Trico Bancshares Stock Price, News & Analysis

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.

Tri Counties Bank, in collaboration with the Community Foundation of the North State, awarded over $100,000 in scholarships this May to 55 graduating high school seniors in California. Each scholarship ranged from $1,000 to $2,500. The scholarships were primarily income-based, with over 90% directed to low-to-moderate income students. The initiative aims to foster community development by investing in students' education, with applications for the next cycle opening November 1, 2022.

TriCo Bancshares (NASDAQ: TCBK) announced a quarterly cash dividend of $0.25 per share on May 19, 2022. This dividend will be payable on June 24, 2022 to shareholders on record as of June 10, 2022. TriCo Bancshares, headquartered in Chico, California, operates Tri Counties Bank, which offers a range of financial services across Northern and Central California, including online and mobile banking options.

TriCo Bancshares (NASDAQ: TCBK) reported a net income of $20.4 million for Q1 2022, down from $28.2 million in Q4 2021 and $33.6 million in Q1 2021. Diluted EPS also declined to $0.67 from $0.94 and $1.13 in the previous periods. The merger with Valley Republic Bancorp is complete, with a reduction in nonperforming assets by 48.4%. Organic loan growth was notable at $187.9 million (15.5% annualized), while net interest margin rose to 3.29%. However, provisions for credit losses surged to $8.3 million, compared to $1 million previously.