TriCo Bancshares (TCBK) has reported a 3.90 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $12.20 million, or $0.53 a share in the quarter, compared with $12.69 million, or $0.55 a share for the same period last year.
Revenue during the quarter grew 9.16 percent to $57.31 million from $52.50 million in the previous year period. Net interest income for the quarter rose 5.69 percent over the prior year period to $42.27 million. Non-interest income for the quarter fell 4.95 percent over the last year period to $11.07 million.
Trico Bancshares has made negative provision of $3.97 million for loan losses during the quarter, compared with a negative provision of $0.87 million in the same period last year.
Net interest margin contracted 23 basis points to 4.23 percent in the quarter from 4.46 percent in the last year period.
Richard Smith, president and chief executive officer of the Company commented, “We are pleased with the operating results in the quarter. During the third quarter many significant projects were implemented which were necessary to build out our technology infrastructure to facilitate our growth and expansion. We transferred our core system software to an outsourced solution along with our debit and ATM card services, and introduced a new business online and mobile banking solution for our customers. These system changes are major steps in our efforts to provide competitive new solutions and operating efficiencies for our company.”
Liabilities outpace assets growth
Total assets stood at $4,467.13 million as on Sep. 30, 2016, up 11.08 percent compared with $4,021.63 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,985.24 million as on Sep. 30, 2016, up 11.37 percent from $3,578.28 million on Sep. 30, 2015.
Deposits stood at $3,836.01 million as on Sep. 30, 2016, up 10.94 percent compared with $3,457.87 million on Sep. 30, 2015.
Investments stood at $1,151.36 million as on Sep. 30, 2016, up 6.57 percent or $70.95 million from year-ago. Shareholders equity stood at $481.89 million as on Sep. 30, 2016, up 8.69 percent or $38.54 million from year-ago.
Return on average assets moved down 17 basis points to 1.11 percent in the quarter from 1.28 percent in the last year period. At the same time, return on average equity decreased 141 basis points to 10.15 percent in the quarter from 11.56 percent in the last year period.
Book value per share was $21.11 for the quarter, up 8.37 percent or $1.63 compared to $19.48 for the same period last year.
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