Business
TriCo Bancshares Announces First Quarter 2022 Results
Notable Items for First Quarter 2022 Completed the merger and system conversion of Valley Republic Bancorp ("VRB") effective March 25, 2022 Organic loan
About this update from Trico Bancshares
[{"type":"text","content":"\nNotable Items for First Quarter 2022\n\n\nCompleted the merger and system conversion of Valley Republic Bancorp (\"VRB\") effective March 25, 2022\n\n\nOrganic loan growth, excluding PPP, for the quarter of $187.9 million or 15.5% annualized\n\n\nIncrease in net interest margin less acquired loan discount accretion and PPP loan yield of 0.04% to 3.29%\n\n\nQuarterly pre-tax pre-provision net revenues of $36.6 million, inclusive of $4.0 million in merger expenses, as compared to $39.6 million, inclusive of $0.9 million in merger expenses, in the trailing quarter and $40.9 million in the same quarter of the prior year\n\n\nA reduction in nonperforming assets of $15.9 million or 48.4% to $17.0 million\n\n\n\"With the legal close, system conversion and substantially all of the integration of the merger behind us, our banking team can be fully focused on growth across our California footprint\", noted Rick Smith, President and Chief Executive Officer. Peter Wiese, EVP and Chief Financial Officer added, \"Financially speaking, there are a number of metrics that began moving in our favor during late December and we believe those positive trends continued into the first quarter of 2022, the results of which are evidenced in the financial metrics that we have the pleasure of sharing with you today.\"\n\n CHICO, Calif.--(BUSINESS WIRE)--\nTriCo Bancshares (NASDAQ: TCBK) (the “Company”), parent company of Tri Counties Bank, today announced net income of $20,374,000 for the quarter ended March 31, 2022, compared to $28,222,000 during the trailing quarter ended December 31, 2021, and $33,649,000 during the quarter ended March 31, 2021. Diluted earnings per share were $0.67 for the first quarter of 2022, compared to $0.94 for the fourth quarter of 2021 and $1.13 for the first quarter of 2021.\n\nFinancial Highlights\n\nPerformance highlights and other developments for the Company as of or for the three months ended March 31, 2022, included the following:\n\n\nFor the three months ended March 31, 2022, the Company’s return on average assets was 0.94%, and the return on average equity was 8.19%.\n\n\n\nOrganic loan growth, excluding PPP and acquired loans, totaled $187.9 million (15.5% annualized) for the current quarter and $437.3 million (9.5% annualized) for the trailing twelve-month period.\n\n\n\nFor the current quarter, net interest mar...