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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.
TriCo Bancshares (NASDAQ: TCBK) reported a net income of $28.22 million for Q4 2021, a rise from $27.42 million in Q3 2021 and $23.66 million in Q4 2020. Diluted EPS increased to $0.94 from $0.92 in the prior quarter and $0.79 year-over-year. The company saw a loan growth of $119.4 million (10.1% annualized) in the current quarter. Total assets reached $8.61 billion, with total deposits at $7.37 billion. The return on average assets was 1.31%, up from 1.24% in Q4 2020. Notably, the efficiency ratio improved to 53.18% compared to 58.40% last year.
TriCo Bancshares (NASDAQ: TCBK) reported net income of $27.4 million for Q3 2021, down from $28.4 million in Q2 2021 but significantly up from $17.6 million in Q3 2020. Diluted EPS decreased to $0.92 from $0.95 in the previous quarter. Key financial metrics showed a return on average assets of 1.30% and a return on average equity of 11.02%. Total loans increased by 1.3% year-over-year, while total deposits rose by 14.1%. Net interest margin declined to 3.50% from 3.58% in the prior quarter. The company remains optimistic about future growth following its merger with Valley Republic Bank.
The Board of Directors of TriCo Bancshares (NASDAQ: TCBK) declared a quarterly cash dividend of $0.25 per share on August 26, 2021. This dividend will be payable on September 24, 2021 to shareholders on record by September 10, 2021. Established in 1975, Tri Counties Bank, a wholly-owned subsidiary of TriCo Bancshares, operates throughout Northern and Central California, providing a range of banking services alongside around-the-clock online banking.
TriCo Bancshares (NASDAQ: TCBK) and Valley Republic Bancorp (OTCQX: VLLX) have entered into a definitive agreement for Valley to merge with TriCo in a stock transaction worth approximately $165.6 million, equivalent to $38.15 per share. This merger will create a community bank with over $9 billion in assets and make Tri Counties Bank the leading community bank in Bakersfield and Kern County. The merger is expected to be 5.5% accretive to TriCo’s earnings in 2022, with anticipated cost savings of 17% of Valley’s non-interest expenses.
TriCo Bancshares (NASDAQ: TCBK) reported a net income of $28.36 million for Q2 2021, down from $33.65 million in Q1 2021 but significantly up from $7.43 million in Q2 2020. Diluted earnings per share were $0.95, a decline from $1.13 in the previous quarter. Total assets grew to $8.17 billion, with total loans at $4.94 billion. Organic loan growth, excluding PPP, was $99.2 million or 8.6% annualized. The efficiency ratio rose to 53.19%. Non-interest income increased by 33.8% year-over-year. The allowance for credit losses decreased to 1.74% of total loans.
TriCo Bancshares (NASDAQ: TCBK) has declared a quarterly cash dividend of $0.25 per share on its common stock, scheduled for payment on June 25, 2021. This dividend is designated for shareholders on record as of June 11, 2021. Established in 1975, Tri Counties Bank offers a range of banking services through various branches in Northern and Central California, complemented by online and mobile banking options.
TriCo Bancshares (NASDAQ: TCBK) reported a net income of $33.65 million for Q1 2021, up 42.2% from $23.66 million in Q4 2020 and 108.7% from $16.12 million in Q1 2020. Diluted EPS rose to $1.13, marking a 43% increase year-over-year. Key highlights include organic loan growth of $68.19 million, a net interest margin of 3.74%, and an efficiency ratio of 50.42%, indicating improved cost management. Total assets surged to $8.03 billion, driven by deposit growth of 22% annually. The company's book value per share increased to $31.71, reflecting robust financial health during the ongoing economic recovery.
TriCo Bancshares (NASDAQ: TCBK) has declared a quarterly cash dividend of $0.25 per share, a 13.6% increase from the previous $0.22 dividend. This dividend is payable on March 26, 2021. Additionally, the Board approved a new share repurchase program authorizing the buyback of up to 2,000,000 shares, equating to 6.7% of outstanding shares. Given the closing stock price of $43.07 on February 26, 2021, this program represents approximately $86.1 million. The repurchase aims to offset employee compensation dilution and reduce share count when attractive opportunities arise.
TriCo Bancshares reported a strong financial performance for Q4 2020, with net income of $23.7 million, up 34.4% from the prior quarter. Diluted EPS increased to $0.79, showing growth from $0.59 in Q3 2020. Key metrics include a 1.24% return on average assets and a 10.37% return on average equity. Total loans were $4.76 billion, despite a decrease in the loan-to-deposit ratio to 73.21%. The bank's efficiency ratio improved to 55.11%, indicating better operational efficiency. Non-performing assets rose slightly to 0.39%, signaling potential concerns.
TriCo Bancshares (NASDAQ: TCBK) announced a quarterly cash dividend of $0.22 per share on November 19, 2020. This dividend will be payable on December 18, 2020 to shareholders recorded as of December 4, 2020. The company, founded in 1975, operates Tri Counties Bank, which offers a range of consumer and commercial banking services across Northern and Central California. The bank emphasizes customer service and provides online and mobile banking options.
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