Trico Bancshares Stock Price, News & Analysis

TriCo Bancshares (NASDAQ: TCBK) reported a net income of $36.3 million for Q4 2022, down from $37.3 million in Q3 2022 but up 28.8% year-over-year. Diluted earnings per share were $1.09, compared to $1.12 in the prior quarter. The net interest margin rose by 0.32% to 4.34%. Organic loan growth was $136.2 million or 8.6% annualized, while total loans reached $6.5 billion. However, total deposits fell by 15.1% to $8.3 billion. The company maintains strong capital ratios and liquidity but anticipates slower growth in net interest income in 2023.

Tri Counties Bank has launched the Homeownership Access Program aimed at promoting homeownership in historically disadvantaged communities in Northern and Central California. Qualified applicants can receive a closing cost credit of up to $7,500, applicable for both home purchases and refinances. To be eligible, properties must be in designated majority Black and/or Hispanic census tracts, owner-occupied, and borrowers' income should not exceed 150% of the area median. This initiative aligns with the bank's commitment to expanding homeownership opportunities in underserved markets.

TriCo Bancshares (NASDAQ: TCBK) reported a net income of $37.3 million for Q3 2022, a 19% increase from the prior quarter. Diluted earnings per share rose to $1.12, up from $0.93 in Q2 2022. The net interest margin improved to 4.02%, driven by a 10.7% increase in net interest income. Organic loan growth reached $216.7 million, or 14.2% annualized. Non-interest income declined by 4.8% to $15.6 million due to falling mortgage-related gains. The efficiency ratio improved to 49.6%, indicating enhanced operational efficiency. Total loans stood at $6.3 billion, with deposits totaling $8.7 billion.

Tri Counties Bank has partnered with United Way of Northern California to launch the NorCal Wildfire Fund, contributing an initial $20,000 towards a $3 million goal. The fund aims to aid wildfire-affected communities across several counties, including Butte and Shasta. Donations can be made at Tri Counties Bank branches or online. Funds will support various programs, such as RV assistance and mental health services for survivors. The 2022 wildfire season has resulted in significant damage, with six fatalities and 400 homes destroyed.

The Board of Directors of TriCo Bancshares (NASDAQ: TCBK) declared a quarterly cash dividend of $0.30 per share on August 25, 2022, marking a 20% increase from the previous dividend. This dividend is payable on September 23, 2022, to those on record as of September 9, 2022. Established in 1975, Tri Counties Bank, a subsidiary of TriCo Bancshares, offers a wide range of financial services across Northern and Central California.

Tri Counties Bank has announced over $2.1 million in grants awarded to three organizations under the Federal Home Loan Bank of San Francisco’s Affordable Housing Program. The grants support the creation of 149 affordable housing units for those earning less than 60% of the area median income, including veterans and low-income families. The nominated organizations include Collier Avenue, Piper Way Senior Housing, and Siskiyou Crossroads. These competitive AHP grants are aimed at addressing urgent affordable housing needs in local communities.

TriCo Bancshares (NASDAQ: TCBK) reported a net income of $31.4 million for Q2 2022, compared to $20.4 million in Q1 2022, reflecting a 53.9% increase. The diluted earnings per share rose to $0.93, up from $0.67 in the previous quarter. Organic loan growth reached $300.3 million, representing a 20.7% annualized growth rate. Net interest margin increased to 3.57%, up 28 basis points from Q1. Noninterest income grew by 8.8% to $16.4 million. Despite merger-related expenses affecting net revenues, credit quality improved with non-performing assets decreasing to 0.15% of total assets.

Tri Counties Bank announced a partnership with the National Asian American Coalition to launch a Down Payment Assistance (DPA) Program on July 7, 2022. The initiative aims to assist low- to moderate-income home buyers, particularly in underserved areas. Qualifying participants can receive a forgivable loan of up to 3% of the home's purchase price, capped at $10,000. Additional support may be available through the Federal Home Loan Bank’s WISH program. This program reflects the bank's commitment to enhancing homeownership and addressing income inequality.

Tri Counties Bank, in partnership with the Federal Home Loan Bank of San Francisco, has announced a $200,000 donation to promote Black homeownership. This initiative is part of the Empowering Black Homeownership matching grant program, aiming to bridge the Black homeownership and wealth gaps. The funds will be matched by FHLBank San Francisco and distributed as $50,000 grants to four Housing Counseling Agencies across California. These agencies will provide vital counseling and resources to aspiring homeowners, enhancing their potential for sustainable homeownership.