TRICO BANCSHARES Aktie
WKN: 923109 ISIN: US8960951064
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TriCo Bancshares Announces Quarterly Results

Donnerstag, 25.07.19 14:30
TriCo Bancshares Announces Quarterly Results
Bildquelle: fotolia.com
CHICO, Calif. –

TriCo Bancshares (NASDAQ: TCBK) (the "Company"), parent company of Tri Counties Bank, today announced net income of $23,061,000 for the quarter ended June 30, 2019, compared to $22,726,000 during the trailing quarter ended March 31, 2019 and $15,029,000 during the quarter ended June 30, 2018. Diluted earnings per share were $0.75 for the second quarter of 2019, compared to $0.74 for the first quarter of 2019 and $0.65 for the second quarter of 2018.

Financial Highlights

Performance highlights and other developments for the Company as of or for the three and six months ended June 30, 2019 included the following:

  • For the three and six months ended June 30, 2019, the Company’s return on average assets was 1.44% and 1.43%, respectively, and the return on average equity was 10.65% and 10.71%, respectively.
  • As of June 30, 2019, the Company reported total loans, total assets and total deposits of $4.10 billion, $6.40 billion and $5.34 billion, respectively.
  • The loan to deposit ratio was 76.8% as of June 30, 2019 as compared to 74.3% at March 31, 2019 and 77.2% at June 30, 2018.
  • Net interest margin grew 34 basis points to 4.48% on a tax equivalent basis as compared to 4.14% in the quarter ended June 30, 2018 and increased 2 basis points from the trailing quarter.
  • Non-interest bearing deposits as a percentage of total deposits were 33.3% at June 30, 2019, as compared to 32.4% at March 31, 2019 and 33.6% at June 30, 2018.
  • The average rate of interest paid on deposits, including noninterest-bearing deposits, remained low but increased slightly to 0.22% for the second quarter of 2019 as compared with 0.20% for the trailing quarter, and an increase of 10 basis points from the average rate paid during the same quarter of the prior year.
  • Non-performing assets to total assets were 0.35% at June 30, 2019 as compared to 0.34% as of March 31, 2019 and 0.47% at December 31, 2018.
  • The balance of nonperforming loans increased by $1.0 million, however recoveries on previously charged-off loans were $0.3 million and loans past due thirty days or more decreased by $2.18 million during the quarter.
  • The efficiency ratio remained flat at 60.15% as compared to the trailing quarter, which had an efficiency ratio of 60.10%.

President and CEO, Rick Smith commented, “We are pleased with our second quarter operating results which were benefited by organic loan growth of nearly 7.0% on an annualized basis as well as our ability to hold operating costs not associated with incentive compensation flat. The strength and depth of our lending team continues to grow and we look forward to further expansion of both new and existing markets. We previously announced that Richard O’Sullivan, our EVP Chief Commercial Lending Officer, will be retiring after 35 years of dedicated service this month. I would like to thank Richard for all that he has done for the Bank, our shareholders and our customers. As part of our succession management efforts we now look toward Dan Bailey, our EVP Chief Banking Officer, to continue to drive our positive momentum and performance levels into the future.”

Summary Results

The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

 

Three months ended

 

 

 

 

June 30,

 

March 31,

 

 

 

 

(dollars and shares in thousands)

2019

 

2019

 

$ Change

 

% Change

Net interest income

$

64,315

$

63,870

$

445

0.7%

(Provision for) reversal of loan losses

 

(537)

 

1,600

 

(2,137)

nm
Noninterest income

 

13,578

 

11,864

 

1,714

14.4%

Noninterest expense

 

(46,852)

 

(45,513)

 

(1,339)

2.9%

Provision for income taxes

 

(7,443)

 

(9,095)

 

1,652

(18.2%)

Net income

$

23,061

$

22,726

$

335

1.5%

 
Diluted earnings per share

$

0.75

$

0.74

$

0.01

1.4%

Dividends per share

$

0.19

$

0.19

 

-

0.0%

Average common shares

 

30,458

 

30,424

 

34

0.1%

Average diluted common shares

 

30,643

 

30,658

 

(15)

(0.0%)

 
Return on average total assets

 

1.44%

 

1.41%

Return on average equity

 

10.65%

 

10.78%

Efficiency ratio

 

60.15%

 

60.10%

 

Three months ended June 30,

 

 

 

 

(dollars and shares in thousands)

2019

 

2018

 

$ Change

 

% Change

Net interest income

$

64,315

$

45,869

$

18,446

40.2%

(Provision for) reversal of loan losses

 

(537)

 

638

 

(1,175)

nm
Noninterest income

 

13,578

 

12,174

 

1,404

11.5%

Noninterest expense

 

(46,852)

 

(37,870)

 

(8,982)

23.7%

Provision for income taxes

 

(7,443)

 

(5,782)

 

(1,661)

28.7%

Net income

$

23,061

$

15,029

$

8,032

53.4%

 
Diluted earnings per share

$

0.75

$

0.65

$

0.10

15.4%

Dividends per share

$

0.19

$

0.17

$

0.02

11.8%

Average common shares

 

30,458

 

22,983

 

7,475

32.5%

Average diluted common shares

 

30,643

 

23,276

 

7,367

31.7%

 
Return on average total assets

 

1.44%

 

1.25%

Return on average equity

 

10.65%

 

11.78%

Efficiency ratio

 

60.15%

 

65.24%

 
Six months ended June 30,
(dollars and shares in thousands)

2019

2018

$ Change % Change
Net interest income

$

128,185

$

90,855

$

37,330

41.1%

Benefit from reversal of provision
for loan losses

 

1,063

 

874

 

189

nm

Noninterest income

 

25,442

 

24,464

 

978

4.0%

Noninterest expense

 

(92,365)

 

(76,032)

 

(16,333)

21.5%

Provision for income taxes

 

(16,538)

 

(11,222)

 

(5,316)

47.4%

Net income

$

45,787

$

28,939

$

16,848

58.2%

 
Diluted earnings per share

$

1.49

$

1.24

$

0.25

20.2%

Dividends per share

$

0.19

$

0.17

$

0.02

11.8%

Average common shares

 

30,441

 

22,970

 

7,471

32.5%

Average diluted common shares

 

30,650

 

23,280

 

7,370

31.7%

 
Return on average total assets

 

1.43%

 

1.21%

Return on average equity

 

10.71%

 

11.39%

Efficiency ratio

 

60.12%

 

65.93%

Balance Sheet

Loan growth of $69,356,000 or 6.9% on an annualized basis during the second quarter of 2019 provided benefit to the yield on earning assets and net interest margin as excess liquidity maintained at the Federal Reserve was utilized to fund loans and facilitate seasonal fluctuations in interest-bearing deposit balances.

Trailing Quarter Balance Sheet Change

 

Annualized

Ending balances

As of June 30,

 

As of March 31,

 

Organic

 

Organic

($'s in thousands)

2019

 

2019

 

$ Change

 

% Change

 
Total assets

$

6,395,172

$

6,471,852

$

(76,680

)

(4.7

%)

Total loans

 

4,103,687

 

4,034,331

 

69,356

 

6.9

%

Total investments

 

1,566,720

 

1,564,692

 

2,028

 

0.5

%

Total deposits

$

5,342,173

$

5,430,262

$

(88,089

)

(6.5

%)

The growth in average loans of $20,180,000 or 2.0% on an annualized basis during the second quarter was less than the end of period growth as nearly all of the quarterly growth occurred during the last month of the quarter.

 

Average Trailing Quarter Balance Sheet Change

 

 

 

 

 

 

 

Annualized

Qtrly avg balances

As of June 30,

 

As of March 31,

 

Organic

 

Organic

($'s in thousands)

2019

 

2019

 

$ Change

 

% Change

 
Total assets

$

6,385,889

$

6,426,227

$

(40,338

)

(2.5

%)

Total loans

 

4,044,044

 

4,023,864

 

20,180

 

2.0

%

Total investments

 

1,573,112

 

1,567,584

 

5,528

 

1.4

%

Total deposits

$

5,370,879

$

5,387,079

$

(16,200

)

(1.2

%)

In addition to the balance sheet changes which resulted from the acquisition of FNB Bancorp in July 2018, total assets have grown by $68,819,000 or 1.4% between June 2018 and June 2019. This growth was led by $122,691,000 or 3.9% in organic loan growth which was funded by $273,016,000 or 6.7% in organic deposit growth.

 
Year Over Year Balance Sheet Change
Ending balances

As of June 30,

 

 

 

Acquired

 

Organic

 

Organic

($'s in thousands)

2019

 

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TriCo Bancshares Announces Quarterly Cash Dividend

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