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TriCo Bancshares Announces Record High Earnings in Third Quarter 2004.

Article Excerpt
CHICO, Calif. -- TriCo Bancshares (Nasdaq:TCBK), parent company (the "Company") of Tri Counties Bank (the "Bank"), today announced record quarterly earnings of $5,203,000 for the quarter ended September 30, 2004. This represents a 19.9% increase when compared with earnings of $4,338,000 for the quarter ended September 30, 2003. Diluted earnings per share for the quarter ended September 30, 2004 increased 18.5% to $0.32 from $0.27 for the quarter ended September 30, 2003. Total assets of the Company increased $132 million (9.2%) to $1.573 billion at September 30, 2004 versus $1.441 billion at September 30, 2003. Total loans of the Company increased $196 million (21.1%) to $1.126 billion at September 30, 2004 versus $930 million at September 30, 2003. Total deposits of the Company increased $96 million (8.0%) to $1.292 billion at September 30, 2004 versus $1.196 billion at September 30, 2003. Diluted earnings per share for the nine months ended September 30, 2004 and 2003 were $0.91 and $0.78, respectively, on earnings of $14,827,000 and $12,205,000, respectively.

"Tri Counties Bank continues to grow at an outstanding level and we are prepared to handle our anticipated rapid rate of expansion next year," said Richard Smith, President and Chief Executive Officer. "We are opening six new branches in the Sacramento area in the next year. We are excited about the opportunities this creates to add customers that enhance our source of low cost deposits, service charges and fee revenue. Additionally, loan demand continues to be strong and the credit quality of our loan portfolio remains high."

The increase in earnings for the quarter ended September 30, 2004 over the year-ago quarter was due to a $2,657,000 (16.8%) increase in net interest income to $18,457,000, and a $1,155,000 (22.2%) increase in noninterest income to $6,361,000. The increase in net interest income was due...