Business
TriCo Bancshares Reports First Quarter 2024 Net Income of $27.7 Million, Diluted EPS of $0.83
1Q24 Financial Highlights Net income was $27.7 million compared to $26.1 million in the trailing quarter; pre-tax pre-provision net revenue was $42.0 million
About this update from Trico Bancshares
[{"type":"text","content":"\n1Q24 Financial Highlights\n\n\n\nNet income was $27.7 million compared to $26.1 million in the trailing quarter; pre-tax pre-provision net revenue was $42.0 million compared to $42.4 million in the trailing quarter\n\n\n\n\nDeposit balances increased $153.6 million or 7.8% (annualized) from the trailing quarter, respectively\n\n\n\n\nAverage yield on earning assets was 5.13%, an increase of 4 basis points over the 5.09% in the trailing quarter\n\n\n\n\nNet interest margin was 3.68% in the recent quarter, narrowing 13 basis points from 3.81% in the trailing quarter; management expects that net interest margin will reach an inflection point in the second half of 2024\n\n\n\n\nNon-interest bearing deposits averaged 33.8% of total deposits during the first quarter of 2024\n\n\n\n\nThe average cost of total deposits was 1.21%, an increase of 16 basis points as compared to 1.05% in the trailing quarter, and an increase of 96 basis points from 0.25% in the same quarter of the prior year; the Company's total cost of deposits have increased 117 basis points since FOMC rate actions began in March 2022, which translates to a cycle-to-date deposit beta of 22.3%\n\n\n\n CHICO, Calif.--(BUSINESS WIRE)--\nTriCo Bancshares (NASDAQ: TCBK):\n\n\nExecutive Commentary:\n\n\n\"The start of the second quarter of 2024 also represents the start of Tri Counties Bank's 50th year of operations. Thinking back to our humble beginnings, we have achieved great success through our consistent delivery of Service with Solutions® and we are thankful to be recognized as an industry leading Community Bank in California. Amidst a challenging operating and economic environment, our financial results for the first quarter clearly illustrate our resilience and ability to create shareholder value,\" explained Rick Smith, President and Chief Executive Officer.\n\n\nPeter Wiese, EVP and Chief Financial Officer, added, \"As changing economic forecasts created short term volatility, we continued to execute a variety of balance sheet and operationally focused strategies which, during the first quarter of 2024, resulted in our ability to grow deposits, reduce borrowings, and improve our efficiency ratio. As the balance of 2024 unfolds, we anticipate that the incremental repricing of earning assets will provide an increasing level of benefit to revenues.\"\n\n\nSelected Fina...