Chico-based TriCo Bancshares, parent company of Tri Counties Bank, Friday announced a 92 percent increase in second quarter earnings for 2012.
The bank posted earnings of $5,321,000 for the three months ended June 30, 2012 from $2,771,000 for the three months ended June 30, 2011.
Diluted earnings per share for the three months ended June 30, 2012 were $0.33 compared to diluted earnings per share of $0.17 for the three months ended June 30, 2011. Diluted earnings per share for the six months ended June 30, 2012 and 2011 were $0.58 and $0.35, respectively, on earnings of $9,252,000 and $5,571,000, respectively.
Total assets of the Company increased $349,434,000 (16.1%) to $2,525,618,000 at June 30, 2012 from $2,176,184,000 at June 30, 2011. Total loans of the Company increased $156,420,000 (11.2%) to $1,552,482,000 at June 30, 2012 from $1,396,062,000 at June 30, 2011. The increase in loans from the year-ago balance is primarily due to $167,484,000 of loans acquired in the acquisition of the banking operations of Citizens Bank of Northern California ("Citizens") on September 23, 2011 that was partially offset by charge offs and net loan payoffs. Loans increased $41,397,000 (2.7%) during the three months ended June 30, 2012 primarily due to seasonal draws on lines of credit and demand for new loans.
Total deposits of the Company increased $329,046,000 (17.9%) to $2,165,777,000 at June 30, 2012 from $1,836,731,000 at June 30, 2011. The increase in deposits is mainly due to $239,899,000 of deposits acquired in the Citizens acquisition.
TriCo Bancshares and Tri Counties Bank are headquartered in Chico, California. Tri Counties Bank has a 37-year history in the banking industry. It operates 41 traditional branch locations and 27 in-store branch locations in 23 California counties.
