[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1 – Financial Statements (Unaudited)](index=3&type=section&id=Item%201%20%E2%80%93%20Financial%20Statements%20(Unaudited)) This section presents TriCo Bancshares' unaudited condensed consolidated financial statements for the periods ended September 30, 2024 [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements show total assets decreased to **$9.82 billion** as of September 30, 2024, with nine-month net income at **$85.8 million** and diluted EPS at **$2.58**, while total deposits increased to **$8.04 billion** Condensed Consolidated Balance Sheets (Unaudited) | (In thousands) | September 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$9,823,890** | **$9,910,089** | | Total loans, net | $6,560,131 | $6,672,948 | | Total investment securities | $2,116,469 | $2,305,882 | | Goodwill | $304,442 | $304,442 | | **Total Liabilities** | **$8,584,875** | **$8,750,407** | | Total deposits | $8,037,091 | $7,834,038 | | Other borrowings | $266,767 | $632,582 | | **Total Shareholders' Equity** | **$1,239,015** | **$1,159,682** | Condensed Consolidated Statements of Income (Unaudited) | (In thousands, except per share data) | Nine months ended Sep 30, 2024 | Nine months ended Sep 30, 2023 | | :--- | :--- | :--- | | Net interest income | $247,344 | $270,060 | | Provision for credit losses | $4,930 | $18,000 | | Non-interest income | $48,132 | $45,360 | | Non-interest expense | $174,330 | $172,915 | | **Net income** | **$85,834** | **$91,315** | | **Diluted earnings per share** | **$2.58** | **$2.74** | Condensed Consolidated Statements of Cash Flows (Unaudited) | (In thousands) | Nine months ended Sep 30, 2024 | Nine months ended Sep 30, 2023 | | :--- | :--- | :--- | | Net cash from operating activities | $85,467 | $102,377 | | Net cash from investing activities | $344,951 | $(13,635) | | Net cash used by financing activities | $(209,005) | $(84,873) | | **Net change in cash and cash equivalents** | **$221,413** | **$3,869** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including the Allowance for Credit Losses methodology, and provide disclosures on investment securities, loan portfolios, leases, deposits, borrowings, equity, fair value measurements, and regulatory capital adequacy - The Company operates as a single business segment, community banking, primarily serving customers throughout California[19](index=19&type=chunk)[21](index=21&type=chunk) - The Allowance for Credit Losses (ACL) is estimated using historical loss data since Q4 2008, adjusted for current conditions and forward-looking macroeconomic scenarios, including California unemployment rates, household debt, and U.S. GDP[28](index=28&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202%20%E2%80%93%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance and condition, noting stable **$29.1 million** net income and a **3.71%** net interest margin for Q3 2024, while maintaining strong capital and liquidity positions Financial Highlights - Q3 2024 | Metric | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | | Net Income | $29.1M | $29.0M | | Diluted EPS | $0.88 | $0.87 | | Net Interest Margin (FTE) | 3.71% | 3.68% | | Return on Average Assets | 1.20% | 1.19% | | Return on Average Equity | 9.52% | 9.99% | | Efficiency Ratio | 60.02% | 59.61% | - The company's cycle-to-date deposit beta, measuring the change in deposit costs relative to FOMC rate actions since March 2022, was **31.2%**[151](index=151&type=chunk) - The allowance for credit losses (ACL) to total loans was **1.85%** as of September 30, 2024, reflecting management's view of persistent credit weaknesses in the economy[151](index=151&type=chunk) [Net Interest Income](index=48&type=section&id=Net%20Interest%20Income) Net interest income (FTE) for Q3 2024 was **$82.9 million**, a **6%** year-over-year decrease driven by increased deposit interest expense, despite higher loan yields, resulting in a **3.71%** net interest margin Net Interest Income (FTE) Comparison | (in thousands) | Q3 2024 | Q3 2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Interest Income | $117,347 | $112,380 | $4,967 | 4.4% | | Interest Expense | ($34,736) | ($24,257) | ($10,479) | 43.2% | | **Net Interest Income (FTE)** | **$82,880** | **$88,528** | **($5,648)** | **(6.4)%** | | **Net Interest Margin (FTE)** | **3.71%** | **3.88%** | **(0.17%)** | - | - The decrease in net interest income year-over-year was primarily due to a significant increase in deposit interest expense, which rose by **$13.3 million**, and a **$423.0 million** decrease in average noninterest-bearing deposits as customers moved funds to higher-yielding accounts[163](index=163&type=chunk) - Accretion of discounts from acquired loans contributed **$1.0 million** to interest income in Q3 2024, adding **6 basis points** to loan yields[160](index=160&type=chunk)[163](index=163&type=chunk) [Asset Quality and Credit Loss Provisioning](index=51&type=section&id=Asset%20Quality%20and%20Credit%20Loss%20Provisioning) The provision for credit losses was **$0.2 million** in Q3 2024, while nonperforming assets increased to **$44.4 million** and classified loans rose to **1.76%** of total loans, though management deems the allowance for credit losses adequate Nonperforming Assets (NPAs) | (in thousands) | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total nonaccrual loans | $41,551 | $31,880 | | Foreclosed assets | $2,764 | $2,704 | | **Total nonperforming assets** | **$44,400** | **$34,595** | | NPAs to total assets | 0.45% | 0.35% | | ACL to nonperforming loans | 297% | 381% | - Nonperforming assets increased by **$9.1 million (25.9%)** during Q3 2024, primarily driven by new nonperforming loans of **$12.0 million**[198](index=198&type=chunk) Classified and Past Due Loans | Ratio | Sep 30, 2024 | Jun 30, 2024 | Sep 30, 2023 | | :--- | :--- | :--- | :--- | | Classified loans to total loans | 1.76% | 1.56% | 1.22% | | Loans past due 30+ days to total loans | 0.57% | 0.45% | 0.12% | [Non-interest Income](index=53&type=section&id=Non-interest%20Income) Non-interest income for Q3 2024 increased **3.2%** year-over-year to **$16.5 million**, driven by gains in asset management and marketable equity securities, partially offset by lower service charges and fees Non-interest Income Comparison (Q3 2024 vs Q3 2023) | (in thousands) | Q3 2024 | Q3 2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total service charges and fees | $12,782 | $13,075 | ($293) | (2.2)% | | Asset management and commission income | $1,502 | $1,141 | $361 | 31.6% | | (Loss) gain on marketable equity securities | $356 | ($81) | $437 | (539.5)% | | **Total non-interest income** | **$16,495** | **$15,984** | **$511** | **3.2%** | [Non-interest Expense](index=55&type=section&id=Non-interest%20Expense) Total non-interest expense for Q3 2024 rose **2.8%** year-over-year to **$59.5 million**, primarily due to a **$1.1 million** increase in salaries and benefits expense, partially offset by lower intangible amortization for the nine-month period Non-interest Expense Comparison (Q3 2024 vs Q3 2023) | (in thousands) | Q3 2024 | Q3 2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Salaries and benefits expense | $35,550 | $34,463 | $1,087 | 3.2% | | Intangible amortization | $1,030 | $1,590 | ($560) | (35.2)% | | **Total non-interest expense** | **$59,487** | **$57,878** | **$1,609** | **2.8%** | [Financial Condition](index=56&type=section&id=Financial%20Condition) As of September 30, 2024, total assets were **$9.82 billion**, with total loans decreasing by **$58.6 million** to **$6.68 billion**, while total deposits modestly increased by **$13.1 million** to **$8.04 billion** Balance Sheet Changes (Q3 2024 vs Q2 2024) | (in thousands) | Sep 30, 2024 | Jun 30, 2024 | $ Change | | :--- | :--- | :--- | :--- | | Total assets | $9,823,890 | $9,741,399 | $82,491 | | Total loans | $6,683,891 | $6,742,526 | ($58,635) | | Total deposits | $8,037,091 | $8,050,230 | ($13,139) | - Loan originations and draws totaled approximately **$310.1 million** in Q3 2024, while payoffs and repayments were higher at **$368.7 million**, leading to a net decrease in the loan portfolio[189](index=189&type=chunk) [Capital Resources and Liquidity](index=63&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintains a strong capital position, with a Common Equity Tier 1 capital ratio of **13.1%** and primary liquidity sources totaling **$4.1 billion**, exceeding all regulatory requirements Consolidated Capital Ratios | Ratio | Sep 30, 2024 | Minimum Requirement | | :--- | :--- | :--- | | Total risk based capital | 15.6% | 10.5% | | Tier I capital | 13.8% | 8.5% | | Common equity Tier 1 capital | 13.1% | 7.0% | | Leverage | 11.6% | 4.0% | - Book value per share grew to **$37.55** at September 30, 2024, from **$32.18** a year prior, with tangible book value per share increasing to **$28.09** from **$22.67** over the same period[212](index=212&type=chunk) - During the nine months ended September 30, 2024, the Company repurchased **344,324 shares** for **$12.5 million** under its 2021 Repurchase Plan[211](index=211&type=chunk) [Item 3 – Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's market risk disclosure primarily focuses on interest rate risk, with a **100 basis point** rate increase estimated to decrease net interest income by **2.4%** over 12 months, managed through its asset and liability mix Interest Rate Shock Scenario (as of Sep 30, 2024) | Change in Interest Rates (Basis Points) | Estimated Change in Net Interest Income (NII) | Estimated Change in Market Value of Equity (MVE) | | :--- | :--- | :--- | | +300 (shock) | (7.4)% | (5.6)% | | +200 (shock) | (5.0)% | (3.7)% | | +100 (shock) | (2.4)% | (0.8)% | | -100 (shock) | 0.2% | (2.8)% | - As of September 30, 2024, the loan portfolio included **$4.2 billion** in adjustable-rate loans, with **$891.6 million** floating based on the Wall Street Prime index[224](index=224&type=chunk) [Item 4 – Controls and Procedures](index=63&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal controls over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of September 30, 2024[227](index=227&type=chunk) [PART II – OTHER INFORMATION](index=64&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1 – Legal Proceedings](index=64&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company is involved in various ordinary course legal proceedings, which management does not expect to materially adversely affect its financial position, results of operations, or cash flows - The company does not expect that the ultimate costs to resolve ordinary course legal proceedings will have a material adverse effect on its consolidated financial position, results of operations, or cash flows[229](index=229&type=chunk) [Item 1A – Risk Factors](index=64&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) This section refers investors to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023, with no new risk factors introduced in this quarterly report - There are no new risk factors disclosed in this report; investors are referred to the risk factors in the Annual Report on Form 10-K for the year ended December 31, 2023[230](index=230&type=chunk) [Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2024, the company repurchased **1,551 shares** at an average price of **$42.98** per share, primarily from employee equity incentive plans, with **865,478 shares** remaining available under the authorized repurchase plan Share Repurchases (Q3 2024) | Period | Total Shares Purchased | Average Price Paid | Shares Purchased as Part of Public Plan | Max Shares Remaining Under Plan | | :--- | :--- | :--- | :--- | :--- | | July 2024 | 1,551 | $42.98 | — | 865,478 | | August 2024 | — | — | — | 865,478 | | September 2024 | — | — | — | 865,478 | | **Total** | **1,551** | **$42.98** | **—** | **865,478** | [Item 5 – Other Information](index=64&type=section&id=Item%205%20%E2%80%93%20Other%20Information) The company adopted new RSU and PSU award agreements for executives under the 2019 Equity Incentive Plan, with PSU vesting tied to total shareholder return relative to the KBW Nasdaq Regional Banking Index over three years - The company adopted new forms for RSU and PSU agreements for executives under the 2019 Equity Incentive Plan[232](index=232&type=chunk) - PSU vesting (**0% to 150%** of target) is based on the company's total shareholder return relative to the KBW Nasdaq Regional Banking Index over a three-year period[234](index=234&type=chunk) - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the third quarter of 2024[238](index=238&type=chunk) [Item 6 – Exhibits](index=65&type=section&id=Item%206%20%E2%80%93%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including equity incentive agreements, CEO and CFO certifications, and XBRL data files - Exhibits filed include forms of Restricted Stock Unit and Performance Award agreements, CEO/CFO certifications (Rule 13a-14(a) and Section 1350), and XBRL instance documents[239](index=239&type=chunk)

TriCo (TCBK) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.82 per share. This compares to earnings of $0.92 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.32%. A quarter ago, it was expected that this holding company for Tri Counties Bank would post earnings of $0.80 per share when it actually produced earnings of $0.87, delivering a surprise of 8.75%.Over the last four quar ...

Exhibit 99.1 For Immediate Release | October 24, 2024 | Chico, California & trico bancshares TriCo Bancshares reports third quarter 2024 net income of $29.1 million, diluted EPS of $0.88 3Q24 Financial Highlights • Net income was $29.1 million or $0.88 per diluted share as compared to $29.0 million or $0.87 per diluted share in the trailing quarter • Deposit balances decreased $13.1 million or 0.7% (annualized) from the trailing quarter and have increased $27.4 million or 0.3% (annualized) from the same qua ...

Investors might want to bet on TriCo (TCBK) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Since a changing earnings ...

TriCo (TCBK) came out with quarterly earnings of $0.87 per share, beating the Zacks Consensus Estimate of $0.80 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 8.75%. A quarter ago, it was expected that this holding company for Tri Counties Bank would post earnings of $0.81 per share when it actually produced earnings of $0.83, delivering a surprise of 2.47%. Over the last four qua ...

9 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------|--------------|----------------|-------------------|-------|---------|------------| | (dollars in thousands) | Six \n2024 | months ended | June 30, \n2023 | | Change | % Change | | Base salaries, net of deferred loan origination costs | $ | 47,872 $ | 47,059 | $ | 813 | 1.7 % | | Incentive compensation | | 7,968 | 7,272 | | 696 | 9.6 % | | Benefits and other compensation costs | | 13,865 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION for the transition period from to Commission File Number: 000-10661 ___________________ (Exact Name of Registrant as Specified in Its Charter) ___________________ (State or Other Jurisdiction of Incorporation or Organization) CA 94-2792841 (I.R.S. Employer Identification Number) 63 Constitution Drive Chico, California 95973 (Address of Principal Executive Offices)(Zip Code) WASHINGTON, D.C. 20549 ___________________ FORM 10-Q _______________ ...

"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," ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-K _____________________ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 Commission File Number 0-10661 _____________________ (Exact name of Registrant as specified in its charter) _____________________ California 94-2792841 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 63 Constit ...

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended: September 30, 2023 FORM 10-Q ___________________ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________ | | Trading | Name of each exchange | | --- | --- | --- | | Title of each class | Symbol(s) | on which registered | | Common Stock | TCBK | The NASDAQ Stock Market | ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securi ...