TriCo Bancshares Q1 2022 net income $20.4M, EPS $0.67; completed VRB merger

TRICO BANCSHARES /

2022-Q1 EPS reported $0.67 revenue$11,696,000

Net income $20.4M ($0.67 EPS) vs $28.2M ($0.94) in Q4 2021 and $33.6M ($1.13) in Q1 2021.
Completed Valley Republic Bancorp merger on March 25, 2022, valued at ~$174M.
Organic loan growth ex-PPP of $187.9M (15.5% annualized); total loans $5.85B.
Provision for credit losses $8.33M vs reversal of $6.06M in year-ago quarter.
Nonperforming assets down 48.4% to $17.0M; dividend unchanged at $0.25/share.

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