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.
TriCo Bancshares (NASDAQ: TCBK) announced a quarterly cash dividend of $0.22 per share on November 19, 2020. This dividend will be payable on December 18, 2020 to shareholders recorded as of December 4, 2020. The company, founded in 1975, operates Tri Counties Bank, which offers a range of consumer and commercial banking services across Northern and Central California. The bank emphasizes customer service and provides online and mobile banking options.
TriCo Bancshares (NASDAQ: TCBK) reported a net income of $17.6 million for Q3 2020, up from $7.4 million in Q2 2020 but down from $23.4 million in Q3 2019. The diluted EPS was $0.59, a rise from $0.25 in Q2 but down from $0.76 year-over-year. The Company’s return on average assets was 0.95%, with total loans at $4.83 billion. Net interest margin declined to 3.72% from 4.44% in Q3 2019. The credit provision expense was $7.6 million, a decrease from $22.2 million in Q2 2020, while non-performing assets rose to 0.34%.
Tri Counties Bank, headquartered in Chico, California, is contributing a total of $100,000 to four organizations supporting minority-owned businesses in Northern and Central California. Each organization will receive $25,000 to enhance microlending, technical assistance, and training programs. The bank is encouraging additional community support for these initiatives. This effort is part of Tri Counties Bank's commitment to fostering economic development and financial success within its communities.