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Jun 30, 2022
TriCo Q2 2022 Earnings Report
Net income of $31.4 million, diluted earnings per share of $0.93, and annualized return on average assets of 1.24% were reported.
Key Takeaways
TriCo Bancshares announced net income of $31.4 million for the quarter ended June 30, 2022. Diluted earnings per share were $0.93 for the second quarter of 2022. The Company’s return on average assets was 1.24%, while the return on average equity was 11.53%.
Results for the quarter reflect the full operational impact of the March 25, 2022 merger with Valley Republic Bancorp.
Organic loan growth, excluding PPP, for the quarter of $300.3 million or 20.7% annualized and credit quality continued to show improvement, while organic deposit growth for the quarter was $42.3 million or 1.9% annualized
Net interest margin, excluding the benefit from acquired loan discount accretion and PPP loan yield, increased 0.28% to 3.57%
Quarterly pre-tax pre-provision net revenues grew to $45.2 million, inclusive of $2.2 million in merger expenses
TriCo
TriCo
Forward Guidance
The company is cautiously optimistic despite potential volatility for the financial services industry.