TriCo Bancshares reported its financial results for the third quarter and nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period. The company recorded net income of $29.1 million for Q3 2024, a decrease from $30.6 million in Q3 2023. For the nine months ended September 30, 2024, net income totaled $85.8 million, down from $91.3 million in the same period last year. Basic earnings per share for Q3 2024 were $0.88, compared to $0.92 in Q3 2023.
Total revenue, driven by interest and dividend income, increased to $117.3 million in Q3 2024 from $112.4 million in Q3 2023. However, net interest income fell to $82.6 million from $88.1 million year-over-year, attributed to rising interest expenses, which surged to $34.7 million from $24.3 million. The net interest margin for Q3 2024 was 3.71%, a decline from 3.88% in Q3 2023.
The company’s total loans decreased to $6.6 billion as of September 30, 2024, from $6.7 billion at the end of 2023. Notably, commercial real estate loans increased to $4.5 billion, representing 67.1% of total loans, while consumer loans slightly declined. The allowance for credit losses rose to $123.8 million, reflecting a proactive approach to managing credit risk amid economic uncertainties.
Total deposits increased to $8.0 billion, up from $7.8 billion at the end of 2023, with a notable rise in time deposits. The company’s cash and cash equivalents also saw a significant increase, reaching $320.1 million compared to $98.7 million at the end of 2023. This liquidity boost was complemented by a reduction in other borrowings, which decreased to $266.8 million from $632.6 million.
TriCo Bancshares also reported a comprehensive income of $73.6 million for Q3 2024, a significant improvement from a loss of $13.5 million in Q3 2023. The company’s total shareholders’ equity increased to $1.24 billion, up from $1.16 billion at the end of 2023, driven by retained earnings and a decrease in accumulated other comprehensive losses.
In terms of strategic developments, the company completed an exchange offering with Visa, resulting in a gain of $2.9 million. Additionally, TriCo Bancshares repurchased 344,324 shares of common stock for a total market value of $12.5 million during the nine months ended September 30, 2024. The company continues to maintain strong capital ratios, exceeding regulatory requirements under the Basel III Capital Rules.
About TRICO BANCSHARES /
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