Trico Bancshares - TCBK STOCK NEWS

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.

TriCo Bancshares reported a net income of $27.7 million and diluted EPS of $0.83 for the first quarter of 2024. Deposit balances increased by $153.6 million or 7.8% from the trailing quarter. The average yield on earning assets increased to 5.13% compared to 5.09% in the prior quarter. The net interest margin decreased to 3.68% from 3.81% in the trailing quarter. TriCo Bancshares achieved a return on average assets of 1.13% and a return on average equity of 9.50% for the quarter. The efficiency ratio improved to 57.36% due to expense control. The provision for credit losses was $4.3 million, reflecting economic risks. Non-performing assets increased to 0.37% of total assets. The Company's total cost of deposits has increased by 117 basis points since FOMC rate actions began in March 2022, with a cycle-to-date deposit beta of 22.3%.

Tri Counties Bank marks its 50th Anniversary with a fundraising campaign supporting California Community Colleges Student Ambassador Program. The bank's $50,000 contribution aims to address food and housing insecurity among college students, with plans for various fundraising events and volunteer activities throughout the year.

Tri Counties Bank donates $30,000 to Tulare County Foundation for Ag Education and Youth for the 'Sow the Seeds' Scholarship Program, supporting low-income high school students interested in FFA. The program provides start-up funds for livestock or ag mechanics projects, aiming to develop leadership and career skills.

TriCo Bancshares (NASDAQ: TCBK) declares a quarterly cash dividend of $0.33 per share on its common stock, marking a 10% increase over the previous quarter. The company has a history of consistent dividend payments since 1989, showcasing its strength and commitment to shareholder value.

Tri Counties Bank donates $100,000 to Mercy Foundation North to support a new Regional Cancer Center in Redding, California. The $70 million project is expected to open in early 2026 and aims to serve 38% more cancer patients annually. The partnership will provide comprehensive cancer treatment options and alleviate the stress of travel for patients. Tri Counties Bank has a history of supporting Mercy Foundation North projects, including the purchase of upgraded equipment for the NICU and nutrition programs for seniors.

Tri Counties Bank donates $25,000 to Community Action Partnership of Kern for the 2024 Volunteer Income Tax Assistance program, supporting low-income families in Kern County. The VITA program provides free tax help to those making $60,000 or less, persons with disabilities, and non-English-speaking taxpayers. In 2022, VITA assisted over 6,500 families, issuing over $8.3 million in refunds. Tri Counties Bank will host VITA volunteers at two branches in Delano and Bakersfield.

TriCo Bancshares (NASDAQ: TCBK) reported a net income of $26.1 million for the quarter ended December 31, 2023, compared to $30.6 million during the trailing quarter ended September 30, 2023, and $36.3 million during the quarter ended December 31, 2022. The company's return on average assets was 1.05%, while the return on average equity was 9.43% for the quarter ended December 31, 2023. The loan to deposit ratio increased to 86.7% as of December 31, 2023, as compared to 83.8% as of the trailing quarter. The efficiency ratio was 55.8% for the twelve-months ended December 31, 2023. The provision for credit losses was approximately $6.0 million during the quarter ended December 31, 2023, as compared to a provision for credit losses of $4.2 million during the trailing quarter ended September 30, 2023. The company's total cost of deposits have increased 101 basis points since FOMC rate actions began in March 2022, which translates to a cycle-to-date deposit beta of 19.2%. The company's tangible book value per share was $25.39 per share at December 31, 2023, as compared to $21.76 at December 31, 2022.