Trico Bancshares - TCBK STOCK NEWS

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.

TriCo Bancshares (NASDAQ: TCBK), the parent company of Tri Counties Bank, announced a quarterly cash dividend of $0.33 per share. This marks the 139th consecutive quarterly dividend, with a payment date set for June 21, 2024, and a record date on June 7, 2024. The announcement reinforces Tri Counties Bank's commitment to providing consistent returns to its shareholders. Headquartered in Chico, California, TriCo Bancshares has been serving communities in Northern and Central California since 1975. The bank offers a wide array of consumer, small business, and commercial banking services, along with around-the-clock online and mobile banking access. Brokerage services are also available through an affiliation with Raymond James Financial Services.

Tri Counties Bank, in collaboration with the Community Foundation of the North State, has granted $110,000 in scholarships to graduating high school seniors throughout California in May. The scholarships, ranging from $1,000 to $1,500, were awarded to 80 students from 55 high schools across 24 counties. Two types of scholarships were available: income-based for students with a Student Aid Index (SAI) of 0 or less and a GPA of 2.5 or higher, and merit-based for students with a GPA of 3.0 or higher. Sixty $1,500 scholarships went to low-to-moderate income students, while twenty $1,000 scholarships were merit-based. Funds will be sent directly to the students' chosen educational institutions. Applications for the 2025 cycle open on November 1, 2024.