TriCo Bancshares (TCBK, Financial) filed Quarterly Report for the period ended 2012-03-31.
Trico Bancshrs has a market cap of $265.5 million; its shares were traded at around $16.05 with a P/E ratio of 14.4 and P/S ratio of 1.8. The dividend yield of Trico Bancshrs stocks is 2.2%.
The Banks principal source of asset liquidity is cash at Federal Reserve and other banks and marketable investment securities available for sale. At March 31, 2012, cash at Federal Reserve and other banks and investment securities available for sale totaled $819,375,000, representing an increase of $26,529,000 (3.3%) from December 31, 2011. In addition, the Company generates additional liquidity from its operating activities. The Companys profitability during the first three months of 2012 generated cash flows from operations of $18,188,000 compared to $10,315,000 during the first three months of 2011. Maturities of investment securities produced cash inflows of $20,060,000 during the three months ended March 31, 2012 compared to $22,139,000 for the three months ended March 31, 2011. During the three months ended March 31, 2012, the Company invested $3,588,000 in securities and received $33,795,000 of net loan principal reductions, compared to $25,456,000 invested in securities and $24,056,000 of net loan principal reductions, respectively, during the first three months of 2011. These changes in investment and loan balances contributed to net cash provided by investing activities of $51,992,000 during the three months ended March 31, 2012, compared to net cash provided by investing activities of $22,840,000 during the three months ended March 31, 2011. Financing activities used net cash of $25,695,000 during the three months ended March 31, 2012, compared to net cash provided by financing activities of $2,073,000 during the three months ended March 31, 2011. Deposit balance decreases accounted for $20,790,000 of financing uses of funds during the three months ended March 31, 2012, compared to $7,739,000 of financing sources of funds during the three months ended March 31, 2011. Net decrease in short-term other borrowings accounted for $3,467,000 and $4,239,000 of financing uses of funds during the three months ended March 31, 2012 and 2011, respectively. Dividends paid used $1,438,000 and $1,427,000 of cash during the three months ended March 31, 2012 and 2011, respectively. The Companys liquidity is dependent on dividends received from the Bank. Dividends from the Bank are subject to certain regulatory restrictions.
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Trico Bancshrs has a market cap of $265.5 million; its shares were traded at around $16.05 with a P/E ratio of 14.4 and P/S ratio of 1.8. The dividend yield of Trico Bancshrs stocks is 2.2%.
Highlight of Business Operations:
Net interest income (FTE) during the first quarter of 2012 increased $3,314,000 (15.2%) from the same period in 2011 to $25,101,000. The increase in net interest income (FTE) was due to a $131,205,000 (9.4%) increase in average balance of loans and a 31 basis point increase in average yield on loans, both of which are due to the Citizens acquisition in September 2011. The operations of Citizens from January 1, 2012 to March 31, 2012 added approximately $4,584,000 and $8,000 to interest income and interest expense, respectively. Included in the $4,584,000 of Citizens related interest income recorded from January 1, 2012 to March 31, 2012, is $1,972,000 of interest income from fair value discount accretion. For more information related to the increase in average yield on loans, see the details of loan interest income and purchase discount accretion at Note 30 to the consolidated financial statements at Part I, Item 1 of this report. Also contributing to the increase in net interest margin during this first quarter of 2012 was a 17 basis decrease in the cost of deposits from 0.39% during the three months ended March 31, 2011 to 0.22% during the three months ended March 31, 2012. Despite these positive factors noted above, the Companys ability to deploy excess deposits into some interest-earning asset other than short-term low-yield interest-earning cash at the Federal Reserve Bank has been limited. This limitation is the result of weak loan demand and investment yields that have been unattractive given their interest rate risk profile.The Banks principal source of asset liquidity is cash at Federal Reserve and other banks and marketable investment securities available for sale. At March 31, 2012, cash at Federal Reserve and other banks and investment securities available for sale totaled $819,375,000, representing an increase of $26,529,000 (3.3%) from December 31, 2011. In addition, the Company generates additional liquidity from its operating activities. The Companys profitability during the first three months of 2012 generated cash flows from operations of $18,188,000 compared to $10,315,000 during the first three months of 2011. Maturities of investment securities produced cash inflows of $20,060,000 during the three months ended March 31, 2012 compared to $22,139,000 for the three months ended March 31, 2011. During the three months ended March 31, 2012, the Company invested $3,588,000 in securities and received $33,795,000 of net loan principal reductions, compared to $25,456,000 invested in securities and $24,056,000 of net loan principal reductions, respectively, during the first three months of 2011. These changes in investment and loan balances contributed to net cash provided by investing activities of $51,992,000 during the three months ended March 31, 2012, compared to net cash provided by investing activities of $22,840,000 during the three months ended March 31, 2011. Financing activities used net cash of $25,695,000 during the three months ended March 31, 2012, compared to net cash provided by financing activities of $2,073,000 during the three months ended March 31, 2011. Deposit balance decreases accounted for $20,790,000 of financing uses of funds during the three months ended March 31, 2012, compared to $7,739,000 of financing sources of funds during the three months ended March 31, 2011. Net decrease in short-term other borrowings accounted for $3,467,000 and $4,239,000 of financing uses of funds during the three months ended March 31, 2012 and 2011, respectively. Dividends paid used $1,438,000 and $1,427,000 of cash during the three months ended March 31, 2012 and 2011, respectively. The Companys liquidity is dependent on dividends received from the Bank. Dividends from the Bank are subject to certain regulatory restrictions.
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