TriCo Bancshares announced net income of $29.1 million, or $0.88 per diluted share, for the third quarter of 2024. This performance compares to $29.0 million, or $0.87 per diluted share, in the trailing second quarter of 2024. The company's net interest income for the quarter was $82.611 million, marking a 0.7% increase from the previous quarter.
The bank reported a provision for credit losses of $220,000, a decrease from $405,000 in the prior quarter. Noninterest income increased by 4.0% to $16.495 million, while noninterest expense rose by 2.0% to $59.487 million. The fully tax-equivalent net interest margin expanded to 3.71% from 3.68% in the second quarter of 2024.
Total loans outstanding were $6.7 billion, reflecting a 3.5% annualized decrease from the trailing quarter. Total deposits were $8.037 billion, a 0.7% annualized decrease from the previous quarter. Book value per share increased to $37.55, and tangible book value per share reached $28.09 at quarter-end.
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