve for unfunded loan commitments |
|
6,110 |
|
|
|
|
6,210 |
|
|
|
|
5,900 |
|
|
|||||||||
Total allowance for credit losses |
$ |
129,870 |
|
1.92 |
% |
|
$ |
129,727 |
|
1.92 |
% |
|
$ |
121,712 |
|
1.81 |
% |
In addition to the allowance for credit losses above, the Company has acquired various performing loans whose fair value as of the acquisition date was determined to be less than the principal balance owed on those loans. This difference represents the collective discount of credit, interest rate and liquidity measurements which is expected to be amortized over the life of the loans. As of September 30, 2024, the unamortized discount associated with acquired loans totaled
Non-interest Income
|
Three months ended |
|
|
|
|
|||||||||
(dollars in thousands) |
September 30, 2024 |
|
June 30, 2024 |
|
Change |
|
% Change |
|||||||
ATM and interchange fees |
$ |
6,472 |
|
|
$ |
6,372 |
|
|
$ |
100 |
|
|
1.6 |
% |
Service charges on deposit accounts |
|
4,979 |
|
|
|
4,847 |
|
|
|
132 |
|
|
2.7 |
% |
Other service fees |
|
1,224 |
|
|
|
1,286 |
|
|
|
(62 |
) |
|
(4.8 |
)% |
Mortgage banking service fees |
|
439 |
|
|
|
438 |
|
|
|
1 |
|
|
0.2 |
% |
Change in value of mortgage servicing rights |
|
(332 |
) |
|
|
(147 |
) |
|
|
(185 |
) |
|
125.9 |
% |
Total service charges and fees |
|
12,782 |
|
|
|
12,796 |
|
|
|
(14 |
) |
|
(0.1 |
)% |
Increase in cash value of life insurance |
|
786 |
|
|
|
831 |
|
|
|
(45 |
) |
|
(5.4 |
)% |
Asset management and commission income |
|
1,502 |
|
|
|
1,359 |
|
|
|
143 |
|
|
10.5 |
% |
Gain on sale of loans |
|
549 |
|
|
|
388 |
|
|
|
161 |
|
|
41.5 |
% |
Lease brokerage income |
|
62 |
|
|
|
154 |
|
|
|
(92 |
) |
|
(59.7 |
)% |
Sale of customer checks |
|
303 |
|
|
|
301 |
|
|
|
2 |
|
|
0.7 |
% |
(Loss) gain on sale or exchange of investment securities |
|
2 |
|
|
|
(45 |
) |
|
|
47 |
|
|
(104.4 |
)% |
(Loss) gain on marketable equity securities |
|
356 |
|
|
|
(121 |
) |
|
|
477 |
|
|
(394.2 |
)% |
Other income |
|
153 |
|
|
|
203 |
|
|
|
(50 |
) |
|
(24.6 |
)% |
Total other non-interest income |
|
3,713 |
|
|
|
3,070 |
|
|
|
643 |
|
|
20.9 |
% |
Total non-interest income |
$ |
16,495 |
|
|
$ |
15,866 |
|
|
$ |
629 |
|
|
4.0 |
% |
Total non-interest income increased
|
Three months ended September 30, |
|
|
|
|
|||||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
ATM and interchange fees |
$ |
6,472 |
|
|
$ |
6,728 |
|
|
$ |
(256 |
) |
|
(3.8 |
)% |
Service charges on deposit accounts |
|
4,979 |
|
|
|
4,851 |
|
|
|
128 |
|
|
2.6 |
% |
Other service fees |
|
1,224 |
|
|
|
1,142 |
|
|
|
82 |
|
|
7.2 |
% |
Mortgage banking service fees |
|
439 |
|
|
|
445 |
|
|
|
(6 |
) |
|
(1.3 |
)% |
Change in value of mortgage servicing rights |
|
(332 |
) |
|
|
(91 |
) |
|
|
(241 |
) |
|
264.8 |
% |
Total service charges and fees |
|
12,782 |
|
|
|
13,075 |
|
|
|
(293 |
) |
|
(2.2 |
)% |
Increase in cash value of life insurance |
|
786 |
|
|
|
684 |
|
|
|
102 |
|
|
14.9 |
% |
Asset management and commission income |
|
1,502 |
|
|
|
1,141 |
|
|
|
361 |
|
|
31.6 |
% |
Gain on sale of loans |
|
549 |
|
|
|
382 |
|
|
|
167 |
|
|
43.7 |
% |
Lease brokerage income |
|
62 |
|
|
|
160 |
|
|
|
(98 |
) |
|
(61.3 |
)% |
Sale of customer checks |
|
303 |
|
|
|
396 |
|
|
|
(93 |
) |
|
(23.5 |
)% |
(Loss) gain on sale or exchange of investment securities |
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
— |
% |
(Loss) gain on marketable equity securities |
|
356 |
|
|
|
(81 |
) |
|
|
437 |
|
|
(539.5 |
)% |
Other income |
|
153 |
|
|
|
227 |
|
|
|
(74 |
) |
|
(32.6 |
)% |
Total other non-interest income |
|
3,713 |
|
|
|
2,909 |
|
|
|
804 |
|
|
27.6 |
% |
Total non-interest income |
$ |
16,495 |
|
|
$ |
15,984 |
|
|
$ |
511 |
|
|
3.2 |
% |
Non-interest income increased
|
Nine months ended September 30, |
|
|
|
|
|||||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
ATM and interchange fees |
$ |
19,013 |
|
|
$ |
19,928 |
|
|
$ |
(915 |
) |
|
(4.6 |
)% |
Service charges on deposit accounts |
|
14,489 |
|
|
|
12,863 |
|
|
|
1,626 |
|
|
12.6 |
% |
Other service fees |
|
3,876 |
|
|
|
3,300 |
|
|
|
576 |
|
|
17.5 |
% |
Mortgage banking service fees |
|
1,305 |
|
|
|
1,364 |
|
|
|
(59 |
) |
|
(4.3 |
)% |
Change in value of mortgage servicing rights |
|
(468 |
) |
|
|
(215 |
) |
|
|
(253 |
) |
|
117.7 |
% |
Total service charges and fees |
|
38,215 |
|
|
|
37,240 |
|
|
|
975 |
|
|
2.6 |
% |
Increase in cash value of life insurance |
|
2,420 |
|
|
|
2,274 |
|
|
|
146 |
|
|
6.4 |
% |
Asset management and commission income |
|
3,989 |
|
|
|
3,233 |
|
|
|
756 |
|
|
23.4 |
% |
Gain on sale of loans |
|
1,198 |
|
|
|
883 |
|
|
|
315 |
|
|
35.7 |
% |
Lease brokerage income |
|
377 |
|
|
|
332 |
|
|
|
45 |
|
|
13.6 |
% |
Sale of customer checks |
|
916 |
|
|
|
1,091 |
|
|
|
(175 |
) |
|
(16.0 |
)% |
(Loss) gain on sale or exchange of investment securities |
|
(43 |
) |
|
|
(164 |
) |
|
|
121 |
|
|
(73.8 |
)% |
(Loss) gain on marketable equity securities |
|
207 |
|
|
|
(81 |
) |
|
|
288 |
|
|
(355.6 |
)% |
Other income |
|
853 |
|
|
|
552 |
|
|
|
301 |
|
|
54.5 |
% |
Total other non-interest income |
|
9,917 |
|
|
|
8,120 |
|
|
|
1,797 |
|
|
22.1 |
% |
Total non-interest income |
$ |
48,132 |
|
|
$ |
45,360 |
|
|
$ |
2,772 |
|
|
6.1 |
% |
Non-interest income increased
Non-interest Expense
|
Three months ended |
|
|
|
|
|||||||||
(dollars in thousands) |
September 30, 2024 |
|
June 30, 2024 |
|
Change |
|
% Change |
|||||||
Base salaries, net of deferred loan origination costs |
$ |
24,407 |
|
$ |
23,852 |
|
$ |
555 |
|
|
2.3 |
% |
||
Incentive compensation |
|
4,361 |
|
|
4,711 |
|
|
(350 |
) |
|
(7.4 |
)% |
||
Benefits and other compensation costs |
|
6,782 |
|
|
6,838 |
|
|
(56 |
) |
|
(0.8 |
)% |
||
Total salaries and benefits expense |
|
35,550 |
|
|
35,401 |
|
|
149 |
|
|
0.4 |
% |
||
Occupancy |
|
4,191 |
|
|
4,063 |
|
|
128 |
|
|
3.2 |
% |
||
Data processing and software |
|
5,258 |
|
|
5,094 |
|
|
164 |
|
|
3.2 |
% |
||
Equipment |
|
1,374 |
|
|
1,330 |
|
|
44 |
|
|
3.3 |
% |
||
Intangible amortization |
|
1,030 |
|
|
1,030 |
|
|
— |
|
|
— |
% |
||
Advertising |
|
1,152 |
|
|
819 |
|
|
333 |
|
|
40.7 |
% |
||
ATM and POS network charges |
|
1,712 |
|
|
1,987 |
|
|
(275 |
) |
|
(13.8 |
)% |
||
Professional fees |
|
1,893 |
|
|
1,814 |
|
|
79 |
|
|
4.4 |
% |
||
Telecommunications |
|
507 |
|
|
558 |
|
|
(51 |
) |
|
(9.1 |
)% |
||
Regulatory assessments and insurance |
|
1,256 |
|
|
1,144 |
|
|
112 |
|
|
9.8 |
% |
||
Postage |
|
335 |
|
|
340 |
|
|
(5 |
) |
|
(1.5 |
)% |
||
Operational loss |
|
603 |
|
|
244 |
|
|
359 |
|
|
147.1 |
% |
||
Courier service |
|
542 |
|
|
559 |
|
|
(17 |
) |
|
(3.0 |
)% |
||
(Gain) loss on sale or acquisition of foreclosed assets |
|
26 |
|
|
— |
|
|
26 |
|
|
— |
% |
||
(Gain) loss on disposal of fixed assets |
|
6 |
|
|
1 |
|
|
5 |
|
|
500.0 |
% |
||
Other miscellaneous expense |
|
4,052 |
|
|
3,955 |
|
|
97 |
|
|
2.5 |
% |
||
Total other non-interest expense |
|
23,937 |
|
|
22,938 |
|
|
999 |
|
|
4.4 |
% |
||
Total non-interest expense |
$ |
59,487 |
|
$ |
58,339 |
|
$ |
1,148 |
|
|
2.0 |
% |
||
Average full-time equivalent staff |
|
1,161 |
|
|
1,160 |
|
|
1 |
|
|
0.1 |
% |
Total non-interest expense for the quarter ended September 30, 2024, increased
|
Three months ended September 30, |
|
|
|
|
|||||||||
(dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
Change |
|
% Change |
||||
Base salaries, net of deferred loan origination costs |
$ |
24,407 |
|
$ |
23,616 |
|
|
$ |
791 |
|
|
3.3 |
% |
|
Incentive compensation |
|
4,361 |
|
|
4,391 |
|
|
|
(30 |
) |
|
(0.7 |
)% |
|
Benefits and other compensation costs |
|
6,782 |
|
|
6,456 |
|
|
|
326 |
|
|
5.0 |
% |
|
Total salaries and benefits expense |
|
35,550 |
|
|
34,463 |
|
|
|
1,087 |
|
|
3.2 |
% |
|
Occupancy |
|
4,191 |
|
|
3,948 |
|
|
|
243 |
|
|
6.2 |
% |
|
Data processing and software |
|
5,258 |
|
|
5,246 |
|
|
|
12 |
|
|
0.2 |
% |
|
Equipment |
|
1,374 |
|
|
1,503 |
|
|
|
(129 |
) |
|
(8.6 |
)% |
|
Intangible amortization |
|
1,030 |
|
|
1,590 |
|
|
|
(560 |
) |
|
(35.2 |
)% |
|
Advertising |
|
1,152 |
|
|
881 |
|
|
|
271 |
|
|
30.8 |
% |
|
ATM and POS network charges |
|
1,712 |
|
|
1,606 |
|
|
|
106 |
|
|
6.6 |
% |
|
Professional fees |
|
1,893 |
|
|
1,752 |
|
|
|
141 |
|
|
8.0 |
% |
|
Telecommunications |
|
507 |
|
|
567 |
|
|
|
(60 |
) |
|
(10.6 |
)% |
|
Regulatory assessments and insurance |
|
1,256 |
|
|
1,194 |
|
|
|
62 |
|
|
5.2 |
% |
|
Postage |
|
335 |
|
|
306 |
|
|
|
29 |
|
|
9.5 |
% |
|
Operational loss |
|
603 |
|
|
474 |
|
|
|
129 |
|
|
27.2 |
% |
|
Courier service |
|
542 |
|
|
492 |
|
|
|
50 |
|
|
10.2 |
% |
|
(Gain) loss on sale or acquisition of foreclosed assets |
|
26 |
|
|
(152 |
) |
|
|
178 |
|
|
(117.1 |
)% |
|
(Gain) loss on disposal of fixed assets |
|
6 |
|
|
4 |
|
|
|
2 |
|
|
50.0 |
% |
|
Other miscellaneous expense |
|
4,052 |
|
|
4,004 |
|
|
|
48 |
|
|
1.2 |
% |
|
Total other non-interest expense |
|
23,937 |
|
|
23,415 |
|
|
|
522 |
|
|
2.2 |
% |
|
Total non-interest expense |
$ |
59,487 |
|
$ |
57,878 |
|
|
$ |
1,609 |
|
|
2.8 |
% |
|
Average full-time equivalent staff |
|
1,161 |
|
|
1,215 |
|
|
|
(54 |
) |
|
(4.4 |
)% |
Total non-interest expense increased
|
Nine months ended September 30, |
|
|
|
|
|||||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
Base salaries, net of deferred loan origination costs |
$ |
72,279 |
|
|
$ |
70,675 |
|
|
$ |
1,604 |
|
|
2.3 |
% |
Incentive compensation |
|
12,329 |
|
|
|
11,663 |
|
|
|
666 |
|
|
5.7 |
% |
Benefits and other compensation costs |
|
20,647 |
|
|
|
19,402 |
|
|
|
1,245 |
|
|
6.4 |
% |
Total salaries and benefits expense |
|
105,255 |
|
|
|
101,740 |
|
|
|
3,515 |
|
|
3.5 |
% |
Occupancy |
|
12,205 |
|
|
|
12,099 |
|
|
|
106 |
|
|
0.9 |
% |
Data processing and software |
|
15,459 |
|
|
|
13,916 |
|
|
|
1,543 |
|
|
11.1 |
% |
Equipment |
|
4,060 |
|
|
|
4,322 |
|
|
|
(262 |
) |
|
(6.1 |
)% |
Intangible amortization |
|
3,090 |
|
|
|
4,902 |
|
|
|
(1,812 |
) |
|
(37.0 |
)% |
Advertising |
|
2,733 |
|
|
|
2,656 |
|
|
|
77 |
|
|
2.9 |
% |
ATM and POS network charges |
|
5,360 |
|
|
|
5,217 |
|
|
|
143 |
|
|
2.7 |
% |
Professional fees |
|
5,047 |
|
|
|
5,326 |
|
|
|
(279 |
) |
|
(5.2 |
)% |
Telecommunications |
|
1,576 |
|
|
|
1,971 |
|
|
|
(395 |
) |
|
(20.0 |
)% |
Regulatory assessments and insurance |
|
3,651 |
|
|
|
3,979 |
|
|
|
(328 |
) |
|
(8.2 |
)% |
Postage |
|
983 |
|
|
|
916 |
|
|
|
67 |
|
|
7.3 |
% |
Operational loss |
|
1,199 |
|
|
|
1,999 |
|
|
|
(800 |
) |
|
(40.0 |
)% |
Courier service |
|
1,581 |
|
|
|
1,314 |
|
|
|
267 |
|
|
20.3 |
% |
(Gain) loss on sale or acquisition of foreclosed assets |
|
(12 |
) |
|
|
(152 |
) |
|
|
140 |
|
|
(92.1 |
)% |
(Gain) loss on disposal of fixed assets |
|
12 |
|
|
|
22 |
|
|
|
(10 |
) |
|
(45.5 |
)% |
Other miscellaneous expense |
|
12,131 |
|
|
|
12,688 |
|
|
|
(557 |
) |
|
(4.4 |
)% |
Total other non-interest expense |
|
69,075 |
|
|
|
71,175 |
|
|
|
(2,100 |
) |
|
(3.0 |
)% |
Total non-interest expense |
$ |
174,330 |
|
|
$ |
172,915 |
|
|
$ |
1,415 |
|
|
0.8 |
% |
Average full-time equivalent staff |
|
1,170 |
|
|
|
1,215 |
|
|
|
(45 |
) |
|
(3.7 |
)% |
Total non-interest expense increased
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
Forward-Looking Statements
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. 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 conditions of
TriCo Bancshares—Condensed Consolidated Financial Data (unaudited) |
|||||||||||||||||||
(dollars in thousands, except per share data) |
Three months ended |
||||||||||||||||||
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
Revenue and Expense Data |
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
$ |
117,347 |
|
|
$ |
117,032 |
|
|
$ |
115,417 |
|
|
$ |
115,909 |
|
|
$ |
112,380 |
|
Interest expense |
|
34,736 |
|
|
|
35,035 |
|
|
|
32,681 |
|
|
|
29,292 |
|
|
|
24,257 |
|
Net interest income |
|
82,611 |
|
|
|
81,997 |
|
|
|
82,736 |
|
|
|
86,617 |
|
|
|
88,123 |
|
Provision for credit losses |
|
220 |
|
|
|
405 |
|
|
|
4,305 |
|
|
|
5,990 |
|
|
|
4,155 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
||||||||||
Service charges and fees |
|
12,782 |
|
|
|
12,796 |
|
|
|
12,637 |
|
|
|
12,848 |
|
|
|
13,075 |
|
(Loss) gain on sale or exchange of investment securities |
|
2 |
|
|
|
(45 |
) |
|
|
— |
|
|
|
(120 |
) |
|
|
— |
|
Other income |
|
3,711 |
|
|
|
3,115 |
|
|
|
3,134 |
|
|
|
3,312 |
|
|
|
2,909 |
|
Total noninterest income |
|
16,495 |
|
|
|
15,866 |
|
|
|
15,771 |
|
|
|
16,040 |
|
|
|
15,984 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and benefits |
|
35,550 |
|
|
|
35,401 |
|
|
|
34,304 |
|
|
|
34,055 |
|
|
|
34,463 |
|
Occupancy and equipment |
|
5,565 |
|
|
|
5,393 |
|
|
|
5,307 |
|
|
|
5,358 |
|
|
|
5,451 |
|
Data processing and network |
|
6,970 |
|
|
|
7,081 |
|
|
|
6,768 |
|
|
|
6,880 |
|
|
|
6,852 |
|
Other noninterest expense |
|
11,402 |
|
|
|
10,464 |
|
|
|
10,125 |
|
|
|
13,974 |
|
|
|
11,112 |
|
Total noninterest expense |
|
59,487 |
|
|
|
58,339 |
|
|
|
56,504 |
|
|
|
60,267 |
|
|
|
57,878 |
|
Total income before taxes |
|
39,399 |
|
|
|
39,119 |
|
|
|
37,698 |
|
|
|
36,400 |
|
|
|
42,074 |
|
Provision for income taxes |
|
10,348 |
|
|
|
10,085 |
|
|
|
9,949 |
|
|
|
10,325 |
|
|
|
11,484 |
|
Net income |
$ |
29,051 |
|
|
$ |
29,034 |
|
|
$ |
27,749 |
|
|
$ |
26,075 |
|
|
$ |
30,590 |
|
Share Data |
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share |
$ |
0.88 |
|
|
$ |
0.88 |
|
|
$ |
0.83 |
|
|
$ |
0.78 |
|
|
$ |
0.92 |
|
Diluted earnings per share |
$ |
0.88 |
|
|
$ |
0.87 |
|
|
$ |
0.83 |
|
|
$ |
0.78 |
|
|
$ |
0.92 |
|
Dividends per share |
$ |
0.33 |
|
|
$ |
0.33 |
|
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.30 |
|
Book value per common share |
$ |
37.55 |
|
|
$ |
35.62 |
|
|
$ |
35.06 |
|
|
$ |
34.86 |
|
|
$ |
32.18 |
|
Tangible book value per common share (1) |
$ |
28.09 |
|
|
$ |
26.13 |
|
|
$ |
25.60 |
|
|
$ |
25.39 |
|
|
$ |
22.67 |
|
Shares outstanding |
|
33,000,508 |
|
|
|
32,989,327 |
|
|
|
33,168,770 |
|
|
|
33,268,102 |
|
|
|
33,263,324 |
|
Weighted average shares |
|
32,992,855 |
|
|
|
33,121,271 |
|
|
|
33,245,377 |
|
|
|
33,266,959 |
|
|
|
33,262,798 |
|
Weighted average diluted shares |
|
33,136,858 |
|
|
|
33,243,955 |
|
|
|
33,370,118 |
|
|
|
33,351,737 |
|
|
|
33,319,291 |
|
Credit Quality |
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses to gross loans |
|
1.85 |
% |
|
|
1.83 |
% |
|
|
1.83 |
% |
|
|
1.79 |
% |
|
|
1.73 |
% |
Loans past due 30 days or more |
$ |
37,888 |
|
|
$ |
30,372 |
|
|
$ |
16,474 |
|
|
$ |
19,415 |
|
|
$ |
8,072 |
|
Total nonperforming loans |
$ |
41,636 |
|
|
$ |
32,774 |
|
|
$ |
34,242 |
|
|
$ |
31,891 |
|
|
$ |
29,799 |
|
Total nonperforming assets |
$ |
44,400 |
|
|
$ |
35,267 |
|
|
$ |
36,735 |
|
|
$ |
34,595 |
|
|
$ |
32,651 |
|
Loans charged-off |
$ |
444 |
|
|
$ |
1,610 |
|
|
$ |
1,275 |
|
|
$ |
749 |
|
|
$ |
5,357 |
|
Loans recovered |
$ |
367 |
|
|
$ |
398 |
|
|
$ |
132 |
|
|
$ |
419 |
|
|
$ |
720 |
|
Selected Financial Ratios |
|
|
|
|
|
|
|
|
|
||||||||||
Return on average total assets |
|
1.20 |
% |
|
|
1.19 |
% |
|
|
1.13 |
% |
|
|
1.05 |
% |
|
|
1.23 |
% |
Return on average equity |
|
9.52 |
% |
|
|
9.99 |
% |
|
|
9.50 |
% |
|
|
9.43 |
% |
|
|
10.91 |
% |
Average yield on loans |
|
5.83 |
% |
|
|
5.82 |
% |
|
|
5.72 |
% |
|
|
5.64 |
% |
|
|
5.52 |
% |
Average yield on interest-earning assets |
|
5.26 |
% |
|
|
5.24 |
% |
|
|
5.13 |
% |
|
|
5.09 |
% |
|
|
4.94 |
% |
Average rate on interest-bearing deposits |
|
2.23 |
% |
|
|
2.14 |
% |
|
|
1.83 |
% |
|
|
1.62 |
% |
|
|
1.36 |
% |
Average cost of total deposits |
|
1.52 |
% |
|
|
1.45 |
% |
|
|
1.21 |
% |
|
|
1.05 |
% |
|
|
0.86 |
% |
Average cost of total deposits and other borrowings |
|
1.59 |
% |
|
|
1.59 |
% |
|
|
1.47 |
% |
|
|
1.28 |
% |
|
|
1.05 |
% |
Average rate on borrowings & subordinated debt |
|
5.83 |
% |
|
|
5.65 |
% |
|
|
5.35 |
% |
|
|
5.26 |
% |
|
|
4.96 |
% |
Average rate on interest-bearing liabilities |
|
2.40 |
% |
|
|
2.39 |
% |
|
|
2.24 |
% |
|
|
2.01 |
% |
|
|
1.71 |
% |
Net interest margin (fully tax-equivalent) (1) |
|
3.71 |
% |
|
|
3.68 |
% |
|
|
3.68 |
% |
|
|
3.81 |
% |
|
|
3.88 |
% |
Loans to deposits |
|
83.16 |
% |
|
|
83.76 |
% |
|
|
85.14 |
% |
|
|
86.73 |
% |
|
|
83.76 |
% |
Efficiency ratio |
|
60.02 |
% |
|
|
59.61 |
% |
|
|
57.36 |
% |
|
|
58.71 |
% |
|
|
55.59 |
% |
Supplemental Loan Interest Income Data |
|
|
|
|
|
|
|
|
|
||||||||||
Discount accretion on acquired loans |
$ |
1,018 |
|
|
$ |
850 |
|
|
$ |
1,332 |
|
|
$ |
1,459 |
|
|
$ |
1,324 |
|
All other loan interest income (1) |
$ |
97,067 |
|
|
$ |
97,379 |
|
|
$ |
95,153 |
|
|
$ |
94,382 |
|
|
$ |
90,383 |
|
Total loan interest income (1) |
$ |
98,085 |
|
|
$ |
98,229 |
|
|
$ |
96,485 |
|
|
$ |
95,841 |
|
|
$ |
91,707 |
|
(1) |
Non-GAAP measure |
TriCo Bancshares—Condensed Consolidated Financial Data (unaudited) |
|||||||||||||||||||
(dollars in thousands, except per share data) |
|
||||||||||||||||||
Balance Sheet Data |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
Cash and due from banks |
$ |
320,114 |
|
|
$ |
206,558 |
|
|
$ |
82,836 |
|
|
$ |
98,701 |
|
|
$ |
111,099 |
|
Securities, available for sale, net |
|
1,981,960 |
|
|
|
1,946,167 |
|
|
|
2,076,494 |
|
|
|
2,155,138 |
|
|
|
2,176,854 |
|
Securities, held to maturity, net |
|
117,259 |
|
|
|
122,673 |
|
|
|
127,811 |
|
|
|
133,494 |
|
|
|
139,058 |
|
Restricted equity securities |
|
17,250 |
|
|
|
17,250 |
|
|
|
17,250 |
|
|
|
17,250 |
|
|
|
17,250 |
|
Loans held for sale |
|
1,995 |
|
|
|
474 |
|
|
|
1,346 |
|
|
|
458 |
|
|
|
644 |
|
Loans: |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
4,487,524 |
|
|
|
4,461,111 |
|
|
|
4,443,768 |
|
|
|
4,394,802 |
|
|
|
4,367,445 |
|
Consumer |
|
1,283,963 |
|
|
|
1,300,727 |
|
|
|
1,303,757 |
|
|
|
1,313,268 |
|
|
|
1,288,810 |
|
Commercial and industrial |
|
484,763 |
|
|
|
548,625 |
|
|
|
549,780 |
|
|
|
586,455 |
|
|
|
599,757 |
|
Construction |
|
276,095 |
|
|
|
283,374 |
|
|
|
348,981 |
|
|
|
347,198 |
|
|
|
320,963 |
|
Agriculture production |
|
144,123 |
|
|
|
140,239 |
|
|
|
145,159 |
|
|
|
144,497 |
|
|
|
123,472 |
|
Leases |
|
7,423 |
|
|
|
8,450 |
|
|
|
9,250 |
|
|
|
8,250 |
|
|
|
8,219 |
|
Total loans, gross |
|
6,683,891 |
|
|
|
6,742,526 |
|
|
|
6,800,695 |
|
|
|
6,794,470 |
|
|
|
6,708,666 |
|
Allowance for credit losses |
|
(123,760 |
) |
|
|
(123,517 |
) |
|
|
(124,394 |
) |
|
|
(121,522 |
) |
|
|
(115,812 |
) |
Total loans, net |
|
6,560,131 |
|
|
|
6,619,009 |
|
|
|
6,676,301 |
|
|
|
6,672,948 |
|
|
|
6,592,854 |
|
Premises and equipment |
|
70,423 |
|
|
|
70,621 |
|
|
|
71,001 |
|
|
|
71,347 |
|
|
|
71,760 |
|
Cash value of life insurance |
|
139,312 |
|
|
|
138,525 |
|
|
|
137,695 |
|
|
|
136,892 |
|
|
|
136,016 |
|
Accrued interest receivable |
|
33,061 |
|
|
|
35,527 |
|
|
|
35,783 |
|
|
|
36,768 |
|
|
|
34,595 |
|
Goodwill |
|
304,442 |
|
|
|
304,442 |
|
|
|
304,442 |
|
|
|
304,442 |
|
|
|
304,442 |
|
Other intangible assets |
|
7,462 |
|
|
|
8,492 |
|
|
|
9,522 |
|
|
|
10,552 |
|
|
|
11,768 |
|
Operating leases, right-of-use |
|
24,716 |
|
|
|
25,113 |
|
|
|
26,240 |
|
|
|
26,133 |
|
|
|
27,363 |
|
Other assets |
|
245,765 |
|
|
|
246,548 |
|
|
|
247,046 |
|
|
|
245,966 |
|
|
|
273,303 |
|
Total assets |
$ |
9,823,890 |
|
|
$ |
9,741,399 |
|
|
$ |
9,813,767 |
|
|
$ |
9,910,089 |
|
|
$ |
9,897,006 |
|
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits |
$ |
2,547,736 |
|
|
$ |
2,557,063 |
|
|
$ |
2,600,448 |
|
|
$ |
2,722,689 |
|
|
$ |
2,857,512 |
|
Interest-bearing demand deposits |
|
1,708,726 |
|
|
|
1,791,466 |
|
|
|
1,742,875 |
|
|
|
1,731,814 |
|
|
|
1,746,882 |
|
Savings deposits |
|
2,690,045 |
|
|
|
2,667,006 |
|
|
|
2,672,537 |
|
|
|
2,682,068 |
|
|
|
2,816,816 |
|
Time certificates |
|
1,090,584 |
|
|
|
1,034,695 |
|
|
|
971,798 |
|
|
|
697,467 |
|
|
|
588,433 |
|
Total deposits |
|
8,037,091 |
|
|
|
8,050,230 |
|
|
|
7,987,658 |
|
|
|
7,834,038 |
|
|
|
8,009,643 |
|
Accrued interest payable |
|
11,664 |
|
|
|
12,018 |
|
|
|
10,224 |
|
|
|
8,445 |
|
|
|
6,688 |
|
Operating lease liability |
|
26,668 |
|
|
|
27,122 |
|
|
|
28,299 |
|
|
|
28,261 |
|
|
|
29,527 |
|
Other liabilities |
|
141,521 |
|
|
|
128,063 |
|
|
|
131,006 |
|
|
|
145,982 |
|
|
|
141,692 |
|
Other borrowings |
|
266,767 |
|
|
|
247,773 |
|
|
|
392,409 |
|
|
|
632,582 |
|
|
|
537,975 |
|
Junior subordinated debt |
|
101,164 |
|
|
|
101,143 |
|
|
|
101,120 |
|
|
|
101,099 |
|
|
|
101,080 |
|
Total liabilities |
|
8,584,875 |
|
|
|
8,566,349 |
|
|
|
8,650,716 |
|
|
|
8,750,407 |
|
|
|
8,826,605 |
|
Common stock |
|
693,176 |
|
|
|
691,878 |
|
|
|
696,464 |
|
|
|
697,349 |
|
|
|
696,369 |
|
Retained earnings |
|
662,816 |
|
|
|
644,687 |
|
|
|
630,954 |
|
|
|
615,502 |
|
|
|
599,448 |
|
Accumulated other comprehensive loss, net of tax |
|
(116,977 |
) |
|
|
(161,515 |
) |
|
|
(164,367 |
) |
|
|
(153,169 |
) |
|
|
(225,416 |
) |
Total shareholders’ equity |
$ |
1,239,015 |
|
|
$ |
1,175,050 |
|
|
$ |
1,163,051 |
|
|
$ |
1,159,682 |
|
|
$ |
1,070,401 |
|
Quarterly Average Balance Data |
|
|
|
|
|
|
|
|
|
||||||||||
Average loans |
$ |
6,690,326 |
|
|
$ |
6,792,303 |
|
|
$ |
6,785,840 |
|
|
$ |
6,746,153 |
|
|
$ |
6,597,400 |
|
Average interest-earning assets |
$ |
8,892,223 |
|
|
$ |
9,001,674 |
|
|
$ |
9,066,537 |
|
|
$ |
9,064,483 |
|
|
$ |
9,053,389 |
|
Average total assets |
$ |
9,666,979 |
|
|
$ |
9,782,228 |
|
|
$ |
9,855,797 |
|
|
$ |
9,879,355 |
|
|
$ |
9,874,240 |
|
Average deposits |
$ |
8,020,936 |
|
|
$ |
8,024,441 |
|
|
$ |
7,821,044 |
|
|
$ |
7,990,993 |
|
|
$ |
8,043,101 |
|
Average borrowings and subordinated debt |
$ |
276,418 |
|
|
$ |
426,732 |
|
|
$ |
685,802 |
|
|
$ |
617,046 |
|
|
$ |
550,344 |
|
Average total equity |
$ |
1,214,510 |
|
|
$ |
1,169,324 |
|
|
$ |
1,174,592 |
|
|
$ |
1,097,431 |
|
|
$ |
1,112,404 |
|
Capital Ratio Data |
|
|
|
|
|
|
|
|
|
||||||||||
Total risk-based capital ratio |
|
15.6 |
% |
|
|
15.2 |
% |
|
|
15.0 |
% |
|
|
14.7 |
% |
|
|
14.5 |
% |
Tier 1 capital ratio |
|
13.8 |
% |
|
|
13.4 |
% |
|
|
13.2 |
% |
|
|
12.9 |
% |
|
|
12.7 |
% |
Tier 1 common equity ratio |
|
13.1 |
% |
|
|
12.7 |
% |
|
|
12.5 |
% |
|
|
12.2 |
% |
|
|
12.0 |
% |
Tier 1 leverage ratio |
|
11.6 |
% |
|
|
11.2 |
% |
|
|
11.0 |
% |
|
|
10.7 |
% |
|
|
10.6 |
% |
Tangible capital ratio (1) |
|
9.7 |
% |
|
|
9.1 |
% |
|
|
8.9 |
% |
|
|
8.8 |
% |
|
|
7.9 |
% |
(1) |
Non-GAAP measure |
TriCo Bancshares—Non-GAAP Financial Measures (unaudited) |
In addition to results presented in accordance with generally accepted accounting principles in
|
Three months ended |
|
Nine months ended |
||||||||||||||||
(dollars in thousands) |
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||||
Net interest margin |
|
|
|
|
|
|
|
|
|
||||||||||
Acquired loans discount accretion, net: |
|
|
|
|
|
|
|
|
|
||||||||||
Amount (included in interest income) |
$ |
1,018 |
|
|
$ |
850 |
|
|
$ |
1,324 |
|
|
$ |
3,200 |
|
|
$ |
4,192 |
|
Effect on average loan yield |
|
0.06 |
% |
|
|
0.05 |
% |
|
|
0.08 |
% |
|
|
0.06 |
% |
|
|
0.09 |
% |
Effect on net interest margin (FTE) |
|
0.05 |
% |
|
|
0.04 |
% |
|
|
0.06 |
% |
|
|
0.05 |
% |
|
|
0.06 |
% |
Net interest margin (FTE) |
|
3.71 |
% |
|
|
3.68 |
% |
|
|
3.88 |
% |
|
|
3.69 |
% |
|
|
4.01 |
% |
Net interest margin less effect of acquired loan discount accretion (Non-GAAP) |
|
3.66 |
% |
|
|
3.64 |
% |
|
|
3.82 |
% |
|
|
3.64 |
% |
|
|
3.95 |
% |
|
Three months ended |
|
Nine months ended |
||||||||||||||||
(dollars in thousands) |
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||||
Pre-tax pre-provision return on average assets or equity |
|||||||||||||||||||
Net income (GAAP) |
$ |
29,051 |
|
|
$ |
29,034 |
|
|
$ |
30,590 |
|
|
$ |
85,834 |
|
|
$ |
91,315 |
|
Exclude provision for income taxes |
|
10,348 |
|
|
|
10,085 |
|
|
|
11,484 |
|
|
|
30,382 |
|
|
|
33,190 |
|
Exclude provision for credit losses |
|
220 |
|
|
|
405 |
|
|
|
4,155 |
|
|
|
4,930 |
|
|
|
18,000 |
|
Net income before income tax and provision expense (Non-GAAP) |
$ |
39,619 |
|
|
$ |
39,524 |
|
|
$ |
46,229 |
|
|
$ |
121,146 |
|
|
$ |
142,505 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average assets (GAAP) |
$ |
9,666,979 |
|
|
$ |
9,782,228 |
|
|
$ |
9,874,240 |
|
|
$ |
9,767,965 |
|
|
$ |
9,867,099 |
|
Average equity (GAAP) |
$ |
1,214,510 |
|
|
$ |
1,169,324 |
|
|
$ |
1,112,404 |
|
|
$ |
1,186,245 |
|
|
$ |
1,104,122 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (GAAP) (annualized) |
|
1.20 |
% |
|
|
1.19 |
% |
|
|
1.23 |
% |
|
|
1.17 |
% |
|
|
1.24 |
% |
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized) |
|
1.63 |
% |
|
|
1.63 |
% |
|
|
1.86 |
% |
|
|
1.66 |
% |
|
|
1.93 |
% |
Return on average equity (GAAP) (annualized) |
|
9.52 |
% |
|
|
9.99 |
% |
|
|
10.91 |
% |
|
|
9.67 |
% |
|
|
11.06 |
% |
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized) |
|
12.98 |
% |
|
|
13.59 |
% |
|
|
16.49 |
% |
|
|
13.64 |
% |
|
|
17.26 |
% |
|
Three months ended |
|
Nine months ended |
||||||||||||||||
(dollars in thousands) |
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||||
Return on tangible common equity |
|
|
|
|
|
|
|
|
|
||||||||||
Average total shareholders' equity |
$ |
1,214,510 |
|
|
$ |
1,169,324 |
|
|
$ |
1,112,404 |
|
|
$ |
1,186,245 |
|
|
$ |
1,104,122 |
|
Exclude average goodwill |
|
304,442 |
|
|
|
304,442 |
|
|
|
304,442 |
|
|
|
304,442 |
|
|
|
304,442 |
|
Exclude average other intangibles |
|
8,093 |
|
|
|
9,007 |
|
|
|
12,563 |
|
|
|
9,098 |
|
|
|
14,219 |
|
Average tangible common equity (Non-GAAP) |
$ |
901,975 |
|
|
$ |
855,875 |
|
|
$ |
795,399 |
|
|
$ |
872,705 |
|
|
$ |
785,461 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (GAAP) |
$ |
29,051 |
|
|
$ |
29,034 |
|
|
$ |
30,590 |
|
|
$ |
85,834 |
|
|
$ |
91,315 |
|
Exclude amortization of intangible assets, net of tax effect |
|
725 |
|
|
|
725 |
|
|
|
1,120 |
|
|
|
2,175 |
|
|
|
3,453 |
|
Tangible net income available to common shareholders (Non-GAAP) |
$ |
29,776 |
|
|
$ |
29,759 |
|
|
$ |
31,710 |
|
|
$ |
88,009 |
|
|
$ |
94,768 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average equity (GAAP) (annualized) |
|
9.52 |
% |
|
|
9.99 |
% |
|
|
10.91 |
% |
|
|
9.67 |
% |
|
|
11.06 |
% |
Return on average tangible common equity (Non-GAAP) |
|
13.13 |
% |
|
|
13.98 |
% |
|
|
15.82 |
% |
|
|
13.47 |
% |
|
|
16.13 |
% |
|
Three months ended |
||||||||||||||||||
(dollars in thousands) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
Tangible shareholders' equity to tangible assets |
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' equity (GAAP) |
$ |
1,239,015 |
|
|
$ |
1,175,050 |
|
|
$ |
1,163,051 |
|
|
$ |
1,159,682 |
|
|
$ |
1,070,401 |
|
Exclude goodwill and other intangible assets, net |
|
311,904 |
|
|
|
312,934 |
|
|
|
313,964 |
|
|
|
314,994 |
|
|
|
316,210 |
|
Tangible shareholders' equity (Non-GAAP) |
$ |
927,111 |
|
|
$ |
862,116 |
|
|
$ |
849,087 |
|
|
$ |
844,688 |
|
|
$ |
754,191 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets (GAAP) |
$ |
9,823,890 |
|
|
$ |
9,741,399 |
|
|
$ |
9,813,767 |
|
|
$ |
9,910,089 |
|
|
$ |
9,897,006 |
|
Exclude goodwill and other intangible assets, net |
|
311,904 |
|
|
|
312,934 |
|
|
|
313,964 |
|
|
|
314,994 |
|
|
|
316,210 |
|
Total tangible assets (Non-GAAP) |
$ |
9,511,986 |
|
|
$ |
9,428,465 |
|
|
$ |
9,499,803 |
|
|
$ |
9,595,095 |
|
|
$ |
9,580,796 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' equity to total assets (GAAP) |
|
12.61 |
% |
|
|
12.06 |
% |
|
|
11.85 |
% |
|
|
11.70 |
% |
|
|
10.82 |
% |
Tangible shareholders' equity to tangible assets (Non-GAAP) |
|
9.75 |
% |
|
|
9.14 |
% |
|
|
8.94 |
% |
|
|
8.80 |
% |
|
|
7.87 |
% |
|
Three months ended |
||||||||||||||||||
(dollars in thousands) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
Tangible common shareholders' equity per share |
|
|
|
|
|
|
|
|
|
||||||||||
Tangible shareholders' equity (Non-GAAP) |
$ |
927,111 |
|
$ |
862,116 |
|
$ |
849,087 |
|
$ |
844,688 |
|
$ |
754,191 |
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding at end of period |
|
33,000,508 |
|
|
32,989,327 |
|
|
33,168,770 |
|
|
33,268,102 |
|
|
33,263,324 |
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shareholders' equity (book value) per share (GAAP) |
$ |
37.55 |
|
$ |
35.62 |
|
$ |
35.06 |
|
$ |
34.86 |
|
$ |
32.18 |
|||||
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP) |
$ |
28.09 |
|
$ |
26.13 |
|
$ |
25.60 |
|
$ |
25.39 |
|
$ |
22.67 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024306434/en/
Investor Contact
Peter G. Wiese, EVP & CFO, (530) 898-0300
Source: TriCo Bancshares
FAQ
What was TriCo Bancshares (TCBK) earnings per share in Q3 2024?
What was TCBK's net interest margin in Q3 2024?
How much did TCBK's deposits change in Q3 2024?