Trico Bancshares Stock Price, News & Analysis

Tri Counties Bank has announced the distribution of $260,000 in AHEAD Program grants in collaboration with the Federal Home Loan Bank of San Francisco. The grants will support three organizations:

• Alchemist CDC in Sacramento ($50,000) for launching businesses at the Alchemist Public Market
• Jefferson Economic Development Institute in Mount Shasta ($110,000) for a new Culinary Entrepreneurship Program
• Kashia Band of Pomo Indians in Santa Rosa ($100,000) for job training and housing stabilization services

These grants are part of FHLBank San Francisco's AHEAD Program, which has awarded over $33.1 million since 2004. In 2024, the program allocated $7.3 million, nearly double the 2023 funding, supporting 84 projects across Arizona, California, and Nevada.

TriCo Bancshares (TCBK) reported Q4 2024 net income of $29.0 million, or $0.88 per diluted share, consistent with the previous quarter's $29.1 million. The company's net interest margin increased to 3.76%, up 5 basis points from 3.71% in Q3, with net interest income rising to $84.4 million.

Loan balances grew by $84.6 million (5.1% annualized) from Q3, while deposits increased by $50.5 million (2.5% annualized). Year-over-year, deposits rose by $253.5 million (3.2%), though loans decreased slightly by $25.9 million (0.4%).

The bank's efficiency ratio improved to 59.56% from 60.02% in Q3. The provision for credit losses increased to $1.7 million from $0.2 million in Q3, driven by loan growth. Non-performing assets to total assets were 0.48%, up from 0.45% in Q3 and 0.35% year-over-year.

TriCo Bancshares (NASDAQ: TCBK) has announced its quarterly cash dividend of $0.33 per share on its common stock. The dividend will be paid on December 20, 2024, to shareholders of record as of December 6, 2024. Tri Counties Bank, established in 1975, operates throughout Northern and Central California, offering consumer, small business, and commercial banking services, along with ATM, online, and mobile banking access. The bank also provides brokerage services through Tri Counties Advisors in affiliation with Raymond James Financial Services.

Tri Counties Bank and FHLBank San Francisco have announced a combined $200,000 donation to promote Black homeownership through FHLBank's Empowering Black Homeownership matching grant program. The initiative resulted in two $100,000 donations to the Greater Sacramento Urban League (GSUL) and Self-Help Enterprises (SHE). The funds will support GSUL's HUD-approved Housing Counseling Program and SHE's Mutual Self-Help Housing Program, both aimed at addressing racial equity in homeownership and narrowing the Black homeownership wealth gap in California.

TriCo Bancshares (TCBK) reported Q3 2024 net income of $29.1 million, or $0.88 per diluted share, compared to $29.0 million or $0.87 per share in Q2 2024. Key highlights include a net interest margin increase to 3.71%, up 3 basis points from the previous quarter. Total deposits decreased by $13.1 million (0.7% annualized) from Q2, while the average cost of deposits rose to 1.52%. The loan-to-deposit ratio decreased to 83.2%, and the efficiency ratio was 60.02%. Non-performing assets to total assets increased to 0.45% from 0.36% in the previous quarter.

Tri Counties Bank has announced the appointment of Scott Myers as the new Head of Wholesale Banking. With over 25 years of experience in the financial services industry, Myers brings valuable expertise to the role. He will lead relationship teams across various banking sectors, including Middle Market & Specialty Banking, Commercial Banking, Business Banking, Treasury Management, and Merchant Card Services.

Previously, Myers served as Chief Lending Officer at California Bank of Commerce and Middle Market Region Manager at Wells Fargo. His appointment is expected to strengthen Tri Counties Bank's wholesale banking operations and enhance its relationship-banking approach. Myers, a Sacramento native with a Bachelor's degree in economics from UCLA, is also actively involved in community service.

TriCo Bancshares (NASDAQ: TCBK), the parent company of Tri Counties Bank, has announced a quarterly cash dividend of $0.33 per share on its common stock. The dividend will be payable on September 20, 2024, to shareholders of record as of September 6, 2024. This marks the company's 140th consecutive quarterly cash dividend payment, highlighting its consistent commitment to shareholder returns.

Tri Counties Bank, established in 1975, operates throughout Northern and Central California, offering a wide range of financial services including consumer, small business, and commercial banking. The bank also provides brokerage services through its affiliation with Raymond James Financial Services, Inc.

Tri Counties Bank and FHLBank San Francisco have awarded over $2.2 million in grants towards affordable housing projects in California. The grants, part of the Affordable Housing Program (AHP) General Fund, will benefit two organizations:

1. Rural Communities Housing Development (RCHDC): Received $660,000 for Sunrise Cottages, a 44-unit community for low-income seniors in Anderson, Shasta County.

2. The Kelsey (partnered with Mercy Housing California): Awarded $1.6 million for The Kelsey Civic Center, a 112-unit development in San Francisco, with 28 units reserved for individuals with disabilities.

These projects aim to address the affordable housing crisis and provide support services for vulnerable populations. The AHP grants are competitive and awarded annually to projects demonstrating need and feasibility.

Tri Counties Bank has launched its Community Cares Basic Needs Drive in partnership with the Foundation for California Community Colleges. Running through September 30, 2024, the drive aims to provide essential supplies to community college students across California. This initiative responds to a recent study revealing that two out of three California community college students struggle with meeting at least one basic need.

The drive accepts donations of items such as baby wipes, diapers, hygiene products, and dental care essentials at all Tri Counties Bank branches. Monetary donations can be made online, directly supporting the Foundation's Student Ambassador Program. This effort is part of Tri Counties Bank's 50th Anniversary celebration and aligns with the recent establishment of Basic Needs Centers at all California community colleges, offering students access to food, hygiene supplies, and various support services.