TriCo Bancshares : Announces Quarterly Results

TriCo Bancshares (NASDAQ:TCBK) (the "Company"), parent company of Tri Counties Bank (the "Bank"), today announced earnings of $5,236,000, or $0.32 per diluted share, for the three months ended December 31, 2013. These results compare to earnings of $4,722,000, or $0.29 per diluted share reported by the Company for the three months ended December 31, 2012. Diluted earnings per share for the years ended December 31, 2013 and 2012 were $1.69 and $1.18, respectively, on earnings of $27,399,000 and $18,944,000, respectively.

Total assets of the Company increased $134,797,000 (5.2%) to $2,744,066,000 at December 31, 2013 from $2,609,269,000 at December 31, 2012. Total loans of the Company increased $107,184,000 (6.8%) to $1,672,007,000 at December 31, 2013 from $1,564,823,000 at December 31, 2012. Total deposits of the Company increased $120,781,000 (5.3%) to $2,410,483,000 at December 31, 2013 from $2,289,702,000 at December 31, 2012.

The following is a summary of the components of the Company's consolidated net income for the periods indicated:

				Three months ended
				December 31,
(dollars in thousands)				2013					2012					$ Change					% Change
Net Interest Income				$	26,339				$	24,771				$	1,568				6.3	%
Provision for loan losses					(172	)				(1,524	)				1,352				(88.7	%)
Noninterest income					7,353					10,011					(2,658	)			(26.6	%)
Noninterest expense					(24,878	)				(25,126	)				248				(1.0	%)
Provision for income taxes					(3,406	)				(3,410	)				4				(0.1	%)
Net income				$	5,236				$	4,722				$	514				10.9	%

The following table shows the components of net interest income and net interest margin on a fully tax-equivalent (FTE) basis for the periods indicated:

ANALYSIS OF CHANGE IN NET INTEREST MARGIN ON EARNING ASSETS
(unaudited, dollars in thousands)
				Three Months Ended														Three Months Ended														Three Months Ended
				December 31, 2013														September 30, 2013														December 31, 2012
				Average				Income/					Yield/					Average				Income/					Yield/					Average				Income/					Yield/
				Balance				Expense					Rate					Balance				Expense					Rate					Balance				Expense					Rate
Assets
Earning assets
Loans				$	1,649,692			$	24,470				5.93	%				$	1,635,506			$	25,123				6.14	%				$	1,574,329			$	24,245				6.16	%
Investments - taxable					326,696				2,457				3.01	%					249,901				1,863				2.98	%					174,954				1,348				3.08	%
Investments - nontaxable					19,641				256				5.21	%					20,809				275				5.29	%					9,433				168				7.12	%
Cash at Federal Reserve and other banks					515,289				375				0.29	%					498,978				378				0.30	%					624,510				445				0.29	%
Total earning assets					2,511,318				27,558				4.39	%					2,405,194				27,639				4.60	%					2,383,226				26,206				4.40	%
Other assets, net					181,913														198,049														182,081
Total assets				$	2,693,231													$	2,603,243													$	2,565,307
Liabilities and shareholders' equity
Interest-bearing
Demand deposits				$	534,270				117				0.09	%				$	522,784				145				0.11	%				$	494,259				174				0.14	%
Savings deposits					826,378				260				0.13	%					800,126				249				0.12	%					772,233				305				0.16	%
Time deposits					297,052				434				0.58	%					307,957				460				0.60	%					347,714				570				0.66	%
Other borrowings					8,629				1				0.05	%					7,693				1				0.05	%					9,024				2				0.09	%
Trust preferred securities					41,238				311				3.02	%					41,238				314				3.05	%					41,238				321				3.11	%
Total interest-bearing liabilities					1,707,567				1,123				0.26	%					1,679,799				1,169				0.28	%					1,664,468				1,372				0.33	%
Noninterest-bearing deposits					699,530														643,175														633,570
Other liabilities					37,114														36,494														36,973
Shareholders' equity					249,020														243,776														230,296
Total liabilities and shareholders' equity				$	2,693,231													$	2,603,243													$	2,565,307
Net interest rate spread													4.13	%													4.32	%													4.07	%
Net interest income/net interest margin (FTE)									26,435				4.21	%									26,470				4.40	%									24,834				4.17	%
FTE adjustment									(96	)													(103	)													(63	)
Net interest income (not FTE)								$	26,339													$	26,367													$	24,771

Net interest income (FTE) during the three months ended December 31, 2013 decreased $35,000 (0.1%) when compared to the three months ended September 30, 2013, and increased $1,601,000 (6.5%) when compared to the three months ended December 31, 2012.

The $1,601,000 increase in net interest income (FTE) from the year-ago quarter ended December 31, 2012 is primarily due to a $1,197,000 (79.0%) increase in interest income from investment securities that was primarily due to a $161,950,000 (87.8%) increase in the average balance of investment securities from the year-ago quarter. Interest income from loans increased $225,000 (0.9%) to $24,470,000 during the quarter ended December 31, 2013 when compared to the quarter ended December 31, 2012. The increase in interest income from loans was due to a $75,363,000 (4.8%) increase in the average balance of loans to $1,649,692,000 that was substantially offset by a 23 basis point decrease in the average yield on loans from 6.16% to 5.93%. The increases in the average balance of investments and loans were funded primarily by a $109,454,000 increase in the average balance of deposits, including a $65,960,000 increase in the average balance of noninterest-bearing deposits, and by a $109,221,000 decrease in the average balance of Federal funds sold. The decrease in the average yield on loans is primarily due to decreases in market yields on new and renewed loans, and from decreased discount amortization from purchased loans. Loans acquired through purchase or acquisition of other banks are classified as Purchased Not Credit Impaired (PNCI), Purchased Credit Impaired - cash basis (PCI - cash basis), or Purchased Credit Impaired - other (PCI - other). Loans not acquired in an acquisition or otherwise "purchased" are classified as "originated". Often, such purchased loans are purchased at a discount to face value, and part of this discount is accreted into (added to) interest income over the remaining life of the loan. Generally, as time goes on, the effect of this discount accretion becomes less and less as these purchased loans mature or payoff early. Further details regarding interest income from loans, including fair value discount accretion, may be found under the heading "Supplemental Loan Interest Income Data" in the Consolidated Financial Data table at the end of this announcement.

The Company provided $172,000 for loan losses in the fourth quarter of 2013 versus a benefit of $393,000 in the third quarter of 2013 and a provision of $1,524,000 in the fourth quarter of 2012. The decrease in provision for loan losses during the fourth quarter of 2013 compared to the fourth quarter of 2012 was primarily the result of improvement in collateral values and estimated cash flows related to nonperforming originated loans and purchased credit impaired loans, reductions in nonperforming originated loans and purchased credit impaired loans, and decreased loss histories for performing originated loans.

The following table presents the key components of noninterest income for the periods indicated:

				Three months ended
				December 31,
(dollars in thousands)				2013				2012				$ Change				% Change
Service charges on deposit accounts				$2,946				$3,502				($556	)			(15.9	%)
ATM fees and interchange				2,130				2,040				90				4.4	%
Other service fees				461				483				(22	)			(4.6	%)
Mortgage banking service fees				494				512				(18	)			(3.5	%)
Change in value of mortgage servicing rights				(58	)			(502	)			444				(88.4	%)
Total service charges and fees				5,973				6,035				(62	)			(1.0	%)
Gain on sale of loans				635				2,493				(1,858	)			(74.5	%)
Commission on NDIP				689				745				(56	)			(7.5	%)
Increase in cash value of life insurance				390				470				(80	)			(17.0	%)
Change in indemnification asset				(773	)			(501	)			(272	)			54.3	%
Gain on sale of foreclosed assets				161				422				(261	)			(61.8	%)
Other noninterest income				278				347				(69	)			(19.9	%)
Total other noninterest income				1,380				3,976				(2,596	)			(65.3	%)
Total noninterest income				$7,353				$10,011				($2,658	)			(26.6	%)

The $556,000 decrease in service charges on deposit accounts is due to decreased nonsufficient funds fees. The $90,000 increase in ATM fees and interchange revenue is primarily due to increased interchange revenue as a result of additional resources focused on growing that line of business. The $444,000 increase in change in value of mortgage servicing rights is reflective of the relatively stable mortgage interest rate environment and stable estimated average life of mortgages being serviced during the quarter ended December 31, 2013 when compared to the quarter ended December 31, 2012. During the quarter ended December 31, 2012, mortgage interest rates were falling, refinance activity was increasing, and the average life of mortgages serviced was being reduced. As the average life of mortgages serviced is reduced, so is the estimated future servicing fees reduced that in turn reduces the value of the mortgage servicing rights. The $1,858,000 decrease in gain on sale of loans is the result of the same changes in mortgage interest rates and decrease in refinance activity as noted above. The second half of 2012 saw historically low mortgage rates that produced historically high mortgage refinance activity that in turn resulted in gain on sale of loans of $2,493,000 for the Company during the quarter ended December 31, 2012. The high level of mortgage refinance activity allowed the Company to originate and sell a larger number and larger dollar volume of loans, and realize a larger gain on sale of loans. Starting around May 2013, mortgage rates began to rise and refinance activity began to wane. During the third and fourth quarters of 2013, mortgage interest rates began to stabilize at levels above their historic lows, and refinance activity hit historically low levels. As a result gain on sale of loans was $635,000 during the quarter ended December 31, 2013. The $272,000 negative impact from change in indemnification asset is due to improved (lessened) future loss estimates related to loans covered by FDIC loss-sharing agreements. While this item has a negative impact on this revenue item, it is offset by a reduction in the Bank's loan loss provision.

Salary and benefit expenses increased $886,000 (7.2%) to $13,224,000 during the three months ended December 31, 2013 compared to the three months ended December 31, 2012. Base salaries increased $508,000 (6.1%) to $8,832,000 during the three months ended December 31, 2013. The increase in base salaries was mainly due to annual merit increases and an increase in administrative, central operations, and electronic banking personnel that were partially offset by a reduction in branch personnel. Average full time equivalent personnel decreased from 734 during the quarter ended December 31, 2012 to 730 during the quarter ended December 31, 2013. Incentive and commission related salary expenses decreased $219,000 (18.8%) to $943,000 during three months ended December 31, 2013 due primarily to reduced mortgage loan production incentives when compared to the year ago quarter. Benefits expense, including retirement, medical and workers' compensation insurance, and taxes, increased $597,000 (20.9%) to $3,449,000 during the three months ended December 31, 2013 primarily due to increased medical insurance costs, employee stock ownership plan expense, and employer payroll taxes.

Other noninterest expenses decreased $1,134,000 (8.9%) to $11,654,000 during the three months ended December 31, 2013 when compared to the three months ended December 31, 2012. The decrease in other noninterest expense is primarily due to a $1,520,000 decrease in change in reserve for unfunded commitments to a benefit of $460,000 for the three months ended December 31, 2013 from a charge of $1,060,000 for the three months ended December 31, 2012. This decrease in change in reserve for unfunded commitments was mainly due to improved loss histories for performing originated loans that are used to calculate the required reserve for unfunded commitments. Also helping to reduce other noninterest expense were reductions of $146,000 and $194,000 in provision for foreclosed asset losses and foreclosed asset expenses, respectively, from the year ago quarter. Partially offsetting these reductions in other noninterest income were increases of $229,000 and $164,000 in occupancy and professional fees expenses, respectively. Included in professional fees expense for the three months ended and year ended December 31, 2013 are $309,000 of consulting and legal expenses related to the Company's recently announced agreement to merge with North Valley Bancorp.

The following table presents the key components of the Company's noninterest expense for the periods indicated:

				Three months ended
				December 31,
(dollars in thousands)				2013				2012			$ Change				% Change
Salaries				$8,832				$8,324			$508				6.1	%
Commissions and incentives				943				1,162			(219	)			(18.8	%)
Employee benefits				3,449				2,852			597				20.9	%
Total salaries and benefits expense				13,224				12,338			886				7.2	%
Occupancy				2,068				1,839			229				12.5	%
Equipment				1,126				1,063			63				5.9	%
Change in reserve for unfunded commitments				(460	)			1,060			(1,520	)			(143.4	%)
Data processing and software				1,302				1,204			98				8.1	%
Telecommunications				708				575			133				23.1	%
ATM network charges				679				762			(83	)			(10.9	%)
Professional fees				1,037				873			164				18.8	%
Advertising and marketing				749				805			(56	)			(7.0	%)
Postage				153				216			(63	)			(29.2	%)
Courier service				349				298			51				17.1	%
Intangible amortization				52				52			0				0.0	%
Operational losses				242				357			(115	)			(32.2	%)
Provision for foreclosed asset losses				62				208			(146	)			(70.2	%)
Foreclosed asset expense				204				398			(194	)			(48.7	%)
Assessments				527				607			(80	)			(13.2	%)
Other				2,856				2,471			385				15.6	%
Total other noninterest expense				11,654				12,788			(1,134	)			(8.9	%)
Total noninterest expense				$24,878				$25,126			($248	)			(1.0	%)

On January 21, 2014, the Company and North Valley Bancorp announced that they entered into an Agreement and Plan of Merger and Reorganization under which North Valley will merge with and into TriCo Bancshares, with TriCo Bancshares as the surviving corporation. North Valley Bancorp shareholders will receive a fixed exchange ratio of 0.9433 shares of TriCo Bancshares common stock for each share of North Valley common stock. The merger is expected to be completed in the second or third quarter of 2014, subject to approval of the merger by shareholders of both companies, receipt of required regulatory and other approvals and satisfaction of customary closing conditions.

In addition to the historical information contained herein, this press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The reader of this press release should understand that all such forward-looking statements are subject to various uncertainties and risks that could affect their outcome. The Company's actual results could differ materially from those suggested by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, variances in the actual versus projected growth in assets, return on assets, interest rate fluctuations, economic conditions in the Company's primary market area, demand for loans, regulatory and accounting changes, loan losses, expenses, rates charged on loans and earned on securities investments, rates paid on deposits, competition effects, fee and other noninterest income earned, whether and when shareholders and regulators approve the Company's proposed merger with North Valley Bancorp, as well as other factors detailed in the Company's reports filed with the Securities and Exchange Commission which are incorporated herein by reference, including the Form 10-K for the year ended December 31, 2012. These reports and this entire press release should be read to put such forward-looking statements in context and to gain a more complete understanding of the uncertainties and risks involved in the Company's business. Any forward-looking statement may turn out to be wrong and cannot be guaranteed. The Company does not intend to update any of the forward-looking statements after the date of this release. Shareholders are urged to read the joint proxy statement/prospectus that will be included in the registration statement on Form S-4, which the Company will file with the SEC in connection the proposed action because it will contain important information about TriCo, North Valley, the merger and related matters, including additional risk and uncertainties

TriCo Bancshares and Tri Counties Bank are headquartered in Chico, California. Tri Counties Bank has a 38-year history in the banking industry. It operates 41 traditional branch locations and 22 in-store branch locations in 23 California counties. Tri Counties Bank offers financial services and provides a diversified line of products and services to consumers and businesses, which include demand, savings and time deposits, consumer finance, online banking, mortgage lending, and commercial banking throughout its market area. It operates a network of 69 ATMs and an automated Customer Service Department, available 24 hours a day, seven days a week. Brokerage services are provided by the Bank's investment services affiliate, Raymond James Financial Services, Inc. For further information please visit the Tri Counties Bank web site at http://www.tricountiesbank.com.

ADDITIONAL INFORMATION ABOUT THE PROPOSED MERGER TRANSACTION AND WHERE TO FIND IT

Investors and shareholder are urged to carefully review and consider each of TriCo's and North Valley Bancorp's public filings with the SEC, including but not limited to their Annual Reports on Form 10-K, their proxy statements, their Current Reports on Form 8-K and their Quarterly Reports on Form 10-Q. The documents filed by TriCo with the SEC may be obtained free of charge at TriCo's website at www.tricountiesbank.com or at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from TriCo by requesting them in writing to TriCo, 63 Constitution Drive, Chico, California 95973; Attention: Investor Relations, or by telephone at [phone]. The documents filed by North Valley with the SEC may be obtained free of charge at North Valley's website at www.novb.com or at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from North Valley by requesting them in writing to North Valley Bancorp, 300 Park Marina Circle, Redding, CA 96001, Attention: Corporate Secretary, or by telephone at Phone: [phone].

TriCo intends to file a registration statement with the SEC which will include a joint proxy statement of TriCo and North Valley and a prospectus of TriCo, and each party will file other documents regarding the proposed transaction with the SEC. Before making any voting or investment decision, investors and security holders of North Valley and TriCo are urged to carefully read the entire registration statement and joint proxy statement/prospectus, when they become available, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. A definitive joint proxy statement/prospectus will be sent to the shareholders of each company seeking required stockholder approvals. Investors and security holders will be able to obtain the registration statement and the joint proxy statement/prospectus free of charge from the SEC's website or from TriCo or North Valley by writing to the addresses provided for each company set forth above.

TriCo, North Valley, their directors, executive officers and certain other persons may be deemed to be participants in the solicitation of proxies from TriCo and North Valley shareholders in favor of the approval of the transaction. Information regarding TriCo's officers and directors will be included in TriCo's Form 10-K Annual Report to be filed with the SEC, and information regarding North Valley's officers and directors will be included in North Valley's Form 10-K Annual Report to be filed with the SEC. Descriptions of the interests of the directors and executive officers of TriCo and North Valley in the proposed merger will be set forth in the proxy statement/prospectus and other relevant documents filed with the SEC (when they become available).

TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands, except share data)
				Three months ended
				December 31,					September 30,					June 30,					March 31,					December 31,
				2013					2013					2013					2013					2012
Statement of Income Data
Interest income				$	27,462				$	27,536				$	25,756				$	25,806				$	26,143
Interest expense					1,123					1,169					1,167					1,237					1,372
Net interest income					26,339					26,367					24,589					24,569					24,771
Provision for (benefit from) loan losses					172					(393	)				614					(1,108	)				1,524
Noninterest income:
Service charges and fees					5,973					6,662					6,693					5,929					6,035
Other income					1,380					2,465					3,438					4,289					3,976
Total noninterest income					7,353					9,127					10,131					10,218					10,011
Noninterest expense:
Base salaries net of deferred loan origination costs					8,832					8,716					8,508					8,348					8,324
Incentive compensation expense					943					1,166					1,299					1,286					1,162
Employee benefits and other compensation expense					3,449					2,979					3,083					3,327					2,852
Total salaries and benefits expense					13,224					12,861					12,890					12,961					12,338
Other noninterest expense					11,654					10,755					10,619					8,640					12,788
Total noninterest expense					24,878					23,616					23,509					21,601					25,126
Income before taxes					8,642					12,271					10,597					14,294					8,132
Net income				$	5,236				$	7,361				$	6,325				$	8,477				$	4,722
Share Data
Basic earnings per share				$	0.33				$	0.46				$	0.39				$	0.53				$	0.30
Diluted earnings per share				$	0.32				$	0.45				$	0.39				$	0.53				$	0.29
Book value per common share				$	15.61				$	15.27				$	14.90				$	14.75				$	14.33
Tangible book value per common share				$	14.59				$	14.24				$	13.87				$	13.71				$	13.30
Shares outstanding					16,076,662					16,076,662					16,065,469					16,005,191					16,000,838
Weighted average shares					16,076,662					16,073,864					16,027,557					16,002,482					15,996,137
Weighted average diluted shares					16,333,476					16,230,160					16,134,510					16,091,150					16,064,685
Credit Quality
Nonperforming originated loans				$	45,131				$	53,261				$	52,661				$	54,763				$	61,769
Total nonperforming loans					53,216					61,384					61,466					63,963					72,516
Foreclosed assets, net of allowance					6,262					4,140					5,054					6,124					7,498
Loans charged-off					1,840					985					1,947					2,771					4,006
Loans recovered					574					1,119					1,065					1,098					983
Selected Financial Ratios
Return on average total assets					0.78	%				1.13	%				0.98	%				1.30	%				0.74	%
Return on average equity					8.41	%				12.08	%				10.54	%				14.51	%				8.20	%
Average yield on loans					5.93	%				6.14	%				5.94	%				6.22	%				6.16	%
Average yield on interest-earning assets					4.39	%				4.60	%				4.27	%				4.25	%				4.40	%
Average rate on interest-bearing liabilities					0.26	%				0.28	%				0.28	%				0.29	%				0.33	%
Net interest margin (fully tax-equivalent)					4.21	%				4.40	%				4.07	%				4.05	%				4.17	%
Supplemental Loan Interest Income Data:
Discount accretion PCI - cash basis loans				$	255				$	140				$	129				$	167				$	42
Discount accretion PCI - other loans					893					898					732					597					979
Discount accretion PNCI loans					568					1,115					815					766					841
All other loan interest income					22,754					22,970					22,207					22,542					22,383
Total loan interest income					24,470					25,123					23,883					24,072					24,245

TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands)
				Three months ended
				December 31,				September 30,				June 30,				March 31,				December 31,
Balance Sheet Data				2013				2013				2013				2013				2012
Cash and due from banks				$598,368				$541,150				$592,155				$802,271				$748,899
Securities, available for sale				104,647				115,215				127,519				144,454				163,027
Securities, held to maturity				240,504				193,262				85,643				-				-
Federal Home Loan Bank Stock				9,163				9,163				9,163				9,647				9,647
Loans held for sale				2,270				3,247				6,582				7,931				12,053
Loans:
Commercial loans				133,788				133,616				128,410				115,483				135,528
Consumer loans				391,243				389,711				387,217				376,063				386,111
Real estate mortgage loans				1,096,433				1,091,475				1,097,446				1,010,249				1,010,130
Real estate construction loans				50,543				42,249				38,967				30,567				33,054
Total loans, gross				1,672,007				1,657,051				1,652,040				1,532,362				1,564,823
Allowance for loan losses				(38,245	)			(39,340	)			(39,599	)			(39,867	)			(42,648	)
Foreclosed assets				6,262				4,140				5,054				6,124				7,498
Premises and equipment				31,612				31,246				31,194				29,468				26,985
Cash value of life insurance				52,309				51,919				51,388				51,008				50,582
Goodwill				15,519				15,519				15,519				15,519				15,519
Intangible assets				883				935				987				1,040				1,092
Mortgage servicing rights				6,165				6,049				5,571				4,984				4,552
FDIC indemnification asset				206				861				1,441				1,807				1,997
Accrued interest receivable				6,516				6,450				7,339				7,201				6,636
Other assets				35,880				35,239				35,935				38,484				38,607
Total assets				2,744,066				2,632,106				2,587,931				2,612,433				2,609,269
Deposits:
Noninterest-bearing demand deposits				789,458				656,266				645,461				639,420				684,833
Interest-bearing demand deposits				533,351				524,897				514,088				531,695				503,465
Savings deposits				798,986				811,182				791,978				786,352				762,919
Time certificates				288,688				300,966				315,175				328,083				338,485
Total deposits				2,410,483				2,293,311				2,266,702				2,285,550				2,289,702
Accrued interest payable				938				937				944				975				1,036
Reserve for unfunded commitments				2,415				2,875				3,210				3,175				3,615
Other liabilities				31,711				33,667				29,936				37,340				35,122
Other borrowings				6,335				14,626				6,575				8,125				9,197
Junior subordinated debt				41,238				41,238				41,238				41,238				41,238
Total liabilities				2,493,120				2,386,654				2,348,605				2,376,403				2,379,910
Total shareholders' equity				250,946				245,452				239,326				236,030				229,359
Accumulated other comprehensive gain				1,857				132				49				1,538				2,159
Average loans				1,649,692				1,635,506				1,608,511				1,548,565				1,574,329
Average interest-earning assets				2,511,318				2,405,194				2,422,818				2,434,920				2,383,226
Average total assets				2,693,231				2,603,243				2,584,734				2,609,794				2,565,307
Average deposits				2,357,230				2,274,042				2,259,471				2,287,539				2,247,776
Average total equity				$249,020				$243,776				$239,985				$233,679				$230,296
Total risk based capital ratio				14.8	%			14.9	%			14.7	%			15.2	%			14.5	%
Tier 1 capital ratio				13.5	%			13.6	%			13.5	%			13.9	%			13.3	%
Tier 1 leverage ratio				10.2	%			10.4	%			10.2	%			9.9	%			9.8	%
Tangible capital ratio				8.6	%			8.8	%			8.7	%			8.5	%			8.2	%

TriCo Bancshares
Richard P. Smith, 530-898-0300
President & CEO