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Overview
TriCo Bancshares (NASDAQ: TCBK) is a bank holding company headquartered in Chico, California, that serves as the parent entity for Tri Counties Bank. Established in 1975, the bank has grounded its reputation on extensive retail and commercial banking solutions designed to meet the diverse needs of communities across northern and central California. With a rich history of excellence, the company is synonymous with reliable consumer, small business, and commercial financial services, demonstrating a balanced approach between traditional branch banking and modern digital access.
Business Model and Services
At its core, TriCo Bancshares operates through a network of well-integrated banking channels including stand-alone branches, in-store bank locations, and state-of-the-art digital platforms such as online and mobile banking. The bank accepts various deposit forms such as demand, savings, and time deposits, and generates a substantial portion of its revenue from net interest income. Its comprehensive service suite also encompasses small business, commercial, real estate, and consumer lending, in addition to a range of treasury management services. This diversified approach not only optimizes revenue streams but also provides robust financial solutions tailored to meet the specific needs of individual customers, local businesses, and larger commercial entities.
Operational Excellence and Community Focus
TriCo Bancshares prides itself on a long-standing commitment to sound business principles, responsible lending practices, and core values that have been deeply embedded since its inception. The company has consistently emphasized personalized customer service, ensuring that every interaction is informed by a personal touch. This strategy has allowed the bank to foster strong community ties, making it a recognizable presence at local events, educational institutions, sports gatherings, and community-driven initiatives. Such involvement reinforces the bank’s reputation as a trusted financial partner in the regions it serves.
Technological Integration and Customer Convenience
Recognizing the evolving needs of its customer base, TriCo Bancshares has effectively integrated technological advancements into its operational framework. The bank offers around-the-clock access to its services via modern online and mobile banking platforms, as well as an extensive network of ATMs. This blend of digital convenience with traditional branch-based service showcases the company’s ability to balance innovation with personalized banking, ensuring that customers have access to financial services anytime and anywhere.
Market Position and Competitive Landscape
Within the competitive landscape of California’s banking sector, TriCo Bancshares distinguishes itself through its legacies of resilient financial practices and a community-centric approach. The bank’s focus on responsible lending, coupled with its diverse portfolio of financial services, has positioned it as a significant participant in both the consumer and business banking segments. By fostering relationships with local communities and adapting to emerging banking trends, the company remains relevant and trusted despite the dynamic nature of the financial services industry.
Key Strengths and Value Proposition
The principal value proposition of TriCo Bancshares lies in its unwavering focus on customer service excellence and its dedication to upholding a tradition of fiscal prudence. Its extensive range of services, from traditional deposit accounts to specialized treasury management solutions, speaks to a well-developed understanding of the complexities inherent in modern financial needs. Moreover, the company leverages its long-standing presence in the market to deliver a blend of stability, comprehensive service offerings, and tailored client solutions. The integration of advanced technology with personalized customer engagement strategies further underscores its commitment to continuous improvement in an increasingly digital banking environment.
Conclusion
In summary, TriCo Bancshares is a multifaceted bank holding company that has entrenched itself in the financial landscapes of northern and central California through dedicated customer service, comprehensive banking solutions, and a solid operational foundation. Its ability to effectively merge traditional banking values with modern technological advances helps maintain its competitive edge in a challenging economic environment. The company continues to exemplify robust business practices and community integration, making it a trusted name in the financial services sector.
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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