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Jun 30, 2021
TriCo Q2 2021 Earnings Report
TriCo Bancshares announced net income of $28,362,000 and diluted earnings per share of $0.95 for the quarter ended June 30, 2021.
Key Takeaways
TriCo Bancshares reported a strong quarter with net income of $28,362,000 and diluted earnings per share of $0.95. The company saw organic loan growth, excluding PPP, and an increase in noninterest income related to service charges and fees.
Net income was $28,362,000, compared to $7,430,000 in the same quarter last year.
Diluted earnings per share were $0.95, up from $0.25 in the second quarter of 2020.
Organic loan growth, excluding PPP, totaled $99.2 million, or 8.6% annualized.
Noninterest income related to service charges and fees increased by 33.8% compared to the same period in 2020.
Forward Guidance
The company will focus on high quality earning asset growth and improving operational efficiency as it scales towards $10 billion in total assets. New loan production offices will open in late Q3.
Positive Outlook
- Continued focus on high quality earning asset growth.
- Maintaining or improving operational efficiency.
- Scaling towards $10 billion in total assets.
- Optimistic regarding expected loan production and growth in the latter half of the year.
- New loan production offices opening in late Q3.
Challenges Ahead
- Low rate environment necessitates focus on earning asset growth.
- High liquidity environment requires focus on earning asset growth.
- Maintaining efficiency of operations will be critical to long-term success.
- Economic impacts of COVID-19 remain uncertain.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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