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    TriCo Bancshares Reports Fourth Quarter 2024 Net Income of $29.0 Million, Diluted EPS of $0.88

    1/23/25 6:30:00 AM ET
    $TCBK
    Major Banks
    Finance
    Get the next $TCBK alert in real time by email

    4Q24 Financial Highlights

    • Net income was $29.0 million or $0.88 per diluted share as compared to $29.1 million or $0.88 per diluted share in the trailing quarter
    • Net interest margin (FTE) was 3.76% in the recent quarter, an increase of 5 basis points over 3.71% in the trailing quarter; net interest income (FTE) was $84.4 million, and increase of $1.5 million over the trailing quarter
    • Loan balances increased $84.6 million or 5.1% (annualized) from the trailing quarter and decreased $25.9 million or 0.4% from the same quarter of the prior year
    • Deposit balances increased $50.5 million or 2.5% (annualized) from the trailing quarter and increased $253.5 million or 3.2% from the same quarter of the prior year
    • Average yield on earning assets was 5.22%, a decrease of 4 basis points over the 5.26% in the trailing quarter; average yield on loans was 5.78%, a decrease of 5 basis points over the 5.83% in the trailing quarter
    • Non-interest bearing deposits averaged 31.8% of total deposits during the quarter
    • The average cost of total deposits was 1.46%, a decrease of 6 basis points as compared to 1.52% in the trailing quarter, and an increase of 41 basis points from 1.05% in the same quarter of the prior year

    TriCo Bancshares (NASDAQ:TCBK):

    Executive Commentary:

    "With the close of 2024 representing nearly 50 years of strong and steady value delivery to our stakeholders, we remain focused on our path forward. The next several years may bring a number of changes to the financial services industry and to Tri Counties Bank; however, we believe that these changes will likely create significant opportunity for us to further differentiate and elevate our performance," said Rick Smith, President and CEO.

    Peter Wiese, EVP and CFO added, "Both net interest margin and net interest income expanded for the second consecutive quarter despite three Federal Funds rate cuts totaling 100 basis points since mid-September. These benefits were realized primarily through a reduction in funding costs and the deployment of balance sheet cash into higher yielding earning assets."

    Selected Financial Highlights

    • For the quarter ended December 31, 2024, the Company's return on average assets was 1.19%, while the return on average equity was 9.30%; for the trailing quarter ended September 30, 2024, the Company's return on average assets was 1.20%, while the return on average equity was 9.52%
    • Diluted earnings per share were $0.88 for the fourth quarter of 2024, compared to $0.88 for the trailing quarter and $0.78 during the fourth quarter of 2023
    • The loan to deposit ratio increased to 83.7% as of December 31, 2024, as compared to 83.2% for the trailing quarter end, as a result of loan growth outpacing deposit growth during the quarter
    • The efficiency ratio was 59.56% for the quarter ended December 31, 2024, as compared to 60.02% for the trailing quarter
    • The provision for credit losses was approximately $1.7 million during the quarter ended December 31, 2024, as compared to $0.2 million during the trailing quarter end, and was necessitated by the $84.6 million in loan growth during the quarter
    • The allowance for credit losses (ACL) to total loans was 1.85% as of December 31, 2024, compared to 1.85% as of the trailing quarter end, and 1.79% as of December 31, 2023. Non-performing assets to total assets were 0.48% on December 31, 2024, as compared to 0.45% as of September 30, 2024, and 0.35% at December 31, 2023. At December 31, 2024, the ACL represented 284% 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 December 31, 2024, 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

     

     

     

     

     

    December 31,

    2024

     

    September 30,

    2024

     

     

     

     

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

     

     

    $ Change

     

     

    % Change

    Net interest income

    $

    84,090

     

     

    $

    82,611

     

     

    $

    1,479

     

     

    1.8

    %

    Provision for credit losses

     

    (1,702

    )

     

     

    (220

    )

     

     

    (1,482

    )

     

    673.6

    %

    Noninterest income

     

    16,275

     

     

     

    16,495

     

     

     

    (220

    )

     

    (1.3

    )%

    Noninterest expense

     

    (59,775

    )

     

     

    (59,487

    )

     

     

    (288

    )

     

    0.5

    %

    Provision for income taxes

     

    (9,854

    )

     

     

    (10,348

    )

     

     

    494

     

     

    (4.8

    )%

    Net income

    $

    29,034

     

     

    $

    29,051

     

     

    $

    (17

    )

     

    (0.1

    )%

    Diluted earnings per share

    $

    0.88

     

     

    $

    0.88

     

     

    $

    —

     

     

    —

    %

    Dividends per share

    $

    0.33

     

     

    $

    0.33

     

     

    $

    —

     

     

    —

    %

    Average common shares

     

    32,994

     

     

     

    32,993

     

     

     

    1

     

     

    nm

    Average diluted common shares

     

    33,162

     

     

     

    33,137

     

     

     

    25

     

     

    0.1

    %

    Return on average total assets

     

    1.19

    %

     

     

    1.20

    %

     

     

     

     

    Return on average equity

     

    9.30

    %

     

     

    9.52

    %

     

     

     

     

    Efficiency ratio

     

    59.56

    %

     

     

    60.02

    %

     

     

     

     

     

    Three months ended

    December 31,

     

     

     

     

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

     

    2024

     

     

     

    2023

     

     

    $ Change

     

     

    % Change

    Net interest income

    $

    84,090

     

     

    $

    86,617

     

     

    $

    (2,527

    )

     

    (2.9

    )%

    Provision for credit losses

     

    (1,702

    )

     

     

    (5,990

    )

     

     

    4,288

     

     

    (71.6

    )%

    Noninterest income

     

    16,275

     

     

     

    16,040

     

     

     

    235

     

     

    1.5

    %

    Noninterest expense

     

    (59,775

    )

     

     

    (60,267

    )

     

     

    492

     

     

    (0.8

    )%

    Provision for income taxes

     

    (9,854

    )

     

     

    (10,325

    )

     

     

    471

     

     

    (4.6

    )%

    Net income

    $

    29,034

     

     

    $

    26,075

     

     

    $

    2,959

     

     

    11.3

    %

    Diluted earnings per share

    $

    0.88

     

     

    $

    0.78

     

     

    $

    0.10

     

     

    12.8

    %

    Dividends per share

    $

    0.33

     

     

    $

    0.30

     

     

    $

    0.03

     

     

    10.0

    %

    Average common shares

     

    32,994

     

     

     

    33,267

     

     

     

    (273

    )

     

    (0.8

    )%

    Average diluted common shares

     

    33,162

     

     

     

    33,352

     

     

     

    (190

    )

     

    (0.6

    )%

    Return on average total assets

     

    1.19

    %

     

     

    1.05

    %

     

     

     

     

    Return on average equity

     

    9.30

    %

     

     

    9.43

    %

     

     

     

     

    Efficiency ratio

     

    59.56

    %

     

     

    58.71

    %

     

     

     

     

     

    Twelve months ended

    December 31,

     

     

    (dollars and shares in thousands)

     

    2024

     

     

     

    2023

     

     

    $ Change

     

    % Change

    Net interest income

    $

    331,434

     

     

    $

    356,677

     

     

    $

    (25,243

    )

     

    (7.1

    )%

    Provision for credit losses

     

    (6,632

    )

     

     

    (23,990

    )

     

     

    17,358

     

     

    (72.4

    )%

    Noninterest income

     

    64,407

     

     

     

    61,400

     

     

     

    3,007

     

     

    4.9

    %

    Noninterest expense

     

    (234,105

    )

     

     

    (233,182

    )

     

     

    (923

    )

     

    0.4

    %

    Provision for income taxes

     

    (40,236

    )

     

     

    (43,515

    )

     

     

    3,279

     

     

    (7.5

    )%

    Net income

    $

    114,868

     

     

    $

    117,390

     

     

    $

    (2,522

    )

     

    (2.1

    )%

    Diluted earnings per share

    $

    3.46

     

     

    $

    3.52

     

     

    $

    (0.06

    )

     

    (1.7

    )%

    Dividends per share

    $

    1.32

     

     

    $

    1.20

     

     

    $

    0.12

     

     

    10.0

    %

    Average common shares

     

    33,088

     

     

     

    33,261

     

     

     

    (173

    )

     

    (0.5

    )%

    Average diluted common shares

     

    33,230

     

     

     

    33,355

     

     

     

    (125

    )

     

    (0.4

    )%

    Return on average total assets

     

    1.18

    %

     

     

    1.19

    %

     

     

     

     

    Return on average equity

     

    9.57

    %

     

     

    10.65

    %

     

     

     

     

    Efficiency ratio

     

    59.14

    %

     

     

    55.77

    %

     

     

     

     

    Balance Sheet Data

    Total loans outstanding were $6.8 billion as of December 31, 2024, a decrease of $25.9 million or 0.4% over December 31, 2023, but an increase of $84.6 million or 5.1% annualized as compared to the trailing quarter ended September 30, 2024. Investments decreased by $79.9 million and $269.3 million for the three and twelve month periods ended December 31, 2024, respectively, and ended the quarter with a balance of $2.04 billion or 21.1% of total assets. Quarterly average earning assets to quarterly total average assets was 91.8% on December 31, 2024, compared to 91.6% at December 31, 2023. The loan-to-deposit ratio was 83.7% on December 31, 2024, as compared to 86.7% at December 31, 2023. The Company did not utilize brokered deposits during 2024 or 2023 and continues to rely on organic deposit customers and short-term borrowings to fund cash flow timing differences.

    Total shareholders' equity decreased by $18.1 million during the quarter ended December 31, 2024, as net income of $29.0 million was partially offset by a $35.5 million increase in accumulated other comprehensive losses and cash dividend payments on common stock of approximately $10.9 million. As a result, the Company's book value declined to $37.03 per share at December 31, 2024, compared to $37.55 at September 30, 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 $27.60 per share at December 31, 2024, as compared to $28.09 at September 30, 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

    December 31,

    2024

     

    September 30,

    2024

     

     

     

    Annualized

    % Change

    (dollars in thousands)

     

     

    $ Change

    Total assets

    $

    9,673,728

     

    $

    9,823,890

     

    $

    (150,162

    )

     

    (6.1

    )%

    Total loans

     

    6,768,523

     

     

    6,683,891

     

     

    84,632

     

     

    5.1

     

    Total investments

     

    2,036,610

     

     

    2,116,469

     

     

    (79,859

    )

     

    (15.1

    )

    Total deposits

     

    8,087,576

     

     

    8,037,091

     

     

    50,485

     

     

    2.5

     

    Total other borrowings

     

    89,610

     

     

    266,767

     

     

    (177,157

    )

     

    (265.6

    )

    Loans outstanding increased by $84.6 million or 5.1% on an annualized basis during the quarter ended December 31, 2024. During the quarter, loan originations/draws totaled approximately $487.9 million while payoffs/repayments of loans totaled $408.5 million, which compares to originations/draws and payoffs/repayments during the trailing quarter ended of $351.1 million and $418.8 million, respectively. Origination volume was elevated relative to the comparative period in 2023 due in large part to a dip in benchmark interest rates leading to increased borrower demand. The activity within loan payoffs/repayments remains spread amongst numerous borrowers, regions and loan types.

    Investment security balances decreased $79.9 million or 15.1% on an annualized basis during the quarter as a result of net decreases in the market value of securities of $53.1 million and net prepayments and maturities, collectively totaling approximating $91.0 million, offset partially by purchases totaling $64.8 million. There were no investment securities sold during the quarter. Investment security purchases were comprised of fixed rate agency mortgage backed securities and fixed rate agency collateralized mortgage obligations. 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 $50.5 million or 2.5% annualized during the period, primarily due to increases in interest-bearing demand deposits and time certificates, partially offset by decreases in savings deposits.

    Average Trailing Quarter Balance Sheet Change

    Quarterly average balances for the period ended

    December 31,

    2024

     

    September 30,

    2024

     

     

     

    Annualized

    % Change

    (dollars in thousands)

     

     

    $ Change

     

    Total assets

    $

    9,725,643

     

    $

    9,666,979

     

    $

    58,664

     

     

    2.4

    %

    Total loans

     

    6,720,732

     

     

    6,690,326

     

     

    30,406

     

     

    1.8

     

    Total investments

     

    2,066,437

     

     

    2,108,359

     

     

    (41,922

    )

     

    (8.0

    )

    Total deposits

     

    8,118,663

     

     

    8,020,936

     

     

    97,727

     

     

    4.9

     

    Total other borrowings

     

    95,202

     

     

    175,268

     

     

    (80,066

    )

     

    (182.7

    )

    Year Over Year Balance Sheet Change

    Ending balances

    As of December 31,

     

     

     

    % Change

    (dollars in thousands)

     

    2024

     

     

    2023

     

    $ Change

     

    Total assets

    $

    9,673,728

     

    $

    9,910,089

     

    $

    (236,361

    )

     

    (2.4

    )%

    Total loans

     

    6,768,523

     

     

    6,794,470

     

     

    (25,947

    )

     

    (0.4

    )

    Total investments

     

    2,036,610

     

     

    2,305,882

     

     

    (269,272

    )

     

    (11.7

    )

    Total deposits

     

    8,087,576

     

     

    7,834,038

     

     

    253,538

     

     

    3.2

     

    Total other borrowings

     

    89,610

     

     

    632,582

     

     

    (542,972

    )

     

    (85.8

    )

    Primary Sources of Liquidity

    (dollars in thousands)

    December 31, 2024

     

    September 30, 2024

     

    December 31, 2023

    Borrowing capacity at correspondent banks and FRB

    $

    2,821,678

     

     

    $

    2,757,640

     

     

    $

    2,927,065

     

    Less: borrowings outstanding

     

    (75,000

    )

     

     

    (250,000

    )

     

     

    (500,000

    )

    Unpledged available-for-sale (AFS) investment securities

     

    1,279,422

     

     

     

    1,312,745

     

     

     

    1,702,265

     

    Cash held or in transit with FRB

     

    96,395

     

     

     

    274,908

     

     

     

    72,049

    Total primary liquidity

    $

    4,122,495

     

     

    $

    4,095,293

     

     

    $

    4,201,379

     

     

    Estimated uninsured deposit balances

    $

    2,584,265

     

    $

    2,513,313

     

    $

    2,406,552

     

    On December 31, 2024, the Company's primary sources of liquidity represented 51% of total deposits and 160% of estimated total uninsured (excluding collateralized municipal deposits and intercompany balances) deposits, respectively. As secondary sources of liquidity, the Company's held-to-maturity investment securities had a fair value of $104.3 million, including approximately $7.5 million in net unrealized losses.

    Net Interest Income and Net Interest Margin

    The Company's yield on total loans increased 14 basis points to 5.78% for the three months ended December 31, 2024, from 5.64% for the three months ended December 31, 2023. The tax equivalent yield on the Company's investment security portfolio was 3.38% for the quarter ended December 31, 2024, a decrease of 9 basis points from the 3.47% for the three months ended December 31, 2023. The cost of total interest-bearing deposits and total interest-bearing liabilities increased by 53 basis points and 26 basis points, respectively, between the three-month periods ended December 31, 2024 and 2023. In September 2024, the FOMC began reducing short term rates and through December 2024 there were three rate cuts totaling 100 basis points. Net interest income and net interest margin increased in both the third and fourth quarters of 2024. More specifically, the fully tax-equivalent net interest income and net interest margin was $82.3 million and 3.68%, respectively for the quarter ended June 30, 2024, and was $84.4 million and 3.76%, respectively for the quarter ended December 31, 2024.

    The Company continues to manage its cost of deposits through the use of various pricing and product mix strategies. As of December 31, 2024 and December 31, 2023, deposits priced utilizing these strategies totaled $1.05 billion and $1.3 billion and carried weighted average rates of 3.59% and 3.60%, respectively.

     

    Three months ended

     

     

     

     

     

    December 31,

    2024

     

    September 30,

    2024

     

     

     

     

    (dollars in thousands)

     

     

    Change

     

    % Change

    Interest income

    $

    116,842

     

     

    $

    117,347

     

     

    $

    (505

    )

     

    (0.4

    )%

    Interest expense

     

    (32,752

    )

     

     

    (34,736

    )

     

     

    1,984

     

     

    (5.7

    )%

    Fully tax-equivalent adjustment (FTE) (1)

     

    266

     

     

     

    269

     

     

     

    (3

    )

     

    (1.1

    )%

    Net interest income (FTE)

    $

    84,356

     

     

    $

    82,880

     

     

    $

    1,476

     

     

    1.8

    %

    Net interest margin (FTE)

     

    3.76

    %

     

     

    3.71

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Acquired loans discount accretion, net:

     

     

     

     

     

     

     

    Amount (included in interest income)

    $

    1,129

     

     

    $

    1,018

     

     

    $

    111

     

     

    10.9

    %

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

     

    3.71

    %

     

     

    3.66

    %

     

     

    0.05

    %

     

     

     

    Three months ended

    December 31,

     

     

     

     

    (dollars in thousands)

     

    2024

     

     

     

    2023

     

     

    Change

     

    % Change

    Interest income

    $

    116,842

     

     

    $

    115,909

     

     

    $

    933

     

     

    0.8

    %

    Interest expense

     

    (32,752

    )

     

     

    (29,292

    )

     

     

    (3,460

    )

     

    11.8

    %

    Fully tax-equivalent adjustment (FTE) (1)

     

    266

     

     

     

    360

     

     

     

    (94

    )

     

    (26.1

    )%

    Net interest income (FTE)

    $

    84,356

     

     

    $

    86,977

     

     

    $

    (2,621

    )

     

    (3.0

    )%

    Net interest margin (FTE)

     

    3.76

    %

     

     

    3.81

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Acquired loans discount accretion, net:

     

     

     

     

     

     

     

    Amount (included in interest income)

    $

    1,129

     

     

    $

    1,459

     

     

    $

    (330

    )

     

    (22.6

    )%

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

     

    3.71

    %

     

     

    3.75

    %

     

     

    (0.04

    )%

     

     

     

    Twelve months ended

    December 31,

     

     

     

     

    (dollars in thousands)

     

    2024

     

     

     

    2023

     

     

    Change

     

    % Change

    Interest income

    $

    466,638

     

     

    $

    438,354

     

     

    $

    28,284

     

     

    6.5

    %

    Interest expense

     

    (135,204

    )

     

     

    (81,677

    )

     

     

    (53,527

    )

     

    65.5

    %

    Fully tax-equivalent adjustment (FTE) (1)

     

    1,085

     

     

     

    1,536

     

     

     

    (451

    )

     

    (29.4

    )%

    Net interest income (FTE)

    $

    332,519

     

     

    $

    358,213

     

     

    $

    (25,694

    )

     

    (7.2

    )%

    Net interest margin (FTE)

     

    3.71

    %

     

     

    3.96

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Acquired loans discount accretion, net:

     

     

     

     

     

     

     

    Amount (included in interest income)

    $

    4,329

     

     

    $

    5,651

     

     

    $

    (1,322

    )

     

    (23.4

    )%

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

     

    3.66

    %

     

     

    3.90

    %

     

     

    (0.24

    )%

     

     

    (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)

    December 31, 2024

     

    September 30, 2024

     

    December 31, 2023

     

    Average

    Balance

    Income/

    Expense

    Yield/

    Rate

     

    Average

    Balance

     

    Income/

    Expense

    Yield/

    Rate

     

    Average

    Balance

    Income/

    Expense

    Yield/

    Rate

    Assets

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loans

    $

    6,720,732

     

    $

    97,692

     

    5.78

    %

     

    $

    6,690,326

     

    $

    98,085

     

    5.83

    %

     

    $

    6,746,153

     

    $

    95,841

     

    5.64

    %

    Investments-taxable

     

    1,932,839

     

     

    16,413

     

    3.38

    %

     

     

    1,972,859

     

     

    17,188

     

    3.47

    %

     

     

    2,121,652

     

     

    18,522

     

    3.46

    %

    Investments-nontaxable (1)

     

    133,598

     

     

    1,152

     

    3.43

    %

     

     

    135,500

     

     

    1,166

     

    3.42

    %

     

     

    173,583

     

     

    1,561

     

    3.57

    %

    Total investments

     

    2,066,437

     

     

    17,565

     

    3.38

    %

     

     

    2,108,359

     

     

    18,354

     

    3.46

    %

     

     

    2,295,235

     

     

    20,083

     

    3.47

    %

    Cash at Fed Reserve and other banks

     

    144,908

     

     

    1,851

     

    5.08

    %

     

     

    93,538

     

     

    1,177

     

    5.01

    %

     

     

    23,095

     

     

    345

     

    5.93

    %

    Total earning assets

     

    8,932,077

     

     

    117,108

     

    5.22

    %

     

     

    8,892,223

     

     

    117,616

     

    5.26

    %

     

     

    9,047,233

     

     

    116,269

     

    5.09

    %

    Other assets, net

     

    793,566

     

     

     

     

     

     

    774,756

     

     

     

     

     

     

    814,872

     

     

     

     

    Total assets

    $

    9,725,643

     

     

     

     

     

    $

    9,666,979

     

     

     

     

     

    $

    9,879,355

     

     

     

     

    Liabilities and shareholders' equity

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing demand deposits

    $

    1,723,059

     

    $

    5,704

     

    1.32

    %

     

    $

    1,736,442

     

    $

    6,132

     

    1.40

    %

     

    $

    1,755,900

     

    $

    4,714

     

    1.07

    %

    Savings deposits

     

    2,699,084

     

     

    12,666

     

    1.87

    %

     

     

    2,686,303

     

     

    13,202

     

    1.96

    %

     

     

    2,765,679

     

     

    10,828

     

    1.55

    %

    Time deposits

     

    1,111,024

     

     

    11,518

     

    4.12

    %

     

     

    1,055,612

     

     

    11,354

     

    4.28

    %

     

     

    652,709

     

     

    5,564

     

    3.38

    %

    Total interest-bearing deposits

     

    5,533,167

     

     

    29,888

     

    2.15

    %

     

     

    5,478,357

     

     

    30,688

     

    2.23

    %

     

     

    5,174,288

     

     

    21,106

     

    1.62

    %

    Other borrowings

     

    95,202

     

     

    1,066

     

    4.45

    %

     

     

    175,268

     

     

    2,144

     

    4.87

    %

     

     

    515,959

     

     

    6,394

     

    4.92

    %

    Junior subordinated debt

     

    101,173

     

     

    1,798

     

    7.07

    %

     

     

    101,150

     

     

    1,904

     

    7.49

    %

     

     

    101,087

     

     

    1,792

     

    7.03

    %

    Total interest-bearing liabilities

     

    5,729,542

     

     

    32,752

     

    2.27

    %

     

     

    5,754,775

     

     

    34,736

     

    2.40

    %

     

     

    5,791,334

     

     

    29,292

     

    2.01

    %

    Noninterest-bearing deposits

     

    2,585,496

     

     

     

     

     

     

    2,542,579

     

     

     

     

     

     

    2,816,705

     

     

     

     

    Other liabilities

     

    169,083

     

     

     

     

     

     

    155,115

     

     

     

     

     

     

    173,885

     

     

     

     

    Shareholders' equity

     

    1,241,522

     

     

     

     

     

     

    1,214,510

     

     

     

     

     

     

    1,097,431

     

     

     

     

    Total liabilities and shareholders' equity

    $

    9,725,643

     

     

     

     

     

    $

    9,666,979

     

     

     

     

     

    $

    9,879,355

     

     

     

     

    Net interest rate spread (1) (2)

     

     

     

     

    2.95

    %

     

     

     

     

     

    2.86

    %

     

     

     

     

     

    3.09

    %

    Net interest income and margin (1) (3)

     

     

    $

    84,356

     

    3.76

    %

     

     

     

    $

    82,880

     

    3.71

    %

     

     

     

    $

    86,977

     

    3.81

    %

    (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 December 31, 2024, increased $1.5 million or 1.8% to $84.4 million compared to $82.9 million during the three months ended September 30, 2024. Net interest margin totaled 3.76% for the three months ended December 31, 2024, an increase of 5 basis points from the trailing quarter. The increase in net interest income is primarily attributed to a $1.1 million decline in interest expense on other borrowings due to a $80.1 million decrease in the average balance of borrowings and a $0.8 million decrease in interest expense on deposits from an improved product rate mix, during the three months ended December 31, 2024 as compared to the trailing quarter. This decline in interest expense was partially offset by a decrease in total interest income from earning assets totaling $0.5 million, primarily related to a decline in yields on loans and declines in the average balance of investments totaling $42.0 million, as compared to the trailing quarter.

    As compared to the same quarter in the prior year, average loan yields increased 14 basis points from 5.64% during the three months ended December 31, 2023, to 5.78% during the three months ended December 31, 2024. The accretion of discounts from acquired loans added 6 basis points and 9 basis points to loan yields during the quarters ended December 31, 2024 and December 31, 2023, respectively. The cost of interest-bearing deposits increased by 53 basis points between the quarter ended December 31, 2024, and the same quarter of the prior year. In addition, the average balance of noninterest-bearing deposits decreased by $231.2 million from the three-month average for the period ended December 31, 2023 amidst a continued migration of customer funds to interest-bearing products.

    For the quarter ended December 31, 2024, the ratio of average total noninterest-bearing deposits to total average deposits was 31.8%, as compared to 31.7% and 35.2% for the quarters ended September 30, 2024 and December 31, 2023, respectively.

    (dollars in thousands)

    Twelve months ended December 31, 2024

     

    Twelve months ended December 31, 2023

     

    Average

    Balance

     

    Income/

    Expense

     

    Yield/

    Rate

     

    Average

    Balance

     

    Income/

    Expense

    Yield/

    Rate

    Assets

     

     

     

     

     

     

     

     

     

     

     

    Loans

    $

    6,747,072

     

    $

    390,491

     

    5.79

    %

     

    $

    6,557,246

     

    $

    356,710

     

    5.44

    %

    Investments-taxable

     

    2,008,823

     

     

    68,434

     

    3.41

    %

     

     

    2,272,301

     

     

    75,203

     

    3.31

    %

    Investments-nontaxable (1)

     

    136,530

     

     

    4,700

     

    3.44

    %

     

     

    181,766

     

     

    6,656

     

    3.66

    %

    Total investments

     

    2,145,353

     

     

    73,134

     

    3.41

    %

     

     

    2,454,067

     

     

    81,859

     

    3.34

    %

    Cash at Fed Reserve and other banks

     

    80,439

     

     

    4,098

     

    5.09

    %

     

     

    26,469

     

     

    1,321

     

    4.99

    %

    Total earning assets

     

    8,972,864

     

     

    467,723

     

    5.21

    %

     

     

    9,037,782

     

     

    439,890

     

    4.87

    %

    Other assets, net

     

    784,462

     

     

     

     

     

     

    832,407

     

     

     

     

    Total assets

    $

    9,757,326

     

     

     

     

     

    $

    9,870,189

     

     

     

     

    Liabilities and shareholders' equity

     

     

     

     

     

     

     

     

     

     

     

    Interest-bearing demand deposits

    $

    1,734,900

     

    $

    22,998

     

    1.33

    %

     

    $

    1,709,930

     

    $

    11,190

     

    0.65

    %

    Savings deposits

     

    2,677,726

     

     

    49,028

     

    1.83

    %

     

     

    2,805,424

     

     

    31,444

     

    1.12

    %

    Time deposits

     

    999,143

     

     

    41,100

     

    4.11

    %

     

     

    473,688

     

     

    12,453

     

    2.63

    %

    Total interest-bearing deposits

     

    5,411,769

     

     

    113,126

     

    2.09

    %

     

     

    4,989,042

     

     

    55,087

     

    1.10

    %

    Other borrowings

     

    294,318

     

     

    14,706

     

    5.00

    %

     

     

    430,736

     

     

    19,712

     

    4.58

    %

    Junior subordinated debt

     

    101,139

     

     

    7,372

     

    7.29

    %

     

     

    101,064

     

     

    6,878

     

    6.81

    %

    Total interest-bearing liabilities

     

    5,807,226

     

     

    135,204

     

    2.33

    %

     

     

    5,520,842

     

     

    81,677

     

    1.48

    %

    Noninterest-bearing deposits

     

    2,584,904

     

     

     

     

     

     

    3,068,839

     

     

     

     

    Other liabilities

     

    165,056

     

     

     

     

     

     

    178,072

     

     

     

     

    Shareholders' equity

     

    1,200,140

     

     

     

     

     

     

    1,102,436

     

     

     

     

    Total liabilities and shareholders' equity

    $

    9,757,326

     

     

     

     

     

    $

    9,870,189

     

     

     

     

    Net interest rate spread (1) (2)

     

     

     

     

    2.88

    %

     

     

     

     

     

    3.39

    %

    Net interest income and margin (1) (3)

     

     

    $

    332,519

     

    3.71

    %

     

     

     

    $

    358,213

     

    3.96

    %

    (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.

    Interest Rates and Earning Asset Composition

    As of December 31, 2024, the Company's loan portfolio consisted of approximately $6.8 billion in outstanding principal with a weighted average coupon rate of 5.47%. During the three-month periods ending December 31, 2024, September 30, 2024, and December 31, 2023, the weighted average coupon on loan production in the quarter was 6.94%, 7.63% and 7.31%, respectively. Included in the December 31, 2024, total loans are adjustable rate loans totaling $4.3 billion, of which, $907.1 million are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $355.4 million which are subject to repricing on not less than a quarterly basis.

    Asset Quality and Credit Loss Provisioning

    During the three months ended December 31, 2024, the Company recorded a provision for credit losses of $1.7 million, as compared to $0.2 million during the trailing quarter, and $6.0 million during the fourth quarter of 2023.

     

    Three months ended

     

    Twelve months ended

    (dollars in thousands)

    December 31,

    2024

     

    September 30,

    2024

     

    December 31,

    2023

     

    December 31,

    2024

     

    December 31,

    2023

    Addition to allowance for credit losses

    1,812

     

     

    320

     

     

    6,040

     

     

    6,482

     

    22,455

    Addition to (reversal of) reserve for unfunded loan commitments

    (110

    )

     

    (100

    )

     

    (50

    )

     

    150

     

    1,535

    Total provision for credit losses

    1,702

     

     

    220

     

     

    5,990

     

     

    6,632

     

    23,990

    The provision for credit losses on loans of $1.8 million during the current quarter resulted from net charge-offs approximating $0.2 million and increases in general reserves, for both qualitative and quantitative factors, as a result of loan growth and, to a lesser extent, changes in loan risk grades. Changes in specific reserves on individually evaluated credits were not meaningful during the quarter.

     

    Three Months Ended December 31,

     

    Twelve months ended December 31,

    (dollars in thousands)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Balance, beginning of period

    $

    123,760

     

     

    $

    115,812

     

     

    $

    121,522

     

     

    $

    105,680

     

    Provision for credit losses

     

    1,812

     

     

     

    6,040

     

     

     

    6,482

     

     

     

    22,455

     

    Loans charged-off

     

    (722

    )

     

     

    (749

    )

     

     

    (4,051

    )

     

     

    (8,140

    )

    Recoveries of previously charged-off loans

     

    516

     

     

     

    419

     

     

     

    1,413

     

     

     

    1,527

     

    Balance, end of period

    $

    125,366

     

     

    $

    121,522

     

     

    $

    125,366

     

     

    $

    121,522

     

    The allowance for credit losses (ACL) was $125.4 million or 1.85% of total loans as of December 31, 2024. The Company utilizes a forecast period of approximately eight quarters and obtains the forecast data from publicly available sources as of the balance sheet date. This forecast data continues to evolve and includes improving shifts in the magnitude of changes for both the unemployment and GDP factors leading up to the balance sheet date. Core inflation is slowing but prices remain elevated relative to wage increases, as reflected by higher living costs such as housing, energy and general services. Actions by the Federal Reserve to cut rates during 2024 and beyond may help improve this outlook overall, but the uncertainty associated with the extent and timing of these potential reductions has inhibited a material change to forecasted reserve levels. Furthermore, geopolitical risks remain elevated, which may lead to further negative effects on domestic economic outcomes. As a result, 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.

    Loans past due 30 days or more decreased by $5.2 million during the quarter ended December 31, 2024, to $32.7 million, as compared to $37.9 million at September 30, 2024. The majority of loans identified as past due are well-secured by collateral, and approximately $13.1 million is less than 90 days delinquent. Non-performing loans were $44.1 million at December 31, 2024, an increase of $2.5 million from $41.6 million as of September 30, 2024, and an increase of $12.2 million from $31.9 million as of December 31, 2023. Management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. Of the $44.1 million loans designated as non-performing as of December 31, 2024, approximately $13.2 million are current or less than 30 days past due with respect to payments required under their existing loan agreements.

     

    December 31,

     

    % of Loans

    Outstanding

     

    September 30,

     

    % of Loans

    Outstanding

     

    December 31,

     

    % of Loans

    Outstanding

    (dollars in thousands)

     

    2024

     

     

     

     

    2024

     

     

     

     

    2023

     

     

    Risk Rating:

     

     

     

     

     

     

     

     

     

     

     

    Pass

    $

    6,539,560

     

     

    96.6

    %

     

    $

    6,461,451

     

     

    96.7

    %

     

    $

    6,603,161

     

     

    97.2

    %

    Special Mention

     

    110,935

     

     

    1.6

    %

     

     

    104,759

     

     

    1.6

    %

     

     

    103,812

     

     

    1.5

    %

    Substandard

     

    118,028

     

     

    1.7

    %

     

     

    117,681

     

     

    1.8

    %

     

     

    87,497

     

     

    1.3

    %

    Total

    $

    6,768,523

     

     

     

     

    $

    6,683,891

     

     

     

     

    $

    6,794,470

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Classified loans to total loans

     

    1.74

    %

     

     

     

     

    1.76

    %

     

     

     

     

    1.29

    %

     

     

    Loans past due 30+ days to total loans

     

    0.48

    %

     

     

     

     

    0.57

    %

     

     

     

     

    0.29

    %

     

     

    The ratio of classified loans to total loans of 1.74% as of December 31, 2024, increased 3 basis points from September 30, 2024, and increased 45 basis points from the comparative quarter ended 2023. The change in classified loans outstanding as compared to the trailing quarter totaled $6.5 million. Loans with the risk grade classification substandard increased by $0.3 million over the trailing quarter without any material changes in the mix of underlying collateral type. As a percentage of total loans outstanding, classified assets remain consistent with volumes experienced prior to the recent quantitative easing cycle spurred by the COVID pandemic and reflect management's historically conservative approach to credit risk monitoring. The Company's combined criticized loan balances totaled $229.0 million as of December 31, 2024, an increase of $37.7 million from December 31, 2023.

    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 December 31, 2024, other real estate owned consisted of 10 properties with a carrying value of approximately $2.8 million, compared to 10 properties with a carrying value of approximately $2.8 million as of September 30, 2024. Non-performing assets of $46.9 million at December 31, 2024, represented 0.48% of total assets, a change from the $44.4 million or 0.45% and $34.6 million or 0.35% as of September 30, 2024 and December 31, 2023, respectively.

    Allocation of Credit Loss Reserves by Loan Type

     

    As of December 31, 2024

     

    As of September 30, 2024

     

    As of December 31, 2023

    (dollars in thousands)

    Amount

     

    % of Loans

    Outstanding

     

    Amount

     

    % of Loans

    Outstanding

     

    Amount

     

    % of Loans

    Outstanding

    Commercial real estate:

     

     

     

     

     

     

     

     

     

     

     

    CRE - Non-Owner Occupied

    $

    37,229

     

    1.60

    %

     

    $

    36,206

     

    1.61

    %

     

    $

    35,077

     

    1.58

    %

    CRE - Owner Occupied

     

    15,747

     

    1.64

    %

     

     

    15,382

     

    1.62

    %

     

     

    15,081

     

    1.58

    %

    Multifamily

     

    15,913

     

    1.55

    %

     

     

    15,735

     

    1.54

    %

     

     

    14,418

     

    1.52

    %

    Farmland

     

    3,960

     

    1.49

    %

     

     

    4,016

     

    1.50

    %

     

     

    4,288

     

    1.58

    %

    Total commercial real estate loans

     

    72,849

     

    1.59

    %

     

     

    71,339

     

    1.59

    %

     

     

    68,864

     

    1.57

    %

    Consumer:

     

     

     

     

     

     

     

     

     

     

     

    SFR 1-4 1st Liens

     

    14,227

     

    1.65

    %

     

     

    14,366

     

    1.66

    %

     

     

    14,009

     

    1.59

    %

    SFR HELOCs and Junior Liens

     

    10,411

     

    2.86

    %

     

     

    10,185

     

    2.87

    %

     

     

    10,273

     

    2.88

    %

    Other

     

    2,825

     

    4.87

    %

     

     

    2,953

     

    4.70

    %

     

     

    3,171

     

    4.34

    %

    Total consumer loans

     

    27,463

     

    2.14

    %

     

     

    27,504

     

    2.14

    %

     

     

    27,453

     

    2.09

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial and Industrial

     

    14,397

     

    3.05

    %

     

     

    14,453

     

    2.98

    %

     

     

    12,750

     

    2.17

    %

    Construction

     

    7,224

     

    2.58

    %

     

     

    7,119

     

    2.58

    %

     

     

    8,856

     

    2.55

    %

    Agricultural Production

     

    3,403

     

    2.24

    %

     

     

    3,312

     

    2.30

    %

     

     

    3,589

     

    2.48

    %

    Leases

     

    30

     

    0.44

    %

     

     

    33

     

    0.44

    %

     

     

    10

     

    0.12

    %

    Allowance for credit losses

     

    125,366

     

    1.85

    %

     

     

    123,760

     

    1.85

    %

     

     

    121,522

     

    1.79

    %

    Reserve for unfunded loan commitments

     

    6,000

     

     

     

     

    6,110

     

     

     

     

    5,850

     

     

    Total allowance for credit losses

    $

    131,366

     

     

     

    $

    129,870

     

    1.92

    %

     

    $

    127,372

     

    1.87

    %

    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 is expected to be amortized over the life of the loans. As of December 31, 2024, the unamortized discount associated with acquired loans totaled $20.3 million, which, when combined with the total allowance for credit losses above, represents 2.24% of total loans.

    Non-interest Income

    Three months ended

     

     

     

     

    (dollars in thousands)

    December 31, 2024

     

    September 30, 2024

     

    Change

     

    % Change

    ATM and interchange fees

    $

    6,306

     

     

    $

    6,472

     

     

    $

    (166

    )

     

    (2.6

    )%

    Service charges on deposit accounts

     

    4,962

     

     

     

    4,979

     

     

     

    (17

    )

     

    (0.3

    )%

    Other service fees

     

    1,425

     

     

     

    1,224

     

     

     

    201

     

     

    16.4

    %

    Mortgage banking service fees

     

    434

     

     

     

    439

     

     

     

    (5

    )

     

    (1.1

    )%

    Change in value of mortgage servicing rights

     

    (12

    )

     

     

    (332

    )

     

     

    320

     

     

    (96.4

    )%

    Total service charges and fees

     

    13,115

     

     

     

    12,782

     

     

     

    333

     

     

    2.6

    %

    Increase in cash value of life insurance

     

    837

     

     

     

    786

     

     

     

    51

     

     

    6.5

    %

    Asset management and commission income

     

    1,584

     

     

     

    1,502

     

     

     

    82

     

     

    5.5

    %

    Gain on sale of loans

     

    334

     

     

     

    549

     

     

     

    (215

    )

     

    (39.2

    )%

    Lease brokerage income

     

    78

     

     

     

    62

     

     

     

    16

     

     

    25.8

    %

    Sale of customer checks

     

    300

     

     

     

    303

     

     

     

    (3

    )

     

    (1.0

    )%

    (Loss) gain on sale or exchange of investment securities

     

    —

     

     

     

    2

     

     

     

    (2

    )

     

    (100.0

    )%

    (Loss) gain on marketable equity securities

     

    (81

    )

     

     

    356

     

     

     

    (437

    )

     

    (122.8

    )%

    Other income

     

    108

     

     

     

    153

     

     

     

    (45

    )

     

    (29.4

    )%

    Total other non-interest income

     

    3,160

     

     

     

    3,713

     

     

     

    (553

    )

     

    (14.9

    )%

    Total non-interest income

    $

    16,275

     

     

    $

    16,495

     

     

    $

    (220

    )

     

    (1.3

    )%

    Total non-interest income decreased $0.2 million or 1.3% to $16.3 million during the three months ended December 31, 2024, compared to $16.5 million during the quarter ended September 30, 2024. Net gain (loss) from the change in value of equity securities declined by $0.4 million as compared to the prior quarter, largely the result of $0.3 million in non-recurring benefit earned in the trailing quarter from the valuation change in Visa equity securities. The remaining components of non-interest income are largely consistent period over period.

     

    Three months ended December 31,

     

     

     

     

    (dollars in thousands)

     

    2024

     

     

     

    2023

     

     

    Change

     

    % Change

    ATM and interchange fees

    $

    6,306

     

     

    $

    6,531

     

     

    $

    (225

    )

     

    (3.4

    )%

    Service charges on deposit accounts

     

    4,962

     

     

     

    4,732

     

     

     

    230

     

     

    4.9

    %

    Other service fees

     

    1,425

     

     

     

    1,432

     

     

     

    (7

    )

     

    (0.5

    )%

    Mortgage banking service fees

     

    434

     

     

     

    444

     

     

     

    (10

    )

     

    (2.3

    )%

    Change in value of mortgage servicing rights

     

    (12

    )

     

     

    (291

    )

     

     

    279

     

     

    (95.9

    )%

    Total service charges and fees

     

    13,115

     

     

     

    12,848

     

     

     

    267

     

     

    2.1

    %

    Increase in cash value of life insurance

     

    837

     

     

     

    876

     

     

     

    (39

    )

     

    (4.5

    )%

    Asset management and commission income

     

    1,584

     

     

     

    1,284

     

     

     

    300

     

     

    23.4

    %

    Gain on sale of loans

     

    334

     

     

     

    283

     

     

     

    51

     

     

    18.0

    %

    Lease brokerage income

     

    78

     

     

     

    109

     

     

     

    (31

    )

     

    (28.4

    )%

    Sale of customer checks

     

    300

     

     

     

    292

     

     

     

    8

     

     

    2.7

    %

    (Loss) gain on sale or exchange of investment securities

     

    —

     

     

     

    (120

    )

     

     

    120

     

     

    (100.0

    )%

    (Loss) gain on marketable equity securities

     

    (81

    )

     

     

    117

     

     

     

    (198

    )

     

    (169.2

    )%

    Other income

     

    108

     

     

     

    351

     

     

     

    (243

    )

     

    (69.2

    )%

    Total other non-interest income

     

    3,160

     

     

     

    3,192

     

     

     

    (32

    )

     

    (1.0

    )%

    Total non-interest income

    $

    16,275

     

     

    $

    16,040

     

     

    $

    235

     

     

    1.5

    %

    Non-interest income increased $0.2 million or 1.5% to $16.3 million during the three months ended December 31, 2024, compared to $16.0 million during the comparative quarter ended December 31, 2023. Elevated activity and volumes of assets under management drove an increase in asset management and commission income totaling $0.3 million or 23.4%.

     

    Twelve months ended December 31,

     

     

     

     

    (dollars in thousands)

     

    2024

     

     

     

    2023

     

     

    Change

     

    % Change

    ATM and interchange fees

    $

    25,319

     

     

    $

    26,459

     

     

    $

    (1,140

    )

     

    (4.3

    )%

    Service charges on deposit accounts

     

    19,451

     

     

     

    17,595

     

     

     

    1,856

     

     

    10.5

    %

    Other service fees

     

    5,301

     

     

     

    4,732

     

     

     

    569

     

     

    12.0

    %

    Mortgage banking service fees

     

    1,739

     

     

     

    1,808

     

     

     

    (69

    )

     

    (3.8

    )%

    Change in value of mortgage servicing rights

     

    (480

    )

     

     

    (506

    )

     

     

    26

     

     

    (5.1

    )%

    Total service charges and fees

     

    51,330

     

     

     

    50,088

     

     

     

    1,242

     

     

    2.5

    %

    Increase in cash value of life insurance

     

    3,257

     

     

     

    3,150

     

     

     

    107

     

     

    3.4

    %

    Asset management and commission income

     

    5,573

     

     

     

    4,517

     

     

     

    1,056

     

     

    23.4

    %

    Gain on sale of loans

     

    1,532

     

     

     

    1,166

     

     

     

    366

     

     

    31.4

    %

    Lease brokerage income

     

    455

     

     

     

    441

     

     

     

    14

     

     

    3.2

    %

    Sale of customer checks

     

    1,216

     

     

     

    1,383

     

     

     

    (167

    )

     

    (12.1

    )%

    (Loss) gain on sale or exchange of investment securities

     

    (43

    )

     

     

    (284

    )

     

     

    241

     

     

    (84.9

    )%

    (Loss) gain on marketable equity securities

     

    126

     

     

     

    36

     

     

     

    90

     

     

    250.0

    %

    Other income

     

    961

     

     

     

    903

     

     

     

    58

     

     

    6.4

    %

    Total other non-interest income

     

    13,077

     

     

     

    11,312

     

     

     

    1,765

     

     

    15.6

    %

    Total non-interest income

    $

    64,407

     

     

    $

    61,400

     

     

    $

    3,007

     

     

    4.9

    %

    Non-interest income increased $3.0 million or 4.9% to $64.4 million during the twelve months ended December 31, 2024, compared to $61.4 million during the comparative twelve months ended December 31, 2023. ATM and interchange fees declined in the 2024 period and resulted in a decrease of $1.1 million as compared to the twelve months ended December 31, 2024. Meanwhile, service charges on deposit accounts and other service fees increased by $1.9 million and $0.6 million, respectively, as compared to the equivalent period in 2023 following $0.9 million in waived or reversed fees as a courtesy to customers in the prior year. As noted above, elevated activity within asset management and the increases in value of Visa equity securities further contributed to the overall improvement in income during the year ended 2024.

    Non-interest Expense

    Three months ended

     

     

     

     

    (dollars in thousands)

    December 31, 2024

     

    September 30, 2024

     

    Change

     

    % Change

    Base salaries, net of deferred loan origination costs

    $

    24,583

     

     

    $

    24,407

     

    $

    176

     

     

    0.7

    %

    Incentive compensation

     

    4,568

     

     

     

    4,361

     

     

    207

     

     

    4.7

    %

    Benefits and other compensation costs

     

    6,175

     

     

     

    6,782

     

     

    (607

    )

     

    (9.0

    )%

    Total salaries and benefits expense

     

    35,326

     

     

     

    35,550

     

     

    (224

    )

     

    (0.6

    )%

    Occupancy

     

    4,206

     

     

     

    4,191

     

     

    15

     

     

    0.4

    %

    Data processing and software

     

    5,493

     

     

     

    5,258

     

     

    235

     

     

    4.5

    %

    Equipment

     

    1,364

     

     

     

    1,374

     

     

    (10

    )

     

    (0.7

    )%

    Intangible amortization

     

    1,030

     

     

     

    1,030

     

     

    —

     

     

    —

    %

    Advertising

     

    1,118

     

     

     

    1,152

     

     

    (34

    )

     

    (3.0

    )%

    ATM and POS network charges

     

    1,791

     

     

     

    1,712

     

     

    79

     

     

    4.6

    %

    Professional fees

     

    1,747

     

     

     

    1,893

     

     

    (146

    )

     

    (7.7

    )%

    Telecommunications

     

    477

     

     

     

    507

     

     

    (30

    )

     

    (5.9

    )%

    Regulatory assessments and insurance

     

    1,300

     

     

     

    1,256

     

     

    44

     

     

    3.5

    %

    Postage

     

    346

     

     

     

    335

     

     

    11

     

     

    3.3

    %

    Operational loss

     

    482

     

     

     

    603

     

     

    (121

    )

     

    (20.1

    )%

    Courier service

     

    538

     

     

     

    542

     

     

    (4

    )

     

    (0.7

    )%

    (Gain) loss on sale or acquisition of foreclosed assets

     

    (61

    )

     

     

    26

     

     

    (87

    )

     

    (334.6

    )%

    (Gain) loss on disposal of fixed assets

     

    7

     

     

     

    6

     

     

    1

     

     

    16.7

    %

    Other miscellaneous expense

     

    4,611

     

     

     

    4,052

     

     

    559

     

     

    13.8

    %

    Total other non-interest expense

     

    24,449

     

     

     

    23,937

     

     

    512

     

     

    2.1

    %

    Total non-interest expense

    $

    59,775

     

     

    $

    59,487

     

    $

    288

     

     

    0.5

    %

    Average full-time equivalent staff

     

    1,172

     

     

     

    1,161

     

     

    11

     

     

    0.9

    %

    Total non-interest expense for the quarter ended December 31, 2024, increased $0.3 million or 0.5% to $59.8 million as compared to $59.5 million during the trailing quarter ended September 30, 2024. Total salaries and benefits expense, the largest non-interest expense component, decreased nominally by $0.2 million or 0.6% as estimates associated with retirement benefits were reduced by $513,000 in the quarter. Other miscellaneous expenses increased by $0.6 million or 13.8% due to several factors, including increased business travel and elevated expenses on real estate owned.

     

    Three months ended December 31,

     

     

     

     

    (dollars in thousands)

     

    2024

     

     

     

    2023

     

    Change

     

    % Change

    Base salaries, net of deferred loan origination costs

    $

    24,583

     

     

    $

    23,889

     

    $

    694

     

     

    2.9

    %

    Incentive compensation

     

    4,568

     

     

     

    3,894

     

     

    674

     

     

    17.3

    %

    Benefits and other compensation costs

     

    6,175

     

     

     

    6,272

     

     

    (97

    )

     

    (1.5

    )%

    Total salaries and benefits expense

     

    35,326

     

     

     

    34,055

     

     

    1,271

     

     

    3.7

    %

    Occupancy

     

    4,206

     

     

     

    4,036

     

     

    170

     

     

    4.2

    %

    Data processing and software

     

    5,493

     

     

     

    5,017

     

     

    476

     

     

    9.5

    %

    Equipment

     

    1,364

     

     

     

    1,322

     

     

    42

     

     

    3.2

    %

    Intangible amortization

     

    1,030

     

     

     

    1,216

     

     

    (186

    )

     

    (15.3

    )%

    Advertising

     

    1,118

     

     

     

    875

     

     

    243

     

     

    27.8

    %

    ATM and POS network charges

     

    1,791

     

     

     

    1,863

     

     

    (72

    )

     

    (3.9

    )%

    Professional fees

     

    1,747

     

     

     

    2,032

     

     

    (285

    )

     

    (14.0

    )%

    Telecommunications

     

    477

     

     

     

    576

     

     

    (99

    )

     

    (17.2

    )%

    Regulatory assessments and insurance

     

    1,300

     

     

     

    1,297

     

     

    3

     

     

    0.2

    %

    Postage

     

    346

     

     

     

    320

     

     

    26

     

     

    8.1

    %

    Operational loss

     

    482

     

     

     

    445

     

     

    37

     

     

    8.3

    %

    Courier service

     

    538

     

     

     

    537

     

     

    1

     

     

    0.2

    %

    (Gain) loss on sale or acquisition of foreclosed assets

     

    (61

    )

     

     

    19

     

     

    (80

    )

     

    (421.1

    )%

    (Gain) loss on disposal of fixed assets

     

    7

     

     

     

    1

     

     

    6

     

     

    600.0

    %

    Other miscellaneous expense

     

    4,611

     

     

     

    6,656

     

     

    (2,045

    )

     

    (30.7

    )%

    Total other non-interest expense

     

    24,449

     

     

     

    26,212

     

     

    (1,763

    )

     

    (6.7

    )%

    Total non-interest expense

    $

    59,775

     

     

    $

    60,267

     

    $

    (492

    )

     

    (0.8

    )%

    Average full-time equivalent staff

     

    1,172

     

     

     

    1,211

     

     

    (39

    )

     

    (3.2

    )%

    Total non-interest expense decreased $0.5 million or 0.8% to $59.8 million during the three months ended December 31, 2024, as compared to $60.3 million for the quarter ended December 31, 2023. Total salaries and benefits expense increased by $1.3 million or 3.7%, reflecting the increase of $0.7 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 $0.7 million, reflecting changes in the design of those plans.

     

    Twelve months ended December 31,

     

     

     

     

    (dollars in thousands)

     

    2024

     

     

     

    2023

     

     

    Change

     

    % Change

    Base salaries, net of deferred loan origination costs

    $

    96,862

     

     

    $

    94,564

     

     

    $

    2,298

     

     

    2.4

    %

    Incentive compensation

     

    16,897

     

     

     

    15,557

     

     

     

    1,340

     

     

    8.6

    %

    Benefits and other compensation costs

     

    26,822

     

     

     

    25,674

     

     

     

    1,148

     

     

    4.5

    %

    Total salaries and benefits expense

     

    140,581

     

     

     

    135,795

     

     

     

    4,786

     

     

    3.5

    %

    Occupancy

     

    16,411

     

     

     

    16,135

     

     

     

    276

     

     

    1.7

    %

    Data processing and software

     

    20,952

     

     

     

    18,933

     

     

     

    2,019

     

     

    10.7

    %

    Equipment

     

    5,424

     

     

     

    5,644

     

     

     

    (220

    )

     

    (3.9

    )%

    Intangible amortization

     

    4,120

     

     

     

    6,118

     

     

     

    (1,998

    )

     

    (32.7

    )%

    Advertising

     

    3,851

     

     

     

    3,531

     

     

     

    320

     

     

    9.1

    %

    ATM and POS network charges

     

    7,151

     

     

     

    7,080

     

     

     

    71

     

     

    1.0

    %

    Professional fees

     

    6,794

     

     

     

    7,358

     

     

     

    (564

    )

     

    (7.7

    )%

    Telecommunications

     

    2,053

     

     

     

    2,547

     

     

     

    (494

    )

     

    (19.4

    )%

    Regulatory assessments and insurance

     

    4,951

     

     

     

    5,276

     

     

     

    (325

    )

     

    (6.2

    )%

    Postage

     

    1,329

     

     

     

    1,236

     

     

     

    93

     

     

    7.5

    %

    Operational loss

     

    1,681

     

     

     

    2,444

     

     

     

    (763

    )

     

    (31.2

    )%

    Courier service

     

    2,119

     

     

     

    1,851

     

     

     

    268

     

     

    14.5

    %

    (Gain) loss on sale or acquisition of foreclosed assets

     

    (73

    )

     

     

    (133

    )

     

     

    60

     

     

    (45.1

    )%

    (Gain) loss on disposal of fixed assets

     

    19

     

     

     

    23

     

     

     

    (4

    )

     

    (17.4

    )%

    Other miscellaneous expense

     

    16,742

     

     

     

    19,344

     

     

     

    (2,602

    )

     

    (13.5

    )%

    Total other non-interest expense

     

    93,524

     

     

     

    97,387

     

     

     

    (3,863

    )

     

    (4.0

    )%

    Total non-interest expense

    $

    234,105

     

     

    $

    233,182

     

     

    $

    923

     

     

    0.4

    %

    Average full-time equivalent staff

     

    1,170

     

     

     

    1,214

     

     

     

    (44

    )

     

    (3.6

    )%

    Total non-interest expense increased $0.9 million or 0.4% to $234.1 million during the twelve months ended December 31, 2024, as compared to $233.2 million for the twelve months ended December 31, 2023. This was largely attributed to an increase of $4.8 million or 3.5% in total salaries and benefits expense to $140.6 million, from routine compensation adjustments and other increases in benefits and compensation. As noted above, salaries expense was also impacted by an increase in average compensation per employee as various strategic talent acquisitions were made in order to further prepare the Company to execute its growth objectives beyond $10 billion in total assets. Additionally, data processing and software expenses increased by $2.0 million or 10.7% related to ongoing investments in the Company's data management and security infrastructure. These increases were partially offset by declines in non-cash intangible amortization expense of $2.0 million or 32.7% and reductions in operational losses of $0.8 million or 31.2% due to non-recurring ATM burglary expenses totaling $0.7 million in the comparative period.

    Provision for Income Taxes

    The Company's effective tax rate was 25.3% for the quarter ended December 31, 2024, as compared to 26.3% for the quarter ended September 30, 2024, and 25.9% for the year ended December 31, 2024, compared to 28.4% for the year ended December 31, 2023. 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 the Company. 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: the conditions of the United States economy in general and the strength of the local economies in which we conduct operations; the impact of any future federal government shutdown and uncertainty regarding the federal government's debt limit or changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impacts of inflation, interest rate, market and monetary fluctuations on the Company's business condition and financial operating results; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions affecting our ability to successfully market and price our products to consumers; 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 that may or may not be caused by climate change and their effects on the Company's customers and the economic and business environments in which the Company operates; current and future economic and market conditions, including declines in housing and commercial real estate prices, and potentially increased unemployment on the performance of our loan portfolio, 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; adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, commodities prices, inflationary pressures and labor shortages on the economic recovery and our business; the impacts of international hostilities, wars, terrorism or geopolitical events; adverse developments in the financial services industry generally such as bank failures and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of liquidity; 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 regulatory and financial impacts associated with exceeding $10 billion in total assets; the negative impact on our reputation and profitability in the event customers experience economic harm or in the event that regulatory violations are identified; the ability to execute our business plan in new markets; the future operating or financial performance of the Company, including our outlook for future growth and changes in the level and direction of our nonperforming assets and charge-offs; the appropriateness of the allowance for credit losses, including the assumptions made under our current expected credit losses model; any deterioration in values of California real estate, both residential and commercial; the effectiveness of the Company's asset management activities managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; the effect of changes in the financial performance and/or condition of our borrowers; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; our ability to attract and maintain deposits and other sources of liquidity; 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 the Company's operational or security systems or infrastructure, the systems of third-party vendors or other service providers with whom the Company contracts, and the Company's 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; the Company's 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 Annual Report on Form 10-K for the year ended December 31, 2023, which has been filed with the Securities and Exchange Commission (the "SEC") and all subsequent filings with the SEC under Sections 13(a), 13(c), 14, and 15(d) of the Securities Act of 1934, as amended. Such filings are also available in the "Investor Relations" section of our website, https://www.tcbk.com/investor-relations and in other documents we file with the SEC. 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

     

    December 31,

    2024

     

    September 30,

    2024

     

    June 30,

    2024

     

    March 31,

    2024

     

    December 31,

    2023

    Revenue and Expense Data

     

     

     

     

     

     

     

     

     

    Interest income

    $

    116,842

     

     

    $

    117,347

     

     

    $

    117,032

     

     

    $

    115,417

     

     

    $

    115,909

     

    Interest expense

     

    32,752

     

     

     

    34,736

     

     

     

    35,035

     

     

     

    32,681

     

     

     

    29,292

     

    Net interest income

     

    84,090

     

     

     

    82,611

     

     

     

    81,997

     

     

     

    82,736

     

     

     

    86,617

     

    Provision for credit losses

     

    1,702

     

     

     

    220

     

     

     

    405

     

     

     

    4,305

     

     

     

    5,990

     

    Noninterest income:

     

     

     

     

     

     

     

     

     

    Service charges and fees

     

    13,115

     

     

     

    12,782

     

     

     

    12,796

     

     

     

    12,637

     

     

     

    12,848

     

    (Loss) gain on sale or exchange of investment securities

     

    —

     

     

     

    2

     

     

     

    (45

    )

     

     

    —

     

     

     

    (120

    )

    Other income

     

    3,160

     

     

     

    3,711

     

     

     

    3,115

     

     

     

    3,134

     

     

     

    3,312

     

    Total noninterest income

     

    16,275

     

     

     

    16,495

     

     

     

    15,866

     

     

     

    15,771

     

     

     

    16,040

     

    Noninterest expense:

     

     

     

     

     

     

     

     

     

    Salaries and benefits

     

    35,326

     

     

     

    35,550

     

     

     

    35,401

     

     

     

    34,304

     

     

     

    34,055

     

    Occupancy and equipment

     

    5,570

     

     

     

    5,565

     

     

     

    5,393

     

     

     

    5,307

     

     

     

    5,358

     

    Data processing and network

     

    7,284

     

     

     

    6,970

     

     

     

    7,081

     

     

     

    6,768

     

     

     

    6,880

     

    Other noninterest expense

     

    11,595

     

     

     

    11,402

     

     

     

    10,464

     

     

     

    10,125

     

     

     

    13,974

     

    Total noninterest expense

     

    59,775

     

     

     

    59,487

     

     

     

    58,339

     

     

     

    56,504

     

     

     

    60,267

     

    Total income before taxes

     

    38,888

     

     

     

    39,399

     

     

     

    39,119

     

     

     

    37,698

     

     

     

    36,400

     

    Provision for income taxes

     

    9,854

     

     

     

    10,348

     

     

     

    10,085

     

     

     

    9,949

     

     

     

    10,325

     

    Net income

    $

    29,034

     

     

    $

    29,051

     

     

    $

    29,034

     

     

    $

    27,749

     

     

    $

    26,075

     

    Share Data

     

     

     

     

     

     

     

     

     

    Basic earnings per share

    $

    0.88

     

     

    $

    0.88

     

     

    $

    0.88

     

     

    $

    0.83

     

     

    $

    0.78

     

    Diluted earnings per share

    $

    0.88

     

     

    $

    0.88

     

     

    $

    0.87

     

     

    $

    0.83

     

     

    $

    0.78

     

    Dividends per share

    $

    0.33

     

     

    $

    0.33

     

     

    $

    0.33

     

     

    $

    0.33

     

     

    $

    0.30

     

    Book value per common share

    $

    37.03

     

     

    $

    37.55

     

     

    $

    35.62

     

     

    $

    35.06

     

     

    $

    34.86

     

    Tangible book value per common share (1)

    $

    27.60

     

     

    $

    28.09

     

     

    $

    26.13

     

     

    $

    25.60

     

     

    $

    25.39

     

    Shares outstanding

     

    32,970,425

     

     

     

    33,000,508

     

     

     

    32,989,327

     

     

     

    33,168,770

     

     

     

    33,268,102

     

    Weighted average shares

     

    32,993,975

     

     

     

    32,992,855

     

     

     

    33,121,271

     

     

     

    33,245,377

     

     

     

    33,266,959

     

    Weighted average diluted shares

     

    33,161,715

     

     

     

    33,136,858

     

     

     

    33,243,955

     

     

     

    33,370,118

     

     

     

    33,351,737

     

    Credit Quality

     

     

     

     

     

     

     

     

     

    Allowance for credit losses to gross loans

     

    1.85

    %

     

     

    1.85

    %

     

     

    1.83

    %

     

     

    1.83

    %

     

     

    1.79

    %

    Loans past due 30 days or more

    $

    32,711

     

     

    $

    37,888

     

     

    $

    30,372

     

     

    $

    16,474

     

     

    $

    19,415

     

    Total nonperforming loans

    $

    44,096

     

     

    $

    41,636

     

     

    $

    32,774

     

     

    $

    34,242

     

     

    $

    31,891

     

    Total nonperforming assets

    $

    46,882

     

     

    $

    44,400

     

     

    $

    35,267

     

     

    $

    36,735

     

     

    $

    34,595

     

    Loans charged-off

    $

    722

     

     

    $

    444

     

     

    $

    1,610

     

     

    $

    1,275

     

     

    $

    749

     

    Loans recovered

    $

    516

     

     

    $

    367

     

     

    $

    398

     

     

    $

    132

     

     

    $

    419

     

    Selected Financial Ratios

     

     

     

     

     

     

     

     

     

    Return on average total assets

     

    1.19

    %

     

     

    1.20

    %

     

     

    1.19

    %

     

     

    1.13

    %

     

     

    1.05

    %

    Return on average equity

     

    9.30

    %

     

     

    9.52

    %

     

     

    9.99

    %

     

     

    9.50

    %

     

     

    9.43

    %

    Average yield on loans

     

    5.78

    %

     

     

    5.83

    %

     

     

    5.82

    %

     

     

    5.72

    %

     

     

    5.64

    %

    Average yield on interest-earning assets

     

    5.22

    %

     

     

    5.26

    %

     

     

    5.24

    %

     

     

    5.13

    %

     

     

    5.09

    %

    Average rate on interest-bearing deposits

     

    2.15

    %

     

     

    2.23

    %

     

     

    2.14

    %

     

     

    1.83

    %

     

     

    1.62

    %

    Average cost of total deposits

     

    1.46

    %

     

     

    1.52

    %

     

     

    1.45

    %

     

     

    1.21

    %

     

     

    1.05

    %

    Average cost of total deposits and other borrowings

     

    1.50

    %

     

     

    1.59

    %

     

     

    1.59

    %

     

     

    1.47

    %

     

     

    1.28

    %

    Average rate on borrowings & subordinated debt

     

    5.80

    %

     

     

    5.83

    %

     

     

    5.65

    %

     

     

    5.35

    %

     

     

    5.26

    %

    Average rate on interest-bearing liabilities

     

    2.27

    %

     

     

    2.40

    %

     

     

    2.39

    %

     

     

    2.24

    %

     

     

    2.01

    %

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

     

    3.76

    %

     

     

    3.71

    %

     

     

    3.68

    %

     

     

    3.68

    %

     

     

    3.81

    %

    Loans to deposits

     

    83.69

    %

     

     

    83.16

    %

     

     

    83.76

    %

     

     

    85.14

    %

     

     

    86.73

    %

    Efficiency ratio

     

    59.56

    %

     

     

    60.02

    %

     

     

    59.61

    %

     

     

    57.36

    %

     

     

    58.71

    %

    Supplemental Loan Interest Income Data

     

     

     

     

     

     

     

     

     

    Discount accretion on acquired loans

    $

    1,129

     

     

    $

    1,018

     

     

    $

    850

     

     

    $

    1,332

     

     

    $

    1,459

     

    All other loan interest income (1)

    $

    96,563

     

     

    $

    97,067

     

     

    $

    97,379

     

     

    $

    95,153

     

     

    $

    94,382

     

    Total loan interest income (1)

    $

    97,692

     

     

    $

    98,085

     

     

    $

    98,229

     

     

    $

    96,485

     

     

    $

    95,841

     

    (1)

    Non-GAAP measure

    TriCo Bancshares—Condensed Consolidated Financial Data (unaudited)

    (dollars in thousands, except per share data)

     

    Balance Sheet Data

    December 31,

    2024

     

    September 30,

    2024

     

    June 30,

    2024

     

    March 31,

    2024

     

    December 31,

    2023

    Cash and due from banks

    $

    144,956

     

     

    $

    320,114

     

     

    $

    206,558

     

     

    $

    82,836

     

     

    $

    98,701

     

    Securities, available for sale, net

     

    1,907,494

     

     

     

    1,981,960

     

     

     

    1,946,167

     

     

     

    2,076,494

     

     

     

    2,155,138

     

    Securities, held to maturity, net

     

    111,866

     

     

     

    117,259

     

     

     

    122,673

     

     

     

    127,811

     

     

     

    133,494

     

    Restricted equity securities

     

    17,250

     

     

     

    17,250

     

     

     

    17,250

     

     

     

    17,250

     

     

     

    17,250

     

    Loans held for sale

     

    709

     

     

     

    1,995

     

     

     

    474

     

     

     

    1,346

     

     

     

    458

     

    Loans:

     

     

     

     

     

     

     

     

     

    Commercial real estate

     

    4,577,632

     

     

     

    4,487,524

     

     

     

    4,461,111

     

     

     

    4,443,768

     

     

     

    4,394,802

     

    Consumer

     

    1,281,059

     

     

     

    1,283,963

     

     

     

    1,300,727

     

     

     

    1,303,757

     

     

     

    1,313,268

     

    Commercial and industrial

     

    471,271

     

     

     

    484,763

     

     

     

    548,625

     

     

     

    549,780

     

     

     

    586,455

     

    Construction

     

    279,933

     

     

     

    276,095

     

     

     

    283,374

     

     

     

    348,981

     

     

     

    347,198

     

    Agriculture production

     

    151,822

     

     

     

    144,123

     

     

     

    140,239

     

     

     

    145,159

     

     

     

    144,497

     

    Leases

     

    6,806

     

     

     

    7,423

     

     

     

    8,450

     

     

     

    9,250

     

     

     

    8,250

     

    Total loans, gross

     

    6,768,523

     

     

     

    6,683,891

     

     

     

    6,742,526

     

     

     

    6,800,695

     

     

     

    6,794,470

     

    Allowance for credit losses

     

    (125,366

    )

     

     

    (123,760

    )

     

     

    (123,517

    )

     

     

    (124,394

    )

     

     

    (121,522

    )

    Total loans, net

     

    6,643,157

     

     

     

    6,560,131

     

     

     

    6,619,009

     

     

     

    6,676,301

     

     

     

    6,672,948

     

    Premises and equipment

     

    70,287

     

     

     

    70,423

     

     

     

    70,621

     

     

     

    71,001

     

     

     

    71,347

     

    Cash value of life insurance

     

    140,149

     

     

     

    139,312

     

     

     

    138,525

     

     

     

    137,695

     

     

     

    136,892

     

    Accrued interest receivable

     

    34,810

     

     

     

    33,061

     

     

     

    35,527

     

     

     

    35,783

     

     

     

    36,768

     

    Goodwill

     

    304,442

     

     

     

    304,442

     

     

     

    304,442

     

     

     

    304,442

     

     

     

    304,442

     

    Other intangible assets

     

    6,432

     

     

     

    7,462

     

     

     

    8,492

     

     

     

    9,522

     

     

     

    10,552

     

    Operating leases, right-of-use

     

    23,529

     

     

     

    24,716

     

     

     

    25,113

     

     

     

    26,240

     

     

     

    26,133

     

    Other assets

     

    268,647

     

     

     

    245,765

     

     

     

    246,548

     

     

     

    247,046

     

     

     

    245,966

     

    Total assets

    $

    9,673,728

     

     

    $

    9,823,890

     

     

    $

    9,741,399

     

     

    $

    9,813,767

     

     

    $

    9,910,089

     

    Deposits:

     

     

     

     

     

     

     

     

     

    Noninterest-bearing demand deposits

    $

    2,548,613

     

     

    $

    2,547,736

     

     

    $

    2,557,063

     

     

    $

    2,600,448

     

     

    $

    2,722,689

     

    Interest-bearing demand deposits

     

    1,758,629

     

     

     

    1,708,726

     

     

     

    1,791,466

     

     

     

    1,742,875

     

     

     

    1,731,814

     

    Savings deposits

     

    2,657,849

     

     

     

    2,690,045

     

     

     

    2,667,006

     

     

     

    2,672,537

     

     

     

    2,682,068

     

    Time certificates

     

    1,122,485

     

     

     

    1,090,584

     

     

     

    1,034,695

     

     

     

    971,798

     

     

     

    697,467

     

    Total deposits

     

    8,087,576

     

     

     

    8,037,091

     

     

     

    8,050,230

     

     

     

    7,987,658

     

     

     

    7,834,038

     

    Accrued interest payable

     

    11,501

     

     

     

    11,664

     

     

     

    12,018

     

     

     

    10,224

     

     

     

    8,445

     

    Operating lease liability

     

    25,437

     

     

     

    26,668

     

     

     

    27,122

     

     

     

    28,299

     

     

     

    28,261

     

    Other liabilities

     

    137,506

     

     

     

    141,521

     

     

     

    128,063

     

     

     

    131,006

     

     

     

    145,982

     

    Other borrowings

     

    89,610

     

     

     

    266,767

     

     

     

    247,773

     

     

     

    392,409

     

     

     

    632,582

     

    Junior subordinated debt

     

    101,191

     

     

     

    101,164

     

     

     

    101,143

     

     

     

    101,120

     

     

     

    101,099

     

    Total liabilities

     

    8,452,821

     

     

     

    8,584,875

     

     

     

    8,566,349

     

     

     

    8,650,716

     

     

     

    8,750,407

     

    Common stock

     

    693,462

     

     

     

    693,176

     

     

     

    691,878

     

     

     

    696,464

     

     

     

    697,349

     

    Retained earnings

     

    679,907

     

     

     

    662,816

     

     

     

    644,687

     

     

     

    630,954

     

     

     

    615,502

     

    Accumulated other comprehensive loss, net of tax

     

    (152,462

    )

     

     

    (116,977

    )

     

     

    (161,515

    )

     

     

    (164,367

    )

     

     

    (153,169

    )

    Total shareholders' equity

    $

    1,220,907

     

     

    $

    1,239,015

     

     

    $

    1,175,050

     

     

    $

    1,163,051

     

     

    $

    1,159,682

     

    Quarterly Average Balance Data

     

     

     

     

     

     

     

     

     

    Average loans

    $

    6,720,732

     

     

    $

    6,690,326

     

     

    $

    6,792,303

     

     

    $

    6,785,840

     

     

    $

    6,746,153

     

    Average interest-earning assets

    $

    8,932,077

     

     

    $

    8,892,223

     

     

    $

    9,001,674

     

     

    $

    9,066,537

     

     

    $

    9,064,483

     

    Average total assets

    $

    9,725,643

     

     

    $

    9,666,979

     

     

    $

    9,782,228

     

     

    $

    9,855,797

     

     

    $

    9,879,355

     

    Average deposits

    $

    8,118,663

     

     

    $

    8,020,936

     

     

    $

    8,024,441

     

     

    $

    7,821,044

     

     

    $

    7,990,993

     

    Average borrowings and subordinated debt

    $

    196,375

     

     

    $

    276,418

     

     

    $

    426,732

     

     

    $

    685,802

     

     

    $

    617,046

     

    Average total equity

    $

    1,241,522

     

     

    $

    1,214,510

     

     

    $

    1,169,324

     

     

    $

    1,174,592

     

     

    $

    1,097,431

     

    Capital Ratio Data

     

     

     

     

     

     

     

     

     

    Total risk-based capital ratio

     

    15.7

    %

     

     

    15.6

    %

     

     

    15.2

    %

     

     

    15.0

    %

     

     

    14.7

    %

    Tier 1 capital ratio

     

    14.0

    %

     

     

    13.8

    %

     

     

    13.4

    %

     

     

    13.2

    %

     

     

    12.9

    %

    Tier 1 common equity ratio

     

    13.2

    %

     

     

    13.1

    %

     

     

    12.7

    %

     

     

    12.5

    %

     

     

    12.2

    %

    Tier 1 leverage ratio

     

    11.7

    %

     

     

    11.6

    %

     

     

    11.2

    %

     

     

    11.0

    %

     

     

    10.7

    %

    Tangible capital ratio (1)

     

    9.7

    %

     

     

    9.7

    %

     

     

    9.1

    %

     

     

    8.9

    %

     

     

    8.8

    %

    (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

     

    Twelve months ended

    (dollars in thousands)

    December 31,

    2024

     

    September 30,

    2024

     

    December 31,

    2023

     

    December 31,

    2024

     

    December 31,

    2023

    Net interest margin

     

     

     

     

     

     

     

     

     

    Acquired loans discount accretion, net:

     

     

     

     

     

     

     

     

     

    Amount (included in interest income)

    $

    1,129

     

     

    $

    1,018

     

     

    $

    1,459

     

     

    $

    4,329

     

     

    $

    5,651

     

    Effect on average loan yield

     

    0.06

    %

     

     

    0.06

    %

     

     

    0.09

    %

     

     

    0.07

    %

     

     

    0.09

    %

    Effect on net interest margin (FTE)

     

    0.05

    %

     

     

    0.05

    %

     

     

    0.06

    %

     

     

    0.05

    %

     

     

    0.06

    %

    Net interest margin (FTE)

     

    3.76

    %

     

     

    3.71

    %

     

     

    3.81

    %

     

     

    3.71

    %

     

     

    3.96

    %

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

     

    3.71

    %

     

     

    3.66

    %

     

     

    3.75

    %

     

     

    3.66

    %

     

     

    3.90

    %

     

    Three months ended

     

    Twelve months ended

    (dollars in thousands)

    December 31,

    2024

     

    September 30,

    2024

     

    December 31,

    2023

     

    December 31,

    2024

     

    December 31,

    2023

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

    Net income (GAAP)

    $

    29,034

     

     

    $

    29,051

     

     

    $

    26,075

     

     

    $

    114,868

     

     

    $

    117,390

     

    Exclude provision for income taxes

     

    9,854

     

     

     

    10,348

     

     

     

    10,325

     

     

     

    40,236

     

     

     

    43,515

     

    Exclude provision for credit losses

     

    1,702

     

     

     

    220

     

     

     

    5,990

     

     

     

    6,632

     

     

     

    23,990

     

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

    $

    40,590

     

     

    $

    39,619

     

     

    $

    42,390

     

     

    $

    161,736

     

     

    $

    184,895

     

     

     

     

     

     

     

     

     

     

     

    Average assets (GAAP)

    $

    9,725,643

     

     

    $

    9,666,979

     

     

    $

    9,879,355

     

     

    $

    9,757,326

     

     

    $

    9,870,189

     

    Average equity (GAAP)

    $

    1,241,522

     

     

    $

    1,214,510

     

     

    $

    1,097,431

     

     

    $

    1,200,140

     

     

    $

    1,102,436

     

     

     

     

     

     

     

     

     

     

     

    Return on average assets (GAAP) (annualized)

     

    1.19

    %

     

     

    1.20

    %

     

     

    1.05

    %

     

     

    1.18

    %

     

     

    1.19

    %

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

     

    1.66

    %

     

     

    1.63

    %

     

     

    1.70

    %

     

     

    1.66

    %

     

     

    1.87

    %

    Return on average equity (GAAP) (annualized)

     

    9.30

    %

     

     

    9.52

    %

     

     

    9.43

    %

     

     

    9.57

    %

     

     

    10.65

    %

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

     

    13.01

    %

     

     

    12.98

    %

     

     

    15.32

    %

     

     

    13.48

    %

     

     

    16.77

    %

     

    Three months ended

     

    Twelve months ended

    (dollars in thousands)

    December 31,

    2024

     

    September 30,

    2024

     

    December 31,

    2023

     

    December 31,

    2024

     

    December 31,

    2023

    Return on tangible common equity

     

     

     

     

     

     

     

     

     

    Average total shareholders' equity

    $

    1,241,522

     

     

    $

    1,214,510

     

     

    $

    1,097,431

     

     

    $

    1,200,140

     

     

    $

    1,102,436

     

    Exclude average goodwill

     

    304,442

     

     

     

    304,442

     

     

     

    304,442

     

     

     

    304,442

     

     

     

    304,442

     

    Exclude average other intangibles

     

    7,085

     

     

     

    8,093

     

     

     

    11,160

     

     

     

    8,592

     

     

     

    13,611

     

    Average tangible common equity (Non-GAAP)

    $

    929,995

     

     

    $

    901,975

     

     

    $

    781,829

     

     

    $

    887,106

     

     

    $

    784,383

     

     

     

     

     

     

     

     

     

     

     

    Net income (GAAP)

    $

    29,034

     

     

    $

    29,051

     

     

    $

    26,075

     

     

    $

    114,868

     

     

    $

    117,390

     

    Exclude amortization of intangible assets, net of tax effect

     

    725

     

     

     

    725

     

     

     

    857

     

     

     

    2,900

     

     

     

    4,309

     

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

    $

    29,759

     

     

    $

    29,776

     

     

    $

    26,932

     

     

    $

    117,768

     

     

    $

    121,699

     

     

     

     

     

     

     

     

     

     

     

    Return on average equity (GAAP) (annualized)

     

    9.30

    %

     

     

    9.52

    %

     

     

    9.43

    %

     

     

    9.57

    %

     

     

    10.65

    %

    Return on average tangible common equity (Non-GAAP)

     

    12.73

    %

     

     

    13.13

    %

     

     

    13.67

    %

     

     

    13.28

    %

     

     

    15.52

    %

     

    Three months ended

    (dollars in thousands)

    December 31,

    2024

     

    September 30,

    2024

     

    June 30,

    2024

     

    March 31,

    2024

     

    December 31,

    2023

    Tangible shareholders' equity to tangible assets

     

     

     

     

     

     

     

     

     

    Shareholders' equity (GAAP)

    $

    1,220,907

     

     

    $

    1,239,015

     

     

    $

    1,175,050

     

     

    $

    1,163,051

     

     

    $

    1,159,682

     

    Exclude goodwill and other intangible assets, net

     

    310,874

     

     

     

    311,904

     

     

     

    312,934

     

     

     

    313,964

     

     

     

    314,994

     

    Tangible shareholders' equity (Non-GAAP)

    $

    910,033

     

     

    $

    927,111

     

     

    $

    862,116

     

     

    $

    849,087

     

     

    $

    844,688

     

     

     

     

     

     

     

     

     

     

     

    Total assets (GAAP)

    $

    9,673,728

     

     

    $

    9,823,890

     

     

    $

    9,741,399

     

     

    $

    9,813,767

     

     

    $

    9,910,089

     

    Exclude goodwill and other intangible assets, net

     

    310,874

     

     

     

    311,904

     

     

     

    312,934

     

     

     

    313,964

     

     

     

    314,994

     

    Total tangible assets (Non-GAAP)

    $

    9,362,854

     

     

    $

    9,511,986

     

     

    $

    9,428,465

     

     

    $

    9,499,803

     

     

    $

    9,595,095

     

     

     

     

     

     

     

     

     

     

     

    Shareholders' equity to total assets (GAAP)

     

    12.62

    %

     

     

    12.61

    %

     

     

    12.06

    %

     

     

    11.85

    %

     

     

    11.70

    %

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

     

    9.72

    %

     

     

    9.75

    %

     

     

    9.14

    %

     

     

    8.94

    %

     

     

    8.80

    %

     

    Three months ended

    (dollars in thousands)

    December 31,

    2024

     

    September 30,

    2024

     

    June 30,

    2024

     

    March 31,

    2024

     

    December 31,

    2023

    Tangible common shareholders' equity per share

     

     

     

     

     

     

     

     

     

    Tangible shareholders' equity (Non-GAAP)

    $

    910,033

     

    $

    927,111

     

    $

    862,116

     

    $

    849,087

     

    $

    844,688

     

     

     

     

     

     

     

     

     

     

    Common shares outstanding at end of period

     

    32,970,425

     

     

    33,000,508

     

     

    32,989,327

     

     

    33,168,770

     

     

    33,268,102

     

     

     

     

     

     

     

     

     

     

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

    $

    37.03

     

    $

    37.55

     

    $

    35.62

     

    $

    35.06

     

    $

    34.86

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

    $

    27.60

     

    $

    28.09

     

    $

    26.13

     

    $

    25.60

     

    $

    25.39

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250123220568/en/

    Investor Contact

    Peter G. Wiese, EVP & CFO, (530) 898-0300

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    • Tri Counties Bank Announces Business and Commercial Banking Expansion

      Tri Counties Bank has restructured its business and commercial management teams to provide more specialized expertise and superior service for California businesses. This move strengthens Tri Counties Bank's ability to better serve businesses of all sizes with streamlined access to specialized lending, helping businesses scale faster, navigate market fluctuations, and seize growth opportunities. The restructuring ensures businesses receive tailored financial solutions at every stage of growth: Business Banking, for businesses between $2 million and $10 million in revenue Commercial Banking, for businesses between $10 million and $50 million in revenue Middle Market and Specialty

      6/4/25 11:00:00 AM ET
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    • TriCo Bancshares Announces Quarterly Cash Dividend

      The Board of Directors of TriCo Bancshares (NASDAQ:TCBK) (the "Company"), parent company of Tri Counties Bank, declared a quarterly cash dividend of $0.33 (thirty-three cents) per share on its common stock, no par value on May 22, 2025. The dividend is payable on June 20, 2025, to holders of record on June 6, 2025. Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ:TCBK) headquartered in Chico, California, with assets of nearly $10 billion and 50 years of financial stability. Tri Counties Bank is dedicated to providing exceptional service for individuals and businesses throughout California with a unique brand of customer focused Service with S

      5/27/25 3:30:00 PM ET
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    • TriCo Bancshares Reports First Quarter 2025 Net Income of $26.4 Million, Diluted EPS of $0.80

      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 qu

      4/24/25 7:00:00 AM ET
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    $TCBK
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    • TriCo Bancshares downgraded by DA Davidson with a new price target

      DA Davidson downgraded TriCo Bancshares from Buy to Neutral and set a new price target of $53.00 from $50.00 previously

      11/12/24 7:51:52 AM ET
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    • TriCo Bancshares downgraded by Janney

      Janney downgraded TriCo Bancshares from Buy to Neutral

      7/26/24 8:10:54 AM ET
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    • TriCo Bancshares upgraded by Stephens with a new price target

      Stephens upgraded TriCo Bancshares from Equal-Weight to Overweight and set a new price target of $48.00 from $46.00 previously

      5/11/22 7:28:23 AM ET
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    • EVP Chief Credit Officer Carney Craig B converted options into 1,485 shares and covered exercise/tax liability with 869 shares, increasing direct ownership by 2% to 35,570 units (SEC Form 4)

      4 - TRICO BANCSHARES / (0000356171) (Issuer)

      6/13/25 6:35:12 PM ET
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    • EVP Chief Financial Officer Wiese Peter G converted options into 2,039 shares and covered exercise/tax liability with 289 shares, increasing direct ownership by 4% to 43,750 units (SEC Form 4)

      4 - TRICO BANCSHARES / (0000356171) (Issuer)

      6/13/25 6:35:02 PM ET
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    • SVP General Counsel Gehlmann Gregory A converted options into 937 shares, increasing direct ownership by 5% to 18,399 units (SEC Form 4)

      4 - TRICO BANCSHARES / (0000356171) (Issuer)

      6/13/25 6:34:52 PM ET
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    SEC Filings

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    • TriCo Bancshares filed SEC Form 8-K: Changes in Registrant's Certifying Accountant, Financial Statements and Exhibits

      8-K - TRICO BANCSHARES / (0000356171) (Filer)

      6/6/25 12:46:27 PM ET
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    • TriCo Bancshares filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders, Other Events, Financial Statements and Exhibits

      8-K - TRICO BANCSHARES / (0000356171) (Filer)

      5/27/25 4:11:42 PM ET
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    • TriCo Bancshares filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

      8-K - TRICO BANCSHARES / (0000356171) (Filer)

      5/27/25 3:31:29 PM ET
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    • TriCo Bancshares Completes Merger with Valley Republic Bancorp, Appoints New Director and Resumes Stock Repurchase Program

      TriCo Bancshares (NASDAQ:TCBK) ("TriCo") has completed its previously-announced merger with Valley Republic Bancorp (OTC:VLLX) ("Valley") as of March 25, 2022. The combined company, operating as TriCo Bancshares with its banking subsidiary, Tri Counties Bank, anticipates having total assets of approximately $10.1 billion as the result of the merger. "We are excited to combine two community-focused financial institutions which are both significantly involved in the markets they serve," said Richard P. Smith, President and CEO of TriCo and Tri Counties Bank. "We look forward to providing our new clients with additional lending capabilities and expanded product offerings while delivering our

      3/28/22 8:00:00 AM ET
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    • TriCo Bancshares Announces Quarterly Cash Dividend

      The Board of Directors of TriCo Bancshares (NASDAQ:TCBK) (the "Company"), parent company of Tri Counties Bank, declared a quarterly cash dividend of $0.33 (thirty-three cents) per share on its common stock, no par value on May 22, 2025. The dividend is payable on June 20, 2025, to holders of record on June 6, 2025. Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ:TCBK) headquartered in Chico, California, with assets of nearly $10 billion and 50 years of financial stability. Tri Counties Bank is dedicated to providing exceptional service for individuals and businesses throughout California with a unique brand of customer focused Service with S

      5/27/25 3:30:00 PM ET
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    • TriCo Bancshares Reports First Quarter 2025 Net Income of $26.4 Million, Diluted EPS of $0.80

      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 qu

      4/24/25 7:00:00 AM ET
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    • TriCo Bancshares Reports Fourth Quarter 2024 Net Income of $29.0 Million, Diluted EPS of $0.88

      4Q24 Financial Highlights Net income was $29.0 million or $0.88 per diluted share as compared to $29.1 million or $0.88 per diluted share in the trailing quarter Net interest margin (FTE) was 3.76% in the recent quarter, an increase of 5 basis points over 3.71% in the trailing quarter; net interest income (FTE) was $84.4 million, and increase of $1.5 million over the trailing quarter Loan balances increased $84.6 million or 5.1% (annualized) from the trailing quarter and decreased $25.9 million or 0.4% from the same quarter of the prior year Deposit balances increased $50.5 million or 2.5% (annualized) from the trailing quarter and increased $253.5 million or 3.2% from the same

      1/23/25 6:30:00 AM ET
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    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by TriCo Bancshares

      SC 13G/A - TRICO BANCSHARES / (0000356171) (Subject)

      11/12/24 10:34:15 AM ET
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    • SEC Form SC 13G/A filed by TriCo Bancshares (Amendment)

      SC 13G/A - TRICO BANCSHARES / (0000356171) (Subject)

      2/9/24 10:05:20 AM ET
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    • SEC Form SC 13G/A filed by TriCo Bancshares (Amendment)

      SC 13G/A - TRICO BANCSHARES / (0000356171) (Subject)

      2/9/23 12:39:51 PM ET
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