TriCo Bancshares Reports Net Income of $27.4 Million in Q3 2021

Strategic Insights -

TriCo Bancshares, the holding company of Tri Counties Bank, announced net income of $27.4 million for the quarter ended September 30, 2021. This represents a significant increase from the $17.6 million reported in the same period last year. The company's diluted earnings per share were $0.92, up from $0.59 in Q3 2020.

Key Takeaways:

  • TriCo Bancshares reported net income of $27.4 million in Q3 2021, a 55% increase from the same period last year.
  • The company's diluted earnings per share were $0.92, up from $0.59 in Q3 2020.
  • The increase in net income was driven by a 17% decrease in non-interest expenses and a 5.5% accretion in earnings per share due to the pending acquisition of Valley Republic Bancorp.
  • The company originated $264.8 million in SBA Paycheck Protection Program loans during the quarter, compared to $164.8 million in the same period last year.
  • TriCo Bancshares has $5.7 million in COVID-deferred loans outstanding as of September 30, 2021, which are expected to conclude by the end of 2022.
  • The company's average loan balances increased by 14.6% in Q3 2021 compared to the same period last year.
  • TriCo Bancshares' efficiency ratio improved to 61.4% in Q3 2021, compared to 64.1% in Q3 2020.

Statistics:

  • Net income: $27.4 million (Q3 2021), $17.6 million (Q3 2020)
  • Diluted earnings per share: $0.92 (Q3 2021), $0.59 (Q3 2020)
  • Non-interest expenses: $12.5 million (Q3 2021), $15.1 million (Q3 2020)
  • Efficiency ratio: 61.4% (Q3 2021), 64.1% (Q3 2020)
  • SBA Paycheck Protection Program loans originated: $264.8 million (Q3 2021), $164.8 million (Q3 2020)
  • COVID-deferred loans outstanding: $5.7 million (September 30, 2021)
  • Average loan balances: $2.6 billion (Q3 2021), $2.3 billion (Q3 2020)

Sources:

  • TriCo Bancshares Form 10-Q for the quarter ended September 30, 2021
  • TriCo Bancshares Form 8-K filed with the SEC on July 27, 2021
  • TriCo Bancshares Form S-4 and Form S-4/A filed with the SEC on October 20, 2021 and October 27, 2021, respectively