[10-Q] Trico Bancshares Quarterly Earnings Report

Rhea-AI Filing Summary

TriCo Bancshares (TCBK) reported second-quarter 2025 results showing mixed performance. Net income for the three months ended June 30, 2025 was $27.542 million, down from $29.034 million a year earlier, while net interest income rose to $86.519 million from $81.997 million, reflecting higher interest-earning assets and interest on cash at the Federal Reserve. Total assets were $9.924 billion, loans, net were $6.835 billion, and total deposits increased to $8.376 billion.

Credit metrics weakened: the provision for credit losses increased to $4.665 million (three months) versus $0.405 million a year ago, and total nonaccrual loans rose to $64.6 million from $44.0 million at year-end 2024. Other notable items include a stronger comprehensive income driven by unrealized gains on AFS securities and year-to-date cash and cash equivalents of $314.3 million. The Company reports no allowance for credit losses on its investment securities.

Positive

• Net interest income increased to $86.519 million from $81.997 million, supporting core earnings.
• Deposit growth with total deposits rising to $8.376 billion from $8.088 billion at year-end 2024.
• Loan portfolio expansion: total loans (net) increased to $6.834 billion from $6.643 billion.
• Comprehensive income improved (three months) to $36.55 million driven by unrealized gains on available-for-sale securities.
• Cash and cash equivalents strengthened to $314.268 million from $144.956 million at year-end 2024.
• No allowance for credit losses recorded on investment securities as management expects contractual cash flows to be collected.

Negative

• Net income declined to $27.542 million from $29.034 million year-over-year for the quarter.
• Provision for credit losses jumped to $4.665 million (three months) versus $0.405 million a year earlier.
• Nonaccrual loans increased materially to $64.6 million from $44.0 million at December 31, 2024, indicating asset-quality stress.
• Quarterly charge-offs were significant (aggregate charge-offs shown in allowance activity), reducing the allowance and increasing credit volatility.

Insights

Financial Analyst

TL;DR: Revenue mix improved but credit expense and nonaccruals increased, producing slightly lower quarterly net income.

Net interest income improved to $86.519M from $81.997M, roughly a 5.6% uplift, supporting core margin performance. Loan and deposit balances grew to $6.835B and $8.376B, respectively, indicating continued deposit gathering and lending activity. However, provisions for credit losses rose materially to $4.665M in the quarter versus $0.405M a year ago, and total nonaccrual loans increased to $64.6M, pressuring net income to $27.542M. Overall this is a mixed quarter: solid interest income growth offset by deteriorating credit metrics. The impact is neutral from a near-term earnings perspective but elevates credit monitoring priorities.

Risk Analyst

TL;DR: Credit deterioration is the key risk: rising provisions, charge-offs, and higher nonaccruals are material for asset quality.

Provision expense increased significantly to $4.665M for the quarter, and quarterly charge-offs aggregated meaningfully within loan segments. Total nonaccrual loans rose to $64.6M compared with $44.0M at December 31, 2024, and the allowance for credit losses on loans ended at $124.5M. While the Company states no credit loss allowance on investment securities, the rise in loan-related credit metrics and higher charge-offs are material to credit risk assessments and warrant heightened surveillance of CRE, C&I and farmland exposures. Impact rating: negative.

TriCo 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________

FORM 10-Q

___________________

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended: June 30, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from                to              

Commission File Number: 000-10661

___________________

(Exact Name of Registrant as Specified in Its Charter)

___________________

CA						94-2792841
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)

63 Constitution Drive

Chico, California 95973

(Address of Principal Executive Offices)(Zip Code)

(530) 898-0300

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

TCBK

The NASDAQ Stock Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “accelerated filer”, “large accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☒

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding for each of the issuer’s classes of common stock, as of the latest practical date:

Common stock, no par value: 32,558,976 shares outstanding as of August 8, 2025.

Table of Contents

TriCo Bancshares

FORM 10-Q

TABLE OF CONTENTS

			Page
PART I – FINANCIAL INFORMATION			3
Item 1 – Financial Statements (Unaudited)			3
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations			38
Item 3 – Quantitative and Qualitative Disclosures about Market Risk			60
Item 4 – Controls and Procedures			60
PART II – OTHER INFORMATION			61
Item 1 – Legal Proceedings			61
Item 1A – Risk Factors			61
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds			61
Item 5 – Other Information
Item 6 – Exhibits			62
Signatures			63

1

Table of Contents

GLOSSARY OF ACRONYMS AND TERMS

The following listing provides a comprehensive reference of common acronyms and terms used throughout the document:

ACL			Allowance for Credit Losses
AFS			Available-for-Sale
AOCI			Accumulated Other Comprehensive Income
ASC			Accounting Standards Codification
CDs			Certificates of Deposit
CDI			Core Deposit Intangible
CRE			Commercial Real Estate
CMO			Collateralized Mortgage Obligation
CODM			Chief Operating Decision Maker
DFPI			State Department of Financial Protection and Innovation
FASB			Financial Accounting Standards Board
FDIC			Federal Deposit Insurance Corporation
FHLB			Federal Home Loan Bank
FOMC			Federal Open Market Committee
FRB			Federal Reserve Board
FTE			Fully taxable equivalent
GAAP			Generally Accepted Accounting Principles (United States of America)
HELOC			Home equity line of credit
HTM			Held-to-Maturity
LIBOR			London Interbank Offered Rate
NIM			Net interest margin
NPA			Nonperforming assets
OCI			Other comprehensive income
PCD			Purchase Credit Deteriorated
PSU			Performance Restricted Stock Unit
ROUA			Right-of-Use Asset
RSU			Restricted Stock Unit
SBA			Small Business Administration
SERP			Supplemental Executive Retirement Plan
SFR			Single Family Residence
SOFR			Secured Overnight Financing Rate
VRB			Valley Republic Bancorp
XBRL			eXtensible Business Reporting Language

2

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.    Financial Statements (unaudited)

TRICO BANCSHARES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data; unaudited)

			June 30, 2025						December 31, 2024
Assets:
Cash and due from banks			$	130,147					$	85,409
Cash at Federal Reserve and other banks			184,121						59,547
Cash and cash equivalents			314,268						144,956
Investment securities:
Marketable equity securities			2,656						2,609
Available for sale debt securities, at fair value (amortized cost of $2,004,864 and $2,138,533)			1,815,376						1,904,885
Held to maturity debt securities, at amortized cost, net of allowance for credit losses of $0			101,672						111,866
Restricted equity securities			17,250						17,250
Loans held for sale			1,577						709
Loans			6,958,993						6,768,523
Allowance for credit losses			(124,455)						(125,366)
Total loans, net			6,834,538						6,643,157
Premises and equipment, net			70,092						70,287
Cash value of life insurance			135,520						140,149
Accrued interest receivable			32,534						34,810
Goodwill			304,442						304,442
Other intangible assets, net			5,435						6,432
Operating leases, right-of-use			22,158						23,529
Other assets			266,465						268,647
Total assets			$	9,923,983					$	9,673,728
Liabilities and Shareholders’ Equity:
Liabilities:
Deposits:
Noninterest-bearing demand			$	2,559,788					$	2,548,613
Interest-bearing			5,816,021						5,538,963
Total deposits			8,375,809						8,087,576
Accrued interest payable			10,172						11,501
Operating lease liability			23,965						25,437
Other liabilities			128,162						137,506
Other borrowings			17,788						89,610
Junior subordinated debt			101,264						101,191
Total liabilities			8,657,160						8,452,821
Commitments and contingencies (Note 9)
Shareholders’ equity:
Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at June 30, 2025 and December 31, 2024			—						—
Common stock, no par value: 50,000,000 shares authorized; 32,550,264 and 32,970,425 issued and outstanding at June 30, 2025 and December 31, 2024, respectively			685,489						693,462
Retained earnings			702,690						679,907
Accumulated other comprehensive loss, net of tax			(121,356)						(152,462)
Total shareholders’ equity			1,266,823						1,220,907
Total liabilities and shareholders’ equity			$	9,923,983					$	9,673,728

See accompanying notes to unaudited condensed consolidated financial statements.

3

Table of Contents

TRICO BANCSHARES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data; unaudited)

			Three months ended June 30,												Six months ended June 30,
			2025						2024						2025						2024
Interest and dividend income:
Loans, including fees			$	98,695					$	98,229					$	194,073					$	194,713
Investments:
Taxable securities			14,548						16,617						29,921						34,066
Tax exempt securities			879						915						1,763						1,832
Dividends			373						387						752						767
Interest bearing cash at Federal Reserve and other banks			1,866						884						3,929						1,071
Total interest and dividend income			116,361						117,032						230,438						232,449
Interest expense:
Deposits			28,038						29,021						56,903						52,550
Other borrowings			92						4,118						1,061						11,496
Junior subordinated debt			1,712						1,896						3,413						3,670
Total interest expense			29,842						35,035						61,377						67,716
Net interest income			86,519						81,997						169,061						164,733
Provision for credit losses			4,665						405						8,393						4,710
Net interest income after credit loss provision			81,854						81,592						160,668						160,023
Non-interest income:
Service charges and fees			13,650						12,796						26,328						25,433
Gain on sale of loans			503						388						847						649
Gain (Loss) on sale or exchange of investment securities			4						(45)						(1,142)						(45)
Asset management and commission income			1,635						1,359						3,123						2,487
Increase in cash value of life insurance			842						831						1,662						1,634
Other			456						537						2,345						1,479
Total non-interest income			17,090						15,866						33,163						31,637
Non-interest expense:
Salaries and related benefits			38,286						35,401						75,141						69,705
Other			22,845						22,938						45,575						45,138
Total non-interest expense			61,131						58,339						120,716						114,843
Income before provision for income taxes			37,813						39,119						73,115						76,817
Provision for income taxes			10,271						10,085						19,210						20,034
Net income			$	27,542					$	29,034					$	53,905					$	56,783
Per share data:
Basic earnings per share			$	0.84					$	0.88					$	1.64					$	1.71
Diluted earnings per share			$	0.84					$	0.87					$	1.63					$	1.70
Dividends per share			$	0.33					$	0.33					$	0.66					$	0.66

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands; unaudited)

			Three months ended June 30,												Six months ended June 30,
			2025						2024						2025						2024
Net income			$	27,542					$	29,034					$	53,905					$	56,783
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available for sale securities arising during the period			9,008						2,852						31,106						(8,346)
Change in minimum pension liability			—						—						—						—
Change in joint beneficiary agreements			—						—						—						—
Other comprehensive income (loss)			9,008						2,852						31,106						(8,346)
Comprehensive income			$	36,550					$	31,886					$	85,011					$	48,437

See accompanying notes to unaudited condensed consolidated financial statements.

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TRICO BANCSHARES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands, except share and per share data; unaudited)

			Shares of Common Stock						Common Stock						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total
Balance at April 1, 2024			33,168,770						$	696,464					$	630,954					$	(164,367)					$	1,163,051
Net income															29,034												29,034
Other comprehensive income (loss)																					2,852						2,852
RSU vesting									851																		851
PSU vesting									344																		344
RSUs released			63,811																								—
PSUs released			32,248																								—
Repurchase of common stock			(275,502)						(5,781)						(4,396)												(10,177)
Dividends paid ($0.33 per share)															(10,905)												(10,905)
Three months ended June 30, 2024			32,989,327						$	691,878					$	644,687					$	(161,515)					$	1,175,050
Balance at April 1, 2025			32,892,488						$	692,500					$	693,383					$	(130,364)					$	1,255,519
Net income															27,542												27,542
Other comprehensive income (loss)																					9,008						9,008
RSU vesting									883																		883
PSU vesting									353																		353
RSUs released			49,296																								—
Repurchase of common stock			(391,520)						(8,247)						(7,466)												(15,713)
Dividends paid ($0.33 per share)															(10,769)												(10,769)
Three months ended June 30, 2025			32,550,264						$	685,489					$	702,690					$	(121,356)					$	1,266,823

Balance at January 1, 2024			33,268,102						$	697,349					$	615,502					$	(153,169)					$	1,159,682
Net income															56,783												56,783
Other comprehensive income (loss)																					(8,346)						(8,346)
RSU vesting									1,619																		1,619
PSU vesting									775																		775
RSUs released			63,811																								—
PSUs released			32,248																								—
Repurchase of common stock			(374,834)						(7,865)						(5,720)												(13,585)
Dividends paid ($0.66 per share)															(21,878)												(21,878)
Six months ended June 30, 2024			32,989,327						691,878						644,687						(161,515)						1,175,050
Balance at January 1, 2025			32,970,425						$	693,462					$	679,907					$	(152,462)					$	1,220,907
Net income															53,905												53,905
Other comprehensive income (loss)																					31,106						31,106
RSU vesting									1,680																		1,680
PSU vesting									695																		695
RSUs released			71,135																								—
Repurchase of common stock			(491,296)						(10,348)						(9,474)												(19,822)
Dividends paid ($0.66 per share)															(21,648)												(21,648)
Six months ended June 30, 2025			32,550,264						$	685,489					$	702,690					$	(121,356)					$	1,266,823

See accompanying notes to unaudited condensed consolidated financial statements.

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TRICO BANCSHARES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands; unaudited)

			For the six months ended June 30,
			2025						2024
Operating activities:
Net income			$	53,905					$	56,783
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment, and amortization			3,104						3,000
Amortization of intangible assets			997						2,060
Provision for credit losses			8,393						4,710
Amortization of investment securities premium, net			919						271
Loss on sale of investment securities			1,142						45
Originations of loans for resale			(38,334)						(25,245)
Proceeds from sale of loans originated for resale			37,984						25,682
Gain on sale of loans			(847)						(649)
Change in fair market value of mortgage servicing rights			192						136
Provision for losses on foreclosed assets			3						262
Gain on transfer of loans to foreclosed assets			—						(38)
Change in the market value of foreclosed assets			(3)						—
Operating lease expense payments			(2,996)						(3,147)
Loss on disposal of fixed assets			90						6
Increase in cash value of life insurance			(1,662)						(1,634)
Gain on life insurance death benefit			(1,207)						—
(Gain) loss on marketable and trading equity securities			(47)						149
Equity compensation vesting expense			2,375						2,394
Change in:
Interest receivable			2,276						1,241
Interest payable			(1,329)						3,573
Amortization of operating lease ROUA			2,895						3,028
Other assets and liabilities, net			(14,100)						(15,737)
Net cash from operating activities			53,750						56,890
Investing activities:
Proceeds from maturities of securities available for sale			125,572						221,664
Proceeds from maturities of securities held to maturity			10,107						10,713
Proceeds from sale and calls of available for sale securities			30,743						28,570
Purchases of securities available for sale			(24,620)						(53,468)
Loan origination and principal collections, net			(198,569)						49,578
Proceeds from sale of other real estate owned			103						—
Purchases of premises and equipment			(2,715)						(2,010)
Net cash from (used by) investing activities			(59,379)						255,047
Financing activities:
Net change in deposits			288,233						216,192
Net change in other borrowings			(71,822)						(384,809)
Repurchase of common stock			(19,822)						(13,585)
Dividends paid			(21,648)						(21,878)
Net cash from (used by) financing activities			174,941						(204,080)
Net change in cash and cash equivalents			169,312						107,857
Cash and cash equivalents, beginning of period			144,956						98,701
Cash and cash equivalents, end of period			$	314,268					$	206,558
See accompanying notes to unaudited condensed consolidated financial statements.

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Supplemental disclosure of noncash activities:
Unrealized gain (loss) on securities available for sale			$	44,160					$	(11,848)
Market value of shares tendered in-lieu of cash to pay for exercise of equity and/or related taxes			907						1,102
Obligations incurred in conjunction with leased assets			1,006						1,426
Life insurance receivable			7,414						—
Loans transferred to foreclosed assets			—						12
Supplemental disclosure of cash flow activity:
Cash paid for interest expense			$	62,706					$	64,143
Cash paid for income taxes			19,600						21,200

See accompanying notes to unaudited condensed consolidated financial statements.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Summary of Significant Accounting Policies

Description of Business and Basis of Presentation

TriCo Bancshares (the “Company” or “we”) is a California corporation organized to act as a bank holding company for Tri Counties Bank (the “Bank”). The Company and the Bank are headquartered in Chico, California. The Bank is a California-chartered bank that is engaged in the general commercial banking business in 31 California counties. The consolidated financial statements are prepared in accordance with accounting policies generally accepted in the United States of America and general practices in the banking industry. All adjustments necessary for a fair presentation of these consolidated financial statements have been included and are of a normal and recurring nature. The financial statements include the accounts of the Company. All inter-company accounts and transactions have been eliminated in consolidation.

The Company has five capital subsidiary business trusts (collectively, the “Capital Trusts”) that issued trust preferred securities, including two organized by the Company and three acquired with the acquisition of North Valley Bancorp. For financial reporting purposes, the Company’s investments in the Capital Trusts of $1.8 million are accounted for under the equity method and, accordingly, are not consolidated and are included in other assets on the consolidated balance sheet. See the Note 8 - footnote Junior Subordinated Debt for additional information on borrowings outstanding.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”). The Company believes that the disclosures made are adequate to make the information not misleading.

Segment and Significant Group Concentration of Credit Risk

The Company grants agribusiness, commercial, consumer, and residential loans to customers located throughout California. The Company has a diversified loan portfolio within the business segments located in this geographical area. While our Chief Executive Officer, the chief operating decision-maker (CODM), may monitor the revenue streams of the various products and services, operations are managed, financial performance is evaluated, and decisions are generally made on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, operations are considered by management to be aggregated in one reportable operating segment.

Geographical Descriptions

For the purpose of describing the geographical location of the Company’s operations, the Company has defined northern California as that area of California north of, and including, Stockton to the east and San Jose to the west; central California as that area of the state south of Stockton and San Jose, to and including, Bakersfield to the east and San Luis Obispo to the west; and southern California as that area of the state south of Bakersfield and San Luis Obispo.

Reclassification

Some items in the prior year consolidated financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity.

Cash and Cash Equivalents

Net cash flows are reported for loan and deposit transactions and other borrowings. For purposes of the consolidated statement of cash flows, cash, due from banks with original maturities less than 90 days, interest-earning deposits in other banks, and Federal funds sold are considered to be cash equivalents.

Allowance for Credit Losses - Securities

The Company measures expected credit losses on HTM debt securities on a collective basis by major security type, then further disaggregated by sector and bond rating. Accrued interest receivable on HTM debt securities was considered insignificant at June 30, 2025 and December 31, 2024 and is therefore excluded from the estimate of credit losses. The estimate of expected credit losses considers

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historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts based on current and expected changes in credit ratings and default rates. Based on the implied guarantees of the U. S. Government or its agencies related to certain of these investment securities, and the absence of any historical or expected losses, substantially all qualify for a zero loss assumption. Management has separately evaluated its HTM investment securities from obligations of state and political subdivisions utilizing the historical loss data represented by similar securities over a period of time spanning nearly 50 years. As a result of this evaluation, management determined that the expected credit losses associated with these securities is not significant for financial reporting purposes and therefore, no allowance for credit losses has been recognized for any period reported.

The Company evaluates AFS debt securities in an unrealized loss position to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the allowance for credit losses and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired available for sale debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. In evaluating available for sale debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers' financial condition, among other factors. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. No security credit losses were recognized during the six month periods ended June 30, 2025 and 2024, respectively.

Loans

Loans that management has the intent and ability to hold until maturity or payoff are reported at principal amount outstanding, net of deferred loan fees and costs. Loans are placed in nonaccrual status when reasonable doubt exists as to the full, timely collection of interest or principal, or a loan becomes contractually past due by 90 days or more with respect to interest or principal and is not well secured and in the process of collection. When a loan is placed on nonaccrual status, all interest previously accrued but not collected is reversed against interest income. Income on such loans is then recognized only to the extent that cash is received and where the future collection of principal is considered probable. Interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of Management, the loan is estimated to be fully collectible as to both principal and interest. Accrued interest receivable is not included in the calculation of the allowance for credit losses.

Allowance for Credit Losses - Loans

The ACL is a valuation account that is deducted from the loan's amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged-off against the allowance when management believes the recorded loan balance is confirmed as uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Regardless of the determination that a charge-off is appropriate for financial accounting purposes, the Company manages its loan portfolio by continually monitoring, where possible, a borrower's ability to pay through the collection of financial information, delinquency status, borrower discussion and the encouragement to repay in accordance with the original contract or modified terms, if appropriate.

The ACL consists of two primary components: (1) the determination of an ACL for loans that are individually identified and analyzed and (2) establishment of an ACL for loans collectively analyzed. To determine the collectively analyzed portion of the ACL, the Company identified various portfolio segments based on loan attributes such as, but not limited to; collateral type and loan purpose or use, to ensure loans with similar risk characteristics are measured on a collective basis. The Company utilizes three different loss model configurations and assigned each of the portfolio segments to one of the three loss model configurations. Historical credit loss experience for financial institutions nationwide, paired with relevant forecasts of macroeconomic conditions, forms the basis for the estimate of expected credit losses amongst the collectively analyzed loan portfolio. Further, each of the three loss model configurations utilized by the Company incorporate unique inputs, such as the following:

(1) Commercial Real Estate: origination vintage, delinquency status, loan-to-value as of the origination date, stated maturity date, property type, and property status

(2) Commercial and Industrial: loan maturity, credit spread at origination, risk grade, and loan type

(3) Consumer: FICO, origination vintage, product type, and state geography if applicable

One of the key assumptions requiring significant judgment in the process is estimating the Company's ACL relates to macroeconomic forecasts that are incorporated into the loss models. As all economic outlooks are inherently uncertain, the Company utilizes various data points to better inform management's estimation of expected credit losses given observable and forecast changes in the economic environment and market conditions. These macroeconomic scenario forecasts incorporate variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to: gross domestic product, unemployment rate, consumer price index, corporate interest rate spreads, and economic policy.

After quantitative considerations, management evaluates the need for additional qualitative adjustments that consider the expected impact of certain factors not fully captured in the quantitative and macroeconomic reserve calculations. These qualitative adjustments may apply to the collectively analyzed pool as a whole, one or more of the three loss models, or to one or more of the loan portfolio segments.

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PCD assets are assets acquired at a discount that is due, in part, to credit quality deterioration since their origination. PCD assets are initially recorded and accounted for at fair value, by taking the sum of the present value of expected future cash flows and an allowance for credit losses, at acquisition. The allowance for credit losses for PCD assets is recorded through a gross-up of reserves on the balance sheet, while the allowance for acquired non-PCD assets, such as loans, is recorded through the provision for credit losses on the income statement, consistent with originated loans. Subsequent to acquisition, the allowance for credit losses for PCD loans will generally follow the same forward-looking estimation, provision, and charge-off process as non-PCD acquired and originated loans

Allowance for Credit Losses - Unfunded commitments

The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance for credit loss calculation, other than those that are unconditionally cancellable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. The allowance for credit losses for off-balance-sheet credit risk exposures is reported in other liabilities in the condensed consolidated balance sheets.

Accounting Standards Update

Accounting standards adopted in the current period

Standard

Summary of Guidance

Effects on financial statements

None

Accounting standards yet to be adopted

Standard

Summary of Guidance

Effects on financial statements

None

Note 2 - Investment Securities

The amortized cost, estimated fair values and allowance for credit losses of investments in debt securities are summarized in the following tables:

			June 30, 2025
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Estimated Fair Value
Debt Securities Available for Sale
Obligations of U.S. government agencies			$	1,221,272					$	727					$	(135,917)											$	1,086,082
Obligations of states and political subdivisions			240,719						34						(28,182)												212,571
Corporate bonds			5,690						4						(191)												5,503
Asset backed securities			265,749						171						(2,241)												263,679
Non-agency collateralized mortgage obligations			271,434						174						(24,067)												247,541
Total debt securities available for sale			$	2,004,864					$	1,110					$	(190,598)											$	1,815,376
Debt Securities Held to Maturity
Obligations of U.S. government agencies			$	98,940					$	3					$	(4,646)											94,297
Obligations of states and political subdivisions			2,732						1						(57)												2,676
Total debt securities held to maturity			$	101,672					$	4					$	(4,703)											$	96,973

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			December 31, 2024
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Estimated Fair Value
Debt Securities Available for Sale
Obligations of U.S. government agencies			$	1,268,654					$	16					$	(174,485)											$	1,094,185
Obligations of states and political subdivisions			249,627						66						(28,949)												220,744
Corporate bonds			6,182						—						(345)												5,837
Asset backed securities			314,814						687						(1,238)												314,263
Non-agency collateralized mortgage obligations			299,256						238						(29,638)												269,856
Total debt securities available for sale			$	2,138,533					$	1,007					$	(234,655)											$	1,904,885
Debt Securities Held to Maturity
Obligations of U.S. government agencies			$	109,155					$	3					$	(7,443)											$	101,715
Obligations of states and political subdivisions			2,711						2						(79)												2,634
Total debt securities held to maturity			$	111,866					$	5					$	(7,522)											$	104,349

Proceeds from the sale of available for sale investment securities totaled $0.7 million and $28.6 million for the three months ended June 30, 2025 and 2024, respectively, and resulted in gross realized gains of $4.0 thousand and gross realized losses of $2.9 million during those respective periods. Proceeds from the sale of available for sale investment securities totaled $30.7 million and $28.6 million for the six months ended June 30, 2025 and 2024, respectively, resulting in gross realized losses of $1.1 million and $2.9 million, respectively.

Investment securities with an aggregate carrying value of $891.9 million and $716.0 million at June 30, 2025 and December 31, 2024, respectively, were pledged as collateral for specific borrowings, lines of credit or local agency deposits.

The amortized cost and estimated fair value of debt securities at June 30, 2025 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At June 30, 2025, obligations of the U.S. government and agencies with a cost basis totaling $1.2 billion consist almost entirely of residential real estate mortgage-backed securities whose contractual maturity, or principal repayment, will follow the repayment of the underlying mortgages. For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by the U.S. government and agencies is categorized based on final maturity date. At June 30, 2025, the Company estimates the average remaining life of these mortgage-backed securities issued by U.S. government corporations and agencies to be approximately 6.35 years. Average remaining life is defined as the time span after which the principal balance has been reduced by half.

As of June 30, 2025, the contractual final maturity for available for sale and held to maturity investment securities is as follows:

Debt Securities			Available for Sale												Held to Maturity
(in thousands)			Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
						Due in one year						$	6,846											$	6,808					$	1,168					$	1,169
Due after one year through five years			54,833						53,091						2,334						2,282
Due after five years through ten years			163,284						152,467						97,202						92,601
Due after ten years			1,779,901						1,603,010						968						921
Totals			$	2,004,864					$	1,815,376					$	101,672					$	96,973

Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of June 30, 2025, the Company has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. There was no allowance for credit losses related to investment securities as of June 30, 2025 or December 31, 2024.

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Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

June 30, 2025:			Less than 12 months												12 months or more												Total
(in thousands)			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies			$	12,636					$	(54)					$	992,579					$	(135,863)					$	1,005,215					$	(135,917)
Obligations of states and political subdivisions			10,508						(401)						198,470						(27,781)						208,978						(28,182)
Corporate bonds			—						—						4,253						(191)						4,253						(191)
Asset backed securities			66,780						(340)						72,002						(1,901)						138,782						(2,241)
Non-agency collateralized mortgage obligations			—						—						215,877						(24,067)						215,877						(24,067)
Total debt securities available for sale			$	89,924					$	(795)					$	1,483,181					$	(189,803)					$	1,573,105					$	(190,598)
Debt Securities Held to Maturity
Obligations of U.S. government agencies			$	—					$	—					$	94,137					$	(4,646)					$	94,137					$	(4,646)
Obligations of states and political subdivisions			—						—						1,507						(57)						1,507						(57)
Total debt securities held to maturity			$	—					$	—					$	95,644					$	(4,703)					$	95,644					$	(4,703)

December 31, 2024:			Less than 12 months												12 months or more												Total
(in thousands)			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies			$	63,714					$	(842)					$	1,021,654					$	(173,643)					$	1,085,368					$	(174,485)
Obligations of states and political subdivisions			7,457						(140)						208,063						(28,809)						215,520						(28,949)
Corporate bonds			1,229						(17)						4,608						(328)						5,837						(345)
Asset backed securities			44,707						(30)						75,734						(1,208)						120,441						(1,238)
Non-agency collateralized mortgage obligations			—						—						236,671						(29,638)						236,671						(29,638)
Total debt securities available for sale			$	117,107					$	(1,029)					$	1,546,730					$	(233,626)					$	1,663,837					$	(234,655)
Debt Securities Held to Maturity
Obligations of U.S. government agencies			$	—					$	—					$	101,553					$	(7,443)					$	101,553					$	(7,443)
Obligations of states and political subdivisions			—						—						1,485						(79)						1,485						(79)
Total debt securities held to maturity			$	—					$	—					$	103,038					$	(7,522)					$	103,038					$	(7,522)

Obligations of U.S. government agencies: The unrealized losses on investments in obligations of U.S. government agencies are caused by interest rate increases and illiquidity. The contractual cash flows of these securities are guaranteed by U.S. Government Sponsored Entities (principally Fannie Mae and Freddie Mac). It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of June 30, 2025. At June 30, 2025, 228 debt securities representing obligations of U.S. government agencies had unrealized losses with aggregate depreciation of 11.34% from the Company’s amortized cost basis.

Obligations of states and political subdivisions: The unrealized losses on investments in obligations of states and political subdivisions were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of June 30, 2025. At June 30, 2025, 153 debt securities representing obligations of states and political subdivisions had unrealized losses with aggregate depreciation of 11.83% from the Company’s amortized cost basis.

Corporate bonds: The unrealized losses on investments in corporate bonds were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of June 30, 2025. At June 30, 2025, 4 debt securities representing corporate bonds had unrealized losses with aggregate depreciation of 4.30% from the Company’s amortized cost basis.

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Asset backed securities: The unrealized losses on investments in asset backed securities were caused by increases in required yields by investors for these types of securities. At the time of purchase, each of these securities was rated AA or AAA and through June 30, 2025 has not experienced any deterioration in credit rating. At June 30, 2025, 23 asset backed securities had unrealized losses with aggregate depreciation of 1.59% from the Company’s amortized cost basis. The Company continues to monitor these securities for changes in credit rating or other indications of credit deterioration. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of June 30, 2025.

Non-agency collateralized mortgage obligations: The unrealized losses on investments in asset backed securities were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of June 30, 2025. At June 30, 2025, 17 asset backed securities had unrealized losses with aggregate depreciation of 10.03% from the Company’s amortized cost basis.

The Company monitors credit quality of debt securities held-to-maturity through the use of credit rating. The Company monitors the credit rating on a monthly basis. The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:

			June 30, 2025												December 31, 2024
(in thousands)			AAA/AA/A						BBB/BB/B						AAA/AA/A						BBB/BB/B
Obligations of U.S. government agencies			$	98,940					$	—					$	109,155					$	—
Obligations of states and political subdivisions			2,732						—						2,711						—
Total debt securities held to maturity			$	101,672					$	—					$	111,866					$	—

Note 3 – Loans

A summary of loan balances at amortized cost are as follows:

(in thousands)			June 30, 2025						December 31, 2024
Commercial real estate:
CRE non-owner occupied			$	2,438,949					$	2,323,036
CRE owner occupied			997,205						961,415
Multifamily			1,030,052						1,028,035
Farmland			264,526						265,146
Total commercial real estate loans			4,730,732						4,577,632
Consumer:
SFR 1-4 1st DT liens			850,208						859,660
SFR HELOCs and junior liens			390,344						363,420
Other			48,139						57,979
Total consumer loans			1,288,691						1,281,059
Commercial and industrial			467,564						471,271
Construction			304,920						279,933
Agriculture production			161,457						151,822
Leases			5,629						6,806
Total loans, net of deferred loan fees and discounts			$	6,958,993					$	6,768,523
Total principal balance of loans owed, net of charge-offs			$	6,991,115					$	6,804,113
Unamortized net deferred loan fees			(15,054)						(15,283)
Discounts to principal balance of loans owed, net of charge-offs			(17,068)						(20,307)
Total loans, net of unamortized deferred loan fees and discounts			$	6,958,993					$	6,768,523
Allowance for credit losses on loans			$	(124,455)					$	(125,366)

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Note 4 – Allowance for Credit Losses

For the periods indicated, the following tables summarize the activity in the allowance for credit losses on loans which is recorded as a contra asset, and the reserve for unfunded commitments which is recorded on the balance sheet within other liabilities:

			Allowance for credit losses – Three months ended June 30, 2025
(in thousands)			Beginning Balance												Charge-offs						Recoveries						Provision (benefit)						Ending  Balance
Commercial real estate:
CRE non-owner occupied			$	39,670											$	—					$	—					$	1,251					$	40,921
CRE owner occupied			12,169												—						1						(592)						11,578
Multifamily			15,604												—						—						(507)						15,097
Farmland			4,737												—						—						2,151						6,888
Total commercial real estate loans			72,180												—						1						2,303						74,484
Consumer:
SFR 1-4 1st DT liens			10,995												—						—						140						11,135
SFR HELOCs and junior liens			11,650												—						4						367						12,021
Other			2,895												(200)						36						(569)						2,162
Total consumer loans			25,540												(200)						40						(62)						25,318
Commercial and industrial			17,561												(8,384)						60						787						10,024
Construction			10,346												—						—						649						10,995
Agriculture production			2,768												(11)						1						851						3,609
Leases			28												—						—						(3)						25
Allowance for credit losses on loans			128,423												(8,595)						102						4,525						124,455
Reserve for unfunded commitments			7,065												—						—						140						7,205
Total			$	135,488											$	(8,595)					$	102					$	4,665					$	131,660

			Allowance for credit losses – Six months ended June 30, 2025
(in thousands)			Beginning Balance												Charge-offs						Recoveries						Provision (benefit)						Ending  Balance
Commercial real estate:
CRE non-owner occupied			$	37,229											$	—					$	—					$	3,692					$	40,921
CRE owner occupied			15,747												—						1						(4,170)						11,578
Multifamily			15,913												—						—						(816)						15,097
Farmland			3,960												—						—						2,928						6,888
Total commercial real estate loans			72,849												—						1						1,634						74,484
Consumer:
SFR 1-4 1st DT liens			14,227												—						—						(3,092)						11,135
SFR HELOCs and junior liens			10,411												—						16						1,594						12,021
Other			2,825												(317)						73						(419)						2,162
Total consumer loans			27,463												(317)						89						(1,917)						25,318
Commercial and industrial			14,397												(8,641)						166						4,102						10,024
Construction			7,224												—						—						3,771						10,995
Agriculture production			3,403												(11)						614						(397)						3,609
Leases			30												—						—						(5)						25
Allowance for credit losses on loans			125,366												(8,969)						870						7,188						124,455
Reserve for unfunded commitments			6,000												—						—						1,205						7,205
Total			$	131,366											$	(8,969)					$	870					$	8,393					$	131,660

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The Company consistently seeks to refine its estimation methodology for determining the allowance for credit losses, the effects of which were insignificant during the current period, and are expected to be insignificant in future periods. Management continues to estimate the appropriate level of reserves using all relevant information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Management believes the primary risks inherent in the portfolio are a general decline in the economy or GDP, a decline in real estate market values, rising unemployment, increasing vacancy rates, and increases inflation or interest rates in the absence of economic improvement or any other such factors. Any one or a combination of these events may adversely affect a borrower's ability to repay its loan, resulting in increased delinquencies and loan losses. Although Management believes the Company has established and maintained the ACL on loans at appropriate levels, changes in reserves may be necessary if actual economic and other conditions differ substantially from the forecast used in estimating the ACL.

For the periods indicated, the following tables summarize the activity in the allowance for credit losses on loans which is recorded as a contra asset, and the reserve for unfunded commitments which is recorded on the balance sheet within other liabilities:

			Allowance for credit losses – Year ended December 31, 2024
(in thousands)			Beginning Balance												Charge-offs						Recoveries						Provision (benefit)						Ending Balance
Commercial real estate:
CRE non-owner occupied			$	35,077											$	—					$	187					$	1,965					$	37,229
CRE owner occupied			15,081												—						2						664						15,747
Multifamily			14,418												—						—						1,495						15,913
Farmland			4,288												—						—						(328)						3,960
Total commercial real estate loans			68,864												—						189						3,796						72,849
Consumer:
SFR 1-4 1st DT liens			14,009												(27)						—						245						14,227
SFR HELOCs and junior liens			10,273												(41)						395						(216)						10,411
Other			3,171												(746)						217						183						2,825
Total consumer loans			27,453												(814)						612						212						27,463
Commercial and industrial			12,750												(1,787)						547						2,887						14,397
Construction			8,856												—						—						(1,632)						7,224
Agriculture production			3,589												(1,450)						65						1,199						3,403
Leases			10												—						—						20						30
Allowance for credit losses on loans			121,522												(4,051)						1,413						6,482						125,366
Reserve for unfunded commitments			5,850												—						—						150						6,000
Total			$	127,372											$	(4,051)					$	1,413					$	6,632					$	131,366

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			Allowance for credit losses – Three months ended June 30, 2024
(in thousands)			Beginning Balance												Charge-offs						Recoveries						Provision (benefit)						Ending Balance
Commercial real estate:
CRE non-owner occupied			$	36,687											$	—					$	—					$	468					$	37,155
CRE owner occupied			16,111												—						1						(239)						15,873
Multifamily			15,682												—						—						291						15,973
Farmland			3,695												—						—						336						4,031
Total commercial real estate loans			72,175												—						1						856						73,032
Consumer:
SFR 1-4 1st DT liens			14,140												—						—						464						14,604
SFR HELOCs and junior liens			9,942												(9)						51						103						10,087
Other			3,359												(118)						81						(339)						2,983
Total consumer loans			27,441												(127)						132						228						27,674
Commercial and industrial			11,867												(870)						261						870						12,128
Construction			9,162												—						—						(1,696)						7,466
Agriculture production			3,708												(613)						4						81						3,180
Leases			41												—						—						(4)						37
Allowance for credit losses on loans			124,394												(1,610)						398						335						123,517
Reserve for unfunded commitments			6,140												—						—						70						6,210
Total			$	130,534											$	(1,610)					$	398					$	405					$	129,727

			Allowance for credit losses – Six months ended June 30, 2024
(in thousands)			Beginning Balance												Charge-offs						Recoveries						Provision (benefit)						Ending Balance
Commercial real estate:
CRE non-owner occupied			$	35,077											$	—					$	—					$	2,078					$	37,155
CRE owner occupied			15,081												—						1						791						15,873
Multifamily			14,418												—						—						1,555						15,973
Farmland			4,288												—						—						(257)						4,031
Total commercial real estate loans			68,864												—						1						4,167						73,032
Consumer:
SFR 1-4 1st DT liens			14,009												(26)						—						621						14,604
SFR HELOCs and junior liens			10,273												(41)						100						(245)						10,087
Other			3,171												(368)						121						59						2,983
Total consumer loans			27,453												(435)						221						435						27,674
Commercial and industrial			12,750												(1,000)						283						95						12,128
Construction			8,856												—						—						(1,390)						7,466
Agriculture production			3,589												(1,450)						25						1,016						3,180
Leases			10												—						—						27						37
Allowance for credit losses on loans			121,522												(2,885)						530						4,350						123,517
Reserve for unfunded commitments			5,850												—						—						360						6,210
Total			$	127,372											$	(2,885)					$	530					$	4,710					$	129,727

As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including, but not limited to, trends relating to (i) the level of criticized and classified loans, (ii) net charge-offs, (iii) non-performing loans, and (iv) delinquency within the portfolio. The Company analyzes loans individually to classify the loans as to credit risk and grading. This analysis is performed annually for all outstanding balances greater than $1 million and non-homogeneous loans, such as commercial real estate loans, unless other indicators, such as delinquency, trigger more frequent evaluation. Loans below the $1 million threshold and homogenous in nature are evaluated as needed for proper grading based on delinquency and borrower credit scores.

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The Company utilizes a risk grading system to assign a risk grade to each of its loans. Loans are graded on a scale ranging from Pass to Loss. A description of the general characteristics of the risk grades is as follows:

•Pass – This grade represents loans ranging from acceptable to very little or no credit risk. These loans typically meet most if not all policy standards in regard to: loan amount as a percentage of collateral value, debt service coverage, profitability, leverage, and working capital.

•Special Mention – This grade represents “Other Assets Especially Mentioned” in accordance with regulatory guidelines and includes loans that display some potential weaknesses which, if left unaddressed, may result in deterioration of the repayment prospects for the asset or may inadequately protect the Company’s position in the future. These loans warrant more than normal supervision and attention.

•Substandard – This grade represents “Substandard” loans in accordance with regulatory guidelines. Loans within this rating typically exhibit weaknesses that are well defined to the point that repayment is jeopardized. Loss potential is, however, not necessarily evident. The underlying collateral supporting the credit appears to have sufficient value to protect the Company from loss of principal and accrued interest, or the loan has been written down to the point where this is true. There is a definite need for a well-defined workout/rehabilitation program.

•Doubtful – This grade represents “Doubtful” loans in accordance with regulatory guidelines. An asset classified as Doubtful has all the weaknesses inherent in a loan classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and financing plans.

•Loss – This grade represents “Loss” loans in accordance with regulatory guidelines. A loan classified as Loss is considered uncollectible and of such little value that its continuance as a bankable asset is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan, even though some recovery may be affected in the future. The portion of the loan that is graded loss should be charged off no later than the end of the quarter in which the loss is identified.

Based on the most recent analysis performed, the risk category of loans by class of loans is as follows for the period indicated:

			Term Loans Amortized Cost Basis by Origination Year – As of June 30, 2025																																				Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
(in thousands)			2025						2024						2023						2022						2021						Prior
Commercial real estate:
CRE non-owner occupied risk ratings
Pass			$	134,117					$	188,430					$	179,403					$	416,411					$	273,727					$	1,029,079					$	170,755					$	—					$	2,391,922
Special Mention			—						—						10,581						11,697						3,697						3,303						769						—						30,047
Substandard			—						—						—						—						459						16,521						—						—						16,980
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	134,117					$	188,430					$	189,984					$	428,108					$	277,883					$	1,048,903					$	171,524					$	—					$	2,438,949
Year-to-date gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Commercial real estate:
CRE owner occupied risk ratings
Pass			$	81,231					$	81,017					$	74,029					$	184,347					$	169,546					$	331,432					$	48,361					$	—					$	969,963
Special Mention			—						137						364						1,917						242						4,349						—						—						7,009
Substandard			—						1,423						237						5,968						5,482						7,025						98						—						20,233
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	81,231					$	82,577					$	74,630					$	192,232					$	175,270					$	342,806					$	48,459					$	—					$	997,205
Year-to-date gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

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			Term Loans Amortized Cost Basis by Origination Year – As of June 30, 2025																																				Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
(in thousands)			2025						2024						2023						2022						2021						Prior
Commercial real estate:
Multifamily risk ratings
Pass			$	27,059					$	69,743					$	27,703					$	172,501					$	290,906					$	396,828					$	40,268					$	—					$	1,025,008
Special Mention			—						—						—						—						—						205						3,393						—						3,598
Substandard			—						—						—						460						—						986						—						—						1,446
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	27,059					$	69,743					$	27,703					$	172,961					$	290,906					$	398,019					$	43,661					$	—					$	1,030,052
Year-to-date gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Commercial real estate:
Farmland risk ratings
Pass			$	6,179					$	23,378					$	18,416					$	34,878					$	20,129					$	47,705					$	32,942					$	—					$	183,627
Special Mention			390						—						—						2,051						3,237						3,863						2,743						—						12,284
Substandard			—						—						3,616						9,682						24,117						14,110						17,090						—						68,615
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	6,569					$	23,378					$	22,032					$	46,611					$	47,483					$	65,678					$	52,775					$	—					$	264,526
Year-to-date gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Consumer loans:
SFR 1-4 1st DT liens risk ratings
Pass			$	38,151					$	55,570					$	98,686					$	165,908					$	232,105					$	241,674					$	—					$	4,937					$	837,031
Special Mention			—						—						—						291						1,555						1,036						—						316						3,198
Substandard			—						—						232						131						4,158						4,753						—						705						9,979
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	38,151					$	55,570					$	98,918					$	166,330					$	237,818					$	247,463					$	—					$	5,958					$	850,208
Year-to-date gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Consumer loans:
SFR HELOCs and junior liens risk ratings
Pass			$	909					$	—					$	—					$	—					$	—					$	60					$	370,873					$	5,663					$	377,505
Special Mention			—						—						—						—						—						1						6,877						449						7,327
Substandard			—						—						—						—						—						—						5,115						397						5,512
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	909					$	—					$	—					$	—					$	—					$	61					$	382,865					$	6,509					$	390,344
Year-to-date gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Consumer loans:
Other risk ratings
Pass			$	2,791					$	6,242					$	16,998					$	4,864					$	4,847					$	9,946					$	583					$	—					$	46,271
Special Mention			—						—						350						31						275						153						30						—						839
Substandard			6						66						247						292						145						271						2						—						1,029
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	2,797					$	6,308					$	17,595					$	5,187					$	5,267					$	10,370					$	615					$	—					$	48,139
Year-to-date gross charge-offs			$	234					$	59					$	15					$	—					$	—					$	4					$	5					$	—					$	317

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			Term Loans Amortized Cost Basis by Origination Year – As of June 30, 2025																																				Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
(in thousands)			2025						2024						2023						2022						2021						Prior
Commercial and industrial loans:
Commercial and industrial risk ratings
Pass			$	30,259					$	48,377					$	45,473					$	64,950					$	44,046					$	8,818					$	213,219					$	99					$	455,241
Special Mention			81						308						879						1,539						525						9						2,776						—						6,117
Substandard			—						206						66						392						770						281						4,292						47						6,054
Doubtful/Loss			—						—						—						56						96						—						—						—						152
Total			$	30,340					$	48,891					$	46,418					$	66,937					$	45,437					$	9,108					$	220,287					$	146					$	467,564
Year-to-date gross charge-offs			$	198					$	95					$	—					$	—					$	—					$	—					$	8,348					$	—					$	8,641

Construction loans:
Construction risk ratings
Pass			$	9,339					$	63,699					$	131,262					$	71,438					$	13,897					$	13,371					$	—					$	—					$	303,006
Special Mention			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						885						529						500						—						—						1,914
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	9,339					$	63,699					$	131,262					$	72,323					$	14,426					$	13,871					$	—					$	—					$	304,920
Year-to-date gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Agriculture production loans:
Agriculture production risk ratings
Pass			$	606					$	907					$	1,248					$	1,797					$	581					$	6,696					$	143,967					$	—					$	155,802
Special Mention			—						—						—						—						—						191						2,605						—						2,796
Substandard			—						—						—						93						292						33						2,441						—						2,859
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	606					$	907					$	1,248					$	1,890					$	873					$	6,920					$	149,013					$	—					$	161,457
Year-to-date gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	11					$	—					$	—					$	11

Leases:
Lease risk ratings
Pass			$	5,629					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	5,629
Special Mention			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—						—
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	5,629					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	5,629
Year-to-date gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Total loans outstanding:
Risk ratings
Pass			$	336,270					$	537,363					$	593,218					$	1,117,094					$	1,049,784					$	2,085,609					$	1,020,968					$	10,699					$	6,751,005
Special Mention			471						445						12,174						17,526						9,531						13,110						19,193						765						73,215
Substandard			6						1,695						4,398						17,903						35,952						44,480						29,038						1,149						134,621
Doubtful/Loss			—						—						—						56						96						—						—						—						152
Total			$	336,747					$	539,503					$	609,790					$	1,152,579					$	1,095,363					$	2,143,199					$	1,069,199					$	12,613					$	6,958,993
Year-to-date gross charge-offs			$	432					$	154					$	15					$	—					$	—					$	15					$	8,353					$	—					$	8,969

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			Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024																																				Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
(in thousands)			2024						2023						2022						2021						2019						Prior
Commercial real estate:
CRE non-owner occupied risk ratings
Pass			$	184,623					$	177,650					$	408,129					$	282,953					$	152,278					$	909,735					$	163,628					$	—					$	2,278,996
Special Mention			—						836						1,688						—						—						24,840						506						—						27,870
Substandard			—						—						—						—						—						16,170						—						—						16,170
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	184,623					$	178,486					$	409,817					$	282,953					$	152,278					$	950,745					$	164,134					$	—					$	2,323,036
Period end gross write-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Commercial real estate:
CRE owner occupied risk ratings
Pass			$	83,320					$	75,804					$	191,619					$	177,134					$	104,490					$	254,282					$	35,961					$	—					$	922,610
Special Mention			1,618						—						2,699						1,731						206						11,950						—						—						18,204
Substandard			—						242						7,798						5,380						3,490						3,644						47						—						20,601
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	84,938					$	76,046					$	202,116					$	184,245					$	108,186					$	269,876					$	36,008					$	—					$	961,415
Period end gross write-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Commercial real estate:
Multifamily risk ratings
Pass			$	65,376					$	27,904					$	171,470					$	294,317					$	117,889					$	289,229					$	44,816					$	—					$	1,011,001
Special Mention			—						—						—						11,926						—						207						3,393						—						15,526
Substandard			—						—						480						—						554						474						—						—						1,508
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	65,376					$	27,904					$	171,950					$	306,243					$	118,443					$	289,910					$	48,209					$	—					$	1,028,035
Period end gross write-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Commercial real estate:
Farmland risk ratings
Pass			$	23,780					$	18,205					$	45,582					$	20,832					$	15,066					$	36,909					$	44,083					$	—					$	204,457
Special Mention			—						—						2,057						7,944						47						3,764						1,356						—						15,168
Substandard			—						2,770						—						20,414						—						10,416						11,921						—						45,521
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	23,780					$	20,975					$	47,639					$	49,190					$	15,113					$	51,089					$	57,360					$	—					$	265,146
Period end gross write-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Consumer loans:
SFR 1-4 1st DT liens risk ratings
Pass			$	60,203					$	113,467					$	173,217					$	241,388					$	115,915					$	137,361					$	—					$	3,952					$	845,503
Special Mention			—						—						60						—						—						892						—						239						1,191
Substandard			—						244						137						3,467						2,092						6,393						—						633						12,966
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	60,203					$	113,711					$	173,414					$	244,855					$	118,007					$	144,646					$	—					$	4,824					$	859,660
Period end gross write-offs			$	—					$	27					$	—					$	—					$	—					$	—					$	—					$	—					$	27

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			Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024																																				Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
(in thousands)			2024						2023						2022						2021						2019						Prior
Consumer loans:
SFR HELOCs and junior liens risk ratings
Pass			$	236					$	—					$	—					$	—					$	—					$	68					$	345,902					$	5,799					$	352,005
Special Mention			—						—						—						—						—						4						6,082						327						6,413
Substandard			—						—						—						—						—						—						4,579						423						5,002
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	236					$	—					$	—					$	—					$	—					$	72					$	356,563					$	6,549					$	363,420
Period end gross write-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	41					$	—					$	41

Consumer loans:
Other risk ratings
Pass			$	10,371					$	21,746					$	5,891					$	6,059					$	4,917					$	6,991					$	610					$	—					$	56,585
Special Mention			—						63						34						227						107						41						21						—						493
Substandard			37						152						304						111						2						294						1						—						901
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	10,408					$	21,961					$	6,229					$	6,397					$	5,026					$	7,326					$	632					$	—					$	57,979
Period end gross write-offs			$	385					$	88					$	40					$	74					$	37					$	108					$	14					$	—					$	746

Commercial and industrial loans:
Commercial and industrial risk ratings
Pass			$	73,321					$	49,921					$	61,634					$	48,255					$	3,721					$	8,463					$	203,978					$	150					$	449,443
Special Mention			137						775						1,970						63						275						851						3,197						—						7,268
Substandard			272						35						682						728						—						596						12,200						47						14,560
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	73,730					$	50,731					$	64,286					$	49,046					$	3,996					$	9,910					$	219,375					$	197					$	471,271
Period end gross write-offs			$	389					$	—					$	178					$	95					$	24					$	—					$	1,101					$	—					$	1,787

Construction loans:
Construction risk ratings
Pass			$	36,031					$	124,759					$	80,269					$	11,354					$	6,714					$	7,359					$	—					$	—					$	266,486
Special Mention			—						—						13,390						—						—						—						—						—						13,390
Substandard			—						—						—						—						—						57						—						—						57
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	36,031					$	124,759					$	93,659					$	11,354					$	6,714					$	7,416					$	—					$	—					$	279,933
Period end gross write-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Agriculture production loans:
Agriculture production risk ratings
Pass			$	265					$	1,434					$	2,297					$	905					$	175					$	7,477					$	133,115					$	—					$	145,668
Special Mention			—						—						—						—						2						218						5,192						—						5,412
Substandard			—						—						138						485						107						12						—						—						742
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	265					$	1,434					$	2,435					$	1,390					$	284					$	7,707					$	138,307					$	—					$	151,822
Period end gross write-offs			$	—					$	—					$	173					$	—					$	—					$	—					$	1,277					$	—					$	1,450

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			Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024																																				Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
(in thousands)			2024						2023						2022						2021						2019						Prior
Leases:
Lease risk ratings
Pass			$	6,806					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	6,806
Special Mention			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—						—
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	6,806					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	6,806
Period end gross write-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

Total loans outstanding:
Risk ratings
Pass			$	544,332					$	610,890					$	1,140,108					$	1,083,197					$	521,165					$	1,657,874					$	972,093					$	9,901					$	6,539,560
Special Mention			1,755						1,674						21,898						21,891						637						42,767						19,747						566						110,935
Substandard			309						3,443						9,539						30,585						6,245						38,056						28,748						1,103						118,028
Doubtful/Loss			—						—						—						—						—						—						—						—						—
Total			$	546,396					$	616,007					$	1,171,545					$	1,135,673					$	528,047					$	1,738,697					$	1,020,588					$	11,570					$	6,768,523
Period end gross write-offs			$	774					$	115					$	391					$	169					$	61					$	108					$	2,433					$	—					$	4,051

The following table shows the ending balance of current and past due originated loans by loan category as of the date indicated:

			Analysis of Past Due Loans - As of June 30, 2025
(in thousands)			30-59 days						60-89 days						> 90 days						Total Past Due Loans						Current						Total
Commercial real estate:
CRE non-owner occupied			$	4,871					$	33					$	3,009					$	7,913					$	2,431,036					$	2,438,949
CRE owner occupied			1,513						—						5,155						6,668						990,537						997,205
Multifamily			460						—						—						460						1,029,592						1,030,052
Farmland			—						—						14,339						14,339						250,187						264,526
Total commercial real estate loans			6,844						33						22,503						29,380						4,701,352						4,730,732
Consumer:
SFR 1-4 1st DT liens			118						132						1,079						1,329						848,879						850,208
SFR HELOCs and junior liens			2,926						818						1,749						5,493						384,851						390,344
Other			119						64						170						353						47,786						48,139
Total consumer loans			3,163						1,014						2,998						7,175						1,281,516						1,288,691
Commercial and industrial			491						230						1,183						1,904						465,660						467,564
Construction			—						529						1,334						1,863						303,057						304,920
Agriculture production			—						—						2,643						2,643						158,814						161,457
Leases			—						—						—						—						5,629						5,629
Total			$	10,498					$	1,806					$	30,661					$	42,965					$	6,916,028					$	6,958,993

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			Analysis of Past Due Loans - As of December 31, 2024
(in thousands)			30-59 days						60-89 days						> 90 days						Total Past Due Loans						Current						Total
Commercial real estate:
CRE non-owner occupied			$	221					$	—					$	2,452					$	2,673					$	2,320,363					$	2,323,036
CRE owner occupied			1,625						85						3,619						5,329						956,086						961,415
Multifamily			1,120						—						—						1,120						1,026,915						1,028,035
Farmland			2,686						113						6,145						8,944						256,202						265,146
Total commercial real estate loans			5,652						198						12,216						18,066						4,559,566						4,577,632
Consumer:
SFR 1-4 1st DT liens			—						6						1,556						1,562						858,098						859,660
SFR HELOCs and junior liens			201						852						1,078						2,131						361,289						363,420
Other			50						—						132						182						57,797						57,979
Total consumer loans			251						858						2,766						3,875						1,277,184						1,281,059
Commercial and industrial			537						308						9,257						10,102						461,169						471,271
Construction			—						—						—						—						279,933						279,933
Agriculture production			37						317						314						668						151,154						151,822
Leases			—						—						—						—						6,806						6,806
Total			$	6,477					$	1,681					$	24,553					$	32,711					$	6,735,812					$	6,768,523

The following table shows the ending balance of non accrual loans by loan category as of the date indicated:

			Non Accrual Loans
			As of June 30, 2025																		As of December 31, 2024
(in thousands)			Non accrual with no allowance for credit losses						Total non accrual						Past due 90 days or more and still accruing						Non accrual with no allowance for credit losses						Total non accrual						Past due 90 days or more and still accruing
Commercial real estate:
CRE non-owner occupied			$	3,548					$	3,548					$	—					$	3,017					$	3,017					$	—
CRE owner occupied			6,676						6,676						—						3,632						3,874						—
Multifamily			460						460						—						480						480						—
Farmland			27,017						35,811						—						12,483						16,195						—
Total commercial real estate loans			37,701						46,495						—						19,612						23,566						—
Consumer:
SFR 1-4 1st DT liens			5,567						6,376						—						5,979						5,979						—
SFR HELOCs and junior liens			4,268						4,786						—						3,370						3,868						—
Other			111						318						—						41						204						—
Total consumer loans			9,946						11,480						—						9,390						10,051						—
Commercial and industrial			899						1,700						198						830						9,707						59
Construction			1,914						1,914						—						57						57						—
Agriculture production			1,988						2,996						—						—						656						—
Leases			—						—						—						—						—						—
Sub-total			52,448						64,585						198						29,889						44,037						59
Less: Guaranteed loans			(1,051)						(1,082)						—						(828)						(816)						—
Total, net			$	51,397					$	63,503					$	198					$	29,061					$	43,221					$	59

Interest income on non accrual loans that would have been recognized during the three months ended June 30, 2025 and 2024, if all such loans had been current in accordance with their original terms, totaled $2.1 million and $0.6 million, respectively. Interest income actually recognized on these originated loans during the three months ended June 30, 2025 and 2024 was $0.3 million and zero , respectively.

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The following tables present the amortized cost basis of collateral dependent loans by class of loans as of the following periods:

			As of June 30, 2025
(in thousands)			Retail						Office						Warehouse						Other						Multifamily						Farmland						SFR-1st Deed						SFR-2nd Deed						Automobile/Truck						A/R and Inventory						Equipment						Total
Commercial real estate:
CRE non-owner occupied			$	3,009					$	345					$	—					$	194					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	3,548
CRE owner occupied			6,341						243						—						91						—						—						—						—						—						—						—						6,675
Multifamily			—						—						—						—						460						—						—						—						—						—						—						460
Farmland			—						—						—						—						—						35,811						—						—						—						—						—						35,811
Total commercial real estate loans			9,350						588						—						285						460						35,811						—						—						—						—						—						46,494
Consumer:
SFR 1-4 1st DT liens			—						—						—						—						—						—						6,376						—						—						—						—						6,376
SFR HELOCs and junior liens			—						—						—						—						—						—						1,643						2,923						—						—						—						4,566
Other			—						—						—						—						—						—						—						—						311						—						—						311
Total consumer loans			—						—						—						—						—						—						8,019						2,923						311						—						—						11,253
Commercial and industrial			—						—						—						—						—						—						—						—						—						727						973						1,700
Construction			—						—						—						1,414						—						—						500						—						—						—						—						1,914
Agriculture production			—						—						—						202						—						2,441						—						—						—						—						353						2,996
Leases			—						—						—						—						—						—						—						—						—						—						—						—
Total			$	9,350					$	588					$	—					$	1,901					$	460					$	38,252					$	8,519					$	2,923					$	311					$	727					$	1,326					$	64,357

			As of December 31, 2024
(in thousands)			Retail						Office						Warehouse						Other						Multifamily						Farmland						SFR -1st Deed						SFR -2nd Deed						Automobile/Truck						A/R and Inventory						Equipment						Total
Commercial real estate:
CRE non-owner occupied			$	2,452					$	356					$	—					$	210					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	3,018
CRE owner occupied			—						260						142						3,472						—						—						—						—						—						—						—						3,874
Multifamily			—						—						—						—						480						—						—						—						—						—						—						480
Farmland			—						—						—						—						—						16,448						—						—						—						—						—						16,448
Total commercial real estate loans			2,452						616						142						3,682						480						16,448						—						—						—						—						—						23,820
Consumer:
SFR 1-4 1st DT liens			—						—						—						—						—						—						5,979						—						—						—						—						5,979
SFR HELOCs and junior liens			—						—						—						—						—						—						1,291						2,079						—						—						—						3,370
Other			—						—						—						—						—						—						—						—						132						—						—						132
Total consumer loans			—						—						—						—						—						—						7,270						2,079						132						—						—						9,481
Commercial and industrial			—						—						—						8,334						—						—						—						54						—						530						788						9,706
Construction			—						—						—						—						—						—						57						—						—						—						—						57
Agriculture production			—						—						—						—						—						—						—						—						—						—						12						12
Leases			—						—						—						—						—						—						—						—						—						—						—						—
Total			$	2,452					$	616					$	142					$	12,016					$	480					$	16,448					$	7,327					$	2,133					$	132					$	530					$	800					$	43,076

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Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearance, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral.

The following tables show the amortized cost basis of loans that were both experiencing financial difficulty and modified during the periods presented. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivables is also presented below.

			For the three months ended
			June 30, 2025																		June 30, 2024
(in thousands)			Combination - Term Extension/Rate Change						Payment Delay/Term Extension						Total % of Loans Outstanding						Payment Delay/Term Extension						Payment Delay/Term Reduction						Total % of Loans Outstanding
Multifamily			$	—					$	—					—		%				$	295					$	—					n/m
Commercial and industrial			—						—						—						166						—						n/m
Total			$	—					$	—					—		%				$	461					$	—					0.01		%

			For the six months ended
			June 30, 2025																		June 30, 2024
(in thousands)			Combination - Term Extension/Rate Change						Payment Delay/Term Extension						Total % of Loans Outstanding						Payment Delay/Term Extension						Combination - Term Extension/Rate Change						Total % of Loans Outstanding
Commercial real estate:
CRE non-owner occupied			$	—					$	—					—		%				$	—					$	211					n/m
Multifamily			—						—						—						295						—						n/m
SFR HELOCs and junior liens			—						—						—						41						—						n/m
Commercial and industrial			—						—						—						682						—						0.01		%
Total			$	—					$	—					—		%				$	1,018					$	211					0.02		%

There were no significant loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025.

For the three months ended June 30, 2024:

Modification Type

Loan Type

Financial Effect

Payment delay / term extension

Multifamily

Added 12 months to the life of the loan

Payment delay / term extension

Commercial and industrial

Added a weighted average 60 months to the life of the loans

For the six months ended June 30, 2024:

Modification Type

Loan Type

Financial Effect

Combination - term extension / rate change

CRE non-owner occupied

Added 120 months to the life of the loan; converted from variable to fixed interest rate

Payment delay / term extension

SFR HELOCs and junior liens

Added 60 months to the life of the loan

Payment delay / term extension

Commercial and industrial

Added a weighted average 53 months to the life of the loans

During the six months ended June 30, 2025 and June 30, 2024, respectively, there were no loans with payment defaults by borrowers experiencing financial difficulty which had material modifications in rate, term or principal forgiveness during the twelve months prior to default.

Note 5 - Leases

The Company records a ROUA on the consolidated balance sheets for those leases that convey rights to control use of identified assets for a period of time in exchange for consideration. The Company also records a lease liability on the consolidated balance sheets for the present value of future payment commitments. All of the Company’s leases are comprised of operating leases in which the Company is lessee of real estate property for branches, ATM locations, and general administration and operations. The Company has elected not to include short-term leases (i.e. leases with initial terms of 12 month or less) within the ROUA and lease liability.

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The following table presents the components of lease expense for the periods ended:

			Three months ended June 30,												Six months ended June 30,
(in thousands)			2025						2024						2025						2024
Operating lease cost			$	1,401					$	1,463					$	2,818					$	2,897
Short-term lease cost			49						55						95						107
Variable lease cost (income)			(6)						10						(16)						23
Total lease cost			$	1,444					$	1,528					$	2,897					$	3,027

The following table presents supplemental cash flow information related to leases for the periods ended:

			Three months ended June 30,												Six months ended June 30,
(in thousands)			2025						2024						2025						2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases			$	1,486					$	1,579					$	2,996					$	3,147
ROUA obtained in exchange for operating lease liabilities			$	535					$	99					$	1,006					$	1,426

The following table presents the weighted average operating lease term and discount rate as of the period ended:

			June 30,
			2025						2024
Weighted-average remaining lease term (years)			7.3						7.9
Weighted-average discount rate			3.58		%				3.45		%

At June 30, 2025, future expected operating lease payments are as follows:

(in thousands)
Periods ending December 31,
2025			$	2,838
2026			5,290
2027			4,632
2028			3,366
2029			2,396
Thereafter			8,807
			27,329
Discount for present value of expected cash flows			(3,364)
Lease liability at June 30, 2025			$	23,965

Note 6 - Deposits

A summary of the balances of deposits follows:

(in thousands)			June 30, 2025						December 31, 2024
Noninterest-bearing demand			$	2,559,788					$	2,548,613
Interest-bearing demand			1,826,041						1,758,629
Savings			2,879,212						2,657,849
Time certificates, $250,000 or more			626,250						485,180
Other time certificates			484,518						637,305
Total deposits			$	8,375,809					$	8,087,576

Certificate of deposit balances of $100.0 million from the State of California were included in time certificates, $250,000 or more, at June 30, 2025 and December 31, 2024, respectively. The Company participates in a deposit program offered by the State of California whereby the State may make deposits at the Company’s request subject to collateral and credit worthiness constraints. The negotiated rates on these State deposits are generally more favorable than other wholesale funding sources available to the Company.

Overdrawn deposit balances of $1.9 million and $2.5 million were classified as consumer loans at June 30, 2025 and December 31, 2024, respectively.

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Note 7 - Other Borrowings

A summary of the balances of other borrowings follows:

			June 30, 2025						December 31, 2024
(in thousands)
Term borrowing at FHLB, fixed rate of 5.23%, payable on April 8, 2025			—						75,000
Other collateralized borrowings, fixed rate, as of June 30, 2025 and December 31, 2024 of 0.05%, payable on July 1, 2025 and January 2, 2025, respectively			17,788						14,610
Total other borrowings			$	17,788					$	89,610

Note 8 - Junior Subordinated Debt

The following table summarizes the terms and recorded balances of each debenture as of the date indicated:

(in thousands)																		Coupon Rate (Variable) 3 mo. SOFR +						As of June 30, 2025												As of December 31, 2024
Subordinated Debt Series						Maturity Date						Face Value												Current Coupon Rate						Recorded Book Value						Recorded Book Value
TriCo Cap Trust I						10/7/2033						$	20,619					3.05		%				7.57		%				$	20,619					$	20,619
TriCo Cap Trust II						7/23/2034						20,619						2.55		%				7.09		%				20,619						20,619
North Valley Trust II						4/24/2033						6,186						3.25		%				7.79		%				5,774						5,713
North Valley Trust III						7/23/2034						5,155						2.80		%				7.34		%				4,625						4,571
North Valley Trust IV						3/15/2036						10,310						1.33		%				5.91		%				8,003						7,863
VRB Subordinated						3/29/2029						16,000						3.52		%				9.11		%				16,700						16,799
VRB Subordinated - 5%						8/27/2035						20,000						Fixed						5.00		%				24,924						25,007
												$	98,889																	$	101,264					$	101,191

The VRB - 5% Subordinated Debt issuance is fixed at 5.0% through August 27, 2025, then will have a floating rate of 90-day average SOFR plus 4.9% until maturity.

Note 9 - Commitments and Contingencies

The following table presents a summary of the Bank’s commitments and contingent liabilities:

(in thousands)			June 30, 2025						December 31, 2024
Financial instruments whose amounts represent risk:
Commitments to extend credit:
Commercial loans			$	840,046					$	788,491
Consumer loans			613,922						627,681
Real estate mortgage loans			432,669						419,172
Real estate construction loans			234,467						272,308
Standby letters of credit			39,149						39,804
Deposit account overdraft privilege			128,990						121,006

In April 2024, Visa Inc. announced the commencement of an exchange offer for Visa Class B-1 common stock and the Company subsequently tendered all of its Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock. Completion of the exchange resulted in a gain of $2.9 million relating to the Visa Class C common stock during 2024. Visa Class B-2 common stock continues to be carried at zero. The Bank owns 6,698 shares of Class B-2 common stock of Visa Inc. which may be convertible into Class A common stock at a conversion ratio of 1.5342 per Class B-2 share. As of June 30, 2025, the value of the Class A shares was $355.05 per share. Utilizing the conversion ratio, the value of unredeemed Class A equivalent shares owned by the Bank was $3.6 million as of June 30, 2025, and has not been reflected in the accompanying consolidated financial statements.

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Note 10 - Shareholders’ Equity

Dividends Paid

The Bank paid to the Company cash dividends in the aggregate amounts of $28.5 million and $23.4 million during the three months ended June 30, 2025 and 2024, respectively, and during the equivalent six month periods paid $40.6 million and $43.9 million, respectively. The Bank is regulated by the FDIC and the DFPI. Absent approval from the Commissioner of the DFPI, California banking laws generally limit the Bank’s ability to pay dividends to the lesser of (1) retained earnings or (2) net income for the last three fiscal years, less cash distributions paid during such period.

Stock Repurchase Plan

On February 25, 2021, the Board of Directors authorized the repurchase of up to 2.0 million shares of the Company's common stock (the 2021 Repurchase Plan), which approximated 6.7% of the shares outstanding as of the approval date. The actual timing of any share repurchases can be determined by the Company's management and therefore the total value of the shares to be purchased under the 2021 Repurchase Plan is subject to change. The 2021 Repurchase Plan has no expiration date (in accordance with applicable laws and regulations). During the three and six months ended June 30, 2025, the Company repurchased 379,978 and 469,632 shares with market values of $15.2 million and $18.9 million, respectively. During the three and six months ended and June 30, 2024, the Company repurchased 244,992 and 344,324 shares with market values of $9.1 million and $12.5 million, respectively. As of June 30, 2025, approximately 360,000 shares remain authorized for repurchase.

Stock Repurchased Under Equity Compensation Plans

The Company's shareholder-approved equity compensation plans permit employees to tender recently vested shares in lieu of cash for the payment of exercise price, if applicable, and the tax withholding on such shares. There were no option exercises during the three and six months ended June 30, 2025 and June 30, 2024, respectively. Employees tendered 11,542 and 30,510 shares in connection with the tax withholding requirements of other share-based awards during the three months ended June 30, 2025 and 2024, respectively, and 21,664 and 30,510 during the six months ended June 30, 2025 and 2024, respectively. In total, shares of the Company's common stock tendered had market values of $0.5 million and $1.1 million during the quarters ended June 30, 2025 and 2024, respectively, and $0.9 million and $1.1 million during the respective six-month periods. The tendered shares were retired. The market value of tendered shares is the last market trade price at closing on the day an option is exercised or the other share-based award vests. Stock repurchased under equity incentive plans are not included in the total of stock repurchased under the 2021 Stock Repurchase Plans.

Note 11 - Stock Options and Other Equity-Based Incentive Instruments

On April 16, 2024, the Board of Directors adopted the 2024 Equity Incentive Plan (2024 Plan) which was approved by shareholders on May 23, 2024. The 2024 Plan allows for up to 1,200,000 shares to be issued in connection with equity-based incentives. In conjunction with shareholder approval of the 2024 Plan, the 2019 Equity Incentive Plan (2019 Plan), which allowed for up to 1,500,000 shares to be issued in connection with equity-based incentives, is no longer available for grant issuances. While no new awards can be granted under the 2019 Plan, existing grants continue to be governed by the terms, conditions and procedures set forth in any applicable award agreement.

There were no stock options outstanding as of June 30, 2025 and December 31, 2024. The Company did not modify any option grants during the six months ended June 30, 2025 or 2024.

Activity related to restricted stock unit awards during the six months ended June 30, 2025 is summarized in the following table:

			Service Condition Vesting RSUs						Market Plus Service Condition Vesting RSUs
Outstanding at December 31, 2024			152,572						144,715
RSUs granted			79,575						51,177
RSUs added through dividend and performance credits			2,382						—
RSUs released			(71,135)						—
RSUs forfeited			(6,647)						(6,838)
Outstanding at June 30, 2025			156,747						189,054

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The 156,747 of service condition vesting RSUs outstanding as of June 30, 2025 include a feature whereby each RSU outstanding is credited with a dividend amount equal to any common stock cash dividend declared and paid, and the credited amount is divided by the closing price of the Company’s stock on the dividend payable date to arrive at an additional amount of RSUs outstanding under the original grant. The dividend credits follow the same vesting requirements as the RSU awards and are not considered participating securities. The 156,747 of service condition vesting RSUs outstanding as of June 30, 2025 are expected to vest, and be released, on a weighted-average basis, over the next 1.87 years. The Company expects to recognize $4.8 million of pre-tax compensation costs related to these service condition vesting RSUs between June 30, 2025 and their vesting dates. The Company did not modify any service condition vesting RSUs during the six months ended June 30, 2025 or 2024.

The 189,054 of market plus service condition vesting RSUs outstanding as of June 30, 2025 are expected to vest, and be released, on a weighted-average basis, over the next 2.04 years. The Company expects to recognize $2.5 million of pre-tax compensation costs related to these RSUs between June 30, 2025 and their vesting dates. As of June 30, 2025, the number of market plus service condition vesting RSUs outstanding that will actually vest, and be released, may be reduced to zero or increased to 283,581 depending on the total return of the Company’s common stock versus the total return of an index of bank stocks from the grant date to the vesting date. The Company did not modify any market plus service condition vesting RSUs during the six months ended June 30, 2025 or 2024.

Note 12 - Non-interest Income and Expense

The following tables summarize the Company’s non-interest income for the periods indicated:

			Three months ended June 30,												Six months ended June 30,
(in thousands)			2025						2024						2025						2024
ATM and interchange fees			$	6,590					$	6,372					$	12,696					$	12,541
Service charges on deposit accounts			5,189						4,847						10,103						9,510
Other service fees			1,485						1,286						2,844						2,652
Mortgage banking service fees			438						438						877						866
Change in value of mortgage servicing rights			(52)						(147)						(192)						(136)
Total service charges and fees			13,650						12,796						26,328						25,433
Increase in cash value of life insurance			842						831						1,662						1,634
Asset management and commission income			1,635						1,359						3,123						2,487
Gain on sale of loans			503						388						847						649
Lease brokerage income			50						154						116						315
Sale of customer checks			318						301						663						613
Gain (loss) on sale or exchange of investment securities			4						(45)						(1,142)						(45)
Gain (loss) on marketable equity securities			8						(121)						47						(149)
Other			80						203						1,519						700
Total other non-interest income			3,440						3,070						6,835						6,204
Total non-interest income			$	17,090					$	15,866					$	33,163					$	31,637

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The following tables summarize the Company’s non-interest expense for the periods indicated:

			Three months ended June 30,												Six months ended June 30,
(in thousands)			2025						2024						2025						2024
Base salaries, net of deferred loan origination costs			$	25,757					$	23,852					$	51,158					$	47,872
Incentive compensation			5,223						4,711						9,261						7,968
Benefits and other compensation costs			7,306						6,838						14,722						13,865
Total salaries and benefits expense			38,286						35,401						75,141						69,705
Occupancy			4,200						4,063						8,277						8,014
Data processing and software			4,959						5,094						10,017						10,201
Equipment			1,189						1,330						2,473						2,686
Intangible amortization			483						1,030						997						2,060
Advertising			808						819						2,012						1,581
ATM and POS network charges			1,843						1,987						3,694						3,648
Professional fees			1,667						1,814						3,185						3,154
Telecommunications			513						558						1,001						1,069
Regulatory assessments and insurance			1,297						1,144						2,580						2,395
Postage			385						340						705						648
Operational losses			270						244						694						596
Courier service			544						559						1,032						1,039
Loss (gain) on sale or acquisition of foreclosed assets			—						—						(3)						(38)
Loss (gain) on disposal of fixed assets			5						1						90						6
Other miscellaneous expense			4,682						3,955						8,821						8,079
Total other non-interest expense			22,845						22,938						45,575						45,138
Total non-interest expense			$	61,131					$	58,339					$	120,716					$	114,843

Note 13 - Earnings Per Share

Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock units (RSUs), and are determined using the treasury stock method. Earnings per share have been computed based on the following:

			Three months ended June 30,												Six months ended June 30,
(in thousands)			2025						2024						2025						2024
Net income			$	27,542					$	29,034					$	53,905					$	56,783
Weighted average number of common shares outstanding			32,757						33,121						32,854						33,183
Effect of dilutive stock options and restricted stock			179						123						179						123
Weighted average number of common shares outstanding used to calculate diluted earnings per share			32,936						33,244						33,033						33,306

Note 14 – Comprehensive Income (Loss)

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet identified as AOCI, such items, along with net income, are components of OCI.

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The components of OCI and related tax effects are as follows:

			Three months ended June 30,												Six months ended June 30,
(in thousands)			2025						2024						2025						2024
Unrealized holding gains (losses) on available for sale securities before reclassifications			$	12,792					$	1,106					$	43,018					$	(14,793)
Amounts reclassified out of AOCI:
Realized gain (loss) on debt securities			(4)						2,945						1,142						2,945
Total amounts reclassified out of accumulated other comprehensive income (loss)			(4)						—						1,142						—
Unrealized holding gains (losses) on available for sale securities after reclassifications			12,788						4,051						44,160						(11,848)
Tax effect			(3,780)						(1,199)						(13,054)						3,502
Unrealized holding gains (losses) on available for sale securities, net of tax			9,008						2,852						31,106						(8,346)
Change in unfunded status of the supplemental retirement plans before reclassifications			164						115						328						230
Amounts reclassified out of AOCI:
Amortization of actuarial losses			(164)						(115)						(328)						(230)
Total amounts reclassified out of accumulated other comprehensive loss			(164)						(115)						(328)						(230)
Total other comprehensive income (loss)			$	9,008					$	2,852					$	31,106					$	(8,346)

The components of AOCI, included in shareholders’ equity, are as follows:

(in thousands)			June 30, 2025						December 31, 2024
Net unrealized loss on available for sale securities			$	(189,488)					$	(233,648)
Tax effect			56,021						69,075
Unrealized holding loss on available for sale securities, net of tax			(133,467)						(164,573)
Unfunded status of the supplemental retirement plans			16,085						16,085
Tax effect			(4,756)						(4,756)
Unfunded status of the supplemental retirement plans, net of tax			11,329						11,329
Joint beneficiary agreement liability			782						782
Tax effect			—						—
Joint beneficiary agreement liability, net of tax			782						782
Accumulated other comprehensive loss			$	(121,356)					$	(152,462)

Note 15 - Fair Value Measurement

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, income approach, and/or the cost approach. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. Marketable equity securities, trading securities, debt securities available-for-sale, loans held for sale, and mortgage servicing rights are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application impairment write-downs of individual assets.

The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observable nature of the assumptions used to determine fair value. These levels are:

Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets.

Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability.

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Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.

Marketable equity securities, trading securities and debt securities available for sale - Marketable equity, trading and debt securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. The Company had no securities classified as Level 3 during any of the periods covered in these consolidated financial statements.

Loans held for sale - Loans held for sale are carried at the lower of cost or fair value. The fair value of loans held for sale is based on what secondary markets are currently offering for loans with similar characteristics. As such, we classify those loans subjected to recurring fair value adjustments as Level 2.

Individually evaluated loans - Loans are not recorded at fair value on a recurring basis. However, from time to time, certain loans have individual risk characteristics not consistent with a pool of loans and is individually evaluated for credit reserves. Loans for which it is probable that payment of interest and principal will not be made in accordance with the original contractual terms of the loan agreement are typically individually evaluated. The fair value of these loans are estimated using one of several methods, including collateral value, fair value of similar debt, enterprise value, liquidation value and discounted cash flows. Those loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. Loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value, or the appraised value contains a significant unobservable assumption, such as deviations from comparable sales, and there is no observable market price, the Company records the loan as nonrecurring Level 3.

Foreclosed assets - Foreclosed assets include assets acquired through, or in lieu of, loan foreclosure. Foreclosed assets are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, management periodically performs valuations and the assets are carried at the lower of carrying amount or fair value less cost to sell. When the fair value of foreclosed assets is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value, or the appraised value contains a significant unobservable assumption, such as deviations from comparable sales, and there is no observable market price, the Company records the foreclosed asset as nonrecurring Level 3. Revenue and expenses from operations and changes in the valuation allowance are included in other non-interest expense.

Mortgage servicing rights - Mortgage servicing rights are carried at fair value. A valuation model, which utilizes a discounted cash flow analysis using a discount rate and prepayment speed assumptions is used in the computation of the fair value measurement. While the prepayment speed assumption is currently quoted for comparable instruments, the discount rate assumption currently requires a significant degree of management judgment and is therefore considered an unobservable input. As such, the Company classifies mortgage servicing rights subjected to recurring fair value adjustments as Level 3.

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands):

Fair value at June 30, 2025			Total						Level 1						Level 2						Level 3
Marketable equity securities			$	2,656					$	2,656					$	—					$	—
Debt securities available for sale:
Obligations of U.S. government and agencies			1,086,082						—						1,086,082						—
Obligations of states and political subdivisions			212,571						—						212,571						—
Corporate bonds			5,503						—						5,503						—
Asset backed securities			263,679						—						263,679						—
Non-agency mortgage backed securities			247,541						—						247,541						—
Loans held for sale			1,577						—						1,577						—
Mortgage servicing rights			6,763						—						—						6,763
Total assets measured at fair value			$	1,826,372					$	2,656					$	1,816,953					$	6,763

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Fair value at December 31, 2024			Total						Level 1						Level 2						Level 3
Marketable equity securities			$	2,609					$	2,609					$	—					$	—
Debt securities available for sale:
Obligations of U.S. government and agencies			1,094,185						—						1,094,185						—
Obligations of states and political subdivisions			220,744						—						220,744						—
Corporate bonds			5,837						—						5,837						—
Asset backed securities			314,263						—						314,263						—
Non-agency mortgage backed securities			269,856						—						269,856						—
Loans held for sale			709						—						709						—
Mortgage servicing rights			6,626						—						—						6,626
Total assets measured at fair value			$	1,914,829					$	2,609					$	1,905,594					$	6,626

Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally corresponds with the Company’s quarterly valuation process. There were no transfers between any levels during the six months ended June 30, 2025 or June 30, 2024, respectively.

The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the time periods indicated. Had there been any transfer into or out of Level 3 during the time periods indicated, the amount included in the “Transfers into (out of) Level 3” column would represent the beginning balance of an item in the period (interim quarter) during which it was transferred (in thousands):

Three months ended June 30,			Beginning Balance						Transfers into (out of) Level 3						Change Included in Earnings						Issuances						Ending Balance
2025: Mortgage servicing rights			$	6,614					—						$	(52)					$	201					$	6,763
2024: Mortgage servicing rights			$	6,697					—						$	(147)					$	116					$	6,666

Six months ended June 30,			Beginning Balance						Transfers into (out of) Level 3						Change Included in Earnings						Issuances						Ending Balance
2025: Mortgage servicing rights			$	6,626					—						$	(192)					$	329					$	6,763
2024: Mortgage servicing rights			$	6,606					—						$	(136)					$	196					$	6,666

The key unobservable inputs used in determining the fair value of mortgage servicing rights are mortgage prepayment speeds and the discount rate used to discount cash projected cash flows. Generally, any significant increases in the mortgage prepayment speed and discount rate utilized in the fair value measurement of the mortgage servicing rights will result in a negative fair value adjustments (and decrease in the fair value measurement). Conversely, a decrease in the mortgage prepayment speed and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement).

The following table presents quantitative information about recurring Level 3 fair value measurements at June 30, 2025 and December 31, 2024:

As of June 30, 2025:

Fair Value (in thousands)

Valuation Technique

Unobservable Inputs

Range, Weighted Average

Mortgage Servicing Rights

$

6,763

Discounted cash flow

Constant prepayment rate

6% - 11%; 6.8%

Discount rate

10% - 14%; 12%

As of December 31, 2024:

Mortgage Servicing Rights

$

6,626

Discounted cash flow

Constant prepayment rate

6% - 11.0%; 7.0%

Discount rate

10% - 14%; 12%

The tables below present the recorded investment in assets and liabilities measured at fair value on a nonrecurring basis, as of the dates indicated, that had a write-down or an additional allowance provided during the periods indicated (in thousands):

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June 30, 2025			Total						Level 1						Level 2						Level 3
Fair value:
Collateral dependent loans			$	6,362					—						—						$	6,362
Foreclosed assets			267						—						—						267
Total assets measured at fair value			$	6,629					—						—						$	6,629

December 31, 2024			Total						Level 1						Level 2						Level 3
Fair value:
Collateral dependent loans			$	8,770					—						—						$	8,770
Real estate owned			709						—						—						709
Total assets measured at fair value			$	9,479					—						—						$	9,479

The tables below present the losses resulting from non-recurring fair value adjustments of assets and liabilities for the periods indicated (in thousands):

			Three months ended June 30,												Six months ended June 30,
			2025						2024						2025						2024
Collateral dependent loans			$	2,485					$	435					$	7,498					$	307
Foreclosed assets			3						—						3						224
Total losses from non-recurring measurements			$	2,488					$	435					$	7,501					$	531

The individually evaluated loan amounts above represent collateral dependent loans that have been adjusted to fair value. When the Company identifies a collateral dependent loan with unique risk characteristics, the Company evaluates the need for an allowance using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If the Company determines that the value of the loan is less than the recorded investment in the loan, the Company recognizes this impairment and adjust the carrying value of the loan to fair value through the allowance for credit losses. The loss represents charge-offs or impairments on collateral dependent loans for fair value adjustments based on the fair value of collateral. The carrying value of loans fully charged-off is zero.

The foreclosed assets amount above represents impaired real estate that has been adjusted to fair value. Foreclosed assets represent real estate which the Company has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at fair value less costs to sell, which becomes the property’s new basis. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for credit losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned. The loss represents impairments on real estate owned for fair value adjustments based on the fair value of the real estate.

The Company’s property appraisals are primarily based on the sales comparison approach and income approach methodologies, which consider recent sales of comparable properties, including their income generating characteristics, and then make adjustments to reflect the general assumptions that a market participant would make when analyzing the property for purchase. These adjustments may increase or decrease an appraised value and can vary significantly depending on the location, physical characteristics and income producing potential of each property. Additionally, the quality and volume of market information available at the time of the appraisal can vary from period to period and cause significant changes to the nature and magnitude of comparable sale adjustments. Given these variations, comparable sale adjustments are generally not a reliable indicator for how fair value will increase or decrease from period to period. Under certain circumstances, management discounts are applied based on specific characteristics of an individual property.

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at June 30, 2025:

June 30, 2025

Fair Value (in thousands)

Valuation Technique

Unobservable Inputs

Range, Weighted Average

Collateral dependent loans

$

6,362

Sales comparison approach Income approach

Adjustment for differences between comparable sales; Capitalization rate

Not meaningful N/A

Foreclosed assets (Residential real estate)

$

267

Sales comparison approach

Adjustment for differences between comparable sales

Not meaningful N/A

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The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2024:

December 31, 2024

Fair Value (in thousands)

Valuation Technique

Unobservable Inputs

Range, Weighted Average

Collateral dependent loans

$

8,770

Sales comparison approach Income approach

Adjustment for differences between comparable sales; Capitalization rate

Not meaningful N/A

Real estate owned (Residential real estate)

$

709

Sales comparison approach

Adjustment for differences between comparable sales

Not meaningful N/A

Fair values for financial instruments are management’s estimates of the values at which the instruments could be exchanged in a transaction between willing parties. The Company uses the exit price notion when measuring the fair value of financial instruments. These estimates are subjective and may vary significantly from amounts that would be realized in actual transactions. In addition, other significant assets are not considered financial assets including, any mortgage banking operations, deferred tax assets, and premises and equipment. Further, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered in any of these estimates.

			June 30, 2025												December 31, 2024
(in thousands)			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial assets:
Level 1 inputs:
Cash and due from banks			$	130,147					$	130,147					$	85,409					$	85,409
Cash at Federal Reserve and other banks			184,121						184,121						59,547						59,547
Level 2 inputs:
Securities held to maturity			101,672						96,973						111,866						104,349
Restricted equity securities			17,250						n/a						17,250						n/a
Level 3 inputs:
Loans, net			6,834,538						6,578,926						6,643,157						6,293,727
Financial liabilities:
Level 2 inputs:
Deposits			8,375,809						8,372,459						8,087,576						8,085,150
Other borrowings			17,788						17,788						89,610						89,780
Level 3 inputs:
Junior subordinated debt			101,264						105,760						101,191						103,630

Note 16 - Regulatory Matters

The Company is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1, and common equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. The following tables present actual and required capital ratios as of June 30, 2025 and December 31, 2024 for the Company and the Bank under applicable Basel III Capital Rules. The minimum capital amounts presented include the minimum required capital levels as of June 30, 2025 and December 31, 2024 based on the then phased-in provisions of the Basel III Capital Rules. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules.

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			Actual												Required for Capital Adequacy Purposes												Required to be Considered Well Capitalized
As of June 30, 2025:			Amount						Ratio						Amount						Ratio						Amount						Ratio
			(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated			$	1,273,793					15.55		%				$	860,017					10.50		%				N/A						N/A
Tri Counties Bank			$	1,270,480					15.51		%				$	859,817					10.50		%				$	818,873					10.00		%
Tier 1 Capital (to Risk Weighted Assets):
Consolidated			$	1,134,202					13.85		%				$	696,204					8.50		%				N/A						N/A
Tri Counties Bank			$	1,167,759					14.26		%				$	696,042					8.50		%				$	655,099					8.00		%
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated			$	1,076,353					13.14		%				$	573,345					7.00		%				N/A						N/A
Tri Counties Bank			$	1,167,759					14.26		%				$	573,211					7.00		%				$	532,268					6.50		%
Tier 1 Capital (to Average Assets):
Consolidated			$	1,134,202					11.80		%				$	384,347					4.00		%				N/A						N/A
Tri Counties Bank			$	1,167,759					12.16		%				$	384,155					4.00		%				$	480,194					5.00		%

			Actual																		Required for Capital Adequacy Purposes												Required to be Considered Well Capitalized
As of December 31, 2024:			Amount						Ratio																		Amount						Ratio						Amount						Ratio
			(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated			$	1,258,218					15.71		%																$	840,943					10.50		%				N/A						N/A
Tri Counties Bank			$	1,248,802					15.60		%																$	840,740					10.50		%				$	800,704					10.00		%
Tier 1 Capital (to Risk Weighted Assets):
Consolidated			$	1,118,292					13.96		%																$	680,763					8.50		%				N/A						N/A
Tri Counties Bank			$	1,148,328					14.34		%																$	680,599					8.50		%				$	640,563					8.00		%
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated			$	1,060,690					13.24		%																$	560,628					7.00		%				N/A						N/A
Tri Counties Bank			$	1,148,328					14.34		%																$	560,493					7.00		%				$	520,458					6.50		%
Tier 1 Capital (to Average Assets):
Consolidated			$	1,118,292					11.70		%																$	382,214					4.00		%				N/A						N/A
Tri Counties Bank			$	1,148,328					12.02		%																$	382,096					4.00		%				$	477,620					5.00		%

As of June 30, 2025 and December 31, 2024, capital levels at the Company and the Bank exceed all capital adequacy requirements under the Basel III Capital Rules. Also, at June 30, 2025 and December 31, 2024, the Bank’s capital levels exceeded the minimum amounts necessary to be considered well capitalized under the current regulatory framework for prompt corrective action.

The Basel III Capital Rules require for all banking organizations to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively composed of common equity tier 1 capital, and it applies to each of the risk-based capital ratios but not the leverage ratio. At June 30, 2025, the Company and the Bank are in compliance with the capital conservation buffer requirement.

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Note 17 – Segment Information

The Company's reportable segment is determined by the Chief Executive Officer, who is designated as the CODM, based upon information provided about the Company's products and services offered, primary banking operations. Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of the banking segment totals to the financial statements.

						Three months ended June 30,												Six months ended June 30,
(in thousands)						2025						2024						2025						2024
Interest income						$	116,361					$	117,032					$	230,438					$	232,449
Reconciliation of revenue:
Other revenues						17,090						15,866						33,163						31,637
Total consolidated revenues						133,451						132,898						263,601						264,086
Less:
Interest expense						29,842						35,035						61,377						67,716
Segment net interest income and noninterest income						103,609						97,863						202,224						196,370
Less:
Provision for credit losses						4,665						405						8,393						4,710
Salaries and benefits expense						38,286						35,401						75,141						69,705
Other banking segment items						22,845						22,938						45,575						45,138
Provision for income taxes						10,271						10,085						19,210						20,034
Segment net income/consolidated net income						$	27,542					$	29,034					$	53,905					$	56,783
						As of June 30,
						2025						2024
Reconciliation of assets:
Total assets for reportable segment						$	9,923,983					$	9,741,399
Other assets						—						—
Total consolidated assets						$	9,923,983					$	9,741,399

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

Cautionary Statements Regarding Forward-Looking Information

The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on us. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: macroeconomic, geopolitical, and other challenges and uncertainties, including those related to actual or potential policies and actions from the new U.S. administration, such as tariffs, and reciprocal actions by other countries or regions, significant volatility and disruptions in financial markets, a resurgence of inflation, increases in unemployment rates, increases in interest rates and slowing economic growth or recession in the U.S. and other countries or regions; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions or adverse regulatory findings affecting our ability to successfully market and price our products to consumers; adverse developments in the financial services industry generally such as bank failures and any related impact on depositor behavior or investor sentiment; the impacts of international hostilities, wars, terrorism or geopolitical events; risks related to the sufficiency of liquidity, including our ability to attract and maintain deposits; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; extreme weather, natural disasters and other catastrophic events and their effects on our customers and the economic and business environments in which we operate; current and future economic and market conditions of the local economies in which we conduct operations; declines in housing and commercial real estate prices and changes in the financial performance and/or condition of our borrowers; the market value of our investment securities and possible other-than-temporary impairment of securities held by us due to changes in credit quality or rates; the availability of, and cost of, sources of funding and the demand for our products; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; the costs or effects of mergers, acquisitions or dispositions we may make, as well as whether we are able to obtain any required governmental approvals in connection with any such activities, or identify and complete favorable transactions in the future, and/or realize the anticipated financial and business benefits; the volatility of the stock market and its impact on our stock price and our ability to conduct acquisitions; the regulatory and financial impacts associated with exceeding $10 billion in total assets; the ability to execute our business plan in new markets; our future operating or financial performance, including our outlook for future growth; changes in the level and direction of our nonperforming assets and charge-offs and the appropriateness of the allowance for credit losses; the effectiveness of us managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; the effects of changes in the level or cost of checking or savings account deposits on our funding costs and net interest margin; increasing noninterest expense and its impact on our financial performance; competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional competitors including retail businesses and technology companies; the challenges of attracting, integrating and retaining key employees; the impact of the 2023 cyber security ransomware incident, including the pending litigation, on our operations and reputation; the vulnerability of our operational or security systems or infrastructure, the systems of third-party vendors or other service providers with whom we contract, and our customers to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and data/security breaches and the cost to defend against and respond to such incidents; increased data security risks due to work from home arrangements and email vulnerability; failure to safeguard personal information, and any resulting litigation; the effect of a fall in stock market prices on our brokerage and wealth management businesses; the emergence or continuation of widespread health emergencies or pandemics; potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions; and our ability to manage the risks involved in the foregoing. In addition, due to the rapidly evolving and changes in U.S. trade policies and practices, the amount and duration of any tariffs and their ultimate impact on us, our customers, financial markets, and the overall U.S. and global economies is currently uncertain. Nonetheless, prolonged uncertainty, elevated tariff levels or their wide-spread use in U.S. trade policy could weaken economic conditions and adversely impact the ability of borrowers to repay outstanding loans or the value of collateral securing these loans or adversely affect financial markets. There can be no assurance that future developments affecting us will be the same as those anticipated by management. Additional factors that could cause results to differ materially from those described above can be found in our filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” Section of TriCo’s Annual Report on Form 10-K for the year ended December 31, 2024, Such filings are also available in the “Investor Relations” section of our website, https://www.tcbk.com/investor-relations. Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results. We undertake no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

General

As TriCo Bancshares (referred to in this report as “we”, “our” or the “Company”) has not commenced any business operations independent of Tri Counties Bank (the “Bank”), the following discussion pertains primarily to the Bank. Average balances, including such balances used in calculating certain financial ratios, are generally comprised of average daily balances for the Company. Within Management’s Discussion and Analysis of Financial Condition and Results of Operations, interest income, net interest income, and net interest yield are generally presented on a FTE basis. The Company believes the use of these non-generally accepted accounting principles (non-GAAP) measures provides additional clarity in assessing its results, and the presentation of these measures on a FTE basis is a common practice within the banking industry. Interest income and net interest income are shown on a non-FTE basis in the Part I - Financial Information section of this Form 10-Q, and a reconciliation of the FTE and non-FTE presentations is provided below in the discussion of net interest income.

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Critical Accounting Policies and Estimates

The Company’s discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those that materially affect the financial statements and are related to the adequacy of the allowance for loan losses, investments, mortgage servicing rights, fair value measurements, retirement plans and intangible assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. A detailed discussion related to the Company’s accounting policies including those related to estimates on the allowance for credit losses related to loans and investment securities, and impairment of intangible assets, can be found in Note 1 of the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2024.

Geographical Descriptions

For the purpose of describing the geographical location of the Company’s operations, the Company has defined northern California as that area of California north of, and including, Stockton to the east and San Jose to the west; central California as that area of the state south of Stockton and San Jose, to and including, Bakersfield to the east and San Luis Obispo to the west; and southern California as that area of the state south of Bakersfield and San Luis Obispo.

Financial Highlights

Performance highlights and other developments for the Company as of or for the three and six months ended June 30, 2025, included the following:

•Net income was $27.5 million or $0.84 per diluted share as compared to $26.4 million or $0.80 per diluted share in the trailing quarter

•Net interest income (FTE) was $86.8 million, an increase of $4.0 million or 4.82% over the trailing quarter; net interest margin (FTE) was 3.88% in the recent quarter, an increase of 15 basis points over 3.73% in the trailing quarter

•Loan balances increased $138.2 million or 8.1% (annualized) from the trailing quarter and increased $216.5 million or 3.2% from the same quarter of the prior year

•Deposit balances increased $170.5 million or 8.3% (annualized) from the trailing quarter and increased $325.6 million or 4.0% from the same quarter of the prior year

•Average yield on earning assets was 5.21%, an increase of 6 basis points over the 5.15% in the trailing quarter; average yield on loans was 5.76%, an increase of 5 basis points over the 5.71% in the trailing quarter

•Non-interest bearing deposits averaged 30.6% of total deposits during the quarter

•The average cost of total deposits was 1.37%, a decrease of 6 basis points as compared to 1.43% in the trailing quarter, and a decrease of 8 basis points from 1.45% in the same quarter of the prior year

•For the quarter ended June 30, 2025, the Company’s return on average assets was 1.13%, while the return on average equity was 8.68%; for the trailing quarter ended March 31, 2025, the Company’s return on average assets was 1.09%, while the return on average equity was 8.54%

•Diluted earnings per share were $0.84 for the second quarter of 2025, compared to $0.80 for the trailing quarter and $0.87 during the second quarter of 2024

•The loan to deposit ratio was 83.08% as of June 30, 2025, as compared to 83.13% for the trailing quarter end

•The efficiency ratio was 59.00% for the quarter ended June 30, 2025, as compared to 60.42% for the trailing quarter

•The provision for credit losses was approximately $4.7 million during the quarter ended June 30, 2025, as compared to $3.7 million during the trailing quarter end. The change was attributed to an increase in required reserves totaling $2.8 million on individually evaluated loans and an increase of $1.7 million general reserves, which was primary attributed to loan growth

•The allowance for credit losses (ACL) to total loans was 1.79% as of June 30, 2025, compared to 1.88% as of the trailing quarter end, and 1.83% as of June 30, 2024. Non-performing assets to total assets were 0.68% on June 30, 2025, as compared to 0.59% as of March 31, 2025, and 0.36% at June 30, 2024. At June 30, 2025, the ACL represented 192% of non-performing loans

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TRICO BANCSHARES

Financial Summary

(In thousands, except per share amounts; unaudited)

			Three months ended June 30,												Six months ended June 30,
			2025						2024						2025						2024
Net interest income			$	86,519					$	81,997					$	169,061					$	164,733
Provision for credit losses			(4,665)						(405)						(8,393)						(4,710)
Non-interest income			17,090						15,866						33,163						31,637
Non-interest expense			(61,131)						(58,339)						(120,716)						(114,843)
Provision for income taxes			(10,271)						(10,085)						(19,210)						(20,034)
Net income			$	27,542					$	29,034					$	53,905					$	56,783
Per Share Data:
Basic earnings per share			$	0.84					$	0.88					$	1.64					$	1.71
Diluted earnings per share			$	0.84					$	0.87					$	1.63					$	1.70
Dividends paid			$	0.33					$	0.33					$	0.66					$	0.66
Book value at period end															$	38.92					$	35.62
Weighted average common shares outstanding			32,757						33,121						32,854						33,183
Weighted average diluted common shares outstanding			32,936						33,244						33,033						33,306
Shares outstanding at period end			32,550						32,989						32,550						32,989
At period end:
Loans															$	6,958,993					$	6,742,526
Total investment securities															$	1,936,954					$	2,086,090
Total assets															$	9,923,983					$	9,741,399
Total deposits															$	8,375,809					$	8,050,230
Other borrowings															$	17,788					$	247,773
Shareholders’ equity															$	1,266,823					$	1,175,050
Financial Ratios:
During the period:
Return on average assets (annualized)			1.13		%				1.19		%				1.11		%				1.16		%
Return on average equity (annualized)			8.68		%				9.99		%				8.61		%				9.74		%
Net interest margin(1) (annualized)			3.88		%				3.68		%				3.81		%				3.68		%
Efficiency ratio			59.00		%				59.61		%				59.69		%				58.48		%
Average equity to average assets			13.02		%				11.95		%				12.89		%				11.94		%
At end of period:
Equity to assets															12.77		%				12.06		%
Total capital to risk-adjusted assets															15.55		%				15.19		%

(1) Fully Taxable Equivalent (FTE)

Results of Operations

The following discussion and analysis is designed to provide a better understanding of the significant changes and trends related to the Company and the Bank’s financial condition, operating results, asset and liability management, liquidity and capital resources and should be read in conjunction with the unaudited Condensed Consolidated Financial Statements of the Company and the Notes thereto located at Item 1 of this report.

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Net Interest Income

The Company’s primary source of revenue is net interest income, or the difference between interest income on interest-earning assets and interest expense on interest-bearing liabilities. Following is a summary of the components of FTE net income for the periods indicated.

			Three months ended
(in thousands)			June 30, 2025						March 31, 2025						Change						% Change
Interest income			$	116,361					$	114,077					$	2,284					2.0		%
Interest expense			(29,842)						(31,535)						1,693						(5.4)		%
Fully tax-equivalent adjustment (FTE) (1)			264						265						(1)						(0.4)		%
Net interest income (FTE)			$	86,783					$	82,807					$	3,976					4.8		%
Net interest margin (FTE)			3.88		%				3.73		%
Acquired loans discount accretion, net:
Amount (included in interest income)			$	1,247					$	1,995					$	(748)					(37.5)		%
Net interest margin less effect of acquired loan discount accretion(1)			3.82		%				3.64		%				0.18		%

			Three months ended June 30,
(in thousands)			2025						2024						Change						% Change
Interest income			$	116,361					$	117,032					$	(671)					(0.6)		%
Interest expense			(29,842)						(35,035)						5,193						(14.8)		%
Fully tax-equivalent adjustment (FTE) (1)			264						275						(11)						(4.0)		%
Net interest income (FTE)			$	86,783					$	82,272					$	4,511					5.5		%
Net interest margin (FTE)			3.88		%				3.68		%
Acquired loans discount accretion, net:
Amount (included in interest income)			$	1,247					$	850					$	397					46.7		%
Net interest margin less effect of acquired loan discount accretion(1)			3.82		%				3.64		%				0.18		%

			Six months ended June 30,
(in thousands)			2025						2024						Change						% Change
Interest income			$	230,438					$	232,449					$	(2,011)					(0.9)		%
Interest expense			(61,377)						(67,716)						6,339						(9.4)		%
Fully tax-equivalent adjustment (FTE) (1)			529						550						(21)						(3.8)		%
Net interest income (FTE)			$	169,590					$	165,283					$	4,307					2.6		%
Net interest margin (FTE)			3.81		%				3.68		%
Acquired loans discount accretion, net:
Amount (included in interest income)			$	3,242					$	2,182					$	1,060					48.6		%
Net interest margin less effect of acquired loan discount accretion(1)			3.73		%				3.63		%				0.10		%

(1)Certain information included herein is presented on a FTE basis and/or to present additional financial details which may be desired by users of this financial information. The Company believes the use of this non-generally accepted accounting principles (non-GAAP) measure provides additional clarity in assessing its results, and the presentation of these measures is a common practice within the banking industry.

Loans may be acquired at a premium or discount to par value, in which case, the premium is amortized (subtracted from) or the discount is accreted (added to) interest income over the remaining life of the loan. The dollar impact of loan discount accretion and loan premium amortization decrease as the purchased loans mature or pay off early. Upon the early pay off of a loan, any remaining unaccreted discount or unamortized premium is immediately taken into interest income; and as loan payoffs may vary significantly from quarter to quarter, so may the impact of discount accretion and premium amortization on interest income. Despite the elevated rate environment, the prepayment rate of portfolio loans, inclusive of those acquired at a premium or discount, remains generally consistent. During the quarters ended June 30, 2025, March 31, 2025 and June 30, 2024, the purchased loan discount accretion was $1.2 million, $2.0 million and $0.9 million, respectively.

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Summary of Average Balances, Yields/Rates and Interest Differential

The following table presents, for the three month periods indicated, information regarding the Company’s consolidated average assets, liabilities and shareholders’ equity, the amounts of interest income from average interest-earning assets and resulting yields, and the amount of interest expense paid on interest-bearing liabilities. Average loan balances include nonperforming loans. Interest income includes proceeds from loans on nonaccrual loans only to the extent cash payments have been received and applied to interest income. Yields on securities and certain loans have been adjusted upward to reflect the effect of income thereon exempt from federal income taxation at the current statutory tax rate (dollars in thousands).

			Three months ended June 30,
			2025																		2024
			Average Balance						Interest Income/ Expense						Rates Earned /Paid						Average Balance						Interest Income/ Expense						Rates Earned /Paid
Assets:
Loans			$	6,878,186					$	98,695					5.76		%				$	6,792,303					$	98,229					5.82		%
Investment securities - taxable			1,818,814						14,921						3.29		%				2,003,124						17,004						3.41		%
Investment securities - nontaxable(1)			132,576						1,143						3.46		%				138,167						1,190						3.46		%
Total investments			1,951,390						16,064						3.30		%				2,141,291						18,194						3.42		%
Cash at Federal Reserve and other banks			144,383						1,866						5.18		%				68,080						884						5.22		%
Total interest-earning assets			8,973,959						116,625						5.21		%				9,001,674						117,307						5.24		%
Other assets			804,875																		780,554
Total assets			$	9,778,834																	$	9,782,228
Liabilities and shareholders’ equity:
Interest-bearing demand deposits			$	1,804,856					$	6,076					1.35		%				$	1,769,370					$	6,215					1.41		%
Savings deposits			2,799,470						12,246						1.75		%				2,673,272						12,260						1.84		%
Time deposits			1,102,025						9,716						3.54		%				1,016,190						10,546						4.17		%
Total interest-bearing deposits			5,706,351						28,038						1.97		%				5,458,832						29,021						2.14		%
Other borrowings			22,707						92						1.63		%				325,604						4,118						5.09		%
Junior subordinated debt			101,236						1,712						6.78		%				101,128						1,896						7.54		%
Total interest-bearing liabilities			5,830,294						29,842						2.05		%				5,885,564						35,035						2.39		%
Noninterest-bearing deposits			2,516,631																		2,565,609
Other liabilities			158,817																		161,731
Shareholders’ equity			1,273,092																		1,169,324
Total liabilities and shareholders’ equity			$	9,778,834																	$	9,782,228
Net interest spread(2)															3.16		%																2.85		%
Net interest income and interest margin(3)									$	86,783					3.88		%										$	82,272					3.68		%

(1)Fully taxable equivalent (FTE). All yields and rates are calculated using specific day counts for the period and year as applicable.

(2)Net interest spread represents the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(3)Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets, then annualized based on the number of days in the given period.

Net interest income (FTE) during the three months ended June 30, 2025, increased $4.5 million or 5.5% to $86.8 million compared to $82.3 million during the three months ended June 30, 2024. Net interest margin totaled 3.88% for the three months ended June 30, 2025, an increase of 20 basis points from the same quarter in 2024. The primary drivers behind the change in net interest margin was related to an improvement in yield on interest-bearing liabilities, namely, the cost of interest-bearing deposits decreased by 17 basis points between the quarter ended June 30, 2025, and the same quarter of the prior year. The accretion of discounts from acquired loans added 8 basis points and 5 basis points to loan yields during the quarters ended June 30, 2025 and June 30, 2024, respectively. In addition, the average balance of noninterest-bearing deposits decreased by $49.0 million from the three-month average for the period ended June 30, 2024 amidst a continued migration of customer funds to interest-bearing products.

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			Six months ended June 30,
			2025																		2024
			Average Balance						Interest Income/ Expense						Rates Earned /Paid						Average Balance						Interest Income/ Expense						Rates Earned /Paid
Assets
Loans			$	6,827,469					$	194,073					5.73		%				$	6,789,072					$	194,713					5.77		%
Investments-taxable			1,851,439						30,673						3.34		%				2,065,412						34,833						3.39		%
Investments-nontaxable (1)			132,980						2,292						3.48		%				138,534						2,382						3.46		%
Total investments			1,984,419						32,965						3.35		%				2,203,946						37,215						3.40		%
Cash at Federal Reserve and other banks			175,315						3,929						4.52		%				41,229						1,071						5.22		%
Total earning assets			8,987,203						230,967						5.18		%				9,034,247						232,999						5.19		%
Other assets, net			806,241																		784,765
Total assets			$	9,793,444																	$	9,819,012
Liabilities and shareholders’ equity
Interest-bearing demand deposits			$	1,817,515					$	12,297					1.36		%				$	1,740,107					$	11,162					1.29		%
Savings deposits			2,765,057						24,444						1.78		%				2,662,595						23,159						1.75		%
Time deposits			1,111,382						20,162						3.66		%				914,042						18,229						4.01		%
Total interest-bearing deposits			5,693,954						56,903						2.02		%				5,316,744						52,550						1.99		%
Other borrowings			55,902						1,061						3.83		%				455,150						11,496						5.08		%
Junior subordinated debt			101,219						3,413						6.80		%				101,117						3,670						7.30		%
Total interest-bearing liabilities			5,851,075						61,377						2.12		%				5,873,011						67,716						2.32		%
Noninterest-bearing deposits			2,515,508																		2,605,999
Other liabilities			164,259																		168,044
Shareholders’ equity			1,262,602																		1,171,958
Total liabilities and shareholders’ equity			$	9,793,444																	$	9,819,012
Net interest rate spread (1) (2)															3.06		%																2.87		%
Net interest income and margin (1) (3)									$	169,590					3.81		%										$	165,283					3.68		%

Net interest income (FTE) during the six months ended June 30, 2025, increased $4.3 million, or 2.6%, to $169.6 million compared to $165.3 million during the six months ended June 30, 2024. In addition, net interest margin increased 13 basis points to 3.81%, compared to 3.68% for the same period in the prior year. The increase in net interest income during the six month period is primarily attributed to a decrease in interest expense; specifically, decreases in the volume of other average borrowings, contributed to a decrease in interest expense of $10.1 million while increases in the volume of average time deposits increased interest expense by approximately $4.0 million. The changes in rate resulted in a $1.4 million decrease in net interest income during the comparable period.

Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid

The following table sets forth, for the period identified, a summary of the changes in interest income and interest expense from changes in average asset and liability balances (volume) and changes in average interest rates for the periods indicated. Changes not solely attributable to volume or rates have been allocated in proportion to the respective volume and rate components.

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			Three months ended June 30, 2025 compared with three months ended June 30, 2024
(in thousands)			Volume						Rate						Total
Increase (decrease) in interest income:
Loans			$	1,249					$	(783)					$	466
Investment securities			(1,621)						(509)						(2,130)
Cash at Federal Reserve and other banks			996						(14)						982
Total interest-earning assets			624						(1,306)						(682)
Increase (decrease) in interest expense:
Interest-bearing demand deposits			125						(264)						(139)
Savings deposits			582						(596)						(14)
Time deposits			896						(1,726)						(830)
Other borrowings			(3,852)						(174)						(4,026)
Junior subordinated debt			2						(186)						(184)
Total interest-bearing liabilities			(2,247)						(2,946)						(5,193)
Increase in net interest income			$	2,871					$	1,640					$	4,511

The following commentary regarding net interest income, interest income and interest expense may be best understood while referencing the Summary of Average Balances, Yields/Rates and Interest Differential and the Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid shown above.

Net interest income (FTE) during the three months ended June 30, 2025 increased $4.5 million to $86.8 million compared to $82.3 million during the three months ended June 30, 2024. The increase in net interest income (FTE) was due largely to a shift in funding mix, resulting in a decrease in short-term FHLB borrowings and an increase in interest-bearing deposits, which provided a favorable mix in interest expense.

			Six months ended June 30, 2025 compared with six months ended June 30, 2024
(in thousands)			Volume						Rate						Total
Increase (decrease) in interest income:
Loans			$	1,107					$	(1,747)					$	(640)
Investment securities			(3,724)						(526)						(4,250)
Cash at Federal Reserve and other banks			3,502						(644)						2,858
Total interest-earning assets			885						(2,917)						(2,032)
Increase (decrease) in interest expense:
Interest-bearing demand deposits			499						636						1,135
Savings deposits			896						389						1,285
Time deposits			3,957						(2,024)						1,933
Other borrowings			(10,139)						(296)						(10,435)
Junior subordinated debt			4						(261)						(257)
Total interest-bearing liabilities			(4,783)						(1,556)						(6,339)
Increase in net interest income			$	5,668					$	(1,361)					$	4,307

Asset Quality and Credit Loss Provisioning

During the three months ended June 30, 2025, the Company recorded a provision for credit losses of $4.7 million, as compared to $3.7 million during the trailing quarter, and $0.4 million during the second quarter of 2024.

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			Three months ended																		Six months ended
(dollars in thousands)			June 30, 2025						March 31, 2025						June 30, 2024						June 30, 2025						June 30, 2024
Addition to allowance for credit losses			$	4,525					$	2,663					$	335					$	7,188					$	4,350
Addition to reserve for unfunded loan commitments			140						1,065						70						1,205						360
Total provision for credit losses			$	4,665					$	3,728					$	405					$	8,393					$	4,710

The allowance for credit losses (ACL) was $124.5 million or 1.79% of total loans as of June 30, 2025. The provision for credit losses on loans of $4.5 million recorded during the current quarter resulted from a net increase of $2.8 million in reserves on individually evaluated loans or loan relationships, in addition to a net increase of $1.7 million in general reserves. The charge-offs incurred during the quarter ended June 30, 2025, were primarily related to non-performing relationships which had been fully reserved for by Management on an individual basis in previous quarters.

			Three months ended June 30,												Six months ended June 30,
(dollars in thousands)			2025						2024						2025						2024
Balance, beginning of period			$	128,423					$	124,394					$	125,366					$	121,522
Provision for credit losses			4,525						335						7,188						4,350
Loans charged-off			(8,595)						(1,610)						(8,969)						(2,885)
Recoveries of previously charged-off loans			102						398						870						530
Balance, end of period			$	124,455					$	123,517					$	124,455					$	123,517

The $2.8 million increase in individually evaluated reserves was largely attributed to changes in observable market valuations associated with agricultural real estate despite what appears to be a stable water supply and improving commodity prices for the crops associated with collateral for these loans. Management believes the provisioning for this individually analyzed relationship is sufficient relative to expected future losses, if any.

The $1.7 million recorded for general reserves is primarily attributed to net loan growth for the quarter of approximately $138.2 million. Additionally, Management notes that economic indicators through the end of the current quarter, as well as actual and forecasted trends including, but not limited to, unemployment, gross domestic product, and corporate borrowing rates continued to evidence stability and were supportive of general economic expansion, and generally consistent with the trailing period ended March 31, 2025, which is aligned with the Company's direct experiences with borrowers. Steepening of the yield curve or actions by the Federal Reserve to cut rates during 2025 and beyond may help further improve this outlook overall, but the uncertainty associated with the extent and timing of these potential reductions has inhibited a material change to monetary policy assumptions. Furthermore, geopolitical policy risks remain elevated, which may lead to further negative effects on domestic economic outcomes. The uncertainties related to the nature, duration and potential economic impact of proposed tariffs, while modestly improved since the period ended March 31, 2025, continue to present challenges in correlating potential improvement of credit risks within the Company's loan portfolio. Therefore, in conjunction with most economists' belief that tariffs may have a generally unfavorable impact on the economy as a whole, management continues to believe that certain credit weaknesses are present in the overall economy and that it is appropriate to maintain a reserve level that incorporates such risk factors.

(dollars in thousands)			As of June 30, 2025			% of Loans Outstanding						As of March 31, 2025			% of Loans Outstanding						As of June 30, 2024			% of Loans Outstanding
Risk Rating:
Pass			$	6,751,005		97.01		%				$	6,582,345		96.50		%				$	6,536,223		96.94		%
Special Mention			73,215			1.05		%				106,243			1.56		%				101,324			1.50		%
Substandard			134,773			1.94		%				132,186			1.94		%				104,979			1.56		%
Total			$	6,958,993		100.00		%				$	6,820,774		100.00		%				$	6,742,526		100.00		%
Classified loans to total loans			1.94		%							1.94		%							1.56		%
Loans past due 30+ days to total loans			0.62		%							0.66		%							0.45		%
ACL to non-performing loans			192.11		%							234.12		%							376.87		%

The ratio of classified loans to total loans of 1.94% as of June 30, 2025, was unchanged from March 31, 2025, and increased 38 basis points from the comparative quarter ended 2024. The change in classified loans outstanding as compared to the trailing quarter represented an increase of $2.6 million. While the increase is concentrated within commercial real estate farmland, the corresponding loans are current as of the reporting date with no history of delinquency.

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Loans past due 30 days or more decreased by $1.8 million during the quarter ended June 30, 2025, to $43.0 million, as compared to $44.8 million at March 31, 2025. The majority of loans identified as past due are well-secured by collateral, and approximately $12.4 million are less than 90 days delinquent.

Non-performing loans increased by $9.9 million during the quarter ended June 30, 2025 to $64.8 million as compared to $54.9 million at March 31, 2025. As noted above, this increase is concentrated within commercial real estate farmland and management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. We anticipate that these actionable strategies will further benefit from the continued improvement in agricultural commodity prices, stable water supply, and growing crop demand. Of the $64.8 million loans designated as non-performing as of June 30, 2025, approximately $30.7 million are current or less than 30 days past due with respect to payments required under their existing loan agreements.

Management continues to proactively assess the repayment capacity of borrowers that will be subject to rate resets in the near term. To date this analysis as well as management's observations of loans that have experienced a rate reset, have resulted in an insignificant need to provide concessions to borrowers.

As of June 30, 2025, other real estate owned consisted of 9 properties with a carrying value of approximately $2.7 million, consistent with March 31, 2025. Non-performing assets of $67.5 million at June 30, 2025, represented 0.68% of total assets, a change from $57.5 million or 0.59% and $35.3 million or 0.36% as of March 31, 2025 and June 30, 2024, respectively.

Non-interest Income

The following table summarizes the Company’s non-interest income for the periods indicated (in thousands):

			Three months ended June 30,
(in thousands)			2025						2024						$ Change						% Change
ATM and interchange fees			$	6,590					$	6,372					$	218					3.4		%
Service charges on deposit accounts			5,189						4,847						342						7.1		%
Other service fees			1,485						1,286						199						15.5		%
Mortgage banking service fees			438						438						—						—		%
Change in value of mortgage servicing rights			(52)						(147)						95						64.6		%
Total service charges and fees			13,650						12,796						854						6.7		%
Increase in cash value of life insurance			842						831						11						1.3		%
Asset management and commission income			1,635						1,359						276						20.3		%
Gain on sale of loans			503						388						115						29.6		%
Lease brokerage income			50						154						(104)						(67.5)		%
Sale of customer checks			318						301						17						5.6		%
(Loss) gain on sale or exchange of investment securities			4						(45)						49						108.9		%
(Loss) gain on marketable equity securities			8						(121)						129						106.6		%
Other			80						203						(123)						(60.6)		%
Total other non-interest income			3,440						3,070						370						12.1		%
Total non-interest income			$	17,090					$	15,866					$	1,224					7.7		%

Non-interest income increased $1.2 million or 7.7% to $17.1 million during the three months ended June 30, 2025, compared to $15.9 million during the comparative quarter ended June 30, 2024. Growth in deposit balances and related transactional activities contributed to elevated interchange fees and services charge income, which increased by $0.9 million. Further, elevated activity and volume of assets under management drove an increase of $0.3 million or 20.3% in asset management and commission income for the period ended June 30, 2025 as compared to the same period in 2024.

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			Six months ended June 30,
(in thousands)			2025						2024						$ Change						% Change
ATM and interchange fees			$	12,696					$	12,541					$	155					1.2		%
Service charges on deposit accounts			10,103						9,510						593						6.2		%
Other service fees			2,844						2,652						192						7.2		%
Mortgage banking service fees			877						866						11						1.3		%
Change in value of mortgage servicing rights			(192)						(136)						(56)						41.2		%
Total service charges and fees			26,328						25,433						895						3.5		%
Increase in cash value of life insurance			1,662						1,634						28						1.7		%
Asset management and commission income			3,123						2,487						636						25.6		%
Gain on sale of loans			847						649						198						30.5		%
Lease brokerage income			116						315						(199)						(63.2)		%
Sale of customer checks			663						613						50						8.2		%
Gain (loss) on sale or exchange of investment securities			(1,142)						(45)						(1,097)						(2,437.8)		%
Gain (loss) on marketable equity securities			47						(149)						196						131.5		%
Other			1,519						700						819						117.0		%
Total other non-interest income			6,835						6,204						631						10.2		%
Total non-interest income			$	33,163					$	31,637					$	1,526					4.8		%

Non-interest income increased $1.5 million or 4.8% to $33.2 million during the six months ended June 30, 2025, compared to $31.6 million during the comparative six months ended June 30, 2024. Service charges and customer fees are elevated in the 2025 period and resulted in an increase of $0.9 million as compared to the six months ended June 30, 2024. Further, as noted previously, elevated activity within asset management and commission income contributed to overall improvement in total non-interest income.

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Non-interest Expense

The following table summarizes the Company’s non-interest expense for the periods indicated:

			Three months ended June 30,
(in thousands)			2025						2024						$ Change						% Change
Base salaries, net of deferred loan origination costs			$	25,757					$	23,852					$	1,905					8.0		%
Incentive compensation			5,223						4,711						512						10.9		%
Benefits and other compensation costs			7,306						6,838						468						6.8		%
Total salaries and benefits expense			38,286						35,401						2,885						8.1		%
Occupancy			4,200						4,063						137						3.4		%
Data processing and software			4,959						5,094						(135)						(2.7)		%
Equipment			1,189						1,330						(141)						(10.6)		%
Intangible amortization			483						1,030						(547)						(53.1)		%
Advertising			808						819						(11)						(1.3)		%
ATM and POS network charges			1,843						1,987						(144)						(7.2)		%
Professional fees			1,667						1,814						(147)						(8.1)		%
Telecommunications			513						558						(45)						(8.1)		%
Regulatory assessments and insurance			1,297						1,144						153						13.4		%
Postage			385						340						45						13.2		%
Operational losses			270						244						26						10.7		%
Courier service			544						559						(15)						(2.7)		%
Loss (gain) on disposal of fixed assets			5						1						4						400.0		%
Other miscellaneous expense			4,682						3,955						727						18.4		%
Total other non-interest expense			22,845						22,938						(93)						(0.4)		%
Total non-interest expense			$	61,131					$	58,339					$	2,792					4.8		%
Average full time equivalent staff			1,171						1,160						11						0.9		%

Total non-interest expense increased $2.8 million or 4.8% to $61.1 million during the three months ended June 30, 2025, as compared to $58.3 million for the quarter ended June 30, 2024. Total salaries and benefits expense increased by $2.9 million or 8.1%, reflecting the increase of $1.9 million in salaries, largely the result of routine merit increases and more recently strategic hiring focused on loan and deposit production; incentive compensation costs also increased by $0.5 million, reflecting elevated levels of production in both loans and deposits during the second quarter of 2025, as compared to 2024. Other non-interest expense line items generally evidenced broad based incremental decreases, slightly offset by elevated business travel, donations, as well as contract termination costs as noted above.

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			Six months ended June 30,
(in thousands)			2025						2024						$ Change						% Change
Base salaries, net of deferred loan origination costs			$	51,158					$	47,872					$	3,286					6.9		%
Incentive compensation			9,261						7,968						1,293						16.2		%
Benefits and other compensation costs			14,722						13,865						857						6.2		%
Total salaries and benefits expense			75,141						69,705						5,436						7.8		%
Occupancy			8,277						8,014						263						3.3		%
Data processing and software			10,017						10,201						(184)						(1.8)		%
Equipment			2,473						2,686						(213)						(7.9)		%
Intangible amortization			997						2,060						(1,063)						(51.6)		%
Advertising			2,012						1,581						431						27.3		%
ATM and POS network charges			3,694						3,648						46						1.3		%
Professional fees			3,185						3,154						31						1.0		%
Telecommunications			1,001						1,069						(68)						(6.4)		%
Regulatory assessments and insurance			2,580						2,395						185						7.7		%
Postage			705						648						57						8.8		%
Operational losses			694						596						98						16.4		%
Courier service			1,032						1,039						(7)						(0.7)		%
(Gain) loss on sale or acquisition of foreclosed assets			(3)						(38)						35						(92.1)		%
(Gain) loss on disposal of fixed assets			90						6						84						1,400.0		%
Other miscellaneous expense			8,821						8,079						742						9.2		%
Total other non-interest expense			45,575						45,138						437						1.0		%
Total non-interest expense			$	120,716					$	114,843					$	5,873					5.1		%
Average full time equivalent staff			1,183						1,174						9						0.8		%

Non-interest expense increased $5.9 million or 5.1% to $120.7 million during the six months ended June 30, 2025, as compared to $114.8 million for the six months ended June 30, 2024. The largest component was salaries and benefits expense which increased $5.4 million or 7.8% to $75.1 million, largely for the reasons mentioned above. Other non-interest expense line items evidenced broad based but incremental increases, led by elevated business travel, donations, and non-recurring contract termination costs.

Income Taxes

The Company’s effective tax rate was 27.2% for the quarter ended June 30, 2025, as compared to 25.3% for the year ended March 31, 2025. Differences between the Company's effective tax rate and applicable federal and state blended statutory rate of approximately 29.6% are due to the proportion of non-taxable revenues, non-deductible expenses, and benefits from tax credits as compared to the levels of pre-tax earnings.

Financial Condition

For financial reporting purposes, the Company does not separately track the changes in assets and liabilities based on branch location or regional geography. The following is a comparison of the quarterly change in certain assets and liabilities:

Ending balances			June 30, 2025						March 31, 2025																								Annualized  % Change
(dollars in thousands)															$ Change
Total assets			$	9,923,983					$	9,819,599					$	104,384																	4.3		%
Total loans			6,958,993						6,820,774						138,219																		8.1
Total investments			1,936,954						1,979,116						(42,162)																		(8.5)
Total deposits			8,375,809						8,205,332						170,477																		8.3
Total other borrowings			17,788						91,706						(73,918)																		(322.4)

Loans outstanding increased by $138.2 million or 8.1% on an annualized basis during the quarter ended June 30, 2025. During the quarter, loan originations/draws totaled approximately $457.7 million while payoffs/repayments of loans totaled $329.3 million, which compares to originations/draws and payoffs/repayments during the trailing quarter ended of $357.5 million and $321.3 million, respectively. Origination volume was elevated relative to recent quarters as interest rates have contracted from the highs experienced in early 2025, and the macro-economic outlook continues to improve for borrowers following the passage of tax and spending legislation that is expected to promote

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continued economic expansion, in addition to progress toward finalizing tariff policies with our largest trade partners. The activity within loan payoffs/repayments remains spread amongst numerous borrowers, regions and loan types.

Investment security balances decreased $42.2 million or 8.5% on an annualized basis during the quarter as a result of net prepayments/maturities of $64.5 million, partially offset by net increases in the market value of securities of $12.8 million and purchases of $10.2 million. Investment security purchases were comprised of fixed rate agency mortgage-backed securities. While management intends to primarily utilize cash flows from the investment security portfolio and organic deposit growth to support loan growth, excess liquidity will be utilized for purchases of investment securities to support net interest income growth and net interest margin expansion.

Deposit balances increased by $170.5 million or 8.3% annualized during the period, primarily due to increases in demand and savings deposit accounts. Other borrowings decreased by $73.9 million or 322.4% during the quarter following the repayment of all short-term FHLB advances.

Prior to September 30, 2025, management anticipates repayment to the holders of the North Valley Trust II, III and IV as well as the VRB Subordinated debt issued by TriCo, which had a total face value of $57.7 million, recorded book value of $60.0 million, and weighted average rate of 6.54% as of June 30, 2025.

The following is a comparison of the year over year change in certain assets and liabilities:

Ending balances			As of June 30,																		% Change
(dollars in thousands)			2025						2024						$ Change
Total assets			$	9,923,983					$	9,741,399					$	182,584					1.9		%
Total loans			6,958,993						6,742,526						216,467						3.2
Total investments			1,936,954						2,086,090						(149,136)						(7.1)
Total deposits			8,375,809						8,050,230						325,579						4.0
Total other borrowings			17,788						247,773						(229,985)						(92.8)

Investment Securities

The following table presents the available for sale debt securities portfolio by major type as of June 30, 2025 and December 31, 2024:

			June 30, 2025												December 31, 2024
(in thousands)			Fair Value						%						Fair Value						%
Debt securities available for sale:
Obligations of U.S. government agencies			$	1,086,082					59.8		%				$	1,094,185					57.4		%
Obligations of states and political subdivisions			212,571						11.7		%				220,744						11.6		%
Corporate bonds			5,503						0.3		%				5,837						0.3		%
Asset backed securities			263,679						14.5		%				314,263						16.5		%
Non-agency mortgage backed			247,541						13.7		%				269,856						14.2		%
Total debt securities available for sale			$	1,815,376					100.0		%				$	1,904,885					100.0		%

			June 30, 2025												December 31, 2024
(in thousands)			Amortized Cost						%						Amortized Cost						%
Debt securities held to maturity:
Obligations of U.S. government and agencies			$	98,940					97.3		%				$	109,155					97.6		%
Obligations of states and political subdivisions			2,732						2.7		%				2,711						2.4		%
Total debt securities held to maturity			$	101,672					100.0		%				$	111,866					100.0		%

Investment securities held to maturity decreased $10.2 million to $101.7 million as of June 30, 2025, as compared to December 31, 2024. This decrease is attributable to calls and principal repayments of $10.1 million, and amortization of net purchase premiums of $0.1 million.

Loans

The Company focuses its primary lending activities in six principal areas: commercial real estate loans, consumer loans, commercial and industrial loans, construction loans, agriculture production loans and leases. The interest rates charged for the loans made by the Company vary with the degree of risk, the size and duration of the loans, the borrower’s relationship with the Company and prevailing money market rates indicative of the Company’s cost of funds.

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The majority of the Company’s loans are direct loans made to individuals, and local or regional businesses which service a variety of industries. The Company relies substantially on local promotional activity and personal contacts by bank officers, directors and employees to compete with other financial institutions. The Company makes loans to borrowers whose applications include a sound purpose, a viable repayment source and a plan of repayment established at inception and generally backed by a secondary source of repayment.

The following table shows the Company’s loan balances, net of deferred loan costs and discounts, as of the dates indicated:

(in thousands)			June 30, 2025												December 31, 2024
Commercial real estate			$	4,730,732					68.0		%				$	4,577,632					67.6		%
Consumer			1,288,691						18.5		%				1,281,059						18.9		%
Commercial and industrial			467,564						6.7		%				471,271						7.0		%
Construction			304,920						4.4		%				279,933						4.1		%
Agriculture production			161,457						2.3		%				151,822						2.3		%
Leases			5,629						0.1		%				6,806						0.1		%
Total loans			$	6,958,993					100.0		%				$	6,768,523					100.0		%

Nonperforming Assets

The following tables set forth the amount of the Company’s NPAs as of the dates indicated. “Performing nonaccrual loans” are loans that may be current for both principal and interest payments, or are less than 90 days past due, but for which payment in full of both principal and interest is not expected, and are not well secured and in the process of collection:

(in thousands)			June 30, 2025						December 31, 2024
Performing nonaccrual loans			$	34,121					$	19,543
Nonperforming nonaccrual loans			30,464						24,493
Total nonaccrual loans			64,585						44,036
Loans 90 days past due and still accruing			198						60
Total nonperforming loans			64,783						44,096
Foreclosed assets			2,683						2,786
Total nonperforming assets			$	67,466					$	46,882
Nonperforming assets to total assets			0.68		%				0.48		%
Nonperforming loans to total loans			0.93		%				0.65		%
Allowance for credit losses to nonperforming loans			192		%				284		%

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Changes in nonperforming assets during the three months ended June 30, 2025

(in thousands)			Balance at March 31, 2025						New NPA / Valuation Adjustments						Pay-downs /Sales /Upgrades						Charge-offs/ (1) Write-downs						Transfers to Foreclosed Assets						Balance at June 30, 2025
Commercial real estate:
CRE non-owner occupied			$	3,004					603						(59)						—						—						$	3,548
CRE owner occupied			5,339						4,919						(3,582)						—						—						6,676
Multifamily			467						—						(7)						—						—						460
Farmland			21,472						14,655						(316)						—						—						35,811
Total commercial real estate loans			30,282						20,177						(3,964)						—						—						46,495
Consumer
SFR 1-4 1st DT liens			5,867						828						(319)						—						—						6,376
SFR HELOCs and junior liens			4,708						424						(346)						—						—						4,786
Other			262						218						(73)						(89)						—						318
Total consumer loans			10,837						1,470						(738)						(89)						—						11,480
Commercial and industrial			10,220						170						(108)						(8,384)						—						1,898
Construction			54						1,863						(3)						—						—						1,914
Agriculture production			3,461						202						(656)						(11)						—						2,996
Leases			—						—						—						—						—						—
Total nonperforming loans			54,854						23,882						(5,469)						(8,484)						—						64,783
Foreclosed assets			2,685						—												(2)						—						2,683
Total nonperforming assets			$	57,539					23,882						(5,469)						(8,486)						—						$	67,466

(1) The table above does not include deposit overdraft charge-offs.

Nonperforming assets increased during the three months ended June 30, 2025 by $9.9 million or 17.3% to $67.5 million compared to $57.5 million at March 31, 2025. The increase in nonperforming assets during the second quarter of 2025 was primarily the result of nonperforming loan additions totaling $23.9 million, partially offset by pay-downs and upgrades, which totaled $5.5 million during the quarter, as well as $8.5 million in charge-offs. Management is actively engaged in the collection and recovery efforts for all nonperforming assets and believes that the loan loss reserves associated with these loans is sufficient as of June 30, 2025.

(in thousands)			Balance at December 31, 2024						New NPA / Valuation Adjustments						Pay-downs /Sales /Upgrades						Charge-offs/ (1) Write-downs						Transfers to Foreclosed Assets						Balance at June 30, 2025
Commercial real estate:
CRE non-owner occupied			$	3,017					603						(72)						—						—						$	3,548
CRE owner occupied			3,874						6,538						(3,736)						—						—						6,676
Multifamily			480						—						(20)						—						—						460
Farmland			16,195						20,140						(524)						—						—						35,811
Total commercial real estate loans			23,566						27,281						(4,352)						—						—						46,495
Consumer
SFR 1-4 1st DT liens			5,979						1,134						(737)						—												6,376
SFR HELOCs and junior liens			3,868						1,593						(675)						—												4,786
Other			204						284						(80)						(90)												318
Total consumer loans			10,051						3,011						(1,492)						(90)						—						11,480
Commercial and industrial			9,765						978						(204)						(8,641)												1,898
Construction			57						1,863						(6)						—												1,914
Agriculture production			657						3,203						(853)						(11)												2,996
Leases			—						—						—						—												—
Total nonperforming loans			44,096						36,336						(6,907)						(8,742)						—						64,783
Foreclosed assets			2,786						—						(101)						(2)												2,683
Total nonperforming assets			$	46,882					36,336						(7,008)						(8,744)						—						$	67,466

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(1) The table above does not include deposit overdraft charge-offs.

Loan charge-offs during the three months ended June 30, 2025

In the second quarter of 2025, the Company recorded $8.6 million in loan charge-offs and $0.1 million in loan recoveries which collectively resulted in $8.5 million in net charge-offs. Nearly all of the charge-offs were associated with loans that were individually analyzed and reserved for in prior periods and thus had limited impact on the provision for credit losses during the three months ended June 30, 2025.

The Components of the Allowance for Credit Losses for Loans

The following table sets forth the allowance for credit losses for loans as of the dates indicated:

(in thousands)			June 30, 2025						December 31, 2024						June 30, 2024
Allowance for credit losses:
Allowance for collectively evaluated loans			$	120,490					$	120,741					$	122,499
Allowance for individually evaluated loans			3,965						4,625						1,018
Total allowance for credit losses			$	124,455					$	125,366					$	123,517
Allowance for credit losses for loans / total loans			1.79		%				1.85		%				1.83		%

For additional information regarding the allowance for loan losses, including changes in specific, formula, and environmental factors allowance categories, see “Asset Quality and Loan Loss Provisioning” at “Results of Operations”, above. For additional information on the current ACL methodology, see "Allowance for Credit Losses - Loans" within footnote 1 of the Company's 10-Q/10-K. Based on the current conditions of the loan portfolio, management believes that the $124.5 million allowance for loan losses at June 30, 2025 is adequate to absorb expected losses inherent in the Bank’s loan portfolio. No assurance can be given, however, that adverse economic conditions or other circumstances will not result in increased losses in the portfolio.

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The following table summarizes the allocation of the allowance for credit losses between loan types and by percentage of the total allowance for credit losses on loans as of the dates indicated:

(in thousands)			June 30, 2025												December 31, 2024												June 30, 2024
Commercial real estate			$	74,484					59.8		%				$	72,849					58.1		%				$	73,032					59.1		%
Consumer			25,318						20.3		%				27,463						21.9		%				27,674						22.4		%
Commercial and industrial			10,024						8.1		%				14,397						11.5		%				12,128						9.8		%
Construction			10,995						8.8		%				7,224						5.8		%				7,466						6.0		%
Agriculture production			3,609						3.0		%				3,403						2.7		%				3,180						2.7		%
Leases			25						0.0		%				30						0.0		%				37						0.0		%
Total allowance for credit losses			$	124,455					100.0		%				$	125,366					100.0		%				$	123,517					100.0		%

The following table summarizes the allocation of the allowance for credit losses as a percentage of the total loans for each loan category as of the dates indicated:

(in thousands)									June 30, 2025												December 31, 2024						June 30, 2024
Commercial real estate									1.57		%										1.59		%										1.64		%
Consumer									1.96		%										2.14		%										2.13		%
Commercial and industrial									2.14		%										3.05		%										2.21		%
Construction									3.61		%										2.58		%										2.63		%
Agriculture production									2.24		%										2.24		%										2.27		%
Leases									0.44		%										0.44		%										0.44		%
Total loans									1.79		%										1.85		%										1.83		%

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The following table summarizes the activity in the allowance for credit losses for the periods indicated:

			Three months ended June 30,												Six months ended June 30,
(in thousands)			2025						2024						2025						2024
Allowance for credit losses:
Balance at beginning of period			$	128,423					$	124,394					$	125,366					$	121,522
ACL on PCD loans			—						—						—						—
Provision for credit losses			4,525						335						7,188						4,350
Loans charged-off:
Commercial real estate:
CRE non-owner occupied			—						—						—						—
CRE owner occupied			—						—						—						—
Multifamily			—						—						—						—
Farmland			—						—						—						—
Consumer:
SFR 1-4 1st DT liens			—						—						—						(26)
SFR HELOCs and junior liens			—						(9)						—						(41)
Other			(200)						(118)						(317)						(368)
Commercial and industrial			(8,384)						(870)						(8,641)						(1,000)
Construction			—						—						—						—
Agriculture production			(11)						(613)						(11)						(1,450)
Leases			—						—						—						—
Total loans charged-off			(8,595)						(1,610)						(8,969)						(2,885)
Recoveries of previously charged-off loans:
Commercial real estate:
CRE non-owner occupied			—						—						—						—
CRE owner occupied			1						1						1						1
Multifamily			—						—						—						—
Farmland			—						—						—						—
Consumer:
SFR 1-4 1st DT liens			—						—						—						—
SFR HELOCs and junior liens			4						51						16						100
Other			36						81						73						121
Commercial and industrial			60						261						166						283
Construction			—						—						—						—
Agriculture production			1						4						614						25
Leases			—						—						—						—
Total recoveries of previously charged-off loans			102						398						870						530
Net charge-offs			(8,493)						(1,212)						(8,099)						(2,355)
Balance at end of period			$	124,455					$	123,517					$	124,455					$	123,517
Average total loans			$	6,878,186					$	6,792,303					$	6,827,469					$	6,789,072
Ratios (annualized):
Net (charge-offs) recoveries during period to average loans outstanding during period			(0.49)		%				(0.07)		%				(0.24)		%				(0.07)		%
Provision for credit losses to average loans outstanding during period			0.26		%				0.02		%				0.21		%				0.13		%

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Foreclosed Assets, Net of Allowance for Losses

The following table details the components and summarize the activity in foreclosed assets, net of allowances for losses, for the six months ended June 30, 2025:

(in thousands)			Balance at December 31, 2024						Sales						Valuation Adjustments						Transfers from Loans						Balance at June 30, 2025
Land & construction			$	204					$	—					$	—					$	—					$	204
Residential real estate			1,683						(101)						(2)						—						1,580
Commercial real estate			899						—						—						—						899
Total foreclosed assets			$	2,786					$	(101)					$	(2)					$	—					$	2,683

Deposits

During the six months ended June 30, 2025, the Company’s deposits increased by $288.2 million to $8.4 billion at quarter end. There were no brokered deposits included in the deposit balances as of June 30, 2025 and December 31, 2024. Estimated uninsured deposits totaled $2.8 billion and $2.5 billion as of June 30, 2025 and December 31, 2024, respectively.

Off-Balance Sheet Arrangements

See Note 9 to the condensed consolidated financial statements at Item 1 of Part I of this report for information about the Company’s commitments and contingencies including off-balance-sheet arrangements.

Capital Resources

The current and projected capital position of the Company and the impact of capital plans and long-term strategies are reviewed regularly by Management.

On February 25, 2021 the Board of Directors authorized the repurchase of up to 2,000,000 shares of the Company's common stock (the 2021 Repurchase Plan), which approximated 6.7% of the shares outstanding as of the approval date. The actual timing of any share repurchases will be determined by the Company's management and therefore the total value of the shares to be purchased under the 2021 Repurchase Plan is subject to change. The Company may repurchase its outstanding shares of common stock from time to time in open market or privately-negotiated transactions, including block trades, or pursuant to 10b5-1 trading plans. The 2021 Repurchase Plan has no expiration date (in accordance with applicable laws and regulations).

During the three and six months ended June 30, 2025, the Company repurchased 379,978 and 469,632 shares with market values of $15.2 million and$18.9 million, respectively. In addition, the Company’s Tier 1 common equity and tangible capital ratios increased to 13.1% and 10.0%, respectively as of June 30, 2025, compared to 13.2% and 9.7%, respectively, as of December 31, 2024.

Total shareholders' equity increased by $11.3 million during the quarter ended June 30, 2025, as net income of $27.5 million and a $9.0 million decrease in accumulated other comprehensive losses were partially offset by $10.8 million in cash dividends on common stock and $15.7 million in share repurchase activity. As a result, the Company’s book value increased to $38.92 per share at June 30, 2025, compared to $38.17 at March 31, 2025. The Company’s tangible book value per share, a non-GAAP measure, calculated by subtracting goodwill and other intangible assets from total shareholders’ equity and dividing that sum by total shares outstanding, was $29.40 per share at June 30, 2025, as compared to $28.73 at March 31, 2025. Changes in the fair value of available-for-sale investment securities, net of deferred taxes, continue to create moderate levels of volatility in tangible book value per share. 15.7%

The following is a comparison of various capital ratios for the current period with the trailing quarter and applicable minimum regulatory requirements.

			June 30, 2025												December 31, 2024
			Ratio						Minimum Regulatory Requirement						Ratio						Minimum Regulatory Requirement
Total risk based capital			15.6		%				10.5		%				15.7		%				10.5		%
Tier I capital			13.9		%				8.5		%				14.0		%				8.5		%
Common equity Tier 1 capital			13.1		%				7.0		%				13.2		%				7.0		%
Leverage			11.8		%				4.0		%				11.7		%				4.0		%

See Note 10 and Note 16 to the condensed consolidated financial statements at Item 1 of Part I of this report for additional information about the Company’s capital resources.

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Prior to September 30, 2025, management anticipates providing notice of and repayment to the holders of the North Valley Trust II, III and IV as well as the VRB Subordinated debt issued by TriCo, which had a total face value of $57.7 million, recorded book value of $60.0 million, and weighted average rate of 6.54% as of June 30, 2025. The repayment of this debt will be facilitated through a cash dividend from the Bank to the Company, however, it is not anticipated to have any significant impact on the Bank's liquidity, shareholder equity or regulatory capital positions.

As of June 30, 2025, we had an effective shelf registration statement on file with the Securities and Exchange Commission that allows us to issue various types of debt securities, as well as common stock, preferred stock, warrants, depository shares representing fractional interest in shares of preferred stock, purchase contracts and units from time to time in one or more offerings. Each issuance under the shelf registration statement will require the filing of a prospectus supplement identifying the amount and terms of the securities to be issued. The registration statement does not limit the amount of securities that may be issued thereunder. Our ability to issue securities is subject to market conditions and other factors including, in the case of our debt securities, our credit ratings and compliance with current and prospective covenants in credit agreements.

Liquidity

The Company's primary sources of liquidity include the following for the periods indicated:

(dollars in thousands)			June 30, 2025						December 31, 2024
Borrowing capacity at correspondent banks and FRB			$	3,006,667					$	2,882,859
Less: borrowings outstanding			—						(367,000)
Unpledged available-for-sale investment securities			1,005,774						1,435,990
Cash held or in transit with FRB			263,922						41,541
Total primary liquidity			$	4,276,363					$	3,993,390

At June 30, 2025, the Company's primary sources of liquidity represented 51% of total deposits and 153% of estimated total uninsured (excluding collateralized municipal deposits and intercompany balances) deposits, respectively. As secondary sources of liquidity, the Company's held-to-maturity investment securities had a fair value of $97.0 million, including approximately $4.7 million in net unrealized losses.

The Company’s profitability during the first six months of 2025 generated cash flows from operations of $53.8 million compared to $56.9 million during the first six months of 2024. Net cash from investing activities was $59.4 million for the six months ended June 30, 2025, compared to net cash from investing activities of $255.0 million during the six months ending 2024. Financing activities provided $174.9 million during the six months ended June 30, 2025, compared to using $204.1 million during the six months ended June 30, 2024.

The types of contractual obligations of the Company and Bank, include but are not limited to term subordinated debt, operating leases, deferred compensation and supplemental retirement plans as well as off-balance sheet commitments such as unfunded loans and letters of credit, are consistent with those as of December 31, 2024. However, as borrowings have been repaid, the borrowing capacity at correspondent banks has increased. In addition, as the balance of investment securities has declined, so has the balance of unpledged securities. In total, and as illustrated above, the balance of total primary liquidity has increased during the first half of 2025.

The Company is dependent upon the payment of cash dividends by the Bank to service its commitments, which have historically included dividends to shareholders, scheduled debt service payments, and general operations. Shareholder dividends are expected to continue subject to the Board’s discretion and management's continuing evaluation of capital levels, earnings, asset quality and other factors. The Company expects that the cash dividends paid by the Bank to the Company will be sufficient to cover the Company's cash flow needs. However, the Company and its ability to generate liquidity through either the issuance of stock or debt, also serves as a potential source of strength for the Bank. Dividends paid by the Company to holders of its common stock used $21.6 million and $21.9 million of cash during the six months ended June 30, 2025 and 2024, respectively. The Company’s liquidity is dependent on dividends received from the Bank. Dividends from the Bank are subject to certain regulatory restrictions.

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TRICO BANCSHARES—NON-GAAP FINANCIAL MEASURES

(Unaudited. Dollars in thousands)

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this filing contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this filing because it believes that they provide useful and comparative information to assess trends in the Company's core operations reflected in the current quarter's results, and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:

			Three months ended												Six months ended
(dollars in thousands)			June 30, 2025												June 30, 2024						June 30, 2025						June 30, 2024
Net interest margin
Acquired loans discount accretion, net:
Amount (included in interest income)			$1,247												$850						$3,242						$2,182
Effect on average loan yield			0.08		%										0.05		%				0.09		%				0.06		%
Effect on net interest margin (FTE)			0.06		%										0.04		%				0.07		%				0.05		%
Net interest margin (FTE)			3.88		%										3.68		%				3.81		%				3.68		%
Net interest margin less effect of acquired loan discount accretion (Non-GAAP)			3.82		%										3.64		%				3.73		%				3.63		%

			Three months ended												Six months ended
(dollars in thousands)			June 30, 2025						June 30, 2024						June 30, 2025						June 30, 2024
Pre-tax pre-provision return on average assets or equity
Net income (GAAP)			$27,542						$29,034						$53,905						$56,783
Exclude provision for income taxes			10,271						10,085						19,210						20,034
Exclude provision for credit losses			4,665						405						8,393						4,710
Net income before income tax and provision expense (Non-GAAP)			$42,478						$39,524						$81,508						$81,527
Average assets (GAAP)			$9,778,834						$9,782,228						$9,793,444						$9,819,012
Average equity (GAAP)			$1,273,092						$1,169,324						$1,262,602						$1,171,958
Return on average assets (GAAP) (annualized)			1.13		%				1.19		%				1.11		%				1.16		%
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized)			1.74		%				1.63		%				1.68		%				1.67		%
Return on average equity (GAAP) (annualized)			8.68		%				9.99		%				8.61		%				9.74		%
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized)			13.38		%				13.59		%				13.02		%				13.95		%

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			Three months ended												Six months ended
(dollars in thousands)			June 30, 2025						June 30, 2024						June 30, 2025						June 30, 2024
Return on tangible common equity
Average total shareholders' equity			$1,273,092						$1,169,324						$1,262,602						$1,171,958
Exclude average goodwill			304,442						304,442						304,442						304,442
Exclude average other intangibles			5,743						9,007						5,987						9,522
Average tangible common equity (Non-GAAP)			$962,907						$855,875						$952,173						$857,994
Net income (GAAP)			$27,542						$29,034						$53,905						$56,783
Exclude amortization of intangible assets, net of tax effect			340						725						702						1,451
Tangible net income available to common shareholders (Non-GAAP)			$27,882						$29,759						$54,607						$58,234
Return on average equity (GAAP) (annualized)			8.68		%				9.99		%				8.61		%				9.74		%
Return on average tangible common equity (Non-GAAP)			11.61		%				13.98		%				11.57		%				13.65		%

			As of
(dollars in thousands)			June 30, 2025						December 31, 2024
Tangible shareholders' equity to tangible assets
Shareholders' equity (GAAP)			$1,266,823						$1,220,907
Exclude goodwill and other intangible assets, net			309,877						310,874
Tangible shareholders' equity (Non-GAAP)			$956,946						$910,033
Total assets (GAAP)			$9,923,983						$9,673,728
Exclude goodwill and other intangible assets, net			309,877						310,874
Total tangible assets (Non-GAAP)			$9,614,106						$9,362,854
Shareholders' equity to total assets (GAAP)			12.77		%				12.62		%
Tangible shareholders' equity to tangible assets (Non-GAAP)			9.95		%				9.72		%

			As of
(dollars in thousands)			June 30, 2025						December 31, 2024
Tangible common shareholders' equity per share
Tangible shareholders' equity (Non-GAAP)			$956,946						$910,033
Common shares outstanding at end of period			32,550,264						32,970,425
Common shareholders' equity (book value) per share (GAAP)			$38.92						$37.03
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP)			$29.40						$27.60

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Item 3.    Quantitative and Qualitative Disclosures about Market Risk

Based on the changes in interest rates as well as the mix shift of interest earning assets and interest bearing liabilities occurring subsequent to December 31, 2024, the following update of the Company’s assessment of market risk as of June 30, 2025 is being provided. These updates and changes should be read in conjunction with the additional quantitative and qualitative disclosures in our Annual Report on Form 10-K for the year ended December 31, 2024.

As of June 30, 2025, the Company's loan portfolio consisted of approximately $7.0 billion in outstanding principal with a weighted average coupon rate of 5.57%. During the three-month periods ending June 30, 2025, March 31, 2025, and June 30, 2024, the weighted average coupon on loan production in the quarter was 6.43%, 6.73% and 7.98%, respectively. Included in the June 30, 2025 total loans balance are adjustable rate loans totaling $4.5 billion, of which $0.9 billion are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $282.9 million which are subject to repricing on not less than a quarterly basis.

Management funds the acquisition of nearly all of its earning assets through its core deposit gathering activities. As of June 30, 2025, non-interest bearing deposits represented 30.6% of total deposits. Further, during the quarter ended June 30, 2025, the cost of interest bearing deposits were 1.97% and the cost of total deposits were 1.37%. With the intent of increasing net interest income, management intends to continue to deploy its excess liquidity and/or seek to migrate certain earning assets into higher yielding categories. However, in situations where deposit balances contract, management may rely upon various borrowing facilities or utilize brokered deposits. Through the first quarter of 2025 and during the entire 2024 year, management did not utilize any brokered deposits. Management did however utilize borrowing lines from the FHLB, both overnight and term structured up to 12 months, during this same period. There were no FHLB borrowings outstanding as of June 30, 2025.

As of June 30, 2025 the overnight Federal funds effective rate, the rate primarily used in these interest rate shock scenarios, was 4.33%. These scenarios assume that 1) interest rates increase or decrease evenly (in a “ramp” fashion) over a twelve-month period and remain at the new levels beyond twelve months or 2) that interest rates change instantaneously (“shock”). The simulation results shown below assume no changes in the structure of the Company’s balance sheet over the twelve months being measured.

The following table summarizes the estimated effect on net interest income and market value of equity to changing interest rates as measured against a flat rate (no interest rate change) instantaneous parallel shock scenario over a twelve month period utilizing a interest sensitivity (GAP) analysis based on the Company's specific mix of interest earning assets and interest bearing liabilities as of June 30, 2025.

Interest Rate Risk Simulations:

Change in Interest Rates (Basis Points)			Estimated Change in Net Interest Income (NII) (as % of NII)						Estimated  Change in  Market Value of Equity (MVE) (as % of MVE)
+300 (shock)			(8.7)		%				(1.7)		%
+200 (shock)			(3.9)		%				(1.0)		%
+100 (shock)			(1.9)		%				(0.1)		%
+    0 (flat)			—						—
-100 (shock)			—		%				(2.8)		%
-200 (shock)			(0.5)		%				(8.1)		%
-300 (shock)			0.9		%				(15.5)		%

Item 4.    Controls and Procedures

The Company’s management, including its Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures as of June 30, 2025. Disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are controls and procedures designed to reasonably assure that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported on a timely basis. Disclosure controls are also designed to reasonably assure that such information is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025.

During the three months ended June 30, 2025, there were no changes in our internal controls or in other factors that have materially affected or are reasonably likely to materially affect our internal controls over financial reporting.

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PART II – OTHER INFORMATION

Item 1 — Legal Proceedings

Due to the nature of our business, we are involved in legal proceedings that arise in the ordinary course of our business. While the outcome of these matters is currently not determinable, we do not expect that the ultimate costs to resolve these matters will have a material adverse effect on our consolidated financial position, results of operations, or cash flows.

Item 1A — Risk Factors

In evaluating an investment in the Company's common stock, investors should consider carefully, among other things, the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 3, 2025, and in the information contained in this Quarterly Report on Form 10-Q and our other reports and registration statements.

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds

The following table shows the repurchases made by the Company or any affiliated purchaser (as defined in Rule 10b-18(a)(3) under the Exchange Act) during the periods indicated:

Period			(a) Total number of shares purchased (1)						(b) Average price paid per share						(c) Total number of shares purchased as of part of publicly announced plans or programs						(d) Maximum number of shares that may yet be purchased under the plans or programs at period end (2)
April 1-30, 2025			28,671						$	38.30					28,671						712,198
May 1-31, 2025			179,859						40.27						176,258						535,940
June 1-30, 2025			182,990						40.19						175,049						360,891
Total			391,520						$	40.09					379,978

(1)Includes shares purchased by the Company’s Employee Stock Ownership Plan in open market purchases and shares tendered by employees pursuant to various other equity incentive plans. See Notes 10 and 11 to the condensed consolidated financial statements at Item 1 of Part I of this report, for a discussion of the Company’s stock repurchased under equity compensation plans.

(2)Does not include shares that may be purchased by the Company’s Employee Stock Ownership Plan and pursuant to various other equity incentive plans. See Note 11 to the condensed consolidated financial statements at Item 1 of Part I of this report, for a discussion of the Company’s stock repurchase plan.

Item 5 — Other Information

Director or Executive Officer Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

(c) During the three and six months ended June 30, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f)) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in item 408 of Regulation S-K) for the purchase or sale of the Company's common stock.

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Item 6 – Exhibits

EXHIBIT INDEX

Exhibit  No.						Exhibit
10.1*						Form of Restricted Stock Unit Agreement and Grant Notice for Non-Executives pursuant to TriCo’s 2024 Equity Incentive Plan
10.2*						Form of Restricted Stock Unit Agreement and Grant Notice for Executives pursuant to TriCo’s 2024 Equity Incentive Plan
10.3*						Form of Performance Award Agreement and Grant Notice for Non-Executives pursuant to TriCo’s 2024 Equity Incentive Plan
10.4*						Form of Performance Award Agreement and Grant Notice for Executives pursuant to TriCo’s 2024 Equity Incentive Plan
10.5*						Form of Restricted Stock Unit Agreement and Grant Notice for Non-employee Directors pursuant to TriCo's 2024 Equity Incentive Plan
31.1						Rule 13a-14(a)/15d-14(a) Certification of CEO
31.2						Rule 13a-14(a)/15d-14(a) Certification of CFO
32.1						Section 1350 Certification of CEO
32.2						Section 1350 Certification of CFO
101.INS						XBRL Instance Document
101.SCH						XBRL Taxonomy Extension Schema Document
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB						XBRL Taxonomy Extension Label Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			TRICO BANCSHARES
			(Registrant)
Date: August 11, 2025			/s/ Peter G. Wiese
			Peter G. Wiese
			Executive Vice President and Chief Financial Officer
			(Duly authorized officer and principal financial and chief accounting officer)

63

FAQ

What was TCBK's net income for the quarter ended June 30, 2025?

TriCo Bancshares reported $27.542 million of net income for the three months ended June 30, 2025, down from $29.034 million in the same period of 2024.

How did net interest income and provisions change in Q2 2025 for TCBK?

Net interest income rose to $86.519 million versus $81.997 million a year earlier. Provision for credit losses increased to $4.665 million from $0.405 million.

What are TCBK's total loans and deposits as of June 30, 2025?

As of June 30, 2025, loans, net were $6.834 billion and total deposits were $8.376 billion.

Did TriCo record any credit loss allowances on its investment securities?

No. The Company stated there was no allowance for credit losses related to investment securities as of June 30, 2025.

How did nonaccrual loans change in the first half of 2025?

Total nonaccrual loans increased to $64.6 million as of June 30, 2025 compared with $44.0 million at December 31, 2024.

What was TriCo's cash and cash equivalents position at June 30, 2025?

Cash and cash equivalents totaled $314.268 million at June 30, 2025, up from $144.956 million at December 31, 2024.