TriCo Bancshares (TCBK) has reported a 9.73 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $12.53 million, or $0.54 a share in the quarter, compared with $11.42 million, or $0.50 a share for the same period last year.
Revenue during the quarter grew 6.65 percent to $57.05 million from $53.49 million in the previous year period. Net interest income for the quarter rose 4.90 percent over the prior year period to $43.16 million. Non-interest income for the quarter rose 8.89 percent over the last year period to $12.46 million.
TriCo Bancshares has made negative provision of $1.43 million for loan losses during the quarter, compared with a negative provision of $0.91 million in the same period last year.
Net interest margin contracted 11 basis points to 4.28 percent in the quarter from 4.39 percent in the last year period.
Richard Smith, President and CEO of the Company commented, “2016 was another busy and successful year for the Company. We are pleased with our quarterly and annual results for the year. Loan growth continues at a strong pace and our acquisition of 3 branches from Bank of America in the second quarter provided added deposits and new loan growth opportunities for the Company."
Liabilities outpace assets growth
Total assets stood at $4,517.97 million as on Dec. 31, 2016, up 7.04 percent compared with $4,220.72 million on Dec. 31, 2015. On the other hand, total liabilities stood at $4,040.62 million as on Dec. 31, 2016, up 7.22 percent from $3,768.61 million on Dec. 31, 2015.
Deposits stood at $3,895.56 million as on Dec. 31, 2016, up 7.28 percent compared with $3,631.27 million on Dec. 31, 2015.
Shareholders equity stood at $477.35 million as on Dec. 31, 2016, up 5.58 percent or $25.23 million from year-ago.
Return on average assets moved up 2 basis points to 1.13 percent in the quarter from 1.11 percent in the last year period. At the same time, return on average equity increased 33 basis points to 10.47 percent in the quarter from 10.14 percent in the last year period.
Tier-1 leverage ratio stood at 10.60 percent for the quarter, down from 10.80 percent for the previous year quarter. Book value per share was $20.87 for the quarter, up 5.14 percent or $1.02 compared to $19.85 for the same period last year.
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