Business
TriCo Bancshares Reports Second Quarter 2024 Net Income of $29.0 Million, Diluted EPS of $0.87
2Q24 Financial Highlights Net income increased to $29.0 million or $0.87 per diluted share as compared to $27.7 million or $0.83 per diluted share in the
About this update from Trico Bancshares
[{"type":"text","content":"\n2Q24 Financial Highlights\n\n\n\nNet income increased to $29.0 million or $0.87 per diluted share as compared to $27.7 million or $0.83 per diluted share in the trailing quarter\n\n\n\nDeposit balances increased $62.6 million or 3.1% (annualized) from the trailing quarter\n\n\n\nAverage yield on earning assets was 5.24%, an increase of 11 basis points over the 5.13% in the trailing quarter\n\n\n\nNet interest margin (FTE) was 3.68% in the recent quarter, unchanged from the trailing quarter\n\n\n\nNon-interest bearing deposits averaged 32.0% of total deposits during the quarter\n\n\n\nThe average cost of total deposits was 1.45%, an increase of 24 basis points as compared to 1.21% in the trailing quarter, and an increase of 87 basis points from 0.58% in the same quarter of the prior year; the Company's total cost of deposits have increased 141 basis points since FOMC rate actions began in March 2022, which translates to a cycle-to-date deposit beta of 26.9%\n\n\n\n CHICO, Calif.--(BUSINESS WIRE)--\nTriCo Bancshares (NASDAQ: TCBK):\n\n\nExecutive Commentary:\n\n\n“Our results for the second quarter continued to demonstrate TriCo’s stability and ability to operate effectively under various and changing economic environments. Our focus on core deposit growth and relationship banking continues to provide positive traction for our Bank,\" said Rick Smith, President and CEO. Smith further commented; \"Our loan portfolio risk trends remain strong as the credit cycle continues to normalize as compared to the past several years. Borrowers continue to be responsive and supportive of our proactive efforts to manage credit risk.”\n\n\nPeter Wiese, EVP and CFO added, “Our net interest margin was unchanged from the trailing quarter, a positive indicator that net interest income is poised to gain momentum in the second half of 2024. Our balance sheet strategies around deposit growth and borrowing reductions continue to be successful, and despite the modest increase in non-interest expenses during the second quarter, our full year outlook remains unchanged. In addition, our use of capital, including a cash dividend and share repurchase activities, illustrate our commitment to building shareholder value and our forward-looking confidence in the Company.”\n\n\nSelected Financial Highlights\n\n\n\nFor the quarter ended June 30, 2024, the Company’...