Business
TriCo Bancshares Announces Third Quarter 2022 Results
Notable Items for Third Quarter 2022 Net interest margin, excluding the benefit from acquired loan discount accretion and PPP loan yield, increased 0.41% to
About this update from Trico Bancshares
[{"type":"text","content":"\nNotable Items for Third Quarter 2022\n\n\nNet interest margin, excluding the benefit from acquired loan discount accretion and PPP loan yield, increased 0.41% to 3.98% \n\n\n\nEfficiency ratio improved to 49.6%, largely as a result of revenue growth as non-interest expenses, excluding merger related costs, were relatively unchanged as compared with the prior quarter\n\n\n\nOrganic loan growth (excluding PPP) for the quarter of $216.7 million or 14.2% annualized, with continued strength in credit quality\n\n\n\nQuarterly pre-tax pre-provision net revenues grew to $55.3 million, as compared to $45.2 million inclusive of $2.2 million in merger expenses in the trailing quarter, and $37.5 million in the same quarter of the prior year inclusive of $0.6 million in merger expenses\n\n\n\"Despite the potential for increasing volatility in interest rates and the general economy, the core franchise value of Tri Counties Bank, being anchored in our credit culture and low costs of funds, continues to drive our financial performance,\" noted Rick Smith, President and Chief Executive Officer. Peter Wiese, EVP and Chief Financial Officer added, \"Non-interest bearing deposits increased by nearly $74 million during the quarter and, to date during the current rising rate cycle, we have been able to maintain a low deposit Beta. Looking forward, we anticipate deposit Betas will be further pressured due to continued rate increases by the Federal Reserve. These rate increases could also decrease loan pipelines as borrowers reconsider the impact of higher rates on proposed projects.\" \n\n CHICO, Calif.--(BUSINESS WIRE)--\nTriCo Bancshares (NASDAQ: TCBK) (the “Company”), parent company of Tri Counties Bank, today announced net income of $37,338,000 for the quarter ended September 30, 2022, compared to $31,364,000 during the trailing quarter ended June 30, 2022, and $27,422,000 during the quarter ended September 30, 2021. Diluted earnings per share were $1.12 for the third quarter of 2022, compared to $0.93 for the second quarter of 2022 and $0.92 for the third quarter of 2021.\n\nFinancial Highlights\n\nPerformance highlights and other developments for the Company as of or for the three and nine months ended September 30, 2022, included the following:\n\n\nFor the three and nine months ended September 30, 2022, the Company’s return on average assets...