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Overview of TriCo Bancshares (NASDAQ: TCBK)
TriCo Bancshares, headquartered in Chico, California, is a prominent bank holding company established in 1975. It operates through its wholly-owned subsidiary, Tri Counties Bank, which serves as a cornerstone of financial services in Northern and Central California. The company is deeply rooted in the financial services industry, specializing in retail and commercial banking solutions tailored to a diverse customer base, including individuals, small businesses, and commercial enterprises. With its unique blend of traditional and in-store bank branches, TriCo Bancshares delivers a comprehensive suite of financial products and services designed to meet the evolving needs of its communities.
Core Business Model and Revenue Streams
The primary revenue driver for TriCo Bancshares is net interest income, which arises from the interest earned on loans and other financial assets, offset by the interest paid on deposits and borrowings. The company provides a wide range of financial services, including:
- Depository Services: Demand, savings, and time deposit accounts for individuals and businesses.
- Lending Solutions: Small business loans, commercial real estate financing, consumer loans, and residential mortgages.
- Treasury Management Services: Cash management, payment processing, and other financial tools for businesses.
- Customary Banking Services: Safe deposit boxes, ATM access, and online and mobile banking platforms.
By offering a balanced mix of consumer and commercial banking services, TriCo Bancshares caters to a broad spectrum of financial needs, ensuring a steady flow of income from both interest and fee-based services.
Market Position and Competitive Landscape
TriCo Bancshares operates within a highly competitive financial services landscape, competing with national banks, regional banks, and local community banks. Its strategic focus on Northern and Central California allows it to leverage its deep understanding of local markets and customer needs. The company's hybrid branch model, combining traditional stand-alone locations with in-store branches, enhances accessibility and convenience for its customers. Furthermore, Tri Counties Bank's commitment to personalized service and community involvement sets it apart from larger, less localized competitors.
Commitment to Responsible Banking and Community Involvement
TriCo Bancshares emphasizes responsible lending practices and adherence to sound business principles, which have contributed to its resilience and profitability over the years. The company is also deeply involved in the communities it serves, participating in local events, supporting non-profits, and fostering economic development. This community-centric approach not only strengthens customer loyalty but also reinforces the company's reputation as a trusted financial partner.
Technology and Accessibility
To meet the demands of modern banking, TriCo Bancshares invests in digital solutions such as online and mobile banking platforms, ensuring 24/7 accessibility for its customers. These platforms offer features like account management, fund transfers, and bill payments, complementing the company's physical branch network. This integration of technology and traditional banking underscores its commitment to convenience and innovation.
Conclusion
TriCo Bancshares (NASDAQ: TCBK) stands out as a reliable and community-focused financial institution. By combining a robust portfolio of banking services with a strong emphasis on customer relationships and community engagement, the company has established itself as a key player in the Northern and Central California banking sector. Its strategic approach to blending traditional values with modern banking solutions ensures its continued relevance and value in the competitive financial services industry.
Tri Counties Bank has announced the distribution of $260,000 in AHEAD Program grants in collaboration with the Federal Home Loan Bank of San Francisco. The grants will support three organizations:
- Alchemist CDC in Sacramento ($50,000) for launching businesses at the Alchemist Public Market
- Jefferson Economic Development Institute in Mount Shasta ($110,000) for a new Culinary Entrepreneurship Program
- Kashia Band of Pomo Indians in Santa Rosa ($100,000) for job training and housing stabilization services
These grants are part of FHLBank San Francisco's AHEAD Program, which has awarded over $33.1 million since 2004. In 2024, the program allocated $7.3 million, nearly double the 2023 funding, supporting 84 projects across Arizona, California, and Nevada.
TriCo Bancshares (TCBK) reported Q4 2024 net income of $29.0 million, or $0.88 per diluted share, consistent with the previous quarter's $29.1 million. The company's net interest margin increased to 3.76%, up 5 basis points from 3.71% in Q3, with net interest income rising to $84.4 million.
Loan balances grew by $84.6 million (5.1% annualized) from Q3, while deposits increased by $50.5 million (2.5% annualized). Year-over-year, deposits rose by $253.5 million (3.2%), though loans decreased slightly by $25.9 million (0.4%).
The bank's efficiency ratio improved to 59.56% from 60.02% in Q3. The provision for credit losses increased to $1.7 million from $0.2 million in Q3, driven by loan growth. Non-performing assets to total assets were 0.48%, up from 0.45% in Q3 and 0.35% year-over-year.
TriCo Bancshares (NASDAQ: TCBK) has announced its quarterly cash dividend of $0.33 per share on its common stock. The dividend will be paid on December 20, 2024, to shareholders of record as of December 6, 2024. Tri Counties Bank, established in 1975, operates throughout Northern and Central California, offering consumer, small business, and commercial banking services, along with ATM, online, and mobile banking access. The bank also provides brokerage services through Tri Counties Advisors in affiliation with Raymond James Financial Services.
Tri Counties Bank and FHLBank San Francisco have announced a combined $200,000 donation to promote Black homeownership through FHLBank's Empowering Black Homeownership matching grant program. The initiative resulted in two $100,000 donations to the Greater Sacramento Urban League (GSUL) and Self-Help Enterprises (SHE). The funds will support GSUL's HUD-approved Housing Counseling Program and SHE's Mutual Self-Help Housing Program, both aimed at addressing racial equity in homeownership and narrowing the Black homeownership wealth gap in California.
TriCo Bancshares (TCBK) reported Q3 2024 net income of $29.1 million, or $0.88 per diluted share, compared to $29.0 million or $0.87 per share in Q2 2024. Key highlights include a net interest margin increase to 3.71%, up 3 basis points from the previous quarter. Total deposits decreased by $13.1 million (0.7% annualized) from Q2, while the average cost of deposits rose to 1.52%. The loan-to-deposit ratio decreased to 83.2%, and the efficiency ratio was 60.02%. Non-performing assets to total assets increased to 0.45% from 0.36% in the previous quarter.
Tri Counties Bank has announced the appointment of Scott Myers as the new Head of Wholesale Banking. With over 25 years of experience in the financial services industry, Myers brings valuable expertise to the role. He will lead relationship teams across various banking sectors, including Middle Market & Specialty Banking, Commercial Banking, Business Banking, Treasury Management, and Merchant Card Services.
Previously, Myers served as Chief Lending Officer at California Bank of Commerce and Middle Market Region Manager at Wells Fargo. His appointment is expected to strengthen Tri Counties Bank's wholesale banking operations and enhance its relationship-banking approach. Myers, a Sacramento native with a Bachelor's degree in economics from UCLA, is also actively involved in community service.
TriCo Bancshares (NASDAQ: TCBK), the parent company of Tri Counties Bank, has announced a quarterly cash dividend of $0.33 per share on its common stock. The dividend will be payable on September 20, 2024, to shareholders of record as of September 6, 2024. This marks the company's 140th consecutive quarterly cash dividend payment, highlighting its consistent commitment to shareholder returns.
Tri Counties Bank, established in 1975, operates throughout Northern and Central California, offering a wide range of financial services including consumer, small business, and commercial banking. The bank also provides brokerage services through its affiliation with Raymond James Financial Services, Inc.
Tri Counties Bank and FHLBank San Francisco have awarded over $2.2 million in grants towards affordable housing projects in California. The grants, part of the Affordable Housing Program (AHP) General Fund, will benefit two organizations:
1. Rural Communities Housing Development (RCHDC): Received $660,000 for Sunrise Cottages, a 44-unit community for low-income seniors in Anderson, Shasta County.
2. The Kelsey (partnered with Mercy Housing California): Awarded $1.6 million for The Kelsey Civic Center, a 112-unit development in San Francisco, with 28 units reserved for individuals with disabilities.
These projects aim to address the affordable housing crisis and provide support services for vulnerable populations. The AHP grants are competitive and awarded annually to projects demonstrating need and feasibility.
Tri Counties Bank has launched its Community Cares Basic Needs Drive in partnership with the Foundation for California Community Colleges. Running through September 30, 2024, the drive aims to provide essential supplies to community college students across California. This initiative responds to a recent study revealing that two out of three California community college students struggle with meeting at least one basic need.
The drive accepts donations of items such as baby wipes, diapers, hygiene products, and dental care essentials at all Tri Counties Bank branches. Monetary donations can be made online, directly supporting the Foundation's Student Ambassador Program. This effort is part of Tri Counties Bank's 50th Anniversary celebration and aligns with the recent establishment of Basic Needs Centers at all California community colleges, offering students access to food, hygiene supplies, and various support services.
TriCo Bancshares (NASDAQ: TCBK) reported second quarter 2024 net income of $29.0 million, or $0.87 per diluted share, up from $27.7 million or $0.83 per diluted share in the previous quarter. Key highlights include:
- Deposit balances increased by $62.6 million or 3.1% (annualized)
- Average yield on earning assets rose to 5.24%, up 11 basis points
- Net interest margin (FTE) remained stable at 3.68%
- Non-interest bearing deposits averaged 32.0% of total deposits
- Average cost of total deposits increased to 1.45%, up 24 basis points
The company's focus on core deposit growth and relationship banking continues to yield positive results, with management expressing confidence in the bank's stability and ability to operate effectively in changing economic environments.
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