Business
TriCo Bancshares Announces Second Quarter 2022 Results
Notable Items for Second Quarter 2022 Results for the quarter reflect the full operational impact of the March 25, 2022 merger with Valley Republic Bancorp.
About this update from Trico Bancshares
[{"type":"text","content":"\nNotable Items for Second Quarter 2022\n\n\nResults for the quarter reflect the full operational impact of the March 25, 2022 merger with Valley Republic Bancorp.\n\n\nOrganic loan growth, excluding PPP, for the quarter of $300.3 million or 20.7% annualized and credit quality continued to show improvement, while organic deposit growth for the quarter was $42.3 million or 1.9% annualized\n\n\nNet interest margin, excluding the benefit from acquired loan discount accretion and PPP loan yield, increased 0.28% to 3.57%\n\n\nQuarterly pre-tax pre-provision net revenues grew to $45.2 million, inclusive of $2.2 million in merger expenses, as compared to $36.6 million, inclusive of $4.0 million in merger expenses, in the trailing quarter and $38.9 million in the same quarter of the prior year\n\n\n\"While we continue to build on the strength of our core franchise, we are cautiously optimistic despite the potential volatility which may be forthcoming for the financial services industry,\" noted Rick Smith, President and Chief Executive Officer. Peter Wiese, EVP and Chief Financial Officer added, \"We are pleased with the increase in rates, as well as the mix shift of our average earning assets, which facilitated meaningful expansion of net interest margin and the growth in revenues for the quarter.\"\n\n CHICO, Calif.--(BUSINESS WIRE)--\nTriCo Bancshares (NASDAQ: TCBK) (the “Company”), parent company of Tri Counties Bank, today announced net income of $31,364,000 for the quarter ended June 30, 2022, compared to $20,374,000 during the trailing quarter ended March 31, 2022, and $28,362,000 during the quarter ended June 30, 2021. Diluted earnings per share were $0.93 for the second quarter of 2022, compared to $0.67 for the first quarter of 2022 and $0.95 for the second quarter of 2021.\n\nFinancial Highlights\n\nPerformance highlights and other developments for the Company as of or for the three and six months ended June 30, 2022, included the following:\n\n\nFor the three and six months ended June 30, 2022, the Company’s return on average assets was 1.24% and 1.10%, while the return on average equity was 11.53% and 9.93%, respectively. These ratios were impacted by merger related expenses of $2,221,000 and $6,253,000 for the respective periods in 2022.\n\n\nOrganic loan growth, excluding PPP and acquired loans, totaled $300.3 million (20...