TriCo Bancshares

05/08/2026 | Press release | Distributed by Public on 05/08/2026 14:45

Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
Cautionary Statements Regarding Forward-Looking Information
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.
General
As TriCo Bancshares (referred to in this report as "we", "our" or the "Company") has not commenced any business operations independent of Tri Counties Bank (the "Bank"), the following discussion pertains primarily to the Bank. Average balances, including such balances used in calculating certain financial ratios, are generally comprised of average daily balances for the Company. Within Management's Discussion and Analysis of Financial Condition and Results of Operations, interest income, net interest income, and net interest yield are generally presented on a FTE basis. The Company believes the use of these non-generally accepted accounting principles (non-GAAP) measures provides additional clarity in assessing its results, and the presentation of these measures on a FTE basis is a common practice within the banking industry. Interest income and net interest income are shown on a non-FTE basis in the Part I - Financial Information section of this Form 10-Q, and a reconciliation of the FTE and non-FTE presentations is provided below in the discussion of net interest income.
Critical Accounting Policies and Estimates
The Company's discussion and analysis of its financial condition and results of operations are based upon the Company's consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those that materially affect the financial statements and are related to the adequacy of the allowance for loan losses, investments, mortgage servicing rights, fair value measurements, retirement plans and intangible assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. A detailed discussion related to the Company's accounting policies including those related to estimates on the allowance for credit losses related to loans and investment securities, and impairment of intangible assets, can be found in Note 1 of the consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2025.
Geographical Descriptions
For the purpose of describing the geographical location of the Company's operations, the Company has defined northern California as that area of California north of, and including, Stockton to the east and San Jose to the west; central California as that area of the state south of Stockton and San Jose, to and including, Bakersfield to the east and San Luis Obispo to the west; and southern California as that area of the state south of Bakersfield and San Luis Obispo.
Financial Highlights
Performance highlights and other developments for the Company as of or for the three months ended March 31, 2026, included the following:
•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
•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
TRICO BANCSHARES
Financial Summary
(In thousands, except per share amounts; unaudited)
Three months ended
March 31,
2026 2025
Net interest income $ 91,226 $ 82,542
Provision for credit losses (3,325) (3,728)
Non-interest income 17,032 16,073
Non-interest expense (59,052) (59,585)
Provision for income taxes (12,196) (8,939)
Net income $ 33,685 $ 26,363
Per Share Data:
Basic earnings per share $ 1.05 $ 0.80
Diluted earnings per share $ 1.04 $ 0.80
Dividends paid $ 0.36 $ 0.33
Book value at period end $ 41.49 $ 38.17
Weighted average common shares outstanding 32,195 32,953
Weighted average diluted common shares outstanding 32,391 33,129
Shares outstanding at period end 31,911 32,892
At period end:
Loans $ 7,068,198 $ 6,820,774
Total investment securities $ 1,871,138 $ 1,979,116
Total assets $ 9,948,211 $ 9,819,599
Total deposits $ 8,403,588 $ 8,205,332
Other borrowings $ 11,455 $ 91,706
Shareholders' equity $ 1,324,026 $ 1,255,519
Financial Ratios:
During the period:
Return on average assets (annualized) 1.38 % 1.09 %
Return on average equity (annualized) 10.08 % 8.54 %
Net interest margin(1) (annualized)
4.07 % 3.73 %
Efficiency ratio 54.55 % 60.42 %
Average equity to average assets 13.67 % 12.76 %
At end of period:
Equity to assets 13.31 % 12.79 %
Total capital to risk-adjusted assets 15.07 % 15.78 %
(1) Fully Taxable Equivalent (FTE)
Results of Operations
The following discussion and analysis is designed to provide a better understanding of the significant changes and trends related to the Company and the Bank's financial condition, operating results, asset and liability management, liquidity and capital resources and should be read in conjunction with the unaudited Condensed Consolidated Financial Statements of the Company and the Notes thereto located at Item 1 of this report.
Net Interest Income
The Company's primary source of revenue is net interest income, or the difference between interest income on interest-earning assets and interest expense on interest-bearing liabilities. Following is a summary of the components of FTE net income for the periods indicated.
Three months ended
(in thousands) March 31,
2026 		December 31,
2025 		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,
(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 %
​
(1)Certain information included herein is presented on a FTE basis and/or to present additional financial details which may be desired by users of this financial information. The Company believes the use of this non-generally accepted accounting principles (non-GAAP) measure provides additional clarity in assessing its results, and the presentation of these measures is a common practice within the banking industry.
Loans may be acquired at a premium or discount to par value, in which case, the premium is amortized (subtracted from) or the discount is accreted (added to) interest income over the remaining life of the loan. The dollar impact of loan discount accretion and loan premium amortization decrease as the purchased loans mature or pay off early. Upon the early pay off of a loan, any remaining unaccreted discount or unamortized premium is immediately taken into interest income; and as loan payoffs may vary significantly from quarter to quarter, so may the impact of discount accretion and premium amortization on interest income. Despite the elevated rate environment, the prepayment rate of portfolio loans, inclusive of those acquired at a premium or discount, remains generally consistent. During the quarters ended March 31, 2026, December 31, 2025 and March 31, 2025, the purchased loan discount accretion was $1.4 million, $0.9 million and $2.0 million, respectively.
Summary of Average Balances, Yields/Rates and Interest Differential
The following table presents, for the three month periods indicated, information regarding the Company's consolidated average assets, liabilities and shareholders' equity, the amounts of interest income from average interest-earning assets and resulting yields, and the amount of interest expense paid on interest-bearing liabilities. Average loan balances include nonperforming loans. Interest income includes proceeds from loans on nonaccrual loans only to the extent cash payments have been received and applied to interest income. Yields on securities and certain loans have been adjusted upward to reflect the effect of income thereon exempt from federal income taxation at the current statutory tax rate (dollars in thousands).
Three months ended March 31,
2026 2025
Average
Balance 		Interest
Income/
Expense 		Rates
Earned
/Paid 		Average
Balance 		Interest
Income/
Expense 		Rates
Earned
/Paid
Assets:
Loans $ 7,041,552 $ 100,349 5.78 % $ 6,776,188 $ 95,378 5.71 %
Investment securities - taxable 1,724,884 14,662 3.45 % 1,891,280 15,752 3.38 %
Investment securities - nontaxable(1)
130,366 1,126 3.50 % 133,388 1,149 3.49 %
Total investments 1,855,250 15,788 3.45 % 2,024,668 16,901 3.39 %
Cash at Federal Reserve and other banks 213,361 1,950 3.71 % 206,591 2,063 4.05 %
Total interest-earning assets 9,110,163 118,087 5.26 % 9,007,447 114,342 5.15 %
Other assets 802,322 800,769
Total assets $ 9,912,485 $ 9,808,216
Liabilities and shareholders' equity:
Interest-bearing demand deposits $ 1,851,122 $ 6,384 1.40 % $ 1,830,315 $ 6,221 1.38 %
Savings deposits 2,803,853 10,366 1.50 % 2,730,262 12,198 1.81 %
Time deposits 1,127,816 9,173 3.30 % 1,120,843 10,446 3.78 %
Total interest-bearing deposits 5,782,791 25,923 1.82 % 5,681,420 28,865 2.06 %
Other borrowings 10,742 1 0.04 % 89,465 969 4.39 %
Junior subordinated debt 41,238 677 6.66 % 101,201 1,701 6.82 %
Total interest-bearing liabilities 5,834,771 26,601 1.85 % 5,872,086 31,535 2.18 %
Noninterest-bearing deposits 2,551,500 2,514,373
Other liabilities 170,938 169,763
Shareholders' equity 1,355,276 1,251,994
Total liabilities and shareholders' equity $ 9,912,485 $ 9,808,216
Net interest spread(2)
3.41 % 2.97 %
Net interest income and interest margin(3)
$ 91,486 4.07 % $ 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 represents 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, then annualized based on the number of days in the given period.
Net interest income (FTE) during the three months ended March 31, 2026, increased $8.7 million or 10.5% to $91.5 million compared to $82.8 million during the three months ended March 31, 2025. Net interest margin totaled 4.07% for the three months ended March 31, 2026, an increase of 34 basis points from the same quarter in 2025. The primary drivers behind the change in net interest margin is related to an increase in average loan balances, improving interest income by $3.8 million, coupled with a decline in yields paid on interest-bearing deposits improving net interest income by $2.9 million, with yields paid declining by 24 basis points between the quarter ended March 31, 2026, and the same quarter of the prior year. The accretion of discounts from acquired loans added 8 basis points and 12 basis points to loan yields during the quarters ended March 31, 2026 and March 31, 2025, respectively. Finally, the average balance of noninterest-bearing deposits increased by $37.1 million from the three-month average as of March 31, 2026.
​
Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid
The following table sets forth, for the period identified, a summary of the changes in interest income and interest expense from changes in average asset and liability balances (volume) and changes in average interest rates for the periods indicated. Changes not solely attributable to volume or rates have been allocated in proportion to the respective volume and rate components.
The following commentary regarding net interest income, interest income and interest expense may be best understood while referencing the Summary of Average Balances, Yields/Rates and Interest Differential and the Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid shown above.
Three months ended March 31, 2026
compared with three months ended March 31, 2025
(in thousands) Volume Rate Total
Increase (decrease) in interest income:
Loans $ 3,788 $ 1,183 $ 4,971
Investment securities
(1,432) 319 (1,113)
Cash at Federal Reserve and other banks 69 (182) (113)
Total interest-earning assets 2,425 1,320 3,745
Increase (decrease) in interest expense:
Interest-bearing demand deposits 72 91 163
Savings deposits 333 (2,165) (1,832)
Time deposits 66 (1,339) (1,273)
Total interest-bearing deposits 471 (3,413) (2,942)
Other borrowings (864) (104) (968)
Junior subordinated debt (1,022) (2) (1,024)
Total interest-bearing liabilities (1,415) (3,519) (4,934)
Increase in net interest income $ 3,840 $ 4,839 $ 8,679
Net interest income (FTE) during the three months ended March 31, 2026 increased $8.7 million to $91.5 million compared to $82.8 million during the three months ended March 31, 2025. As noted above, the increase in net interest income (FTE) was due largely to higher average loan balances and lower rates paid for interest-bearing deposits, both of which have a beneficial impact on net interest income.
​
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 $ 2,970 $ 2,400 $ 2,663
Reversal (addition to) reserve for unfunded loan commitments
355 600 1,065
Total provision for credit losses $ 3,325 $ 3,000 $ 3,728
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 $3.3 million recorded allocated approximately $2.9 million toward individually evaluated loans and $0.4 million to replenish quarterly net charge-offs.
Three months ended March 31,
(dollars in thousands) 2026 2025
Balance, beginning of period $ 125,762 $ 125,366
Provision for credit losses 2,970 2,663
Loans charged-off (912) (374)
Recoveries of previously charged-off loans 119 768
Balance, end of period $ 127,939 $ 128,423
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 96.39 % $ 6,874,545 96.68 % $ 6,582,345 96.50 %
Special Mention 113,778 1.61 % 109,768 1.54 % 106,243 1.56 %
Substandard 141,329 2.00 % 126,774 1.78 % 132,186 1.94 %
Total $ 7,068,198 100.00 % $ 7,111,087 100.00 % $ 6,820,774 100.00 %
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.
Non-interest Income
The following table summarizes the Company's non-interest income for the periods indicated (in thousands):
Three months ended
March 31,
(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 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
The following table summarizes the Company's non-interest expense for the periods indicated:
Three months ended
March 31,
(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 losses 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 in the Bay Area.
​
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 26.3% 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.
Financial Condition
For financial reporting purposes, the Company does not separately track the changes in assets and liabilities based on branch location or regional geography. The following is a comparison of the quarterly change in certain assets and liabilities:
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.
The following is a comparison of the year over year change in certain assets and liabilities:
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)
Investment Securities
The following table presents the available for sale debt securities portfolio by major type as of March 31, 2026 and December 31, 2025:
March 31, 2026 December 31, 2025
(in thousands) Fair Value % Fair Value %
Debt securities available for sale:
Obligations of U.S. government agencies $ 1,119,067 63.4 % $ 1,064,028 61.4 %
Obligations of states and political subdivisions 217,430 12.3 % 220,686 12.7 %
Corporate bonds 1,973 0.1 % 4,958 0.3 %
Asset backed securities 259,851 14.7 % 269,520 15.6 %
Non-agency mortgage backed 167,151 9.5 % 172,739 10.0 %
Total debt securities available for sale $ 1,765,472 100.0 % $ 1,731,931 100.0 %
March 31, 2026 December 31, 2025
(in thousands) Amortized
Cost 		% Amortized
Cost 		%
Debt securities held to maturity:
Obligations of U.S. government and agencies $ 84,176 98.2 % $ 88,980 98.3 %
Obligations of states and political subdivisions 1,564 1.8 % 1,564 1.7 %
Total debt securities held to maturity $ 85,740 100.0 % $ 90,544 100.0 %
Investment securities held to maturity decreased $4.8 million to $85.7 million as of March 31, 2026, as compared to December 31, 2025. This decrease is attributable to calls and principal repayments of $47.4 million, and amortization of net purchase premiums of $0.1 million.
Loans
The Company focuses its primary lending activities in six principal areas: commercial real estate loans, consumer loans, commercial and industrial loans, construction loans, agriculture production loans and leases. The interest rates charged for the loans made by the Company vary with the degree of risk, the size and duration of the loans, the borrower's relationship with the Company and prevailing money market rates indicative of the Company's cost of funds.
The majority of the Company's loans are direct loans made to individuals, and local or regional businesses which service a variety of industries. The Company relies substantially on local promotional activity and personal contacts by bank officers, directors and employees to compete with other financial institutions. The Company makes loans to borrowers whose applications include a sound purpose, a viable repayment source and a plan of repayment established at inception and generally backed by a secondary source of repayment.
The following table shows the Company's loan balances, net of deferred loan costs and discounts, as of the dates indicated:
(in thousands) March 31, 2026 December 31, 2025
Commercial real estate $ 4,908,229 69.4 % $ 4,853,762 68.3 %
Consumer 1,282,181 18.1 % 1,314,610 18.5 %
Commercial and industrial 465,081 6.6 % 464,428 6.5 %
Construction 262,872 3.7 % 301,045 4.2 %
Agriculture production 145,463 2.1 % 172,494 2.5 %
Leases 4,372 0.1 % 4,748 - %
Total loans $ 7,068,198 100.0 % $ 7,111,087 100.0 %
Nonperforming Assets
The following tables set forth the amount of the Company's NPAs as of the dates indicated. "Performing nonaccrual loans" are loans that may be current for both principal and interest payments, or are less than 90 days past due, but for which payment in full of both principal and interest is not expected, and are not well secured and in the process of collection:
(in thousands) March 31,
2026 		December 31,
2025
Performing nonaccrual loans $ 47,033 $ 40,762
Nonperforming nonaccrual loans 22,240 23,374
Total nonaccrual loans 69,273 64,136
Loans 90 days past due and still accruing 185 83
Total nonperforming loans 69,458 64,219
Foreclosed assets 6,966 6,245
Total nonperforming assets $ 76,424 $ 70,464
Nonperforming assets to total assets 0.77 % 0.72 %
Nonperforming loans to total loans 0.98 % 0.90 %
Allowance for credit losses to nonperforming loans 184 % 196 %
Changes in nonperforming assets during the three months ended March 31, 2026
(in thousands) Balance at December 31, 2025 New NPA /
Valuation
Adjustments 		Pay-downs
/Sales
/Upgrades
Charge-offs/ (1)
Write-downs
Transfers to
Foreclosed
Assets 		Balance at March 31, 2026
Commercial real estate:
CRE non-owner occupied $ 7,089 1,728 (207) - - $ 8,610
CRE owner occupied 7,733 10,285 (146) - - 17,872
Multifamily 435 - (8) - - 427
Farmland 31,615 - (5,078) - - 26,537
Total commercial real estate loans 46,872 12,013 (5,439) - - 53,446
Consumer
SFR 1-4 1st DT liens 6,246 1,126 (764) - (220) 6,388
SFR HELOCs and junior liens 5,474 951 (1,654) - - 4,771
Other 459 94 (30) (102) - 421
Total consumer loans 12,179 2,171 (2,448) (102) (220) 11,580
Commercial and industrial 4,013 707 (210) (621) - 3,889
Construction 650 42 (3) (70) (501) 118
Agriculture production 505 - (316) - - 189
Leases - 236 - - - 236
Total nonperforming loans 64,219 15,169 (8,416) (793) (721) 69,458
Foreclosed assets 6,245 - - - 721 6,966
Total nonperforming assets $ 70,464 15,169 (8,416) (793) - $ 76,424
(1) The table above does not include deposit overdraft charge-offs.
Nonperforming assets increased during the three months ended March 31, 2026 by $6.0 million or 8.5% to $76.4 million compared to $70.5 million at December 31, 2025. The increase in nonperforming assets during the first quarter of 2026 was primarily the result of nonperforming loan additions totaling $15.2 million, partially offset by pay-downs and upgrades, which totaled $8.4 million during the quarter, as well as $0.8 million in charge-offs. Management is actively engaged in the collection and recovery efforts for all nonperforming assets and believes that the loan loss reserves associated with these loans is sufficient as of March 31, 2026.
(in thousands)
The Components of the Allowance for Credit Losses for Loans
The following table sets forth the allowance for credit losses for loans as of the dates indicated:
(in thousands) March 31,
2026 		December 31,
2025 		March 31,
2025
Allowance for credit losses:
Allowance for collectively evaluated loans $ 122,433 $ 122,556 $ 118,920
Allowance for individually evaluated loans 5,506 3,206 9,503
Total allowance for credit losses $ 127,939 $ 125,762 $ 128,423
Allowance for credit losses for loans / total loans 1.81 % 1.77 % 1.88 %
For additional information regarding the allowance for loan losses, including changes in specific, formula, and environmental factors allowance categories, see "Asset Quality and Loan Loss Provisioning" at "Results of Operations", above. For additional information on the current ACL methodology, see "Allowance for Credit Losses - Loans" within footnote 1 of the Company's 10-Q/10-K. Based on the current conditions of the loan portfolio, management believes that the $127.9 million allowance for credit losses at March 31, 2026 is adequate to absorb expected losses inherent in the Bank's loan portfolio. No assurance can be given, however, that adverse economic conditions or other circumstances will not result in increased losses in the portfolio.
The following table summarizes the allocation of the allowance for credit losses between loan types and by percentage of the total allowance for credit losses on loans as of the dates indicated:
(in thousands) March 31, 2026 December 31, 2025 March 31, 2025
Commercial real estate $ 79,910 62.5 % $ 75,532 60.1 % $ 72,181 56.2 %
Consumer 23,786 18.6 % 26,283 20.9 % 25,539 19.9 %
Commercial and industrial 12,435 9.7 % 11,430 9.1 % 17,561 13.7 %
Construction 8,239 6.4 % 8,231 6.5 % 10,346 8.1 %
Agriculture production 3,548 2.8 % 4,265 3.4 % 2,768 2.1 %
Leases 21 0.0 % 21 0.0 % 28 0.0 %
Total allowance for credit losses $ 127,939 100.0 % $ 125,762 100.0 % $ 128,423 100.0 %
The following table summarizes the allocation of the allowance for credit losses as a percentage of the total loans for each loan category as of the dates indicated:
(in thousands) March 31, 2026 December 31, 2025 March 31, 2025
Commercial real estate 1.63 % 1.56 % 1.56 %
Consumer 1.86 % 2.00 % 2.00 %
Commercial and industrial 2.67 % 2.46 % 3.84 %
Construction 3.13 % 2.73 % 3.47 %
Agriculture production 2.44 % 2.47 % 1.91 %
Leases 0.48 % 0.44 % 0.44 %
Total loans 1.81 % 1.77 % 1.88 %
The following table summarizes the activity in the allowance for credit losses for the periods indicated:
Three months ended
March 31,
(in thousands) 2026 2025
Allowance for credit losses:
Balance at beginning of period $ 125,762 $ 125,366
Provision for credit losses 2,970 2,663
Loans charged-off:
Commercial real estate:
CRE non-owner occupied - -
CRE owner occupied - -
Multifamily - -
Farmland - -
Consumer:
SFR 1-4 1st DT liens - -
SFR HELOCs and junior liens - -
Other (221) (117)
Commercial and industrial (621) (257)
Construction (70) -
Agriculture production - -
Leases - -
Total loans charged-off (912) (374)
Recoveries of previously charged-off loans:
Commercial real estate:
CRE non-owner occupied 1 -
CRE owner occupied - -
Multifamily - -
Farmland - -
Consumer:
SFR 1-4 1st DT liens - -
SFR HELOCs and junior liens 7 12
Other 52 37
Commercial and industrial 48 106
Construction - -
Agriculture production 11 613
Leases - -
Total recoveries of previously charged-off loans 119 768
Net charge-offs (793) 394
Balance at end of period $ 127,939 $ 128,423
Average total loans $ 7,041,552 $ 6,776,188
Ratios (annualized):
Net (charge-offs) recoveries during period to average loans outstanding during period (0.05) % 0.02 %
Provision for credit losses to average loans outstanding during period 0.17 % 0.16 %
Foreclosed Assets, Net of Allowance for Losses
The following table details the components and summarize the activity in foreclosed assets, net of allowances for losses, for the three months ended March 31, 2026:
(in thousands) Balance at December 31,
2025 		Sales Valuation
Adjustments 		Transfers
from Loans 		Balance at March 31, 2026
Land & construction $ 3,592 $ - $ - $ 501 $ 4,093
Residential real estate 1,754 - - 220 1,974
Commercial real estate 899 - - - 899
Total foreclosed assets $ 6,245 $ - $ - $ 721 $ 6,966
Deposits
During the three months ended March 31, 2026, the Company's deposits increased by $139.7 million to $8.4 billion at quarter end. There were no brokered deposits included in the deposit balances as of March 31, 2026 and December 31, 2025. Estimated uninsured deposits totaled $2.7 billion and $2.9 billion as of March 31, 2026 and December 31, 2025, respectively.
Off-Balance Sheet Arrangements
See Note 9 to the condensed consolidated financial statements at Item 1 of Part I of this report for information about the Company's commitments and contingencies including off-balance-sheet arrangements.
Capital Resources
The current and projected capital position of the Company and the impact of capital plans and long-term strategies are reviewed regularly by Management.
The Company's Board of Directors has approved the authorization to repurchase up to 2.0 million shares of the Company's common stock (the 2025 Repurchase Plan or the 2025 Program). The Company's 2025 Share Repurchase Program replaces and supersedes the 2021 Share Repurchase Program which has been terminated as of December 31, 2025. The actual timing of any share repurchases will be determined by the Company's management and therefore the total value of the shares to be purchased under the 2025 Program is subject to change. The 2025 Program has no expiration date but the Board may suspend or discontinue the program at any time.
During the three months ended March 31, 2026, the Company repurchased 447,211 shares with market value totaling $21.6 million. There were no shares repurchased in 2025 under the 2025 Program, however, during the three months ended March 31, 2025 the Company purchased 89,654 shares with market value of $3.7 million under the 2021 Share Repurchase Program. As of March 31, 2026, approximately 1,553,000 shares remain authorized for repurchase.
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.
The following is a comparison of various capital ratios for the current period with the trailing quarter and applicable minimum regulatory requirements.
March 31, 2026 December 31, 2025
Ratio Minimum
Regulatory
Requirement 		Ratio Minimum
Regulatory
Requirement
Total risk based capital 15.1 % 10.5 % 15.1 % 10.5 %
Tier I capital 13.8 % 8.5 % 13.8 % 8.5 %
Common equity Tier 1 capital 13.3 % 7.0 % 13.3 % 7.0 %
Leverage 11.9 % 4.0 % 11.8 % 4.0 %
See Note 10 and Note 16 to the condensed consolidated financial statements at Item 1 of Part I of this report for additional information about the Company's capital resources.
As of March 31, 2026, we had an effective shelf registration statement on file with the Securities and Exchange Commission that allows us to issue various types of debt securities, as well as common stock, preferred stock, warrants, depository shares representing fractional interest in shares of preferred stock, purchase contracts and units from time to time in one or more offerings. Each issuance under the shelf registration statement will require the filing of a prospectus supplement identifying the amount and terms of the securities to be issued. The registration statement does not limit the amount of securities that may be issued thereunder. Our ability to issue securities is subject to market conditions and other factors including, in the case of our debt securities, our credit ratings and compliance with current and prospective covenants in credit agreements.
Liquidity
The Company's primary sources of liquidity include the following for the periods indicated:
(dollars in thousands) March 31, 2026 December 31, 2025
Borrowing capacity at correspondent banks and FRB $ 3,000,757 $ 2,905,789
Less: borrowings outstanding - -
Unpledged available-for-sale investment securities
1,018,167 963,625
Cash held or in transit with FRB
248,866 98,067
Total primary liquidity $ 4,267,790 $ 3,967,481
At March 31, 2026, the Company's primary sources of liquidity represented 51% of total deposits and 156% of estimated total uninsured (excluding collateralized municipal deposits and intercompany balances) deposits, respectively. As secondary sources of liquidity, the Company's held-to-maturity investment securities had a fair value of $82.0 million, including approximately $3.8 million in net unrealized losses.
The Company's profitability during the first three months of 2026 generated cash flows from operations of $33.7 million compared to $24.5 million during the first three months of 2025. Net cash from investing activities was $5.1 million for the three months ended March 31, 2026, compared to net cash from investing activities of $33.9 million during the three months ending 2025. Financing activities provided $105.5 million during the three months ended March 31, 2026, compared to using $104.9 million during the three months ended March 31, 2025.
The types of contractual obligations of the Company and Bank, include but are not limited to term subordinated debt, operating leases, deferred compensation and supplemental retirement plans as well as off-balance sheet commitments such as unfunded loans and letters of credit, are consistent with those as of December 31, 2025. However, as borrowings have been repaid, the borrowing capacity at correspondent banks has increased. In addition, as the balance of investment securities has declined, so has the balance of unpledged securities. In total, and as illustrated above, the balance of total primary liquidity has increased during the first three months of 2026.
The Company is dependent upon the payment of cash dividends by the Bank to service its commitments, which have historically included dividends to shareholders, scheduled debt service payments, and general operations. Shareholder dividends are expected to continue subject to the Board's discretion and management's continuing evaluation of capital levels, earnings, asset quality and other factors. The Company expects that the cash dividends paid by the Bank to the Company will be sufficient to cover the Company's cash flow needs. However, the Company and its ability to generate liquidity through either the issuance of stock or debt, also serves as a potential source of strength for the Bank. Dividends paid by the Company to holders of its common stock used $11.5 million of cash during the three months ended March 31, 2026. The Company's liquidity is dependent on dividends received from the Bank. Dividends from the Bank are subject to certain regulatory restrictions.
TRICO BANCSHARES-NON-GAAP FINANCIAL MEASURES
(Unaudited. Dollars in thousands)
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this filing contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this filing 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 		March 31,
2025
Net interest margin
Acquired loans discount accretion, net:
Amount (included in interest income) $1,386 $1,995
Effect on average loan yield 0.08 % 0.12 %
Effect on net interest margin (FTE) 0.06 % 0.09 %
Net interest margin (FTE) 4.07 % 3.73 %
Net interest margin less effect of acquired loan discount accretion (Non-GAAP) 4.01 % 3.64 %
Three months ended
(dollars in thousands) March 31,
2026 		March 31,
2025
Pre-tax pre-provision return on average assets or equity
Net income (GAAP) $33,685 $26,363
Exclude provision for income taxes 12,196 8,939
Exclude provision for credit losses 3,325 3,728
Net income before income tax and provision expense (Non-GAAP) $49,206 $39,030
Average assets (GAAP) $9,912,485 $9,808,216
Average equity (GAAP) $1,355,276 $1,251,994
Return on average assets (GAAP) (annualized) 1.38 % 1.09 %
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized) 2.01 % 1.61 %
Return on average equity (GAAP) (annualized) 10.08 % 8.54 %
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized) 14.72 % 12.64 %
Three months ended
(dollars in thousands) March 31,
2026 		March 31,
2025
Return on tangible common equity
Average total shareholders' equity $1,355,276 $1,251,994
Exclude average goodwill 304,442 304,442
Exclude average other intangibles 4,319 6,234
Average tangible common equity (Non-GAAP) $1,046,515 $941,318
Net income (GAAP) $33,685 $26,363
Exclude amortization of intangible assets, net of tax effect 303 362
Tangible net income available to common shareholders (Non-GAAP) $33,988 $26,725
Return on average equity (GAAP) (annualized) 10.08 % 8.54 %
Return on average tangible common equity (Non-GAAP) 13.17 % 11.51 %
As of
(dollars in thousands) March 31,
2026 		December 31,
2025
Tangible shareholders' equity to tangible assets
Shareholders' equity (GAAP) $1,324,026 $1,328,001
Exclude goodwill and other intangible assets, net 308,483 308,913
Tangible shareholders' equity (Non-GAAP) $1,015,543 $1,019,088
Total assets (GAAP) $9,948,211 $9,822,063
Exclude goodwill and other intangible assets, net 308,483 308,913
Total tangible assets (Non-GAAP) $9,639,728 $9,513,150
Shareholders' equity to total assets (GAAP) 13.31 % 13.52 %
Tangible shareholders' equity to tangible assets (Non-GAAP) 10.53 % 10.71 %
As of
(dollars in thousands) March 31,
2026 		December 31,
2025
Tangible common shareholders' equity per share
Tangible shareholders' equity (Non-GAAP) $1,015,543 $1,019,088
Common shares outstanding at end of period 31,910,590 32,334,974
Common shareholders' equity (book value) per share (GAAP) $41.49 $41.07
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP) $31.82 $31.52
TriCo Bancshares published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 08, 2026 at 20:45 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]