TCBK 8-K
Trico Bancshares / (TCBK)
8-K
2026-04-23
For: 2026-04-23
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Added on
April 23, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
____________________
FORM 8-K
_________________________________________
Current report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
_______________________
(Exact name of registrant as specified in its charter)
_______________________
| (State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: (530 ) 898-0300
_____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On April 23, 2026, TriCo Bancshares (the "Company") announced its unaudited financial results as of and for the three months ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 to this to this Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure
The executive officers of the Company intend to use the materials filed herewith, in whole or in part, in one or more presentations, discussions or meetings with investors. A copy of the investor presentation is attached hereto as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Press release dated April 23, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
The information furnished under Item 2.02, Item 7.01, and Item 9.01 of this Current Period on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of TriCo Bancshares under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| TRICO BANCSHARES | |||||
Date: April 23, 2026 | /s/ Peter G. Wiese | ||||
| Peter G. Wiese, Executive Vice President and Chief Financial Officer | |||||
| (Principal Financial and Accounting Officer) | |||||
Exhibit 99.1
For Immediate Release | April 23, 2026 | Chico, California | ||
 | ||
TriCo Bancshares reports first quarter 2026 net income of $33.7 million, diluted EPS of $1.04 | ||
1Q2026 Financial Highlights | ||
•Net income was $33.7 million or $1.04 per diluted share as compared to $33.6 million or $1.03 per diluted share in the trailing quarter, and an increase of $7.3 million or 27.8% from the first quarter of 2025
•Net interest income (FTE) was $91.5 million, a decrease of $1.0 million or 1.1% over the trailing quarter; net interest margin (FTE) was 4.07%, an increase of 5 basis points over 4.02% in the trailing quarter
•Loan balances decreased $42.9 million or 2.4% (annualized) from the trailing quarter and increased $247.4 million or 3.6% from the same quarter of the prior year
•Deposit balances increased $139.7 million or 6.8% (annualized) from the trailing quarter and increased $198.3 million or 2.4% from the same quarter of the prior year
•Average non-interest bearing deposits grew by 1.5% year over year and were 30.6% of total deposits at quarter end
•Yield on average earning assets was 5.26%, an increase of 3 basis points over the 5.23% in the trailing quarter; yield on average loans was 5.78%, an increase of 1 basis point over the 5.77% in the trailing quarter
•The average cost of total deposits was 1.26%, a decrease of 3 basis points as compared to 1.29% in the trailing quarter, and a decrease of 17 basis points from 1.43% in the same quarter of the prior year
Executive Commentary: “Our results for the first quarter of 2026 continue to demonstrate TriCo's stability and ability to operate effectively under various and changing economic environments. Deposit growth was strong and new loan originations were generally consistent with expectations while we continue to focus on managing credit quality within the loan portfolio. In addition, the deployment of capital through share repurchase activities will continue to benefit our financial results” said Rick Smith, Chairman and CEO. Peter Wiese, EVP and CFO added, “Continued expense discipline benefited quarterly results. While total revenue contracted slightly due to the shorter day count in the first quarter as compared to the trailing quarter, both our net interest margin and efficiency ratio incrementally improved. Consistent with previous guidance, we anticipate that future revenue growth will outpace expense growth, leading to positive operating leverage and PPNR expansion.” | ||
| Selected Financial Highlights | |||||
•For the quarter ended March 31, 2026, the Company’s return on average assets was 1.38%, while the return on average equity was 10.08%; for the trailing quarter ended December 31, 2025, the Company’s return on average assets was 1.34%, while the return on average equity was 10.02%
•Diluted earnings per share were $1.04 for the first quarter of 2026, compared to $1.03 for the trailing quarter and $0.80 during the first quarter of 2025
•Shares of common stock outstanding decreased by 424,384 during the quarter as 447,211 shares were repurchased at an average price of $48.30 per share.
•The loan to deposit ratio was 84.11% as of March 31, 2026, as compared to 86.05% for the trailing quarter end.
•The efficiency ratio was 54.55% for the quarter ended March 31, 2026, as compared to 54.68% for the trailing quarter
•The provision for credit losses was $3.3 million during the quarter ended March 31, 2026, as compared to $3.0 million during the trailing quarter
•The allowance for credit losses (ACL) to total loans was 1.81% as of March 31, 2026, compared to 1.77% as of the trailing quarter end, and 1.88% as of March 31, 2025. Non-performing assets to total assets were 0.77% on March 31, 2026, as compared to 0.72% as of December 31, 2025, and 0.59% on March 31, 2025.
The financial results reported in this document are preliminary and unaudited. Final financial results and other disclosures will be reported on Form 10-Q for the period ended March 31, 2026, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.
1
| Operating Results and Performance Ratios | ||||||||||||||
| Three months ended | |||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||||||||||||||
| (dollars and shares in thousands, except per share data) | $ Change | % Change | |||||||||||||||||||||
| Net interest income | $ | 91,226 | $ | 92,227 | $ | (1,001) | (1.1) | % | |||||||||||||||
| Provision for credit losses | (3,325) | (3,000) | (325) | 10.8 | % | ||||||||||||||||||
| Noninterest income | 17,032 | 17,168 | (136) | (0.8) | % | ||||||||||||||||||
| Noninterest expense | (59,052) | (59,819) | 767 | (1.3) | % | ||||||||||||||||||
| Provision for income taxes | (12,196) | (12,942) | 746 | (5.8) | % | ||||||||||||||||||
| Net income | $ | 33,685 | $ | 33,634 | $ | 51 | 0.2 | % | |||||||||||||||
| Diluted earnings per share | $ | 1.04 | $ | 1.03 | $ | 0.01 | 1.0 | % | |||||||||||||||
| Dividends per share | $ | 0.36 | $ | 0.36 | $ | — | — | % | |||||||||||||||
| Average common shares | 32,195 | 32,445 | (250) | (0.8) | % | ||||||||||||||||||
| Average diluted common shares | 32,391 | 32,631 | (240) | (0.7) | % | ||||||||||||||||||
| Return on average total assets | 1.38 | % | 1.34 | % | |||||||||||||||||||
| Return on average equity | 10.08 | % | 10.02 | % | |||||||||||||||||||
| Efficiency ratio | 54.55 | % | 54.68 | % | |||||||||||||||||||
| Three months ended March 31, | |||||||||||||||||||||||
| (dollars and shares in thousands, except per share data) | 2026 | 2025 | $ Change | % Change | |||||||||||||||||||
| Net interest income | $ | 91,226 | $ | 82,542 | $ | 8,684 | 10.5 | % | |||||||||||||||
| Provision for credit losses | (3,325) | (3,728) | 403 | (10.8) | % | ||||||||||||||||||
| Noninterest income | 17,032 | 16,073 | 959 | 6.0 | % | ||||||||||||||||||
| Noninterest expense | (59,052) | (59,585) | 533 | (0.9) | % | ||||||||||||||||||
| Provision for income taxes | (12,196) | (8,939) | (3,257) | 36.4 | % | ||||||||||||||||||
| Net income | $ | 33,685 | $ | 26,363 | $ | 7,322 | 27.8 | % | |||||||||||||||
| Diluted earnings per share | $ | 1.04 | $ | 0.80 | $ | 0.24 | 30.0 | % | |||||||||||||||
| Dividends per share | $ | 0.36 | $ | 0.33 | $ | 0.03 | 9.1 | % | |||||||||||||||
| Average common shares | 32,195 | 32,953 | (758) | (2.3) | % | ||||||||||||||||||
| Average diluted common shares | 32,391 | 33,129 | (738) | (2.2) | % | ||||||||||||||||||
| Return on average total assets | 1.38 | % | 1.09 | % | |||||||||||||||||||
| Return on average equity | 10.08 | % | 8.54 | % | |||||||||||||||||||
| Efficiency ratio | 54.55 | % | 60.42 | % | |||||||||||||||||||
| | ||
| Balance Sheet Data | ||||||||||||||
Total loans outstanding were $7.1 billion as of March 31, 2026, an increase of $247.4 million or 3.6% over March 31, 2025, and a decrease of $42.9 million or 2.4% annualized as compared to the trailing quarter ended December 31, 2025. Investments increased by $28.7 million and decreased $108.0 million for the three- and twelve-month periods ended March 31, 2026, respectively, and ended the quarter with a balance of $1.87 billion or 18.8% of total assets. Quarterly average earning assets to quarterly total average assets was 91.9% on March 31, 2026, compared to 91.8% on March 31, 2025. The loan-to-deposit ratio was 84.1% on March 31, 2026, as compared to 83.1% on March 31, 2025. The Company did not utilize brokered deposits during 2026 or 2025 and continues to rely on organic deposit customers to fund cash flow timing differences.
Total shareholders' equity decreased by $4.0 million during the quarter ended March 31, 2026, as net income of $33.7 million was offset by a $4.6 million increase in accumulated other comprehensive losses, $11.5 million in cash dividends on common stock and $21.6 million in share repurchase activity. As a result, the Company’s book value increased to $41.49 per share at March 31, 2026, compared to $41.07 at December 31, 2025. The Company’s tangible book value per share, a non-GAAP measure, calculated by subtracting goodwill and other intangible assets from total shareholders’ equity and dividing that sum by total shares outstanding, was $31.82 per share at March 31, 2026, as compared to $31.52 at December 31, 2025.
2
| Trailing Quarter Balance Sheet Change | |||||||||||||||||||||||
| Ending balances | March 31, 2026 | December 31, 2025 | Annualized % Change | ||||||||||||||||||||
| (dollars in thousands) | $ Change | ||||||||||||||||||||||
| Total assets | $ | 9,948,211 | $ | 9,822,063 | $ | 126,148 | 5.1 | % | |||||||||||||||
| Total loans | 7,068,198 | 7,111,087 | (42,889) | (2.4) | |||||||||||||||||||
| Total investments | 1,871,138 | 1,842,417 | 28,721 | 6.2 | |||||||||||||||||||
| Total deposits | 8,403,588 | 8,263,901 | 139,687 | 6.8 | |||||||||||||||||||
| Total other borrowings | 11,455 | 11,713 | (258) | (8.8) | |||||||||||||||||||
Loans outstanding decreased by $42.9 million or 2.4% on an annualized basis during the quarter ended March 31, 2026. During the quarter, gross loan originations/draws totaled approximately $388.7 million while gross payoffs/repayments of loans totaled $442.2 million, which compares to gross originations/draws and gross payoffs/repayments during the trailing quarter ended of $502.8 million and $418.1 million, respectively. Origination volume contracted from the trailing quarter but expanded by comparison with the same quarter of prior years. However, the level of payoff and paydown was elevated during the quarter by comparison to both the trailing and prior year quarters. Domestically, the macro-economic outlook remains optimistic for borrowers following the passage of tax and spending legislation that is expected to promote continued economic expansion through the remainder of 2026. The activity within loan payoffs/repayments remains generally consistent with recent quarters and spread amongst numerous borrowers, regions and loan types.
Investment security balances increased $28.7 million or 6.2% on an annualized basis during the quarter as a result of purchases of $90.7 million, partially offset by net prepayments/maturities of $55.2 million and net decreases in the market value of securities of $6.6 million. Investment security purchases were comprised of fixed rate agency mortgage-backed securities. While management intends to primarily utilize cash flows from the investment security portfolio and organic deposit growth to support loan growth, excess liquidity will be utilized for purchases of investment securities to support net interest income growth and net interest margin expansion.
Deposit balances increased by $139.7 million or 6.8% annualized during the period. There were no deposits sold as of March 31, 2026, compared to $72.9 million as of the trailing quarter end.
| Average Trailing Quarter Balance Sheet Change | |||||||||||||||||||||||
| Quarterly average balances for the period ended | March 31, 2026 | December 31, 2025 | Annualized % Change | ||||||||||||||||||||
| (dollars in thousands) | $ Change | ||||||||||||||||||||||
| Total assets | $ | 9,912,485 | $ | 9,929,582 | $ | (17,097) | (0.7) | % | |||||||||||||||
| Total loans | 7,041,552 | 7,023,749 | 17,803 | 1.0 | |||||||||||||||||||
| Total investments | 1,855,250 | 1,840,956 | 14,294 | 3.1 | |||||||||||||||||||
| Total deposits | 8,334,291 | 8,376,361 | (42,070) | (2.0) | |||||||||||||||||||
| Total other borrowings | 10,742 | 13,705 | (2,963) | (86.5) | |||||||||||||||||||
| Year Over Year Balance Sheet Change | |||||||||||||||||||||||
| Ending balances | As of March 31, | % Change | |||||||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | $ Change | ||||||||||||||||||||
| Total assets | $ | 9,948,211 | $ | 9,819,599 | $ | 128,612 | 1.3 | % | |||||||||||||||
| Total loans | 7,068,198 | 6,820,774 | 247,424 | 3.6 | |||||||||||||||||||
| Total investments | 1,871,138 | 1,979,116 | (107,978) | (5.5) | |||||||||||||||||||
| Total deposits | 8,403,588 | 8,205,332 | 198,256 | 2.4 | |||||||||||||||||||
| Total other borrowings | 11,455 | 91,706 | (80,251) | (87.5) | |||||||||||||||||||
Net Interest Income and Net Interest Margin | ||||||||||||||
The Company's yield on loans for the fourth quarter was 5.78%, an increase of 1 basis point from 5.77% as of the trailing quarter end and an increase of 7 basis point as compared to 5.71% for the quarter ended March 31, 2025. The tax equivalent yield on the Company's investment security portfolio was 3.45% for the quarter ended March 31, 2026, an increase of 10 basis points from the trailing quarter end of 3.35% and an increase of 6 basis points from the 3.39% earned during the three months ended March 31, 2025. As compared to the trailing quarter, costs on interest-bearing deposits as well as the costs on interest-bearing liabilities both decreased by 5 basis points. The cost of total interest-bearing deposits decreased by 24 basis points, while the costs of total interest-bearing liabilities decreased by 33 basis points, respectively, between the three-month periods ended March 31, 2026 and 2025, respectively.
The FOMC left short-term interest rates unchanged during the current quarter, following 50 basis points in cumulative reduction during the trailing fourth quarter. The fully tax-equivalent net interest income and net interest margin was $91.5 million and 4.07%, respectively, for the quarter ended March 31, 2026, and was $92.5 million and 4.02%, respectively, for the trailing quarter ended December 31, 2025. More specifically, the net interest rate spread improved by 8 basis points to 3.41% for the quarter ended March 31, 2026, as compared to the trailing quarter, while the net interest margin improved by 5 basis points to 4.07% over the same period.
3
The Company continues to manage its cost of deposits through the use of various pricing and product mix strategies. As of March 31, 2026, December 31, 2025, and March 31, 2025, deposits priced utilizing these customized strategies totaled $1.0 billion, $898.9 million, and $927.6 million and carried weighted average rates of 3.06%, 3.05% and 3.43%, respectively.
| Three months ended | |||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||||||||||||||
| (dollars in thousands) | Change | % Change | |||||||||||||||||||||
| Interest income | $ | 117,827 | $ | 120,147 | $ | (2,320) | (1.9) | % | |||||||||||||||
| Interest expense | (26,601) | (27,920) | 1,319 | (4.7) | % | ||||||||||||||||||
Fully tax-equivalent adjustment (FTE) (1) | 260 | 260 | — | — | % | ||||||||||||||||||
| Net interest income (FTE) | $ | 91,486 | $ | 92,487 | $ | (1,001) | (1.1) | % | |||||||||||||||
| Net interest margin (FTE) | 4.07 | % | 4.02 | % | |||||||||||||||||||
| Acquired loans discount accretion, net: | |||||||||||||||||||||||
| Amount (included in interest income) | $ | 1,386 | $ | 915 | $ | 471 | 51.5 | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion(1) | 4.01 | % | 3.98 | % | 0.03 | % | |||||||||||||||||
| Three months ended March 31, | |||||||||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | Change | % Change | |||||||||||||||||||
| Interest income | $ | 117,827 | $ | 114,077 | $ | 3,750 | 3.3 | % | |||||||||||||||
| Interest expense | (26,601) | (31,535) | 4,934 | (15.6) | % | ||||||||||||||||||
Fully tax-equivalent adjustment (FTE) (1) | 260 | 265 | (5) | (1.9) | % | ||||||||||||||||||
| Net interest income (FTE) | $ | 91,486 | $ | 82,807 | $ | 8,679 | 10.5 | % | |||||||||||||||
| Net interest margin (FTE) | 4.07 | % | 3.73 | % | |||||||||||||||||||
| Acquired loans discount accretion, net: | |||||||||||||||||||||||
| Amount (included in interest income) | $ | 1,386 | $ | 1,995 | $ | (609) | (30.5) | % | |||||||||||||||
Net interest margin less effect of acquired loan discount accretion(1) | 4.01 | % | 3.64 | % | 0.37 | % | |||||||||||||||||
| | ||
4
Analysis Of Change in Net Interest Margin on Earning Assets | ||
| Three months ended | Three months ended | Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans | $ | 7,041,552 | $ | 100,349 | 5.78 | % | $ | 7,023,749 | $ | 102,231 | 5.77 | % | $ | 6,776,188 | $ | 95,378 | 5.71 | % | |||||||||||||||||||||||||||||||||||
| Investments-taxable | 1,724,884 | 14,662 | 3.45 | % | 1,710,394 | 14,404 | 3.34 | % | 1,891,280 | 15,752 | 3.38 | % | |||||||||||||||||||||||||||||||||||||||||
Investments-nontaxable (1) | 130,366 | 1,126 | 3.50 | % | 130,562 | 1,126 | 3.42 | % | 133,388 | 1,149 | 3.49 | % | |||||||||||||||||||||||||||||||||||||||||
| Total investments | 1,855,250 | 15,788 | 3.45 | % | 1,840,956 | 15,530 | 3.35 | % | 2,024,668 | 16,901 | 3.39 | % | |||||||||||||||||||||||||||||||||||||||||
| Cash at Fed Reserve and other banks | 213,361 | 1,950 | 3.71 | % | 262,724 | 2,646 | 4.00 | % | 206,591 | 2,063 | 4.05 | % | |||||||||||||||||||||||||||||||||||||||||
| Total earning assets | 9,110,163 | 118,087 | 5.26 | % | 9,127,429 | 120,407 | 5.23 | % | 9,007,447 | 114,342 | 5.15 | % | |||||||||||||||||||||||||||||||||||||||||
| Other assets, net | 802,322 | 802,153 | 800,769 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 9,912,485 | $ | 9,929,582 | $ | 9,808,216 | |||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 1,851,122 | $ | 6,384 | 1.40 | % | $ | 1,831,148 | $ | 6,266 | 1.36 | % | $ | 1,830,315 | $ | 6,221 | 1.38 | % | |||||||||||||||||||||||||||||||||||
| Savings deposits | 2,803,853 | 10,366 | 1.50 | % | 2,848,212 | 11,651 | 1.62 | % | 2,730,262 | 12,198 | 1.81 | % | |||||||||||||||||||||||||||||||||||||||||
| Time deposits | 1,127,816 | 9,173 | 3.30 | % | 1,097,570 | 9,284 | 3.36 | % | 1,120,843 | 10,446 | 3.78 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 5,782,791 | 25,923 | 1.82 | % | 5,776,930 | 27,201 | 1.87 | % | 5,681,420 | 28,865 | 2.06 | % | |||||||||||||||||||||||||||||||||||||||||
| Other borrowings | 10,742 | 1 | 0.04 | % | 13,705 | 1 | 0.03 | % | 89,465 | 969 | 4.39 | % | |||||||||||||||||||||||||||||||||||||||||
| Junior subordinated debt | 41,238 | 677 | 6.66 | % | 41,238 | 718 | 6.91 | % | 101,201 | 1,701 | 6.82 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 5,834,771 | 26,601 | 1.85 | % | 5,831,873 | 27,920 | 1.90 | % | 5,872,086 | 31,535 | 2.18 | % | |||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing deposits | 2,551,500 | 2,599,431 | 2,514,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 170,938 | 165,974 | 169,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders’ equity | 1,355,276 | 1,332,304 | 1,251,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 9,912,485 | $ | 9,929,582 | $ | 9,808,216 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest rate spread (1) (2) | 3.41 | % | 3.33 | % | 2.97 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and margin (1) (3) | $ | 91,486 | 4.07 | % | $ | 92,487 | 4.02 | % | $ | 82,807 | 3.73 | % | |||||||||||||||||||||||||||||||||||||||||
(1)Fully taxable equivalent (FTE). All yields and rates are calculated using specific day counts for the period and year as applicable.
(2)Net interest spread is the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.
(3)Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets.
Net interest income (FTE) during the three months ended March 31, 2026, decreased $1.0 million or 1.1% to $91.5 million compared to $92.5 million during the three months ended December 31, 2025. Net interest margin totaled 4.07% for the three months ended March 31, 2026, an increase of 5 basis points from the trailing quarter. The decrease in net interest income is primarily attributed to a $2.3 million reduction in interest income on earnings assets, led by $1.9 million decline in lending income. Conversely, interest expense was benefitted by reductions in deposits costs of $1.3 million as compared to the trailing quarter. Changes in both interest income and interest expense were primarily impacted by the difference in day count between the current and trailing quarter. The average balance of noninterest-bearing deposits decreased by $47.9 million from the three-month average for the period ended December 31, 2025.
As compared to the same quarter in the prior year, average loan yields increased 7 basis points from 5.71% during the three months ended March 31, 2025, to 5.78% during the three months ended March 31, 2026. The accretion of discounts from acquired loans added 8 basis points to loan yields during the quarter ended March 31, 2026, as compared to adding 12 basis points for the quarter ended March 31, 2025. The cost of interest-bearing deposits decreased by 24 basis points between the quarter ended March 31, 2026, and the same quarter of the prior year. The average balance of noninterest-bearing deposits increased by $37.1 million from the three-month average for the period ended March 31, 2025.
For the quarter ended March 31, 2026, the ratio of average total noninterest-bearing deposits to total average deposits was 30.6%, as compared to 31.0% and 30.7% for the quarters ended December 31, 2025 and March 31, 2025, respectively.
| | ||
5
Interest Rates and Earning Asset Composition | ||
As of March 31, 2026, the Company's loan portfolio consisted of approximately $7.1 billion in outstanding principal with a weighted average coupon rate of 5.57%. During the three-month periods ending March 31, 2026, December 31, 2025, and March 31, 2025, the weighted average coupon on loan production in the quarter was 6.33%, 6.32% and 6.88%, respectively. Included in the March 31, 2026 total loans balance are adjustable rate loans totaling $4.7 billion, of which $967.9 million are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $274.8 million which are subject to repricing on not less than a quarterly basis.
Asset Quality and Credit Loss Provisioning | ||
During the three months ended March 31, 2026, the Company recorded a provision for credit losses of $3.3 million, as compared to $3.0 million during the trailing quarter, and $3.7 million during the first quarter of 2025.
| Three months ended | |||||||||||||||||
| (dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||
| Addition to allowance for credit losses on loans and leases | $ | 2,970 | $ | 2,400 | $ | 2,663 | |||||||||||
Addition to reserve for unfunded loan commitments | 355 | 600 | 1,065 | ||||||||||||||
| Total provision for credit losses | $ | 3,325 | $ | 3,000 | $ | 3,728 | |||||||||||
| Three months ended | |||||||||||||||||
| (dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||
| Balance, beginning of period | $ | 125,762 | $ | 124,571 | $ | 125,366 | |||||||||||
| Provision for credit losses on loans and leases | 2,970 | 2,400 | 2,663 | ||||||||||||||
| Loans charged-off | (912) | (1,345) | (374) | ||||||||||||||
| Recoveries of previously charged-off loans | 119 | 136 | 768 | ||||||||||||||
| Balance, end of period | $ | 127,939 | $ | 125,762 | $ | 128,423 | |||||||||||
The allowance for credit losses (ACL) was $127.9 million or 1.81% of total loans as of March 31, 2026. The provision for credit losses on loans of $3.0 million recorded allocated approximately $2.3 million toward individually evaluated loans and $0.7 million to replenish quarterly net charge-offs.
The $2.3 million in reserves assigned to individually evaluated loans was concentrated within the commercial real estate portfolio on credits that were noted as having declining cash flows based on recent financial data, but loan payments on these credits continue to be made in accordance with contractual terms and remain current as of quarter end. The Company continues to work closely with these largely cooperative borrowers and is closely monitoring for any further changes in financial conditions. Management believes the provisioning for these individually analyzed relationships is sufficient relative to expected future losses, if any.
The net charge-offs incurred during the quarter were spread amongst numerous borrowers and loan types.
The net change in reserves on collective loan pools was minimal as of the quarter ended March 31, 2026. On a gross basis, the Company did benefit from declining required general reserves for consumer loans, which was offset by increases in required general reserves for commercial real estate lending. Additionally, Management notes that economic indicators through the end of the current quarter, as well as actual and forecasted trends including, but not limited to, unemployment, gross domestic product, and corporate borrowing rates continued to evidence stability and were supportive of general economic expansion, and generally consistent with the trailing period ended December 31, 2025, which is aligned with the Company's direct experiences with borrowers. Management's proactive portfolio management policies and ongoing dialogue with borrowers suggests caution continues to be warranted. Actions by the Federal Reserve to further cut rates during 2026 or stimulative policies by the Federal government may help further improve this outlook overall, but the uncertainty associated with the extent and timing of these potential reductions has inhibited a material change to monetary policy assumptions. Furthermore, political policy risks both domestic and international remain unresolved, which could quickly lead to further negative effects on domestic economic outcomes. The uncertainties related to the extent and duration of escalation within the Middle East, and potential domestic economic impact from volatility in oil prices and the impact on inflation risks, continue to present challenges in correlating potential improvement of credit risks within the Company's loan portfolio. Therefore, management continues to believe that certain credit weaknesses are present in the overall economy and that it is appropriate to maintain a reserve level that incorporates such risk factors.
6
| (dollars in thousands) | As of March 31, 2026 | % of Loans Outstanding | As of December 31, 2025 | % of Loans Outstanding | As of March 31, 2025 | % of Loans Outstanding | |||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||
| Pass | $ | 6,813,091 | 96.4 | % | $ | 6,874,545 | 96.7 | % | $ | 6,582,345 | 96.5 | % | |||||||||||||||||||||||
| Special Mention | 113,778 | 1.6 | % | 109,768 | 1.5 | % | 106,243 | 1.6 | % | ||||||||||||||||||||||||||
| Substandard | 141,329 | 2.0 | % | 126,774 | 1.8 | % | 132,186 | 1.9 | % | ||||||||||||||||||||||||||
| Total | $ | 7,068,198 | 100.0 | % | $ | 7,111,087 | 100.0 | % | $ | 6,820,774 | 100.0 | % | |||||||||||||||||||||||
| Classified loans to total loans | 2.00 | % | 1.78 | % | 1.94 | % | |||||||||||||||||||||||||||||
| Loans past due 30+ days to total loans | 0.69 | % | 0.53 | % | 0.66 | % | |||||||||||||||||||||||||||||
| ACL to non-performing loans | 184.20 | % | 195.84 | % | 234.12 | % | |||||||||||||||||||||||||||||
The ratio of classified loans to total loans of 2.00% as of March 31, 2026, was an increase of 22 basis points from December 31, 2025, and 6 basis points from the comparative quarter ended 2025. The change in classified loans outstanding as compared to the trailing quarter represented an increase of approximately $14.6 million.
Loans past due 30 days or more increased by $11.0 million during the quarter ended March 31, 2026, to $48.9 million, as compared to $37.9 million at December 31, 2025. The majority of loans identified as past due are well-secured by collateral, and approximately $22.9 million are less than 90 days delinquent.
Non-performing loans increased by $5.2 million during the quarter ended March 31, 2026 to $69.5 million as compared to $64.2 million at December 31, 2025. The credit and collateral profiles of non-performing loans remain generally consistent with the trailing quarter. As noted previously, management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. Management anticipates that these proactive strategies, specifically within agricultural real estate secured and agricultural commercial loans, will further benefit from the continued improvement in agricultural commodity prices, stable water supply, and growing crop demand. Of the $69.5 million loans designated as non-performing as of March 31, 2026, approximately $38.2 million are current or less than 30 days past due with respect to payments required under their existing loan agreements.
Management continues to proactively assess the repayment capacity of borrowers that will be subject to rate resets in the near term. To date this analysis as well as management's observations of loans that have experienced a rate reset, have resulted in an insignificant need to provide concessions to borrowers.
As of March 31, 2026, other real estate owned consisted of 14 properties with a carrying value of approximately $7.0 million, as compared to 12 properties with a carrying value of $6.2 million at December 31, 2025. Non-performing assets of $76.4 million at March 31, 2026, represented 0.77% of total assets, a change from $70.5 million or 0.72% and $57.5 million or 0.59% as of December 31, 2025 and March 31, 2025, respectively.
7
Allocation of Credit Loss Reserves by Loan Type
| As of March 31, 2026 | As of December 31, 2025 | As of March 31, 2025 | |||||||||||||||||||||||||||||||||
| (dollars in thousands) | Amount | % of Loans Outstanding | Amount | % of Loans Outstanding | Amount | % of Loans Outstanding | |||||||||||||||||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||||||||||||
| CRE - Non-Owner Occupied | $ | 41,647 | 1.64 | % | $ | 40,300 | 1.61 | % | $ | 39,670 | 1.68 | % | |||||||||||||||||||||||
| CRE - Owner Occupied | 16,286 | 1.60 | % | 12,712 | 1.25 | % | 12,169 | 1.23 | % | ||||||||||||||||||||||||||
| Multifamily | 16,384 | 1.47 | % | 17,327 | 1.60 | % | 15,604 | 1.52 | % | ||||||||||||||||||||||||||
| Farmland | 5,593 | 2.33 | % | 5,193 | 2.07 | % | 4,737 | 1.81 | % | ||||||||||||||||||||||||||
| Total commercial real estate loans | 79,910 | 1.63 | % | 75,532 | 1.56 | % | 72,180 | 1.56 | % | ||||||||||||||||||||||||||
| Consumer: | |||||||||||||||||||||||||||||||||||
| SFR 1-4 1st Liens | 9,929 | 1.22 | % | 11,045 | 1.31 | % | 10,995 | 1.29 | % | ||||||||||||||||||||||||||
| SFR HELOCs and Junior Liens | 12,297 | 2.86 | % | 13,264 | 3.07 | % | 11,650 | 3.12 | % | ||||||||||||||||||||||||||
| Other | 1,560 | 4.30 | % | 1,974 | 4.85 | % | 2,895 | 5.19 | % | ||||||||||||||||||||||||||
| Total consumer loans | 23,786 | 1.86 | % | 26,283 | 2.00 | % | 25,540 | 1.99 | % | ||||||||||||||||||||||||||
| Commercial and Industrial | 12,435 | 2.67 | % | 11,430 | 2.46 | % | 17,561 | 3.84 | % | ||||||||||||||||||||||||||
| Construction | 8,239 | 3.13 | % | 8,231 | 2.73 | % | 10,346 | 3.47 | % | ||||||||||||||||||||||||||
| Agricultural Production | 3,548 | 2.44 | % | 4,265 | 2.47 | % | 2,768 | 1.91 | % | ||||||||||||||||||||||||||
| Leases | 21 | 0.48 | % | 21 | 0.44 | % | 28 | 0.44 | % | ||||||||||||||||||||||||||
| Allowance for credit losses | 127,939 | 1.81 | % | 125,762 | 1.77 | % | 128,423 | 1.88 | % | ||||||||||||||||||||||||||
| Reserve for unfunded loan commitments | 8,100 | 7,745 | 7,065 | ||||||||||||||||||||||||||||||||
| Total allowance for credit losses | $ | 136,039 | 1.92 | % | $ | 133,507 | 1.88 | % | $ | 135,488 | 1.99 | % | |||||||||||||||||||||||
In addition to the allowance for credit losses above, the Company has acquired various performing loans whose fair value as of the acquisition date was determined to be less than the principal balance owed on those loans. This difference represents the collective discount of credit, interest rate and liquidity measurements, which are expected to be amortized over the life of the loans. As of March 31, 2026, the unamortized discount associated with acquired loans totaled $13.5 million, which, when combined with the total allowance for credit losses above, represents 2.12% of total loans.
Non-interest Income | ||
| Three months ended | |||||||||||||||||||||||
| (dollars in thousands) | March 31, 2026 | December 31, 2025 | Change | % Change | |||||||||||||||||||
| ATM and interchange fees | $ | 6,269 | $ | 6,352 | $ | (83) | (1.3) | % | |||||||||||||||
| Service charges on deposit accounts | 5,209 | 5,416 | (207) | (3.8) | % | ||||||||||||||||||
| Other service fees | 1,487 | 1,432 | 55 | 3.8 | % | ||||||||||||||||||
| Mortgage banking service fees | 427 | 429 | (2) | (0.5) | % | ||||||||||||||||||
| Change in value of mortgage servicing rights | (232) | (263) | 31 | 11.8 | % | ||||||||||||||||||
| Total service charges and fees | 13,160 | 13,366 | (206) | (1.5) | % | ||||||||||||||||||
| Increase in cash value of life insurance | 816 | 862 | (46) | (5.3) | % | ||||||||||||||||||
| Asset management and commission income | 2,049 | 1,970 | 79 | 4.0 | % | ||||||||||||||||||
| Gain on sale of loans | 397 | 432 | (35) | (8.1) | % | ||||||||||||||||||
| Lease brokerage income | 97 | 26 | 71 | 273.1 | % | ||||||||||||||||||
| Sale of customer checks | 364 | 326 | 38 | 11.7 | % | ||||||||||||||||||
| (Loss) gain on sale of investment securities | 17 | 19 | (2) | (10.5) | % | ||||||||||||||||||
| (Loss) gain on marketable equity securities | (17) | 11 | (28) | (254.5) | % | ||||||||||||||||||
| Other income | 149 | 156 | (7) | (4.5) | % | ||||||||||||||||||
| Total other non-interest income | 3,872 | 3,802 | 70 | 1.8 | % | ||||||||||||||||||
| Total non-interest income | $ | 17,032 | $ | 17,168 | $ | (136) | (0.8) | % | |||||||||||||||
Total non-interest income decreased $0.1 million or 0.8% to $17.0 million during the three months ended March 31, 2026, compared to $17.2 million during the quarter ended December 31, 2025. Non-interest income activity was consistent with the trailing quarter.
8
| Three months ended March 31, | |||||||||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | Change | % Change | |||||||||||||||||||
| ATM and interchange fees | $ | 6,269 | $ | 6,106 | $ | 163 | 2.7 | % | |||||||||||||||
| Service charges on deposit accounts | 5,209 | 4,914 | 295 | 6.0 | % | ||||||||||||||||||
| Other service fees | 1,487 | 1,359 | 128 | 9.4 | % | ||||||||||||||||||
| Mortgage banking service fees | 427 | 439 | (12) | (2.7) | % | ||||||||||||||||||
| Change in value of mortgage servicing rights | (232) | (140) | (92) | (65.7) | % | ||||||||||||||||||
| Total service charges and fees | 13,160 | 12,678 | 482 | 3.8 | % | ||||||||||||||||||
| Increase in cash value of life insurance | 816 | 820 | (4) | (0.5) | % | ||||||||||||||||||
| Asset management and commission income | 2,049 | 1,488 | 561 | 37.7 | % | ||||||||||||||||||
| Gain on sale of loans | 397 | 344 | 53 | 15.4 | % | ||||||||||||||||||
| Lease brokerage income | 97 | 66 | 31 | 47.0 | % | ||||||||||||||||||
| Sale of customer checks | 364 | 345 | 19 | 5.5 | % | ||||||||||||||||||
| (Loss) gain on sale or exchange of investment securities | 17 | (1,146) | 1,163 | 101.5 | % | ||||||||||||||||||
| (Loss) gain on marketable equity securities | (17) | 39 | (56) | (143.6) | % | ||||||||||||||||||
| Other income | 149 | 1,439 | (1,290) | (89.6) | % | ||||||||||||||||||
| Total other non-interest income | 3,872 | 3,395 | 477 | 14.1 | % | ||||||||||||||||||
| Total non-interest income | $ | 17,032 | $ | 16,073 | $ | 959 | 6.0 | % | |||||||||||||||
Non-interest income increased $1.0 million or 6.0% to $17.0 million during the three months ended March 31, 2026, compared to $16.1 million during the comparative quarter ended March 31, 2025. Growth in deposit related transactional activities contributed to the elevated service fees, which increased by a combined $0.5 million as compared to the equivalent period in 2025. Further, elevated activity and volume of assets under management drove an increase of $0.6 million or 37.7% in asset management and commission income for the period ended March 31, 2026, as compared to the same period in 2025. Other income during the three months ended March 31, 2026 decreased by $1.3 million, reflecting the absence of excess cash flows from death benefit proceeds totaling $1.2 million in the comparative quarter. In addition, gains on investment security sales totaling $17.0 thousand were recorded during the current quarter as compared to losses on sales of $1.1 million during the same quarter of the prior year.
| | ||
Non-interest Expense | ||
| Three months ended | |||||||||||||||||||||||
| (dollars in thousands) | March 31, 2026 | December 31, 2025 | Change | % Change | |||||||||||||||||||
| Base salaries, net of deferred loan origination costs | $ | 24,238 | $ | 25,048 | $ | (810) | (3.2) | % | |||||||||||||||
| Incentive compensation | 4,726 | 6,002 | (1,276) | (21.3) | % | ||||||||||||||||||
| Benefits and other compensation costs | 7,181 | 5,851 | 1,330 | 22.7 | % | ||||||||||||||||||
| Total salaries and benefits expense | 36,145 | 36,901 | (756) | (2.0) | % | ||||||||||||||||||
| Occupancy | 4,459 | 4,515 | (56) | (1.2) | % | ||||||||||||||||||
| Data processing and software | 5,287 | 5,363 | (76) | (1.4) | % | ||||||||||||||||||
| Equipment | 1,354 | 1,417 | (63) | (4.4) | % | ||||||||||||||||||
| Intangible amortization | 430 | 482 | (52) | (10.8) | % | ||||||||||||||||||
| Advertising | 835 | 774 | 61 | 7.9 | % | ||||||||||||||||||
| ATM and POS network charges | 1,668 | 1,981 | (313) | (15.8) | % | ||||||||||||||||||
| Professional fees | 1,639 | 1,375 | 264 | 19.2 | % | ||||||||||||||||||
| Telecommunications | 442 | 476 | (34) | (7.1) | % | ||||||||||||||||||
| Regulatory assessments and insurance | 1,305 | 1,319 | (14) | (1.1) | % | ||||||||||||||||||
| Postage | 346 | 382 | (36) | (9.4) | % | ||||||||||||||||||
| Operational loss | 520 | 413 | 107 | 25.9 | % | ||||||||||||||||||
| Courier service | 520 | 575 | (55) | (9.6) | % | ||||||||||||||||||
| (Gain) loss on sale or acquisition of foreclosed assets | — | 257 | (257) | 100.0 | % | ||||||||||||||||||
| (Gain) loss on disposal of fixed assets | (15) | 6 | (21) | (350.0) | % | ||||||||||||||||||
| Other miscellaneous expense | 4,117 | 3,583 | 534 | 14.9 | % | ||||||||||||||||||
| Total other non-interest expense | 22,907 | 22,918 | (11) | — | % | ||||||||||||||||||
| Total non-interest expense | $ | 59,052 | $ | 59,819 | $ | (767) | (1.3) | % | |||||||||||||||
| Average full-time equivalent staff | 1,117 | 1,135 | (18) | (1.6) | % | ||||||||||||||||||
9
Total non-interest expense for the quarter ended March 31, 2026, decreased $0.8 million or 1.3% to $59.1 million as compared to $59.8 million during the trailing quarter ended December 31, 2025. Total salaries and benefits expense, the largest non-interest expense component, decreased by $0.8 million or 2.0%, in line with the overall reduction in FTEs during the period and decreased incentive compensation accrual related to sales activities, partially offset by the absence of curtailment of benefits only allocated to those employed as of the last day of the fiscal year, which overall reduced the benefits and other compensation costs in the trailing quarter. In addition, the Company typically experiences an increase in benefits costs during the first quarter of any calendar year as a result of the renewal cycle of benefit plans and payroll taxes. Changes in other non-interest expense line items were mixed, but flat on a net basis for the quarter ended March 31, 2026 with a decrease of $0.01 million.
| Three months ended March 31, | |||||||||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | Change | % Change | |||||||||||||||||||
| Base salaries, net of deferred loan origination costs | $ | 24,238 | $ | 25,401 | $ | (1,163) | (4.6) | % | |||||||||||||||
| Incentive compensation | 4,726 | 4,038 | 688 | 17.0 | % | ||||||||||||||||||
| Benefits and other compensation costs | 7,181 | 7,416 | (235) | (3.2) | % | ||||||||||||||||||
| Total salaries and benefits expense | 36,145 | 36,855 | (710) | (1.9) | % | ||||||||||||||||||
| Occupancy | 4,459 | 4,077 | 382 | 9.4 | % | ||||||||||||||||||
| Data processing and software | 5,287 | 5,058 | 229 | 4.5 | % | ||||||||||||||||||
| Equipment | 1,354 | 1,284 | 70 | 5.5 | % | ||||||||||||||||||
| Intangible amortization | 430 | 514 | (84) | (16.3) | % | ||||||||||||||||||
| Advertising | 835 | 1,204 | (369) | (30.6) | % | ||||||||||||||||||
| ATM and POS network charges | 1,668 | 1,851 | (183) | (9.9) | % | ||||||||||||||||||
| Professional fees | 1,639 | 1,518 | 121 | 8.0 | % | ||||||||||||||||||
| Telecommunications | 442 | 488 | (46) | (9.4) | % | ||||||||||||||||||
| Regulatory assessments and insurance | 1,305 | 1,283 | 22 | 1.7 | % | ||||||||||||||||||
| Postage | 346 | 320 | 26 | 8.1 | % | ||||||||||||||||||
| Operational loss | 520 | 424 | 96 | 22.6 | % | ||||||||||||||||||
| Courier service | 520 | 488 | 32 | 6.6 | % | ||||||||||||||||||
| (Gain) loss on sale or acquisition of foreclosed assets | — | (3) | 3 | (100.0) | % | ||||||||||||||||||
| (Gain) loss on disposal of fixed assets | (15) | 85 | (100) | (117.6) | % | ||||||||||||||||||
| Other miscellaneous expense | 4,117 | 4,139 | (22) | (0.5) | % | ||||||||||||||||||
| Total other non-interest expense | 22,907 | 22,730 | 177 | 0.8 | % | ||||||||||||||||||
| Total non-interest expense | $ | 59,052 | $ | 59,585 | $ | (533) | (0.9) | % | |||||||||||||||
| Average full-time equivalent staff | 1,117 | 1,194 | (77) | (6.4) | % | ||||||||||||||||||
Total non-interest expense decreased $0.5 million or 0.9% to $59.1 million during the three months ended March 31, 2026, as compared to $59.6 million for the quarter ended March 31, 2025. Total salaries and benefits expense decreased by $0.7 million or 1.9% on a net basis, largely attributed to the reductions in FTE. Changes in other non-interest expense line items were mixed during the quarter ended March 31, 2026, but essentially flat and due to timing differences rather than unique changes in operations, resulting in a net increase of $0.2 million, led by an increase in occupancy expense of $0.4 million following the Company's expansion within the Bay Area.
| | ||
Provision for Income Taxes | ||
The Company’s effective tax rate was 26.6% for the quarter ended March 31, 2026, as compared to 27.8% for the quarter ended December 31, 2025, and 25.3% for the quarter ended March 31, 2025. Differences between the Company's effective tax rate and applicable federal and state blended statutory rate of approximately 29.6% are due to the proportion of non-taxable revenues, non-deductible expenses, and benefits from tax credits as compared to the levels of pre-tax earnings.
10
TriCo Bancshares—Condensed Consolidated Financial Data (unaudited) | ||
| (dollars in thousands, except per share data) | Three months ended | ||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||||||||||||
| Revenue and Expense Data | |||||||||||||||||||||||||||||
| Interest income | $ | 117,827 | $ | 120,147 | $ | 119,987 | $ | 116,361 | $ | 114,077 | |||||||||||||||||||
| Interest expense | 26,601 | 27,920 | 30,432 | 29,842 | 31,535 | ||||||||||||||||||||||||
| Net interest income | 91,226 | 92,227 | 89,555 | 86,519 | 82,542 | ||||||||||||||||||||||||
| Provision for credit losses | 3,325 | 3,000 | 670 | 4,665 | 3,728 | ||||||||||||||||||||||||
| Noninterest income: | |||||||||||||||||||||||||||||
| Service charges and fees | 13,160 | 13,366 | 13,751 | 13,650 | 12,678 | ||||||||||||||||||||||||
| (Loss) gain on sale or exchange of investment securities | 17 | 19 | (2,124) | 4 | (1,146) | ||||||||||||||||||||||||
| Other income | 3,855 | 3,783 | 6,380 | 3,436 | 4,541 | ||||||||||||||||||||||||
| Total noninterest income | 17,032 | 17,168 | 18,007 | 17,090 | 16,073 | ||||||||||||||||||||||||
| Noninterest expense: | |||||||||||||||||||||||||||||
| Salaries and benefits | 36,145 | 36,901 | 37,729 | 38,286 | 36,855 | ||||||||||||||||||||||||
| Occupancy and equipment | 5,813 | 5,932 | 5,657 | 5,389 | 5,361 | ||||||||||||||||||||||||
| Data processing and network | 6,955 | 7,344 | 6,749 | 6,802 | 6,909 | ||||||||||||||||||||||||
| Other noninterest expense | 10,139 | 9,642 | 10,289 | 10,654 | 10,460 | ||||||||||||||||||||||||
| Total noninterest expense | 59,052 | 59,819 | 60,424 | 61,131 | 59,585 | ||||||||||||||||||||||||
| Total income before taxes | 45,881 | 46,576 | 46,468 | 37,813 | 35,302 | ||||||||||||||||||||||||
| Provision for income taxes | 12,196 | 12,942 | 12,449 | 10,271 | 8,939 | ||||||||||||||||||||||||
| Net income | $ | 33,685 | $ | 33,634 | $ | 34,019 | $ | 27,542 | $ | 26,363 | |||||||||||||||||||
| Share Data | |||||||||||||||||||||||||||||
| Basic earnings per share | $ | 1.05 | $ | 1.04 | $ | 1.04 | $ | 0.84 | $ | 0.80 | |||||||||||||||||||
| Diluted earnings per share | $ | 1.04 | $ | 1.03 | $ | 1.04 | $ | 0.84 | $ | 0.80 | |||||||||||||||||||
| Dividends per share | $ | 0.36 | $ | 0.36 | $ | 0.36 | $ | 0.33 | $ | 0.33 | |||||||||||||||||||
| Book value per common share | $ | 41.49 | $ | 41.07 | $ | 40.12 | $ | 38.92 | $ | 38.17 | |||||||||||||||||||
| Tangible book value per common share (1) | $ | 31.82 | $ | 31.52 | $ | 30.61 | $ | 29.40 | $ | 28.73 | |||||||||||||||||||
| Shares outstanding | 31,910,590 | 32,334,974 | 32,506,880 | 32,550,264 | 32,892,488 | ||||||||||||||||||||||||
| Weighted average common shares | 32,194,905 | 32,444,684 | 32,542,401 | 32,757,378 | 32,952,541 | ||||||||||||||||||||||||
| Weighted average diluted common shares | 32,391,466 | 32,630,819 | 32,723,358 | 32,935,750 | 33,129,161 | ||||||||||||||||||||||||
| Credit Quality | |||||||||||||||||||||||||||||
| Allowance for credit losses to gross loans | 1.81 | % | 1.77 | % | 1.78 | % | 1.79 | % | 1.88 | % | |||||||||||||||||||
| Loans past due 30 days or more | $ | 48,887 | $ | 37,931 | $ | 45,712 | $ | 42,965 | $ | 44,753 | |||||||||||||||||||
| Total nonperforming loans | $ | 69,458 | $ | 64,218 | $ | 65,647 | $ | 64,783 | $ | 54,854 | |||||||||||||||||||
| Total nonperforming assets | $ | 76,424 | $ | 70,464 | $ | 71,077 | $ | 67,466 | $ | 57,539 | |||||||||||||||||||
| Loans charged-off | $ | 912 | $ | 1,345 | $ | 737 | $ | 8,595 | $ | 374 | |||||||||||||||||||
| Loans recovered | $ | 119 | $ | 136 | $ | 123 | $ | 102 | $ | 768 | |||||||||||||||||||
| Selected Financial Ratios | |||||||||||||||||||||||||||||
| Return on average total assets | 1.38 | % | 1.34 | % | 1.36 | % | 1.13 | % | 1.09 | % | |||||||||||||||||||
| Return on average equity | 10.08 | % | 10.02 | % | 10.47 | % | 8.68 | % | 8.54 | % | |||||||||||||||||||
| Average yield on loans | 5.78 | % | 5.77 | % | 5.75 | % | 5.76 | % | 5.71 | % | |||||||||||||||||||
| Average yield on interest-earning assets | 5.26 | % | 5.23 | % | 5.25 | % | 5.21 | % | 5.15 | % | |||||||||||||||||||
| Average rate on interest-bearing deposits | 1.82 | % | 1.87 | % | 1.99 | % | 1.97 | % | 2.06 | % | |||||||||||||||||||
| Average cost of total deposits | 1.26 | % | 1.29 | % | 1.39 | % | 1.37 | % | 1.43 | % | |||||||||||||||||||
| Average cost of total deposits and other borrowings | 1.26 | % | 1.29 | % | 1.38 | % | 1.37 | % | 1.46 | % | |||||||||||||||||||
| Average rate on borrowings & subordinated debt | 5.29 | % | 5.19 | % | 5.49 | % | 5.84 | % | 5.68 | % | |||||||||||||||||||
| Average rate on interest-bearing liabilities | 1.85 | % | 1.90 | % | 2.05 | % | 2.05 | % | 2.18 | % | |||||||||||||||||||
| Net interest margin (fully tax-equivalent) (1) | 4.07 | % | 4.02 | % | 3.92 | % | 3.88 | % | 3.73 | % | |||||||||||||||||||
| Loans to deposits | 84.11 | % | 86.05 | % | 84.07 | % | 83.08 | % | 83.13 | % | |||||||||||||||||||
| Efficiency ratio | 54.55 | % | 54.68 | % | 56.18 | % | 59.00 | % | 60.42 | % | |||||||||||||||||||
| Supplemental Loan Interest Income Data | |||||||||||||||||||||||||||||
| Discount accretion on acquired loans | $ | 1,386 | $ | 915 | $ | 996 | $ | 1,247 | $ | 1,995 | |||||||||||||||||||
| All other loan interest income (1) | $ | 98,963 | $ | 101,316 | $ | 100,008 | $ | 97,448 | $ | 93,383 | |||||||||||||||||||
| Total loan interest income (1) | $ | 100,349 | $ | 102,231 | $ | 101,004 | $ | 98,695 | $ | 95,378 | |||||||||||||||||||
(1) Non-GAAP measure
11
TriCo Bancshares—Condensed Consolidated Financial Data (unaudited) | ||
| (dollars in thousands, except per share data) | |||||||||||||||||||||||||||||
| Balance Sheet Data | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | ||||||||||||||||||||||||
| Cash and due from banks | $ | 301,305 | $ | 157,014 | $ | 298,820 | $ | 314,268 | $ | 308,250 | |||||||||||||||||||
| Securities, available for sale, net | 1,768,148 | 1,734,623 | 1,743,437 | 1,818,032 | 1,854,998 | ||||||||||||||||||||||||
| Securities, held to maturity, net | 85,740 | 90,544 | 95,446 | 101,672 | 106,868 | ||||||||||||||||||||||||
| Restricted equity securities | 17,250 | 17,250 | 17,250 | 17,250 | 17,250 | ||||||||||||||||||||||||
| Loans held for sale | 4,186 | 2,695 | 2,785 | 1,577 | 2,028 | ||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||
| Commercial real estate | 4,908,229 | 4,853,762 | 4,793,394 | 4,730,732 | 4,634,446 | ||||||||||||||||||||||||
| Consumer | 1,282,181 | 1,314,610 | 1,293,909 | 1,288,691 | 1,279,878 | ||||||||||||||||||||||||
| Commercial and industrial | 465,081 | 464,428 | 453,221 | 467,564 | 457,189 | ||||||||||||||||||||||||
| Construction | 262,872 | 301,045 | 298,774 | 304,920 | 298,319 | ||||||||||||||||||||||||
| Agriculture production | 145,463 | 172,494 | 162,338 | 161,457 | 144,588 | ||||||||||||||||||||||||
| Leases | 4,372 | 4,748 | 5,188 | 5,629 | 6,354 | ||||||||||||||||||||||||
| Total loans, gross | 7,068,198 | 7,111,087 | 7,006,824 | 6,958,993 | 6,820,774 | ||||||||||||||||||||||||
| Allowance for credit losses | (127,939) | (125,762) | (124,571) | (124,455) | (128,423) | ||||||||||||||||||||||||
| Total loans, net | 6,940,259 | 6,985,325 | 6,882,253 | 6,834,538 | 6,692,351 | ||||||||||||||||||||||||
| Premises and equipment | 68,944 | 69,724 | 70,509 | 70,092 | 70,475 | ||||||||||||||||||||||||
| Cash value of life insurance | 138,070 | 137,253 | 136,391 | 135,520 | 134,678 | ||||||||||||||||||||||||
| Accrued interest receivable | 32,661 | 33,652 | 32,126 | 32,534 | 32,536 | ||||||||||||||||||||||||
| Goodwill | 304,442 | 304,442 | 304,442 | 304,442 | 304,442 | ||||||||||||||||||||||||
| Other intangible assets | 4,041 | 4,471 | 4,953 | 5,435 | 5,918 | ||||||||||||||||||||||||
| Operating leases, right-of-use | 24,812 | 25,505 | 25,917 | 22,158 | 22,806 | ||||||||||||||||||||||||
| Other assets | 258,353 | 259,565 | 264,507 | 266,465 | 266,999 | ||||||||||||||||||||||||
| Total assets | $ | 9,948,211 | $ | 9,822,063 | $ | 9,878,836 | $ | 9,923,983 | $ | 9,819,599 | |||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | $ | 2,559,060 | $ | 2,594,032 | $ | 2,544,306 | $ | 2,559,788 | $ | 2,539,109 | |||||||||||||||||||
| Interest-bearing demand deposits | 1,887,823 | 1,784,769 | 1,836,550 | 1,826,041 | 1,778,615 | ||||||||||||||||||||||||
| Savings deposits | 2,809,855 | 2,775,058 | 2,847,168 | 2,879,212 | 2,777,840 | ||||||||||||||||||||||||
| Time certificates | 1,146,850 | 1,110,042 | 1,106,437 | 1,110,768 | 1,109,768 | ||||||||||||||||||||||||
| Total deposits | 8,403,588 | 8,263,901 | 8,334,461 | 8,375,809 | 8,205,332 | ||||||||||||||||||||||||
| Accrued interest payable | 7,758 | 8,795 | 8,241 | 10,172 | 9,685 | ||||||||||||||||||||||||
| Operating lease liability | 26,525 | 27,278 | 27,683 | 23,965 | 24,657 | ||||||||||||||||||||||||
| Other liabilities | 133,621 | 141,137 | 145,869 | 128,162 | 131,478 | ||||||||||||||||||||||||
| Other borrowings | 11,455 | 11,713 | 17,039 | 17,788 | 91,706 | ||||||||||||||||||||||||
| Junior subordinated debt | 41,238 | 41,238 | 41,238 | 101,264 | 101,222 | ||||||||||||||||||||||||
| Total liabilities | 8,624,185 | 8,494,062 | 8,574,531 | 8,657,160 | 8,564,080 | ||||||||||||||||||||||||
| Common stock | 673,507 | 682,362 | 685,594 | 685,489 | 692,500 | ||||||||||||||||||||||||
| Retained earnings | 749,769 | 740,244 | 723,668 | 702,690 | 693,383 | ||||||||||||||||||||||||
| Accumulated other comprehensive loss, net of tax | (99,250) | (94,605) | (104,957) | (121,356) | (130,364) | ||||||||||||||||||||||||
| Total shareholders’ equity | $ | 1,324,026 | $ | 1,328,001 | $ | 1,304,305 | $ | 1,266,823 | $ | 1,255,519 | |||||||||||||||||||
| Quarterly Average Balance Data | |||||||||||||||||||||||||||||
| Average loans | $ | 7,041,552 | $ | 7,023,749 | $ | 6,971,860 | $ | 6,878,186 | $ | 6,776,188 | |||||||||||||||||||
| Average interest-earning assets | $ | 9,110,163 | $ | 9,127,429 | $ | 9,090,900 | $ | 8,973,959 | $ | 9,007,447 | |||||||||||||||||||
| Average total assets | $ | 9,912,485 | $ | 9,929,582 | $ | 9,900,675 | $ | 9,778,834 | $ | 9,808,216 | |||||||||||||||||||
| Average deposits | $ | 8,334,291 | $ | 8,376,361 | $ | 8,361,600 | $ | 8,222,982 | $ | 8,195,793 | |||||||||||||||||||
| Average borrowings and subordinated debt | $ | 51,980 | $ | 54,943 | $ | 88,972 | $ | 123,943 | $ | 190,666 | |||||||||||||||||||
| Average total equity | $ | 1,355,276 | $ | 1,332,304 | $ | 1,289,535 | $ | 1,273,092 | $ | 1,251,994 | |||||||||||||||||||
| Capital Ratio Data | |||||||||||||||||||||||||||||
| Total risk-based capital ratio | 15.1 | % | 15.1 | % | 15.1 | % | 15.6 | % | 15.8 | % | |||||||||||||||||||
| Tier 1 capital ratio | 13.8 | % | 13.8 | % | 13.9 | % | 13.9 | % | 14.1 | % | |||||||||||||||||||
| Tier 1 common equity ratio | 13.3 | % | 13.3 | % | 13.4 | % | 13.1 | % | 13.3 | % | |||||||||||||||||||
| Tier 1 leverage ratio | 11.9 | % | 11.8 | % | 11.7 | % | 11.8 | % | 11.7 | % | |||||||||||||||||||
| Tangible capital ratio (1) | 10.5 | % | 10.7 | % | 10.4 | % | 10.0 | % | 9.9 | % | |||||||||||||||||||
(1) Non-GAAP measure
12
TriCo Bancshares—Non-GAAP Financial Measures (unaudited) | ||
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this press release because it believes that they provide useful and comparative information to assess trends in the Company's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:
| Three months ended | |||||||||||||||||
| (dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||
| Net interest margin | |||||||||||||||||
| Acquired loans discount accretion, net: | |||||||||||||||||
| Amount (included in interest income) | $1,386 | $915 | $1,995 | ||||||||||||||
| Effect on average loan yield | 0.08 | % | 0.05 | % | 0.12 | % | |||||||||||
| Effect on net interest margin (FTE) | 0.06 | % | 0.04 | % | 0.09 | % | |||||||||||
| Net interest margin (FTE) | 4.07 | % | 4.02 | % | 3.73 | % | |||||||||||
| Net interest margin less effect of acquired loan discount accretion (Non-GAAP) | 4.01 | % | 3.98 | % | 3.64 | % | |||||||||||
| Three months ended | |||||||||||||||||
| (dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||
| Pre-tax pre-provision return on average assets or equity | |||||||||||||||||
| Net income (GAAP) | $33,685 | $33,634 | $26,363 | ||||||||||||||
| Exclude provision for income taxes | 12,196 | 12,942 | 8,939 | ||||||||||||||
| Exclude provision for credit losses | 3,325 | 3,000 | 3,728 | ||||||||||||||
| Net income before provisions for income taxes and credit losses (Non-GAAP) | $49,206 | $49,576 | $39,030 | ||||||||||||||
| Average assets (GAAP) | $9,912,485 | $9,929,582 | $9,808,216 | ||||||||||||||
| Average equity (GAAP) | $1,355,276 | $1,332,304 | $1,251,994 | ||||||||||||||
| Return on average assets (GAAP) (annualized) | 1.38 | % | 1.34 | % | 1.09 | % | |||||||||||
| Pre-tax pre-provision return on average assets (Non-GAAP) (annualized) | 2.01 | % | 1.98 | % | 1.61 | % | |||||||||||
| Return on average equity (GAAP) (annualized) | 10.08 | % | 10.02 | % | 8.54 | % | |||||||||||
| Pre-tax pre-provision return on average equity (Non-GAAP) (annualized) | 14.72 | % | 14.76 | % | 12.64 | % | |||||||||||
13
| Three months ended | |||||||||||||||||
| (dollars in thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||
| Return on tangible common equity | |||||||||||||||||
| Average total shareholders' equity | $1,355,276 | $1,332,304 | $1,251,994 | ||||||||||||||
| Exclude average goodwill | 304,442 | 304,442 | 304,442 | ||||||||||||||
| Exclude average other intangibles | 4,319 | 4,712 | 6,234 | ||||||||||||||
| Average tangible common equity (Non-GAAP) | $1,046,515 | $1,023,150 | $941,318 | ||||||||||||||
| Net income (GAAP) | $33,685 | $33,634 | $26,363 | ||||||||||||||
| Exclude amortization of intangible assets, net of tax effect | 303 | 339 | 362 | ||||||||||||||
| Tangible net income available to common shareholders (Non-GAAP) | $33,988 | $33,973 | $26,725 | ||||||||||||||
| Return on average equity (GAAP) (annualized) | 10.08 | % | 10.02 | % | 8.54 | % | |||||||||||
| Return on average tangible common equity (Non-GAAP) | 13.17 | % | 13.17 | % | 11.51 | % | |||||||||||
| Three months ended | |||||||||||||||||||||||||||||
| (dollars in thousands) | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | ||||||||||||||||||||||||
| Tangible shareholders' equity to tangible assets | |||||||||||||||||||||||||||||
| Shareholders' equity (GAAP) | $1,324,026 | $1,328,001 | $1,304,305 | $1,266,823 | $1,255,519 | ||||||||||||||||||||||||
| Exclude goodwill and other intangible assets, net | 308,483 | 308,913 | 309,395 | 309,877 | 310,360 | ||||||||||||||||||||||||
| Tangible shareholders' equity (Non-GAAP) | $1,015,543 | $1,019,088 | $994,910 | $956,946 | $945,159 | ||||||||||||||||||||||||
| Total assets (GAAP) | $9,948,211 | $9,822,063 | $9,878,836 | $9,923,983 | $9,819,599 | ||||||||||||||||||||||||
| Exclude goodwill and other intangible assets, net | 308,483 | 308,913 | 309,395 | 309,877 | 310,360 | ||||||||||||||||||||||||
| Total tangible assets (Non-GAAP) | $9,639,728 | $9,513,150 | $9,569,441 | $9,614,106 | $9,509,239 | ||||||||||||||||||||||||
| Shareholders' equity to total assets (GAAP) | 13.31 | % | 13.52 | % | 13.20 | % | 12.77 | % | 12.79 | % | |||||||||||||||||||
| Tangible shareholders' equity to tangible assets (Non-GAAP) | 10.53 | % | 10.71 | % | 10.40 | % | 9.95 | % | 9.94 | % | |||||||||||||||||||
| Three months ended | |||||||||||||||||||||||||||||
| (dollars in thousands) | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | ||||||||||||||||||||||||
| Tangible common shareholders' equity per share | |||||||||||||||||||||||||||||
| Tangible shareholders' equity (Non-GAAP) | $1,015,543 | $1,019,088 | $994,910 | $956,946 | $945,159 | ||||||||||||||||||||||||
| Common shares outstanding at end of period | 31,910,590 | 32,334,974 | 32,506,880 | 32,550,264 | 32,892,488 | ||||||||||||||||||||||||
| Common shareholders' equity (book value) per share (GAAP) | $41.49 | $41.07 | $40.12 | $38.92 | $38.17 | ||||||||||||||||||||||||
| Tangible common shareholders' equity (tangible book value) per share (Non-GAAP) | $31.82 | $31.52 | $30.61 | $29.40 | $28.73 | ||||||||||||||||||||||||
14
Investor Contact | ||
Peter G. Wiese, EVP & CFO, (530) 898-0300
About TriCo Bancshares | ||
Forward-Looking Statements | ||
The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on us. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: macroeconomic, geopolitical, and other challenges and uncertainties, including those related to actual or potential policies and actions from the U.S. administration, such as tariffs and reciprocal actions by other countries or regions and their ultimate impact on us, our customers, financial markets, and the overall U.S. and global economies; the uncertainty of rapidly evolving and changing U.S. trade policies and practices; inflation/deflation, interest rate, market and monetary fluctuations/volatility; increases in unemployment rates; slowing economic growth or recession in the U.S. and other countries or regions; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions or adverse regulatory findings affecting our ability to successfully market and price our products to consumers; systemic or non-systemic bank failures or crises and any related impact on depositor behavior or investor sentiment; the impacts of international hostilities, wars, terrorism or geopolitical events; risks related to the sufficiency of liquidity, including our ability to attract and maintain deposits; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; extreme weather, natural disasters and other catastrophic events and their effects on our customers and the economic and business environments in which we operate; current and future economic and market conditions of the local economies in which we conduct operations; declines in housing and commercial real estate prices and changes in the financial performance and/or condition of our borrowers; the market value of our investment securities and possible other-than-temporary impairment of securities held by us due to changes in credit quality or rates; the availability of, and cost of, sources of funding and the demand for our products; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; the costs or effects of mergers, acquisitions or dispositions, as well as whether we are able to obtain any required governmental approvals in connection with any such activities, or identify and complete favorable transactions in the future and/or realize the anticipated financial and business benefits; the volatility of the stock market and its impact on our stock price and our ability to conduct acquisitions; the regulatory and financial impacts associated with exceeding $10 billion in total assets; the ability to execute our business plan in new markets; our future operating or financial performance, including our outlook for future growth and our ability to control expenses; changes in the level and direction of our nonperforming assets and charge-offs and the appropriateness of the allowance for credit losses; the effectiveness of us managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; the effects of changes in the level or cost of checking or savings account deposits on our funding costs and net interest margin; the impact of alternative currencies such as stablecoin and other cryptocurrencies on our ability to attract deposits; increasing noninterest expense and its impact on our financial performance; competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional competitors including retail businesses and technology companies; potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including electronic payments and payment of checks, that were authorized by the customer but induced by fraud; the challenges of attracting, integrating and retaining key employees; the impact of the 2023 cyber security ransomware incident, including the pending litigation, on our operations and reputation; the vulnerability of our operational or security systems or infrastructure, the systems of third- and fourth-party vendors or other service providers with whom we contract, and our customers to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and data/security breaches and the cost to defend against and respond to such incidents; increased data security risks due to work from home arrangements and email vulnerability; failure to safeguard personal information, and any resulting litigation; the effect of a fall in stock market prices on our brokerage and wealth management businesses; the effectiveness of our risk management framework and quantitative models; the emergence or continuation of widespread health emergencies or pandemics; potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions; and our ability to manage the risks involved in the foregoing. There can be no assurance that future developments affecting us will be the same as those anticipated by management. Additional factors that could cause results to differ materially from those described above can be found in our filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” Section of TriCo’s Annual Report on Form 10-K for the year ended December 31, 2025, Such filings are also available in the “Investor Relations” section of our website, https://www.tcbk.com/investor-relations. Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results. We undertake no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
15
Investor Presentation | First Quarter 2026 Richard Smith, President & Chief Executive Officer Daniel Bailey, EVP & Chief Banking Officer Peter Wiese, EVP & Chief Financial Officer Investor Presentation First Quarter 2026 Exhibit 99.2
Investor Presentation | First Quarter 2026 The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on us. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward- looking statements. These risks and uncertainties include, but are not limited to, the following: macroeconomic, geopolitical, and other challenges and uncertainties, including those related to actual or potential policies and actions from the U.S. administration, such as tariffs and reciprocal actions by other countries or regions and their ultimate impact on us, our customers, financial markets, and the overall U.S. and global economies; the uncertainty of rapidly evolving and changing U.S. trade policies and practices; inflation/deflation, interest rate, market and monetary fluctuations/volatility; increases in unemployment rates; slowing economic growth or recession in the U.S. and other countries or regions; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions or adverse regulatory findings affecting our ability to successfully market and price our products to consumers; systemic or non-systemic bank failures or crises and any related impact on depositor behavior or investor sentiment; the impacts of international hostilities, wars, terrorism or geopolitical events; risks related to the sufficiency of liquidity, including our ability to attract and maintain deposits; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; extreme weather, natural disasters and other catastrophic events and their effects on our customers and the economic and business environments in which we operate; current and future economic and market conditions of the local economies in which we conduct operations; declines in housing and commercial real estate prices and changes in the financial performance and/or condition of our borrowers; the market value of our investment securities and possible other-than-temporary impairment of securities held by us due to changes in credit quality or rates; the availability of, and cost of, sources of funding and the demand for our products; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; the costs or effects of mergers, acquisitions or dispositions, as well as whether we are able to obtain any required governmental approvals in connection with any such activities, or identify and complete favorable transactions in the future and/or realize the anticipated financial and business benefits; the volatility of the stock market and its impact on our stock price and our ability to conduct acquisitions; the regulatory and financial impacts associated with exceeding $10 billion in total assets; the ability to execute our business plan in new markets; our future operating or financial performance, including our outlook for future growth and our ability to control expenses; changes in the level and direction of our nonperforming assets and charge-offs and the appropriateness of the allowance for credit losses; the effectiveness of us managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; the effects of changes in the level or cost of checking or savings account deposits on our funding costs and net interest margin; the impact of alternative currencies such as stablecoin and other cryptocurrencies on our ability to attract deposits; increasing noninterest expense and its impact on our financial performance; competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional competitors including retail businesses and technology companies; potential changes to loss allocations between financial institutions and customers, including for losses incurred from the use of our products and services, including electronic payments and payment of checks, that were authorized by the customer but induced by fraud; the challenges of attracting, integrating and retaining key employees; the impact of the 2023 cyber security ransomware incident, including the pending litigation, on our operations and reputation; the vulnerability of our operational or security systems or infrastructure, the systems of third- and fourth-party vendors or other service providers with whom we contract, and our customers to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and data/security breaches and the cost to defend against and respond to such incidents; increased data security risks due to work from home arrangements and email vulnerability; failure to safeguard personal information, and any resulting litigation; the effect of a fall in stock market prices on our brokerage and wealth management businesses; the effectiveness of our risk management framework and quantitative models; the emergence or continuation of widespread health emergencies or pandemics; potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions; and our ability to manage the risks involved in the foregoing. There can be no assurance that future developments affecting us will be the same as those anticipated by management. Additional factors that could cause results to differ materially from those described above can be found in our filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” Section of TriCo’s Annual Report on Form 10-K for the year ended December 31, 2024, Such filings are also available in the “Investor Relations” section of our website, https://www.tcbk.com/investor-relations. Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results. We undertake no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Safe Harbor Statement 2
Investor Presentation | First Quarter 2026 Executive Team 3 Greg Gehlmann SVP General Counsel Angela Rudd SVP Chief Risk Officer Jason Levingston SVP Chief Information Officer Craig Carney EVP Chief Credit Officer Rick Smith President & Chief Executive Officer Dan Bailey EVP Chief Banking Officer Peter Wiese EVP Chief Financial Officer Bret Funderburgh SVP Deputy Chief Credit Officer Scott Myers SVP Head of Wholesale Banking Kristen Dominguez SVP Chief Human Resources Officer Scott Robertson SVP Head of Community Banking
Investor Presentation | First Quarter 2026 Most Recent Quarter Highlights Pre-tax pre-provision ROAA and ROAE were 2.01% and 14.7%, respectively, for the quarter ended March 31, 2026, and 1.61% and 12.6%, respectively, for the same quarter in the prior year. Our efficiency ratio was 54.5% for the quarter ended March 31, 2025, compared to 54.7% for the trailing quarter end and 60.4% for the quarter ended March 31, 2025. Operating Leverage and Profitability Net interest income (FTE) was $91.5 million, a decrease of $1.0 million or 1.1% over the trailing quarter, driven by the two fewer days in the quarter, but an increase of $8.7 million or 10.5% from the same quarter of the prior year. Net interest margin (FTE) of 4.07% compared favorably to both 4.02% in the prior quarter and 3.73% from the quarter ended March 31, 2025. Average yield on earning assets (FTE) of 5.26% represented an increase of 3 basis points over the 5.23% in the quarter ended December 31, 2025, and 11 basis points improved over the quarter ended March 31, 2025. Cost of interest-bearing liabilities was 1.85%, 5 basis points lower than the trailing quarter, and a 33 basis point decrease from the 2.18% for the quarter ended March 31, 2025. The Company’s average cost of total deposits of 1.26% was 3 basis points lower than the trailing quarter, and 17 basis points lower than the quarter ended March 31, 2025. Net Interest Income and Margin Year over year loan balances increased $247.4 million or 3.6% and deposit balances increased $198.3 million or 2.4% from March 31, 2025. Average total earning assets grew $102.7 million or 1.2% from the same period in the prior year. Loan to deposit ratio was 84.1% for the current quarter, as compared to 86.0% for the trailing quarter end. Balance Sheet Management There has been no reliance on brokered deposits or FRB borrowing facilities Average non-interest-bearing deposits comprised 30.6% of average total deposits for the quarter, compared to 31.0% in the prior quarter, and 30.7% in the quarter ended March 31, 2025. Approximately a 50/50 split between consumer and business deposit dollars reflects a diversified client base. Diverse Deposit Base & Liquidity The allowance for credit losses to total loans was 1.81% at March 31, 2026, an increase of 4 basis points over the prior quarter. TCBK has a long history of proactive conservative risk grading, and we believe that sufficient coverage has been established for potential economic factors in credit risk As of March 31, 2026 and December 31, 2025, approximately 67.7% and 63.6%, respectively, of total non-accrual loans were paid current Credit Quality All regulatory capital ratios remain well above required thresholds. Share repurchases in the quarter represented approximately 22.4% of the 2,000,000 shares authorized Tangible capital ratio of 10.5% at March 31, 2026, compared to 10.7% in prior quarter, and 9.9% at March 31, 2025.Capital Strategies 4
Investor Presentation | First Quarter 2026 Company Overview $9.95 BILLION TOTAL ASSETS $1.52 BILLION MARKET CAP** $7.07 BILLION TOTAL LOANS $8.40 BILLION TOTAL DEPOSITS TCBK Headquarters: Chico, CA 68 Branches and 83 ATMs serving 31 Counties 4.07% NET INTEREST MARGIN (FTE) 1.26% COST OF TOTAL DEPOSITS 54.6% EFFICIENCY RATIO 10.5% TANGIBLE CAPITAL RATIO 3.0% DIVIDEND YIELD Recent Awards 1.38% RETURN ON AVERAGE ASSETS 5 ** Based on March 31, 2026, closing stock price of $47.54
Investor Presentation | First Quarter 2026 Consistent Earnings Track Record 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 PPNR ($MM) $53.2 $43.1 $46.2 $42.4 $42.0 $39.5 $39.6 $40.6 $39.0 $42.5 $47.1 $49.6 $49.2 Net Income ($MM) $35.8 $24.9 $30.6 $26.1 $27.7 $29.0 $29.1 $29.0 $26.4 $27.5 $34.0 $33.6 $33.7 Qtrly Diluted EPS $1.07 $0.75 $0.92 $0.78 $0.83 $0.87 $0.88 $0.88 $0.80 $0.84 $1.04 $1.03 $1.04 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $0 $10 $20 $30 $40 $50 $60 Q tr ly E PS (d ilu te d) Ea rn in gs (i n M ill io ns ) 6
Investor Presentation | First Quarter 2026 $0.67 $1.07 $0.83 $0.80 $1.04 $0.93 $0.75 $0.87 $0.84 $1.12 $0.92 $0.88 $1.04 $1.09 $0.78 $0.88 $1.03 $3.83 $3.52 $3.46 $3.71 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Shareholder Returns Dividends per Share: 9% CAGR* Dividends as % of Earnings Return on Avg. Shareholder Equity Diluted EPS *Compound Annual Growth Rate, 10 years 2026 values through the three months ended 3/31/2026 $0.25 $0.30 $0.33 $0.33 $0.36 $0.25 $0.30 $0.33 $0.33 $0.30 $0.30 $0.33 $0.36 $0.30 $0.30 $0.33 $0.36 $1.10 $1.20 $1.32 $1.38 $1.44 $0.00 $0.25 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 11.67% 10.65% 9.57% 9.45% 10.08% 2022 2023 2024 2025 2026 29% 34% 38% 37% 34% 2022 2023 2024 2025 2026 7
Investor Presentation | First Quarter 2026 Reported Net Interest Income (NII) & NIM Walk NII $ in millions, NIM change in bps, all full taxable equivalent (FTE) NII NIM NII NIM Prior Period $92.5 4.02% $82.8 3.73% Int-bearing cash balances (0.7) (3) (0.1) 0 Securities portfolio 0.6 3 (1.1) (4) Loan yields 0.3 1 1.6 6 Loan balances & fees 0.1 0 3.4 13 Deposit rates 0.8 4 3.4 13 Deposit balances & mix (0.1) 0 (0.4) (2) Borrowings 0.0 0 2.0 8 Subtotal $93.5 $91.5 Day Count (2.0) - 1Q26 $91.5 4.07% $91.5 4.07% Compare to 4Q25 Compare to 1Q25 $114.3 $116.6 $120.2 $120.4 $118.1 $82.8 $86.8 $89.8 $92.5 $91.5 3.73% 3.88% 3.92% 4.02% 4.07% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 1Q25 2Q25 3Q25 4Q25 1Q26 Int Income (FTE) Net Int Income (FTE) NIM (FTE) Net Interest Income (NII) and Margin (NIM) 3.88% 3.96% 3.71% 3.89% 4.07% 3.73% 3.88% 3.92% 4.02% 4.07% 3.98% 4.87% 5.21% 5.21% 5.26% 5.16% 5.22% 5.26% 5.23% 5.26% 0.06% 0.68% 1.41% 1.37% 1.26% 1.43% 1.37% 1.39% 1.29% 1.26% 2022 2023 2024 2025 2026 1Q25 2Q25 3Q25 4Q25 1Q26 NIM(FTE) Yield (FTE) Cost of Deposits 2026 values through the three months ended 3/31/2026 8
Investor Presentation | First Quarter 2026 11.7% 10.6% 9.6% 9.4% 10.1% 8.5% 8.7% 10.5% 10.0% 10.1% 2022 2023 2024 2025 2026 1Q25 2Q25 3Q25 4Q25 1Q26 Current Operating Metrics 2026 values through the three months ended 3/31/2026 ROAA Efficiency Ratio ROE 53.0% 55.8% 59.1% 57.5% 54.5% 60.4% 59.0% 56.2% 54.7% 54.5% 2022 2023 2024 2025 2026 1Q25 2Q25 3Q25 4Q25 1Q26 PPNR as % of Average Assets 1.97% 1.87% 1.66% 1.81% 2.01% 1.61% 1.74% 1.89% 1.98% 2.01% 2022 2023 2024 2025 2026 1Q25 2Q25 3Q25 4Q25 1Q26 1.28% 1.19% 1.18% 1.23% 1.38% 1.09% 1.13% 1.36% 1.34% 1.38% 2022 2023 2024 2025 2026 1Q25 2Q25 3Q25 4Q25 1Q26 9
Investor Presentation | First Quarter 2026 Equity Capital: Well Capitalized, Well Managed Dollars in millions $1,328.0 $33.7 $1.0 $(4.6) $(11.5) $(22.4) $1,324.0 12/31/2025 Net Income PSU & RSU Vesting Change in AOCI Dividends Net Share Repurchases 3/31/2026 $1,255.5 $128.9 $4.6 $31.1 $(45.7) $(50.4) $1,324.0 3/31/2025 Net Income PSU & RSU Vesting Change in AOCI Dividends Net Share Repurchases 3/31/2026 Quarter-to-Date Change in Equity Capital Year-over-Year Change in Equity Capital Scaled to $1.2 billion Scaled to $1.2 billion 2026 values through the three months ended 3/31/2026 Dollars in millions 7.6% 8.8% 9.7% 10.7% 10.5% 11.7% 12.2% 13.2% 13.3% 13.8% 14.2% 14.7% 15.7% 15.1% 15.1% $21.76 $25.39 $27.60 $31.52 $31.82 $- $8.00 $16.00 $24.00 $32.00 $40.00 $48.00 $56.00 $64.00 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 2022 2023 2024 2025 2026 Tangible Capital Ratio Common Equity Tier 1 Ratio Total Risk Based Capital Ratio Tangible Book Value per Share 10
Investor Presentation | First Quarter 2026 $8.40 BILLION TOTAL DEPOSITS 1.26% COST OF TOTAL DEPOSITS 87.8% LOAN TO CORE DEPOSIT RATIO 30.5% NON-INTEREST DEPOSITS DEPOSITS 99.4% DEPOSITS AS % OF FUNDING LIABILITIES 7 9 .5 8 0 .4 8 4 .0 8 7 .7 8 7 .7 8 6 .6 8 6 .5 8 7 .2 8 6 .5 8 6 .5 8 7 .5 8 9 .9 8 7 .8 0 20 40 60 80 100 120 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Loans to Core Deposits (%) TCBK Peers 4 0 .3 3 8 .0 3 5 .7 3 4 .8 3 2 .6 3 1 .8 3 1 .7 3 1 .5 3 0 .9 3 0 .6 3 0 .5 3 1 .4 3 0 .5 0 10 20 30 40 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Non Interest-bearing Deposits as % of Total Deposits TCBK Peers 15.4% as % of Total Accounts, 84.6% 51.5% as a % of Total Balances, 48.5% Mix of Demand & Savings Accounts Peer group consists of 99 closest peers in terms of total assets, range $6.3 to $13.3 Billion; source: BankRegData.com Net Loans includes LHFS and Allowance for Credit Loss; Core Deposits = Total Deposits less CDs > 250k and Brokered Deposits 11
Investor Presentation | First Quarter 2026 $346 $492 $588 $697 $972 $1,035 $1,091 $1,123 $1,110 $1,111 $1,106 $1,110 $1,147 $4,443 $4,530 $4,564 $4,414 $4,415 $4,458 $4,399 $4,416 $4,556 $4,705 $4,684 $4,560 $4,698 $3,237 $3,073 $2,858 $2,723 $2,600 $2,557 $2,548 $2,549 $2,539 $2,560 $2,544 $2,594 $2,559 $8,026 $8,095 $8,010 $7,834 $7,988 $8,050 $8,037 $8,088 $8,205 $8,376 $8,334 $8,264 $8,404 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Non Interest- bearing Demand Deposits, 29.7% Interest-bearing Demand & Savings Deposits, 54.5% Time Deposits, 13.3% Borrowings & Subordinated Debt, 0.6% Other liabilities, 1.9% Deposits = 99.4% of Funding Liabilities Liability Mix 3/31/2026 DEPOSITS: Strengths in Mix and Cost of Funds * Balances in $ millions at period end, cost of deposits are quarter-to-date 12
Investor Presentation | First Quarter 2026 $822 $227 $61 $20 3.39% 3.12% 2.66% 1.66% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% $0 $100 $200 $300 $400 $500 $600 $700 $800 <3 Months 3-6 Months 6-12 Months >12 Months Current Balance Wtd Avg Rate $904 $979 $1,041 $1,074 $1,063 $1,075 $1,075 $1,083 $1,130 4.15% 4.31% 4.26% 4.05% 3.69% 3.49% 3.42% 3.30% 3.27% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% $0.00 $200.00 $400.00 $600.00 $800.00 $1,000.00 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Current Balance Weighted Average Rate * Note: Excludes CDARS; $17MM balance at 3/31/2026 * CD special as of Mar 31, 2026, subject to change CD Balances Balances in $ millions, balances and Wtd Avg Rates are as of period end CD Maturities DEPOSITS: CD Balance and Maturity Composition 13
Investor Presentation | First Quarter 2026 $1,810 $969 $989 $929 $1 <=0.01% 0.01% - 2.0% 2.0% - 3.0% 3.0% - 4.0% >4.0% $4,415 $4,458 $4,399 $4,416 $4,556 $4,705 $4,684 $4,560 $4,698 1.55% 1.66% 1.66% 1.51% 1.50% 1.60% 1.58% 1.38% 1.43% 0.00% 0.50% 1.00% 1.50% 2.00% $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Current Balance Weighted Average Last Accrual Rate Interest Bearing Demand and Savings by Quarter Balances in $ millions, balances and Wtd Avg Rates are as of period end Int-Bearing Demand & Savings by Wtd Avg Rate 1.66% 1.66% 1.51% 1.50% 1.60% 1.58% 1.38% 1.43% 1.67% 1.74% 1.65% 1.64% 1.60% 1.65% 1.52% 1.46% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 WAR QTD Cost DEPOSITS: Interest Bearing Demand and Savings 14
Investor Presentation | First Quarter 2026 $7.07 BILLION TOTAL LOANS 5.78% LOAN YIELD 311% CRE TO TOTAL RBC RATIO 1.81% ACL RATIO 184% ACL TO NPL RATIO LOANS $2,760 $3,015 $4,022 $4,307 $4,763 $4,917 $6,450 $6,795 $6,769 $7,114 $6,823 $6,961 $7,010 $7,114 $7,072 5.32% 5.16% 5.24% 5.44% 5.02% 4.97% 4.86% 5.44% 5.79% 5.75% 5.71% 5.76% 5.75% 5.77% 5.78% 3.00% 4.00% 5.00% 6.00% $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Total Loans Loan Yield Acquired VRB Loans of $795MM upon 3/25/2022 with a WAR of 4.31%. Yield scaled to range of 3% to 6% in the visual End of period balances $ millions, net of fees, and include LHFS. Yields based on average balance and annualized interest income for quarterly periods. Trailing 10 years Trailing 5 quarters 15
Investor Presentation | First Quarter 2026 $159 $170 $247 $193 $114 $121 $146 $260 $161 $235 $241 $278 $215 -$92 -$107 -$83 -$110 -$83 -$137 -$113 -$170 -$69 -$115 -$139 -$146 -$171-$94 $36 $22 -$24 -$41 -$86 -$11 -$43 $35 -$48 -$30 -$87 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Origination Payoffs Balance Change net of Originations and Payoffs LOANS: Production vs. Payoff Outstanding Principal in Millions, excludes Credit Card balances Slower pace of originations relative to 2021-22 commensurate with market rate changes, liquidity management, and NIM preservation. Pace of originations has consistently gained momentum following the reorganization of Wholesale Banking, with net loan growth and repricing driving improved portfolio yields 16
Investor Presentation | First Quarter 2026 70% 60% 77% 61% 73% 77% 43% 51% 29% 37% 23% 39% 27% 20% 56% 42% 1% 3% 0% 0% 0% 3% 1% 7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Retail Building Office Building Hotel/Motel Light Industrial Mixed Use - Retail Other Multifamily CRE Owner Occupied <= 60% > 60% - 75% > 75% LOANS: CRE Collateral Values Distribution by LTV (1) LTV Range CRE Non-Owner Occupied by Collateral Type (1) LTV as of most recent origination or renewal date 17
Investor Presentation | First Quarter 2026 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% $0 $25 $50 $75 $100 $125 $150 $175 $200 20262025202420232022202120202019201820172016201520142013<=2012 Private Balance (MM) Unfunded (MM) WA Rate $2,550 $2,376 $1,119 $1,031 $426 $371 $408 $417 $1,026 $991 $821 $856 $265 $301 $388 $410 $171 $170 $48 $49 $669 $658 $682 $652 $71 $66 $338 $233 $135 $154 1Q-2026 1Q-2025 1Q-2026 1Q-2025 1Q-2026 1Q-2025 1Q-2026 1Q-2025 1Q-2026 1Q-2025 1Q-2026 1Q-2025 1Q-2026 1Q-2025 1Q-2026 1Q-2025 CRE Non-Owner Occupied Multifamily SFR HELOC and Junior Liens Commercial & Industrial CRE-Owner Occupied SFR 1-4 Term Construction Agriculture & Farmland Outstanding Principal ($MM) Unfunded Commitment ($MM) 5.69% 7.17% 7.75%7.98% 7.41%7.16%7.21%7.34%7.55%7.60%7.67%7.39%7.28% 6.93%7.24% LOANS: Mix and Unfunded Commitments HELOCs – by vintage, with weighted average rate (7.40% total WAR) Outstanding Principal and Commitments exclude unearned fees and discounts/premiums; segments exclude Leases, DDA Overdraft, Credit Cards, Auto, and other consumer. 2026 vintage reflects impact of short-term promotional rates 18
Investor Presentation | First Quarter 2026 Fruit & Tree Nuts 39% Dairy 20% Post Harvest 10% Beef Cattle 5% Grape Vineyards 3% Other 23% $115 $38 $9 $89 $14 $20 $26 $91 $153 $108 $114 $65 $58 $70 $60 $16 $185 $109 52% 25% 12% 61% 17% 25% 61% 33% 58% 0% 5000% 10000% 15000% 20000% Oil & Gas Extraction Construction Finance and Insurance Real Estate Healthcare Wholesale Trans and Warehouse Other (14 Categories) Agriculture Outstanding (mln) Unfunded (mln) $575 $612 $698 $705 $668 $661 $588 $590 $562 $579 $563 $582 $554 $689 $727 $709 $736 $734 $802 $826 $709 $758 $769 $779 $746 $783 45% 46% 50% 49% 48% 45% 42% 45% 43% 43% 42% 44% 42% 7.31% 7.61% 7.87% 7.82% 7.88% 7.87% 7.58% 7.20% 7.18% 7.18% 7.06% 6.77% 6.76% 6% 6% 7% 7% 8% 8% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Outstanding Principal ($MM) Unfunded Commitment Utilization WAR LOANS: C&I and Ag Production Utilization • Outstanding Principal excludes unearned fees and discounts/premiums ($ millions) • As of 12/31/2025, 35% of combined C&I and Ag loans are variable rate and tied to prime; another 25% are adjustable, tied to SOFR, and repricing monthly C&I and Ag Production Utilization by NAICS Industry: 1Q-2026 Agriculture NAICS Segments 19
Investor Presentation | First Quarter 2026 $968 $757 $666 $704 $687 $734 $215 $896 $598 $539 $665 $687 $713 $219 7.37% 5.07% 5.08% 5.41% 5.79% 6.27% 5.89% 6.56% 6.55% 6.71% 6.45% 6.54% 6.54% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 Monthly (Floating) < 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years Q1-2026 Adjustable Loans, Principal Outstanding ($MM) Q1-2025 Adjustable Loans, Principal Outstanding ($MM) Adj Wtd Avg Rate Adj Wtd Avg Rate if Repriced 3/31/2026 Fixed 33% Adjustable 53% Floating 14% 66% Adjustable + Floating Dollars in millions, excludes unearned fees and accretion/amortization therein. Wtd Avg Rate (weighted average rate) as of 3/31/2026 and based upon outstanding principal; Next Reprice signifies either the next scheduled reprice date or maturity. 99% of Floating benchmarked to Prime $3,763MM Adjustable, predominantly benchmarked to 5 Year Treasury Loan Yield Composition: Adjustable and Floating Rate 20
Investor Presentation | First Quarter 2026 $3,421 ($266) ($76) $3,763 $683 3/31/2025 Originations Payoffs Paydowns 3/31/2026 $3,741 $3,763 $164 ($101) ($41) 12/31/2025 Originations Payoffs Paydowns 3/31/2026 Adjustable Rate Loans Dollars in millions, principal outstanding, excludes unearned fees; Paydowns are net of Draws on existing loans WAR (weighted average rate) based upon outstanding principal, excludes unearned fees 4.80% WAR Scaled to $3,100MM Scaled to $1,700MM 5.28% WAR Year-over-year change Quarter-over-quarter change 5.55% WAR 5.50% WAR 6.06% 5.87% 5.55% WAR 6.21% 6.15% 5.28% 5.50% 5.55% 4.70% 4.80% 4.90% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% $3,100 $3,200 $3,300 $3,400 $3,500 $3,600 $3,700 $3,800 $3,900 Adj Rate Loans WAR 21
Investor Presentation | First Quarter 2026 $225 $352 $453 $737 $108 $102 $375 $11 $8 $10 $29 $22 $17 $351 5.25% 5.36% 5.03% 4.77% 4.10% 5.70% 4.19% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% $0 $100 $200 $300 $400 $500 $600 $700 $800 0 - 1 Years 1 - 3 Years 3 - 5 Years 5 - 10 Years 10 - 15 Years 15 - 20 Years > 20 Years All Fixed SFR 1-4 All WAR Fixed 33% Adjustable 53% Floating 14% $2,351 MM total fixed 4.87% Wtd Avg Rate Dollars in millions, excludes unearned fees and accretion/amortization therein. Wtd Avg Rate (weighted average rate, or WAR) as of 3/31/2026 and based upon outstanding principal Loan Yield Composition: Fixed Rate Loans 22
Investor Presentation | First Quarter 2026 $2,517 $2,351 $185 ($199) ($152) 3/31/2025 Originations Payoffs Paydowns 3/31/2026 $2,409 $2,351 $35 ($46) ($47) 12/31/2025 Originations Payoffs Paydowns 3/31/2026 4.87% 4.88% 4.87% 4.65% 4.70% 4.75% 4.80% 4.85% 4.90% 4.95% 5.00% $2,200 $2,250 $2,300 $2,350 $2,400 $2,450 $2,500 $2,550 Fixed Rate Loans WAR Fixed Rate Loans Dollars in millions, principal outstanding, excludes unearned fees; Paydowns are net of draws on existing loans within period WAR (weighted average rate) based upon outstanding principal, excludes unearned fees Year-over-year change Quarter-over-quarter change Scaled to $2,200MM Scaled to $2,200MM 4.87% WAR 4.87% WAR 4.88% WAR Includes principal amortization as well as transfers of loans out of construction 4.87% WAR 6.51% 5.48%6.38% Appetite for fixed rate loans faces headwinds as clients anticipate future rate reductions 6.21% 23
Investor Presentation | First Quarter 2026 ($793) ($574) $2,300 $1,244 $125,762 $127,939 ACL 12/31/2025 Charge Offs & Recoveries Portfolio Growth/Mix Specific Reserve Changes Reserve Rate Changes ACL 12/31/2025 $120,000 $121,000 $122,000 $123,000 $124,000 $125,000 $126,000 $127,000 $128,000 LOANS: Allowance for Credit Losses Drivers of Change under CECL $59MM Multifamily term out from Construction in prior quarter Paydowns in Farm and Ag Qualitative reserve factors & economic outlook capture extended inflation impacts and volatility of war Excludes changes in specific reserves Gross charge-offs $0.912 million Gross recoveries $0.119 million 1.77% of Total Loans 1.81% of Total Loans Observed migration and deterioration in borrower cash flow or collateral value on classified credits Scaled to reflect $120MM 24
Investor Presentation | First Quarter 2026 LOANS: Allowance for Credit Losses Allocation of Allowance by Segment 25 ($ Thousands) Allowance for Credit Losses Loans (Excl LHFS) ACL Amount ACL % of Loans Loans (Excl LHFS) ACL Amount ACL % of Loans Loans (Excl LHFS) ACL Amount ACL % of Loans Commercial real estate: CRE non-owner occupied 2,323,036$ 37,229$ 1.60% 2,495,849$ 40,300$ 1.61% 2,533,542$ 41,647$ 1.64% CRE owner occupied 961,415 15,747 1.64% 1,020,770 12,712 1.25% 1,020,740 16,286 1.60% Multifamily 1,028,035 15,913 1.55% 1,085,698 17,327 1.60% 1,114,059 16,384 1.47% Farmland 265,146 3,960 1.49% 251,445 5,193 2.07% 239,888 5,593 2.33% Total commercial real estate loans 4,577,632$ 72,849$ 1.59% 4,853,762$ 75,532$ 1.56% 4,908,229$ 79,910$ 1.63% Consumer: SFR 1-4 1st DT 859,660$ 14,227$ 1.65% 842,170$ 11,045$ 1.31% 816,577$ 9,929$ 1.22% SFR HELOCs and junior liens 363,420 10,411 2.86% 431,772 13,264 3.07% 429,362 12,297 2.86% Other 57,977 2,825 4.87% 40,668 1,974 4.85% 36,242 1,560 4.30% Total consumer loans 1,281,057$ 27,463$ 2.14% 1,314,610$ 26,283$ 2.00% 1,282,181$ 23,786$ 1.86% Commercial and industrial 471,271$ 14,397$ 3.05% 464,428$ 11,430$ 2.46% 465,081$ 12,435$ 2.67% Construction 279,933 7,224 2.58% 301,045 8,231 2.73% 262,872 8,239 3.13% Agriculture production 151,822 3,403 2.24% 172,494 4,265 2.47% 145,463 3,548 2.44% Leases 6,806 30 0.44% 4,748 21 0.44% 4,372 21 0.48% Total Loans and ACL 6,768,523$ 125,366$ 1.85% 7,111,087$ 125,762$ 1.77% 7,068,198$ 127,939$ 1.81% Reserve for Unfunded Loan Commitments 6,000 7,745 8,100 Allowance for Credit Losses 6,768,523$ 131,366$ 1.94% 7,111,087$ 133,507$ 1.88% 7,068,198$ 136,039$ 1.92% Discounts on Acquired Loans 20,307 14,920 13,543 Total ACL Plus Discounts 6,768,523$ 151,674$ 2.24% 7,111,087$ 148,427$ 2.09% 7,068,198$ 149,582$ 2.12% March 31, 2026December 31, 2024 December 31, 2025
Investor Presentation | First Quarter 2026 LOANS: Risk Grade Migration Zero balance in Doubtful and Loss 26
Investor Presentation | First Quarter 2026 0.06% 0.14% 0.09% 0.07% 0.18% 0.13% 0.15% 0.18% 0.25% 0.46% 0.49% 0.49% 0.48% 0.58% 0.53% 0.55% 0.56% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 TCBK Peers 363% 377% 297% 284% 234% 192% 190% 196% 184% 1 7 4 % 1 6 7 % 1 7 2 % 1 6 0 % 1 7 9 % 1 9 2 % 1 9 1 % 1 7 1 % 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 TCBK Peers 0.37% 0.35% 0.44% 0.48% 0.58% 0.67% 0.71% 0.70% 0.75% 0.53% 0.55% 0.57% 0.60% 0.63% 0.65% 0.68% 0.65% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 TCBK Peers LOANS: Asset Quality Peer group consists of 99 closest peers in terms of asset size, range $6.3-13.3 Billion, source: BankRegData.com Past due 30-89 accruing loans exclude non-accrual; NPAs as presented are net of guarantees; NPLs as presented are not adjusted for guarantees. The Bank continues to actively and aggressively address potential credit issues with short resolution timelines. Despite increase in non-performing assets over the past several quarters, current levels remain well below historical norms for both the Company and the community banking industry. Non-Performing Assets as a % of Total Assets Coverage Ratio: ACL as % of Non-Performing LoansPast Due 30-89 as a % of Total Loans 27
Investor Presentation | First Quarter 2026 Tri Counties Bank exists for just one purpose: to improve the financial success and well-being of our shareholders, customers, communities and employees. Our Mission Core Values Trust Respect Integrity Communication Opportunity Team Ethos We are one team, aligned, customer-focused and collaborative to achieve next-level performance. 28