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Sep 30, 2023
TriCo Q3 2023 Earnings Report
TriCo Bancshares' operating results improved, driven by margin and non-interest expenses, and exceeded market expectations.
Key Takeaways
TriCo Bancshares reported a net income of $30.6 million for Q3 2023, an increase from $24.9 million in the previous quarter but a decrease compared to $37.3 million in the same quarter last year. Diluted earnings per share were $0.92, up from $0.75 in the previous quarter but down from $1.12 in Q3 2022.
Net income reached $30.6 million, up from the trailing quarter but down from the prior year's quarter.
Return on average assets was 1.23%, an improvement from the trailing quarter but lower than the prior year's quarter.
Loan balances increased by $187.9 million, while deposit balances decreased by $85.7 million from the trailing quarter.
Overall credit quality remained strong with non-performing assets representing 0.33% of total assets.
TriCo
TriCo
Forward Guidance
The company did not provide forward guidance in the earnings report.