TriCo Bancshares announced net income of $26.4 million, or $0.80 per diluted share, for the first quarter of 2025. This represents a decrease from $29.0 million, or $0.88 per diluted share, in the trailing fourth quarter of 2024, and $27.7 million, or $0.83 per diluted share, in the first quarter of 2024. The sequential decline was primarily driven by a higher provision for credit losses and increased non-interest expense.
Net interest income (FTE) for Q1 2025 was $82.8 million, a slight decrease of $0.2 million from Q1 2024, though the net interest margin (FTE) improved to 3.73% from 3.68% year-over-year. The cost of total deposits increased to 1.43% from 1.21% in Q1 2024, reflecting a competitive environment. Non-interest income saw a modest increase of 1.9% to $16.1 million, boosted by $1.2 million from life insurance death benefit proceeds.
Asset quality metrics showed deterioration, with loans past due 30 days or more increasing by $12.0 million to $44.8 million. Non-performing loans rose by $10.8 million to $54.9 million, and non-performing assets totaled $57.5 million, representing 0.59% of total assets, up from 0.48% in Q4 2024. The provision for credit losses was $3.7 million, higher than the $1.7 million in Q4 2024. Despite this, total assets grew to $9.82 billion, with deposits increasing 5.8% annualized and loans growing 3.1% annualized.
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