Loading...
•
Dec 31, 2021
TriCo Q4 2021 Earnings Report
TriCo Bancshares reported strong Q4 2021 results with increased net income and diluted earnings per share compared to the previous quarter and the same quarter last year.
Key Takeaways
TriCo Bancshares announced a net income of $28.2 million for Q4 2021, up from $27.4 million in the previous quarter and $23.7 million in Q4 2020. Diluted earnings per share rose to $0.94, compared to $0.92 in the prior quarter and $0.79 in the same quarter of the previous year. Loan growth, excluding PPP, was $119.4 million, representing an annualized growth of 10.1%.
Net income for Q4 2021 was $28.2 million, an increase from both the previous quarter and the same quarter last year.
Diluted earnings per share reached $0.94 in Q4 2021, up from $0.92 in the previous quarter and $0.79 year-over-year.
Loan growth, excluding PPP loans, totaled $119.4 million, or 10.1% annualized for the quarter.
The company's return on average assets was 1.31%, and return on average equity was 11.20% for the quarter.
TriCo
TriCo
Forward Guidance
The company expects to close its acquisition of Valley Republic Bank in the first quarter of 2022 and anticipates continued loan growth.
Positive Outlook
- Anticipated closing of Valley Republic Bank acquisition in Q1 2022.
- Strong loan pipelines being built by the Valley Team.
- Continued strong loan growth from the Valley Team.
- Southern California commercial banking centers are exceeding internal forecasts.