TriCo Bancshares reports Q2 EPS $0.93; net income $31.4M; NIM expands 28bps to 3.67%

TRICO BANCSHARES /

2022-Q2 EPS reported $1.62 revenue$24,740,000

Net income $31.4M ($0.93 diluted EPS) vs $20.4M ($0.67) in Q1 and $28.4M ($0.95) in Q2 2021.
Net interest margin (FTE) rose 28bps to 3.67%, driven by higher rates and asset mix shift.
Organic loan growth ex-PPP $300.3M (20.7% annualized); total deposits $8.76B up 1.9% annualized.
Provision for credit losses $2.1M vs $8.3M in prior quarter; NPAs/total assets improved to 0.15%.
Merger with Valley Republic Bancorp fully absorbed; efficiency ratio improved to 55.45%.

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