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Jun 30, 2023
TriCo Q2 2023 Earnings Report
Announced second quarter 2023 results, with net income of $24.9 million and diluted earnings per share of $0.75.
Key Takeaways
TriCo Bancshares reported a net income of $24.9 million for the quarter ended June 30, 2023, compared to $31.4 million for the same quarter last year. Diluted earnings per share were $0.75 for the second quarter of 2023, compared to $0.93 during the second quarter of 2022.
Net income was $24.9 million, compared to $31.4 million in the same quarter of the prior year.
Loan balances increased by $98.3 million, or 6.1% (annualized) versus the prior quarter, and deposit balances increased by $69.5 million, or 3.5% (annualized) versus the prior quarter.
Average yield on earning assets was 4.78%, an increase of 14 basis points over the trailing quarter.
Net interest margin was 3.96%, a change of 25 basis points from the trailing quarter.
TriCo
TriCo
Forward Guidance
Margin preservation and expense control will be focused priorities in the second half of 2023.