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.
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TriCo Bancshares (NASDAQ: TCBK) has declared a quarterly cash dividend of $0.30 per share on March 6, 2023. The dividend is payable on March 24, 2023, to shareholders on record as of March 17, 2023. Founded in 1975, Tri Counties Bank, a subsidiary of TriCo Bancshares, offers comprehensive banking services throughout Northern and Central California, along with around-the-clock ATM, online, and mobile access. This dividend reflects the company's commitment to providing value to its shareholders amid a competitive banking landscape.
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.