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2月前
TriCo Bancshares Reports First Quarter 2026 Net Income of $33.7 Million, Diluted EPS of $1.04April 23, 2026 6:30 AM
Business Wire
1Q2026 Financial Highlights
Net income was $33.7 million or $1.04 per diluted share as compared to $33.6 million or $1.03 per diluted share in the trailing quarter, and an increase of $7.3 million or 27.8% from the first quarter of 2025
Net interest income (FTE) was $91.5 million, a decrease of $1.0 million or 1.1% over the trailing quarter; net interest margin (FTE) was 4.07%, an increase of 5 basis points over 4.02% in the trailing quarter
Loan balances decreased $42.9 million or 2.4% (annualized) from the trailing quarter and increased $247.4 million or 3.6% from the same quarter of the prior year
Deposit balances increased $139.7 million or 6.8% (annualized) from the trailing quarter and increased $198.3 million or 2.4% from the same quarter of the prior year
Average non-interest bearing deposits grew by 1.5% year over year and were 30.6% of total deposits at quarter end
Yield on average earning assets was 5.26%, an increase of 3 basis points over the 5.23% in the trailing quarter; yield on average loans was 5.78%, an increase of 1 basis point over the 5.77% in the trailing quarter
The average cost of total deposits was 1.26%, a decrease of 3 basis points as compared to 1.29% in the trailing quarter, and a decrease of 17 basis points from 1.43% in the same quarter of the prior year
TriCo Bancshares (NASDAQ: TCBK):
Executive Commentary:
“Our results for the first quarter of 2026 continue to demonstrate TriCo's stability and ability to operate effectively under various and changing economic environments. Deposit growth was strong and new loan originations were generally consistent with expectations while we continue to focus on managing credit quality within the loan portfolio. In addition, the deployment of capital through share repurchase activities will continue to benefit our financial results” said Rick Smith, Chairman and CEO.
Peter Wiese, EVP and CFO added, “Continued expense discipline benefited quarterly results. While total revenue contracted slightly due to the shorter day count in the first quarter as compared to the trailing quarter, both our net interest margin and efficiency ratio incrementally improved. Consistent with previous guidance, we anticipate that future revenue growth will outpace expense growth, leading to positive operating leverage and PPNR expansion.”
Selected Financial Highlights
For the quarter ended March 31, 2026, the Company’s return on average assets was 1.38%, while the return on average equity was 10.08%; for the trailing quarter ended December 31, 2025, the Company’s return on average assets was 1.34%, while the return on average equity was 10.02%
Diluted earnings per share were $1.04 for the first quarter of 2026, compared to $1.03 for the trailing quarter and $0.80 during the first quarter of 2025
Shares of common stock outstanding decreased by 424,384 during the quarter as 447,211 shares were repurchased at an average price of $48.30 per share.
The loan to deposit ratio was 84.11% as of March 31, 2026, as compared to 86.05% for the trailing quarter end.
The efficiency ratio was 54.55% for the quarter ended March 31, 2026, as compared to 54.68% for the trailing quarter
The provision for credit losses was $3.3 million during the quarter ended March 31, 2026, as compared to $3.0 million during the trailing quarter
The allowance for credit losses (ACL) to total loans was 1.81% as of March 31, 2026, compared to 1.77% as of the trailing quarter end, and 1.88% as of March 31, 2025. Non-performing assets to total assets were 0.77% on March 31, 2026, as compared to 0.72% as of December 31, 2025, and 0.59% on March 31, 2025.
The financial results reported in this document are preliminary and unaudited. Final financial results and other disclosures will be reported on Form 10-Q for the period ended March 31, 2026, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.
Operating Results and Performance Ratios
Three months ended
(dollars and shares in thousands, except per share data)
March 31,
2026
December 31,
2025
$ Change
% Change
Net interest income
$
91,226
$
92,227
$
(1,001
)
(1.1
)%
Provision for credit losses
(3,325
)
(3,000
)
(325
)
10.8
%
Noninterest income
17,032
17,168
(136
)
(0.8
)%
Noninterest expense
(59,052
)
(59,819
)
767
(1.3
)%
Provision for income taxes
(12,196
)
(12,942
)
746
(5.8
)%
Net income
$
33,685
$
33,634
$
51
0.2
%
Diluted earnings per share
$
1.04
$
1.03
$
0.01
1.0
%
Dividends per share
$
0.36
$
0.36
$
—
—
%
Average common shares
32,195
32,445
(250
)
(0.8
)%
Average diluted common shares
32,391
32,631
(240
)
(0.7
)%
Return on average total assets
1.38
%
1.34
%
Return on average equity
10.08
%
10.02
%
Efficiency ratio
54.55
%
54.68
%
Three months ended
March 31,
(dollars and shares in thousands, except per share data)
2026
2025
$ Change
% Change
Net interest income
$
91,226
$
82,542
$
8,684
10.5
%
Provision for credit losses
(3,325
)
(3,728
)
403
(10.8
)%
Noninterest income
17,032
16,073
959
6.0
%
Noninterest expense
(59,052
)
(59,585
)
533
(0.9
)%
Provision for income taxes
(12,196
)
(8,939
)
(3,257
)
36.4
%
Net income
$
33,685
$
26,363
$
7,322
27.8
%
Diluted earnings per share
$
1.04
$
0.80
$
0.24
30.0
%
Dividends per share
$
0.36
$
0.33
$
0.03
9.1
%
Average common shares
32,195
32,953
(758
)
(2.3
)%
Average diluted common shares
32,391
33,129
(738
)
(2.2
)%
Return on average total assets
1.38
%
1.09
%
Return on average equity
10.08
%
8.54
%
Efficiency ratio
54.55
%
60.42
%
Balance Sheet Data
Total loans outstanding were $7.1 billion as of March 31, 2026, an increase of $247.4 million or 3.6% over March 31, 2025, and a decrease of $42.9 million or 2.4% annualized as compared to the trailing quarter ended December 31, 2025. Investments increased by $28.7 million and decreased $108.0 million for the three- and twelve-month periods ended March 31, 2026, respectively, and ended the quarter with a balance of $1.87 billion or 18.8% of total assets. Quarterly average earning assets to quarterly total average assets was 91.9% on March 31, 2026, compared to 91.8% on March 31, 2025. The loan-to-deposit ratio was 84.1% on March 31, 2026, as compared to 83.1% on March 31, 2025. The Company did not utilize brokered deposits during 2026 or 2025 and continues to rely on organic deposit customers to fund cash flow timing differences.
Total shareholders' equity decreased by $4.0 million during the quarter ended March 31, 2026, as net income of $33.7 million was offset by a $4.6 million increase in accumulated other comprehensive losses, $11.5 million in cash dividends on common stock and $21.6 million in share repurchase activity. As a result, the Company’s book value increased to $41.49 per share at March 31, 2026, compared to $41.07 at December 31, 2025. The Company’s tangible book value per share, a non-GAAP measure, calculated by subtracting goodwill and other intangible assets from total shareholders’ equity and dividing that sum by total shares outstanding, was $31.82 per share at March 31, 2026, as compared to $31.52 at December 31, 2025.
Trailing Quarter Balance Sheet Change
Ending balances
March 31,
2026
December 31,
2025
Annualized
% Change
(dollars in thousands)
$ Change
Total assets
$
9,948,211
$
9,822,063
$
126,148
5.1
%
Total loans
7,068,198
7,111,087
(42,889
)
(2.4
)
Total investments
1,871,138
1,842,417
28,721
6.2
Total deposits
8,403,588
8,263,901
139,687
6.8
Total other borrowings
11,455
11,713
(258
)
(8.8
)
Loans outstanding decreased by $42.9 million or 2.4% on an annualized basis during the quarter ended March 31, 2026. During the quarter, gross loan originations/draws totaled approximately $388.7 million while gross payoffs/repayments of loans totaled $442.2 million, which compares to gross originations/draws and gross payoffs/repayments during the trailing quarter ended of $502.8 million and $418.1 million, respectively. Origination volume contracted from the trailing quarter but expanded by comparison with the same quarter of prior years. However, the level of payoff and paydown was elevated during the quarter by comparison to both the trailing and prior year quarters. Domestically, the macro-economic outlook remains optimistic for borrowers following the passage of tax and spending legislation that is expected to promote continued economic expansion through the remainder of 2026. The activity within loan payoffs/repayments remains generally consistent with recent quarters and spread amongst numerous borrowers, regions and loan types.
Investment security balances increased $28.7 million or 6.2% on an annualized basis during the quarter as a result of purchases of $90.7 million, partially offset by net prepayments/maturities of $55.2 million and net decreases in the market value of securities of $6.6 million. Investment security purchases were comprised of fixed rate agency mortgage-backed securities. While management intends to primarily utilize cash flows from the investment security portfolio and organic deposit growth to support loan growth, excess liquidity will be utilized for purchases of investment securities to support net interest income growth and net interest margin expansion.
Deposit balances increased by $139.7 million or 6.8% annualized during the period. There were no deposits sold as of March 31, 2026, compared to $72.9 million as of the trailing quarter end.
Average Trailing Quarter Balance Sheet Change
Quarterly average balances for the period ended
March 31,
2026
December 31,
2025
Annualized
% Change
(dollars in thousands)
$ Change
Total assets
$
9,912,485
$
9,929,582
$
(17,097
)
(0.7
)%
Total loans
7,041,552
7,023,749
17,803
1.0
Total investments
1,855,250
1,840,956
14,294
3.1
Total deposits
8,334,291
8,376,361
(42,070
)
(2.0
)
Total other borrowings
10,742
13,705
(2,963
)
(86.5
)
Year Over Year Balance Sheet Change
Ending balances
As of March 31,
% Change
(dollars in thousands)
2026
2025
$ Change
Total assets
$
9,948,211
$
9,819,599
$
128,612
1.3
%
Total loans
7,068,198
6,820,774
247,424
3.6
Total investments
1,871,138
1,979,116
(107,978
)
(5.5
)
Total deposits
8,403,588
8,205,332
198,256
2.4
Total other borrowings
11,455
91,706
(80,251
)
(87.5
)
Net Interest Income and Net Interest Margin
The Company's yield on loans for the fourth quarter was 5.78%, an increase of 1 basis point from 5.77% as of the trailing quarter end and an increase of 7 basis point as compared to 5.71% for the quarter ended March 31, 2025. The tax equivalent yield on the Company's investment security portfolio was 3.45% for the quarter ended March 31, 2026, an increase of 10 basis points from the trailing quarter end of 3.35% and an increase of 6 basis points from the 3.39% earned during the three months ended March 31, 2025. As compared to the trailing quarter, costs on interest-bearing deposits as well as the costs on interest-bearing liabilities both decreased by 5 basis points. The cost of total interest-bearing deposits decreased by 24 basis points, while the costs of total interest-bearing liabilities decreased by 33 basis points, respectively, between the three-month periods ended March 31, 2026 and 2025, respectively.
The FOMC left short-term interest rates unchanged during the current quarter, following 50 basis points in cumulative reduction during the trailing fourth quarter. The fully tax-equivalent net interest income and net interest margin was $91.5 million and 4.07%, respectively, for the quarter ended March 31, 2026, and was $92.5 million and 4.02%, respectively, for the trailing quarter ended December 31, 2025. More specifically, the net interest rate spread improved by 8 basis points to 3.41% for the quarter ended March 31, 2026, as compared to the trailing quarter, while the net interest margin improved by 5 basis points to 4.07% over the same period.
The Company continues to manage its cost of deposits through the use of various pricing and product mix strategies. As of March 31, 2026, December 31, 2025, and March 31, 2025, deposits priced utilizing these customized strategies totaled $1.0 billion, $898.9 million, and $927.6 million and carried weighted average rates of 3.06%, 3.05% and 3.43%, respectively.
Three months ended
March 31,
2026
December 31,
2025
(dollars in thousands)
Change
% Change
Interest income
$
117,827
$
120,147
$
(2,320
)
(1.9
)%
Interest expense
(26,601
)
(27,920
)
1,319
(4.7
)%
Fully tax-equivalent adjustment (FTE) (1)
260
260
—
—
%
Net interest income (FTE)
$
91,486
$
92,487
$
(1,001
)
(1.1
)%
Net interest margin (FTE)
4.07
%
4.02
%
Acquired loans discount accretion, net:
Amount (included in interest income)
$
1,386
$
915
$
471
51.5
%
Net interest margin less effect of acquired loan discount accretion(1)
4.01
%
3.98
%
0.03
%
Three months ended
March 31,
(dollars in thousands)
2026
2025
Change
% Change
Interest income
$
117,827
$
114,077
$
3,750
3.3
%
Interest expense
(26,601
)
(31,535
)
4,934
(15.6
)%
Fully tax-equivalent adjustment (FTE) (1)
260
265
(5
)
(1.9
)%
Net interest income (FTE)
$
91,486
$
82,807
$
8,679
10.5
%
Net interest margin (FTE)
4.07
%
3.73
%
Acquired loans discount accretion, net:
Amount (included in interest income)
$
1,386
$
1,995
$
(609
)
(30.5
)%
Net interest margin less effect of acquired loan discount accretion(1)
4.01
%
3.64
%
0.37
%
Analysis Of Change in Net Interest Margin on Earning Assets
Three months ended
Three months ended
Three months ended
March 31, 2026
December 31, 2025
March 31, 2025
(dollars in thousands)
Average
Balance
Income/
Expense
Yield/
Rate
Average
Balance
Income/
Expense
Yield/
Rate
Average
Balance
Income/
Expense
Yield/
Rate
Assets
Loans
$
7,041,552
$
100,349
5.78
%
$
7,023,749
$
102,231
5.77
%
$
6,776,188
$
95,378
5.71
%
Investments-taxable
1,724,884
14,662
3.45
%
1,710,394
14,404
3.34
%
1,891,280
15,752
3.38
%
Investments-nontaxable (1)
130,366
1,126
3.50
%
130,562
1,126
3.42
%
133,388
1,149
3.49
%
Total investments
1,855,250
15,788
3.45
%
1,840,956
15,530
3.35
%
2,024,668
16,901
3.39
%
Cash at Fed Reserve and other banks
213,361
1,950
3.71
%
262,724
2,646
4.00
%
206,591
2,063
4.05
%
Total earning assets
9,110,163
118,087
5.26
%
9,127,429
120,407
5.23
%
9,007,447
114,342
5.15
%
Other assets, net
802,322
802,153
800,769
Total assets
$
9,912,485
$
9,929,582
$
9,808,216
Liabilities and shareholders’ equity
Interest-bearing demand deposits
$
1,851,122
$
6,384
1.40
%
$
1,831,148
$
6,266
1.36
%
$
1,830,315
$
6,221
1.38
%
Savings deposits
2,803,853
10,366
1.50
%
2,848,212
11,651
1.62
%
2,730,262
12,198
1.81
%
Time deposits
1,127,816
9,173
3.30
%
1,097,570
9,284
3.36
%
1,120,843
10,446
3.78
%
Total interest-bearing deposits
5,782,791
25,923
1.82
%
5,776,930
27,201
1.87
%
5,681,420
28,865
2.06
%
Other borrowings
10,742
1
0.04
%
13,705
1
0.03
%
89,465
969
4.39
%
Junior subordinated debt
41,238
677
6.66
%
41,238
718
6.91
%
101,201
1,701
6.82
%
Total interest-bearing liabilities
5,834,771
26,601
1.85
%
5,831,873
27,920
1.90
%
5,872,086
31,535
2.18
%
Noninterest-bearing deposits
2,551,500
2,599,431
2,514,373
Other liabilities
170,938
165,974
169,763
Shareholders’ equity
1,355,276
1,332,304
1,251,994
Total liabilities and shareholders’ equity
$
9,912,485
$
9,929,582
$
9,808,216
Net interest rate spread (1) (2)
3.41
%
3.33
%
2.97
%
Net interest income and margin (1) (3)
$
91,486
4.07
%
$
92,487
4.02
%
$
82,807
3.73
%
(1)
Fully taxable equivalent (FTE). All yields and rates are calculated using specific day counts for the period and year as applicable.
(2)
Net interest spread is the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.
(3)
Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets.
Net interest income (FTE) during the three months ended March 31, 2026, decreased $1.0 million or 1.1% to $91.5 million compared to $92.5 million during the three months ended December 31, 2025. Net interest margin totaled 4.07% for the three months ended March 31, 2026, an increase of 5 basis points from the trailing quarter. The decrease in net interest income is primarily attributed to a $2.3 million reduction in interest income on earnings assets, led by $1.9 million decline in lending income. Conversely, interest expense was benefitted by reductions in deposits costs of $1.3 million as compared to the trailing quarter. Changes in both interest income and interest expense were primarily impacted by the difference in day count between the current and trailing quarter. The average balance of noninterest-bearing deposits decreased by $47.9 million from the three-month average for the period ended December 31, 2025.
As compared to the same quarter in the prior year, average loan yields increased 7 basis points from 5.71% during the three months ended March 31, 2025, to 5.78% during the three months ended March 31, 2026. The accretion of discounts from acquired loans added 8 basis points to loan yields during the quarter ended March 31, 2026, as compared to adding 12 basis points for the quarter ended March 31, 2025. The cost of interest-bearing deposits decreased by 24 basis points between the quarter ended March 31, 2026, and the same quarter of the prior year. The average balance of noninterest-bearing deposits increased by $37.1 million from the three-month average for the period ended March 31, 2025.
For the quarter ended March 31, 2026, the ratio of average total noninterest-bearing deposits to total average deposits was 30.6%, as compared to 31.0% and 30.7% for the quarters ended December 31, 2025 and March 31, 2025, respectively.
Interest Rates and Earning Asset Composition
As of March 31, 2026, the Company's loan portfolio consisted of approximately $7.1 billion in outstanding principal with a weighted average coupon rate of 5.57%. During the three-month periods ending March 31, 2026, December 31, 2025, and March 31, 2025, the weighted average coupon on loan production in the quarter was 6.33%, 6.32% and 6.88%, respectively. Included in the March 31, 2026 total loans balance are adjustable rate loans totaling $4.7 billion, of which $967.9 million are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $274.8 million which are subject to repricing on not less than a quarterly basis.
Asset Quality and Credit Loss Provisioning
During the three months ended March 31, 2026, the Company recorded a provision for credit losses of $3.3 million, as compared to $3.0 million during the trailing quarter, and $3.7 million during the first quarter of 2025.
Three months ended
(dollars in thousands)
March 31,
2026
December 31,
2025
March 31,
2025
Addition to allowance for credit losses on loans and leases
$
2,970
$
2,400
$
2,663
Addition to reserve for unfunded loan commitments
355
600
1,065
Total provision for credit losses
$
3,325
$
3,000
$
3,728
Three months ended
(dollars in thousands)
March 31,
2026
December 31,
2025
March 31,
2025
Balance, beginning of period
$
125,762
$
124,571
$
125,366
Provision for credit losses on loans and leases
2,970
2,400
2,663
Loans charged-off
(912
)
(1,345
)
(374
)
Recoveries of previously charged-off loans
119
136
768
Balance, end of period
$
127,939
$
125,762
$
128,423
The allowance for credit losses (ACL) was $127.9 million or 1.81% of total loans as of March 31, 2026. The provision for credit losses on loans of $3.0 million recorded allocated approximately $2.3 million toward individually evaluated loans and $0.7 million to replenish quarterly net charge-offs.
The $2.3 million in reserves assigned to individually evaluated loans was concentrated within the commercial real estate portfolio on credits that were noted as having declining cash flows based on recent financial data, but loan payments on these credits continue to be made in accordance with contractual terms and remain current as of quarter end. The Company continues to work closely with these largely cooperative borrowers and is closely monitoring for any further changes in financial conditions. Management believes the provisioning for these individually analyzed relationships is sufficient relative to expected future losses, if any.
The net charge-offs incurred during the quarter were spread amongst numerous borrowers and loan types.
The net change in reserves on collective loan pools was minimal as of the quarter ended March 31, 2026. On a gross basis, the Company did benefit from declining required general reserves for consumer loans, which was offset by increases in required general reserves for commercial real estate lending. Additionally, Management notes that economic indicators through the end of the current quarter, as well as actual and forecasted trends including, but not limited to, unemployment, gross domestic product, and corporate borrowing rates continued to evidence stability and were supportive of general economic expansion, and generally consistent with the trailing period ended December 31, 2025, which is aligned with the Company's direct experiences with borrowers. Management's proactive portfolio management policies and ongoing dialogue with borrowers suggests caution continues to be warranted. Actions by the Federal Reserve to further cut rates during 2026 or stimulative policies by the Federal government may help further improve this outlook overall, but the uncertainty associated with the extent and timing of these potential reductions has inhibited a material change to monetary policy assumptions. Furthermore, political policy risks both domestic and international remain unresolved, which could quickly lead to further negative effects on domestic economic outcomes. The uncertainties related to the extent and duration of escalation within the Middle East, and potential domestic economic impact from volatility in oil prices and the impact on inflation risks, continue to present challenges in correlating potential improvement of credit risks within the Company's loan portfolio. Therefore, management continues to believe that certain credit weaknesses are present in the overall economy and that it is appropriate to maintain a reserve level that incorporates such risk factors.
(dollars in thousands)
As of March 31, 2026
% of Loans Outstanding
As of December 31, 2025
% of Loans Outstanding
As of March 31, 2025
% of Loans Outstanding
Risk Rating:
Pass
$
6,813,091
96.4
%
$
6,874,545
96.7
%
$
6,582,345
96.5
%
Special Mention
113,778
1.6
%
109,768
1.5
%
106,243
1.6
%
Substandard
141,329
2.0
%
126,774
1.8
%
132,186
1.9
%
Total
$
7,068,198
100.0
%
$
7,111,087
100.0
%
$
6,820,774
100.0
%
Classified loans to total loans
2.00
%
1.78
%
1.94
%
Loans past due 30+ days to total loans
0.69
%
0.53
%
0.66
%
ACL to non-performing loans
184.20
%
195.84
%
234.12
%
The ratio of classified loans to total loans of 2.00% as of March 31, 2026, was an increase of 22 basis points from December 31, 2025, and 6 basis points from the comparative quarter ended 2025. The change in classified loans outstanding as compared to the trailing quarter represented an increase of approximately $14.6 million.
Loans past due 30 days or more increased by $11.0 million during the quarter ended March 31, 2026, to $48.9 million, as compared to $37.9 million at December 31, 2025. The majority of loans identified as past due are well-secured by collateral, and approximately $22.9 million are less than 90 days delinquent.
Non-performing loans increased by $5.2 million during the quarter ended March 31, 2026 to $69.5 million as compared to $64.2 million at December 31, 2025. The credit and collateral profiles of non-performing loans remain generally consistent with the trailing quarter. As noted previously, management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. Management anticipates that these proactive strategies, specifically within agricultural real estate secured and agricultural commercial loans, will further benefit from the continued improvement in agricultural commodity prices, stable water supply, and growing crop demand. Of the $69.5 million loans designated as non-performing as of March 31, 2026, approximately $38.2 million are current or less than 30 days past due with respect to payments required under their existing loan agreements.
Management continues to proactively assess the repayment capacity of borrowers that will be subject to rate resets in the near term. To date this analysis as well as management's observations of loans that have experienced a rate reset, have resulted in an insignificant need to provide concessions to borrowers.
As of March 31, 2026, other real estate owned consisted of 14 properties with a carrying value of approximately $7.0 million, as compared to 12 properties with a carrying value of $6.2 million at December 31, 2025. Non-performing assets of $76.4 million at March 31, 2026, represented 0.77% of total assets, a change from $70.5 million or 0.72% and $57.5 million or 0.59% as of December 31, 2025 and March 31, 2025, respectively.
Allocation of Credit Loss Reserves by Loan Type
As of March 31, 2026
As of December 31, 2025
As of March 31, 2025
(dollars in thousands)
Amount
% of Loans Outstanding
Amount
% of Loans Outstanding
Amount
% of Loans Outstanding
Commercial real estate:
CRE - Non-Owner Occupied
$
41,647
1.64
%
$
40,300
1.61
%
$
39,670
1.68
%
CRE - Owner Occupied
16,286
1.60
%
12,712
1.25
%
12,169
1.23
%
Multifamily
16,384
1.47
%
17,327
1.60
%
15,604
1.52
%
Farmland
5,593
2.33
%
5,193
2.07
%
4,737
1.81
%
Total commercial real estate loans
79,910
1.63
%
75,532
1.56
%
72,180
1.56
%
Consumer:
SFR 1-4 1st Liens
9,929
1.22
%
11,045
1.31
%
10,995
1.29
%
SFR HELOCs and Junior Liens
12,297
2.86
%
13,264
3.07
%
11,650
3.12
%
Other
1,560
4.30
%
1,974
4.85
%
2,895
5.19
%
Total consumer loans
23,786
1.86
%
26,283
2.00
%
25,540
1.99
%
Commercial and Industrial
12,435
2.67
%
11,430
2.46
%
17,561
3.84
%
Construction
8,239
3.13
%
8,231
2.73
%
10,346
3.47
%
Agricultural Production
3,548
2.44
%
4,265
2.47
%
2,768
1.91
%
Leases
21
0.48
%
21
0.44
%
28
0.44
%
Allowance for credit losses
127,939
1.81
%
125,762
1.77
%
128,423
1.88
%
Reserve for unfunded loan commitments
8,100
7,745
7,065
Total allowance for credit losses
$
136,039
1.92
%
$
133,507
1.88
%
$
135,488
1.99
%
In addition to the allowance for credit losses above, the Company has acquired various performing loans whose fair value as of the acquisition date was determined to be less than the principal balance owed on those loans. This difference represents the collective discount of credit, interest rate and liquidity measurements, which are expected to be amortized over the life of the loans. As of March 31, 2026, the unamortized discount associated with acquired loans totaled $13.5 million, which, when combined with the total allowance for credit losses above, represents 2.12% of total loans.
Non-interest Income
Three months ended
(dollars in thousands)
March 31, 2026
December 31, 2025
Change
% Change
ATM and interchange fees
$
6,269
$
6,352
$
(83
)
(1.3
)%
Service charges on deposit accounts
5,209
5,416
(207
)
(3.8
)%
Other service fees
1,487
1,432
55
3.8
%
Mortgage banking service fees
427
429
(2
)
(0.5
)%
Change in value of mortgage servicing rights
(232
)
(263
)
31
11.8
%
Total service charges and fees
13,160
13,366
(206
)
(1.5
)%
Increase in cash value of life insurance
816
862
(46
)
(5.3
)%
Asset management and commission income
2,049
1,970
79
4.0
%
Gain on sale of loans
397
432
(35
)
(8.1
)%
Lease brokerage income
97
26
71
273.1
%
Sale of customer checks
364
326
38
11.7
%
(Loss) gain on sale of investment securities
17
19
(2
)
(10.5
)%
(Loss) gain on marketable equity securities
(17
)
11
(28
)
(254.5
)%
Other income
149
156
(7
)
(4.5
)%
Total other non-interest income
3,872
3,802
70
1.8
%
Total non-interest income
$
17,032
$
17,168
$
(136
)
(0.8
)%
Total non-interest income decreased $0.1 million or 0.8% to $17.0 million during the three months ended March 31, 2026, compared to $17.2 million during the quarter ended December 31, 2025. Non-interest income activity was consistent with the trailing quarter.
Three months ended March 31,
(dollars in thousands)
2026
2025
Change
% Change
ATM and interchange fees
$
6,269
$
6,106
$
163
2.7
%
Service charges on deposit accounts
5,209
4,914
295
6.0
%
Other service fees
1,487
1,359
128
9.4
%
Mortgage banking service fees
427
439
(12
)
(2.7
)%
Change in value of mortgage servicing rights
(232
)
(140
)
(92
)
(65.7
)%
Total service charges and fees
13,160
12,678
482
3.8
%
Increase in cash value of life insurance
816
820
(4
)
(0.5
)%
Asset management and commission income
2,049
1,488
561
37.7
%
Gain on sale of loans
397
344
53
15.4
%
Lease brokerage income
97
66
31
47.0
%
Sale of customer checks
364
345
19
5.5
%
(Loss) gain on sale or exchange of investment securities
17
(1,146
)
1,163
101.5
%
(Loss) gain on marketable equity securities
(17
)
39
(56
)
(143.6
)%
Other income
149
1,439
(1,290
)
(89.6
)%
Total other non-interest income
3,872
3,395
477
14.1
%
Total non-interest income
$
17,032
$
16,073
$
959
6.0
%
Non-interest income increased $1.0 million or 6.0% to $17.0 million during the three months ended March 31, 2026, compared to $16.1 million during the comparative quarter ended March 31, 2025. Growth in deposit related transactional activities contributed to the elevated service fees, which increased by a combined $0.5 million as compared to the equivalent period in 2025. Further, elevated activity and volume of assets under management drove an increase of $0.6 million or 37.7% in asset management and commission income for the period ended March 31, 2026, as compared to the same period in 2025. Other income during the three months ended March 31, 2026 decreased by $1.3 million, reflecting the absence of excess cash flows from death benefit proceeds totaling $1.2 million in the comparative quarter. In addition, gains on investment security sales totaling $17.0 thousand were recorded during the current quarter as compared to losses on sales of $1.1 million during the same quarter of the prior year.
Non-interest Expense
Three months ended
(dollars in thousands)
March 31, 2026
December 31, 2025
Change
% Change
Base salaries, net of deferred loan origination costs
$
24,238
$
25,048
$
(810
)
(3.2
)%
Incentive compensation
4,726
6,002
(1,276
)
(21.3
)%
Benefits and other compensation costs
7,181
5,851
1,330
22.7
%
Total salaries and benefits expense
36,145
36,901
(756
)
(2.0
)%
Occupancy
4,459
4,515
(56
)
(1.2
)%
Data processing and software
5,287
5,363
(76
)
(1.4
)%
Equipment
1,354
1,417
(63
)
(4.4
)%
Intangible amortization
430
482
(52
)
(10.8
)%
Advertising
835
774
61
7.9
%
ATM and POS network charges
1,668
1,981
(313
)
(15.8
)%
Professional fees
1,639
1,375
264
19.2
%
Telecommunications
442
476
(34
)
(7.1
)%
Regulatory assessments and insurance
1,305
1,319
(14
)
(1.1
)%
Postage
346
382
(36
)
(9.4
)%
Operational loss
520
413
107
25.9
%
Courier service
520
575
(55
)
(9.6
)%
(Gain) loss on sale or acquisition of foreclosed assets
—
257
(257
)
100.0
%
(Gain) loss on disposal of fixed assets
(15
)
6
(21
)
(350.0
)%
Other miscellaneous expense
4,117
3,583
534
14.9
%
Total other non-interest expense
22,907
22,918
(11
)
—
%
Total non-interest expense
$
59,052
$
59,819
$
(767
)
(1.3
)%
Average full-time equivalent staff
1,117
1,135
(18
)
(1.6
)%
Total non-interest expense for the quarter ended March 31, 2026, decreased $0.8 million or 1.3% to $59.1 million as compared to $59.8 million during the trailing quarter ended December 31, 2025. Total salaries and benefits expense, the largest non-interest expense component, decreased by $0.8 million or 2.0%, in line with the overall reduction in FTEs during the period and decreased incentive compensation accrual related to sales activities, partially offset by the absence of curtailment of benefits only allocated to those employed as of the last day of the fiscal year, which overall reduced the benefits and other compensation costs in the trailing quarter. In addition, the Company typically experiences an increase in benefits costs during the first quarter of any calendar year as a result of the renewal cycle of benefit plans and payroll taxes. Changes in other non-interest expense line items were mixed, but flat on a net basis for the quarter ended March 31, 2026 with a decrease of $0.01 million.
Three months ended March 31,
(dollars in thousands)
2026
2025
Change
% Change
Base salaries, net of deferred loan origination costs
$
24,238
$
25,401
$
(1,163
)
(4.6
)%
Incentive compensation
4,726
4,038
688
17.0
%
Benefits and other compensation costs
7,181
7,416
(235
)
(3.2
)%
Total salaries and benefits expense
36,145
36,855
(710
)
(1.9
)%
Occupancy
4,459
4,077
382
9.4
%
Data processing and software
5,287
5,058
229
4.5
%
Equipment
1,354
1,284
70
5.5
%
Intangible amortization
430
514
(84
)
(16.3
)%
Advertising
835
1,204
(369
)
(30.6
)%
ATM and POS network charges
1,668
1,851
(183
)
(9.9
)%
Professional fees
1,639
1,518
121
8.0
%
Telecommunications
442
488
(46
)
(9.4
)%
Regulatory assessments and insurance
1,305
1,283
22
1.7
%
Postage
346
320
26
8.1
%
Operational loss
520
424
96
22.6
%
Courier service
520
488
32
6.6
%
(Gain) loss on sale or acquisition of foreclosed assets
—
(3
)
3
(100.0
)%
(Gain) loss on disposal of fixed assets
(15
)
85
(100
)
(117.6
)%
Other miscellaneous expense
4,117
4,139
(22
)
(0.5
)%
Total other non-interest expense
22,907
22,730
177
0.8
%
Total non-interest expense
$
59,052
$
59,585
$
(533
)
(0.9
)%
Average full-time equivalent staff
1,117
1,194
(77
)
(6.4
)%
Total non-interest expense decreased $0.5 million or 0.9% to $59.1 million during the three months ended March 31, 2026, as compared to $59.6 million for the quarter ended March 31, 2025. Total salaries and benefits expense decreased by $0.7 million or 1.9% on a net basis, largely attributed to the reductions in FTE. Changes in other non-interest expense line items were mixed during the quarter ended March 31, 2026, but essentially flat and due to timing differences rather than unique changes in operations, resulting in a net increase of $0.2 million, led by an increase in occupancy expense of $0.4 million following the Company's expansion within the Bay Area.
Provision for Income Taxes
The Company’s effective tax rate was 26.6% for the quarter ended March 31, 2026, as compared to 27.8% for the quarter ended December 31, 2025, and 25.3% for the quarter ended March 31, 2025. Differences between the Company's effective tax rate and applicable federal and state blended statutory rate of approximately 29.6% are due to the proportion of non-taxable revenues, non-deductible expenses, and benefits from tax credits as compared to the levels of pre-tax earnings.
About TriCo Bancshares
Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, providing services in traditional stand-alone and in-store bank branches and loan production offices in communities throughout California. Tri Counties Bank provides an extensive and competitive breadth of consumer, small business and commercial banking financial services, along with convenient around-the-clock ATMs, online and mobile banking access. Brokerage services are provided by Tri Counties Advisors through affiliation with Raymond James Financial Services, Inc. Visit www.TriCountiesBank.com to learn more.
Forward-Looking Statements
The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on us. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: macroeconomic, geopolitical, and other challenges and uncertainties, including those related to actual or potential policies and actions from the U.S. administration, such as tariffs and reciprocal actions by other countries or regions and their ultimate impact on us, our customers, financial markets, and the overall U.S. and global economies; the uncertainty of rapidly evolving and changing U.S. trade policies and practices; inflation/deflation, interest rate, market and monetary fluctuations/volatility; increases in unemployment rates; slowing economic growth or recession in the U.S. and other countries or regions; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions or adverse regulatory findings affecting our ability to successfully market and price our products to consumers; systemic or non-systemic bank failures or crises and any related impact on depositor behavior or investor sentiment; the impacts of international hostilities, wars, terrorism or geopolitical events; risks related to the sufficiency of liquidity, including our ability to attract and maintain deposits; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; extreme weather, natural disasters and other catastrophic events and their effects on our customers and the economic and business environments in which we operate; current and future economic and market conditions of the local economies in which we conduct operations; declines in housing and commercial real estate prices and changes in the financial performance and/or condition of our borrowers; the market value of our investment securities and possible other-than-temporary impairment of securities held by us due to changes in credit quality or rates; the availability of, and cost of, sources of funding and the demand for our products; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; the costs or effects of mergers, acquisitions or dispositions, as well as whether we are able to obtain any required governmental approvals in connection with any such activities, or identify and complete favorable transactions in the future and/or realize the anticipated financial and business benefits; the volatility of the stock market and its impact on our stock price and our ability to conduct acquisitions; the regulatory and financial impacts associated with exceeding $10 billion in total assets; the ability to execute our business plan in new markets; our future operating or financial performance, including our outlook for future growth and our ability to control expenses; changes in the level and direction of our nonperforming assets and charge-offs and the appropriateness of the allowance for credit losses; the effectiveness of us managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; the effects of changes in the level or cost of checking or savings account deposits on our funding costs and net interest margin; the impact of alternative currencies such as stablecoin and other cryptocurrencies on our ability to attract deposits; increasing noninterest expense and its impact on our financial performance; competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional competitors including retail businesses and technology companies; potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including electronic payments and payment of checks, that were authorized by the customer but induced by fraud; the challenges of attracting, integrating and retaining key employees; the impact of the 2023 cyber security ransomware incident, including the pending litigation, on our operations and reputation; the vulnerability of our operational or security systems or infrastructure, the systems of third- and fourth-party vendors or other service providers with whom we contract, and our customers to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and data/security breaches and the cost to defend against and respond to such incidents; increased data security risks due to work from home arrangements and email vulnerability; failure to safeguard personal information, and any resulting litigation; the effect of a fall in stock market prices on our brokerage and wealth management businesses; the effectiveness of our risk management framework and quantitative models; the emergence or continuation of widespread health emergencies or pandemics; potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions; and our ability to manage the risks involved in the foregoing. There can be no assurance that future developments affecting us will be the same as those anticipated by management. Additional factors that could cause results to differ materially from those described above can be found in our filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” Section of TriCo’s Annual Report on Form 10-K for the year ended December 31, 2025, Such filings are also available in the “Investor Relations” section of our website, https://www.tcbk.com/investor-relations. Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results. We undertake no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
TriCo Bancshares—Condensed Consolidated Financial Data (unaudited)
(dollars in thousands, except per share data)
Three months ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Revenue and Expense Data
Interest income
$
117,827
$
120,147
$
119,987
$
116,361
$
114,077
Interest expense
26,601
27,920
30,432
29,842
31,535
Net interest income
91,226
92,227
89,555
86,519
82,542
Provision for credit losses
3,325
3,000
670
4,665
3,728
Noninterest income:
Service charges and fees
13,160
13,366
13,751
13,650
12,678
(Loss) gain on sale or exchange of investment securities
17
19
(2,124
)
4
(1,146
)
Other income
3,855
3,783
6,380
3,436
4,541
Total noninterest income
17,032
17,168
18,007
17,090
16,073
Noninterest expense:
Salaries and benefits
36,145
36,901
37,729
38,286
36,855
Occupancy and equipment
5,813
5,932
5,657
5,389
5,361
Data processing and network
6,955
7,344
6,749
6,802
6,909
Other noninterest expense
10,139
9,642
10,289
10,654
10,460
Total noninterest expense
59,052
59,819
60,424
61,131
59,585
Total income before taxes
45,881
46,576
46,468
37,813
35,302
Provision for income taxes
12,196
12,942
12,449
10,271
8,939
Net income
$
33,685
$
33,634
$
34,019
$
27,542
$
26,363
Share Data
Basic earnings per share
$
1.05
$
1.04
$
1.04
$
0.84
$
0.80
Diluted earnings per share
$
1.04
$
1.03
$
1.04
$
0.84
$
0.80
Dividends per share
$
0.36
$
0.36
$
0.36
$
0.33
$
0.33
Book value per common share
$
41.49
$
41.07
$
40.12
$
38.92
$
38.17
Tangible book value per common share (1)
$
31.82
$
31.52
$
30.61
$
29.40
$
28.73
Shares outstanding
31,910,590
32,334,974
32,506,880
32,550,264
32,892,488
Weighted average common shares
32,194,905
32,444,684
32,542,401
32,757,378
32,952,541
Weighted average diluted common shares
32,391,466
32,630,819
32,723,358
32,935,750
33,129,161
Credit Quality
Allowance for credit losses to gross loans
1.81
%
1.77
%
1.78
%
1.79
%
1.88
%
Loans past due 30 days or more
$
48,887
$
37,931
$
45,712
$
42,965
$
44,753
Total nonperforming loans
$
69,458
$
64,218
$
65,647
$
64,783
$
54,854
Total nonperforming assets
$
76,424
$
70,464
$
71,077
$
67,466
$
57,539
Loans charged-off
$
912
$
1,345
$
737
$
8,595
$
374
Loans recovered
$
119
$
136
$
123
$
102
$
768
Selected Financial Ratios
Return on average total assets
1.38
%
1.34
%
1.36
%
1.13
%
1.09
%
Return on average equity
10.08
%
10.02
%
10.47
%
8.68
%
8.54
%
Average yield on loans
5.78
%
5.77
%
5.75
%
5.76
%
5.71
%
Average yield on interest-earning assets
5.26
%
5.23
%
5.25
%
5.21
%
5.15
%
Average rate on interest-bearing deposits
1.82
%
1.87
%
1.99
%
1.97
%
2.06
%
Average cost of total deposits
1.26
%
1.29
%
1.39
%
1.37
%
1.43
%
Average cost of total deposits and other borrowings
1.26
%
1.29
%
1.38
%
1.37
%
1.46
%
Average rate on borrowings & subordinated debt
5.29
%
5.19
%
5.49
%
5.84
%
5.68
%
Average rate on interest-bearing liabilities
1.85
%
1.90
%
2.05
%
2.05
%
2.18
%
Net interest margin (fully tax-equivalent) (1)
4.07
%
4.02
%
3.92
%
3.88
%
3.73
%
Loans to deposits
84.11
%
86.05
%
84.07
%
83.08
%
83.13
%
Efficiency ratio
54.55
%
54.68
%
56.18
%
59.00
%
60.42
%
Supplemental Loan Interest Income Data
Discount accretion on acquired loans
$
1,386
$
915
$
996
$
1,247
$
1,995
All other loan interest income (1)
$
98,963
$
101,316
$
100,008
$
97,448
$
93,383
Total loan interest income (1)
$
100,349
$
102,231
$
101,004
$
98,695
$
95,378
(1) Non-GAAP measure
TriCo Bancshares—Condensed Consolidated Financial Data (unaudited)
(dollars in thousands, except per share data)
Balance Sheet Data
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Cash and due from banks
$
301,305
$
157,014
$
298,820
$
314,268
$
308,250
Securities, available for sale, net
1,768,148
1,734,623
1,743,437
1,818,032
1,854,998
Securities, held to maturity, net
85,740
90,544
95,446
101,672
106,868
Restricted equity securities
17,250
17,250
17,250
17,250
17,250
Loans held for sale
4,186
2,695
2,785
1,577
2,028
Loans:
Commercial real estate
4,908,229
4,853,762
4,793,394
4,730,732
4,634,446
Consumer
1,282,181
1,314,610
1,293,909
1,288,691
1,279,878
Commercial and industrial
465,081
464,428
453,221
467,564
457,189
Construction
262,872
301,045
298,774
304,920
298,319
Agriculture production
145,463
172,494
162,338
161,457
144,588
Leases
4,372
4,748
5,188
5,629
6,354
Total loans, gross
7,068,198
7,111,087
7,006,824
6,958,993
6,820,774
Allowance for credit losses
(127,939
)
(125,762
)
(124,571
)
(124,455
)
(128,423
)
Total loans, net
6,940,259
6,985,325
6,882,253
6,834,538
6,692,351
Premises and equipment
68,944
69,724
70,509
70,092
70,475
Cash value of life insurance
138,070
137,253
136,391
135,520
134,678
Accrued interest receivable
32,661
33,652
32,126
32,534
32,536
Goodwill
304,442
304,442
304,442
304,442
304,442
Other intangible assets
4,041
4,471
4,953
5,435
5,918
Operating leases, right-of-use
24,812
25,505
25,917
22,158
22,806
Other assets
258,353
259,565
264,507
266,465
266,999
Total assets
$
9,948,211
$
9,822,063
$
9,878,836
$
9,923,983
$
9,819,599
Deposits:
Noninterest-bearing demand deposits
$
2,559,060
$
2,594,032
$
2,544,306
$
2,559,788
$
2,539,109
Interest-bearing demand deposits
1,887,823
1,784,769
1,836,550
1,826,041
1,778,615
Savings deposits
2,809,855
2,775,058
2,847,168
2,879,212
2,777,840
Time certificates
1,146,850
1,110,042
1,106,437
1,110,768
1,109,768
Total deposits
8,403,588
8,263,901
8,334,461
8,375,809
8,205,332
Accrued interest payable
7,758
8,795
8,241
10,172
9,685
Operating lease liability
26,525
27,278
27,683
23,965
24,657
Other liabilities
133,621
141,137
145,869
128,162
131,478
Other borrowings
11,455
11,713
17,039
17,788
91,706
Junior subordinated debt
41,238
41,238
41,238
101,264
101,222
Total liabilities
8,624,185
8,494,062
8,574,531
8,657,160
8,564,080
Common stock
673,507
682,362
685,594
685,489
692,500
Retained earnings
749,769
740,244
723,668
702,690
693,383
Accumulated other comprehensive loss, net of tax
(99,250
)
(94,605
)
(104,957
)
(121,356
)
(130,364
)
Total shareholders’ equity
$
1,324,026
$
1,328,001
$
1,304,305
$
1,266,823
$
1,255,519
Quarterly Average Balance Data
Average loans
$
7,041,552
$
7,023,749
$
6,971,860
$
6,878,186
$
6,776,188
Average interest-earning assets
$
9,110,163
$
9,127,429
$
9,090,900
$
8,973,959
$
9,007,447
Average total assets
$
9,912,485
$
9,929,582
$
9,900,675
$
9,778,834
$
9,808,216
Average deposits
$
8,334,291
$
8,376,361
$
8,361,600
$
8,222,982
$
8,195,793
Average borrowings and subordinated debt
$
51,980
$
54,943
$
88,972
$
123,943
$
190,666
Average total equity
$
1,355,276
$
1,332,304
$
1,289,535
$
1,273,092
$
1,251,994
Capital Ratio Data
Total risk-based capital ratio
15.1
%
15.1
%
15.1
%
15.6
%
15.8
%
Tier 1 capital ratio
13.8
%
13.8
%
13.9
%
13.9
%
14.1
%
Tier 1 common equity ratio
13.3
%
13.3
%
13.4
%
13.1
%
13.3
%
Tier 1 leverage ratio
11.9
%
11.8
%
11.7
%
11.8
%
11.7
%
Tangible capital ratio (1)
10.5
%
10.7
%
10.4
%
10.0
%
9.9
%
(1) Non-GAAP measure
TriCo Bancshares—Non-GAAP Financial Measures (unaudited)
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this press release because it believes that they provide useful and comparative information to assess trends in the Company's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:
Three months ended
(dollars in thousands)
March 31,
2026
December 31,
2025
March 31,
2025
Net interest margin
Acquired loans discount accretion, net:
Amount (included in interest income)
$
1,386
$
915
$
1,995
Effect on average loan yield
0.08
%
0.05
%
0.12
%
Effect on net interest margin (FTE)
0.06
%
0.04
%
0.09
%
Net interest margin (FTE)
4.07
%
4.02
%
3.73
%
Net interest margin less effect of acquired loan discount accretion (Non-GAAP)
4.01
%
3.98
%
3.64
%
Three months ended
(dollars in thousands)
March 31,
2026
December 31,
2025
March 31,
2025
Pre-tax pre-provision return on average assets or equity
Net income (GAAP)
$
33,685
$
33,634
$
26,363
Exclude provision for income taxes
12,196
12,942
8,939
Exclude provision for credit losses
3,325
3,000
3,728
Net income before provisions for income taxes and credit losses (Non-GAAP)
$
49,206
$
49,576
$
39,030
Average assets (GAAP)
$
9,912,485
$
9,929,582
$
9,808,216
Average equity (GAAP)
$
1,355,276
$
1,332,304
$
1,251,994
Return on average assets (GAAP) (annualized)
1.38
%
1.34
%
1.09
%
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized)
2.01
%
1.98
%
1.61
%
Return on average equity (GAAP) (annualized)
10.08
%
10.02
%
8.54
%
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized)
14.72
%
14.76
%
12.64
%
Three months ended
(dollars in thousands)
March 31,
2026
December 31,
2025
March 31,
2025
Return on tangible common equity
Average total shareholders' equity
$
1,355,276
$
1,332,304
$
1,251,994
Exclude average goodwill
304,442
304,442
304,442
Exclude average other intangibles
4,319
4,712
6,234
Average tangible common equity (Non-GAAP)
$
1,046,515
$
1,023,150
$
941,318
Net income (GAAP)
$
33,685
$
33,634
$
26,363
Exclude amortization of intangible assets, net of tax effect
303
339
362
Tangible net income available to common shareholders (Non-GAAP)
$
33,988
$
33,973
$
26,725
Return on average equity (GAAP) (annualized)
10.08
%
10.02
%
8.54
%
Return on average tangible common equity (Non-GAAP)
13.17
%
13.17
%
11.51
%
Three months ended
(dollars in thousands)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Tangible shareholders' equity to tangible assets
Shareholders' equity (GAAP)
$
1,324,026
$
1,328,001
$
1,304,305
$
1,266,823
$
1,255,519
Exclude goodwill and other intangible assets, net
308,483
308,913
309,395
309,877
310,360
Tangible shareholders' equity (Non-GAAP)
$
1,015,543
$
1,019,088
$
994,910
$
956,946
$
945,159
Total assets (GAAP)
$
9,948,211
$
9,822,063
$
9,878,836
$
9,923,983
$
9,819,599
Exclude goodwill and other intangible assets, net
308,483
308,913
309,395
309,877
310,360
Total tangible assets (Non-GAAP)
$
9,639,728
$
9,513,150
$
9,569,441
$
9,614,106
$
9,509,239
Shareholders' equity to total assets (GAAP)
13.31
%
13.52
%
13.20
%
12.77
%
12.79
%
Tangible shareholders' equity to tangible assets (Non-GAAP)
10.53
%
10.71
%
10.40
%
9.95
%
9.94
%
Three months ended
(dollars in thousands)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Tangible common shareholders' equity per share
Tangible shareholders' equity (Non-GAAP)
$
1,015,543
$
1,019,088
$
994,910
$
956,946
$
945,159
Common shares outstanding at end of period
31,910,590
32,334,974
32,506,880
32,550,264
32,892,488
Common shareholders' equity (book value) per share (GAAP)
$
41.49
$
41.07
$
40.12
$
38.92
$
38.17
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP)
$
31.82
$
31.52
$
30.61
$
29.40
$
28.73
View source version on businesswire.com: https://www.businesswire.com/news/home/20260423172569/en/
Investor Contact
Peter G. Wiese, EVP & CFO, (530) 898-0300
Original: TriCo Bancshares Reports First Quarter 2026 Net Income of $33.7 Million, Diluted EPS of $1.04
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