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TriCo Bancshares reports recurring developments for its role as the bank holding company for Tri Counties Bank, a California-chartered bank serving individuals, small businesses and commercial customers across California. Company updates center on earnings, net interest income and margin, loan and deposit balances, credit quality, operating efficiency and balance-sheet growth.
Other recurring news includes quarterly cash dividends, share repurchase authorizations, and bank-level customer or small-business research. Tri Counties Bank provides consumer, small business and commercial banking services, deposit products, real estate and consumer lending, treasury management, ATM, online and mobile banking access, and brokerage services through Tri Counties Advisors.
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TriCo Bancshares (NASDAQ: TCBK) reported net income of $35.8 million for Q1 2023, a slight decrease from $36.3 million in the previous quarter but significantly higher than $20.4 million the previous year. Diluted earnings per share were $1.07, down from $1.09 quarter-over-quarter. The company's return on average assets was 1.47% and return on average equity was 13.36%. A notable concern was a 3.64% decline in total deposits, decreasing by $303.1 million, which increased the loan-to-deposit ratio to 80.0%. Total loans outstanding were $6.42 billion, a 10.8% increase year-over-year but a small decline from the previous quarter. Despite challenges in the banking sector, the management remains confident in their diverse customer base and performance differentiation.