TriCo Bancshares Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 30, 2018 at 04:45 pm
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TriCo Bancshares announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported interest income of $46.961 million against $44.615 million a year ago. Net interest income was $45.093 million against $43.155 million a year ago. Income before taxes was $17.818 million against $20.487 million a year ago. Net income was $2.989 million against $12.533 million a year ago. Diluted and basic earnings per share were $0.13 against $0.54 diluted share a year ago. Book value per common share, as of December 31, 2017 was $22.03 against $20.87 as of December 31, 2016. Tangible book value per common share, as of December 31, 2016 was $17.77 against $16.81 as of December 31, 2015. Return on average assets was 0.26% against 1.12% a year ago. Adjusted return on average assets was 0.94% against 1.12% a year ago. Return on average equity was 2.33% against 10.41% a year ago. Adjusted return on average equity was 8.50% against 10.41% a year ago. Adjusted net income was $10.896 million or $0.47 basic and diluted share compared to $12.533 million or $0.54 per diluted share a year ago.
For the year ended December 31, 2017 the company reported earnings of $40.554 million, or $1.74 per diluted share, compared with $44.811 million, or $1.94 per diluted share reported the year ended December 31, 2016. Return on average assets was 0.89% against 1.02% a year ago. Adjusted return on average assets was 1.06% against 1.04% a year ago. Return on average equity was 8.10% against 9.46% a year ago. Adjusted return on average equity was 9.68% against 9.55% a year ago. Adjusted net income was $48.462 million or $2.08 diluted share compared to $45.266 million or $1.96 per diluted share a year ago.
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.