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Sep 30, 2022
TriCo Q3 2022 Earnings Report
Net income and diluted earnings per share increased compared to the trailing quarter and the same quarter of the prior year.
Key Takeaways
TriCo Bancshares announced net income of $37,338,000 for the quarter ended September 30, 2022, and diluted earnings per share were $1.12. The company experienced organic loan growth and improved its efficiency ratio.
Net interest margin, excluding the benefit from acquired loan discount accretion and PPP loan yield, increased 0.41% to 3.98%.
Efficiency ratio improved to 49.6%, largely as a result of revenue growth.
Organic loan growth (excluding PPP) for the quarter was $216.7 million, or 14.2% annualized.
Quarterly pre-tax pre-provision net revenues grew to $55.3 million.
TriCo
TriCo
Forward Guidance
Management anticipates deposit Betas will be further pressured due to continued rate increases by the Federal Reserve. These rate increases could also decrease loan pipelines as borrowers reconsider the impact of higher rates on proposed projects.