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Sep 30, 2024
TriCo Q3 2024 Earnings Report
TriCo Bancshares reported Q3 2024 net income of $29.1 million, with diluted EPS of $0.88.
Key Takeaways
TriCo Bancshares reported a net income of $29.1 million and diluted EPS of $0.88 for the third quarter of 2024. The company's financial performance demonstrates the effectiveness of adhering to a long-term plan and consistent execution by its teams.
Net income was $29.1 million, with diluted EPS at $0.88, slightly improved from the previous quarter.
Deposit balances saw a slight decrease from the trailing quarter but increased from the same quarter last year.
Average yield on earning assets increased by 2 basis points compared to the trailing quarter.
Net interest margin (FTE) increased by 3 basis points over the trailing quarter.
TriCo
TriCo
Forward Guidance
While net interest margin and net interest income expanded during the quarter, the company continues to execute incremental balance sheet strategies to minimize the forecasted impacts of recent and anticipated interest rate cuts. The reshaping of the yield curve with less inversion will likely provide longer term benefits to revenue and earnings per share growth.