Attached files
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8-K/A - 8-K/A - TRICO BANCSHARES / | d605941d8ka.htm |
Exhibit 99.1
UNAUDITED PRO FORMA
COMBINED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following unaudited pro forma combined condensed consolidated financial statements are based on the separate historical financial statements of TriCo Bancshares (TriCo) and FNB Bancorp (FNB) after giving effect to the merger of FNB into TriCo (the Merger) and the issuance of TriCo common stock in connection therewith, and the assumptions and adjustments described in the accompanying notes to the unaudited pro forma combined condensed consolidated financial statements. The unaudited pro forma condensed consolidated balance sheet as of March 31, 2018 is presented as if the Merger had occurred on March 31, 2018. The unaudited pro forma condensed consolidated income statements for the year ended December 31, 2017 and the three months ended March 31, 2018 are presented as if the Merger had occurred on January 1, 2017. The historical consolidated financial information has been adjusted to reflect factually supportable items that are directly attributable to the Merger and, with respect to the income statements only, expected to have a continuing impact on consolidated results of operations.
In connection with the integration of the operations of TriCo and FNB following the completion of the Merger, TriCo has incurred nonrecurring charges, such as costs associated with systems implementation, data conversion, severance, professional fees, and other costs related to exit or disposal activities. These charges will affect the results of operations of TriCo in the periods in which they are incurred. The unaudited pro forma combined condensed consolidated statements of earnings do not include the effects of the costs associated with any restructuring or integration activities resulting from the transaction, as they are nonrecurring in nature. Additionally, the unaudited pro forma adjustments do not give effect to any nonrecurring or unusual restructuring charges that may be incurred as a result of the integration of the two companies or any anticipated disposition of assets that may result from such integration. However, the unaudited pro forma combined condensed consolidated balance sheets reflect the payment of merger costs specified therein as a reduction in cash and pro forma shareholders equity.
The unaudited pro forma combined condensed consolidated financial statements are provided for informational purposes only. The unaudited pro forma combined condensed consolidated financial statements are not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the transaction been completed as of the dates indicated or that may be achieved in the future. The actual amounts recorded may differ materially from the information presented in these unaudited pro forma condensed consolidated financial statements as a result of material and significant information becoming known that was previously not expected or known; and changes in the financial results of the combined company, which could change the future discounted cash flow projections. The preparation of the unaudited pro forma combined condensed consolidated financial statements and related adjustments required management to make certain assumptions and estimates. The unaudited pro forma combined condensed consolidated financial statements should be read together with:
| The accompanying notes to the unaudited pro forma combined condensed consolidated financial statements; |
| TriCos separate audited historical consolidated financial statements and accompanying notes as of and for the year ended December 31, 2017 included in TriCos Annual Report on Form 10-K for the year ended December 31, 2017; |
| TriCos separate unaudited historical consolidated financial statements and accompanying notes as of and for the three months ended March 31, 2018 included in TriCos Quarterly Report on Form 10-Q for the quarter ended March 31, 2018; |
| FNBs separate audited historical consolidated financial statements and accompanying notes as of and for the year ended December 31, 2017 included in FNBs Annual Report on Form 10-K for the year ended December 31, 2017; |
| FNBs separate unaudited historical consolidated financial statements and accompanying notes as of and for the three months ended March 31, 2018 included in FNBs Quarterly Report on Form 10-Q for the quarter ended March 31, 2018; |
| Other information pertaining to TriCo and FNB contained in or incorporated by reference into the joint proxy statement/prospectus included in TriCos amended registration statement on Form S-4 filed on April 18, 2018. See Selected Historical Consolidated Financial Data for TriCo and Selected Historical Consolidated Financial Data for FNB in the joint proxy statement/prospectus. |
Unaudited Pro Forma Combined Condensed Consolidated Balance Sheet
as of March 31, 2018
(Dollars in Thousands)
TriCo Bancshares |
FNB Bancorp |
Pro forma adjustments |
Pro forma combined |
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ASSETS |
||||||||||||||||
Noninterest-bearing cash |
$ | 87,138 | $ | 5,733 | (6,695 | )(a) | $ | 86,176 | ||||||||
Interest-bearing cash |
95,841 | 15,630 | 111,471 | |||||||||||||
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Cash and due from banks |
182,979 | 21,363 | 197,647 | |||||||||||||
Marketable Equity Securities |
2,890 | | 2,890 | |||||||||||||
Debt SecuritiesAFS |
735,895 | 348,264 | 1,084,159 | |||||||||||||
Debt SecuritiesHTM |
496,035 | | 496,035 | |||||||||||||
Restricted equity securities |
16,956 | 7,567 | 24,523 | |||||||||||||
Loans held for sale |
2,149 | | 2,149 | |||||||||||||
Loans, gross |
3,069,733 | 841,235 | (32,962 | )(b) | 3,878,006 | |||||||||||
Loan loss reserve |
(29,973 | ) | (10,186 | ) | 10,186 | (c) | (29,973 | ) | ||||||||
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Loans, net |
3,039,760 | 831,049 | 3,848,033 | |||||||||||||
Foreclosed assets, net |
1,564 | 1,817 | 3,381 | |||||||||||||
Premises and equipment, net |
58,558 | 9,159 | 21,590 | (d) | 89,307 | |||||||||||
Cash value of life insurance |
98,391 | 16,736 | 115,127 | |||||||||||||
Accrued interest |
12,407 | 4,914 | 17,321 | |||||||||||||
Goodwill |
64,311 | 4,580 | 149,336 | (e) | 218,227 | |||||||||||
Other intangible assets, net |
4,835 | 278 | 27,327 | (f) | 32,440 | |||||||||||
Other assets |
63,227 | 14,239 | (5,093 | )(g) | 72,373 | |||||||||||
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Total assets |
$ | 4,779,957 | $ | 1,259,966 | $ | 6,203,612 | ||||||||||
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Deposits |
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Noninterest-bearing demand |
$ | 1,359,996 | $ | 333,681 | $ | 1,693,677 | ||||||||||
Interest-bearing |
2,724,408 | 684,772 | 161 | (h) | 3,409,341 | |||||||||||
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Total deposits |
4,084,404 | 1,018,453 | 5,103,018 | |||||||||||||
Accrued interest payable |
958 | 641 | 1,599 | |||||||||||||
Reserve for unfunded commitments |
3,864 | 177 | 4,041 | |||||||||||||
Other liabiities |
63,529 | 16,637 | (451 | )(i) | 79,715 | |||||||||||
Other borrowings |
65,041 | 103,600 | 168,641 | |||||||||||||
Junior subordinated debt |
56,905 | | 56,905 | |||||||||||||
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Total liabilities |
4,274,701 | 1,139,508 | 5,413,919 | |||||||||||||
Shareholders Equity: |
||||||||||||||||
Common stock |
256,226 | 85,854 | 198,583 | (j) | 540,663 | |||||||||||
Retained earnings |
266,235 | 37,866 | (37,866 | )(j) | 266,235 | |||||||||||
Accumulated other comprehensive income |
(17,205 | ) | (3,262 | ) | 3,262 | (j) | (17,205 | ) | ||||||||
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Total shareholders equity |
505,256 | 120,458 | 789,693 | |||||||||||||
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Total liabilities and shareholders equity |
$ | 4,779,957 | $ | 1,259,966 | $ | 6,203,612 | ||||||||||
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Unaudited Pro Forma Combined Condensed Consolidated Statement of Earnings
Three Months Ended March 31, 2018
(In thousands, except per share amounts)
The unaudited pro forma condensed combined statement of income for the three months ended March 31, 2018 presents the consolidated financial results as if the merger had occurred on January 1, 2017.
TriCo Bancshares |
FNB Bancorp |
Pro forma merger adjustments |
Pro forma combined |
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Interest and dividend income: |
||||||||||||||||
Loans |
$ | 38,049 | $ | 10,399 | 392 | (k) | $ | 48,840 | ||||||||
Investments: |
| |||||||||||||||
Taxable securities |
7,322 | 1,364 | 8,686 | |||||||||||||
Nontaxable securities |
1,041 | 726 | 1,767 | |||||||||||||
Other |
709 | 72 | 781 | |||||||||||||
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Total interest and dividend income |
47,121 | 12,561 | 60,074 | |||||||||||||
Interest expense: |
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Deposits |
1,096 | 737 | 1,833 | |||||||||||||
Junior subordinated debt |
342 | | 342 | |||||||||||||
Other borrowings |
697 | 402 | 1,099 | |||||||||||||
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Total interest expense |
2,135 | 1,139 | 3,274 | |||||||||||||
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Net interest income |
44,986 | 11,422 | 56,800 | |||||||||||||
Benefit from reversal of provision for loan losses |
(236 | ) | | (236 | ) | |||||||||||
Noninterest income: |
||||||||||||||||
Service charges and fees |
9,356 | 529 | 9,885 | |||||||||||||
Gain on sale of loans |
626 | | 626 | |||||||||||||
Commissions on sale of non-deposit investment products |
876 | | 876 | |||||||||||||
Increase in cash value of life insurance |
608 | 99 | 707 | |||||||||||||
Gain on sale of foreclosed assets |
371 | 392 | 763 | |||||||||||||
Other noninterest income |
453 | 214 | 667 | |||||||||||||
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Total noninterest income |
12,290 | 1,234 | 13,524 | |||||||||||||
Noninterest expense: |
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Salaries and benefits |
21,652 | 4,121 | 25,773 | |||||||||||||
Occupancy |
2,681 | 657 | 89 | (l) | 3,427 | |||||||||||
Data processing and software |
2,514 | 143 | 2,657 | |||||||||||||
Equipment |
1,551 | 523 | 2,074 | |||||||||||||
ATM network charges |
1,226 | 77 | 1,303 | |||||||||||||
Advertising and marketing |
838 | 100 | 938 | |||||||||||||
Professional fees |
773 | 116 | 889 | |||||||||||||
Telecommunications |
701 | 214 | 915 | |||||||||||||
Change in reserve for unfunded commitments |
700 | | 700 | |||||||||||||
Merger related expenses |
476 | | (476 | )(n) | | |||||||||||
Assessments |
430 | 165 | 595 | |||||||||||||
Postage |
358 | 29 | 387 | |||||||||||||
Intangible amortization |
339 | 33 | 1,139 | (o) | 1,511 | |||||||||||
Operational losses |
294 | 9 | 303 | |||||||||||||
Courier service |
267 | 28 | 295 | |||||||||||||
Provision for foreclosed asset losses |
90 | | 90 | |||||||||||||
Foreclosed assets expense |
24 | 59 | 83 | |||||||||||||
Other |
3,248 | 539 | 3,787 | |||||||||||||
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Total noninterest expense |
38,162 | 6,813 | 45,727 | |||||||||||||
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Income before income tax expense |
19,350 | 5,843 | 24,833 | |||||||||||||
Income tax expense |
5,440 | 1,655 | (106 | )(p) | 6,989 | |||||||||||
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Net income |
$ | 13,910 | $ | 4,188 | $ | 17,844 | ||||||||||
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Weighted average shares outstanding: |
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Basic |
22,956,000 | 7,463,000 | (58,000 | )(q) | 30,361,000 | |||||||||||
Diluted |
23,283,000 | 7,685,000 | (280,000 | )(q) | 30,688,000 | |||||||||||
Earnings per common share: |
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Basic |
$ | 0.61 | $ | 0.56 | $ | 0.59 | ||||||||||
Diluted |
$ | 0.60 | $ | 0.54 | $ | 0.58 |
Unaudited Pro Forma Combined Condensed Consolidated Statement of Earnings
Year Ended December 31, 2017
(In thousands, except per share amounts)
The unaudited pro forma condensed combined statement of income for the year ended December 31, 2017 presents the consolidated financial results as if the merger had occurred on January 1, 2017.
TriCo Bancshares |
FNB Bancorp |
Pro forma merger adjustments |
Pro forma combined |
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Interest and dividend income: |
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Loans |
146,794 | 41,956 | 756 | (k) | 189,506 | |||||||||||
Investments |
31,937 | 8,136 | 40,073 | |||||||||||||
Other |
2,671 | 126 | 2,797 | |||||||||||||
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Total interest and dividend income |
181,402 | 50,218 | 232,376 | |||||||||||||
Interest expense: |
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Deposits |
3,958 | 2,807 | (161 | )(m) | 6,604 | |||||||||||
Junior subordinated debt |
2,535 | | 2,535 | |||||||||||||
Other borrowings |
305 | 1,064 | 1,369 | |||||||||||||
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Total interest expense |
6,798 | 3,871 | 10,508 | |||||||||||||
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Net interest income |
174,604 | 46,347 | 221,868 | |||||||||||||
Provision (benefit from reversal of provision) for loan |
89 | (360 | ) | (271 | ) | |||||||||||
Noninterest income: |
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Service charges and fees |
37,423 | 2,264 | 39,687 | |||||||||||||
Gain on sale of loans |
3,109 | 94 | 3,203 | |||||||||||||
Commissions on sale of non-deposit investment pro |
2,729 | | 2,729 | |||||||||||||
Increase in cash value of life insurance |
2,685 | 390 | 3,075 | |||||||||||||
Change in indemnification asset |
490 | | 490 | |||||||||||||
Gain on sale of foreclosed assets |
711 | | 711 | |||||||||||||
Gain on sale of securities |
961 | 210 | 1,171 | |||||||||||||
Other noninterest income |
1,913 | 902 | 2,815 | |||||||||||||
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Total noninterest income |
50,021 | 3,860 | 53,881 | |||||||||||||
Noninterest expense: |
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Salaries and benefits |
82,930 | 19,366 | 102,296 | |||||||||||||
Occupancy |
10,894 | 2,747 | 356 | (l) | 13,997 | |||||||||||
Equipment |
7,141 | 1,061 | 8,202 | |||||||||||||
Data processing and software |
10,448 | 585 | 11,033 | |||||||||||||
Assessments |
1,676 | 692 | 2,368 | |||||||||||||
ATM network charges |
4,752 | 344 | 5,096 | |||||||||||||
Advertising and marketing |
4,101 | 451 | 4,552 | |||||||||||||
Professional fees |
3,745 | 1,482 | 4,911 | |||||||||||||
Telecommunications |
2,713 | 772 | 3,485 | |||||||||||||
Postage |
1,296 | 132 | 1,428 | |||||||||||||
Courier service |
1,035 | 92 | 1,127 | |||||||||||||
Foreclosed assets expense |
231 | 80 | 311 | |||||||||||||
Intangible amortization |
1,389 | 171 | 4,555 | (o) | 6,115 | |||||||||||
Operational losses |
1,394 | 101 | 1,495 | |||||||||||||
Provision for foreclosed asset losses |
162 | | 162 | |||||||||||||
Change in reserve for unfunded commitments |
445 | | 445 | |||||||||||||
Merger and acquisition expense |
530 | | (530 | )(n) | | |||||||||||
Other |
12,142 | 2,473 | 14,784 | |||||||||||||
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Total noninterest expense |
147,024 | 30,549 | 181,807 | |||||||||||||
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Income before income tax expense |
77,512 | 20,018 | 94,213 | |||||||||||||
Income tax expense |
36,958 | 9,307 | (1,457 | )(p) | 44,808 | |||||||||||
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Net income |
40,554 | 10,711 | 49,405 | |||||||||||||
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Weighted average shares outstanding: |
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Basic |
22,912,000 | 7,361,000 | 44,000 | (q) | 30,317,000 | |||||||||||
Diluted |
23,250,000 | 7,607,000 | (202,000 | )(q) | 30,655,000 | |||||||||||
Earnings per common share: |
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Basic |
$ | 1.77 | $ | 1.46 | $ | 1.62 | ||||||||||
Diluted |
$ | 1.74 | $ | 1.41 | $ | 1.61 |
Note 1Basis of Presentation
The unaudited pro forma condensed combined financial information has been prepared using the acquisition method of accounting giving effect to the merger involving TriCo and FNB. The unaudited pro forma condensed combined financial information is presented for illustrative purposes only and is not necessarily indicative of the financial position had the merger been consummated at March 31, 2018 or the results of operations had the merger been consummated at January 1, 2017, nor is it necessarily indicative of the results of operation in future periods or the future financial position of the combined entities. The merger was completed on July 6, 2018. The merger consideration included the issuance of approximately $284.4 million in equity consideration as well as cash consideration of approximately $6.7 million.
Under the acquisition method of accounting, the assets and liabilities of FNB will be recorded at their respective fair values on the merger date. The fair value on the merger date represents managements best estimates based on available information and facts and circumstances in existence on the merger date. Although the purchase price is indicative of the actual purchase price, the pro forma adjustments reflected in the unaudited pro forma condensed combined financial information is subject to change and may vary from the actual purchase price allocation that will be recorded when the accounting for the merger is completed. Adjustments may include, but not be limited to, changes in (i) FNBs balance sheet through the effective time of the merger; (ii) total merger related expenses if consummation and/or implementation costs vary from currently estimated amounts; and (iii) the underlying values of assets and liabilities if market conditions differ from current assumptions.
The accounting policies of both TriCo and FNB are in the process of being reviewed in detail. Upon completion of such review, conforming adjustments or financial statement reclassification may be determined necessary.
Note 2Estimated Merger and Integration Costs
In connection with the merger, the integration of TriCos and FNBs operations is underway, with the system conversion occurring during the month of acquisition. Trico expects to incur merger-related expenses and other expenditures including system implementation, data conversion, employee retention and severance, communications with customers and vendors, facility upgrades, and other potentially significant costs. To the extent there are costs associated with these actions, the costs will be recorded based on the nature and timing of these integration actions. Most acquisition costs are recognized separately from a business combination and generally will be expensed as incurred. We expect that the majority of merger related costs will be incurred during 2018.
Note 3Pro Forma Adjustments
The following pro forma adjustments have been reflected in the unaudited pro forma condensed combined financial information. All taxable adjustments to deferred tax assets and liabilities were calculated using a 29.56% effective tax rate. Adjustments to the income tax provision were calculated using a 29.56% effective tax rate for the period ending March 31, 2018, and a 42.05% effective tax rate for the period ending December 31, 2017. All adjustments are based on current assumptions and valuations, which are subject to change.
Notes to Pro Forma Balance Sheet Adjustments (dollars in thousands)
(a) |
Adjustment to cash and cash equivalents | |||||
Payment of cash consideration to FNB common stock option holders. |
$ | (6,689 | ) | |||
Payment of cash consideration to FNB common stock shareholders for fractional shares. |
(6 | ) | ||||
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Total adjustments to cash and cash equivalents |
$ | (6,695 | ) | |||
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(b) |
Adjustment to loans | |||||
To reflect fair value of loans acquired. |
$ | (32,962 | ) | |||
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(c) |
Adjustment to allowance for loan losses |
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Since the acquired FNB loans are carried at fair value at the acquisition date, there is no carryover of FNBs allowance for loan losses. |
$ | 10,186 | ||||
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(d) |
Adjustment to premises and equipment, net | |||||
To reflect fair value of premises and equipment acquired. |
$ | 21,590 | ||||
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(e) |
Calculation of Goodwill for FNB merger | |||||
Represents the recognition of goodwill resulting from the difference between the net fair value of the acquired assets and assumed liabilities and the value of consideration paid to FNB shareholders. |
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The excess of the value of the consideration paid over the fair vaue of net assets acquired will be recorded as goodwil and can be summarized as follows: |
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TriCo shares to be issued to FNB shareholders. |
7,405,000 | |||||
Value of stock consideration to FNB shareholders. |
$ | 284,437 | ||||
Cash consideration to FNB stock option holders for cancelled options. |
6,689 | |||||
Cash consideration to FNB common shareholders for fractional shares. |
6 | |||||
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Total consideration paid |
$ | 291,132 | ||||
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Carrying value of FNBs net assets at March 31, 2018 |
$ | 120,458 | ||||
Fair value adjustments: |
||||||
Loans, net |
(22,776 | ) | ||||
Premises and equipment |
21,590 | |||||
Core deposits |
27,327 | |||||
Favorable leases |
1,226 | |||||
Deposits |
(161 | ) | ||||
Other liabilities |
451 | |||||
Deferred taxes, net |
(6,319 | ) | ||||
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Total fair value adjustments |
21,338 | |||||
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Fair value of net assets acquired as of March 31, 2018 |
141,796 | |||||
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Excess of consideration paid over fair value of net assets acquired - (Goodwill) |
$ | 149,336 | ||||
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(f) |
Adjustment to core deposit intangible |
|||||
To record fair value of core deposit intangible related to FNBs nonmaturity deposits. |
$ | 27,327 | ||||
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(g) |
Adjustment to other assets |
|||||
To record the fair value of favorable leases related to FNBs operating leases. |
$ | 1,226 | ||||
To reflect the net deferred tax liability created in the merger. |
(6,319 | ) | ||||
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$ | (5,093 | ) | ||||
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Calculation of the net deferred tax liability: |
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Adjustments: |
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Loans, net |
(22,776 | ) | ||||
Premises and equipment |
21,590 | |||||
Core deposits |
27,327 | |||||
Favorable leases |
1,226 | |||||
Time deposits |
(161 | ) | ||||
Other deferred tax adjustments |
(5,825 | ) | ||||
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Total adjustments |
21,381 | |||||
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Calculated net deferred tax liability created at TriCos estimated tax rate of 29.56% |
$ | (6,319 | ) | |||
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|
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(h) |
Adjustment to certificates of deposit |
|||||
To reflect the estimated increase in the fair value of the certificates of deposit. |
$ | (161 | ) | |||
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|
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(i) |
Adjustment to other liabilities for miscellaneous items |
$ | 451 | |||
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(j) |
Adjustment to equity |
|||||
To eliminate FNBs common equity. |
$ | (120,458 | ) | |||
To reflect the issuance of TriCo s stock to FNB shareholders. |
284,437 | |||||
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|
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$ | 163,979 | |||||
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|
3 months ended March 31, 2018 |
12 months ended December 31, 2017 |
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(k) |
Adjustment to loan interest income | |||||||||
To reflect accretion of the loan discount resulting from the loan fair value pro forma adjustment based on weighted average remaining life of 5 years. |
$ | 392 | $ | 756 | ||||||
(l) |
Adjustment to depreciation and amortization expense of property, premises and equiment | |||||||||
To reflect depreciation expense on adjusted values and amortization of favorable leases. |
$ | 89 | $ | 356 | ||||||
(m) |
Adjustment to interest expense on deposits to reflect accretion of the fair value adjustment on time deposits based on weighted average remaining life of 1 year. | $ | | $ | (161 | ) | ||||
(n) |
Adjustment to remove acquisition expenses incurred | $ | (476 | ) | $ | (530 | ) | |||
(o) |
Adjustment due to amortization of intangibles | |||||||||
To reflect amortization of acquired core deposit intangibles based on weighted average remaining life of 6 years. |
$ | 1,139 | $ | 4,555 | ||||||
(p) |
Adjustment to income tax provision based on pro forma adjustments |
$ | (106 | ) | $ | (1,457 | ) | |||
(q) |
Adjustment to weighted average number of common shares and | |||||||||
Shares issued by TriCo to FNB shareholders |
7,405,000 | 7,405,000 | ||||||||
Removal of FNB weighted average number of common shares |
(7,463,000 | ) | (7,361,000 | ) | ||||||
|
|
|
|
|||||||
Adjustment to weighted average number of common shares |
(58,000 | ) | 44,000 | |||||||
|
|
|
|
|||||||
Shares issued by TriCo to FNB shareholders |
7,405,000 | 7,405,000 | ||||||||
Removal of FNB weighted average number of diluted common shares |
(7,685,000 | ) | (7,607,000 | ) | ||||||
|
|
|
|
|||||||
Adjustment to weighted average number of diluted common shares |
(280,000 | ) | (202,000 | ) | ||||||
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|
|
|