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Mar 31, 2022
TriCo Q1 2022 Earnings Report
TriCo Bancshares' financial performance declined due to lower net interest income and increased provision for credit losses, but was bolstered by the completion of the Valley Republic Bancorp merger.
Key Takeaways
TriCo Bancshares reported a net income of $20.37 million for Q1 2022, a decrease compared to both the previous quarter ($28.22 million) and the same quarter of the prior year ($33.65 million). Diluted earnings per share also decreased to $0.67. The company completed its merger with Valley Republic Bancorp and experienced organic loan growth, excluding PPP, of $187.9 million.
Net income decreased to $20.37 million, compared to $28.22 million in the previous quarter and $33.65 million in the same quarter last year.
Diluted earnings per share were $0.67, down from $0.94 in the previous quarter and $1.13 in the first quarter of 2021.
Completed the merger and system conversion of Valley Republic Bancorp effective March 25, 2022.
Organic loan growth, excluding PPP, for the quarter was $187.9 million, or 15.5% annualized.
TriCo
TriCo
Forward Guidance
The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company.