TriCo Bancshares (TCBK) has reported a 13.16 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $12.08 million, or $0.52 a share in the quarter, compared with $10.67 million, or $0.46 a share for the same period last year. Revenue during the quarter grew 8.38 percent to $55.25 million from $50.98 million in the previous year period. Net interest income for the quarter rose 1.43 percent over the prior year period to $41.99 million. Non-interest income for the quarter rose 19.54 percent over the last year period to $11.70 million.
TriCo Bancshares has made negative provision of $1.56 million for loan losses during the quarter, compared with a positive provision of $0.21 million in the same period last year.
Net interest margin was stable at 0.22 percent in the quarter, when compared with the last year period.
Richard Smith, president and chief executive officer of the Company commented, “We enjoyed strong earnings in the first quarter of 2017 despite operating in a difficult environment caused by record-breaking winter weather. While the weather conditions slowed construction and agricultural-related business activities during the quarter and resulted in seasonally lower loan growth, the good news is that the long California drought appears to have ended.
Assets outpace liabilities growth
Total assets stood at $4,527.95 million as on Mar. 31, 2017, up 3.03 percent compared with $4,394.96 million on Mar. 31, 2016. On the other hand, total liabilities stood at $4,041.24 million as on Mar. 31, 2017, up 2.79 percent from $3,931.52 million on Mar. 31, 2016. Deposits stood at $3,898.88 million as on Mar. 31, 2017, up 3.01 percent compared with $3,785.04 million on Mar. 31, 2016.
Investments stood at $1,151.86 million as on Mar. 31, 2017, down 2.60 percent or $30.73 million from year-ago. Shareholders equity stood at $486.72 million as on Mar. 31, 2017, up 5.02 percent or $23.28 million from year-ago.
Return on average assets moved up 7 basis points to 1.08 percent in the quarter from 1.01 percent in the last year period. At the same time, return on average equity increased 72 basis points to 9.97 percent in the quarter from 9.25 percent in the last year period.
Tier-1 leverage ratio stood at 10.80 percent for the quarter, up from 10.70 percent for the previous year quarter. Book value per share was $21.28 for the quarter, up 4.62 percent or $0.94 compared to $20.34 for the same period last year.
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