Business
TriCo Bancshares Announces Third Quarter 2023 Results
Notable Items for Third Quarter 2023 Net income was $30.6 million compared to $24.9 million in the trailing quarter, and compared to $37.3 million in the
About this update from Trico Bancshares
[{"type":"text","content":"\nNotable Items for Third Quarter 2023\n\n\n\nNet income was $30.6 million compared to $24.9 million in the trailing quarter, and compared to $37.3 million in the same quarter of the prior year; Pre-tax pre-provision net revenue was $46.2 million compared to $43.1 million in the trailing quarter, and compared to $55.3 million in the same quarter of the prior year\n\n\n\nReturn on average assets was 1.23% for the current quarter as compared to 1.01% in the trailing quarter and 1.46% in the same quarter of the prior year\n\n\n\nThe Bank continues to operate a balance sheet without the utilization of brokered deposits or FRB borrowings\n\n\n\nLoan balances increased $187.9 million or 2.9% while deposit balances declined $85.7 million or 1.1% from the trailing quarter\n\n\n\nThe average cost of total deposits was 0.86% for the quarter as compared to 0.58% in the trailing quarter and 0.04% in the same quarter of the prior year and, as a result, the Company's total cost of deposits have increased 82 basis points since FOMC rate actions began in March 2022, which translates to a cycle-to-date deposit beta of 15.6%\n\n\n\nBalance sheet flexibility remains anchored in readily accessible sources of liquidity including undrawn borrowing capacities, on-balance sheet cash and unpledged investment securities totaling in excess of $4.1 billion\n\n\n\nOverall credit quality remains within historical norms as non-performing assets represent approximately 0.33% of total assets and the ratio of classified loans to total loans remains low and manageable.\n\n\n\nAverage yield on earning assets was 4.94%, an increase of 16 basis points over the 4.78% in the trailing quarter; net interest margin was 3.88% in the recent quarter, narrowing only 8 basis points from 3.96% in the trailing quarter\n\n\n\n\"Led by both margin and non-interest expenses, operating results for the quarter were improved over both the immediately preceding quarter and general market expectations,\" explained Rick Smith, President and Chief Executive Officer. Peter Wiese, EVP and Chief Financial Officer added, \"We continue to be mindful about the unique economic circumstances in which we are operating and the need for long-term strategic perseverance consistent with the characteristic strengths for which we are known including consistency in shareholder returns, a conservative cr...