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Dec 31, 2023
TriCo Q4 2023 Earnings Report
Net income decreased due to FOMC rate hikes and overall higher interest rates.
Key Takeaways
TriCo Bancshares reported a net income of $26.1 million for Q4 2023, a decrease compared to the previous quarter and the same quarter of the prior year. The company faced challenges from margin compression and increased non-interest expenses due to cyber costs and regulatory responses.
Net income was $26.1 million, down from $30.6 million in the previous quarter and $36.3 million in the same quarter of the prior year.
Pre-tax pre-provision net revenue was $42.4 million, compared to $46.2 million in the trailing quarter and $55.3 million in the same quarter of the prior year.
Loan balances increased by $85.8 million, while deposit balances declined by $175.6 million from the trailing quarter.
Net interest margin was 3.81%, a decrease of 7 basis points from the trailing quarter.
TriCo
TriCo
Forward Guidance
The company is confident that maintaining a strong balance sheet and executing long-term strategies will drive organic and acquisitive revenue growth in 2024.