TriCo Bancshares Reports First Quarter 2024 Net Income of $27.7 Million, Diluted EPS of $0.83
1Q24 Financial Highlights
-
Net income was
$27.7 million compared to$26.1 million in the trailing quarter; pre-tax pre-provision net revenue was$42.0 million compared to$42.4 million in the trailing quarter
-
Deposit balances increased
$153.6 million or 7.8% (annualized) from the trailing quarter, respectively
- Average yield on earning assets was 5.13%, an increase of 4 basis points over the 5.09% in the trailing quarter
- Net interest margin was 3.68% in the recent quarter, narrowing 13 basis points from 3.81% in the trailing quarter; management expects that net interest margin will reach an inflection point in the second half of 2024
- Non-interest bearing deposits averaged 33.8% of total deposits during the first quarter of 2024
-
The average cost of total deposits was 1.21%, an increase of 16 basis points as compared to 1.05% in the trailing quarter, and an increase of 96 basis points from 0.25% in the same quarter of the prior year; the Company's total cost of deposits have increased 117 basis points since
FOMC rate actions began inMarch 2022 , which translates to a cycle-to-date deposit beta of 22.3%
Executive Commentary:
"The start of the second quarter of 2024 also represents the start of
Selected Financial Highlights
-
For the quarter ended
March 31, 2024 , the Company’s return on average assets was 1.13%, while the return on average equity was 9.50%; for the trailing quarter endedDecember 31, 2023 , the Company’s return on average assets was 1.05%, while the return on average equity was 9.43%. -
Diluted earnings per share were
$0.83 for the first quarter of 2024, compared to$0.78 for the trailing quarter and$1.07 during the first quarter of 2023. -
The loan to deposit ratio decreased to 85.1% as of
March 31, 2024 , as compared to 86.7% for the trailing quarter end, as a result of deposit growth during the quarter. -
The efficiency ratio improved to 57.36% for the quarter ended
March 31, 2024 , as compared to 58.71% for the trailing quarter end, due to management's focus on expense control as well as the absence of non-recurring costs in the quarter. -
The provision for credit losses was approximately
$4.3 million during the quarter endedMarch 31, 2024 , as compared to$6.0 million during the trailing quarter end, reflecting the risks associated with general economic trends and forecasts. -
The allowance for credit losses (ACL) to total loans was 1.83% as of
March 31, 2024 , compared to 1.79% as of the trailing quarter end, and 1.69% as ofMarch 31, 2023 . Non-performing assets to total assets were 0.37% onMarch 31, 2024 , as compared to 0.35% as ofDecember 31, 2023 , and 0.20% atMarch 31, 2023 . AtMarch 31, 2024 , the ACL represented 363% of non-performing loans.
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
Operating Results and Performance Ratios
|
Three months ended |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||
(dollars and shares in thousands, except per share data) |
|
2024 |
|
|
|
2023 |
|
|
$ Change |
|
% Change |
|||
Net interest income |
$ |
82,736 |
|
|
$ |
86,617 |
|
|
$ |
(3,881 |
) |
|
(4.5 |
)% |
Provision for credit losses |
|
(4,305 |
) |
|
|
(5,990 |
) |
|
|
1,685 |
|
|
(28.1 |
)% |
Noninterest income |
|
15,771 |
|
|
|
16,040 |
|
|
|
(269 |
) |
|
(1.7 |
)% |
Noninterest expense |
|
(56,504 |
) |
|
|
(60,267 |
) |
|
|
3,763 |
|
|
(6.2 |
)% |
Provision for income taxes |
|
(9,949 |
) |
|
|
(10,325 |
) |
|
|
376 |
|
|
(3.6 |
)% |
Net income |
$ |
27,749 |
|
|
$ |
26,075 |
|
|
$ |
1,674 |
|
|
6.4 |
% |
Diluted earnings per share |
$ |
0.83 |
|
|
$ |
0.78 |
|
|
$ |
0.05 |
|
|
6.4 |
% |
Dividends per share |
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.03 |
|
|
10.0 |
% |
Average common shares |
|
33,245 |
|
|
|
33,267 |
|
|
|
(22 |
) |
|
(0.1 |
)% |
Average diluted common shares |
|
33,370 |
|
|
|
33,352 |
|
|
|
18 |
|
|
0.1 |
% |
Return on average total assets |
|
1.13 |
% |
|
|
1.05 |
% |
|
|
|
|
|||
Return on average equity |
|
9.50 |
% |
|
|
9.43 |
% |
|
|
|
|
|||
Efficiency ratio |
|
57.36 |
% |
|
|
58.71 |
% |
|
|
|
|
|
Three months ended
|
|
|
|
|
|||||||||
(dollars and shares in thousands, except per share data) |
|
2024 |
|
|
|
2023 |
|
|
$ Change |
|
% Change |
|||
Net interest income |
$ |
82,736 |
|
|
$ |
93,336 |
|
|
$ |
(10,600 |
) |
|
(11.4 |
)% |
Provision for credit losses |
|
(4,305 |
) |
|
|
(4,195 |
) |
|
|
(110 |
) |
|
2.6 |
% |
Noninterest income |
|
15,771 |
|
|
|
13,635 |
|
|
|
2,136 |
|
|
15.7 |
% |
Noninterest expense |
|
(56,504 |
) |
|
|
(53,794 |
) |
|
|
(2,710 |
) |
|
5.0 |
% |
Provision for income taxes |
|
(9,949 |
) |
|
|
(13,149 |
) |
|
|
3,200 |
|
|
(24.3 |
)% |
Net income |
$ |
27,749 |
|
|
$ |
35,833 |
|
|
$ |
(8,084 |
) |
|
(22.6 |
)% |
Diluted earnings per share |
$ |
0.83 |
|
|
$ |
1.07 |
|
|
$ |
(0.24 |
) |
|
(22.4 |
)% |
Dividends per share |
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.03 |
|
|
10.0 |
% |
Average common shares |
|
33,245 |
|
|
|
33,296 |
|
|
|
(51 |
) |
|
(0.2 |
)% |
Average diluted common shares |
|
33,370 |
|
|
|
33,438 |
|
|
|
(68 |
) |
|
(0.2 |
)% |
Return on average total assets |
|
1.13 |
% |
|
|
1.47 |
% |
|
|
|
|
|||
Return on average equity |
|
9.50 |
% |
|
|
13.36 |
% |
|
|
|
|
|||
Efficiency ratio |
|
57.36 |
% |
|
|
50.29 |
% |
|
|
|
|
Balance Sheet Data
Total loans outstanding was
Total shareholders' equity increased by
Trailing Quarter Balance Sheet Change
Ending balances |
|
|
|
|
|
|
Annualized % Change |
|||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
$ Change |
|||||
Total assets |
$ |
9,813,767 |
|
$ |
9,910,089 |
|
$ |
(96,322 |
) |
|
(3.9 |
)% |
||
Total loans |
|
6,800,695 |
|
|
|
6,794,470 |
|
|
|
6,225 |
|
|
0.4 |
|
Total investments |
|
2,221,555 |
|
|
|
2,305,882 |
|
|
|
(84,327 |
) |
|
(14.6 |
) |
Total deposits |
|
7,987,658 |
|
|
|
7,834,038 |
|
|
|
153,620 |
|
|
7.8 |
|
Total other borrowings |
|
392,409 |
|
|
|
632,582 |
|
|
|
(240,173 |
) |
|
(151.9 |
) |
Loans outstanding increased by
Average Trailing Quarter Balance Sheet Change
Quarterly average balances for the period ended |
|
|
|
|
|
|
Annualized % Change |
|||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
$ Change |
|
||||
Total assets |
$ |
9,855,797 |
|
$ |
9,879,355 |
|
$ |
(23,558 |
) |
|
(1.0 |
)% |
||
Total loans |
|
6,785,840 |
|
|
|
6,746,153 |
|
|
|
39,687 |
|
|
2.4 |
|
Total investments |
|
2,266,320 |
|
|
|
2,295,235 |
|
|
|
(28,915 |
) |
|
(5.0 |
) |
Total deposits |
|
7,821,044 |
|
|
|
7,990,993 |
|
|
|
(169,949 |
) |
|
(8.5 |
) |
Total other borrowings |
|
584,696 |
|
|
|
515,959 |
|
|
|
68,737 |
|
|
53.3 |
|
Year Over Year Balance Sheet Change
Ending balances |
As of |
|
|
|
% Change |
|||||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
$ Change |
|
||||
Total assets |
$ |
9,813,767 |
|
$ |
9,842,394 |
|
$ |
(28,627 |
) |
|
(0.3 |
)% |
||
Total loans |
|
6,800,695 |
|
|
|
6,422,421 |
|
|
|
378,274 |
|
|
5.9 |
|
Total investments |
|
2,221,555 |
|
|
|
2,577,769 |
|
|
|
(356,214 |
) |
|
(13.8 |
) |
Total deposits |
|
7,987,658 |
|
|
|
8,025,865 |
|
|
|
(38,207 |
) |
|
(0.5 |
) |
Total other borrowings |
|
392,409 |
|
|
|
434,140 |
|
|
|
(41,731 |
) |
|
(9.6 |
) |
Loan balances increased as a result of organic activities by approximately
Primary Sources of Liquidity
(dollars in thousands) |
|
|
|
|
|
||||||
Borrowing capacity at correspondent banks and FRB |
$ |
2,882,859 |
|
|
$ |
2,921,525 |
|
|
$ |
2,853,219 |
|
Less: borrowings outstanding |
|
(367,000 |
) |
|
|
(600,000 |
) |
|
|
(394,095 |
) |
Unpledged available-for-sale (AFS) investment securities |
|
1,435,990 |
|
|
|
1,558,506 |
|
|
|
1,883,353 |
|
Cash held or in transit with FRB |
|
41,541 |
|
|
|
51,253 |
|
|
|
67,468 |
|
Total primary liquidity |
$ |
3,993,390 |
|
|
$ |
3,931,284 |
|
|
$ |
4,409,945 |
|
Estimated uninsured deposit balances |
$ |
2,450,179 |
$ |
2,371,000 |
$ |
2,113,000 |
On
Net Interest Income and Net Interest Margin
During the twelve-month period ended
The Company continues to manage its cost of deposits through the use of various pricing and product mix strategies. As of
|
Three months ended |
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
Interest income |
$ |
115,417 |
|
|
$ |
115,909 |
|
|
$ |
(492 |
) |
|
(0.4 |
)% |
Interest expense |
|
(32,681 |
) |
|
|
(29,292 |
) |
|
|
(3,389 |
) |
|
11.6 |
% |
Fully tax-equivalent adjustment (FTE) (1) |
|
275 |
|
|
|
360 |
|
|
|
(85 |
) |
|
(23.6 |
)% |
Net interest income (FTE) |
$ |
83,011 |
|
|
$ |
86,977 |
|
|
$ |
(3,966 |
) |
|
(4.6 |
)% |
Net interest margin (FTE) |
|
3.68 |
% |
|
|
3.81 |
% |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Acquired loans discount accretion, net: |
|
|
|
|
|
|
|
|||||||
Amount (included in interest income) |
$ |
1,332 |
|
|
$ |
1,459 |
|
|
$ |
(127 |
) |
|
(8.7 |
)% |
Net interest margin less effect of acquired loan discount accretion (1) |
|
3.62 |
% |
|
|
3.75 |
% |
|
|
(0.13 |
)% |
|
|
|
Three months ended
|
|
|
|
|
|||||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
Interest income |
$ |
115,417 |
|
|
$ |
102,907 |
|
|
$ |
12,510 |
|
|
12.2 |
% |
Interest expense |
|
(32,681 |
) |
|
|
(9,571 |
) |
|
|
(23,110 |
) |
|
241.5 |
% |
Fully tax-equivalent adjustment (FTE) (1) |
|
275 |
|
|
|
392 |
|
|
|
(117 |
) |
|
(29.8 |
)% |
Net interest income (FTE) |
$ |
83,011 |
|
|
$ |
93,728 |
|
|
$ |
(10,717 |
) |
|
(11.4 |
)% |
Net interest margin (FTE) |
|
3.68 |
% |
|
|
4.20 |
% |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Acquired loans discount accretion, net: |
|
|
|
|
|
|
|
|||||||
Amount (included in interest income) |
$ |
1,332 |
|
|
$ |
1,397 |
|
|
$ |
(65 |
) |
|
(4.7 |
)% |
Net interest margin less effect of acquired loan discount accretion (1) |
|
3.62 |
% |
|
|
4.14 |
% |
|
|
(0.52 |
)% |
|
|
(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) |
|
|
|
|
|
|||||||||||||||||||||||||||
|
Average Balance |
|
Income/ Expense |
|
Yield/ Rate |
|
Average Balance |
|
Income/ Expense |
|
Yield/ Rate |
|
Average Balance |
|
Income/ Expense |
|
Yield/ Rate |
|||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans |
$ |
6,785,840 |
|
$ |
96,485 |
|
5.72 |
% |
|
$ |
6,746,153 |
|
$ |
95,841 |
|
5.64 |
% |
|
$ |
6,413,958 |
|
$ |
82,415 |
|
5.21 |
% |
||||||
Investments-taxable |
|
2,127,420 |
|
|
|
17,829 |
|
|
3.37 |
% |
|
|
2,121,652 |
|
|
|
18,522 |
|
|
3.46 |
% |
|
|
2,415,485 |
|
|
|
18,916 |
|
|
3.18 |
% |
Investments-nontaxable (1) |
|
138,900 |
|
|
|
1,192 |
|
|
3.45 |
% |
|
|
173,583 |
|
|
|
1,561 |
|
|
3.57 |
% |
|
|
189,050 |
|
|
|
1,699 |
|
|
3.64 |
% |
Total investments |
|
2,266,320 |
|
|
|
19,021 |
|
|
3.38 |
% |
|
|
2,295,235 |
|
|
|
20,083 |
|
|
3.47 |
% |
|
|
2,604,535 |
|
|
|
20,615 |
|
|
3.21 |
% |
Cash at Fed Reserve and other banks |
|
14,377 |
|
|
|
186 |
|
|
5.20 |
% |
|
|
23,095 |
|
|
|
345 |
|
|
5.93 |
% |
|
|
26,818 |
|
|
|
269 |
|
|
4.07 |
% |
Total earning assets |
|
9,066,537 |
|
|
|
115,692 |
|
|
5.13 |
% |
|
|
9,064,483 |
|
|
|
116,269 |
|
|
5.09 |
% |
|
|
9,045,311 |
|
|
|
103,299 |
|
|
4.63 |
% |
Other assets, net |
|
789,260 |
|
|
|
|
|
|
|
814,872 |
|
|
|
|
|
|
|
850,866 |
|
|
|
|
|
|||||||||
Total assets |
$ |
9,855,797 |
|
|
|
|
|
|
$ |
9,879,355 |
|
|
|
|
|
|
$ |
9,878,927 |
|
|
|
|
|
|||||||||
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand deposits |
$ |
1,710,844 |
|
|
$ |
4,947 |
|
|
1.16 |
% |
|
$ |
1,755,900 |
|
|
$ |
4,714 |
|
|
1.07 |
% |
|
$ |
1,673,114 |
|
|
$ |
387 |
|
|
0.09 |
% |
Savings deposits |
|
2,651,917 |
|
|
|
10,900 |
|
|
1.65 |
% |
|
|
2,765,679 |
|
|
|
10,828 |
|
|
1.55 |
% |
|
|
2,898,463 |
|
|
|
4,154 |
|
|
0.58 |
% |
Time deposits |
|
811,894 |
|
|
|
7,682 |
|
|
3.81 |
% |
|
|
652,709 |
|
|
|
5,564 |
|
|
3.38 |
% |
|
|
274,805 |
|
|
|
604 |
|
|
0.89 |
% |
Total interest-bearing deposits |
|
5,174,655 |
|
|
|
23,529 |
|
|
1.83 |
% |
|
|
5,174,288 |
|
|
|
21,106 |
|
|
1.62 |
% |
|
|
4,846,382 |
|
|
|
5,145 |
|
|
0.43 |
% |
Other borrowings |
|
584,696 |
|
|
|
7,378 |
|
|
5.08 |
% |
|
|
515,959 |
|
|
|
6,394 |
|
|
4.92 |
% |
|
|
277,632 |
|
|
|
2,809 |
|
|
4.10 |
% |
Junior subordinated debt |
|
101,106 |
|
|
|
1,774 |
|
|
7.06 |
% |
|
|
101,087 |
|
|
|
1,792 |
|
|
7.03 |
% |
|
|
101,044 |
|
|
|
1,617 |
|
|
6.49 |
% |
Total interest-bearing liabilities |
|
5,860,457 |
|
|
|
32,681 |
|
|
2.24 |
% |
|
|
5,791,334 |
|
|
|
29,292 |
|
|
2.01 |
% |
|
|
5,225,058 |
|
|
|
9,571 |
|
|
0.74 |
% |
Noninterest-bearing deposits |
|
2,646,389 |
|
|
|
|
|
|
|
2,816,705 |
|
|
|
|
|
|
|
3,372,194 |
|
|
|
|
|
|||||||||
Other liabilities |
|
174,359 |
|
|
|
|
|
|
|
173,885 |
|
|
|
|
|
|
|
194,202 |
|
|
|
|
|
|||||||||
Shareholders’ equity |
|
1,174,592 |
|
|
|
|
|
|
|
1,097,431 |
|
|
|
|
|
|
|
1,087,473 |
|
|
|
|
|
|||||||||
Total liabilities and shareholders’ equity |
$ |
9,855,797 |
|
|
|
|
|
|
$ |
9,879,355 |
|
|
|
|
|
|
$ |
9,878,927 |
|
|
|
|
|
|||||||||
Net interest rate spread (1) (2) |
|
|
|
|
2.89 |
% |
|
|
|
|
|
3.08 |
% |
|
|
|
|
|
3.89 |
% |
||||||||||||
Net interest income and margin (1) (3) |
|
|
$ |
83,011 |
|
|
3.68 |
% |
|
|
|
$ |
86,977 |
|
|
3.81 |
% |
|
|
|
$ |
93,728 |
|
|
4.20 |
% |
(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
As compared to the same quarter in the prior year, average loan yields increased 51 basis points from 5.21% during the three months ended
Interest Rates and Earning Asset Composition
As of
Asset Quality and Credit Loss Provisioning
During the three months ended
|
Three months ended |
||||||||||
(dollars in thousands) |
|
|
|
|
|
||||||
Addition to allowance for credit losses |
$ |
4,015 |
|
$ |
6,040 |
|
|
$ |
4,315 |
|
|
Addition to (reversal of) reserve for unfunded loan commitments |
|
290 |
|
|
|
(50 |
) |
|
|
(120 |
) |
Total provision for credit losses |
$ |
4,305 |
|
|
$ |
5,990 |
|
|
$ |
4,195 |
|
|
Three months ended |
||||||
(dollars in thousands) |
|
|
|
||||
Balance, beginning of period |
$ |
121,522 |
|
|
$ |
105,680 |
|
Provision for credit losses |
|
4,015 |
|
|
|
4,315 |
|
Loans charged-off |
|
(1,275 |
) |
|
|
(1,758 |
) |
Recoveries of previously charged-off loans |
|
132 |
|
|
|
170 |
|
Balance, end of period |
$ |
124,394 |
|
|
$ |
108,407 |
|
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 includes improving shifts in the magnitude of changes for both the unemployment and GDP factors leading up to the balance sheet date. Despite continued declines on a year over year comparative basis, core inflation remains elevated from wage pressures, and higher living costs such as housing, energy and food prices. Management notes the rapid intervals of rate increases by the
Loans past due 30 days or more decreased by
|
|
|
% of Loans Outstanding |
|
|
|
% of Loans Outstanding |
|
|
|
% of Loans Outstanding |
|||||||||
(dollars in thousands) |
|
2024 |
|
|
|
|
2023 |
|
|
|
|
2023 |
|
|
||||||
Risk Rating: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pass |
$ |
6,616,294 |
|
|
97.3 |
% |
|
$ |
6,603,161 |
|
|
97.2 |
% |
|
$ |
6,232,962 |
|
|
97.0 |
% |
Special Mention |
|
108,073 |
|
|
1.6 |
% |
|
|
103,812 |
|
|
1.5 |
% |
|
|
125,492 |
|
|
2.0 |
% |
Substandard |
|
76,328 |
|
|
1.1 |
% |
|
|
87,497 |
|
|
1.3 |
% |
|
|
63,967 |
|
|
1.0 |
% |
Total |
$ |
6,800,695 |
|
|
|
|
$ |
6,794,470 |
|
|
|
|
$ |
6,422,421 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Classified loans to total loans |
|
1.12 |
% |
|
|
|
|
1.29 |
% |
|
|
|
|
1.00 |
% |
|
|
|||
Loans past due 30+ days to total loans |
|
0.24 |
% |
|
|
|
|
0.29 |
% |
|
|
|
|
0.12 |
% |
|
|
The ratio of classified loans to total loans of 1.12% as of
As of
Non-performing assets of
Allocation of Credit Loss Reserves by Loan Type
|
As of |
|
As of |
|
As of |
|||||||||||||||
(dollars in thousands) |
Amount |
|
% of Loans Outstanding |
|
Amount |
|
% of Loans Outstanding |
|
Amount |
|
% of Loans Outstanding |
|||||||||
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
CRE - Non Owner Occupied |
$ |
36,687 |
|
1.65 |
% |
|
$ |
35,077 |
|
1.58 |
% |
|
$ |
32,963 |
|
1.53 |
% |
|||
CRE - Owner Occupied |
|
16,111 |
|
|
1.65 |
% |
|
|
15,081 |
|
|
1.58 |
% |
|
|
14,559 |
|
|
1.50 |
% |
Multifamily |
|
15,682 |
|
|
1.60 |
% |
|
|
14,418 |
|
|
1.52 |
% |
|
|
13,873 |
|
|
1.47 |
% |
Farmland |
|
3,695 |
|
|
1.39 |
% |
|
|
4,288 |
|
|
1.58 |
% |
|
|
3,542 |
|
|
1.29 |
% |
Total commercial real estate loans |
|
72,175 |
|
|
1.62 |
% |
|
|
68,864 |
|
|
1.57 |
% |
|
|
64,937 |
|
|
1.49 |
% |
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
14,140 |
|
|
1.60 |
% |
|
|
14,009 |
|
|
1.59 |
% |
|
|
11,920 |
|
|
1.48 |
% |
SFR HELOCs and Junior Liens |
|
9,942 |
|
|
2.88 |
% |
|
|
10,273 |
|
|
2.88 |
% |
|
|
10,914 |
|
|
2.91 |
% |
Other |
|
3,359 |
|
|
4.48 |
% |
|
|
3,171 |
|
|
4.34 |
% |
|
|
2,062 |
|
|
3.76 |
% |
Total consumer loans |
|
27,441 |
|
|
2.10 |
% |
|
|
27,453 |
|
|
2.09 |
% |
|
|
24,896 |
|
|
2.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and Industrial |
|
11,867 |
|
|
2.16 |
% |
|
|
12,750 |
|
|
2.17 |
% |
|
|
12,069 |
|
|
2.18 |
% |
Construction |
|
9,162 |
|
|
2.63 |
% |
|
|
8,856 |
|
|
2.55 |
% |
|
|
5,655 |
|
|
2.50 |
% |
Agricultural Production |
|
3,708 |
|
|
2.55 |
% |
|
|
3,589 |
|
|
2.48 |
% |
|
|
833 |
|
|
1.77 |
% |
Leases |
|
41 |
|
|
0.44 |
% |
|
|
10 |
|
|
0.12 |
% |
|
|
17 |
|
|
0.20 |
% |
Allowance for credit losses |
|
124,394 |
|
|
1.83 |
% |
|
|
121,522 |
|
|
1.79 |
% |
|
|
108,407 |
|
|
1.69 |
% |
Reserve for unfunded loan commitments |
|
6,140 |
|
|
|
|
|
5,850 |
|
|
|
|
|
4,195 |
|
|
|
|||
Total allowance for credit losses |
$ |
130,534 |
|
|
1.92 |
% |
|
$ |
127,372 |
|
|
1.87 |
% |
|
$ |
112,602 |
|
|
1.75 |
% |
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
Non-interest Income
Three months ended |
|
|
|
|
||||||||||
(dollars in thousands) |
|
|
|
|
Change |
|
% Change |
|||||||
ATM and interchange fees |
$ |
6,169 |
|
|
$ |
6,531 |
|
|
$ |
(362 |
) |
|
(5.5 |
)% |
Service charges on deposit accounts |
|
4,663 |
|
|
|
4,732 |
|
|
|
(69 |
) |
|
(1.5 |
)% |
Other service fees |
|
1,366 |
|
|
|
1,432 |
|
|
|
(66 |
) |
|
(4.6 |
)% |
Mortgage banking service fees |
|
428 |
|
|
|
444 |
|
|
|
(16 |
) |
|
(3.6 |
)% |
Change in value of mortgage servicing rights |
|
11 |
|
|
|
(291 |
) |
|
|
302 |
|
|
(103.8 |
)% |
Total service charges and fees |
|
12,637 |
|
|
|
12,848 |
|
|
|
(211 |
) |
|
(1.6 |
)% |
Increase in cash value of life insurance |
|
803 |
|
|
|
876 |
|
|
|
(73 |
) |
|
(8.3 |
)% |
Asset management and commission income |
|
1,128 |
|
|
|
1,284 |
|
|
|
(156 |
) |
|
(12.1 |
)% |
Gain on sale of loans |
|
261 |
|
|
|
283 |
|
|
|
(22 |
) |
|
(7.8 |
)% |
Lease brokerage income |
|
161 |
|
|
|
109 |
|
|
|
52 |
|
|
47.7 |
% |
Sale of customer checks |
|
312 |
|
|
|
292 |
|
|
|
20 |
|
|
6.8 |
% |
Loss on sale of investment securities |
|
— |
|
|
|
(120 |
) |
|
|
120 |
|
|
n/m |
|
(Loss) gain on marketable equity securities |
|
(28 |
) |
|
|
117 |
|
|
|
(145 |
) |
|
(123.9 |
)% |
Other income |
|
497 |
|
|
|
351 |
|
|
|
146 |
|
|
41.6 |
% |
Total other non-interest income |
|
3,134 |
|
|
|
3,192 |
|
|
|
(58 |
) |
|
(1.8 |
)% |
Total non-interest income |
$ |
15,771 |
|
|
$ |
16,040 |
|
|
$ |
(269 |
) |
|
(1.7 |
)% |
Non-interest income decreased
|
Three months ended |
|
|
|
|
|||||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
ATM and interchange fees |
$ |
6,169 |
|
|
$ |
6,344 |
|
|
$ |
(175 |
) |
|
(2.8 |
)% |
Service charges on deposit accounts |
|
4,663 |
|
|
|
3,431 |
|
|
|
1,232 |
|
|
35.9 |
% |
Other service fees |
|
1,366 |
|
|
|
1,166 |
|
|
|
200 |
|
|
17.2 |
% |
Mortgage banking service fees |
|
428 |
|
|
|
465 |
|
|
|
(37 |
) |
|
(8.0 |
)% |
Change in value of mortgage servicing rights |
|
11 |
|
|
|
(209 |
) |
|
|
220 |
|
|
(105.3 |
)% |
Total service charges and fees |
|
12,637 |
|
|
|
11,197 |
|
|
|
1,440 |
|
|
12.9 |
% |
Increase in cash value of life insurance |
|
803 |
|
|
|
802 |
|
|
|
1 |
|
|
0.1 |
% |
Asset management and commission income |
|
1,128 |
|
|
|
934 |
|
|
|
194 |
|
|
20.8 |
% |
Gain on sale of loans |
|
261 |
|
|
|
206 |
|
|
|
55 |
|
|
26.7 |
% |
Lease brokerage income |
|
161 |
|
|
|
98 |
|
|
|
63 |
|
|
64.3 |
% |
Sale of customer checks |
|
312 |
|
|
|
288 |
|
|
|
24 |
|
|
8.3 |
% |
Loss on sale of investment securities |
|
— |
|
|
|
(164 |
) |
|
|
164 |
|
|
n/m |
|
Gain on marketable equity securities |
|
(28 |
) |
|
|
42 |
|
|
|
(70 |
) |
|
(166.7 |
)% |
Other income |
|
497 |
|
|
|
232 |
|
|
|
265 |
|
|
114.2 |
% |
Total other non-interest income |
|
3,134 |
|
|
|
2,438 |
|
|
|
696 |
|
|
28.5 |
% |
Total non-interest income |
$ |
15,771 |
|
|
$ |
13,635 |
|
|
$ |
2,136 |
|
|
15.7 |
% |
Non-interest income increased
Non-interest Expense
|
Three months ended |
|
|
|
|
|||||||||
(dollars in thousands) |
|
|
|
|
Change |
|
% Change |
|||||||
Base salaries, net of deferred loan origination costs |
$ |
24,020 |
|
|
$ |
23,889 |
|
$ |
131 |
|
|
0.5 |
% |
|
Incentive compensation |
|
3,257 |
|
|
|
3,894 |
|
|
|
(637 |
) |
|
(16.4 |
)% |
Benefits and other compensation costs |
|
7,027 |
|
|
|
6,272 |
|
|
|
755 |
|
|
12.0 |
% |
Total salaries and benefits expense |
|
34,304 |
|
|
|
34,055 |
|
|
|
249 |
|
|
0.7 |
% |
Occupancy |
|
3,951 |
|
|
|
4,036 |
|
|
|
(85 |
) |
|
(2.1 |
)% |
Data processing and software |
|
5,107 |
|
|
|
5,017 |
|
|
|
90 |
|
|
1.8 |
% |
Equipment |
|
1,356 |
|
|
|
1,322 |
|
|
|
34 |
|
|
2.6 |
% |
Intangible amortization |
|
1,030 |
|
|
|
1,216 |
|
|
|
(186 |
) |
|
(15.3 |
)% |
Advertising |
|
762 |
|
|
|
875 |
|
|
|
(113 |
) |
|
(12.9 |
)% |
ATM and POS network charges |
|
1,661 |
|
|
|
1,863 |
|
|
|
(202 |
) |
|
(10.8 |
)% |
Professional fees |
|
1,340 |
|
|
|
2,032 |
|
|
|
(692 |
) |
|
(34.1 |
)% |
Telecommunications |
|
511 |
|
|
|
576 |
|
|
|
(65 |
) |
|
(11.3 |
)% |
Regulatory assessments and insurance |
|
1,251 |
|
|
|
1,297 |
|
|
|
(46 |
) |
|
(3.5 |
)% |
Postage |
|
308 |
|
|
|
320 |
|
|
|
(12 |
) |
|
(3.8 |
)% |
Operational loss |
|
352 |
|
|
|
445 |
|
|
|
(93 |
) |
|
(20.9 |
)% |
Courier service |
|
480 |
|
|
|
537 |
|
|
|
(57 |
) |
|
(10.6 |
)% |
(Gain) loss on sale or acquisition of foreclosed assets |
|
(38 |
) |
|
|
19 |
|
|
|
(57 |
) |
|
(300.0 |
)% |
Loss on disposal of fixed assets |
|
5 |
|
|
|
1 |
|
|
|
4 |
|
|
400.0 |
% |
Other miscellaneous expense |
|
4,124 |
|
|
|
6,656 |
|
|
|
(2,532 |
) |
|
(38.0 |
)% |
Total other non-interest expense |
|
22,200 |
|
|
|
26,212 |
|
|
|
(4,012 |
) |
|
(15.3 |
)% |
Total non-interest expense |
$ |
56,504 |
|
|
$ |
60,267 |
|
|
$ |
(3,763 |
) |
|
(6.2 |
)% |
Average full-time equivalent staff |
|
1,188 |
|
|
|
1,211 |
|
|
|
(23 |
) |
|
(1.9 |
)% |
Non-interest expense for the quarter ended
|
Three months ended |
|
|
|
|
|||||||||
(dollars in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% Change |
|||
Base salaries, net of deferred loan origination costs |
$ |
24,020 |
|
|
$ |
23,000 |
|
$ |
1,020 |
|
|
4.4 |
% |
|
Incentive compensation |
|
3,257 |
|
|
|
2,895 |
|
|
|
362 |
|
|
12.5 |
% |
Benefits and other compensation costs |
|
7,027 |
|
|
|
6,668 |
|
|
|
359 |
|
|
5.4 |
% |
Total salaries and benefits expense |
|
34,304 |
|
|
|
32,563 |
|
|
|
1,741 |
|
|
5.3 |
% |
Occupancy |
|
3,951 |
|
|
|
4,160 |
|
|
|
(209 |
) |
|
(5.0 |
)% |
Data processing and software |
|
5,107 |
|
|
|
4,032 |
|
|
|
1,075 |
|
|
26.7 |
% |
Equipment |
|
1,356 |
|
|
|
1,383 |
|
|
|
(27 |
) |
|
(2.0 |
)% |
Intangible amortization |
|
1,030 |
|
|
|
1,656 |
|
|
|
(626 |
) |
|
(37.8 |
)% |
Advertising |
|
762 |
|
|
|
759 |
|
|
|
3 |
|
|
0.4 |
% |
ATM and POS network charges |
|
1,661 |
|
|
|
1,709 |
|
|
|
(48 |
) |
|
(2.8 |
)% |
Professional fees |
|
1,340 |
|
|
|
1,589 |
|
|
|
(249 |
) |
|
(15.7 |
)% |
Telecommunications |
|
511 |
|
|
|
595 |
|
|
|
(84 |
) |
|
(14.1 |
)% |
Regulatory assessments and insurance |
|
1,251 |
|
|
|
792 |
|
|
|
459 |
|
|
58.0 |
% |
Postage |
|
308 |
|
|
|
299 |
|
|
|
9 |
|
|
3.0 |
% |
Operational loss |
|
352 |
|
|
|
435 |
|
|
|
(83 |
) |
|
(19.1 |
)% |
Courier service |
|
480 |
|
|
|
339 |
|
|
|
141 |
|
|
41.6 |
% |
Gain on sale or acquisition of foreclosed assets |
|
(38 |
) |
|
|
— |
|
|
|
(38 |
) |
|
n/m |
|
Loss on disposal of fixed assets |
|
5 |
|
|
|
— |
|
|
|
5 |
|
|
n/m |
|
Other miscellaneous expense |
|
4,124 |
|
|
|
3,483 |
|
|
|
641 |
|
|
18.4 |
% |
Total other non-interest expense |
|
22,200 |
|
|
|
21,231 |
|
|
|
969 |
|
|
4.6 |
% |
Total non-interest expense |
$ |
56,504 |
|
|
$ |
53,794 |
|
|
$ |
2,710 |
|
|
5.0 |
% |
Average full-time equivalent staff |
|
1,188 |
|
|
|
1,219 |
|
|
|
(31 |
) |
|
(2.5 |
)% |
Non-interest expense increased
Provision for Income Taxes
The Company’s effective tax rate was 26.4% for the quarter and year ended
About
Established in 1975,
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 |
||||||||||||||||||
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
Revenue and Expense Data |
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
$ |
115,417 |
|
|
$ |
115,909 |
|
|
$ |
112,380 |
|
|
$ |
107,158 |
|
|
$ |
102,907 |
|
Interest expense |
|
32,681 |
|
|
|
29,292 |
|
|
|
24,257 |
|
|
|
18,557 |
|
|
|
9,571 |
|
Net interest income |
|
82,736 |
|
|
|
86,617 |
|
|
|
88,123 |
|
|
|
88,601 |
|
|
|
93,336 |
|
Provision for credit losses |
|
4,305 |
|
|
|
5,990 |
|
|
|
4,155 |
|
|
|
9,650 |
|
|
|
4,195 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
||||||||||
Service charges and fees |
|
12,637 |
|
|
|
12,848 |
|
|
|
13,075 |
|
|
|
12,968 |
|
|
|
11,197 |
|
Loss on sale of investment securities |
|
— |
|
|
|
(120 |
) |
|
|
— |
|
|
|
— |
|
|
|
(164 |
) |
Other income |
|
3,134 |
|
|
|
3,312 |
|
|
|
2,909 |
|
|
|
2,773 |
|
|
|
2,602 |
|
Total noninterest income |
|
15,771 |
|
|
|
16,040 |
|
|
|
15,984 |
|
|
|
15,741 |
|
|
|
13,635 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and benefits |
|
34,304 |
|
|
|
34,055 |
|
|
|
34,463 |
|
|
|
34,714 |
|
|
|
32,563 |
|
Occupancy and equipment |
|
5,307 |
|
|
|
5,358 |
|
|
|
5,451 |
|
|
|
5,427 |
|
|
|
5,543 |
|
Data processing and network |
|
6,768 |
|
|
|
6,880 |
|
|
|
6,852 |
|
|
|
6,540 |
|
|
|
5,741 |
|
Other noninterest expense |
|
10,125 |
|
|
|
13,974 |
|
|
|
11,112 |
|
|
|
14,562 |
|
|
|
9,947 |
|
Total noninterest expense |
|
56,504 |
|
|
|
60,267 |
|
|
|
57,878 |
|
|
|
61,243 |
|
|
|
53,794 |
|
Total income before taxes |
|
37,698 |
|
|
|
36,400 |
|
|
|
42,074 |
|
|
|
33,449 |
|
|
|
48,982 |
|
Provision for income taxes |
|
9,949 |
|
|
|
10,325 |
|
|
|
11,484 |
|
|
|
8,557 |
|
|
|
13,149 |
|
Net income |
$ |
27,749 |
|
|
$ |
26,075 |
|
|
$ |
30,590 |
|
|
$ |
24,892 |
|
|
$ |
35,833 |
|
Share Data |
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share |
$ |
0.83 |
|
|
$ |
0.78 |
|
|
$ |
0.92 |
|
|
$ |
0.75 |
|
|
$ |
1.08 |
|
Diluted earnings per share |
$ |
0.83 |
|
|
$ |
0.78 |
|
|
$ |
0.92 |
|
|
$ |
0.75 |
|
|
$ |
1.07 |
|
Dividends per share |
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.30 |
|
|
$ |
0.30 |
|
|
$ |
0.30 |
|
Book value per common share |
$ |
35.06 |
|
|
$ |
34.86 |
|
|
$ |
32.18 |
|
|
$ |
32.86 |
|
|
$ |
32.84 |
|
Tangible book value per common share (1) |
$ |
25.60 |
|
|
$ |
25.39 |
|
|
$ |
22.67 |
|
|
$ |
23.28 |
|
|
$ |
23.22 |
|
Shares outstanding |
|
33,168,770 |
|
|
|
33,268,102 |
|
|
|
33,263,324 |
|
|
|
33,259,260 |
|
|
|
33,195,250 |
|
Weighted average shares |
|
33,245,377 |
|
|
|
33,266,959 |
|
|
|
33,262,798 |
|
|
|
33,219,168 |
|
|
|
33,295,750 |
|
Weighted average diluted shares |
|
33,370,118 |
|
|
|
33,351,737 |
|
|
|
33,319,291 |
|
|
|
33,301,548 |
|
|
|
33,437,680 |
|
Credit Quality |
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses to gross loans |
|
1.83 |
% |
|
|
1.79 |
% |
|
|
1.73 |
% |
|
|
1.80 |
% |
|
|
1.69 |
% |
Loans past due 30 days or more |
$ |
16,474 |
|
|
$ |
19,415 |
|
|
$ |
8,072 |
|
|
$ |
9,483 |
|
|
$ |
7,891 |
|
Total nonperforming loans |
$ |
34,242 |
|
|
$ |
31,891 |
|
|
$ |
29,799 |
|
|
$ |
37,592 |
|
|
$ |
16,025 |
|
Total nonperforming assets |
$ |
36,735 |
|
|
$ |
34,595 |
|
|
$ |
32,651 |
|
|
$ |
40,506 |
|
|
$ |
19,464 |
|
Loans charged-off |
$ |
1,275 |
|
|
$ |
749 |
|
|
$ |
5,357 |
|
|
$ |
276 |
|
|
$ |
1,758 |
|
Loans recovered |
$ |
132 |
|
|
$ |
419 |
|
|
$ |
720 |
|
|
$ |
218 |
|
|
$ |
170 |
|
Selected Financial Ratios |
|
|
|
|
|
|
|
|
|
||||||||||
Return on average total assets |
|
1.13 |
% |
|
|
1.05 |
% |
|
|
1.23 |
% |
|
|
1.01 |
% |
|
|
1.47 |
% |
Return on average equity |
|
9.50 |
% |
|
|
9.43 |
% |
|
|
10.91 |
% |
|
|
8.98 |
% |
|
|
13.36 |
% |
Average yield on loans |
|
5.72 |
% |
|
|
5.64 |
% |
|
|
5.52 |
% |
|
|
5.38 |
% |
|
|
5.21 |
% |
Average yield on interest-earning assets |
|
5.13 |
% |
|
|
5.09 |
% |
|
|
4.94 |
% |
|
|
4.78 |
% |
|
|
4.63 |
% |
Average rate on interest-bearing deposits |
|
1.83 |
% |
|
|
1.62 |
% |
|
|
1.36 |
% |
|
|
0.95 |
% |
|
|
0.43 |
% |
Average cost of total deposits |
|
1.21 |
% |
|
|
1.05 |
% |
|
|
0.86 |
% |
|
|
0.58 |
% |
|
|
0.25 |
% |
Average cost of total deposits and other borrowings |
|
1.47 |
% |
|
|
1.28 |
% |
|
|
1.05 |
% |
|
|
0.80 |
% |
|
|
0.38 |
% |
Average rate on borrowings & subordinated debt |
|
5.35 |
% |
|
|
5.26 |
% |
|
|
4.96 |
% |
|
|
4.92 |
% |
|
|
4.74 |
% |
Average rate on interest-bearing liabilities |
|
2.24 |
% |
|
|
2.01 |
% |
|
|
1.71 |
% |
|
|
1.37 |
% |
|
|
0.74 |
% |
Net interest margin (fully tax-equivalent) (1) |
|
3.68 |
% |
|
|
3.81 |
% |
|
|
3.88 |
% |
|
|
3.96 |
% |
|
|
4.20 |
% |
Loans to deposits |
|
85.14 |
% |
|
|
86.73 |
% |
|
|
83.76 |
% |
|
|
80.55 |
% |
|
|
80.02 |
% |
Efficiency ratio |
|
57.36 |
% |
|
|
58.71 |
% |
|
|
55.59 |
% |
|
|
58.69 |
% |
|
|
50.29 |
% |
Supplemental Loan Interest Income Data |
|
|
|
|
|
|
|
|
|
||||||||||
Discount accretion on acquired loans |
$ |
1,332 |
|
|
$ |
1,459 |
|
|
$ |
1,324 |
|
|
$ |
1,471 |
|
|
$ |
1,397 |
|
All other loan interest income (1) |
$ |
95,153 |
|
|
$ |
94,382 |
|
|
$ |
90,383 |
|
|
$ |
85,276 |
|
|
$ |
81,018 |
|
Total loan interest income (1) |
$ |
96,485 |
|
|
$ |
95,841 |
|
|
$ |
91,707 |
|
|
$ |
86,747 |
|
|
$ |
82,415 |
|
(1) Non-GAAP measure |
|||||||||||||||||||
TriCo Bancshares—Condensed Consolidated Financial Data (unaudited) | |||||||||||||||||||
(dollars in thousands, except per share data) |
|
||||||||||||||||||
Balance Sheet Data |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
Cash and due from banks |
$ |
82,836 |
|
|
$ |
98,701 |
|
|
$ |
111,099 |
|
|
$ |
118,792 |
|
|
$ |
110,335 |
|
Securities, available for sale, net |
|
2,076,494 |
|
|
|
2,155,138 |
|
|
|
2,176,854 |
|
|
|
2,323,011 |
|
|
|
2,408,452 |
|
Securities, held to maturity, net |
|
127,811 |
|
|
|
133,494 |
|
|
|
139,058 |
|
|
|
145,117 |
|
|
|
152,067 |
|
Restricted equity securities |
|
17,250 |
|
|
|
17,250 |
|
|
|
17,250 |
|
|
|
17,250 |
|
|
|
17,250 |
|
Loans held for sale |
|
1,346 |
|
|
|
458 |
|
|
|
644 |
|
|
|
1,058 |
|
|
|
226 |
|
Loans: |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
4,443,768 |
|
|
|
4,394,802 |
|
|
|
4,367,445 |
|
|
|
4,343,924 |
|
|
|
4,353,959 |
|
Consumer |
|
1,303,757 |
|
|
|
1,313,268 |
|
|
|
1,288,810 |
|
|
|
1,252,225 |
|
|
|
1,233,797 |
|
Commercial and industrial |
|
549,780 |
|
|
|
586,455 |
|
|
|
599,757 |
|
|
|
576,247 |
|
|
|
553,098 |
|
Construction |
|
348,981 |
|
|
|
347,198 |
|
|
|
320,963 |
|
|
|
278,425 |
|
|
|
225,996 |
|
Agriculture production |
|
145,159 |
|
|
|
144,497 |
|
|
|
123,472 |
|
|
|
61,337 |
|
|
|
47,062 |
|
Leases |
|
9,250 |
|
|
|
8,250 |
|
|
|
8,219 |
|
|
|
8,582 |
|
|
|
8,509 |
|
Total loans, gross |
|
6,800,695 |
|
|
|
6,794,470 |
|
|
|
6,708,666 |
|
|
|
6,520,740 |
|
|
|
6,422,421 |
|
Allowance for credit losses |
|
(124,394 |
) |
|
|
(121,522 |
) |
|
|
(115,812 |
) |
|
|
(117,329 |
) |
|
|
(108,407 |
) |
Total loans, net |
|
6,676,301 |
|
|
|
6,672,948 |
|
|
|
6,592,854 |
|
|
|
6,403,411 |
|
|
|
6,314,014 |
|
Premises and equipment |
|
71,001 |
|
|
|
71,347 |
|
|
|
71,760 |
|
|
|
72,619 |
|
|
|
72,096 |
|
Cash value of life insurance |
|
137,695 |
|
|
|
136,892 |
|
|
|
136,016 |
|
|
|
135,332 |
|
|
|
134,544 |
|
Accrued interest receivable |
|
35,783 |
|
|
|
36,768 |
|
|
|
34,595 |
|
|
|
32,835 |
|
|
|
31,388 |
|
|
|
304,442 |
|
|
|
304,442 |
|
|
|
304,442 |
|
|
|
304,442 |
|
|
|
304,442 |
|
Other intangible assets |
|
9,522 |
|
|
|
10,552 |
|
|
|
11,768 |
|
|
|
13,358 |
|
|
|
15,014 |
|
Operating leases, right-of-use |
|
26,240 |
|
|
|
26,133 |
|
|
|
27,363 |
|
|
|
29,140 |
|
|
|
30,000 |
|
Other assets |
|
247,046 |
|
|
|
245,966 |
|
|
|
273,303 |
|
|
|
257,056 |
|
|
|
252,566 |
|
Total assets |
$ |
9,813,767 |
|
|
$ |
9,910,089 |
|
|
$ |
9,897,006 |
|
|
$ |
9,853,421 |
|
|
$ |
9,842,394 |
|
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits |
$ |
2,600,448 |
|
|
$ |
2,722,689 |
|
|
$ |
2,857,512 |
|
|
$ |
3,073,353 |
|
|
$ |
3,236,696 |
|
Interest-bearing demand deposits |
|
1,742,875 |
|
|
|
1,731,814 |
|
|
|
1,746,882 |
|
|
|
1,751,998 |
|
|
|
1,635,706 |
|
Savings deposits |
|
2,672,537 |
|
|
|
2,682,068 |
|
|
|
2,816,816 |
|
|
|
2,778,118 |
|
|
|
2,807,796 |
|
Time certificates |
|
971,798 |
|
|
|
697,467 |
|
|
|
588,433 |
|
|
|
491,896 |
|
|
|
345,667 |
|
Total deposits |
|
7,987,658 |
|
|
|
7,834,038 |
|
|
|
8,009,643 |
|
|
|
8,095,365 |
|
|
|
8,025,865 |
|
Accrued interest payable |
|
10,224 |
|
|
|
8,445 |
|
|
|
6,688 |
|
|
|
3,655 |
|
|
|
1,643 |
|
Operating lease liability |
|
28,299 |
|
|
|
28,261 |
|
|
|
29,527 |
|
|
|
31,377 |
|
|
|
32,228 |
|
Other liabilities |
|
131,006 |
|
|
|
145,982 |
|
|
|
141,692 |
|
|
|
136,464 |
|
|
|
157,222 |
|
Other borrowings |
|
392,409 |
|
|
|
632,582 |
|
|
|
537,975 |
|
|
|
392,714 |
|
|
|
434,140 |
|
Junior subordinated debt |
|
101,120 |
|
|
|
101,099 |
|
|
|
101,080 |
|
|
|
101,065 |
|
|
|
101,051 |
|
Total liabilities |
|
8,650,716 |
|
|
|
8,750,407 |
|
|
|
8,826,605 |
|
|
|
8,760,640 |
|
|
|
8,752,149 |
|
Common stock |
|
696,464 |
|
|
|
697,349 |
|
|
|
696,369 |
|
|
|
695,305 |
|
|
|
695,168 |
|
Retained earnings |
|
630,954 |
|
|
|
615,502 |
|
|
|
599,448 |
|
|
|
578,852 |
|
|
|
564,538 |
|
Accumulated other comprehensive loss, net of tax |
|
(164,367 |
) |
|
|
(153,169 |
) |
|
|
(225,416 |
) |
|
|
(181,376 |
) |
|
|
(169,461 |
) |
Total shareholders’ equity |
$ |
1,163,051 |
|
|
$ |
1,159,682 |
|
|
$ |
1,070,401 |
|
|
$ |
1,092,781 |
|
|
$ |
1,090,245 |
|
Quarterly Average Balance Data |
|
|
|
|
|
|
|
|
|
||||||||||
Average loans |
$ |
6,785,840 |
|
|
$ |
6,746,153 |
|
|
$ |
6,597,400 |
|
|
$ |
6,467,381 |
|
|
$ |
6,413,958 |
|
Average interest-earning assets |
$ |
9,066,537 |
|
|
$ |
9,064,483 |
|
|
$ |
9,070,639 |
|
|
$ |
9,039,314 |
|
|
$ |
9,045,311 |
|
Average total assets |
$ |
9,855,797 |
|
|
$ |
9,879,355 |
|
|
$ |
9,874,240 |
|
|
$ |
9,848,191 |
|
|
$ |
9,878,927 |
|
Average deposits |
$ |
7,821,044 |
|
|
$ |
7,990,993 |
|
|
$ |
8,043,101 |
|
|
$ |
7,981,515 |
|
|
$ |
8,218,576 |
|
Average borrowings and subordinated debt |
$ |
685,802 |
|
|
$ |
617,046 |
|
|
$ |
550,344 |
|
|
$ |
578,312 |
|
|
$ |
378,676 |
|
Average total equity |
$ |
1,174,592 |
|
|
$ |
1,097,431 |
|
|
$ |
1,112,404 |
|
|
$ |
1,112,223 |
|
|
$ |
1,087,473 |
|
Capital Ratio Data |
|
|
|
|
|
|
|
|
|
||||||||||
Total risk-based capital ratio |
|
15.0 |
% |
|
|
14.7 |
% |
|
|
14.5 |
% |
|
|
14.5 |
% |
|
|
14.5 |
% |
Tier 1 capital ratio |
|
13.2 |
% |
|
|
12.9 |
% |
|
|
12.7 |
% |
|
|
12.7 |
% |
|
|
12.7 |
% |
Tier 1 common equity ratio |
|
12.5 |
% |
|
|
12.2 |
% |
|
|
12.0 |
% |
|
|
12.0 |
% |
|
|
12.0 |
% |
Tier 1 leverage ratio |
|
11.0 |
% |
|
|
10.7 |
% |
|
|
10.6 |
% |
|
|
10.4 |
% |
|
|
10.2 |
% |
Tangible capital ratio (1) |
|
8.9 |
% |
|
|
8.8 |
% |
|
|
7.9 |
% |
|
|
8.1 |
% |
|
|
8.1 |
% |
(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 |
||||||||||
(dollars in thousands) |
2024 |
|
2023 |
|
2023 |
||||||
Net interest margin |
|
|
|
|
|
||||||
Acquired loans discount accretion, net: |
|
|
|
|
|
||||||
Amount (included in interest income) |
$ |
1,332 |
|
|
$ |
1,459 |
|
|
$ |
1,397 |
|
Effect on average loan yield |
|
0.08 |
% |
|
|
0.09 |
% |
|
|
0.09 |
% |
Effect on net interest margin (FTE) |
|
0.06 |
% |
|
|
0.06 |
% |
|
|
0.06 |
% |
Net interest margin (FTE) |
|
3.68 |
% |
|
|
3.81 |
% |
|
|
4.20 |
% |
Net interest margin less effect of acquired loan discount accretion (Non-GAAP) |
|
3.62 |
% |
|
|
3.75 |
% |
|
|
4.14 |
% |
|
Three months ended |
||||||||||
(dollars in thousands) |
2024 |
|
2023 |
|
2023 |
||||||
Pre-tax pre-provision return on average assets or equity |
|
|
|
|
|
||||||
Net income (GAAP) |
$ |
27,749 |
|
|
$ |
26,075 |
|
|
$ |
35,833 |
|
Exclude provision for income taxes |
|
9,949 |
|
|
|
10,325 |
|
|
|
13,149 |
|
Exclude provision for credit losses |
|
4,305 |
|
|
|
5,990 |
|
|
|
4,195 |
|
Net income before income tax and provision expense (Non-GAAP) |
$ |
42,003 |
|
|
$ |
42,390 |
|
|
$ |
53,177 |
|
|
|
|
|
|
|
||||||
Average assets (GAAP) |
$ |
9,855,797 |
|
|
$ |
9,879,355 |
|
|
$ |
9,878,927 |
|
Average equity (GAAP) |
$ |
1,174,592 |
|
|
$ |
1,097,431 |
|
|
$ |
1,087,473 |
|
|
|
|
|
|
|
||||||
Return on average assets (GAAP) (annualized) |
|
1.13 |
% |
|
|
1.05 |
% |
|
|
1.47 |
% |
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized) |
|
1.71 |
% |
|
|
1.70 |
% |
|
|
2.18 |
% |
Return on average equity (GAAP) (annualized) |
|
9.50 |
% |
|
|
9.43 |
% |
|
|
13.36 |
% |
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized) |
|
14.38 |
% |
|
|
15.32 |
% |
|
|
19.83 |
% |
|
Three months ended |
||||||||||
(dollars in thousands) |
2024 |
|
2023 |
|
2023 |
||||||
Return on tangible common equity |
|
|
|
|
|
||||||
Average total shareholders' equity |
$ |
1,174,592 |
|
|
$ |
1,097,431 |
|
|
$ |
1,087,473 |
|
Exclude average goodwill |
|
304,442 |
|
|
|
304,442 |
|
|
|
304,442 |
|
Exclude average other intangibles |
|
10,037 |
|
|
|
11,160 |
|
|
|
15,842 |
|
Average tangible common equity (Non-GAAP) |
$ |
860,113 |
|
|
$ |
781,829 |
|
|
$ |
767,189 |
|
|
|
|
|
|
|
||||||
Net income (GAAP) |
$ |
27,749 |
|
|
$ |
26,075 |
|
|
$ |
35,833 |
|
Exclude amortization of intangible assets, net of tax effect |
|
725 |
|
|
|
857 |
|
|
|
1,166 |
|
Tangible net income available to common shareholders (Non-GAAP) |
$ |
28,474 |
|
|
$ |
26,932 |
|
|
$ |
36,999 |
|
|
|
|
|
|
|
||||||
Return on average equity (GAAP) (annualized) |
|
9.50 |
% |
|
|
9.43 |
% |
|
|
13.36 |
% |
Return on average tangible common equity (Non-GAAP) |
|
13.31 |
% |
|
|
13.67 |
% |
|
|
19.56 |
% |
|
Three months ended |
||||||||||||||||||
(dollars in thousands) |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
Tangible shareholders' equity to tangible assets |
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' equity (GAAP) |
$ |
1,163,051 |
|
|
$ |
1,159,682 |
|
|
$ |
1,070,401 |
|
|
$ |
1,092,781 |
|
|
$ |
1,090,245 |
|
Exclude goodwill and other intangible assets, net |
|
313,964 |
|
|
|
314,994 |
|
|
|
316,210 |
|
|
|
317,800 |
|
|
|
319,456 |
|
Tangible shareholders' equity (Non-GAAP) |
$ |
849,087 |
|
|
$ |
844,688 |
|
|
$ |
754,191 |
|
|
$ |
774,981 |
|
|
$ |
770,789 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets (GAAP) |
$ |
9,813,767 |
|
|
$ |
9,910,089 |
|
|
$ |
9,897,006 |
|
|
$ |
9,853,421 |
|
|
$ |
9,842,394 |
|
Exclude goodwill and other intangible assets, net |
|
313,964 |
|
|
|
314,994 |
|
|
|
316,210 |
|
|
|
317,800 |
|
|
|
319,456 |
|
Total tangible assets (Non-GAAP) |
$ |
9,499,803 |
|
|
$ |
9,595,095 |
|
|
$ |
9,580,796 |
|
|
$ |
9,535,621 |
|
|
$ |
9,522,938 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' equity to total assets (GAAP) |
|
11.85 |
% |
|
|
11.70 |
% |
|
|
10.82 |
% |
|
|
11.09 |
% |
|
|
11.08 |
% |
Tangible shareholders' equity to tangible assets (Non-GAAP) |
|
8.94 |
% |
|
|
8.80 |
% |
|
|
7.87 |
% |
|
|
8.13 |
% |
|
|
8.09 |
% |
|
Three months ended |
||||||||||||||||||
(dollars in thousands) |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
||||||||||
Tangible common shareholders' equity per share |
|
|
|
|
|
|
|
|
|
||||||||||
Tangible shareholders' equity (Non-GAAP) |
$ |
849,087 |
|
$ |
844,688 |
|
$ |
754,191 |
|
$ |
774,981 |
|
$ |
770,789 |
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding at end of period |
|
33,168,770 |
|
|
|
33,268,102 |
|
|
|
33,263,324 |
|
|
|
33,259,260 |
|
|
|
33,195,250 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shareholders' equity (book value) per share (GAAP) |
$ |
35.06 |
|
|
$ |
34.86 |
|
|
$ |
32.18 |
|
|
$ |
32.86 |
|
|
$ |
32.84 |
|
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP) |
$ |
25.60 |
|
|
$ |
25.39 |
|
|
$ |
22.67 |
|
|
$ |
23.30 |
|
|
$ |
23.22 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240425962539/en/
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