TriCo Bancshares of Chico, Calif., reported a 48% decline in second-quarter net income from a year earlier.
TriCo said Thursday it had net income of $1.2 million, or 8 cents a share, compared with $2.5 million, or 16 cents a share.
The $2.2 billion-asset parent company of Tri Counties Bank said net income fell as a result of lower net interest income and a loan-loss provision that increased 27%, to $10 million from a year earlier.
Its bank subsidiary acquired the failed Granite Community Bank in May. TriCo had added expenses in operating the new branches as well as a $232,000 bargain purchase gain from the acquisition.
