TriCo Bancshares reports Q2 EPS 87c, consensus 79c

Net interest margin was 3.68% in the recent quarter, unchanged from the trailing quarter. “Our results for the second quarter continued to demonstrate TriCo’s stability and ability to operate effectively under various and changing economic environments. Our focus on core deposit growth and relationship banking continues to provide positive traction for our Bank,” said Rick Smith, President and CEO. Smith further commented; “Our loan portfolio risk trends remain strong as the credit cycle continues to normalize as compared to the past several years. Borrowers continue to be responsive and supportive of our proactive efforts to manage credit risk.” Peter Wiese, EVP and CFO added, “Our net interest margin was unchanged from the trailing quarter, a positive indicator that net interest income is poised to gain momentum in the second half of 2024. Our balance sheet strategies around deposit growth and borrowing reductions continue to be successful, and despite the modest increase in non-interest expenses during the second quarter, our full year outlook remains unchanged. In addition, our use of capital, including a cash dividend and share repurchase activities, illustrate our commitment to building shareholder value and our forward-looking confidence in the company.”