TriCo Bancshares reported net income of $29.0 million, or $0.88 per diluted share, for the fourth quarter of 2024. This result was consistent with the diluted EPS of $0.88 reported in the third quarter of 2024, and an increase from $0.78 in the fourth quarter of 2023. Net interest income for the quarter was $84.090 million, an increase of 1.8% from the prior quarter.
The company's net interest margin (FTE) expanded to 3.76% in Q4 2024, up from 3.71% in Q3 2024, marking the second consecutive quarter of expansion. This improvement occurred despite three Federal Funds rate cuts totaling 100 basis points since mid-September, attributed to reduced funding costs and deployment of cash into higher-yielding assets. The provision for credit losses increased to $1.702 million from $220,000 in the previous quarter.
Total loans outstanding increased by $84.6 million, or 5.1% on an annualized basis, reaching $6.8 billion as of December 31, 2024. Total deposits grew by $50.5 million, or 2.5% annualized, to $8.087 billion. However, total shareholders' equity decreased by $18.1 million during the quarter, leading to a decline in book value per share to $37.03 and tangible book value per share to $27.60.
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