TriCo Bancshares Announces Quarterly Earnings.CHICO, Calif. -- TriCo Trico is an American company that specializes in windshield wipers. Trico, then Tri-Continental Corporation, invented the windshield Wiper blade in 1917. Bancshares (Nasdaq:TCBK), parent company of Tri Counties Bank, today announced quarterly earnings of $6,535,000 for the quarter ended March 31, 2006. This represents a 24.7% increase when compared with earnings of $5,239,000 for the quarter ended March 31, 2005. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter ended March 31, 2006 increased 25.0% to $0.40 from $0.32 for the quarter ended March 31, 2005. Total assets of the Company increased $173,914,000 (10.5%) to $1,829,526,000 at March 31, 2006 versus $1,655,612,000 at March 31, 2005. Total loans of the Company increased $217,675,000 (18.4%) to $1,400,108,000 at March 31, 2006 versus $1,182,433,000 at March 31, 2005. Total deposits of the Company increased $128,642,000 (9.2%) to $1,527,391,000 at March 31, 2006 versus $1,398,749,000 at March 31, 2005. Richard Smith Richard Smith is the name of:
adj. Being between 10 and 99 percent: double-digit inflation. growth in earnings per share when compared to the year-ago quarter are evidence that our growth strategy has been effective. We will continue to execute our growth strategy throughout the Central Valley of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). as evidenced by the January January: see month. 2006 opening of our full service branch in the Wal-Mart  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. supercenter at 1150 Harter Road in
Yuba City, California Yuba City is the county seat of Sutter County, California, United States. It is the principal city of the Yuba City Metropolitan Statistical Area which encompasses all of Sutter County and Yuba County. , the March 2006 opening of our full service branch
in the Raley's supermarket supermarketLarge retail store operated on a self-service basis, selling groceries, produce, meat, bakery and dairy products, and sometimes nonfood goods. Supermarkets were first established in the U.S. during the 1930s as no-frills retail stores offering low prices. at 25025 Blue Ravine Road in Folsom, California Folsom is a city in California, United States. Folsom is most commonly known by its famous Folsom Prison, and is a thriving suburb of Sacramento. As of 2007, the State of California's estimate of Folsom's population is 70,835. , and the April 2006 opening of our full service branch in the Bel Air Bel Air may refer to: Places in the United States:
Broad landscaped avenue that typically permits several lanes of vehicular traffic as well as pedestrian walkways. The earliest boulevards originally followed the city walls (the word originally meant “bulwark”) and were built in the ancient Middle in North Natomas, California. The Folsom Fol·som adj. Of or relating to a culture that flourished in western North America east of the Rocky Mountains during the late Pleistocene Epoch, notable chiefly for the use of grooved, leaf-shaped flint projectile points. and North Natomas branches represent our ninth and tenth Tenth can mean: In mathematics:
Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. metropolitan area, and our fiftieth and fifty-first branches overall." The improvement in results from the year-ago quarter was due to a $2,712,000 (14.5%) increase in fully tax-equivalent net interest income to $21,468,000, and a $1,121,000 (21.0%) increase in noninterest income. These contributing factors were partially offset by a $400,000 (400%) increase in provision for loan losses to $500,000 and a $1,309,000 (8.7%) increase in noninterest expense to $16,422,000 for the quarter ended March 31, 2006. The $2,712,000 increase in net interest income (FTE FTE Full-Time Equivalent FTE Full-Time Employee FTE Full-Time Equivalency FTE Full Time Employment FTE Foundation for Teaching Economics FTE Full Time Enrollment FTE For the Enterprise (SQL) FTE Fund for Theological Education ) was due to increased average balances of earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin (up $182,749,000 or 12.5% to $1,646,777,000) and a 9 basis point increase in net interest margin (FTE) to 5.21% in the quarter ended March 31, 2006 compared to 5.12% in the year-ago quarter. The $400,000 increase in provision for loan losses was mainly due to loan growth as credit quality remained excellent. Net loan charge-offs during the quarter were $82,000. Nonperforming loans, net of government agency guarantees, were $4,048,000 at March 31, 2006 compared to $2,961,000 and $4,072,000 at December December: see month. 31, 2005 and March 31, 2005, respectively. The Company's allowance for losses, which consists of the allowance for loan losses and the reserve for unfunded commitments, was $18,457,000 or 1.32% of total loans outstanding and 456% of nonperforming loans. The $1,121,000 (21.0%) increase in noninterest income from the year-ago quarter was mainly due to a $440,000 (14.5%) increase in service charges on deposit accounts to $3,474,000, a $180,000 (81.8%) gain in the increase in cash value of life insurance, and a $218,000 increase related to the change in value of mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. rights. The increase in service charges on deposit accounts was primarily due to the introduction of a business overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers privilege product in March 2005 and growth in customer count. The gain in the increase in cash value of life insurance was due to higher earning rates on the related insurance policies. The increase related to the change in value of mortgage servicing rights is due to the adoption of market value accounting for mortgage servicing rights effective January 1, 2006 and the related change in market value from January 1, 2006 to March 31, 2006. Noninterest expense for the first quarter of 2006 increased $1,309,000 (8.7%) to $16,422,000 compared to the first quarter of 2005. Salaries and benefits expense increased $787,000 (9.4%) to $9,156,000. The increase in salaries and benefits expense was mainly due to annual salary increases, and new employees at the Company's recently opened branches in Lincoln Lincoln, city and district, England Lincoln, city (1991 pop. 79,980) and district, Lincolnshire, E England, in the Parts of Kesteven, on the Witham River. (February February: see month. 2005), Folsom-East Bidwell Bidwell may refer to: People
In a fire insurance policy, for example, the term occupancy , ATM network charges, and other also increased, in part, due to these newly opened branches. Advertising and marketing expense increased $98,000 (28.7%) to $440,000. Also, on January 1, 2006 the Company adopted Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 123R), using the modified-prospective transition method, and began expensing the grant-date fair value of all unvested stock options outstanding as of December 31, 2005 over their remaining vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: periods. As such, the Company included $139,000 of expense related to vesting of stock options in noninterest expense during the first quarter of 2006 compared to no such expense during the first quarter of 2005. The after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. effect of adopting SFAS 123R was a reduction of net income of $100,000 and $0, and a reduction in diluted earnings per share of $0.006 and $0, for the first quarters of 2006 and 2005, respectively. As of March 31, 2006, the Company had repurchased 374,371 shares of its common stock under its stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. announced on July July: see month. 31, 2003 and amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. on April 9, 2004, which left 125,629 shares available for repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. under the plan. In addition to the historical information contained herein, this press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The reader of this press release should understand that all such forward-looking statements are subject to various uncertainties and risks that could affect their outcome. The Company's actual results could differ materially from those suggested by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, variances in the actual versus projected growth in assets, return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). , loan losses, expenses, rates charged on loans and earned on securities investments, rates paid on deposits, competition effects, fee and other noninterest income earned as well as other factors. This entire press release should be read to put such forward-looking statements in context and to gain a more complete understanding of the uncertainties and risks involved in the Company's business. TriCo Bancshares and Tri Counties Bank are headquartered in Chico, California. Tri Counties Bank has a 31-year history in the banking industry. Tri Counties Bank operates 32 traditional branch locations and 19 in-store branch locations in 22 California counties. Tri Counties Bank offers financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and provides a diversified diversified (di·verˑ·s line of products and services to consumers and businesses, which include demand, savings and time deposits, consumer finance, online banking, mortgage lending, and commercial banking throughout its market area. It operates a network of 58 ATMs and a 24-hour, seven days a week telephone customer service center. Brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. services are provided at the Bank's offices by the Bank's association with Raymond James  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . Financial, Inc. For further information please visit the Tri Counties Bank web-site at http://www.tricountiesbank.com.
TRICO BANCSHARES -- CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands,
except per share data)
Three months ended
-----------------------------------------
March 31, December 31, September 30,
2006 2005 2005
-----------------------------------------
Statement of Income Data
Interest income $27,978 $26,876 $25,334
Interest expense 6,773 6,100 5,519
Net interest income 21,205 20,776 19,815
Provision for loan losses 500 561 947
Noninterest income:
Service charges and fees 4,857 4,790 4,795
Other income 1,591 1,832 1,837
Total noninterest income 6,448 6,622 6,632
Noninterest expense:
Salaries and benefits 9,156 8,565 8,584
Intangible amortization 346 346 346
Provision for losses --
unfunded commitments - 139 3
Other expense 6,920 6,750 6,747
Total noninterest expense 16,422 15,800 15,680
Income before taxes 10,731 11,037 9,820
Net income $6,535 $6,734 $5,961
Share Data
Basic earnings per share $0.42 $0.43 $0.38
Diluted earnings per share 0.40 0.41 0.37
Book value per common share 9.68 9.52 9.30
Tangible book value per
common share $8.44 $8.25 $8.04
Shares outstanding 15,778,090 15,707,835 15,728,106
Weighted average shares 15,736,544 15,711,257 15,687,547
Weighted average diluted
shares 16,379,595 16,336,888 16,330,035
Credit Quality
Non-performing loans, net
of government agency
guarantees $4,048 $2,961 $3,048
Other real estate owned - - -
Loans charged-off 357 392 479
Loans recovered $275 $261 $436
Allowance for losses to
total loans(1) 1.32% 1.30% 1.32%
Allowance for losses to
NPLs(1) 456% 609% 573%
Allowance for losses to
NPAs(1) 456% 609% 573%
Selected Financial Ratios
Return on average total
assets 1.43% 1.51% 1.37%
Return on average equity 16.93% 18.00% 16.26%
Average yield on loans 7.24% 7.11% 6.93%
Average yield on interest-
earning assets 6.86% 6.72% 6.51%
Average rate on interest-
bearing liabilities 2.11% 1.94% 1.79%
Net interest margin (fully
tax-equivalent) 5.21% 5.21% 5.10%
Total risk based capital
ratio 11.1% 10.8% 11.2%
Tier 1 Capital ratio 10.0% 9.8% 10.1%
Three months ended
---------------------------
June 30, March 31,
2005 2005
---------------------------
Statement of Income Data
Interest income $23,910 $22,636
Interest expense 4,789 4,121
Net interest income 19,121 18,515
Provision for loan losses 561 100
Noninterest income:
Service charges and fees 4,505 4,062
Other income 1,805 1,265
Total noninterest income 6,310 5,327
Noninterest expense:
Salaries and benefits 8,408 8,369
Intangible amortization 346 343
Provision for losses --
unfunded commitments 39 100
Other expense 6,724 6,301
Total noninterest expense 15,517 15,113
Income before taxes 9,353 8,629
Net income $5,737 $5,239
Share Data
Basic earnings per share $0.37 $0.33
Diluted earnings per share 0.35 0.32
Book value per common share 9.10 8.87
Tangible book value per
common share $7.81 $7.57
Shares outstanding 15,684,092 15,733,517
Weighted average shares 15,701,867 15,729,725
Weighted average diluted
shares 16,288,728 16,366,705
Credit Quality
Non-performing loans, net
of government agency
guarantees $2,922 $4,072
Other real estate owned - -
Loans charged-off 513 295
Loans recovered $281 $233
Allowance for losses to
total loans(1) 1.32% 1.37%
Allowance for losses to
NPLs(1) 567% 398%
Allowance for losses to
NPAs(1) 567% 398%
Selected Financial Ratios
Return on average total
assets 1.37% 1.29%
Return on average equity 16.03% 14.83%
Average yield on loans 6.85% 6.69%
Average yield on interest-
earning assets 6.39% 6.25%
Average rate on interest-
bearing liabilities 1.62% 1.43%
Net interest margin (fully
tax-equivalent) 5.12% 5.12%
Total risk based capital
ratio 11.5% 11.9%
Tier 1 Capital ratio 10.5% 10.8%
(1) Allowance for losses includes allowance for loan losses and
reserve for unfunded commitments.
TRICO BANCSHARES -- CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands, except per share data)
Three months ended
------------------------------------------------------
March December September June March
31, 2006 31, 2005 30, 2005 30, 2005 31, 2005
------------------------------------------------------
Balance Sheet
Data
Cash and due
from banks $78,742 $90,562 $85,413 $79,287 $77,365
Federal funds
sold - 2,377 218 235 181
Securities,
available-for-
sale 244,441 260,278 271,134 288,902 293,730
Federal Home
Loan Bank
Stock 7,691 7,602 7,516 7,440 6,781
Loans
Commercial
loans 134,049 143,175 141,057 137,620 125,354
Consumer loans 510,809 508,233 494,277 456,247 425,437
Real estate
mortgage
loans 630,821 623,511 600,875 573,836 556,059
Real estate
construction
loans 124,429 110,116 91,881 82,349 75,583
Total loans,
gross 1,400,108 1,385,035 1,328,090 1,250,052 1,182,433
Allowance for
loan losses (16,644) (16,226) (15,796) (14,892) (14,563)
Premises and
equipment 21,068 21,291 21,223 21,182 20,599
Cash value of
life insurance 42,168 41,768 41,519 41,099 40,699
Goodwill 15,519 15,519 15,519 15,519 15,519
Intangible
assets 4,061 4,407 4,373 4,719 5,065
Other assets 32,372 28,662 27,647 27,100 27,803
Total assets 1,829,526 1,841,275 1,786,856 1,720,643 1,655,612
Deposits
Noninterest-
bearing
demand
deposits 354,514 368,412 346,456 332,887 312,738
Interest-
bearing
demand
deposits 249,064 244,193 243,926 236,134 238,787
Savings
deposits 432,087 438,177 449,893 466,062 484,660
Time
certificates 491,726 446,015 398,024 365,094 362,564
Total deposits 1,527,391 1,496,797 1,438,299 1,400,177 1,398,749
Federal funds
purchased 45,800 96,800 103,200 83,000 20,700
Reserve for
unfunded
commitments 1,813 1,813 1,674 1,671 1,632
Other
liabilities 29,046 23,744 24,412 24,161 25,483
Other
borrowings 31,441 31,390 31,711 27,628 28,176
Junior
subordinated
debt 41,238 41,238 41,238 41,238 41,238
Total
liabilities 1,676,729 1,691,782 1,640,534 1,577,875 1,515,978
Total
shareholders'
equity 152,797 149,493 146,322 142,768 139,634
Accumulated
other
comprehensive
loss (5,330) (3,825) (2,538) (1,468) (2,242)
Average loans 1,384,541 1,344,654 1,284,977 1,209,061 1,167,039
Average
interest-
earning assets 1,646,777 1,615,901 1,574,392 1,511,668 1,464,028
Average total
assets 1,822,441 1,784,018 1,744,015 1,679,653 1,628,827
Average
deposits 1,498,825 1,473,625 1,421,055 1,407,586 1,363,064
Average total
equity $154,410 $149,619 $146,660 $143,196 $141,264
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