Jeff Pelline's Sierra Foothills Report

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Editor’s note: There’s no doubt that Internet communications were instrumental in this decision.

“The Susan G. Komen Foundation has reversed its decision to cut funding for Planned Parenthood and apologized ‘to the American public,’ according to USA Today.

“The statement issued by founder and CEO Nancy Brinker and the Susan G. Komen Board of Directors, says the foundation will immediately get in touch with its network and key supporters ‘to refocus our attention on our mission and get back to doing our work.’

“‘The events of this week have been deeply unsettling for our supporters, partners and friends and all of us at Susan G. Komen,’ the statement says. ‘We have been distressed at the presumption that the changes made to our funding criteria were done for political reasons or to specifically penalize Planned Parenthood. They were not.’

“Komen had touched off an uproar by announcing that it had adopted criteria excluding Planned Parenthood from grants because it was under government investigation, notably a probe launched in Congress at the urging of anti-abortion groups.

“Komen said today it would change the criteria so it wouldn’t apply to such investigations.

The rest of the article and full statement is here.

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“We don’t need ideologues in Congress who accomplish nothing. I will work with the rest of Congress to move our country along the path towards a better future. We don’t need jaded lifetime politicians with a resigned attitude that nothing can be done. I have a can-do approach to tackling our issues today.”

That’s what Jack Uppal said as he announced his candidacy in the new 4th District with friends and family at his side at McBean Park in his hometown of Lincoln. The new 4th district runs from Placer county southward along the mountains and foothills to the south end of Fresno county.

Uppal has a website up and running that is here.

Education was always viewed as an essential part of our lives, Uppal writes on his website. “I received my B.S. degree in Chemistry from the State University of New York, and my Ph.D. in Chemistry from M.I.T. in 1980. This led to a successful career in the semiconductor industry. I worked as an engineer, a project and people manager for most of my career. I’ve engineered new products, helped new businesses launch their technology, and overseen and implemented annual budgets of over a billion dollars.”

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Citizens Bank failed, but in the end, it provided a $4.4 million after-tax gain to TriCounties Bank of Chico’s quarterly report.

“Absent the contributions from the Citizens acquisition, loan demand continues to be weak and investments continue to be unattractive given their low market yields and interest rate risk profile,” according ot TriCounties press release.

Some highlights:

As a result of the Citizens acquisition on September 23, 2011, the Company recorded a before-tax bargain purchase gain of $7,575,000 ($4,390,000 after-tax) representing the excess of the estimated fair value of the assets acquired over the estimated fair value of the liabilities assumed.

TriCo Bancshares (NASDAQ: TCBK) (the “Company”), parent company of Tri Counties Bank (the “Bank”), today announced earnings of $6,549,000 for the quarter ended December 31, 2011. This compares with earnings of $3,126,000 the Company reported for the quarter ended December 31, 2010. Diluted earnings per share for the quarter ended December 31, 2011 were $0.41 compared to diluted earnings per share of $0.20 for the quarter ended December 31, 2010.

The operations of Citizens from September 23, 2011 to December 31, 2011 added approximately $6,171,000 and $54,000 to interest income and interest expense, respectively, $1,462,000 to provision for loan losses, $8,029,000 to noninterest income, and $1,865,000 to noninterest expense.

The increase in net interest income and the increase in net interest margin (FTE) from 4.39% during the three months ended December 31, 2010 to 4.71% in the current quarter is primarily due to the operations of Citizens since their acquisition on September 23, 2011.

Absent the contributions from the Citizens acquisition, loan demand continues to be weak and investments continue to be unattractive given their low market yields and interest rate risk profile.

The operations of Citizens from September 23, 2011 to December 31, 2011 added $751,000 to salaries expense and $1,114,000 to other noninterest expense.

Included in the $1,114,000 of Citizens related other noninterest expense were $296,000 of provision for foreclosed assets expense and $271,000 of information systems expense including system conversion expense as the Company has begun work to convert the Citizens systems to the Company’s systems.

The rest of the press release, on the SEC website, is here.

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