TriCo Bancshares reported full-year 2024 earnings of $114.9 million, or $3.46 per diluted share, a slight decrease from $117.4 million, or $3.52 per diluted share, in 2023. Net interest income for 2024 was $331.4 million, down 7.1% from the previous year, primarily due to the impact of rising short-term interest rates on funding costs.
The yield on loans increased by 0.35% to 5.79% in 2024, while the cost of total interest-bearing deposits rose by 0.99% to 2.09%. The net interest margin for the year was 3.71%, a decrease of 0.25% from 2023. Despite these pressures, the provision for credit losses declined significantly to $6.6 million in 2024 from $23.99 million in 2023.
The bank provided over $1.18 billion in new loans to businesses and households across California in 2024. Non-performing assets increased by approximately $12 million from the end of 2023, but net charge-offs declined by $6.6 million to $2.6 million. Tri Counties Bank also received an 'Outstanding' performance rating from the FDIC in its most recent Community Reinvestment Act evaluation.
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