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    TriCo Bancshares Reports First Quarter 2025 Net Income of $26.4 Million, Diluted EPS of $0.80

    4/24/25 7:00:00 AM ET
    $TCBK
    Major Banks
    Finance
    Get the next $TCBK alert in real time by email

    1Q25 Financial Highlights  

    • Net income was $26.4 million or $0.80 per diluted share as compared to $29.0 million or $0.88 per diluted share in the trailing quarter
    • Net interest margin (FTE) was 3.73% in the recent quarter, a decrease of 3 basis points over 3.76% in the trailing quarter; net interest income (FTE) was $82.8 million, a decrease of $1.5 million over the trailing quarter
    • Loan balances increased $52.3 million or 3.1% (annualized) from the trailing quarter and increased $20.1 million or 0.3% from the same quarter of the prior year
    • Deposit balances increased $117.8 million or 5.8% (annualized) from the trailing quarter and increased $217.7 million or 2.7% from the same quarter of the prior year
    • Average yield on earning assets was 5.15%, a decrease of 7 basis points over the 5.22% in the trailing quarter; average yield on loans was 5.71%, a decrease of 7 basis points over the 5.78% in the trailing quarter
    • Non-interest bearing deposits averaged 30.7% of total deposits during the quarter
    • The average cost of total deposits was 1.43%, a decrease of 3 basis points as compared to 1.46% in the trailing quarter, and an increase of 22 basis points from 1.21% in the same quarter of the prior year

    TriCo Bancshares (NASDAQ:TCBK):

    Executive Commentary:

    "Our first quarter results demonstrate our continued efforts to remain focused on the core business activities of adding customers, growing deposits and originating loans. While normally a seasonally slow lending and deposit quarter, both activities were solid despite a volatile economic environment. In addition, we are proud to announce that we have completed our most recent Community Reinvestment Act (CRA) examination resulting in a rating of Outstanding," said Rick Smith, President and CEO.

    Peter Wiese, EVP and CFO added, "Both net interest margin and net interest income slightly contracted during the quarter as the tail end of Federal Funds rate cuts impacted floating rate earning assets. While interest rates across the yield curve fluctuated significantly during the quarter, we expect continued incremental increases in earning asset yields as well as incremental reductions in funding costs."

    Selected Financial Highlights

    • For the quarter ended March 31, 2025, the Company's return on average assets was 1.09%, while the return on average equity was 8.54%; for the trailing quarter ended December 31, 2024, the Company's return on average assets was 1.19%, while the return on average equity was 9.30%
    • Diluted earnings per share were $0.80 for the first quarter of 2025, compared to $0.88 for the trailing quarter and $0.83 during the first quarter of 2024
    • The loan to deposit ratio was 83.13% as of March 31, 2025, as compared to 83.69% for the trailing quarter end
    • The efficiency ratio was 60.42% for the quarter ended March 31, 2025, as compared to 59.56% for the trailing quarter as net interest income was impacted by the quarter over quarter reduction in calendar days
    • The provision for credit losses was approximately $3.7 million during the quarter ended March 31, 2025, as compared to $1.7 million during the trailing quarter end. The change was attributed to an increase in required reserves totaling $4.9 million on individually evaluated loans and an increase of $1.1 million in reserves for unfunded commitments, which were offset by net recoveries and decreases in qualitative factors attributed to general improvement in economic indicators
    • The allowance for credit losses (ACL) to total loans was 1.88% as of March 31, 2025, compared to 1.85% as of the trailing quarter end, and 1.83% as of March 31, 2024. Non-performing assets to total assets were 0.59% on March 31, 2025, as compared to 0.48% as of December 31, 2024, and 0.37% at March 31, 2024. At March 31, 2025, the ACL represented 234% of non-performing loans

    The financial results reported in this document are preliminary and unaudited. Final financial results and other disclosures will be reported on Form 10-K for the period ended March 31, 2025, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

    Operating Results and Performance Ratios

     

    Three months ended

     

     

     

    March 31,

    2025

    December 31,

    2024

     

     

    (dollars and shares in thousands, except per share data)

    $ Change

    % Change

    Net interest income

    $

    82,542

     

    $

    84,090

     

    $

    (1,548

    )

    (1.8

    )%

    Provision for credit losses

     

    (3,728

    )

     

    (1,702

    )

     

    (2,026

    )

    119.0

    %

    Noninterest income

     

    16,073

     

     

    16,275

     

     

    (202

    )

    (1.2

    )%

    Noninterest expense

     

    (59,585

    )

     

    (59,775

    )

     

    190

     

    (0.3

    )%

    Provision for income taxes

     

    (8,939

    )

     

    (9,854

    )

     

    915

     

    (9.3

    )%

    Net income

    $

    26,363

     

    $

    29,034

     

    $

    (2,671

    )

    (9.2

    )%

    Diluted earnings per share

    $

    0.80

     

    $

    0.88

     

    $

    (0.08

    )

    (9.1

    )%

    Dividends per share

    $

    0.33

     

    $

    0.33

     

    $

    —

     

    —

    %

    Weighted average common shares

     

    32,953

     

     

    32,994

     

     

    (41

    )

    (0.1

    )%

    Weighted average common shares

     

    33,129

     

     

    33,162

     

     

    (33

    )

    (0.1

    )%

    Return on average total assets

     

    1.09

    %

     

    1.19

    %

     

     

    Return on average equity

     

    8.54

    %

     

    9.30

    %

     

     

    Efficiency ratio

     

    60.42

    %

     

    59.56

    %

     

     

     

    Three months ended

    March 31,

     

     

    (dollars and shares in thousands, except per share data)

    2025

    2024

    $ Change

    % Change

    Net interest income

    $

    82,542

     

    $

    82,736

     

    $

    (194

    )

    (0.2

    )%

    Provision for credit losses

     

    (3,728

    )

     

    (4,305

    )

     

    577

     

    (13.4

    )%

    Noninterest income

     

    16,073

     

     

    15,771

     

     

    302

     

    1.9

    %

    Noninterest expense

     

    (59,585

    )

     

    (56,504

    )

     

    (3,081

    )

    5.5

    %

    Provision for income taxes

     

    (8,939

    )

     

    (9,949

    )

     

    1,010

     

    (10.2

    )%

    Net income

    $

    26,363

     

    $

    27,749

     

    $

    (1,386

    )

    (5.0

    )%

    Diluted earnings per share

    $

    0.80

     

    $

    0.83

     

    $

    (0.03

    )

    (3.6

    )%

    Dividends per share

    $

    0.33

     

    $

    0.33

     

    $

    —

     

    —

    %

    Weighted average common shares

     

    32,953

     

     

    33,245

     

     

    (292

    )

    (0.9

    )%

    Weighted average common shares

     

    33,129

     

     

    33,370

     

     

    (241

    )

    (0.7

    )%

    Return on average total assets

     

    1.09

    %

     

    1.13

    %

     

     

    Return on average equity

     

    8.54

    %

     

    9.50

    %

     

     

    Efficiency ratio

     

    60.42

    %

     

    57.36

    %

     

     

    Balance Sheet Data

    Total loans outstanding were $6.8 billion as of March 31, 2025, an increase of $20.1 million or 0.3% over March 31, 2024, and an increase of $52.3 million or 3.1% annualized as compared to the trailing quarter ended December 31, 2024. Investments decreased by $57.5 million and $242.4 million for the three and twelve month periods ended March 31, 2025, respectively, and ended the quarter with a balance of $1.98 billion or 20.2% of total assets. Quarterly average earning assets to quarterly total average assets was 91.8% on March 31, 2025, compared to 92.0% at March 31, 2024. The loan-to-deposit ratio was 83.1% on March 31, 2025, as compared to 85.1% at March 31, 2024. The Company did not utilize brokered deposits during 2025 or 2024 and continues to rely on organic deposit customers and short-term borrowings to fund cash flow timing differences.

    Total shareholders' equity increased by $34.6 million during the quarter ended March 31, 2025, as net income of $26.4 million and a $22.1 million decrease in accumulated other comprehensive losses were partially offset by $10.9 million in cash dividends on common stock and $4.1 million in share repurchase activity. As a result, the Company's book value increased to $38.17 per share at March 31, 2025, compared to $37.03 at December 31, 2024. The Company's tangible book value per share, a non-GAAP measure, calculated by subtracting goodwill and other intangible assets from total shareholders' equity and dividing that sum by total shares outstanding, was $28.73 per share at March 31, 2025, as compared to $27.60 at December 31, 2024. Changes in the fair value of available-for-sale investment securities, net of deferred taxes, continue to create moderate levels of volatility in tangible book value per share.

    Trailing Quarter Balance Sheet Change

    Ending balances

    March 31,

    2025

    December 31,

    2024

     

    Annualized

    % Change

    (dollars in thousands)

    $ Change

    Total assets

    $

    9,819,599

    $

    9,673,728

    $

    145,871

     

    6.0

    %

    Total loans

     

    6,820,774

     

    6,768,523

     

    52,251

     

    3.1

     

    Total investments

     

    1,979,116

     

    2,036,610

     

    (57,494

    )

    (11.3

    )

    Total deposits

     

    8,205,332

     

    8,087,576

     

    117,756

     

    5.8

     

    Total other borrowings

     

    91,706

     

    89,610

     

    2,096

     

    9.4

     

    Loans outstanding increased by $52.3 million or 3.1% on an annualized basis during the quarter ended March 31, 2025. During the quarter, loan originations/draws totaled approximately $357.5 million while payoffs/repayments of loans totaled $321.3 million, which compares to originations/draws and payoffs/repayments during the trailing quarter ended of $487.9 million and $408.5 million, respectively. Origination volume was slightly elevated relative to the comparative period in 2024, despite elevated interest rates and volatility in the economic outlook of potential borrowers. The activity within loan payoffs/repayments remains spread amongst numerous borrowers, regions and loan types.

    Investment security balances decreased $57.5 million or 11.3% on an annualized basis during the quarter as a result of net prepayments/maturities of $71.7 million and sales of $30.0 million, and offset by net increases in the market value of securities of $31.4 million and purchases of $14.4 million. Investment security purchases were comprised of fixed rate agency mortgage-backed securities. While management intends to primarily utilize cash flows from the investment security portfolio and organic deposit growth to support loan growth, excess liquidity will be utilized for purchases of investment securities to support net interest income growth and net interest margin expansion.

    Deposit balances increased by $117.8 million or 5.8% annualized during the period, primarily due to increases in savings deposit accounts.

    Average Trailing Quarter Balance Sheet Change

    Quarterly average balances for the period ended

    March 31,

    2025

    December 31,

    2024

     

    Annualized

    % Change

    (dollars in thousands)

    $ Change

    Total assets

    $

    9,808,216

    $

    9,725,643

    $

    82,573

     

    3.4

    %

    Total loans

     

    6,776,188

     

    6,720,732

     

    55,456

     

    3.3

     

    Total investments

     

    2,024,668

     

    2,066,437

     

    (41,769

    )

    (8.1

    )

    Total deposits

     

    8,195,793

     

    8,118,663

     

    77,130

     

    3.8

     

    Total other borrowings

     

    89,465

     

    95,202

     

    (5,737

    )

    (24.1

    )

    Year Over Year Balance Sheet Change

    Ending balances

    As of March 31,

     

     

     

     

     

     

     

    (dollars in thousands)

    2025

     

    2024

     

    $ Change

     

    % Change

    Total assets

    $

    9,819,599

    $

    9,813,767

    $

    5,832

     

    0.1

    %

    Total loans

     

    6,820,774

     

    6,800,695

     

    20,079

     

    0.3

     

    Total investments

     

    1,979,116

     

    2,221,555

     

    (242,439

    )

    (10.9

    )

    Total deposits

     

    8,205,332

     

    7,987,658

     

    217,674

     

    2.7

     

    Total other borrowings

     

    91,706

     

    392,409

     

    (300,703

    )

    (76.6

    )

    Net Interest Income and Net Interest Margin

    The Company's yield on loans for the first quarter was 5.71%, a decrease of 1 and 7 basis points, respectively, as compared to 5.72% for the period ended March 31, 2024, and 5.78% from the trailing quarter. The tax equivalent yield on the Company's investment security portfolio was 3.39% for the quarter ended March 31, 2025, an increase of 1 basis point from the 3.38% for both the three months ended March 31, 2024 and from the trailing quarter. The cost of total interest-bearing deposits increased by 23 basis points, while the costs of total interest-bearing liabilities decreased by 6 basis points, respectively, between the three-month periods ended March 31, 2025 and 2024. As compared to the trailing quarter, both interest-bearing deposits and interest-bearing liabilities declined by 9 basis points. There were no changes to short-term rates by the FOMC during the current quarter, following 100 basis points in cuts during the fourth quarter in 2024. The fully tax-equivalent net interest income and net interest margin was $82.8 million and 3.73%, respectively, for the quarter ended March 31, 2025, and was $84.4 million and 3.76%, respectively for the quarter ended December 31, 2024. More specifically, net interest rate spread improved by 2 basis points to 2.97% for the quarter ended March 31, 2025 as compared to the trailing quarter, while the net interest margin declined by 3 basis points due in large part to the impact of the day count between quarters.

    The Company continues to manage its cost of deposits through the use of various pricing and product mix strategies. As of March 31, 2025, December 31, 2024, and March 31, 2024, deposits priced utilizing these customized strategies totaled $0.93 billion, $1.05 billion, and $1.4 billion and carried weighted average rates of 3.43%, 3.59% and 3.75%, respectively.

     

    Three months ended

     

     

     

    March 31,

    2025

    December 31,

    2024

     

     

    (dollars in thousands)

    Change

    % Change

    Interest income

    $

    114,077

     

    $

    116,842

     

    $

    (2,765

    )

    (2.4

    )%

    Interest expense

     

    (31,535

    )

     

    (32,752

    )

     

    1,217

     

    (3.7

    )%

    Fully tax-equivalent adjustment (FTE) (1)

     

    265

     

     

    266

     

     

    (1

    )

    (0.4

    )%

    Net interest income (FTE)

    $

    82,807

     

    $

    84,356

     

    $

    (1,549

    )

    (1.8

    )%

    Net interest margin (FTE)

     

    3.73

    %

     

    3.76

    %

     

     

     

     

     

     

     

    Acquired loans discount accretion, net:

     

     

     

     

    Amount (included in interest income)

    $

    1,995

     

    $

    1,129

     

    $

    866

     

    76.7

    %

    Net interest margin less effect of acquired loan discount accretion(1)

     

    3.64

    %

     

    3.71

    %

     

    (0.07

    )%

     

     

    Three months ended

    March 31,

     

     

    (dollars in thousands)

    2025

    2024

    Change

    % Change

    Interest income

    $

    114,077

     

    $

    115,417

     

    $

    (1,340

    )

    (1.2

    )%

    Interest expense

     

    (31,535

    )

     

    (32,681

    )

     

    1,146

     

    (3.5

    )%

    Fully tax-equivalent adjustment (FTE) (1)

     

    265

     

     

    275

     

     

    (10

    )

    (3.6

    )%

    Net interest income (FTE)

    $

    82,807

     

    $

    83,011

     

    $

    (204

    )

    (0.2

    )%

    Net interest margin (FTE)

     

    3.73

    %

     

    3.68

    %

     

     

     

     

     

     

     

    Acquired loans discount accretion, net:

     

     

     

     

    Amount (included in interest income)

    $

    1,995

     

    $

    1,332

     

    $

    663

     

    49.8

    %

    Net interest margin less effect of acquired loan discount accretion(1)

     

    3.64

    %

     

    3.62

    %

     

    0.02

    %

     

    (1)

    Certain information included herein is presented on a fully tax-equivalent (FTE) basis and / or to present additional financial details which may be desired by users of this financial information. The Company believes the use of these non-generally accepted accounting principles (non-GAAP) measures provide additional clarity in assessing its results, and the presentation of these measures are common practice within the banking industry. See additional information related to non-GAAP measures at the back of this document.

    Analysis Of Change In Net Interest Margin On Earning Assets

     

    Three months ended

    Three months ended

    Three months ended

    (dollars in thousands)

    March 31, 2025

    December 31, 2024

    March 31, 2024

     

    Average

    Balance

    Income/

    Expense

    Yield/

    Rate

    Average

    Balance

    Income/

    Expense

    Yield/

    Rate

    Average

    Balance

    Income/

    Expense

    Yield/

    Rate

    Assets

     

     

     

     

     

     

     

     

     

    Loans

    $

    6,776,188

    $

    95,378

    5.71

    %

    $

    6,720,732

    $

    97,692

    5.78

    %

    $

    6,785,840

    $

    96,485

    5.72

    %

    Investments-taxable

     

    1,891,280

     

    15,752

    3.38

    %

     

    1,932,839

     

    16,413

    3.38

    %

     

    2,127,420

     

    17,829

    3.37

    %

    Investments-nontaxable (1)

     

    133,388

     

    1,149

    3.49

    %

     

    133,598

     

    1,152

    3.43

    %

     

    138,900

     

    1,192

    3.45

    %

    Total investments

     

    2,024,668

     

    16,901

    3.39

    %

     

    2,066,437

     

    17,565

    3.38

    %

     

    2,266,320

     

    19,021

    3.38

    %

    Cash at Fed Reserve and other banks

     

    206,591

     

    2,063

    4.05

    %

     

    144,908

     

    1,851

    5.08

    %

     

    14,377

     

    186

    5.20

    %

    Total earning assets

     

    9,007,447

     

    114,342

    5.15

    %

     

    8,932,077

     

    117,108

    5.22

    %

     

    9,066,537

     

    115,692

    5.13

    %

    Other assets, net

     

    800,769

     

     

     

    793,566

     

     

     

    789,260

     

     

    Total assets

    $

    9,808,216

     

     

    $

    9,725,643

     

     

    $

    9,855,797

     

     

    Liabilities and shareholders' equity

     

     

     

     

     

     

     

     

     

    Interest-bearing demand deposits

    $

    1,830,315

    $

    6,221

    1.38

    %

    $

    1,723,059

    $

    5,704

    1.32

    %

    $

    1,710,844

    $

    4,947

    1.16

    %

    Savings deposits

     

    2,730,262

     

    12,198

    1.81

    %

     

    2,699,084

     

    12,666

    1.87

    %

     

    2,651,917

     

    10,900

    1.65

    %

    Time deposits

     

    1,120,843

     

    10,446

    3.78

    %

     

    1,111,024

     

    11,518

    4.12

    %

     

    811,894

     

    7,682

    3.81

    %

    Total interest-bearing deposits

     

    5,681,420

     

    28,865

    2.06

    %

     

    5,533,167

     

    29,888

    2.15

    %

     

    5,174,655

     

    23,529

    1.83

    %

    Other borrowings

     

    89,465

     

    969

    4.39

    %

     

    95,202

     

    1,066

    4.45

    %

     

    584,696

     

    7,378

    5.08

    %

    Junior subordinated debt

     

    101,201

     

    1,701

    6.82

    %

     

    101,173

     

    1,798

    7.07

    %

     

    101,106

     

    1,774

    7.06

    %

    Total interest-bearing liabilities

     

    5,872,086

     

    31,535

    2.18

    %

     

    5,729,542

     

    32,752

    2.27

    %

     

    5,860,457

     

    32,681

    2.24

    %

    Noninterest-bearing deposits

     

    2,514,373

     

     

     

    2,585,496

     

     

     

    2,646,389

     

     

    Other liabilities

     

    169,763

     

     

     

    169,083

     

     

     

    174,359

     

     

    Shareholders' equity

     

    1,251,994

     

     

     

    1,241,522

     

     

     

    1,174,592

     

     

    Total liabilities and shareholders' equity

    $

    9,808,216

     

     

    $

    9,725,643

     

     

    $

    9,855,797

     

     

    Net interest rate spread (1) (2)

     

     

    2.97

    %

     

     

    2.95

    %

     

     

    2.89

    %

    Net interest income and margin (1) (3)

     

    $

    82,807

    3.73

    %

     

    $

    84,356

    3.76

    %

     

    $

    83,011

    3.68

    %

    (1)

    Fully taxable equivalent (FTE). All yields and rates are calculated using specific day counts for the period and year as applicable.

    (2)

    Net interest spread is the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

    (3)

    Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets.

    Net interest income (FTE) during the three months ended March 31, 2025, decreased $1.6 million or 1.8% to $82.8 million compared to $84.4 million during the three months ended December 31, 2024. Net interest margin totaled 3.73% for the three months ended March 31, 2025, a decrease of 3 basis points from the trailing quarter. The decrease in net interest income is primarily attributed to a $2.8 million decline in interest income on earning assets, led by a reduction in loan income of $2.3 million, primarily related to the impact of rate cuts in the trailing quarter on variable rate loans. The decline in interest income was partially offset by reductions in interest expense on interest-bearing liabilities of $1.2 million as compared to the trailing quarter, primarily attributed to a decrease of $1.0 million in deposit interest expense also attributable to a reduction in rates.

    As compared to the same quarter in the prior year, average loan yields decreased 1 basis points from 5.72% during the three months ended March 31, 2024, to 5.71% during the three months ended March 31, 2025. The accretion of discounts from acquired loans added 12 basis points and 8 basis points to loan yields during the quarters ended March 31, 2025 and March 31, 2024, respectively. The cost of interest-bearing deposits increased by 23 basis points between the quarter ended March 31, 2025, and the same quarter of the prior year. In addition, the average balance of noninterest-bearing deposits decreased by $132.0 million from the three-month average for the period ended March 31, 2024 amidst a continued migration of customer funds to interest-bearing products.

    For the quarter ended March 31, 2025, the ratio of average total noninterest-bearing deposits to total average deposits was 30.7%, as compared to 31.8% and 33.8% for the quarters ended December 31, 2024 and March 31, 2024, respectively.

    Interest Rates and Earning Asset Composition

    As of March 31, 2025, the Company's loan portfolio consisted of approximately $6.8 billion in outstanding principal with a weighted average coupon rate of 5.50%. During the three-month periods ending March 31, 2025, December 31, 2024, and March 31, 2024, the weighted average coupon on loan production in the quarter was 6.96%, 6.94% and 7.78%, respectively. Included in the March 31, 2025 total loans balance are adjustable rate loans totaling $4.3 billion, of which, $0.9 billion are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $302.5 million which are subject to repricing on not less than a quarterly basis.

    Asset Quality and Credit Loss Provisioning

    During the three months ended March 31, 2025, the Company recorded a provision for credit losses of $3.7 million, as compared to $1.7 million during the trailing quarter, and $4.3 million during the first quarter of 2024.

     

    Three months ended

    (dollars in thousands)

    March 31,

    2025

    December 31,

    2024

    March 31,

    2024

    Addition to allowance for credit losses

    2,663

    1,812

     

    4,015

    Addition to (reversal of) reserve for unfunded loan commitments

    1,065

    (110

    )

    290

    Total provision for credit losses

    3,728

    1,702

     

    4,305

    The provision for credit losses on loans of $2.7 million recorded during the current quarter resulted from a net increase of $4.9 million in reserves on individually evaluated loans or loan relationships, which were partially offset by net recoveries ($0.3 million) and decreases in qualitative factors attributed to general improvement in observable economic indicators.

    The $4.9 million increase in individually evaluated reserves was largely attributed to the migration of previously identified criticized credits that have more recently transitioned to an elevated risk grade and / or non-accrual status. Management believes the provisioning for these individually analyzed credits is sufficient relative to expected future charge-offs, if any. As it relates to improvements in general economic indicators, Management notes that through the end of the current quarter, actual and forecasted trends including, but not limited to, unemployment, gross domestic product, and corporate borrowing rates continued to evidence stability and were supportive of general economic expansion, relative to the trailing period ended December 31, 2024, which is aligned with the Company's direct experiences with borrowers.

    The allowance for credit losses (ACL) was $128.4 million or 1.88% of total loans as of March 31, 2025. The Company utilizes forecast data that continues to evolve, but included an improving outlook for both unemployment and GDP, among other factors, leading up to the balance sheet date. Core inflation is observed as stabilized rather than decreasing and prices remain elevated relative to wage increases, as reflected by higher living costs such as housing, energy and general services. Possible steepening of the yield curve or actions by the Federal Reserve to cut rates during 2025 and beyond may help further improve this outlook overall, but the uncertainty associated with the extent and timing of these potential reductions has inhibited a material change to monetary policy assumptions. Furthermore, geopolitical policy risks remain elevated, which may lead to further negative effects on domestic economic outcomes. The uncertainties related to the nature, duration and potential economic impact of proposed tariffs, present challenges in correlating potential improvement of credit risks within the Company's loan portfolio. Therefore, in conjunction with most economists' belief that tariffs will have a generally negative impact on the economy as a whole, management continues to believe that certain credit weaknesses are present in the overall economy and that it is appropriate to maintain a reserve level that incorporates such risk factors.

     

    Three Months Ended March 31,

    (dollars in thousands)

    2025

    2024

    Balance, beginning of period

    $

    125,366

     

    $

    121,522

     

    Provision for credit losses

     

    2,663

     

     

    4,015

     

    Loans charged-off

     

    (374

    )

     

    (1,275

    )

    Recoveries of previously charged-off loans

     

    768

     

     

    132

     

    Balance, end of period

    $

    128,423

     

    $

    124,394

     

    Loans past due 30 days or more increased by $12.0 million during the quarter ended March 31, 2025, to $44.8 million, as compared to $32.7 million at December 31, 2024. The majority of loans identified as past due are well-secured by collateral, and approximately $27.8 million are less than 90 days delinquent. Non-performing loans were $54.9 million at March 31, 2025, an increase of $10.8 million from $44.1 million as of December 31, 2024, and an increase of $20.6 million from $34.2 million as of March 31, 2024. Management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. Of the $54.9 million loans designated as non-performing as of March 31, 2025, approximately $19.0 million are current or less than 30 days past due with respect to payments required under their existing loan agreements.

     

    March 31,

    % of Loans Outstanding

    December 31,

    % of Loans Outstanding

    March 31,

    % of Loans Outstanding

    (dollars in thousands)

    2025

    2024

    2024

    Risk Rating:

     

     

     

     

     

     

    Pass

    $

    6,582,345

     

    96.5

    %

    $

    6,539,560

     

    96.6

    %

    $

    6,616,294

     

    97.3

    %

    Special Mention

     

    106,243

     

    1.6

    %

     

    110,935

     

    1.6

    %

     

    108,073

     

    1.6

    %

    Substandard

     

    132,186

     

    1.9

    %

     

    118,028

     

    1.7

    %

     

    76,328

     

    1.1

    %

    Total

    $

    6,820,774

     

     

    $

    6,768,523

     

     

    $

    6,800,695

     

     

     

     

     

     

     

     

     

    Classified loans to total loans

     

    1.94

    %

     

     

    1.74

    %

     

     

    1.12

    %

     

    Loans past due 30+ days to total loans

     

    0.66

    %

     

     

    0.48

    %

     

     

    0.24

    %

     

    The ratio of classified loans to total loans of 1.94% as of March 31, 2025, increased 20 basis points from December 31, 2024, and increased 82 basis points from the comparative quarter ended 2024. The change in criticized loans outstanding as compared to the trailing quarter totaled $9.5 million. The Company's combined criticized loan balances totaled $238.4 million as of March 31, 2025, an increase of $54.0 million from March 31, 2024. Loans with the risk grade classification substandard increased by $14.2 million over the trailing quarter without any material changes in the mix of underlying collateral type.

    Management continues to proactively assess the repayment capacity of borrowers that will be subject to rate resets in the near term. To date this analysis as well as management's observations of loans that have experienced a rate reset, have resulted in an insignificant need to provide concessions to borrowers.

    As of March 31, 2025, other real estate owned consisted of 9 properties with a carrying value of approximately $2.7 million, compared to 10 properties with a carrying value of approximately $2.8 million as of December 31, 2024. Non-performing assets of $57.5 million at March 31, 2025, represented 0.59% of total assets, a change from $46.9 million or 0.48% and $36.7 million or 0.37% as of December 31, 2024 and March 31, 2024, respectively.

    Allocation of Credit Loss Reserves by Loan Type

     

    As of March 31, 2025

    As of December 31, 2024

    As of March 31, 2024

    (dollars in thousands)

    Amount

    % of Loans Outstanding

    Amount

    % of Loans Outstanding

    Amount

    % of Loans Outstanding

    Commercial real estate:

     

     

     

     

     

     

    CRE - Non-Owner Occupied

    $

    39,670

    1.68

    %

    $

    37,229

    1.60

    %

    $

    36,687

    1.65

    %

    CRE - Owner Occupied

     

    12,169

    1.23

    %

     

    15,747

    1.64

    %

     

    16,111

    1.65

    %

    Multifamily

     

    15,604

    1.52

    %

     

    15,913

    1.55

    %

     

    15,682

    1.60

    %

    Farmland

     

    4,737

    1.81

    %

     

    3,960

    1.49

    %

     

    3,695

    1.39

    %

    Total commercial real estate loans

     

    72,180

    1.56

    %

     

    72,849

    1.59

    %

     

    72,175

    1.62

    %

    Consumer:

     

     

     

     

     

     

    SFR 1-4 1st Liens

     

    10,996

    1.29

    %

     

    14,227

    1.65

    %

     

    14,140

    1.60

    %

    SFR HELOCs and Junior Liens

     

    11,650

    3.12

    %

     

    10,411

    2.86

    %

     

    9,942

    2.88

    %

    Other

     

    2,893

    5.19

    %

     

    2,825

    4.87

    %

     

    3,359

    4.48

    %

    Total consumer loans

     

    25,539

    1.99

    %

     

    27,463

    2.14

    %

     

    27,441

    2.10

    %

     

     

     

     

     

     

     

    Commercial and Industrial

     

    17,561

    3.84

    %

     

    14,397

    3.05

    %

     

    11,867

    2.16

    %

    Construction

     

    10,346

    3.47

    %

     

    7,224

    2.58

    %

     

    9,162

    2.63

    %

    Agricultural Production

     

    2,768

    1.91

    %

     

    3,403

    2.24

    %

     

    3,708

    2.55

    %

    Leases

     

    28

    0.44

    %

     

    30

    0.44

    %

     

    41

    0.44

    %

    Allowance for credit losses

     

    128,422

    1.88

    %

     

    125,366

    1.85

    %

     

    124,394

    1.83

    %

    Reserve for unfunded loan commitments

     

    7,065

     

     

    6,000

     

     

    6,140

     

    Total allowance for credit losses

    $

    135,487

    1.99

    %

    $

    131,366

    1.94

    %

    $

    130,534

    1.92

    %

    In addition to the allowance for credit losses above, the Company has acquired various performing loans whose fair value as of the acquisition date was determined to be less than the principal balance owed on those loans. This difference represents the collective discount of credit, interest rate and liquidity measurements, which are expected to be amortized over the life of the loans. As of March 31, 2025, the unamortized discount associated with acquired loans totaled $18.3 million, which, when combined with the total allowance for credit losses above, represents 2.25% of total loans.

    Non-interest Income

     

    Three months ended

     

     

    (dollars in thousands)

    March 31, 2025

    December 31, 2024

    Change

    % Change

    ATM and interchange fees

    $

    6,106

     

    $

    6,306

     

    $

    (200

    )

    (3.2

    )%

    Service charges on deposit accounts

     

    4,914

     

     

    4,962

     

     

    (48

    )

    (1.0

    )%

    Other service fees

     

    1,359

     

     

    1,425

     

     

    (66

    )

    (4.6

    )%

    Mortgage banking service fees

     

    439

     

     

    434

     

     

    5

     

    1.2

    %

    Change in value of mortgage servicing rights

     

    (140

    )

     

    (12

    )

     

    (128

    )

    1,066.7

    %

    Total service charges and fees

     

    12,678

     

     

    13,115

     

     

    (437

    )

    (3.3

    )%

    Increase in cash value of life insurance

     

    820

     

     

    837

     

     

    (17

    )

    (2.0

    )%

    Asset management and commission income

     

    1,488

     

     

    1,584

     

     

    (96

    )

    (6.1

    )%

    Gain on sale of loans

     

    344

     

     

    334

     

     

    10

     

    3.0

    %

    Lease brokerage income

     

    66

     

     

    78

     

     

    (12

    )

    (15.4

    )%

    Sale of customer checks

     

    345

     

     

    300

     

     

    45

     

    15.0

    %

    (Loss) gain on sale or exchange of investment securities

     

    (1,146

    )

     

    —

     

     

    (1,146

    )

    n/m

     

    (Loss) gain on marketable equity securities

     

    39

     

     

    (81

    )

     

    120

     

    148.1

    %

    Other income

     

    1,439

     

     

    108

     

     

    1,331

     

    1,232.4

    %

    Total other non-interest income

     

    3,395

     

     

    3,160

     

     

    235

     

    7.4

    %

    Total non-interest income

    $

    16,073

     

    $

    16,275

     

    $

    (202

    )

    (1.2

    )%

    Total non-interest income decreased $0.2 million or 1.2% to $16.1 million during the three months ended March 31, 2025, compared to $16.3 million during the quarter ended December 31, 2024. The Company incurred $1.1 million in losses related to the sale of investment securities during the quarter on proceeds totaling $30.0 million, offset by excess cash flows from death benefit proceeds of $1.2 million recorded within other income. Additionally, service charge and fee income declined by $0.3 million during the quarter, as transactional interchange and service fee volume tends to decline against the elevated consumer spending levels usually observed during the fourth quarter.

     

    Three months ended March 31,

     

     

    (dollars in thousands)

    2025

    2024

    Change

    % Change

    ATM and interchange fees

    $

    6,106

     

    $

    6,169

     

    $

    (63

    )

    (1.0

    )%

    Service charges on deposit accounts

     

    4,914

     

     

    4,663

     

     

    251

     

    5.4

    %

    Other service fees

     

    1,359

     

     

    1,366

     

     

    (7

    )

    (0.5

    )%

    Mortgage banking service fees

     

    439

     

     

    428

     

     

    11

     

    2.6

    %

    Change in value of mortgage servicing rights

     

    (140

    )

     

    11

     

     

    (151

    )

    (1,372.7

    )%

    Total service charges and fees

     

    12,678

     

     

    12,637

     

     

    41

     

    0.3

    %

    Increase in cash value of life insurance

     

    820

     

     

    803

     

     

    17

     

    2.1

    %

    Asset management and commission income

     

    1,488

     

     

    1,128

     

     

    360

     

    31.9

    %

    Gain on sale of loans

     

    344

     

     

    261

     

     

    83

     

    31.8

    %

    Lease brokerage income

     

    66

     

     

    161

     

     

    (95

    )

    (59.0

    )%

    Sale of customer checks

     

    345

     

     

    312

     

     

    33

     

    10.6

    %

    (Loss) gain on sale or exchange of investment securities

     

    (1,146

    )

     

    —

     

     

    (1,146

    )

    n/m

     

    (Loss) gain on marketable equity securities

     

    39

     

     

    (28

    )

     

    67

     

    239.3

    %

    Other income

     

    1,439

     

     

    497

     

     

    942

     

    189.5

    %

    Total other non-interest income

     

    3,395

     

     

    3,134

     

     

    261

     

    8.3

    %

    Total non-interest income

    $

    16,073

     

    $

    15,771

     

    $

    302

     

    1.9

    %

    Non-interest income increased $0.3 million or 1.9% to $16.1 million during the three months ended March 31, 2025, compared to $15.8 million during the comparative quarter ended March 31, 2024. Elevated activity and volumes of assets under management drove an increase in asset management and commission income totaling $0.4 million or 31.9%. All other notable changes in non-interest income during the current quarter are described above.

    Non-interest Expense

     

    Three months ended

     

     

    (dollars in thousands)

    March 31, 2025

    December 31, 2024

    Change

    % Change

    Base salaries, net of deferred loan origination costs

    $

    25,401

     

    $

    24,583

     

    $

    818

     

    3.3

    %

    Incentive compensation

     

    4,038

     

     

    4,568

     

     

    (530

    )

    (11.6

    )%

    Benefits and other compensation costs

     

    7,416

     

     

    6,175

     

     

    1,241

     

    20.1

    %

    Total salaries and benefits expense

     

    36,855

     

     

    35,326

     

     

    1,529

     

    4.3

    %

    Occupancy

     

    4,077

     

     

    4,206

     

     

    (129

    )

    (3.1

    )%

    Data processing and software

     

    5,058

     

     

    5,493

     

     

    (435

    )

    (7.9

    )%

    Equipment

     

    1,284

     

     

    1,364

     

     

    (80

    )

    (5.9

    )%

    Intangible amortization

     

    514

     

     

    1,030

     

     

    (516

    )

    (50.1

    )%

    Advertising

     

    1,204

     

     

    1,118

     

     

    86

     

    7.7

    %

    ATM and POS network charges

     

    1,851

     

     

    1,791

     

     

    60

     

    3.4

    %

    Professional fees

     

    1,518

     

     

    1,747

     

     

    (229

    )

    (13.1

    )%

    Telecommunications

     

    488

     

     

    477

     

     

    11

     

    2.3

    %

    Regulatory assessments and insurance

     

    1,283

     

     

    1,300

     

     

    (17

    )

    (1.3

    )%

    Postage

     

    320

     

     

    346

     

     

    (26

    )

    (7.5

    )%

    Operational loss

     

    424

     

     

    482

     

     

    (58

    )

    (12.0

    )%

    Courier service

     

    488

     

     

    538

     

     

    (50

    )

    (9.3

    )%

    (Gain) loss on sale or acquisition of foreclosed assets

     

    (3

    )

     

    (61

    )

     

    58

     

    (95.1

    )%

    (Gain) loss on disposal of fixed assets

     

    85

     

     

    7

     

     

    78

     

    1,114.3

    %

    Other miscellaneous expense

     

    4,139

     

     

    4,611

     

     

    (472

    )

    (10.2

    )%

    Total other non-interest expense

     

    22,730

     

     

    24,449

     

     

    (1,719

    )

    (7.0

    )%

    Total non-interest expense

    $

    59,585

     

    $

    59,775

     

    $

    (190

    )

    (0.3

    )%

    Average full-time equivalent staff

     

    1,194

     

     

    1,172

     

     

    22

     

    1.9

    %

    Total non-interest expense for the quarter ended March 31, 2025, decreased $0.2 million or 0.3% to $59.6 million as compared to $59.8 million during the trailing quarter ended December 31, 2024. Total salaries and benefits expense, the largest non-interest expense component, increased by $1.5 million or 4.3%, due to increases in headcount within targeted growth markets aligned with the Company's organic growth objectives, the seasonal impacts associated with the start of a new payroll tax calendar, and decreased production volumes for deposits and loans as compared to the comparable quarter. Other non-interest expense line items evidenced broad based incremental reductions consistent with management's efficiency and scaling initiatives.

     

    Three months ended March 31,

     

     

    (dollars in thousands)

    2025

    2024

    Change

    % Change

    Base salaries, net of deferred loan origination costs

    $

    25,401

     

    $

    24,020

     

    $

    1,381

     

    5.7

    %

    Incentive compensation

     

    4,038

     

     

    3,257

     

     

    781

     

    24.0

    %

    Benefits and other compensation costs

     

    7,416

     

     

    7,027

     

     

    389

     

    5.5

    %

    Total salaries and benefits expense

     

    36,855

     

     

    34,304

     

     

    2,551

     

    7.4

    %

    Occupancy

     

    4,077

     

     

    3,951

     

     

    126

     

    3.2

    %

    Data processing and software

     

    5,058

     

     

    5,107

     

     

    (49

    )

    (1.0

    )%

    Equipment

     

    1,284

     

     

    1,356

     

     

    (72

    )

    (5.3

    )%

    Intangible amortization

     

    514

     

     

    1,030

     

     

    (516

    )

    (50.1

    )%

    Advertising

     

    1,204

     

     

    762

     

     

    442

     

    58.0

    %

    ATM and POS network charges

     

    1,851

     

     

    1,661

     

     

    190

     

    11.4

    %

    Professional fees

     

    1,518

     

     

    1,340

     

     

    178

     

    13.3

    %

    Telecommunications

     

    488

     

     

    511

     

     

    (23

    )

    (4.5

    )%

    Regulatory assessments and insurance

     

    1,283

     

     

    1,251

     

     

    32

     

    2.6

    %

    Postage

     

    320

     

     

    308

     

     

    12

     

    3.9

    %

    Operational loss

     

    424

     

     

    352

     

     

    72

     

    20.5

    %

    Courier service

     

    488

     

     

    480

     

     

    8

     

    1.7

    %

    (Gain) loss on sale or acquisition of foreclosed assets

     

    (3

    )

     

    (38

    )

     

    35

     

    (92.1

    )%

    (Gain) loss on disposal of fixed assets

     

    85

     

     

    5

     

     

    80

     

    1600.0

    %

    Other miscellaneous expense

     

    4,139

     

     

    4,124

     

     

    15

     

    0.4

    %

    Total other non-interest expense

     

    22,730

     

     

    22,200

     

     

    530

     

    2.4

    %

    Total non-interest expense

    $

    59,585

     

    $

    56,504

     

    $

    3,081

     

    5.5

    %

    Average full-time equivalent staff

     

    1,194

     

     

    1,188

     

     

    6

     

    0.5

    %

    Total non-interest expense increased $3.1 million or 5.5% to $59.6 million during the three months ended March 31, 2025, as compared to $56.5 million for the quarter ended March 31, 2024. Total salaries and benefits expense increased by $2.6 million or 7.4%, reflecting the increase of $1.4 million in salaries, largely the result of routine merit increases and more recently strategic hiring focused on loan and deposit production; incentive compensation costs also increased by $0.8 million, reflecting elevated levels of production in both loans and deposits during the first quarter of 2025, as compared to 2024.

    Provision for Income Taxes

    The Company's effective tax rate was 25.3% for the quarter ended March 31, 2025, as compared to 25.3% for the quarter ended December 31, 2024, and 26.4% for the quarter ended March 31, 2024. Differences between the Company's effective tax rate and applicable federal and state blended statutory rate of approximately 29.6% are due to the proportion of non-taxable revenues, non-deductible expenses, and benefits from tax credits as compared to the levels of pre-tax earnings.

    About TriCo Bancshares

    Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ:TCBK) headquartered in Chico, California, providing a unique brand of customer Service with Solutions available in traditional stand-alone and in-store bank branches and loan production offices in communities throughout California. Tri Counties Bank provides an extensive and competitive breadth of consumer, small business and commercial banking financial services, along with convenient around-the-clock ATMs, online and mobile banking access. Brokerage services are provided by Tri Counties Advisors through affiliation with Raymond James Financial Services, Inc. Visit www.TriCountiesBank.com to learn more.

    Forward-Looking Statements

    The statements contained herein that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on us. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: macroeconomic, geopolitical, and other challenges and uncertainties, including those related to actual or potential policies and actions from the new U.S. administration, such as tariffs, and reciprocal actions by other countries or regions, significant volatility and disruptions in financial markets, a resurgence of inflation, increases in unemployment rates, increases in interest rates and slowing economic growth or recession in the U.S. and other countries or regions; the impact of any future federal government shutdown and uncertainty regarding the federal government's debt limit; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions or adverse regulatory findings affecting our ability to successfully market and price our products to consumers; adverse developments in the financial services industry generally such as bank failures and any related impact on depositor behavior or investor sentiment; the impacts of international hostilities, wars, terrorism or geopolitical events; risks related to the sufficiency of liquidity, including our ability to attract and maintain deposits; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; extreme weather, natural disasters and other catastrophic events and their effects on our customers and the economic and business environments in which we operate; current and future economic and market conditions of the local economies in which we conduct operations; declines in housing and commercial real estate prices and changes in the financial performance and/or condition of our borrowers; the market value of our investment securities and possible other-than-temporary impairment of securities held by us due to changes in credit quality or rates; the availability of, and cost of, sources of funding and the demand for our products; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; the costs or effects of mergers, acquisitions or dispositions we may make, as well as whether we are able to obtain any required governmental approvals in connection with any such activities, or identify and complete favorable transactions in the future, and/or realize the anticipated financial and business benefits; the volatility of the stock market and its impact on our stock price and our ability to conduct acquisitions; the regulatory and financial impacts associated with exceeding $10 billion in total assets; the ability to execute our business plan in new markets; our future operating or financial performance, including our outlook for future growth; changes in the level and direction of our nonperforming assets and charge-offs and the appropriateness of the allowance for credit losses; the effectiveness of us managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; the effects of changes in the level or cost of checking or savings account deposits on our funding costs and net interest margin; increasing noninterest expense and its impact on our financial performance; competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional competitors including retail businesses and technology companies; the challenges of attracting, integrating and retaining key employees; the impact of the 2023 cyber security ransomware incident, including the pending litigation, on our operations and reputation; the vulnerability of our operational or security systems or infrastructure, the systems of third-party vendors or other service providers with whom we contract, and our customers to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and data/security breaches and the cost to defend against and respond to such incidents; increased data security risks due to work from home arrangements and email vulnerability; failure to safeguard personal information, and any resulting litigation; the effect of a fall in stock market prices on our brokerage and wealth management businesses; the emergence or continuation of widespread health emergencies or pandemics; potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions; and our ability to manage the risks involved in the foregoing. There can be no assurance that future developments affecting us will be the same as those anticipated by management. Additional factors that could cause results to differ materially from those described above can be found in our filings with the U.S. Securities and Exchange Commission, including without limitation the "Risk Factors" Section of TriCo's Annual Report on Form 10-K for the year ended December 31, 2024, Such filings are also available in the "Investor Relations" section of our website, https://www.tcbk.com/investor-relations. Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results. We undertake no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

    TriCo Bancshares—Condensed Consolidated Financial Data (unaudited)

    (dollars in thousands, except per share data)

    Three months ended

     

    March 31,

    2025

    December 31,

    2024

    September 30,

    2024

    June 30,

    2024

    March 31,

    2024

    Revenue and Expense Data

     

     

     

     

     

    Interest income

    $

    114,077

     

    $

    116,842

     

    $

    117,347

     

    $

    117,032

     

    $

    115,417

     

    Interest expense

     

    31,535

     

     

    32,752

     

     

    34,736

     

     

    35,035

     

     

    32,681

     

    Net interest income

     

    82,542

     

     

    84,090

     

     

    82,611

     

     

    81,997

     

     

    82,736

     

    Provision for credit losses

     

    3,728

     

     

    1,702

     

     

    220

     

     

    405

     

     

    4,305

     

    Noninterest income:

     

     

     

     

     

    Service charges and fees

     

    12,678

     

     

    13,115

     

     

    12,782

     

     

    12,796

     

     

    12,637

     

    (Loss) gain on sale or exchange of investment securities

     

    (1,146

    )

     

    —

     

     

    2

     

     

    (45

    )

     

    —

     

    Other income

     

    4,541

     

     

    3,160

     

     

    3,711

     

     

    3,115

     

     

    3,134

     

    Total noninterest income

     

    16,073

     

     

    16,275

     

     

    16,495

     

     

    15,866

     

     

    15,771

     

    Noninterest expense:

     

     

     

     

     

    Salaries and benefits

     

    36,855

     

     

    35,326

     

     

    35,550

     

     

    35,401

     

     

    34,304

     

    Occupancy and equipment

     

    5,361

     

     

    5,570

     

     

    5,565

     

     

    5,393

     

     

    5,307

     

    Data processing and network

     

    6,909

     

     

    7,284

     

     

    6,970

     

     

    7,081

     

     

    6,768

     

    Other noninterest expense

     

    10,460

     

     

    11,595

     

     

    11,402

     

     

    10,464

     

     

    10,125

     

    Total noninterest expense

     

    59,585

     

     

    59,775

     

     

    59,487

     

     

    58,339

     

     

    56,504

     

    Total income before taxes

     

    35,302

     

     

    38,888

     

     

    39,399

     

     

    39,119

     

     

    37,698

     

    Provision for income taxes

     

    8,939

     

     

    9,854

     

     

    10,348

     

     

    10,085

     

     

    9,949

     

    Net income

    $

    26,363

     

    $

    29,034

     

    $

    29,051

     

    $

    29,034

     

    $

    27,749

     

    Share Data

     

     

     

     

     

    Basic earnings per share

    $

    0.80

     

    $

    0.88

     

    $

    0.88

     

    $

    0.88

     

    $

    0.83

     

    Diluted earnings per share

    $

    0.80

     

    $

    0.88

     

    $

    0.88

     

    $

    0.87

     

    $

    0.83

     

    Dividends per share

    $

    0.33

     

    $

    0.33

     

    $

    0.33

     

    $

    0.33

     

    $

    0.33

     

    Book value per common share

    $

    38.17

     

    $

    37.03

     

    $

    37.55

     

    $

    35.62

     

    $

    35.06

     

    Tangible book value per common share (1)

    $

    28.73

     

    $

    27.60

     

    $

    28.09

     

    $

    26.13

     

    $

    25.60

     

    Shares outstanding

     

    32,892,488

     

     

    32,970,425

     

     

    33,000,508

     

     

    32,989,327

     

     

    33,168,770

     

    Weighted average shares

     

    32,952,541

     

     

    32,993,975

     

     

    32,992,855

     

     

    33,121,271

     

     

    33,245,377

     

    Weighted average diluted shares

     

    33,129,161

     

     

    33,161,715

     

     

    33,136,858

     

     

    33,243,955

     

     

    33,370,118

     

    Credit Quality

     

     

     

     

     

    Allowance for credit losses to gross loans

     

    1.88

    %

     

    1.85

    %

     

    1.85

    %

     

    1.83

    %

     

    1.83

    %

    Loans past due 30 days or more

    $

    44,753

     

    $

    32,711

     

    $

    37,888

     

    $

    30,372

     

    $

    16,474

     

    Total nonperforming loans

    $

    54,854

     

    $

    44,096

     

    $

    41,636

     

    $

    32,774

     

    $

    34,242

     

    Total nonperforming assets

    $

    57,539

     

    $

    46,882

     

    $

    44,400

     

    $

    35,267

     

    $

    36,735

     

    Loans charged-off

    $

    374

     

    $

    722

     

    $

    444

     

    $

    1,610

     

    $

    1,275

     

    Loans recovered

    $

    768

     

    $

    516

     

    $

    367

     

    $

    398

     

    $

    132

     

    Selected Financial Ratios

     

     

     

     

     

    Return on average total assets

     

    1.09

    %

     

    1.19

    %

     

    1.20

    %

     

    1.19

    %

     

    1.13

    %

    Return on average equity

     

    8.54

    %

     

    9.30

    %

     

    9.52

    %

     

    9.99

    %

     

    9.50

    %

    Average yield on loans

     

    5.71

    %

     

    5.78

    %

     

    5.83

    %

     

    5.82

    %

     

    5.72

    %

    Average yield on interest-earning assets

     

    5.15

    %

     

    5.22

    %

     

    5.26

    %

     

    5.24

    %

     

    5.13

    %

    Average rate on interest-bearing deposits

     

    2.06

    %

     

    2.15

    %

     

    2.23

    %

     

    2.14

    %

     

    1.83

    %

    Average cost of total deposits

     

    1.43

    %

     

    1.46

    %

     

    1.52

    %

     

    1.45

    %

     

    1.21

    %

    Average cost of total deposits and other borrowings

     

    1.46

    %

     

    1.50

    %

     

    1.59

    %

     

    1.59

    %

     

    1.47

    %

    Average rate on borrowings & subordinated debt

     

    5.68

    %

     

    5.80

    %

     

    5.83

    %

     

    5.65

    %

     

    5.35

    %

    Average rate on interest-bearing liabilities

     

    2.18

    %

     

    2.27

    %

     

    2.40

    %

     

    2.39

    %

     

    2.24

    %

    Net interest margin (fully tax-equivalent) (1)

     

    3.73

    %

     

    3.76

    %

     

    3.71

    %

     

    3.68

    %

     

    3.68

    %

    Loans to deposits

     

    83.13

    %

     

    83.69

    %

     

    83.16

    %

     

    83.76

    %

     

    85.14

    %

    Efficiency ratio

     

    60.42

    %

     

    59.56

    %

     

    60.02

    %

     

    59.61

    %

     

    57.36

    %

    Supplemental Loan Interest Income Data

     

     

     

     

     

    Discount accretion on acquired loans

    $

    1,995

     

    $

    1,129

     

    $

    1,018

     

    $

    850

     

    $

    1,332

     

    All other loan interest income (1)

    $

    93,383

     

    $

    96,563

     

    $

    97,067

     

    $

    97,379

     

    $

    95,153

     

    Total loan interest income (1)

    $

    95,378

     

    $

    97,692

     

    $

    98,085

     

    $

    98,229

     

    $

    96,485

     

    (1)

    Non-GAAP measure

    TriCo Bancshares—Condensed Consolidated Financial Data (unaudited)

    (dollars in thousands, except per share data)

     

    Balance Sheet Data

    March 31,

    2025

    December 31,

    2024

    September 30,

    2024

    June 30,

    2024

    March 31,

    2024

    Cash and due from banks

    $

    308,250

     

    $

    144,956

     

    $

    320,114

     

    $

    206,558

     

    $

    82,836

     

    Securities, available for sale, net

     

    1,854,998

     

     

    1,907,494

     

     

    1,981,960

     

     

    1,946,167

     

     

    2,076,494

     

    Securities, held to maturity, net

     

    106,868

     

     

    111,866

     

     

    117,259

     

     

    122,673

     

     

    127,811

     

    Restricted equity securities

     

    17,250

     

     

    17,250

     

     

    17,250

     

     

    17,250

     

     

    17,250

     

    Loans held for sale

     

    2,028

     

     

    709

     

     

    1,995

     

     

    474

     

     

    1,346

     

    Loans:

     

     

     

     

     

    Commercial real estate

     

    4,634,446

     

     

    4,577,632

     

     

    4,487,524

     

     

    4,461,111

     

     

    4,443,768

     

    Consumer

     

    1,279,878

     

     

    1,281,059

     

     

    1,283,963

     

     

    1,300,727

     

     

    1,303,757

     

    Commercial and industrial

     

    457,189

     

     

    471,271

     

     

    484,763

     

     

    548,625

     

     

    549,780

     

    Construction

     

    298,319

     

     

    279,933

     

     

    276,095

     

     

    283,374

     

     

    348,981

     

    Agriculture production

     

    144,588

     

     

    151,822

     

     

    144,123

     

     

    140,239

     

     

    145,159

     

    Leases

     

    6,354

     

     

    6,806

     

     

    7,423

     

     

    8,450

     

     

    9,250

     

    Total loans, gross

     

    6,820,774

     

     

    6,768,523

     

     

    6,683,891

     

     

    6,742,526

     

     

    6,800,695

     

    Allowance for credit losses

     

    (128,423

    )

     

    (125,366

    )

     

    (123,760

    )

     

    (123,517

    )

     

    (124,394

    )

    Total loans, net

     

    6,692,351

     

     

    6,643,157

     

     

    6,560,131

     

     

    6,619,009

     

     

    6,676,301

     

    Premises and equipment

     

    70,475

     

     

    70,287

     

     

    70,423

     

     

    70,621

     

     

    71,001

     

    Cash value of life insurance

     

    134,678

     

     

    140,149

     

     

    139,312

     

     

    138,525

     

     

    137,695

     

    Accrued interest receivable

     

    32,536

     

     

    34,810

     

     

    33,061

     

     

    35,527

     

     

    35,783

     

    Goodwill

     

    304,442

     

     

    304,442

     

     

    304,442

     

     

    304,442

     

     

    304,442

     

    Other intangible assets

     

    5,918

     

     

    6,432

     

     

    7,462

     

     

    8,492

     

     

    9,522

     

    Operating leases, right-of-use

     

    22,806

     

     

    23,529

     

     

    24,716

     

     

    25,113

     

     

    26,240

     

    Other assets

     

    266,999

     

     

    268,647

     

     

    245,765

     

     

    246,548

     

     

    247,046

     

    Total assets

    $

    9,819,599

     

    $

    9,673,728

     

    $

    9,823,890

     

    $

    9,741,399

     

    $

    9,813,767

     

    Deposits:

     

     

     

     

     

    Noninterest-bearing demand deposits

    $

    2,539,109

     

    $

    2,548,613

     

    $

    2,547,736

     

    $

    2,557,063

     

    $

    2,600,448

     

    Interest-bearing demand deposits

     

    1,778,615

     

     

    1,758,629

     

     

    1,708,726

     

     

    1,791,466

     

     

    1,742,875

     

    Savings deposits

     

    2,777,840

     

     

    2,657,849

     

     

    2,690,045

     

     

    2,667,006

     

     

    2,672,537

     

    Time certificates

     

    1,109,768

     

     

    1,122,485

     

     

    1,090,584

     

     

    1,034,695

     

     

    971,798

     

    Total deposits

     

    8,205,332

     

     

    8,087,576

     

     

    8,037,091

     

     

    8,050,230

     

     

    7,987,658

     

    Accrued interest payable

     

    9,685

     

     

    11,501

     

     

    11,664

     

     

    12,018

     

     

    10,224

     

    Operating lease liability

     

    24,657

     

     

    25,437

     

     

    26,668

     

     

    27,122

     

     

    28,299

     

    Other liabilities

     

    131,478

     

     

    137,506

     

     

    141,521

     

     

    128,063

     

     

    131,006

     

    Other borrowings

     

    91,706

     

     

    89,610

     

     

    266,767

     

     

    247,773

     

     

    392,409

     

    Junior subordinated debt

     

    101,222

     

     

    101,191

     

     

    101,164

     

     

    101,143

     

     

    101,120

     

    Total liabilities

     

    8,564,080

     

     

    8,452,821

     

     

    8,584,875

     

     

    8,566,349

     

     

    8,650,716

     

    Common stock

     

    692,500

     

     

    693,462

     

     

    693,176

     

     

    691,878

     

     

    696,464

     

    Retained earnings

     

    693,383

     

     

    679,907

     

     

    662,816

     

     

    644,687

     

     

    630,954

     

    Accumulated other comprehensive loss, net of tax

     

    (130,364

    )

     

    (152,462

    )

     

    (116,977

    )

     

    (161,515

    )

     

    (164,367

    )

    Total shareholders' equity

    $

    1,255,519

     

    $

    1,220,907

     

    $

    1,239,015

     

    $

    1,175,050

     

    $

    1,163,051

     

    Quarterly Average Balance Data

     

     

     

     

     

    Average loans

    $

    6,776,188

     

    $

    6,720,732

     

    $

    6,690,326

     

    $

    6,792,303

     

    $

    6,785,840

     

    Average interest-earning assets

    $

    9,007,447

     

    $

    8,932,077

     

    $

    8,892,223

     

    $

    9,001,674

     

    $

    9,066,537

     

    Average total assets

    $

    9,808,216

     

    $

    9,725,643

     

    $

    9,666,979

     

    $

    9,782,228

     

    $

    9,855,797

     

    Average deposits

    $

    8,195,793

     

    $

    8,118,663

     

    $

    8,020,936

     

    $

    8,024,441

     

    $

    7,821,044

     

    Average borrowings and subordinated debt

    $

    190,666

     

    $

    196,375

     

    $

    276,418

     

    $

    426,732

     

    $

    685,802

     

    Average total equity

    $

    1,251,994

     

    $

    1,241,522

     

    $

    1,214,510

     

    $

    1,169,324

     

    $

    1,174,592

     

    Capital Ratio Data

     

     

     

     

     

    Total risk-based capital ratio

     

    15.8

    %

     

    15.7

    %

     

    15.6

    %

     

    15.2

    %

     

    15.0

    %

    Tier 1 capital ratio

     

    14.1

    %

     

    14.0

    %

     

    13.8

    %

     

    13.4

    %

     

    13.2

    %

    Tier 1 common equity ratio

     

    13.3

    %

     

    13.2

    %

     

    13.1

    %

     

    12.7

    %

     

    12.5

    %

    Tier 1 leverage ratio

     

    11.7

    %

     

    11.7

    %

     

    11.6

    %

     

    11.2

    %

     

    11.0

    %

    Tangible capital ratio (1)

     

    9.9

    %

     

    9.7

    %

     

    9.7

    %

     

    9.1

    %

     

    8.9

    %

    (1)

    Non-GAAP measure

    TriCo Bancshares—Non-GAAP Financial Measures (unaudited)

    In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this press release because it believes that they provide useful and comparative information to assess trends in the Company's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:

     

    Three months ended

    (dollars in thousands)

    March 31,

    2025

    December 31,

    2024

    March 31,

    2024

    Net interest margin

     

     

     

    Acquired loans discount accretion, net:

     

     

     

    Amount (included in interest income)

    $

    1,995

     

    $

    1,129

     

    $

    1,332

     

    Effect on average loan yield

     

    0.12

    %

     

    0.06

    %

     

    0.08

    %

    Effect on net interest margin (FTE)

     

    0.09

    %

     

    0.05

    %

     

    0.06

    %

    Net interest margin (FTE)

     

    3.73

    %

     

    3.76

    %

     

    3.68

    %

    Net interest margin less effect of acquired loan discount accretion (Non-GAAP)

     

    3.64

    %

     

    3.71

    %

     

    3.62

    %

     

    Three months ended

    (dollars in thousands)

    March 31,

    2025

    December 31,

    2024

    March 31,

    2024

    Pre-tax pre-provision return on average assets or equity

    Net income (GAAP)

    $

    26,363

     

    $

    29,034

     

    $

    27,749

     

    Exclude provision for income taxes

     

    8,939

     

     

    9,854

     

     

    9,949

     

    Exclude provision for credit losses

     

    3,728

     

     

    1,702

     

     

    4,305

     

    Net income before income tax and provision expense (Non-GAAP)

    $

    39,030

     

    $

    40,590

     

    $

    42,003

     

     

     

     

     

    Average assets (GAAP)

    $

    9,808,216

     

    $

    9,725,643

     

    $

    9,855,797

     

    Average equity (GAAP)

    $

    1,251,994

     

    $

    1,241,522

     

    $

    1,174,592

     

     

     

     

     

    Return on average assets (GAAP) (annualized)

     

    1.09

    %

     

    1.19

    %

     

    1.13

    %

    Pre-tax pre-provision return on average assets (Non-GAAP) (annualized)

     

    1.61

    %

     

    1.66

    %

     

    1.71

    %

    Return on average equity (GAAP) (annualized)

     

    8.54

    %

     

    9.30

    %

     

    9.50

    %

    Pre-tax pre-provision return on average equity (Non-GAAP) (annualized)

     

    12.64

    %

     

    13.01

    %

     

    14.38

    %

     

    Three months ended

    (dollars in thousands)

    March 31,

    2025

    December 31,

    2024

    March 31,

    2024

    Return on tangible common equity

     

     

     

    Average total shareholders' equity

    $

    1,251,994

     

    $

    1,241,522

     

    $

    1,174,592

     

    Exclude average goodwill

     

    304,442

     

     

    304,442

     

     

    304,442

     

    Exclude average other intangibles

     

    6,234

     

     

    7,085

     

     

    10,037

     

    Average tangible common equity (Non-GAAP)

    $

    941,318

     

    $

    929,995

     

    $

    860,113

     

     

     

     

     

    Net income (GAAP)

    $

    26,363

     

    $

    29,034

     

    $

    27,749

     

    Exclude amortization of intangible assets, net of tax effect

     

    362

     

     

    725

     

     

    725

     

    Tangible net income available to common shareholders (Non-GAAP)

    $

    26,725

     

    $

    29,759

     

    $

    28,474

     

     

     

     

     

    Return on average equity (GAAP) (annualized)

     

    8.54

    %

     

    9.30

    %

     

    9.50

    %

    Return on average tangible common equity (Non-GAAP)

     

    11.51

    %

     

    12.73

    %

     

    13.31

    %

     

    Three months ended

    (dollars in thousands)

    March 31,

    2025

    December 31,

    2024

    September 30,

    2024

    June 30,

    2024

    March 31,

    2024

    Tangible shareholders' equity to tangible assets

     

     

     

     

     

    Shareholders' equity (GAAP)

    $

    1,255,519

     

    $

    1,220,907

     

    $

    1,239,015

     

    $

    1,175,050

     

    $

    1,163,051

     

    Exclude goodwill and other intangible assets, net

     

    310,360

     

     

    310,874

     

     

    311,904

     

     

    312,934

     

     

    313,964

     

    Tangible shareholders' equity (Non-GAAP)

    $

    945,159

     

    $

    910,033

     

    $

    927,111

     

    $

    862,116

     

    $

    849,087

     

     

     

     

     

     

     

    Total assets (GAAP)

    $

    9,819,599

     

    $

    9,673,728

     

    $

    9,823,890

     

    $

    9,741,399

     

    $

    9,813,767

     

    Exclude goodwill and other intangible assets, net

     

    310,360

     

     

    310,874

     

     

    311,904

     

     

    312,934

     

     

    313,964

     

    Total tangible assets (Non-GAAP)

    $

    9,509,239

     

    $

    9,362,854

     

    $

    9,511,986

     

    $

    9,428,465

     

    $

    9,499,803

     

     

     

     

     

     

     

    Shareholders' equity to total assets (GAAP)

     

    12.79

    %

     

    12.62

    %

     

    12.61

    %

     

    12.06

    %

     

    11.85

    %

    Tangible shareholders' equity to tangible assets (Non-GAAP)

     

    9.94

    %

     

    9.72

    %

     

    9.75

    %

     

    9.14

    %

     

    8.94

    %

     

    Three months ended

    (dollars in thousands)

    March 31,

    2025

    December 31,

    2024

    September 30,

    2024

    June 30,

    2024

    March 31,

    2024

    Tangible common shareholders' equity per share

     

     

     

     

     

    Tangible shareholders' equity (Non-GAAP)

    $

    945,159

    $

    910,033

    $

    927,111

    $

    862,116

    $

    849,087

     

     

     

     

     

     

    Common shares outstanding at end of period

     

    32,892,488

     

    32,970,425

     

    33,000,508

     

    32,989,327

     

    33,168,770

     

     

     

     

     

     

    Common shareholders' equity (book value) per share (GAAP)

    $

    38.17

    $

    37.03

    $

    37.55

    $

    35.62

    $

    35.06

    Tangible common shareholders' equity (tangible book value) per share (Non-GAAP)

    $

    28.73

    $

    27.60

    $

    28.09

    $

    26.13

    $

    25.60

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250424300697/en/

    Investor Contact

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