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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 over $2.1 million in grants awarded to three organizations under the Federal Home Loan Bank of San Francisco’s Affordable Housing Program. The grants support the creation of 149 affordable housing units for those earning less than 60% of the area median income, including veterans and low-income families. The nominated organizations include Collier Avenue, Piper Way Senior Housing, and Siskiyou Crossroads. These competitive AHP grants are aimed at addressing urgent affordable housing needs in local communities.
TriCo Bancshares (NASDAQ: TCBK) reported a net income of $31.4 million for Q2 2022, compared to $20.4 million in Q1 2022, reflecting a 53.9% increase. The diluted earnings per share rose to $0.93, up from $0.67 in the previous quarter. Organic loan growth reached $300.3 million, representing a 20.7% annualized growth rate. Net interest margin increased to 3.57%, up 28 basis points from Q1. Noninterest income grew by 8.8% to $16.4 million. Despite merger-related expenses affecting net revenues, credit quality improved with non-performing assets decreasing to 0.15% of total assets.
Tri Counties Bank announced a partnership with the National Asian American Coalition to launch a Down Payment Assistance (DPA) Program on July 7, 2022. The initiative aims to assist low- to moderate-income home buyers, particularly in underserved areas. Qualifying participants can receive a forgivable loan of up to 3% of the home's purchase price, capped at $10,000. Additional support may be available through the Federal Home Loan Bank’s WISH program. This program reflects the bank's commitment to enhancing homeownership and addressing income inequality.
Tri Counties Bank, in partnership with the Federal Home Loan Bank of San Francisco, has announced a $200,000 donation to promote Black homeownership. This initiative is part of the Empowering Black Homeownership matching grant program, aiming to bridge the Black homeownership and wealth gaps. The funds will be matched by FHLBank San Francisco and distributed as $50,000 grants to four Housing Counseling Agencies across California. These agencies will provide vital counseling and resources to aspiring homeowners, enhancing their potential for sustainable homeownership.
Tri Counties Bank, in collaboration with the Community Foundation of the North State, awarded over $100,000 in scholarships this May to 55 graduating high school seniors in California. Each scholarship ranged from $1,000 to $2,500. The scholarships were primarily income-based, with over 90% directed to low-to-moderate income students. The initiative aims to foster community development by investing in students' education, with applications for the next cycle opening November 1, 2022.
TriCo Bancshares (NASDAQ: TCBK) announced a quarterly cash dividend of $0.25 per share on May 19, 2022. This dividend will be payable on June 24, 2022 to shareholders on record as of June 10, 2022. TriCo Bancshares, headquartered in Chico, California, operates Tri Counties Bank, which offers a range of financial services across Northern and Central California, including online and mobile banking options.
TriCo Bancshares (NASDAQ: TCBK) reported a net income of $20.4 million for Q1 2022, down from $28.2 million in Q4 2021 and $33.6 million in Q1 2021. Diluted EPS also declined to $0.67 from $0.94 and $1.13 in the previous periods. The merger with Valley Republic Bancorp is complete, with a reduction in nonperforming assets by 48.4%. Organic loan growth was notable at $187.9 million (15.5% annualized), while net interest margin rose to 3.29%. However, provisions for credit losses surged to $8.3 million, compared to $1 million previously.
TriCo Bancshares (NASDAQ: TCBK) has successfully merged with Valley Republic Bancorp (OTC: VLLX) as of March 25, 2022, significantly enhancing its asset base to approximately $10.1 billion. This merger is poised to expand lending capabilities and product offerings for clients. Valley Republic Bank's former branches reopened under the Tri Counties brand on March 28, providing an extensive branch network and access to over 37,000 surcharge-free ATMs. Additionally, TriCo has resumed its stock repurchase plan, allowing for the repurchase of up to 1,936,683 shares of common stock.
TriCo Bancshares (TCBK) and Valley Republic Bancorp (VLLX) announced regulatory approvals for their merger, set to close around March 25, 2022. The merger will combine Valley into TriCo and Valley Republic Bank into Tri Counties Bank, enhancing their business models and cultural alignment. Pro forma, the combined entity will have approximately $10.1 billion in total assets, $5.7 billion in loans, and $8.6 billion in deposits as of December 31, 2021. The companies aim for successful integration to provide better service for clients and shareholders.
The Board of Directors of TriCo Bancshares (NASDAQ: TCBK) announced a quarterly cash dividend of $0.25 per share, declared on March 1, 2022. This dividend is payable on March 25, 2022 to shareholders on record as of March 11, 2022. TriCo Bancshares is the parent company of Tri Counties Bank, which has been serving Northern and Central California since 1975, providing a wide range of consumer and commercial banking services.
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