TriCo Bancshares Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Loans Net Loans Charged-Off for the Fourth Quarter of 2013
January 30, 2014 at 03:05 am IST
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TriCo Bancshares announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company's net interest income was $26.3 million compared with $24.8 million a year ago. The $1,601,000 increase in net interest income from the year-ago quarter ended December 31, 2012 is primarily due to a $1,197,000 increase in interest income from investment securities that was primarily due to a $161,950,000 increase in the average balance of investment securities from the year-ago quarter. Income before taxes was $8.6 million compared with $8.1 million a year ago. Net income was $5.2 million or $0.32 per diluted share compared with $4.7 million or $0.29 per diluted share a year ago. As on December 31, 2013, the company's book value per common share was $15.61 and tangible book value per common share was $14.59. Return on average total assets was 0.78% compared with 0.74% a year ago. Return on average equity was 8.41% compared with 8.20% a year ago.
Diluted earnings per share for the years ended December 31, 2013 and 2012 were $1.69 and $1.18, respectively, on earnings of $27,399,000 and $18,944,000, respectively.
The company announced loans charged-off $1.84 million for the fourth quarter ended December 31, 2013.
TriCo Bancshares is a bank holding company. The Companyâs principal business is to serve as the holding company for its subsidiary, Tri Counties Bank, a California-chartered commercial bank (the Bank). In addition, the Company has five capital trusts, which are all wholly owned trust subsidiaries formed for the purpose of issuing trust preferred securities (Trust Preferred Securities) and lending the proceeds to the Company. The Bank provides personal, small business and commercial financial services, including accepting demand, savings and time deposits and making small business, commercial, real estate, and consumer loans, as well as a range of treasury management services and other customary banking services, including safe deposit boxes at some branches. Brokerage services are provided at the Bankâs offices by Tri Counties Wealth Management Advisors. The Bank offers a variety of banking and financial services to both personal, small business and commercial customers.
TriCo Bancshares Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Loans Net Loans Charged-Off for the Fourth Quarter of 2013