Companies: 10,796     total market cap: $144.480 T
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TriCo Bancshares
TCBK
#5211
Rank
$1.65 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$50.81
Share price
2.69%
Change (1 day)
39.13%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. TriCo Bancshares
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q2

TriCo Bancshares - 10-Q quarterly report FY2024 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________
FORM 10-Q
___________________
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended: June 30, 2024
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from                to              
Commission File Number: 000-10661
___________________
ntricobancshares_logo.jpg
(Exact Name of Registrant as Specified in Its Charter)
___________________
CA94-2792841
(State or Other Jurisdiction of
Incorporation or Organization)		(I.R.S. Employer
Identification Number)
63 Constitution Drive
Chico, California 95973
(Address of Principal Executive Offices)(Zip Code)
(530) 898-0300
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Common StockTCBKThe NASDAQ Stock Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “accelerated filer”, “large accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 ☒
Large accelerated filer☐Accelerated filer
☐Non-accelerated filer☐Smaller reporting company
☐Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Indicate the number of shares outstanding for each of the issuer’s classes of common stock, as of the latest practical date:
Common stock, no par value: 32,993,008 shares outstanding as of August 5, 2024.


TriCo Bancshares
FORM 10-Q
TABLE OF CONTENTS



1
GLOSSARY OF ACRONYMS AND TERMS

The following listing provides a comprehensive reference of common acronyms and terms used throughout the document:

ACLAllowance for Credit Losses
AFSAvailable-for-Sale
AOCIAccumulated Other Comprehensive Income
ASCAccounting Standards Codification
CDsCertificates of Deposit
CDICore Deposit Intangible
CRECommercial Real Estate
CMOCollateralized Mortgage Obligation
DFPIState Department of Financial Protection and Innovation
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FHLBFederal Home Loan Bank
FOMCFederal Open Market Committee
FRBFederal Reserve Board
FTEFully taxable equivalent
GAAPGenerally Accepted Accounting Principles (United States of America)
HELOCHome equity line of credit
HTMHeld-to-Maturity
LIBORLondon Interbank Offered Rate
NIMNet interest margin
NPANonperforming assets
OCIOther comprehensive income
PCDPurchase Credit Deteriorated
PSUPerformance Restricted Stock Unit
ROUARight-of-Use Asset
RSURestricted Stock Unit
SBASmall Business Administration
SERPSupplemental Executive Retirement Plan
SFRSingle Family Residence
SOFRSecured Overnight Financing Rate
VRBValley Republic Bancorp
XBRLeXtensible Business Reporting Language
2

PART I – FINANCIAL INFORMATION
Item 1.    Financial Statements (unaudited)
TRICO BANCSHARES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data; unaudited)
June 30, 2024December 31, 2023
Assets:
Cash and due from banks$81,342 $81,626 
Cash at Federal Reserve and other banks125,216 17,075 
Cash and cash equivalents206,558 98,701 
Investment securities:
Marketable equity securities2,595 2,634 
Trading securities2,789 — 
Available for sale debt securities, at fair value (amortized cost of $2,184,452 and $2,384,325)
1,940,783 2,152,504 
Held to maturity debt securities, at amortized cost, net of allowance for credit losses of $0
122,673 133,494 
Restricted equity securities17,250 17,250 
Loans held for sale474 458 
Loans6,742,526 6,794,470 
Allowance for credit losses(123,517)(121,522)
Total loans, net6,619,009 6,672,948 
Premises and equipment, net70,621 71,347 
Cash value of life insurance138,525 136,892 
Accrued interest receivable35,527 36,768 
Goodwill304,442 304,442 
Other intangible assets, net8,492 10,552 
Operating leases, right-of-use
25,113 26,133 
Other assets246,548 245,966 
Total assets$9,741,399 $9,910,089 
Liabilities and Shareholders’ Equity:
Liabilities:
Deposits:
Noninterest-bearing demand$2,557,063 $2,722,689 
Interest-bearing5,493,167 5,111,349 
Total deposits8,050,230 7,834,038 
Accrued interest payable12,018 8,445 
Operating lease liability27,122 28,261 
Other liabilities128,063 145,982 
Other borrowings247,773 632,582 
Junior subordinated debt101,143 101,099 
Total liabilities8,566,349 8,750,407 
Commitments and contingencies (Note 9)
Shareholders’ equity:
Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at June 30, 2024 and December 31, 2023
— — 
Common stock, no par value: 50,000,000 shares authorized; 32,989,327 and 33,268,102 issued and outstanding at June 30, 2024 and December 31, 2023, respectively
691,878 697,349 
Retained earnings644,687 615,502 
Accumulated other comprehensive loss, net of tax(161,515)(153,169)
Total shareholders’ equity1,175,050 1,159,682 
Total liabilities and shareholders’ equity$9,741,399 $9,910,089 
See accompanying notes to unaudited condensed consolidated financial statements.
3
TRICO BANCSHARES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data; unaudited)
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Interest and dividend income:
Loans, including fees$98,229 $86,747 $194,713 $169,161 
Investments:
Taxable securities16,617 18,477 34,066 37,089 
Tax exempt securities915 1,262 1,832 2,570 
Dividends387 298 767 602 
Interest bearing cash at Federal Reserve and other banks884 374 1,071 643 
Total interest and dividend income117,032 107,158 232,449 210,065 
Interest expense:
Deposits29,021 11,457 52,550 16,602 
Other borrowings4,118 5,404 11,496 8,212 
Junior subordinated debt1,896 1,696 3,670 3,314 
Total interest expense35,035 18,557 67,716 28,128 
Net interest income81,997 88,601 164,733 181,937 
Provision for credit losses405 9,650 4,710 13,845 
Net interest income after credit loss provision81,592 78,951 160,023 168,092 
Non-interest income:
Service charges and fees12,796 12,968 25,433 24,165 
Gain on sale of loans388 295 649 501 
Loss on sale or exchange of investment securities(45)— (45)(164)
Asset management and commission income1,359 1,158 2,487 2,092 
Increase in cash value of life insurance831 788 1,634 1,590 
Other537 532 1,479 1,192 
Total non-interest income15,866 15,741 31,637 29,376 
Non-interest expense:
Salaries and related benefits35,401 34,714 69,705 67,277 
Other22,938 26,529 45,138 47,760 
Total non-interest expense58,339 61,243 114,843 115,037 
Income before provision for income taxes39,119 33,449 76,817 82,431 
Provision for income taxes10,085 8,557 20,034 21,706 
Net income$29,034 $24,892 $56,783 $60,725 
Per share data:
Basic earnings per share$0.88 $0.75 $1.71 $1.83 
Diluted earnings per share$0.87 $0.75 $1.70 $1.82 
Dividends per share$0.33 $0.30 $0.66 $0.60 
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(In thousands; unaudited)
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Net income$29,034 $24,892 $56,783 $60,725 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available for sale securities arising during the period2,852 (11,915)(8,346)12,529 
Change in minimum pension liability— — — — 
Change in joint beneficiary agreements— — — — 
Other comprehensive income (loss)2,852 (11,915)(8,346)12,529 
Comprehensive income $31,886 $12,977 $48,437 $73,254 

See accompanying notes to unaudited condensed consolidated financial statements.
4
TRICO BANCSHARES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(In thousands, except share and per share data; unaudited)
Shares of
Common
Stock		Common
Stock		Retained
Earnings		Accumulated
Other
Comprehensive Income (Loss)		Total
Balance at April 1, 202333,195,250 $695,168 $564,538 $(169,461)$1,090,245 
Net income24,892 24,892 
Other comprehensive income(11,915)(11,915)
Stock options exercised4,000 78 78 
RSU vesting626 626 
PSU vesting304 304 
RSUs released45,668 — 
PSUs released55,928 — 
Repurchase of common stock(41,586)(871)(608)(1,479)
Dividends paid ($0.30 per share)
(9,970)(9,970)
Three months ended June 30, 202333,259,260 $695,305 $578,852 $(181,376)$1,092,781 
Balance at April 1, 202433,168,770 $696,464 $630,954 $(164,367)$1,163,051 
Net income29,034 29,034 
Other comprehensive loss2,852 2,852 
Stock options exercised— — — 
RSU vesting851 851 
PSU vesting344 344 
RSUs released63,811 — 
PSUs released32,248 — 
Repurchase of common stock(275,502)(5,781)(4,396)(10,177)
Dividends paid ($0.33 per share)
(10,905)(10,905)
Three months ended June 30, 202432,989,327 $691,878 $644,687 $(161,515)$1,175,050 
Balance at January 1, 202333,331,513 $697,448 $542,873 $(193,905)$1,046,416 
Net income60,725 60,725 
Other comprehensive income12,529 12,529 
Stock options exercised8,000 156 156 
RSU vesting1,354 1,354 
PSU vesting617 617 
RSUs released67,786 — 
PSUs released55,928 — 
Repurchase of common stock(203,967)(4,270)(4,804)(9,074)
Dividends paid ($0.60 per share)
(19,942)(19,942)
Six months ended June 30, 202333,259,260 $695,305 $578,852 $(181,376)$1,092,781 
Balance at January 1, 202433,268,102 $697,349 $615,502 $(153,169)$1,159,682 
Net income56,783 56,783 
Other comprehensive loss(8,346)(8,346)
Stock options exercised— — — 
RSU vesting1,619 1,619 
PSU vesting775 775 
RSUs released63,811 — 
PSUs released32,248 — 
Repurchase of common stock(374,834)(7,865)(5,720)(13,585)
Dividends paid ($0.66 per share)
(21,878)(21,878)
Six months ended June 30, 202432,989,327 $691,878 $644,687 $(161,515)$1,175,050 
See accompanying notes to unaudited condensed consolidated financial statements.
5
TRICO BANCSHARES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands; unaudited)
For the six months ended June 30,
20242023
Operating activities:
Net income$56,783 $60,725 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment, and amortization3,000 3,187 
Amortization of intangible assets2,060 3,312 
Provision for credit losses on loans4,350 13,295 
Amortization of investment securities premium, net271 572 
Loss on sale of investment securities45 164 
Originations of loans for resale(25,245)(19,230)
Proceeds from sale of loans originated for resale25,682 20,373 
Gain on sale of loans(649)(501)
Change in fair market value of mortgage servicing rights136 125 
Provision for losses on foreclosed assets262 525 
Gain on transfer of loans to foreclosed assets(38)— 
Operating lease expense payments(3,147)(3,264)
Loss on disposal of fixed assets6 18 
Increase in cash value of life insurance(1,634)(1,590)
Loss on marketable and trading equity securities149 — 
Equity compensation vesting expense2,394 1,971 
Change in:
Interest receivable1,241 (979)
Interest payable3,573 2,488 
Amortization of operating lease ROUA3,028 3,359 
Other assets and liabilities, net(15,377)(28,354)
Net cash from operating activities56,890 56,196 
Investing activities:
Proceeds from maturities of securities available for sale221,664 159,494 
Proceeds from maturities of securities held to maturity10,713 15,756 
Proceeds from sale of available for sale securities28,570 24,160 
Purchases of securities available for sale(53,468)(34,468)
Loan origination and principal collections, net49,578 (71,939)
Purchases of premises and equipment(2,010)(3,238)
Net cash from investing activities255,047 89,765 
Financing activities:
Net change in deposits216,192 (233,648)
Net change in other borrowings(384,809)128,109 
Repurchase of common stock, net of option exercises(13,585)(9,074)
Dividends paid(21,878)(19,942)
Exercise of stock options— 156 
Net cash used by financing activities(204,080)(134,399)
Net change in cash and cash equivalents107,857 11,562 
Cash and cash equivalents, beginning of period98,701 107,230 
Cash and cash equivalents, end of period$206,558 $118,792 
6
Supplemental disclosure of noncash activities:
Unrealized gain (loss) on securities available for sale$(11,848)$17,787 
Market value of shares tendered in-lieu of cash to pay for exercise of options and/or related taxes1,102 2,100 
Obligations incurred in conjunction with leased assets1,426 4,855 
Loans transferred to foreclosed assets12 — 
Supplemental disclosure of cash flow activity:
Cash paid for interest expense$64,143 $25,639 
Cash paid for income taxes21,200 35,300 






















































See accompanying notes to unaudited condensed consolidated financial statements.
7
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Summary of Significant Accounting Policies
Description of Business and Basis of Presentation
TriCo Bancshares (the “Company” or “we”) is a California corporation organized to act as a bank holding company for Tri Counties Bank (the “Bank”). The Company and the Bank are headquartered in Chico, California. The Bank is a California-chartered bank that is engaged in the general commercial banking business in 33 California counties. The consolidated financial statements are prepared in accordance with accounting policies generally accepted in the United States of America and general practices in the banking industry. All adjustments necessary for a fair presentation of these consolidated financial statements have been included and are of a normal and recurring nature. The financial statements include the accounts of the Company. All inter-company accounts and transactions have been eliminated in consolidation.
The Company has five capital subsidiary business trusts (collectively, the “Capital Trusts”) that issued trust preferred securities, including two organized by the Company and three acquired with the acquisition of North Valley Bancorp. For financial reporting purposes, the Company’s investments in the Capital Trusts of $1.8 million are accounted for under the equity method and, accordingly, are not consolidated and are included in other assets on the consolidated balance sheet. See the Note 8 - footnote Junior Subordinated Debt for additional information on borrowings outstanding.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). The Company believes that the disclosures made are adequate to make the information not misleading.
Segment and Significant Group Concentration of Credit Risk
The Company grants agribusiness, commercial, consumer, and residential loans to customers located throughout California. The Company has a diversified loan portfolio within the business segments located in this geographical area. The Company currently classifies all its operation into one business segment that it denotes as community banking.
Geographical Descriptions
For the purpose of describing the geographical location of the Company’s operations, the Company has defined northern California as that area of California north of, and including, Stockton to the east and San Jose to the west; central California as that area of the state south of Stockton and San Jose, to and including, Bakersfield to the east and San Luis Obispo to the west; and southern California as that area of the state south of Bakersfield and San Luis Obispo.
Reclassification
Some items in the prior year consolidated financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity.
Cash and Cash Equivalents
Net cash flows are reported for loan and deposit transactions and other borrowings. For purposes of the consolidated statement of cash flows, cash, due from banks with original maturities less than 90 days, interest-earning deposits in other banks, and Federal funds sold are considered to be cash equivalents.
Allowance for Credit Losses - Securities
The Company measures expected credit losses on HTM debt securities on a collective basis by major security type, then further disaggregated by sector and bond rating. Accrued interest receivable on HTM debt securities was considered insignificant at June 30, 2024 and December 31, 2023 and is therefore excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts based on current and expected changes in credit ratings and default rates. Based on the implied guarantees of the U. S. Government or its agencies related to certain of these investment securities, and the absence of any historical or expected losses, substantially all qualify for a zero loss
8
assumption. Management has separately evaluated its HTM investment securities from obligations of state and political subdivisions utilizing the historical loss data represented by similar securities over a period of time spanning nearly 50 years. As a result of this evaluation, management determined that the expected credit losses associated with these securities is not significant for financial reporting purposes and therefore, no allowance for credit losses has been recognized for any period reported.
The Company evaluates AFS debt securities in an unrealized loss position to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the allowance for credit losses and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired available for sale debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. In evaluating available for sale debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers' financial condition, among other factors. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. No security credit losses were recognized during the six month periods ended June 30, 2024 and 2023, respectively.
Loans
Loans that management has the intent and ability to hold until maturity or payoff are reported at principal amount outstanding, net of deferred loan fees and costs. Loans are placed in nonaccrual status when reasonable doubt exists as to the full, timely collection of interest or principal, or a loan becomes contractually past due by 90 days or more with respect to interest or principal and is not well secured and in the process of collection. When a loan is placed on nonaccrual status, all interest previously accrued but not collected is reversed against interest income. Income on such loans is then recognized only to the extent that cash is received and where the future collection of principal is considered probable. Interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of Management, the loan is estimated to be fully collectible as to both principal and interest. Accrued interest receivable is not included in the calculation of the allowance for credit losses.
Allowance for Credit Losses - Loans
The ACL is a valuation account that is deducted from the loan's amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged-off against the allowance when management believes the recorded loan balance is confirmed as uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Regardless of the determination that a charge-off is appropriate for financial accounting purposes, the Company manages its loan portfolio by continually monitoring, where possible, a borrower's ability to pay through the collection of financial information, delinquency status, borrower discussion and the encouragement to repay in accordance with the original contract or modified terms, if appropriate.
Management estimates the allowance balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. Historical credit loss experience provides the basis for the estimation of expected credit losses, which captures loan balances as of a point in time to form a cohort, then tracks the respective losses generated by that cohort of loans over the remaining life. The Company identified and accumulated loan cohort historical loss data beginning with the fourth quarter of 2008 and through the current period. In situations where the Company's actual loss history was not statistically relevant, the loss history of peers, defined as financial institutions with assets greater than three billion and less than ten billion, were utilized to create a minimum loss rate. Adjustments to historical loss information are made for differences in relevant current loan-specific risk characteristics, such as historical timing of losses relative to the loan origination. In its loss forecasting framework, the Company incorporates forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios incorporate variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to changes in environmental conditions, such as California unemployment rates, household debt levels, changes in corporate debt yields, and U.S. gross domestic product.
PCD assets are assets acquired at a discount that is due, in part, to credit quality deterioration since origination. PCD assets are accounted for in accordance with ASC 326-20 and are initially recorded at fair value, by taking the sum of the present value of expected future cash flows and an allowance for credit losses, at acquisition. The allowance for credit losses for PCD assets is recorded through a gross-up of reserves on the balance sheet, while the allowance for acquired non-PCD assets, such as loans, is recorded through the provision for credit losses on the income statement, consistent with originated loans. Subsequent to acquisition, the allowance for credit losses for PCD loans will generally follow the same forward-looking estimation, provision, and charge-off process as non-PCD acquired and originated loans.
The Company has identified the following portfolio segments to evaluate and measure the allowance for credit loss:
Commercial real estate:
Commercial real estate - Non-owner occupied: These commercial properties typically consist of buildings which are leased to others for their use and rely on rents as the primary source of repayment. Property types are predominantly office, retail, or light industrial but the portfolio also has some special use properties. As such, the risk of loss associated with these properties is primarily driven by general
9
economic changes or changes in regional economies and the impact of such on a tenant’s ability to pay. Ultimately this can affect occupancy, rental rates, or both. Additional risk of loss can come from new construction resulting in oversupply, the costs to hold or operate the property, or changes in interest rates. The terms on these loans at origination typically have maturities from five to ten years with amortization periods from fifteen to thirty years.
Commercial real estate - Owner occupied: These credits are primarily susceptible to changes in the financial condition of the business operated by the property owner. This may be driven by changes in, among other things, industry challenges, factors unique to the operating geography of the borrower, change in the individual fortunes of the business owner, general economic conditions and changes in business cycles. When default is driven by issues related specifically to the business owner, collateral values tend to provide better repayment support and may result in little or no loss. Alternatively, when default is driven more by general economic conditions, the underlying collateral may have devalued more and thus result in larger losses in the event of default. The terms on these loans at origination typically have maturities from five to ten years with amortization periods from fifteen to thirty years.
Multifamily: These commercial properties are generally comprised of more than four rentable units, such as apartment buildings, with each unit intended to be occupied as the primary residence for one or more persons. Multifamily properties are also subject to changes in general or regional economic conditions, such as unemployment, ultimately resulting in increased vacancy rates or reduced rents or both. In addition, new construction can create an oversupply condition and market competition resulting in increased vacancy, reduced market rents, or both. Due to the nature of their use and the greater likelihood of tenant turnover, the management of these properties is more intensive and therefore is more critical to the preclusion of loss.
Farmland: While the Company has few loans that were originated for the purpose of the acquisition of these commercial properties, loans secured by farmland represent unique risks that are associated with the operation of an agricultural businesses. The valuation of farmland can vary greatly over time based on the property's access to resources including but not limited to water, crop prices, foreign exchange rates, government regulation or restrictions, and the nature of ongoing capital investment needed to maintain the quality of the property. Loans secured by farmland typically represent less risk to the Company than other agriculture loans as the real estate typically provides greater support in the event of default or need for longer term repayment.
Consumer loans:
SFR 1-4 1st DT Liens: The most significant drivers of potential loss within the Company's residential real estate portfolio relate general, regional, or individual changes in economic conditions and their effect on employment and borrowers cash flow. Risk in this portfolio is best measured by changes in borrower credit score and loan-to-value. Loss estimates are based on the general movement in credit score, economic outlook and its effects on employment and the value of homes and the Bank’s historical loss experience adjusted to reflect the economic outlook and the unemployment rate.
SFR HELOCs and Junior Liens: Similar to residential real estate term loans, HELOCs and junior liens performance is also primarily driven by borrower cash flows based on employment status. However, HELOCs carry additional risks associated with the fact that most of these loans are secured by a deed of trust in a position that is junior to the primary lien holder. Furthermore, the risk that as the borrower's financial strength deteriorates, the outstanding balance on these credit lines may increase as they may only be canceled by the Company if certain limited criteria are met. In addition to the allowance for credit losses maintained as a percent of the outstanding loan balance, the Company maintains additional reserves for the unfunded portion of the HELOC.
Other: The majority of consumer loans are secured by automobiles, with the remainder primarily unsecured revolving debt (credit cards). These loans are susceptible to three primary risks; non-payment due to income loss, over-extension of credit and, when the borrower is unable to pay, shortfall in collateral value, if any. Typically non-payment is due to loss of job and will follow general economic trends in the marketplace driven primarily by rises in the unemployment rate. Loss of collateral value can be due to market demand shifts, damage to collateral itself or a combination of those factors. Credit card loans are unsecured and while collection efforts are pursued in the event of default, there is typically limited opportunity for recovery. Loss estimates are based on the general movement in credit score, economic outlook and its effects on employment and the Bank’s historical loss experience adjusted to reflect the economic outlook and the unemployment rate.
Commercial and Industrial:
Repayment of these loans is primarily based on the cash flow of the borrower, and secondarily on the underlying collateral provided by the borrower. A borrower's cash flow may be unpredictable, and collateral securing these loans may fluctuate in value. Most often, collateral includes accounts receivable, inventory, or equipment. Collateral securing these loans may depreciate over time, may be difficult to appraise, may be illiquid and may fluctuate in value based on the success of the business. Actual and forecast changes in gross domestic product are believed to be corollary to losses associated with these credits.
Construction:
While secured by real estate, construction loans represent a greater level of risk than term real estate loans due to the nature of the additional risks associated with the not only the completion of construction within an estimated time period and budget, but also the need to either sell the building or reach a level of stabilized occupancy sufficient to generate the cash flows necessary to support debt service and operating costs. The Company seeks to mitigate the additional risks associated with construction lending by requiring borrowers to comply with lower loan to value ratios and additional covenants as well as strong tertiary support of guarantors. The loss forecasting model applies the historical rate of loss for similar loans over the expected life of the asset as adjusted for macroeconomic factors.
10
Agriculture Production:
Repayment of agricultural loans is dependent upon successful operation of the agricultural business, which is greatly impacted by factors outside the control of the borrower. These factors include adverse weather conditions, including access to water, that may impact crop yields, loss of livestock due to disease or other factors, declines in market prices for agriculture products, changes in foreign exchange, and the impact of government regulations. In addition, many farms are dependent on a limited number of key individuals whose injury or death may significantly affect the successful operation of the business. Consequently, agricultural production loans may involve a greater degree of risk than other types of loans.
Leases:
The loss forecasting model applies the historical rate of loss for similar loans over the expected life of the asset. Leases typically represent an elevated level of credit risk as compared to loans secured by real estate as the collateral for leases is often subject to a more rapid rate of depreciation or depletion. The ultimate severity of loss is impacted by the type of collateral securing the exposure, the size of the exposure, the borrower’s industry sector, any guarantors and the geographic market. Assumptions of expected loss are conditioned to the economic outlook and the other variables discussed above.
Unfunded commitments:
The estimated credit losses associated with these unfunded lending commitments is calculated using the same models and methodologies noted above and incorporate utilization assumptions at time of default. The reserve for unfunded commitments is maintained on the consolidated balance sheet in other liabilities.
Accounting Standards Update
Accounting standards adopted in the current period
StandardSummary of GuidanceEffects on financial statements
None
Accounting standards yet to be adopted
StandardSummary of GuidanceEffects on financial statements
ASU 2023-07 - Segment Reporting (Topic 280): Improvement to Reportable Segments• Requires disclosure of the position and title of the CODM and significant segment expenses that the CODM is regularly provided.
• Requires the disclosure of other segment items representing the difference between segment revenue and expense and the profit and loss measure of the segment.
• Allows for the CODM to use more than one measure of segment profit and loss, as long as one measure is consistent with GAAP.		• Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.
• Early adoption is permitted.
• The amendments are to be applied retrospectively to all periods presented and segment expense categories should be based on the categories identified at adoption.
• TriCo does not expect adoption of the standard to have a material impact on its consolidated financial statements.
ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures• Requires a tabular rate reconciliation using both percentages and reporting currency amounts between the reported amount of income tax expense (or benefit) to the amount of statutory federal income tax at current rates for specified categories using specified disaggregation criteria.
• The amount of net income taxes paid for federal, state, and foreign taxes, as well as the amount paid to any jurisdiction that net taxes exceed a 5% quantitative threshold.
• The amendments will require the disclosure of pre-tax income disaggregated between domestic and foreign, as well as income tax expense disaggregated by federal, state, and foreign.
• The amendment also eliminates certain disclosures related to unrecognized tax benefits and certain temporary differences.		• Effective for fiscal years beginning after December 15, 2024.
• Early adoption is permitted in any annual period where financial statements have not yet been issued.
• The amendments should be applied on a prospective basis but retrospective application is permitted.
• TriCo does not expect adoption of the standard to have a material impact on its consolidated financial statements.

11

Note 2 - Investment Securities
The amortized cost, estimated fair values and allowance for credit losses of investments in debt securities are summarized in the following tables:
June 30, 2024
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Debt Securities Available for Sale
Obligations of U.S. government agencies$1,271,105 $1 $(178,082)$1,093,024 
Obligations of states and political subdivisions251,954 85 (29,430)222,609 
Corporate bonds6,177 — (367)5,810 
Asset backed securities344,115 569 (1,504)343,180 
Non-agency collateralized mortgage obligations311,101 — (34,941)276,160 
Total debt securities available for sale$2,184,452 $655 $(244,324)$1,940,783 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$119,982 $3 $(8,880)111,105 
Obligations of states and political subdivisions2,691 1 (88)2,604 
Total debt securities held to maturity$122,673 $4 $(8,968)$113,709 

December 31, 2023
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Debt Securities Available for Sale
Obligations of U.S. government agencies$1,386,772 $2 $(165,037)$1,221,737 
Obligations of states and political subdivisions262,879 268 (26,772)236,375 
Corporate bonds6,173 — (571)5,602 
Asset backed securities359,214 255 (4,188)355,281 
Non-agency collateralized mortgage obligations369,287 — (35,778)333,509 
Total debt securities available for sale$2,384,325 $525 $(232,346)$2,152,504 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$130,823 $— $(8,331)$122,492 
Obligations of states and political subdivisions2,671 6 (43)2,634 
Total debt securities held to maturity$133,494 $6 $(8,374)$125,126 
Proceeds from the sale of available for sale investment securities totaled $28.6 million for the three and six months ended June 30, 2024, resulting in gross realized losses of $2.9 million. Proceeds from the sale of investment securities totaled $24.2 million for the six months ended June 30, 2023, resulting in gross realized losses of $0.2 million. In addition, during the three months ended June 30, 2024, the Company participated in and completed an exchange offering with Visa, which resulted in a gain of $2.9 million. See further discussion in Note 9 - Commitments and Contingencies. There were no sales of investment securities during the three months ended June 30, 2023. Investment securities with an aggregate carrying value of $755.0 million and $702.2 million at June 30, 2024 and December 31, 2023, respectively, were pledged as collateral for specific borrowings, lines of credit or local agency deposits.
The amortized cost and estimated fair value of debt securities at June 30, 2024 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At June 30, 2024, obligations of U.S. government corporations and agencies with a cost basis totaling $1.3 billion consist almost entirely of residential real estate mortgage-backed securities whose contractual maturity, or principal repayment, will follow the repayment of the underlying mortgages. For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by U.S. government corporations and agencies is categorized based on final maturity date. At June 30, 2024, the Company estimates the average remaining life of these mortgage-backed securities issued by U.S. government corporations and agencies to be approximately 6.69 years. Average remaining life is defined as the time span after which the principal balance has been reduced by half.
12
As of June 30, 2024, the contractual final maturity for available for sale and held to maturity investment securities is as follows:
Debt SecuritiesAvailable for SaleHeld to Maturity
(in thousands)Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due in one year$15,715 $15,600 $— $— 
Due after one year through five years66,353 63,156 4,981 4,817 
Due after five years through ten years263,947 252,757 89,811 83,494 
Due after ten years1,838,437 1,609,270 27,881 25,398 
Totals$2,184,452 $1,940,783 $122,673 $113,709 
Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of June 30, 2024, the Company has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. There was no allowance for credit losses related to investment securities as of June 30, 2024 or December 31, 2023.

Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
June 30, 2024:Less than 12 months12 months or moreTotal
(in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies$322 $(3)$1,092,549 $(178,079)$1,092,871 $(178,082)
Obligations of states and political subdivisions7,705 (225)208,951 (29,205)216,656 (29,430)
Corporate bonds— — 5,810 (367)5,810 (367)
Asset backed securities43,914 (72)101,081 (1,432)144,995 (1,504)
Non-agency collateralized mortgage obligations— — 276,160 (34,941)276,160 (34,941)
Total debt securities available for sale$51,941 $(300)$1,684,551 $(244,024)$1,736,492 $(244,324)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$— $— $110,872 $(8,880)$110,872 $(8,880)
Obligations of states and political subdivisions486 (23)991 (65)1,477 (88)
Total debt securities held to maturity$486 $(23)$111,863 $(8,945)$112,349 $(8,968)
December 31, 2023:Less than 12 months12 months or moreTotal
(in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies$224 $— $1,221,320 $(165,037)$1,221,544 $(165,037)
Obligations of states and political subdivisions6,229 (75)216,497 (26,697)222,726 (26,772)
Corporate bonds— — 5,602 (571)5,602 (571)
Asset backed securities15,928 (93)264,731 (4,095)280,659 (4,188)
Non-agency collateralized mortgage obligations44,276 (583)289,233 (35,195)333,509 (35,778)
Total debt securities available for sale$66,657 $(751)$1,997,383 $(231,595)$2,064,040 $(232,346)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$— $— $122,259 $(8,331)$122,259 $(8,331)
Obligations of states and political subdivisions— — 1,012 (43)1,012 (43)
Total debt securities held to maturity$— $— $123,271 $(8,374)$123,271 $(8,374)
Obligations of U.S. government agencies: The unrealized losses on investments in obligations of U.S. government agencies are caused by interest rate increases and illiquidity. The contractual cash flows of these securities are guaranteed by U.S. Government Sponsored Entities (principally Fannie Mae and Freddie Mac). It is expected that the securities would not be settled at a price less than the amortized cost of
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the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of June 30, 2024. At June 30, 2024, 157 debt securities representing obligations of U.S. government agencies had unrealized losses with aggregate depreciation of 14.01% from the Company’s amortized cost basis.
Obligations of states and political subdivisions: The unrealized losses on investments in obligations of states and political subdivisions were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of June 30, 2024. At June 30, 2024, 155 debt securities representing obligations of states and political subdivisions had unrealized losses with aggregate depreciation of 11.96% from the Company’s amortized cost basis.
Corporate bonds: The unrealized losses on investments in corporate bonds were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of June 30, 2024. At June 30, 2024, 6 debt securities representing corporate bonds had unrealized losses with aggregate depreciation of 5.94% from the Company’s amortized cost basis.
Asset backed securities: The unrealized losses on investments in asset backed securities were caused by increases in required yields by investors for these types of securities. At the time of purchase, each of these securities was rated AA or AAA and through June 30, 2024 has not experienced any deterioration in credit rating. At June 30, 2024, 18 asset backed securities had unrealized losses with aggregate depreciation of 1.03% from the Company’s amortized cost basis. The Company continues to monitor these securities for changes in credit rating or other indications of credit deterioration. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of June 30, 2024.
Non-agency collateralized mortgage obligations: The unrealized losses on investments in asset backed securities were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of June 30, 2024. At June 30, 2024, 19 asset backed securities had unrealized losses with aggregate depreciation of 11.23% from the Company’s amortized cost basis.
The Company monitors credit quality of debt securities held-to-maturity through the use of credit rating. The Company monitors the credit rating on a monthly basis. The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
June 30, 2024December 31, 2023
(in thousands)
AAA/AA/ABBB/BB/BAAA/AA/ABBB/BB/B
Obligations of U.S. government agencies$119,982 $— $130,823 $— 
Obligations of states and political subdivisions2,691 — 2,671 — 
Total debt securities held to maturity$122,673 $— $133,494 $— 

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Note 3 – Loans
A summary of loan balances at amortized cost are as follows:
(in thousands)June 30, 2024December 31, 2023
Commercial real estate:
CRE non-owner occupied$2,242,120 $2,217,806 
CRE owner occupied952,496 956,440 
Multifamily1,000,806 949,502 
Farmland265,689 271,054 
Total commercial real estate loans4,461,111 4,394,802 
Consumer:
SFR 1-4 1st DT liens884,964 883,438 
SFR HELOCs and junior liens346,390 356,813 
Other69,373 73,017 
Total consumer loans1,300,727 1,313,268 
Commercial and industrial548,625 586,455 
Construction283,374 347,198 
Agriculture production140,239 144,497 
Leases8,450 8,250 
Total loans, net of deferred loan fees and discounts$6,742,526 $6,794,470 
Total principal balance of loans owed, net of charge-offs$6,780,439 $6,834,935 
Unamortized net deferred loan fees(15,457)(15,826)
Discounts to principal balance of loans owed, net of charge-offs(22,456)(24,639)
Total loans, net of unamortized deferred loan fees and discounts$6,742,526 $6,794,470 
Allowance for credit losses on loans$(123,517)$(121,522)


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Note 4 – Allowance for Credit Losses
For the periods indicated, the following tables summarize the activity in the allowance for credit losses on loans which is recorded as a contra asset, and the reserve for unfunded commitments which is recorded on the balance sheet within other liabilities:
Allowance for credit losses – Three months ended June 30, 2024
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision (benefit)Ending 
Balance
Commercial real estate:
CRE non-owner occupied$36,687 $— $— $468 $37,155 
CRE owner occupied16,111 — 1 (239)15,873 
Multifamily15,682 — — 291 15,973 
Farmland3,695 — — 336 4,031 
Total commercial real estate loans72,175 — 1 856 73,032 
Consumer:
SFR 1-4 1st DT liens14,140 — — 464 14,604 
SFR HELOCs and junior liens9,942 (9)51 103 10,087 
Other3,359 (118)81 (339)2,983 
Total consumer loans27,441 (127)132 228 27,674 
Commercial and industrial11,867 (870)261 870 12,128 
Construction9,162 — — (1,696)7,466 
Agriculture production3,708 (613)4 81 3,180 
Leases41 — — (4)37 
Allowance for credit losses on loans124,394 (1,610)398 335 123,517 
Reserve for unfunded commitments6,140 — — 70 6,210 
Total$130,534 $(1,610)$398 $405 $129,727 
Allowance for credit losses – Six months ended June 30, 2024
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision (benefit)Ending 
Balance
Commercial real estate:
CRE non-owner occupied$35,077 $— $— $2,078 $37,155 
CRE owner occupied15,081 — 1 791 15,873 
Multifamily14,418 — — 1,555 15,973 
Farmland4,288 — — (257)4,031 
Total commercial real estate loans68,864 — 1 4,167 73,032 
Consumer:
SFR 1-4 1st DT liens14,009 (26)— 621 14,604 
SFR HELOCs and junior liens10,273 (41)100 (245)10,087 
Other3,171 (368)121 59 2,983 
Total consumer loans27,453 (435)221 435 27,674 
Commercial and industrial12,750 (1,000)283 95 12,128 
Construction8,856 — — (1,390)7,466 
Agriculture production3,589 (1,450)25 1,016 3,180 
Leases10 — — 27 37 
Allowance for credit losses on loans121,522 (2,885)530 4,350 123,517 
Reserve for unfunded commitments5,850 — — 360 6,210 
Total$127,372 $(2,885)$530 $4,710 $129,727 
In determining the allowance for credit losses, accruing loans with similar risk characteristics are generally evaluated collectively. To estimate expected losses the Company generally utilizes historical loss trends and the remaining contractual lives of the loan portfolios to determine estimated credit losses through a reasonable and supportable forecast period. Individual loan credit quality indicators including loan grade and borrower repayment performance have been statistically correlated with historical credit losses and various econometrics,
16
including California unemployment, gross domestic product, and corporate bond yields. Model forecasts may be adjusted for inherent limitations or biases that have been identified through independent validation and back-testing of model performance to actual realized results.
The Company utilizes a forecast period of approximately eight quarters and obtains the forecast data from publicly available sources as of the balance sheet date. This forecast data continues to evolve and includes improving shifts in the magnitude of changes for both the unemployment and GDP factors leading up to the balance sheet date. Despite continued declines on a year over year comparative basis, core inflation remains elevated from wage pressures, and higher living costs such as housing, energy and food prices. Management notes that the recent cumulative increase in interest rates by the Federal Reserve may create repricing risk for certain borrowers and further, continued inversion of the yield curve, creates informed expectations of the US potentially entering a recession within 12 months. While projected cuts in interest rates from the Federal Reserve during 2024 may improve this outlook, the uncertainty associated with the extent and timing of these potential reductions has inhibited a change to forecasted reserve levels. As a result, management continues to believe that certain credit weaknesses are likely present in the overall economy and that it is appropriate to maintain a reserve level that incorporates such risk factors.
For the periods indicated, the following tables summarize the activity in the allowance for credit losses on loans which is recorded as a contra asset, and the reserve for unfunded commitments which is recorded on the balance sheet within other liabilities:
Allowance for credit losses – Year ended December 31, 2023
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision
(benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied$30,962 $— $— $4,115 $35,077 
CRE owner occupied14,014 (3,637)2 4,702 15,081 
Multifamily13,132 — — 1,286 14,418 
Farmland3,273 — — 1,015 4,288 
Total commercial real estate loans61,381 (3,637)2 11,118 68,864 
Consumer:
SFR 1-4 1st DT liens11,268 — 262 2,479 14,009 
SFR HELOCs and junior liens11,413 (66)723 (1,797)10,273 
Other1,958 (558)190 1,581 3,171 
Total consumer loans24,639 (624)1,175 2,263 27,453 
Commercial and industrial13,597 (3,879)316 2,716 12,750 
Construction5,142 — — 3,714 8,856 
Agriculture production906 — 34 2,649 3,589 
Leases15 — — (5)10 
Allowance for credit losses on loans105,680 (8,140)1,527 22,455 121,522 
Reserve for unfunded commitments4,315 — — 1,535 5,850 
Total$109,995 $(8,140)$1,527 $23,990 $127,372 

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Allowance for credit losses – Three months ended June 30, 2023
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision
(benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied$32,963 $— $— $79 $33,042 
CRE owner occupied14,559 — 1 5,648 20,208 
Multifamily13,873 — — 202 14,075 
Farmland3,542 — — 149 3,691 
Total commercial real estate loans64,937 — 1 6,078 71,016 
Consumer:
SFR 1-4 1st DT liens11,920 — — 1,214 13,134 
SFR HELOCs and junior liens10,914 — 37 (343)10,608 
Other2,062 (163)26 846 2,771 
Total consumer loans24,896 (163)63 1,717 26,513 
Commercial and industrial12,069 (113)123 (432)11,647 
Construction5,655 — — 1,376 7,031 
Agriculture production833 — 31 241 1,105 
Leases17 — — — 17 
Allowance for credit losses on loans108,407 (276)218 8,980 117,329 
Reserve for unfunded commitments4,195 — — 670 4,865 
Total$112,602 $(276)$218 $9,650 $122,194 
Allowance for credit losses – Six months ended June 30, 2023
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision
(benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied$30,962 $— $— $2,080 $33,042 
CRE owner occupied14,014 — 1 6,193 20,208 
Multifamily13,132 — — 943 14,075 
Farmland3,273 — — 418 3,691 
Total commercial real estate loans61,381 — 1 9,634 71,016 
Consumer:
SFR 1-4 1st DT liens11,268 — — 1,866 13,134 
SFR HELOCs and junior liens11,413 (42)102 (865)10,608 
Other1,958 (305)77 1,041 2,771 
Total consumer loans24,639 (347)179 2,042 26,513 
Commercial and industrial13,597 (1,687)176 (439)11,647 
Construction5,142 — — 1,889 7,031 
Agriculture production906 — 32 167 1,105 
Leases15 — — 2 17 
Allowance for credit losses on loans105,680 (2,034)388 13,295 117,329 
Reserve for unfunded commitments4,315 — — 550 4,865 
Total$109,995 $(2,034)$388 $13,845 $122,194 
As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including, but not limited to, trends relating to (i) the level of criticized and classified loans, (ii) net charge-offs, (iii) non-performing loans, and (iv) delinquency within the portfolio. The Company analyzes loans individually to classify the loans as to credit risk and grading. This analysis is performed annually for all outstanding balances greater than $1 million and non-homogeneous loans, such as commercial real estate loans, unless other indicators, such as delinquency, trigger more frequent evaluation. Loans below the $1 million threshold and homogenous in nature are evaluated as needed for proper grading based on delinquency and borrower credit scores.
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The Company utilizes a risk grading system to assign a risk grade to each of its loans. Loans are graded on a scale ranging from Pass to Loss. A description of the general characteristics of the risk grades is as follows:
•Pass – This grade represents loans ranging from acceptable to very little or no credit risk. These loans typically meet most if not all policy standards in regard to: loan amount as a percentage of collateral value, debt service coverage, profitability, leverage, and working capital.
•Special Mention – This grade represents “Other Assets Especially Mentioned” in accordance with regulatory guidelines and includes loans that display some potential weaknesses which, if left unaddressed, may result in deterioration of the repayment prospects for the asset or may inadequately protect the Company’s position in the future. These loans warrant more than normal supervision and attention.
•Substandard – This grade represents “Substandard” loans in accordance with regulatory guidelines. Loans within this rating typically exhibit weaknesses that are well defined to the point that repayment is jeopardized. Loss potential is, however, not necessarily evident. The underlying collateral supporting the credit appears to have sufficient value to protect the Company from loss of principal and accrued interest, or the loan has been written down to the point where this is true. There is a definite need for a well-defined workout/rehabilitation program.
•Doubtful – This grade represents “Doubtful” loans in accordance with regulatory guidelines. An asset classified as Doubtful has all the weaknesses inherent in a loan classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and financing plans.
•Loss – This grade represents “Loss” loans in accordance with regulatory guidelines. A loan classified as Loss is considered uncollectible and of such little value that its continuance as a bankable asset is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan, even though some recovery may be affected in the future. The portion of the loan that is graded loss should be charged off no later than the end of the quarter in which the loss is identified.

Based on the most recent analysis performed, the risk category of loans by class of loans is as follows for the period indicated:
Term Loans Amortized Cost Basis by Origination Year – As of June 30, 2024Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20242023202220212020Prior
Commercial real estate:
CRE non-owner occupied risk ratings
Pass$40,265 $181,312 $427,650 $273,937 $151,948 $964,184 $152,986 $— $2,192,282 
Special Mention— — 1,638 — — 28,048 1,431 —31,117 
Substandard— — — 767 — 17,207 747 —18,721 
Doubtful/Loss— — — — — — — — — 
Total $40,265 $181,312 $429,288 $274,704 $151,948 $1,009,439 $155,164 $— $2,242,120 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
CRE owner occupied risk ratings
Pass$50,113 $74,662 $200,057 $181,223 $110,268 $280,971 $27,458 $— $924,752 
Special Mention2,143 — 816 2,309 209 5,850 — — 11,327 
Substandard— — 8,079 4,648 2,695 995 — — 16,417 
Doubtful/Loss— — — — — — — — — 
Total$52,256 $74,662 $208,952 $188,180 $113,172 $287,816 $27,458 $— $952,496 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
19
Term Loans Amortized Cost Basis by Origination Year – As of June 30, 2024Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20242023202220212020Prior
Commercial real estate:
Multifamily risk ratings
Pass$14,652 $28,130 $175,293 $295,199 $119,893 $320,466 $34,155 $— $987,788 
Special Mention— — — 12,316 — 497 — — 12,813 
Substandard— — — — — 205 — — 205 
Doubtful/Loss— — — — — — — — — 
Total$14,652 $28,130 $175,293 $307,515 $119,893 $321,168 $34,155 $— $1,000,806 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
Farmland risk ratings
Pass$2,216 $21,067 $45,643 $23,997 $15,510 $51,435 $44,384 $— $204,252 
Special Mention— — 2,963 5,804 427 4,635 1,217 — 15,046 
Substandard— 101 — 21,191 — 12,981 12,118 — 46,391 
Doubtful/Loss— — — — — — — — — 
Total$2,216 $21,168 $48,606 $50,992 $15,937 $69,051 $57,719 $— $265,689 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Consumer loans:
SFR 1-4 1st DT liens risk ratings
Pass$37,699 $126,042 $185,536 $254,103 $118,386 $147,272 $— $4,187 $873,225 
Special Mention— 69 — — — 1,282 — — 1,351 
Substandard— 253 141 1,259 2,123 6,282 — 330 10,388 
Doubtful/Loss— — — — — — — — — 
Total$37,699 $126,364 $185,677 $255,362 $120,509 $154,836 $— $4,517 $884,964 
Year-to-date gross charge-offs$— $26 $— $— $— $— $— $— $26 
Consumer loans:
SFR HELOCs and junior liens risk ratings
Pass$252 $— $— $— $— $83 $330,700 $6,243 $337,278 
Special Mention— — — — — — 4,691 247 4,938 
Substandard— — — — — — 3,696 478 4,174 
Doubtful/Loss— — — — — — — — — 
Total$252 $— $— $— $— $83 $339,087 $6,968 $346,390 
Year-to-date gross charge-offs$— $— $— $— $— $— $41 $— $41 
Consumer loans:
Other risk ratings
Pass$10,320 $27,562 $7,256 $7,239 $6,347 $9,159 $619 $— $68,502 
Special Mention— 8 3 236 7 54 16 — 324 
Substandard— 83 189 135 2 136 2 — 547 
Doubtful/Loss— — — — — — — — — 
Total$10,320 $27,653 $7,448 $7,610 $6,356 $9,349 $637 $— $69,373 
Year-to-date gross charge-offs$179 $67 $— $74 $28 $15 $5 $— $368 
20
Term Loans Amortized Cost Basis by Origination Year – As of June 30, 2024Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20242023202220212020Prior
Commercial and industrial loans:
Commercial and industrial risk ratings
Pass$39,523 $60,115 $71,586 $40,315 $6,498 $12,628 $306,381 $225 $537,271 
Special Mention149 — 733 144 55 — 3,224 — 4,305 
Substandard183 — 1,794 881 63 679 3,374 75 7,049 
Doubtful/Loss— — — — — — — — — 
Total$39,855 $60,115 $74,113 $41,340 $6,616 $13,307 $312,979 $300 $548,625 
Year-to-date gross charge-offs$106 $— $62 $93 $— $— $739 $— $1,000 
Construction loans:
Construction risk ratings
Pass$8,485 $84,942 $100,770 $59,177 $9,188 $7,729 $— $— $270,291 
Special Mention— — 13,020 — — — — — 13,020 
Substandard— — — — — 63 — — 63 
Doubtful/Loss— — — — — — — — — 
Total$8,485 $84,942 $113,790 $59,177 $9,188 $7,792 $— $— $283,374 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Agriculture production loans:
Agriculture production risk ratings
Pass$859 $1,344 $2,663 $1,163 $307 $7,965 $117,831 $— $132,132 
Special Mention— 33 — — — — 7,050 — 7,083 
Substandard— — 160 568 139 19 138 — 1,024 
Doubtful/Loss— — — — — — — — — 
Total$859 $1,377 $2,823 $1,731 $446 $7,984 $125,019 $— $140,239 
Year-to-date gross charge-offs$— $— $173 $— $— $— $1,277 $— $1,450 
Leases:
Lease risk ratings
Pass$8,450 $— $— $— $— $— $— $— $8,450 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful/Loss— — — — — — — — — 
Total$8,450 $— $— $— $— $— $— $— $8,450 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Total loans outstanding:
Risk ratings
Pass$212,834 $605,176 $1,216,454 $1,136,353 $538,345 $1,801,892 $1,014,514 $10,655 $6,536,223 
Special Mention2,292 110 19,173 20,809 698 40,366 17,629 247 101,324 
Substandard183 437 10,363 29,449 5,022 38,567 20,075 883 104,979 
Doubtful/Loss— — — — — — — — — 
Total$215,309 $605,723 $1,245,990 $1,186,611 $544,065 $1,880,825 $1,052,218 $11,785 $6,742,526 
Year-to-date gross charge-offs$285 $93 $235 $167 $28 $15 $2,062 $— $2,885 

21
Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2023Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20232022202120202019Prior
Commercial real estate:
CRE non-owner occupied risk ratings
Pass$180,326 $413,863 $290,210 $137,656 $206,408 $792,875 $141,686 $— $2,163,024 
Special Mention— 1,329 — 5,281 17,093 14,174 1,247 — 39,124 
Substandard— — 767 — 2,139 12,540 212 — 15,658 
Doubtful/Loss— — — — — — — — — 
Total$180,326 $415,192 $290,977 $142,937 $225,640 $819,589 $143,145 $— $2,217,806 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
CRE owner occupied risk ratings
Pass$71,288 $196,915 $190,384 $118,457 $59,220 $268,990 $23,740 $— $928,994 
Special Mention— 5,773 1,513 2,754 703 2,678 — — 13,421 
Substandard— 2,972 7,835 — 111 3,107 — — 14,025 
Doubtful/Loss— — — — — — — — — 
Total$71,288 $205,660 $199,732 $121,211 $60,034 $274,775 $23,740 $— $956,440 
Period end gross write-offs$— $— $— $1,380 $— $2,228 $29 $— $3,637 
Commercial real estate:
Multifamily risk ratings
Pass$28,445 $177,032 $279,660 $89,106 $104,108 $225,446 $33,470 $— $937,267 
Special Mention— — 11,914 — — 321 — — 12,235 
Substandard— — — — — — — — — 
Doubtful/Loss— — — — — — — — — 
Total$28,445 $177,032 $291,574 $89,106 $104,108 $225,767 $33,470 $— $949,502 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
Farmland risk ratings
Pass$21,729 $46,398 $37,134 $16,006 $16,780 $41,663 $50,857 $— $230,567 
Special Mention— 2,170 5,802 51 261 734 — — 9,018 
Substandard101 813 9,053 377 — 13,266 7,859 — 31,469 
Doubtful/Loss— — — — — — — — — 
Total$21,830 $49,381 $51,989 $16,434 $17,041 $55,663 $58,716 $— $271,054 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
Consumer loans:
SFR 1-4 1st DT liens risk ratings
Pass$135,741 $189,920 $260,870 $125,081 $29,568 $126,975 $— $4,079 $872,234 
Special Mention71 — — — — 1,948 — 27 2,046 
Substandard— 140 1,296 1,490 531 5,265 — 436 9,158 
Doubtful/Loss— — — — — — — — — 
Total$135,812 $190,060 $262,166 $126,571 $30,099 $134,188 $— $4,542 $883,438 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
22
Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2023Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20232022202120202019Prior
Consumer loans:
SFR HELOCs and junior liens risk ratings
Pass$297 $— $— $— $— $96 $343,698 $6,444 $350,535 
Special Mention— — — — — — 2,274 138 2,412 
Substandard— — — — — — 3,212 654 3,866 
Doubtful/Loss— — — — — — — — — 
Total$297 $— $— $— $— $96 $349,184 $7,236 $356,813 
Period end gross write-offs$— $— $— $— $— $— $— $66 $66 
Consumer loans:
Other risk ratings
Pass$34,441 $9,061 $8,908 $7,419 $6,825 $4,619 $659 $— $71,932 
Special Mention21 54 203 63 54 37 18 — 450 
Substandard87 183 164 30 116 52 3 — 635 
Doubtful/Loss— — — — — — — — — 
Total$34,549 $9,298 $9,275 $7,512 $6,995 $4,708 $680 $— $73,017 
Period end gross write-offs$376 $82 $— $36 $39 $9 $16 $— $558 
Commercial and industrial loans:
Commercial and industrial risk ratings
Pass$70,930 $83,184 $51,455 $9,504 $10,193 $7,636 $340,858 $318 $574,078 
Special Mention33 663 237 83 — 178 1,126 — 2,320 
Substandard— 2,014 782 103 4 762 6,318 74 10,057 
Doubtful/Loss— — — — — — — — — 
Total$70,963 $85,861 $52,474 $9,690 $10,197 $8,576 $348,302 $392 $586,455 
Period end gross write-offs$153 $287 $240 $2,285 $— $— $896 $18 $3,879 
Construction loans:
Construction risk ratings
Pass$56,378 $136,294 $85,144 $47,632 $4,583 $6,518 $— $— $336,549 
Special Mention— 10,582 — — — — — — 10,582 
Substandard— — — — 67 — — — 67 
Doubtful/Loss— — — — — — — — — 
Total$56,378 $146,876 $85,144 $47,632 $4,650 $6,518 $— $— $347,198 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
Agriculture production loans:
Agriculture production risk ratings
Pass$945 $2,749 $1,595 $396 $620 $8,491 $114,935 $— $129,731 
Special Mention— 183 543 176 — — 11,302 — 12,204 
Substandard— — — — — — 2,562 — 2,562 
Doubtful/Loss— — — — — — — — — 
Total$945 $2,932 $2,138 $572 $620 $8,491 $128,799 $— $144,497 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
23
Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2023Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20232022202120202019Prior
Leases:
Lease risk ratings
Pass$8,250 $— $— $— $— $— $— $— $8,250 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful/Loss— — — — — — — — — 
Total$8,250 $— $— $— $— $— $— $— $8,250 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
Total loans outstanding:
Risk ratings
Pass$608,770 $1,255,416 $1,205,360 $551,257 $438,305 $1,483,309 $1,049,903 $10,841 $6,603,161 
Special Mention125 20,754 20,212 8,408 18,111 20,070 15,967 165 103,812 
Substandard188 6,122 19,897 2,000 2,968 34,992 20,166 1,164 87,497 
Doubtful/Loss— — — — — — — — — 
Total$609,083 $1,282,292 $1,245,469 $561,665 $459,384 $1,538,371 $1,086,036 $12,170 $6,794,470 
Period end gross write-offs$529 $369 $240 $3,701 $39 $2,237 $941 $84 $8,140 


The following table shows the ending balance of current and past due originated loans by loan category as of the date indicated:

Analysis of Past Due Loans - As of June 30, 2024
(in thousands)30-59 days60-89 days> 90 daysTotal Past
Due Loans		CurrentTotal
Commercial real estate:
CRE non-owner occupied$300 $229 $4,166 $4,695 $2,237,425 $2,242,120 
CRE owner occupied4,653 — 277 4,930 947,566 952,496 
Multifamily— 507 — 507 1,000,299 1,000,806 
Farmland— 549 7,954 8,503 257,186 265,689 
Total commercial real estate loans4,953 1,285 12,397 18,635 4,442,476 4,461,111 
Consumer:
SFR 1-4 1st DT liens165 2,687 2,375 5,227 879,737 884,964 
SFR HELOCs and junior liens2,132 144 278 2,554 343,836 346,390 
Other207 175 2 384 68,989 69,373 
Total consumer loans2,504 3,006 2,655 8,165 1,292,562 1,300,727 
Commercial and industrial672 168 1,868 2,708 545,917 548,625 
Construction— — — — 283,374 283,374 
Agriculture production707 — 157 864 139,375 140,239 
Leases— — — — 8,450 8,450 
Total$8,836 $4,459 $17,077 $30,372 $6,712,154 $6,742,526 

24
Analysis of Past Due Loans - As of December 31, 2023
(in thousands)30-59 days60-89 days> 90 daysTotal Past
Due Loans		CurrentTotal
Commercial real estate:
CRE non-owner occupied$3,876 $— $1,382 $5,258 $2,212,548 $2,217,806 
CRE owner occupied34 — 247 281 956,159 956,440 
Multifamily— — — — 949,502 949,502 
Farmland635 3,798 2,052 6,485 264,569 271,054 
Total commercial real estate loans4,545 3,798 3,681 12,024 4,382,778 4,394,802 
Consumer:
SFR 1-4 1st DT liens141 1,449 490 2,080 881,358 883,438 
SFR HELOCs and junior liens16 — 623 639 356,174 356,813 
Other148 40 30 218 72,799 73,017 
Total consumer loans305 1,489 1,143 2,937 1,310,331 1,313,268 
Commercial and industrial244 605 1,654 2,503 583,952 586,455 
Construction— — — — 347,198 347,198 
Agriculture production593 878 33 1,504 142,993 144,497 
Leases447 — — 447 7,803 8,250 
Total$6,134 $6,770 $6,511 $19,415 $6,775,055 $6,794,470 
The following table shows the ending balance of non accrual loans by loan category as of the date indicated:
Non Accrual Loans
As of June 30, 2024As of December 31, 2023
(in thousands)Non accrual with no allowance for credit lossesTotal non accrualPast due 90 days or more and still accruingNon accrual with no allowance for credit lossesTotal non accrualPast due 90 days or more and still accruing
Commercial real estate:
CRE non-owner occupied$4,882 $4,882 $— $2,024 $2,024 $— 
CRE owner occupied3,426 3,426 — 3,994 3,994 — 
Multifamily— — — — — — 
Farmland13,071 13,071 — 5,996 14,484 — 
Total commercial real estate loans21,379 21,379 — 12,014 20,502 — 
Consumer:
SFR 1-4 1st DT liens4,929 5,189 — 2,808 2,811 — 
SFR HELOCs and junior liens3,039 3,291 — 3,281 3,571 — 
Other40 72 — 39 105 — 
Total consumer loans8,008 8,552 — 6,128 6,487 — 
Commercial and industrial1,504 2,351 272 1,379 2,503 10 
Construction63 63 — 67 67 — 
Agriculture production138 157 — — 2,322 — 
Leases— — — — — — 
Sub-total31,092 32,502 272 19,588 31,881 10 
Less: Guaranteed loans(788)— — (766)(878)— 
Total, net$30,304 $32,502 $272 $18,822 $31,003 $10 
Interest income on non accrual loans that would have been recognized during the three months ended June 30, 2024 and 2023, if all such loans had been current in accordance with their original terms, totaled $0.6 million and $1.0 million, respectively. Interest income actually recognized on these originated loans during the three months ended June 30, 2024 and 2023 was $0.0 million and $0.68 million, respectively.
Interest income on non accrual loans that would have been recognized during the six months ended June 30, 2024 and 2023, if all such loans had been current in accordance with their original terms, totaled $1.4 million and $1.3 million, respectively. Interest income actually recognized on these originated loans during the six months ended June 30, 2024 and 2023 was $0.1 million and $0.7 million, respectively.
25
The following tables present the amortized cost basis of collateral dependent loans by class of loans as of the following periods:

As of June 30, 2024
(in thousands)RetailOfficeWarehouseOtherMultifamilyFarmlandSFR-1st DeedSFR-2nd DeedAutomobile/TruckA/R and InventoryEquipmentTotal
Commercial real estate:
CRE non-owner occupied$3,517 $373 $— $992 $— $— $— $— $— $— $— $4,882 
CRE owner occupied143 26 285 2,972 — — — — — — — 3,426 
Multifamily— — — — — — — — — — — — 
Farmland— — — — — 13,071 — — — — — 13,071 
Total commercial real estate loans3,660 399 285 3,964 — 13,071 — — — — — 21,379 
Consumer:
SFR 1-4 1st DT liens— — — — — — 5,183 — — — — 5,183 
SFR HELOCs and junior liens— — — — — — 1,156 1,883 — — — 3,039 
Other— — — — — — — — 63 — — 63 
Total consumer loans— — — — — — 6,339 1,883 63 — — 8,285 
Commercial and industrial— — — — — — — — — 1,355 996 2,351 
Construction— — — — — — 63 — — — — 63 
Agriculture production— — — 138 — — — — — — 19 157 
Leases— — — — — — — — — — — — 
Total$3,660 $399 $285 $4,102 $— $13,071 $6,402 $1,883 $63 $1,355 $1,015 $32,235 

As of December 31, 2023
(in thousands)RetailOfficeWarehouseOtherMultifamilyFarmlandSFR -1st DeedSFR -2nd DeedAutomobile/TruckA/R and InventoryEquipmentTotal
Commercial real estate:
CRE non-owner occupied$124 $615 $519 $766 $— $— $— $— $— $— $— $2,024 
CRE owner occupied614 — 297 3,083 — — — — — — — 3,994 
Multifamily— — — — — — — — — — — — 
Farmland— — — 635 — 13,849 — — — — — 14,484 
Total commercial real estate loans738 615 816 4,484 — 13,849 — — — — — 20,502 
Consumer:
SFR 1-4 1st DT liens— — — — — — 2,808 — — — — 2,808 
SFR HELOCs and junior liens— — — — — — 1,816 1,467 — — — 3,283 
Other— — — — — — — — 95 — — 95 
Total consumer loans— — — — — — 4,624 1,467 95 — — 6,186 
Commercial and industrial— — — — — — — — — 1,712 791 2,503 
Construction— — — — — — 67 — — — — 67 
Agriculture production— — — 2,288 — — — — — — 33 2,321 
Leases— — — — — — — — — — — — 
Total$738 $615 $816 $6,772 $— $13,849 $4,691 $1,467 $95 $1,712 $824 $31,579 

26
Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearances, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral.

The following tables show the amortized cost basis of loans that were both experiencing financial difficulty and modified during the periods presented. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivables is also presented below.
For the three months ended
June 30, 2024June 30, 2023
(in thousands)Combination - Term Extension/Rate ChangePayment Delay/Term ExtensionTotal % of Loans OutstandingPayment Delay/Term ExtensionTotal % of Loans Outstanding
Multifamily$— $295 0.03 %$— — %
Commercial and industrial— 166 0.03 1770.03 
Total$— $461 0.01 %$177 0.03 %
For the six months ended
June 30, 2024June 30, 2023
(in thousands)Combination - Term Extension/Rate ChangePayment Delay/Term ExtensionTotal % of Loans OutstandingPayment Delay/Term ExtensionTotal % of Loans Outstanding
CRE non-owner occupied$211 $— 0.01 %$— — %
Multifamily— 295 0.29 — — 
SFR HELOCs and junior liens— 41 0.01 — — 
Commercial and industrial— 6820.12 1770.03 
Total$211 $1,018 0.02 %$177 0.03 %

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024.
Three months ended June 30, 2024
Modification TypeLoan TypeFinancial Effect
Payment delay / term extensionMultifamily
Added 12 months to the life of the loan
Payment delay / term extensionCommercial and industrial
Added a weighted average 60 months to the life of the loans
Six months ended June 30, 2024
Modification TypeLoan TypeFinancial Effect
Combination - Term extension / rate changeCRE non-owner occupied
Added 120 months to the life of the loan; converted from variable to fixed interest rate
Payment delay / term extensionSFR HELOCs and junior liens
Added 60 months to the life of the loan
Payment delay / term extensionCommercial and industrial
Added a weighted average 49 months to the life of the loans

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2023.

Modification TypeLoan TypeFinancial Effect
Payment delay / term extensionCommercial and industrial
Added 12 months to the life of the loan to delay balloon repayment

During the six months ended June 30, 2024 and June 30, 2023, respectively, there were no loans with payment defaults by borrowers experiencing financial difficulty which had material modifications in rate, term or principal forgiveness during the twelve months prior to default.

Note 5 - Leases
The Company records a ROUA on the consolidated balance sheets for those leases that convey rights to control use of identified assets for a period of time in exchange for consideration. The Company also records a lease liability on the consolidated balance sheets for the present value of future payment commitments. All of the Company’s leases are comprised of operating leases in which the Company is lessee of real estate property for branches, ATM locations, and general administration and operations. The Company has elected not to include short-term leases (i.e. leases with initial terms of 12 month or less) within the ROUA and lease liability. Known or determinable adjustments to the required minimum future lease payments were included in the calculation of the Company’s ROUA and lease liability.
27
Adjustments to the required minimum future lease payments that are variable and will not be determinable until a future period, such as changes in the consumer price index, are included as variable lease costs. Additionally, expected variable payments for common area maintenance, taxes and insurance were unknown and not determinable at lease commencement and therefore, were not included in the determination of the Company’s ROUA or lease liability.
The value of the ROUA and lease liability is impacted by the amount of the periodic payment required, length of the lease term, and the discount rate used to calculate the present value of the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. The lease liability is reduced based on the discounted present value of remaining payments as of each reporting period. The ROUA value is measured using the amount of lease liability and adjusted for prepaid or accrued lease payments, remaining lease incentives, unamortized direct costs (if any), and impairment (if any).
The following table presents the components of lease expense for the periods ended:
Three months ended June 30,Six months ended June 30,
(in thousands)2024202320242023
Operating lease cost$1,463 $1,493 $2,897 $3,102 
Short-term lease cost55 118 107 236 
Variable lease cost10 9 23 21 
Sublease income— — — — 
Total lease cost$1,528 $1,620 $3,027 $3,359 
The following table presents supplemental cash flow information related to leases for the periods ended:
Three months ended June 30,Six months ended June 30,
(in thousands)2024202320242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$1,579 $1,611 $3,147 $3,264 
ROUA obtained in exchange for operating lease liabilities$99 $370 $1,426 $4,855 
The following table presents the weighted average operating lease term and discount rate as of the period ended:
June 30,
20242023
Weighted-average remaining lease term (years)7.98.1
Weighted-average discount rate3.45 %3.29 %
At June 30, 2024, future expected operating lease payments are as follows:
(in thousands)
Periods ending December 31,
2024$2,886 
20255,390 
20264,816 
20274,114 
20283,061 
Thereafter10,973 
31,240 
Discount for present value of expected cash flows(4,118)
Lease liability at June 30, 2024$27,122 
28
Note 6 - Deposits
A summary of the balances of deposits follows:
(in thousands)June 30,
2024		December 31,
2023
Noninterest-bearing demand$2,557,063 $2,722,689 
Interest-bearing demand1,791,466 1,731,814 
Savings2,667,006 2,682,068 
Time certificates, $250,000 or more406,171 250,180 
Other time certificates628,524 447,287 
Total deposits$8,050,230 $7,834,038 
Certificate of deposit balances of $100.0 million and $50.0 million from the State of California were included in time certificates, over $250,000, at June 30, 2024 and December 31, 2023, respectively. The Company participates in a deposit program offered by the State of California whereby the State may make deposits at the Company’s request subject to collateral and credit worthiness constraints. The negotiated rates on these State deposits are generally more favorable than other wholesale funding sources available to the Company.
Overdrawn deposit balances of $2.2 million and $1.8 million were classified as consumer loans at June 30, 2024 and December 31, 2023, respectively.
Note 7 - Other Borrowings
A summary of the balances of other borrowings follows:
June 30,
2024		December 31,
2023
(in thousands)
Term borrowing at FHLB, fixed rate of 5.59%, payable on July 8, 2024
$75,000 $— 
Term borrowing at FHLB, fixed rate of 5.46%, payable on October 7, 2024
75,000 — 
Term borrowing at FHLB, fixed rate of 5.23%, payable on April 8, 2025
75,000 — 
Term borrowing at FHLB, fixed rate of 4.75%, payable on April 8, 2024
— 200,000 
Overnight borrowing at FHLB, fixed rate of 5.70%, payable on January 2, 2024
— 400,000 
Other collateralized borrowings, fixed rate, as of June 30, 2024 and December 31, 2023 of 0.05%, payable on July 1, 2024 and January 2, 2024, respectively
22,773 32,582 
Total other borrowings$247,773 $632,582 
Note 8 - Junior Subordinated Debt
The following table summarizes the terms and recorded balances of each debenture as of the date indicated:
(in thousands)Coupon Rate (Variable) 3 mo. SOFR +As of June 30, 2024As of December 31, 2023
Subordinated Debt SeriesMaturity
Date		Face
Value		Current
Coupon Rate		Recorded
Book Value		Recorded
Book Value
TriCo Cap Trust I10/7/2033$20,619 3.05 %8.64 %$20,619 $20,619 
TriCo Cap Trust II7/23/203420,619 2.55 %8.14 %20,619 20,619 
North Valley Trust II4/24/20336,186 3.25 %8.84 %5,656 5,602 
North Valley Trust III7/23/20345,155 2.80 %8.39 %4,519 4,472 
North Valley Trust IV3/15/203610,310 1.33 %6.93 %7,734 7,615 
VRB Subordinated3/29/202916,000 3.52 %9.11 %16,906 17,000 
VRB Subordinated - 5%
8/27/203520,000 Fixed5.00 %25,090 25,172 
$98,889 $101,143 $101,099 
The VRB - 5% Subordinated Debt issuance is fixed at 5.0% through August 27, 2025, then will have a floating rate of 90-day average SOFR plus 4.9% until maturity.
29
Note 9 - Commitments and Contingencies
The following table presents a summary of the Bank’s commitments and contingent liabilities:
(in thousands)June 30,
2024		December 31,
2023
Financial instruments whose amounts represent risk:
Commitments to extend credit:
Commercial loans$865,962 $788,742 
Consumer loans631,857 652,110 
Real estate mortgage loans450,098 453,647 
Real estate construction loans307,075 331,178 
Standby letters of credit49,247 38,449 
Deposit account overdraft privilege125,671 121,539 

In April 2024, Visa Inc. announced the commencement of an exchange offer for Visa Class B-1 common stock and the Company subsequently tendered all of its Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock. Completion of the exchange resulted in a gain of $2.9 million relating to the Visa Class C common stock, which is held at fair value on the June 30, 2024 balance sheet as trading securities in the amount of $2.8 million. Visa Class B-2 common stock continues to be carried at zero. The Bank owns 6,698 shares of Class B-2 common stock of Visa Inc. which may be convertible into Class A common stock at a conversion ratio of 1.5875 per Class B-2 share. As of June 30, 2024, the value of the Class A shares was $262.47 per share. Utilizing the conversion ratio, the value of unredeemed Class A equivalent shares owned by the Bank was $2,791,000 as of June 30, 2024, and has not been reflected in the accompanying consolidated financial statements. The shares of Visa Class B-2 common stock are restricted and may not be transferred. Visa Member Banks are required to fund an escrow account to cover settlements, resolution of pending litigation and related claims. If the funds in the escrow account are insufficient to settle all the covered litigation, Visa may sell additional Class A shares, use the proceeds to settle litigation, and further reduce the conversion ratio. If funds remain in the escrow account after all litigation is settled, the Class B-2 conversion ratio may be increased to reflect that surplus. Until all U.S. covered litigation obligations have been satisfied or the Applicable Conversion Rate for the Class B-2 common stock reaches zero, there is no dollar cap on the amount of payments that a participating holder and its guarantors may be obligated to make under its Makewhole Agreement.

Note 10 - Shareholders’ Equity
Dividends Paid
The Bank paid to the Company cash dividends in the aggregate amounts of $23.4 million and $11.6 million during the three months ended June 30, 2024 and 2023, respectively and $43.9 million and $29.8 million during the equivalent six month periods then ended, respectively. The Bank is regulated by the FDIC and the DFPI. Absent approval from the Commissioner of the DFPI, California banking laws generally limit the Bank’s ability to pay dividends to the lesser of (1) retained earnings or (2) net income for the last three fiscal years, less cash distributions paid during such period.
Stock Repurchase Plan
On February 25, 2021, the Board of Directors authorized the repurchase of up to 2.0 million shares of the Company's common stock (the 2021 Repurchase Plan), which approximated 6.7% of the shares outstanding as of the approval date. The actual timing of any share repurchases can be determined by the Company's management and therefore the total value of the shares to be purchased under the 2021 Repurchase Plan is subject to change. The 2021 Repurchase Plan has no expiration date (in accordance with applicable laws and regulations). During the three and six months ended June 30, 2024, the Company repurchased 244,992 and 344,324 shares with market values of $9.1 million and $12.5 million, respectively. During the three and six months ended June 30, 2023, the Company repurchased zero and 150,000 shares with market values of zero and $7.0 million, respectively.
Stock Repurchased Under Equity Compensation Plans
The Company's shareholder-approved equity compensation plans permit employees to tender recently vested shares in lieu of cash for the payment of exercise price, if applicable, and the tax withholding on such shares. During the three and six months ended June 30, 2023, exercising option holders tendered 2,506 shares of the Company’s common stock in connection with option exercises. There were no option exercises during the six months ended June 30, 2024. Employees also tendered 30,510 and 39,080 shares in connection with the tax withholding requirements of other share-based awards during the three months ended June 30, 2024 and 2023, respectively, and 30,510 and 51,461 during the six months ended June 30, 2024 and 2023, respectively. In total, shares of the Company's common stock tendered had market values of $1.1 million and $1.5 million during the quarters ended June 30, 2024 and 2023, respectively and $1.1 million and $2.1 million, respectively during the year to date periods then ended. The tendered shares were retired. The market value of tendered shares is the last market trade price at closing on the day an option is exercised or the other share-based award vests. Stock repurchased under equity incentive plans are not included in the total of stock repurchased under the 2021 Stock Repurchase Plans.
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Note 11 - Stock Options and Other Equity-Based Incentive Instruments
On April 16, 2024, the Board of Directors adopted the 2024 Equity Incentive Plan (2024 Plan) which was approved by shareholders on May 23, 2024. The 2024 Plan allows for up to 1,200,000 shares to be issued in connection with equity-based incentives. In conjunction with shareholder approval of the 2024 Plan, the 2019 Equity Incentive Plan (2019 Plan), which allowed for up to 1,500,000 shares to be issued in connection with equity-based incentives, is no longer available for grant issuances. The Company's 2009 Equity Incentive Plan expired on March 26, 2019. While no new awards can be granted under the 2019 Plan or 2009 Plan, existing grants continue to be governed by the terms, conditions and procedures set forth in any applicable award agreement.
Stock option activity during the six months ended June 30, 2024, is summarized in the following table:
Number
of Shares		Weighted
Average
Exercise Price
Outstanding at December 31, 20237,500 $23.21 
Options granted— — 
Options exercised— — 
Options forfeited— — 
Outstanding at June 30, 20247,500 $23.21 
The following table shows the number, weighted-average exercise price, intrinsic value, and weighted average remaining contractual life of options exercisable, options not yet exercisable and total options outstanding as of June 30, 2024:
Currently
Exercisable		Currently Not
Exercisable		Total
Outstanding
Number of options7,500 — 7,500 
Weighted average exercise price$23.21 $— $23.21 
Intrinsic value (in thousands)$123 $— $123 
Weighted average remaining contractual term (yrs.)0.3n/a0.3

As of June 30, 2024, all options outstanding are fully vested and are expected to be exercised prior to expiration. The Company did not modify any option grants during the six months ended June 30, 2024 or 2023.
Activity related to restricted stock unit awards during the six months ended June 30, 2024 is summarized in the following table:
Service
Condition
Vesting RSUs		Market Plus
Service
Condition
Vesting RSUs
Outstanding at December 31, 2023144,487 123,102 
RSUs granted86,036 56,516 
RSUs added through dividend and performance credits3,464 1,536 
RSUs released(63,811)(32,248)
RSUs forfeited(1,886)(1,933)
Outstanding at June 30, 2024168,290 146,973 
The 168,290 of service condition vesting RSUs outstanding as of June 30, 2024 include a feature whereby each RSU outstanding is credited with a dividend amount equal to any common stock cash dividend declared and paid, and the credited amount is divided by the closing price of the Company’s stock on the dividend payable date to arrive at an additional amount of RSUs outstanding under the original grant. The dividend credits follow the same vesting requirements as the RSU awards and are not considered participating securities. The 168,290 of service condition vesting RSUs outstanding as of June 30, 2024 are expected to vest, and be released, on a weighted-average basis, over the next 1.9 years. The Company expects to recognize $5.3 million of pre-tax compensation costs related to these service condition vesting RSUs between June 30, 2024 and their vesting dates. The Company did not modify any service condition vesting RSUs during the six months ended June 30, 2024 or 2023.
The 146,973 of market plus service condition vesting RSUs outstanding as of June 30, 2024 are expected to vest, and be released, on a weighted-average basis, over the next 2.1 years. The Company expects to recognize $2.6 million of pre-tax compensation costs related to these RSUs between June 30, 2024 and their vesting dates. As of June 30, 2024, the number of market plus service condition vesting RSUs outstanding that will actually vest, and be released, may be reduced to zero or increased to 220,460 depending on the total return of the Company’s common stock versus the total return of an index of bank stocks from the grant date to the vesting date. The Company did not modify any market plus service condition vesting RSUs during the six months ended June 30, 2024 or 2023.
31
Note 12 - Non-interest Income and Expense
The following table summarizes the Company’s non-interest income for the periods indicated:
Three months ended
June 30,		Six months ended
June 30,
(in thousands)2024202320242023
ATM and interchange fees$6,372 $6,856 $12,541 $13,200 
Service charges on deposit accounts4,847 4,581 9,510 8,012 
Other service fees1,286 992 2,652 2,158 
Mortgage banking service fees438 454 866 919 
Change in value of mortgage servicing rights(147)85 (136)(124)
Total service charges and fees12,796 12,968 25,433 24,165 
Increase in cash value of life insurance831 788 1,634 1,590 
Asset management and commission income1,359 1,158 2,487 2,092 
Gain on sale of loans388 295 649 501 
Lease brokerage income154 74 315 172 
Sale of customer checks301 407 613 695 
Loss on sale or exchange of investment securities(45)— (45)(164)
Loss on marketable equity securities(121)(42)(149)— 
Other203 93 700 325 
Total other non-interest income3,070 2,773 6,204 5,211 
Total non-interest income$15,866 $15,741 $31,637 $29,376 
The components of non-interest expense were as follows:
Three months ended
June 30,		Six months ended
June 30,
(in thousands)2024202320242023
Base salaries, net of deferred loan origination costs$23,852 $24,059 $47,872 $47,059 
Incentive compensation4,711 4,377 7,968 7,272 
Benefits and other compensation costs6,838 6,278 13,865 12,946 
Total salaries and benefits expense35,401 34,714 69,705 67,277 
Occupancy4,063 3,991 8,014 8,151 
Data processing and software5,094 4,638 10,201 8,670 
Equipment1,330 1,436 2,686 2,819 
Intangible amortization1,030 1,656 2,060 3,312 
Advertising819 1,016 1,581 1,775 
ATM and POS network charges1,987 1,902 3,648 3,611 
Professional fees1,814 1,985 3,154 3,574 
Telecommunications558 809 1,069 1,404 
Regulatory assessments and insurance1,144 1,993 2,395 2,785 
Postage340 311 648 610 
Operational losses244 1,090 596 1,525 
Courier service559 483 1,039 822 
Gain on sale or acquisition of foreclosed assets— — (38)— 
Loss on disposal of fixed assets1 18 6 18 
Other miscellaneous expense3,955 5,201 8,079 8,684 
Total other non-interest expense22,938 26,529 45,138 47,760 
Total non-interest expense$58,339 $61,243 $114,843 $115,037 
Note 13 - Earnings Per Share
Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive
32
potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock units (RSUs), and are determined using the treasury stock method. Earnings per share have been computed based on the following:
Three months ended June 30,
(in thousands)20242023
Net income$29,034 $24,892 
Average number of common shares outstanding33,121 33,219 
Effect of dilutive stock options and restricted stock123 83 
Average number of common shares outstanding used to calculate diluted earnings per share33,244 33,302 
Options excluded from diluted earnings per share because of their antidilutive effect— — 
Six months ended June 30,
(in thousands)20242023
Net income$56,783 $60,725 
Average number of common shares outstanding33,183 33,257 
Effect of dilutive stock options and restricted stock123 114 
Average number of common shares outstanding used to calculate diluted earnings per share33,306 33,371 
Options excluded from diluted earnings per share because of their antidilutive effect— — 
Note 14 – Comprehensive Income (Loss)
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet identified as accumulated other comprehensive income (AOCI), such items, along with net income, are components of other comprehensive income (loss) (OCI).
The components of other comprehensive income (loss) and related tax effects are as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2024202320242023
Unrealized holding gains (losses) on available for sale securities before reclassifications$1,106 $(16,916)$(14,793)$17,624 
Amounts reclassified out of AOCI:
Realized loss on debt securities2,945 — 2,945 164 
Unrealized holding gains (losses) on available for sale securities after reclassifications4,051 (16,916)(11,848)17,788 
Tax effect(1,199)5,001 3,502 (5,259)
Unrealized holding gains (losses) on available for sale securities, net of tax2,852 (11,915)(8,346)12,529 
Change in unfunded status of the supplemental retirement plans before reclassifications115 114 230 228 
Amounts reclassified out of AOCI:
Amortization of prior service cost— — — — 
Amortization of actuarial losses(115)(114)(230)(228)
Total amounts reclassified out of accumulated other comprehensive loss(115)(114)(230)(228)
Change in unfunded status of the supplemental retirement plans after reclassifications— — — — 
Tax effect— — — — 
Change in unfunded status of the supplemental retirement plans, net of tax— — — — 
Change in joint beneficiary agreement liability before reclassifications— — — — 
Tax effect— — — — 
Change in joint beneficiary agreement liability before reclassifications, net of tax— — — — 
Total other comprehensive income (loss)$2,852 $(11,915)$(8,346)$12,529 
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The components of accumulated other comprehensive loss, included in shareholders’ equity, are as follows:
(in thousands)June 30,
2024		December 31,
2023
Net unrealized loss on available for sale securities$(243,669)$(231,821)
Tax effect72,036 68,534 
Unrealized holding loss on available for sale securities, net of tax(171,633)(163,287)
Unfunded status of the supplemental retirement plans13,527 13,527 
Tax effect(3,999)(3,999)
Unfunded status of the supplemental retirement plans, net of tax9,528 9,528 
Joint beneficiary agreement liability590 590 
Tax effect— — 
Joint beneficiary agreement liability, net of tax590 590 
Accumulated other comprehensive loss $(161,515)$(153,169)
Note 15 - Fair Value Measurement
The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, income approach, and/or the cost approach. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. Marketable equity securities, trading securities, debt securities available-for-sale, loans held for sale, and mortgage servicing rights are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application impairment write-downs of individual assets.
The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observable nature of the assumptions used to determine fair value. These levels are:
Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets.
Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
Marketable equity securities, trading securities and debt securities available for sale - Marketable equity, trading and debt securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. The Company had no securities classified as Level 3 during any of the periods covered in these consolidated financial statements.
Loans held for sale - Loans held for sale are carried at the lower of cost or fair value. The fair value of loans held for sale is based on what secondary markets are currently offering for loans with similar characteristics. As such, we classify those loans subjected to recurring fair value adjustments as Level 2.
Individually evaluated loans - Loans are not recorded at fair value on a recurring basis. However, from time to time, certain loans have individual risk characteristics not consistent with a pool of loans and is individually evaluated for credit reserves. Loans for which it is probable that payment of interest and principal will not be made in accordance with the original contractual terms of the loan agreement are typically individually evaluated. The fair value of these loans are estimated using one of several methods, including collateral value, fair value of similar debt, enterprise value, liquidation value and discounted cash flows. Those loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. Loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value, or the appraised value contains a significant unobservable assumption, such as deviations from
34
comparable sales, and there is no observable market price, the Company records the loan as nonrecurring Level 3.
Foreclosed assets - Foreclosed assets include assets acquired through, or in lieu of, loan foreclosure. Foreclosed assets are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, management periodically performs valuations and the assets are carried at the lower of carrying amount or fair value less cost to sell. When the fair value of foreclosed assets is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value, or the appraised value contains a significant unobservable assumption, such as deviations from comparable sales, and there is no observable market price, the Company records the foreclosed asset as nonrecurring Level 3. Revenue and expenses from operations and changes in the valuation allowance are included in other non-interest expense.
Mortgage servicing rights - Mortgage servicing rights are carried at fair value. A valuation model, which utilizes a discounted cash flow analysis using a discount rate and prepayment speed assumptions is used in the computation of the fair value measurement. While the prepayment speed assumption is currently quoted for comparable instruments, the discount rate assumption currently requires a significant degree of management judgment and is therefore considered an unobservable input. As such, the Company classifies mortgage servicing rights subjected to recurring fair value adjustments as Level 3.
The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands):
Fair value at June 30, 2024TotalLevel 1Level 2Level 3
Marketable equity securities$2,595 $2,595 $— $— 
Trading securities2,789 2,789 — — 
Debt securities available for sale:
Obligations of U.S. government corporations and agencies1,093,024 — 1,093,024 — 
Obligations of states and political subdivisions222,609 — 222,609 — 
Corporate bonds5,810 — 5,810 — 
Asset backed securities343,180 — 343,180 — 
Non-agency mortgage backed securities276,160 — 276,160 — 
Loans held for sale474 — 474 — 
Mortgage servicing rights6,666 — — 6,666 
Total assets measured at fair value$1,953,307 $5,384 $1,941,257 $6,666 
Fair value at December 31, 2023TotalLevel 1Level 2Level 3
Marketable equity securities$2,634 $2,634 $— $— 
Debt securities available for sale:
Obligations of U.S. government corporations and agencies1,221,737 — 1,221,737 — 
Obligations of states and political subdivisions236,375 — 236,375 — 
Corporate bonds5,602 — 5,602 — 
Asset backed securities355,281 — 355,281 — 
Non-agency mortgage backed securities333,509 — 333,509 — 
Loans held for sale458 — 458 — 
Mortgage servicing rights6,606 — — 6,606 
Total assets measured at fair value$2,162,202 $2,634 $2,152,962 $6,606 
Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally corresponds with the Company’s quarterly valuation process. There were no transfers between any levels during the six months ended June 30, 2024 or June 30, 2023, respectively.
The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the time periods indicated. Had there been any transfer into or out of Level 3 during the time periods indicated, the amount included in the “Transfers into (out of) Level 3” column would represent the beginning balance of an item in the period (interim quarter) during which it was transferred (in thousands):
Three months ended June 30,Beginning
Balance		Transfers
into (out of)
Level 3		Change
Included
in Earnings		IssuancesEnding
Balance
2024: Mortgage servicing rights
$6,697 — $(147)$116 $6,666 
2023: Mortgage servicing rights
$6,553 — $84 $104 $6,741 
35
Six months ended June 30,Beginning
Balance		Transfers
into (out of)
Level 3		Change
Included
in Earnings		IssuancesEnding
Balance
2024: Mortgage servicing rights
$6,606 — $(136)$196 $6,666 
2023: Mortgage servicing rights
$6,712 — $(125)$154 $6,741 
The key unobservable inputs used in determining the fair value of mortgage servicing rights are mortgage prepayment speeds and the discount rate used to discount cash projected cash flows. Generally, any significant increases in the mortgage prepayment speed and discount rate utilized in the fair value measurement of the mortgage servicing rights will result in a negative fair value adjustments (and decrease in the fair value measurement). Conversely, a decrease in the mortgage prepayment speed and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement).
The following table presents quantitative information about recurring Level 3 fair value measurements at June 30, 2024 and December 31, 2023:
As of June 30, 2024:Fair Value
(in thousands)		Valuation
Technique		Unobservable
Inputs		Range,
Weighted
Average
Mortgage Servicing Rights$6,666 Discounted cash flowConstant prepayment rate
6% - 11%; 6.4%
Discount rate
10% - 14%; 12%
As of December 31, 2023:
Mortgage Servicing Rights$6,606 Discounted cash flowConstant prepayment rate
6% - 12.8%; 7.0%
Discount rate
10% - 14%; 12%
The tables below present the recorded investment in assets and liabilities measured at fair value on a nonrecurring basis, as of the dates indicated, that had a write-down or an additional allowance provided during the periods indicated (in thousands):
June 30, 2024TotalLevel 1Level 2Level 3
Fair value:
Collateral dependent loans$6,619 — — $6,619 
Foreclosed assets— — — — 
Total assets measured at fair value$6,619 — — $6,619 
December 31, 2023TotalLevel 1Level 2Level 3
Fair value:
Collateral dependent loans$4,175 — — $4,175 
Foreclosed assets50 — — 50 
Total assets measured at fair value$4,225 — — $4,225 

The tables below present the gains (losses) resulting from non-recurring fair value adjustments of assets and liabilities for the periods indicated (in thousands):
Three months ended June 30,Six months ended June 30,
2024202320242023
Collateral dependent loans$(435)$(6,754)$(307)$(7,031)
Foreclosed assets— (525)(224)(525)
Total losses from non-recurring measurements$(435)$(7,279)$(531)$(7,556)

The individually evaluated loan amounts above represent collateral dependent loans that have been adjusted to fair value. When the Company identifies a collateral dependent loan with unique risk characteristics, the Company evaluates the need for an allowance using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If the Company determines that the value of the loan is less than the recorded investment in the loan, the Company recognizes this impairment and adjust the carrying value of the loan to fair value through the allowance for credit losses. The loss represents charge-offs or impairments on collateral dependent loans for fair value adjustments based on the fair value of collateral. The carrying value of loans fully charged-off is zero.
The foreclosed assets amount above represents impaired real estate that has been adjusted to fair value. Foreclosed assets represent real estate which the Company has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is
36
recorded at fair value less costs to sell, which becomes the property’s new basis. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for credit losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned. The loss represents impairments on real estate owned for fair value adjustments based on the fair value of the real estate.
The Company’s property appraisals are primarily based on the sales comparison approach and income approach methodologies, which consider recent sales of comparable properties, including their income generating characteristics, and then make adjustments to reflect the general assumptions that a market participant would make when analyzing the property for purchase. These adjustments may increase or decrease an appraised value and can vary significantly depending on the location, physical characteristics and income producing potential of each property. Additionally, the quality and volume of market information available at the time of the appraisal can vary from period to period and cause significant changes to the nature and magnitude of comparable sale adjustments. Given these variations, comparable sale adjustments are generally not a reliable indicator for how fair value will increase or decrease from period to period. Under certain circumstances, management discounts are applied based on specific characteristics of an individual property.
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at June 30, 2024:
June 30, 2024Fair Value
(in thousands)		Valuation
Technique		Unobservable InputsRange,
Weighted Average
Collateral dependent loans$6,619 Sales comparison
approach
Income approach		Adjustment for differences between
comparable sales;
Capitalization rate		Not meaningful
N/A
Foreclosed assets (Residential real estate)$— Sales comparison
approach		Adjustment for differences between
comparable sales
Not meaningful
N/A
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2023:
December 31, 2023Fair Value
(in thousands)		Valuation
Technique		Unobservable InputsRange,
Weighted Average
Collateral dependent loans$4,175 Sales comparison
approach
Income approach		Adjustment for differences between
comparable sales;
Capitalization rate
Not meaningful
N/A
Foreclosed assets (Residential real estate)$50 Sales comparison
approach		Adjustment for differences between
comparable sales
Not meaningful
N/A
Fair values for financial instruments are management’s estimates of the values at which the instruments could be exchanged in a transaction between willing parties. The Company uses the exit price notion when measuring the fair value of financial instruments. These estimates are subjective and may vary significantly from amounts that would be realized in actual transactions. In addition, other significant assets are not considered financial assets including, any mortgage banking operations, deferred tax assets, and premises and equipment. Further, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered in any of these estimates.
37
June 30, 2024December 31, 2023
(in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial assets:
Level 1 inputs:
Cash and due from banks$81,342 $81,342 $81,626 $81,626 
Cash at Federal Reserve and other banks125,216 125,216 17,075 17,075 
Level 2 inputs:
Securities held to maturity122,673 113,708 133,494 125,126 
Restricted equity securities17,250 N/A17,250 n/a
Level 3 inputs:
Loans, net6,619,009 6,252,316 6,672,948 6,278,577 
Financial liabilities:
Level 2 inputs:
Deposits8,050,230 8,045,400 7,834,038 7,828,554 
Other borrowings247,773 247,773 632,582 632,582 
Level 3 inputs:
Junior subordinated debt101,143 104,764 101,099 95,407 
Note 16 - Regulatory Matters
The Company is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1, and common equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. The following tables present actual and required capital ratios as of June 30, 2024 and December 31, 2023 for the Company and the Bank under applicable Basel III Capital Rules. The minimum capital amounts presented include the minimum required capital levels as of June 30, 2024 and December 31, 2023 based on the then phased-in provisions of the Basel III Capital Rules. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules.
ActualRequired for Capital Adequacy PurposesRequired to be
Considered Well
Capitalized
As of June 30, 2024:AmountRatioAmountRatioAmountRatio
(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated$1,222,112 15.19 %$844,514 10.50 %N/AN/A
Tri Counties Bank$1,211,082 15.06 %$844,316 10.50 %$804,110 10.00 %
Tier 1 Capital (to Risk Weighted Assets):
Consolidated$1,079,195 13.42 %$683,654 8.50 %N/AN/A
Tri Counties Bank$1,110,208 13.81 %$683,494 8.50 %$643,288 8.00 %
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated$1,021,824 12.70 %$563,009 7.00 %N/AN/A
Tri Counties Bank$1,110,208 13.81 %$562,877 7.00 %$522,672 6.50 %
Tier 1 Capital (to Average Assets):
Consolidated$1,079,195 11.18 %$386,135 4.00 %N/AN/A
Tri Counties Bank$1,110,208 11.50 %$386,017 4.00 %$482,521 5.00 %
38
ActualRequired for Capital Adequacy PurposesRequired to be
Considered Well
Capitalized
As of December 31, 2023:AmountRatioAmountRatioAmountRatio
(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated$1,196,106 14.73 %$852,850 10.50 %N/AN/A
Tri Counties Bank$1,190,542 14.66 %$852,648 10.50 %$812,046 10.00 %
Tier 1 Capital (to Risk Weighted Assets):
Consolidated$1,052,063 12.95 %$690,402 8.50 %N/AN/A
Tri Counties Bank$1,088,717 13.41 %$690,239 8.50 %$649,637 8.00 %
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated$994,907 12.25 %$568,566 7.00 %N/AN/A
Tri Counties Bank$1,088,717 13.41 %$568,432 7.00 %$527,830 6.50 %
Tier 1 Capital (to Average Assets):
Consolidated$1,052,063 10.75 %$391,620 4.00 %N/AN/A
Tri Counties Bank$1,088,717 11.12 %$391,574 4.00 %$489,468 5.00 %

As of June 30, 2024 and December 31, 2023, capital levels at the Company and the Bank exceed all capital adequacy requirements under the Basel III Capital Rules. Also, at June 30, 2024 and December 31, 2023, the Bank’s capital levels exceeded the minimum amounts necessary to be considered well capitalized under the current regulatory framework for prompt corrective action.
The Basel III Capital Rules require for all banking organizations to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively composed of common equity tier 1 capital, and it applies to each of the risk-based capital ratios but not the leverage ratio. At June 30, 2024, the Company and the Bank are in compliance with the capital conservation buffer requirement.

39

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
Cautionary Statements Regarding Forward-Looking Information
The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the conditions of the United States economy in general and the strength of the local economies in which we conduct operations; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impacts of inflation, interest rate, market and monetary fluctuations on the Company's business condition and financial operating results; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions affecting our ability to successfully market and price our products to consumers; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; extreme weather, natural disasters and other catastrophic events that may or may not be caused by climate change and their effects on the Company's customers and the economic and business environments in which the Company operates; the impact of a slowing U.S. economy, decreases in housing and commercial real estate prices, and potentially increased unemployment on the performance of our loan portfolio, the market value of our investment securities and possible other-than-temporary impairment of securities held by us due to changes in credit quality or rates; the availability of, and cost of, sources of funding and the demand for our products; adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, commodities prices, inflationary pressures and labor shortages on the economic recovery and our business; the impacts of international hostilities, wars, terrorism or geopolitical events; adverse developments in the financial services industry generally such as the recent bank failures and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of liquidity; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; the costs or effects of mergers, acquisitions or dispositions we may make, as well as whether we are able to obtain any required governmental approvals in connection with any such activities, or identify and complete favorable transactions in the future, and/or realize the anticipated financial and business benefits; the regulatory and financial impacts associated with exceeding $10 billion in total assets; the negative impact on our reputation and profitability in the event customers experience economic harm or in the event that regulatory violations are identified; the ability to execute our business plan in new markets; the future operating or financial performance of the Company, including our outlook for future growth and changes in the level and direction of our nonperforming assets and charge-offs; the appropriateness of the allowance for credit losses, including the assumptions made under our current expected credit losses model; any deterioration in values of California real estate, both residential and commercial; the effectiveness of the Company's asset management activities managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; the effect of changes in the financial performance and/or condition of our borrowers; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; our ability to attract and maintain deposits and other sources of liquidity; the effects of changes in the level or cost of checking or savings account deposits on our funding costs and net interest margin; increasing noninterest expense and its impact on our financial performance; competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional competitors including retail businesses and technology companies; the challenges of attracting, integrating and retaining key employees; the vulnerability of the Company's operational or security systems or infrastructure, the systems of third-party vendors or other service providers with whom the Company contracts, and the Company's customers to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and data/security breaches and the cost to defend against and respond to such incidents; the impact of the 2023 cyber security ransomware incident on our operations and reputation; increased data security risks due to work from home arrangements and email vulnerability; failure to safeguard personal information, and any resulting litigation; the effect of a fall in stock market prices on our brokerage and wealth management businesses; the transition from the LIBOR to new interest rate benchmarks; the emergence or continuation of widespread health emergencies or pandemics; the Company’s potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions; and our ability to manage the risks involved in the foregoing. There can be no assurance that future developments affecting us will be the same as those anticipated by management. Additional factors that could cause results to differ materially from those described above can be found in our Annual Report on Form 10-K for the year ended December 31, 2023, which has been filed with the Securities and Exchange Commission (the “SEC”) and all subsequent filings with the SEC under Sections 13(a), 13(c), 14, and 15(d) of the Securities Act of 1934, as amended. Such filings are also available in the “Investor Relations” section of our website, https://www.tcbk.com/investor-relations and in other documents we file with the SEC. Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results. We undertake no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
General
As TriCo Bancshares (referred to in this report as “we”, “our” or the “Company”) has not commenced any business operations independent of Tri Counties Bank (the “Bank”), the following discussion pertains primarily to the Bank. Average balances, including such balances used in calculating certain financial ratios, are generally comprised of average daily balances for the Company. Within Management’s Discussion and Analysis of Financial Condition and Results of Operations, interest income, net interest income, and net interest yield are generally presented on a FTE basis. The Company believes the use of these non-generally accepted accounting principles (non-GAAP) measures provides additional clarity in assessing its results, and the presentation of these measures on a FTE basis is a common practice within the banking industry. Interest income and net interest income are shown on a non-FTE basis in the Part I - Financial Information section of this Form 10-Q, and a reconciliation of the FTE and non-FTE presentations is provided below in the discussion of net interest income.
40
Critical Accounting Policies and Estimates
The Company’s discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those that materially affect the financial statements and are related to the adequacy of the allowance for loan losses, investments, mortgage servicing rights, fair value measurements, retirement plans and intangible assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. A detailed discussion related to the Company’s accounting policies including those related to estimates on the allowance for credit losses related to loans and investment securities, and impairment of intangible assets, can be found in Note 1 of the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2023.
Geographical Descriptions
For the purpose of describing the geographical location of the Company’s operations, the Company has defined northern California as that area of California north of, and including, Stockton to the east and San Jose to the west; central California as that area of the state south of Stockton and San Jose, to and including, Bakersfield to the east and San Luis Obispo to the west; and southern California as that area of the state south of Bakersfield and San Luis Obispo.
Financial Highlights
Performance highlights and other developments for the Company as of or for the three and six months ended June 30, 2024, included the following:
•For the quarter ended June 30, 2024, the Company’s return on average assets was 1.19%, while the return on average equity was 9.99%; for the trailing quarter ended March 31, 2024, the Company’s return on average assets was 1.13%, while the return on average equity was 9.50%.
•Diluted earnings per share were $0.87 for the second quarter of 2024, compared to $0.83 for the trailing quarter and $0.75 during the second quarter of 2023.
•Net income increased to $29.0 million as compared to $27.7 million in the trailing quarter; pre-tax pre-provision net revenue was $39.5 million compared to $42.0 million in the trailing quarter.
•Deposit balances increased $62.6 million or 3.1% (annualized) from the trailing quarter.
•The loan to deposit ratio decreased to 83.8% as of June 30, 2024, as compared to 85.1% for the trailing quarter end, as a result of both deposit growth and loan contraction during the quarter.
•The efficiency ratio was 59.61% for the quarter ended June 30, 2024, as compared to 57.36% for the trailing quarter.
•The provision for credit losses was approximately $0.4 million during the quarter ended June 30, 2024, as compared to $4.3 million during the trailing quarter end, reflecting the continued risks associated with general economic trends and forecasts, largely offset by a decline in specific reserves and loan balances.
•The allowance for credit losses (ACL) to total loans was 1.83% as of June 30, 2024, compared to 1.83% as of the trailing quarter end, and 1.80% as of June 30, 2023. Non-performing assets to total assets were 0.36% on June 30, 2024, as compared to 0.37% as of March 31, 2024, and 0.41% at June 30, 2023. At June 30, 2024, the ACL represented 377% of non-performing loans.
•Average yield on earning assets was 5.24%, an increase of 11 basis points over the 5.13% in the trailing quarter.
•Net interest margin (FTE) was 3.68% in the recent quarter, unchanged from the trailing quarter.
•Non-interest bearing deposits averaged 32.0% of total deposits during the second quarter of 2024.
•The average cost of total deposits was 1.45%, an increase of 24 basis points as compared to 1.21% in the trailing quarter, and an increase of 87 basis points from 0.58% in the same quarter of the prior year; the Company's total cost of deposits have increased 141 basis points since FOMC rate actions began in March 2022, which translates to a cycle-to-date deposit beta of 26.9%.

41
TRICO BANCSHARES
Financial Summary
(In thousands, except per share amounts; unaudited)
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Net interest income$81,997 $88,601 $164,733 $181,937 
Provision for credit losses(405)(9,650)(4,710)(13,845)
Non-interest income15,866 15,741 31,637 29,376 
Non-interest expense(58,339)(61,243)(114,843)(115,037)
Provision for income taxes(10,085)(8,557)(20,034)(21,706)
Net income$29,034 $24,892 $56,783 $60,725 
Per Share Data:
Basic earnings per share$0.88 $0.75 $1.71 $1.83 
Diluted earnings per share$0.87 $0.75 $1.70 $1.82 
Dividends paid$0.33 $0.30 $0.66 $0.60 
Book value at period end$35.62 $32.86 
Average common shares outstanding33,121 33,219 33,183 33,257 
Average diluted common shares outstanding33,244 33,302 33,306 33,371 
Shares outstanding at period end32,989 33,259 
At period end:
Loans$6,742,526 $6,520,740 
Total investment securities$2,086,090 $2,485,378 
Total assets$9,741,399 $9,853,421 
Total deposits$8,050,230 $8,095,365 
Other borrowings$247,773 $392,714 
Shareholders’ equity$1,175,050 $1,092,781 
Financial Ratios:
During the period:
Return on average assets (annualized)1.19 %1.01 %1.16 %1.24 %
Return on average equity (annualized)9.99 %8.98 %9.74 %11.13 %
Net interest margin(1) (annualized)
3.68 %3.96 %3.68 %4.08 %
Efficiency ratio59.61 %58.69 %58.48 %54.44 %
Average equity to average assets11.95 %11.29 %11.94 %11.15 %
At end of period:
Equity to assets12.06 %11.09 %
Total capital to risk-adjusted assets15.19 %14.47 %
(1) Fully Taxable Equivalent (FTE)
Results of Operations

The following discussion and analysis is designed to provide a better understanding of the significant changes and trends related to the Company and the Bank’s financial condition, operating results, asset and liability management, liquidity and capital resources and should be read in conjunction with the Condensed Consolidated Financial Statements of the Company and the Notes thereto located at Item 1 of this report.


42
Net Interest Income
The Company’s primary source of revenue is net interest income, or the difference between interest income on interest-earning assets and interest expense on interest-bearing liabilities. Following is a summary of the components of FTE net income for the periods indicated.
Three months ended
(in thousands)June 30,
2024		March 31,
2024		Change% Change
Interest income$117,032 $115,417 $1,615 1.4 %
Interest expense(35,035)(32,681)(2,354)7.2 %
Fully tax-equivalent adjustment (FTE) (1)
275 275 — — %
Net interest income (FTE)$82,272 $83,011 $(739)(0.9)%
Net interest margin (FTE)3.68 %3.68 %
Acquired loans discount accretion, net:
Amount (included in interest income)$850 $1,332 $(482)(36.2)%
Net interest margin less effect of acquired loan discount accretion(1)
3.64 %3.62 %0.02 %
Three months ended June 30,
(in thousands)20242023Change% Change
Interest income$117,032 $107,158 $9,874 9.2 %
Interest expense(35,035)(18,557)(16,478)88.8 %
Fully tax-equivalent adjustment (FTE) (1)
275 379 (104)(27.4)%
Net interest income (FTE)$82,272 $88,980 $(6,708)(7.5)%
Net interest margin (FTE)3.68 %3.96 %
Acquired loans discount accretion, net:
Amount (included in interest income)$850 $1,471 $(621)(42.2)%
Net interest margin less effect of acquired loan discount accretion(1)
3.64 %3.89 %(0.25)%
Six months ended June 30,
(in thousands)20242023Change% Change
Interest income$232,449 $210,065 $22,384 10.7 %
Interest expense(67,716)(28,128)(39,588)140.7 %
Fully tax-equivalent adjustment (FTE) (1)
550 770 (220)(28.6)%
Net interest income (FTE)$165,283 $182,707 $(17,424)(9.5)%
Net interest margin (FTE)3.68 %4.08 %
Acquired loans discount accretion, net:
Amount (included in interest income)$2,182 $2,868 $(686)(23.9)%
Net interest margin less effect of acquired loan discount accretion(1)
3.63 %4.02 %(0.39)%
(1)Certain information included herein is presented on a FTE basis and/or to present additional financial details which may be desired by users of this financial information. The Company believes the use of this non-generally accepted accounting principles (non-GAAP) measure provides additional clarity in assessing its results, and the presentation of these measures is a common practice within the banking industry.
Loans may be acquired at a premium or discount to par value, in which case, the premium is amortized (subtracted from) or the discount is accreted (added to) interest income over the remaining life of the loan. The dollar impact of loan discount accretion and loan premium amortization decrease as the purchased loans mature or pay off early. Upon the early pay off of a loan, any remaining unaccreted discount or unamortized premium is immediately taken into interest income; and as loan payoffs may vary significantly from quarter to quarter, so may the impact of discount accretion and premium amortization on interest income. Despite the elevated rate environment, the prepayment rate of portfolio loans, inclusive of those acquired at a premium or discount, remains consistent. During the quarters ended June 30, 2024, March 31, 2024 and June 30, 2023, the purchased loan discount accretion was $0.9 million, $1.3 million and $1.5 million, respectively.
43
Summary of Average Balances, Yields/Rates and Interest Differential
The following table presents, for the three month periods indicated, information regarding the Company’s consolidated average assets, liabilities and shareholders’ equity, the amounts of interest income from average interest-earning assets and resulting yields, and the amount of interest expense paid on interest-bearing liabilities. Average loan balances include nonperforming loans. Interest income includes proceeds from loans on nonaccrual loans only to the extent cash payments have been received and applied to interest income. Yields on securities and certain loans have been adjusted upward to reflect the effect of income thereon exempt from federal income taxation at the current statutory tax rate (dollars in thousands).
Three months ended June 30,
20242023
Average
Balance		Interest
Income/
Expense		Rates
Earned
/Paid		Average
Balance		Interest
Income/
Expense		Rates
Earned
/Paid
Assets:
Loans$6,792,303 $98,229 5.82 %$6,467,381 $86,747 5.38 %
Investment securities - taxable2,003,124 17,004 3.41 %2,343,511 18,775 3.21 %
Investment securities - nontaxable(1)
138,167 1,190 3.46 %181,823 1,641 3.62 %
Total investments2,141,291 18,194 3.42 %2,525,334 20,416 3.24 %
Cash at Federal Reserve and other banks68,080 884 5.22 %29,349 374 5.11 %
Total interest-earning assets9,001,674 117,307 5.24 %9,022,064 107,537 4.78 %
Other assets780,554 826,127 
Total assets$9,782,228 $9,848,191 
Liabilities and shareholders’ equity:
Interest-bearing demand deposits$1,769,370 $6,215 1.41 %$1,657,714 $2,173 0.53 %
Savings deposits2,673,272 12,260 1.84 %2,768,981 6,936 1.00 %
Time deposits1,016,190 10,546 4.17 %426,689 2,348 2.21 %
Total interest-bearing deposits5,458,832 29,021 2.14 %4,853,384 11,457 0.95 %
Other borrowings325,604 4,118 5.09 %477,256 5,404 4.54 %
Junior subordinated debt101,128 1,896 7.54 %101,056 1,696 6.73 %
Total interest-bearing liabilities5,885,564 35,035 2.39 %5,431,696 18,557 1.37 %
Noninterest-bearing deposits2,565,609 3,128,131 
Other liabilities161,731 176,141 
Shareholders’ equity1,169,324 1,112,223 
Total liabilities and shareholders’ equity$9,782,228 $9,848,191 
Net interest spread(2)
2.85 %3.41 %
Net interest income and interest margin(3)
$82,272 3.68 %$88,980 3.96 %
(1)Fully taxable equivalent (FTE). All yields and rates are calculated using specific day counts for the period and year as applicable.
(2)Net interest spread represents the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.
(3)Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets, then annualized based on the number of days in the given period.
Net interest income (FTE) during the three months ended June 30, 2024, decreased $6.7 million or 8% to $82.3 million compared to $89.0 million during the three months ended June 30, 2023. In addition, net interest margin declined 28 basis points to 3.68%, compared to the same quarter last year. The decrease in net interest income is primarily attributed to an additional $17.6 million in deposit interest expense due to changes in product mix in conjunction with competitive pricing pressures. The cost of interest-bearing deposits increased by 119 basis points between the quarter ended June 30, 2024 and the same quarter of the prior year. In addition, the average balance of noninterest-bearing deposits decreased by $562.5 million from the three month average for the period ended June 30, 2023 as customers continue to be migrate towards higher yielding term deposit accounts. As of June 30, 2024, the ratio of average total noninterest-bearing deposits to total average deposits was 32.0%, as compared to 33.8% and 39.2% at March 31, 2024 and June 30, 2023, respectively. The increase in cost of interest bearing liabilities was partially offset by increased interest and fee income on loans totaling $11.5 million compared to the same quarter of the prior year. Average loan yields increased 44 basis points from 5.38% during the three months ended June 30, 2023, to 5.82% during the three months ended June 30, 2024. The accretion of discounts from acquired loans added 5 and 9 basis points to loan yields during the quarters ended June 30, 2024 and 2023, respectively. Additionally, the average balance of loans during the quarter increased $324.9 million compared to the same period in the prior year.

44
Six months ended June 30,
20242023
Average
Balance		Interest
Income/
Expense		Rates
Earned
/Paid		Average
Balance		Interest
Income/
Expense		Rates
Earned
/Paid
Assets:
Loans$6,789,072 $194,713 5.77 %$6,440,817 $169,161 5.30 %
Investment securities - taxable2,065,412 34,833 3.39 %2,370,722 37,691 3.21 %
Investment securities - nontaxable(1)
138,534 2,382 3.46 %185,417 3,340 3.63 %
Total investments2,203,946 37,215 3.40 %2,556,139 41,031 3.24 %
Cash at Federal Reserve and other banks41,229 1,071 5.22 %28,090 643 4.62 %
Total interest-earning assets9,034,247 232,999 5.19 %9,025,046 210,835 4.71 %
Other assets784,765 838,425 
Total assets$9,819,012 $9,863,471 
Liabilities and shareholders’ equity:
Interest-bearing demand deposits$1,740,107 $11,162 1.29 %$1,665,371 $2,560 0.31 %
Savings deposits2,662,595 23,159 1.75 %2,833,365 11,090 0.79 %
Time deposits914,042 18,229 4.01 %351,166 2,952 1.70 %
Total interest-bearing deposits5,316,744 52,550 1.99 %4,849,902 16,602 0.69 %
Other borrowings455,150 11,496 5.08 %377,995 8,213 4.38 %
Junior subordinated debt101,117 3,670 7.30 %101,050 3,313 6.61 %
Total interest-bearing liabilities5,873,011 67,716 2.32 %5,328,947 28,128 1.06 %
Noninterest-bearing deposits2,605,999 3,249,488 
Other liabilities168,044 185,123 
Shareholders’ equity1,171,958 1,099,913 
Total liabilities and shareholders’ equity$9,819,012 $9,863,471 
Net interest spread(2)
2.87 %3.65 %
Net interest income and interest margin(3)
$165,283 3.68 %$182,707 4.08 %
(1)Fully taxable equivalent (FTE). All yields and rates are calculated using specific day counts for the period and year as applicable.
(2)Net interest spread represents the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.
(3)Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets, then annualized based on the number of days in the given period.
Net interest income (FTE) during the six months ended June 30, 2024, decreased $17.4 million, or 10%, to $165.3 million compared to $182.7 million during the six months ended June 30, 2023. In addition, net interest margin declined 40 basis points to 3.68%, compared to the same period in the prior year. The decrease in net interest income is primarily attributed to an increased cost of interest bearing liabilities, primarily on deposits. The cost of interest bearing deposits increased by 130 basis points during the six months ended June 30, 2024, compared to the same period in the prior year. In addition, the average balance of noninterest-bearing deposits decreased by $643.5 million from the six month average for the period ended June 30, 2023 amidst a continued migration of customer funds to interest-bearing products, as discussed above. The increases in the cost of interest bearing liabilities were partially offset by increased interest and fee income on loans. As compared to the same period in the prior year, the average balance of loans increased $348.3 million and average loan yields increased 47 basis points from 5.30% during the six months ended June 30, 2023, to 5.77% during the six months ended June 30, 2024. The accretion of discounts from acquired loans added 8 and 9 basis points to loan yields during the six months ended June 30, 2024 and June 30, 2023, respectively.
Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid
The following table sets forth, for the period identified, a summary of the changes in interest income and interest expense from changes in average asset and liability balances (volume) and changes in average interest rates for the periods indicated. Changes not solely attributable to volume or rates have been allocated in proportion to the respective volume and rate components.
45
Three months ended June 30, 2024
compared with three months ended June 30, 2023
(in thousands)VolumeRateTotal
Increase (decrease) in interest income:
Loans$4,386 $7,096 $11,482 
Investment securities 
(3,127)905 (2,222)
Cash at Federal Reserve and other banks495 15 510 
Total interest-earning assets1,754 8,016 9,770 
Increase (decrease) in interest expense:
Interest-bearing demand deposits148 3,894 4,042 
Savings deposits(239)5,563 5,324 
Time deposits3,257 4,941 8,198 
Other borrowings(1,721)435 (1,286)
Junior subordinated debt1 199 200 
Total interest-bearing liabilities1,446 15,032 16,478 
Decrease in net interest income$308 $(7,016)$(6,708)

The following commentary regarding net interest income, interest income and interest expense may be best understood while referencing the Summary of Average Balances, Yields/Rates and Interest Differential and the Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid shown above.
Net interest income (FTE) during the three months ended June 30, 2024 decreased $6.7 million to $82.3 million compared to $89.0 million during the three months ended June 30, 2023. The overall decrease in net interest income (FTE) was due to increasing interest rates elevating interest expense on interest-bearing liabilities, most significantly deposits. Elevated interest rates also improved interest income on earning assets by $9.8 million, partially offsetting the increases in interest expense.

Six months ended June 30, 2024
compared with six months ended June 30, 2023
(in thousands)VolumeRateTotal
Increase (decrease) in interest income:
Loans$18,520 $7,032 $25,552 
Investment securities 
(11,502)7,686 (3,816)
Cash at Federal Reserve and other banks607 (179)428 
Total interest-earning assets7,625 14,539 22,164 
Increase (decrease) in interest expense:
Interest-bearing demand deposits232 8,370 8,602 
Savings deposits(1,349)13,418 12,069 
Time deposits9,569 5,708 15,277 
Other borrowings3,379 (96)3,283 
Junior subordinated debt4 353 357 
Total interest-bearing liabilities11,835 27,753 39,588 
Decrease in net interest income$(4,210)$(13,214)$(17,424)
Net interest income (FTE) during the six months ended June 30, 2024 decreased $17.4 million to $165.3 million compared to $182.7 million during the six months ended June 30, 2023. The overall decrease in net interest income (FTE) was due to increasing interest rates elevating interest expense on interest-bearing liabilities, most significantly deposits and other borrowings, resulting in a net increase of $35.9 million and $3.3 million, respectively. Elevated interest rates also improved interest income on earning assets by $22.2 million, partially offsetting the increases in interest expense.
Asset Quality and Credit Loss Provisioning
During the three months ended June 30, 2024, the Company recorded a provision for credit losses of $0.4 million, as compared to $4.3 million during the trailing quarter, and $9.7 million during the second quarter of 2023.
46
Three months endedSix months ended
(dollars in thousands)June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Addition to allowance for credit losses$335 $8,980 $4,350 $13,295 
Addition to (reversal of) reserve for unfunded loan commitments
70 670 360 550 
    Total provision for (reversal of) credit losses$405 $9,650 $4,710 $13,845 
The allowance for credit losses (ACL) was $123.5 million or 1.83% of total loans as of June 30, 2024. For the current quarter, the qualitative components of the ACL that contributed to an increase in required reserves primarily related to uncertainty around US policy and related effects on domestic economic trends that are inconsistent with those desired by the FOMC.
Three months ended June 30,Six months ended June 30,
(dollars in thousands)2024202320242023
Balance, beginning of period$124,394 $108,407 $121,522 $105,680 
Provision for credit losses335 8,980 4,350 13,295 
Loans charged-off(1,610)(276)(2,885)(2,034)
Recoveries of previously charged-off loans398 218 530 388 
Balance, end of period$123,517 $117,329 $123,517 $117,329 
The Company utilizes a forecast period of approximately eight quarters and obtains the forecast data from publicly available sources as of the balance sheet date. This forecast data continues to evolve and includes improving shifts in the magnitude of changes for both the unemployment and GDP factors leading up to the balance sheet date. Despite continued declines on a year over year comparative basis, core inflation remains elevated from wage pressures, and higher living costs such as housing, energy and general services. Management notes the rapid intervals of rate increases by the Federal Reserve may create repricing risk for certain borrowers and continued inversion of the yield curve, creates informed expectations of the US potentially entering a recession within 12 months. While projected cuts in interest rates from the Federal Reserve during 2024 may improve this outlook, the uncertainty associated with the extent and timing of these potential reductions has inhibited a change to forecasted reserve levels. As a result, management continues to believe that certain credit weaknesses are likely present in the overall economy and that it is appropriate to maintain a reserve level that incorporates such risk factors.
Loans past due 30 days or more increased by $13.9 million during the quarter ended June 30, 2024, to $30.4 million, as compared to $16.5 million at March 31, 2024. The majority of loans identified as past due are well-secured by collateral, and approximately $13.3 million is less than 90 days delinquent. Non-performing loans were $32.8 million at June 30, 2024, a decrease of $1.4 million from $34.2 million as of March 31, 2024, and a decrease of $4.8 million from $37.6 million as of June 30, 2023. Management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. Of the $32.8 million loans designated as non-performing as of June 30, 2024, approximately $11.7 million are current or less than 30 days past due with respect to payments required under their existing loan agreements.
(dollars in thousands)June 30,
2024		% of Loans OutstandingMarch 31,
2024		% of Loans OutstandingJune 30,
2023		% of Loans Outstanding
Risk Rating:
Pass$6,536,223 96.9 %$6,616,294 97.3 %$6,299,893 96.6 %
Special Mention101,324 1.5 %108,073 1.6 %155,678 2.4 %
Substandard104,979 1.6 %76,328 1.1 %65,169 1.0 %
Total$6,742,526 $6,800,695 $6,520,740 
Classified loans to total loans1.56 %1.12 %1.00 %
Loans past due 30+ days to total loans0.45 %0.24 %0.15 %
The ratio of classified loans to total loans of 1.56% as of June 30, 2024, increased 44 basis points from March 31, 2024 and increased 56 basis points from the comparative quarter ended 2023. The change in criticized loans outstanding as compared to the trailing quarter totaled $21.9 million. Loans with the risk grade classification substandard increased by $28.7 million over the trailing quarter and relate primarily to five loans across two relationships totaling $25.2 million, including $18.0 million in agricultural and farmland loans and $7.2 million in non-owner occupied CRE loans. All loans within these relationships are performing as agreed and have substantial collateral support and borrower guarantees. As a percentage of total loans outstanding, classified assets remain consistent with volumes experienced prior to the recent quantitative easing cycle spurred by the COVID pandemic and reflect management's historically conservative approach to credit risk monitoring. The Company's combined criticized loan balances totaled $206.3 million as of June 30, 2024, an improvement of $14.5 million from June 30, 2023.
Outstanding balances on construction loans, which have historically been associated with elevated levels of risk, experienced balance reductions of $65.6 million during the current quarter. These reductions were primarily associated with $49.1 million in balances that were
47
converted to term loans upon the completion of construction and achievement of stabilized occupancy, $44.0 million in balances that paid down or paid-off, and the offsetting balance representing new draws or originations.
Further, management has taken action to proactively assess the repayment capacity of borrowers that will likely be subject to rate resets in the near term. To date this analysis as well as management's observations of loans that have experienced a rate reset, have not resulted in the need to provide any
As of June 30, 2024, other real estate owned consisted of 10 properties with a carrying value of approximately $2.5 million, which is unchanged from the trailing quarter end. Non-performing assets of $35.3 million at June 30, 2024, represented 0.36% of total assets, a change from the $36.7 million or 0.37% and $40.5 million or 0.41% as of March 31, 2024 and June 30, 2023, respectively.
Non-interest Income
The following table summarizes the Company’s non-interest income for the periods indicated (in thousands):
Three months ended
June 30,
(in thousands)20242023$ Change% Change
ATM and interchange fees$6,372 $6,856 $(484)(7.1)%
Service charges on deposit accounts4,847 4,581 266 5.8 %
Other service fees1,286 992 294 29.6 %
Mortgage banking service fees438 454 (16)(3.5)%
Change in value of mortgage servicing rights(147)85 (232)(272.9)%
Total service charges and fees12,796 12,968 (172)(1.3)%
Increase in cash value of life insurance831 788 43 5.5 %
Asset management and commission income1,359 1,158 201 17.4 %
Gain on sale of loans388 295 93 31.5 %
Lease brokerage income154 74 80 108.1 %
Sale of customer checks301 407 (106)(26.0)%
Loss on sale or exchange of investment securities(45)— (45)n/m
Loss on marketable equity securities(121)(42)(79)188.1 %
Other203 93 110 118.3 %
Total other non-interest income3,070 2,773 297 10.7 %
Total non-interest income$15,866 $15,741 $125 0.8 %
Non-interest income increased $0.1 million or 0.8% to $15.9 million during the three months ended June 30, 2024, compared to $15.7 million during the comparative quarter ended June 30, 2023. Interchange fees earned in the second quarter of 2023 were elevated as compared to the comparable 2024 quarter due to increased customer activity. The remaining various components of non-interest income are largely consistent period over period.
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Six months ended
June 30,
(in thousands)20242023$ Change% Change
ATM and interchange fees$12,541 $13,200 $(659)(5.0)%
Service charges on deposit accounts9,510 8,012 1,498 18.7 %
Other service fees2,652 2,158 494 22.9 %
Mortgage banking service fees866 919 (53)(5.8)%
Change in value of mortgage servicing rights(136)(124)(12)9.7 %
Total service charges and fees25,433 24,165 1,268 5.2 %
Increase in cash value of life insurance1,634 1,590 44 2.8 %
Asset management and commission income2,487 2,092 395 18.9 %
Gain on sale of loans649 501 148 29.5 %
Lease brokerage income315 172 143 83.1 %
Sale of customer checks613 695 (82)(11.8)%
Loss on sale of investment securities(45)(164)119 (72.6)%
Loss on marketable equity securities(149)— (149)n/m
Other700 325 375 115.4 %
Total other non-interest income6,204 5,211 993 19.1 %
Total non-interest income$31,637 $29,376 $2,261 7.7 %
Non-interest income increased $2.3 million or 7.7% to $31.6 million during the six months ended June 30, 2024, compared to $29.4 million during the comparative six months ended June 30, 2023. As noted above, interchange fees as driven by customer activities was elevated in the 2023 period and resulted in a decrease of $0.7 million as compared to the six months ended June 30, 2024. Service charges on deposit accounts increased by $1.5 million or 18.7% as compared to the equivalent period in 2023 following $0.9 million in waived or reversed fees as a courtesy to customers in the 2023 year. As noted above, elevated activity within asset management and realized gains from alternative investments contributed to the overall improvement.
49
Non-interest Expense
The following table summarizes the Company’s non-interest expense for the periods indicated:
Three months ended
June 30,
(in thousands)20242023$ Change% Change
Base salaries, net of deferred loan origination costs$23,852 $24,059 $(207)(0.9)%
Incentive compensation4,711 4,377 334 7.6 %
Benefits and other compensation costs6,838 6,278 560 8.9 %
Total salaries and benefits expense35,401 34,714 687 2.0 %
Occupancy4,063 3,991 72 1.8 %
Data processing and software5,094 4,638 456 9.8 %
Equipment1,330 1,436 (106)(7.4)%
Intangible amortization1,030 1,656 (626)(37.8)%
Advertising819 1,016 (197)(19.4)%
ATM and POS network charges1,987 1,902 85 4.5 %
Professional fees1,814 1,985 (171)(8.6)%
Telecommunications558 809 (251)(31.0)%
Regulatory assessments and insurance1,144 1,993 (849)(42.6)%
Postage340 311 29 9.3 %
Operational losses244 1,090 (846)(77.6)%
Courier service559 483 76 15.7 %
Loss on disposal of fixed assets1 18 (17)(94.4)%
Other miscellaneous expense3,955 5,201 (1,246)(24.0)%
Total other non-interest expense22,938 26,529 (3,591)(13.5)%
Total non-interest expense$58,339 $61,243 $(2,904)(4.7)%
Average full time equivalent staff1,1601,210(50)(4.1)%
Non-interest expense decreased $2.9 million or 4.7% to $58.3 million during the three months ended June 30, 2024, as compared to $61.2 million for the quarter ended June 30, 2023. Regulatory assessment charges decreased $0.8 million or 42.6% following changes in various assessments as compared to the same period of 2023. Additionally, operational losses decreased $0.8 million or 77.6% attributable to a normalized quarterly rate following non-recurring ATM burglary expenses totaling $0.7 million in the comparative period. Finally, other miscellaneous expense declined $1.2 million or 24.0% due to non-recurring charges in the comparative period totaling $0.8 million related to non-sufficient fee refunds and elevated provision expense on real estate owned approximating $0.5 million.
50
Six months ended
June 30,
(in thousands)20242023$ Change% Change
Base salaries, net of deferred loan origination costs$47,872 $47,059 $813 1.7 %
Incentive compensation7,968 7,272 696 9.6 %
Benefits and other compensation costs13,865 12,946 919 7.1 %
Total salaries and benefits expense69,705 67,277 2,428 3.6 %
Occupancy8,014 8,151 (137)(1.7)%
Data processing and software10,201 8,670 1,531 17.7 %
Equipment2,686 2,819 (133)(4.7)%
Intangible amortization2,060 3,312 (1,252)(37.8)%
Advertising1,581 1,775 (194)(10.9)%
ATM and POS network charges3,648 3,611 37 1.0 %
Professional fees3,154 3,574 (420)(11.8)%
Telecommunications1,069 1,404 (335)(23.9)%
Regulatory assessments and insurance2,395 2,785 (390)(14.0)%
Postage648 610 38 6.2 %
Operational losses596 1,525 (929)(60.9)%
Courier service1,039 822 217 26.4 %
Gain on sale or acquisition of foreclosed assets(38)— (38)n/m
Loss on disposal of fixed assets6 18 (12)(66.7)%
Other miscellaneous expense8,079 8,684 (605)(7.0)%
Total other non-interest expense45,138 47,760 (2,622)(5.5)%
Total non-interest expense$114,843 $115,037 $(194)(0.2)%
Average full time equivalent staff1,1741,214(40)(3.3)%
Non-interest expense decreased $0.2 million or 0.2% to $114.8 million during the six months ended June 30, 2024, as compared to $115.0 million for the six months ended June 30, 2023. This was largely attributed to non-cash intangible amortization expense declines of $1.3 million or 37.8% and operational loss decreases of $0.9 million or 60.9% due to reasons described above. These declines were partially offset by an increase of $2.4 million or 3.6% in total salaries and benefits expense to $69.7 million, largely from annual compensation adjustments and other routine increases in benefits and compensation. Salaries expense was also impacted by an increase in average compensation per employee as various strategic talent acquisitions were made in order to further prepare the Company to execute its growth objectives beyond $10 billion in total assets. Finally, data processing and software expenses increased by $1.5 million or 17.7% related to ongoing investments in the Company's data management and security infrastructure.
Income Taxes
The Company’s effective tax rate was 25.8% and 26.1% for the quarter and six months ended June 30, 2024, respectively as compared to 25.6% and 26.3% for the comparative periods ended June 30, 2023, respectively. Differences between the Company's effective tax rate and applicable federal and state blended statutory rate of approximately 29.6% are due to the proportion of non-taxable revenues, non-deductible expenses, and benefits from tax credits as compared to the levels of pre-tax earnings.
Financial Condition
For financial reporting purposes, the Company does not separately track the changes in assets and liabilities based on branch location or regional geography. The following is a comparison of the quarterly change in certain assets and liabilities:
Ending balancesJune 30,March 31,Annualized
 % Change
(dollars in thousands)20242024$ Change
Total assets$9,741,399 $9,813,767 $(72,368)(2.9)%
Total loans6,742,526 6,800,695 (58,169)(3.4)
Total investments2,086,090 2,221,555 (135,465)(24.4)
Total deposits8,050,230 7,987,658 62,572 3.1 
Total other borrowings247,773 392,409 (144,636)(147.4)
51
Loans outstanding decreased by $58.2 million or 3.4% on an annualized basis during the quarter ended June 30, 2024. During the quarter, loan originations/draws totaled approximately $310.1 million while payoffs/repayments of loans totaled $368.7 million, which compares to originations/draws and payoffs/repayments during the trailing quarter ended of $325.5 million and $321.3 million, respectively. Origination volume activity levels remain slightly lower relative to the comparative period in 2023 due in part to disciplined pricing and underwriting, as well as decreased borrower demand given economic uncertainties. The increase in payoffs/repayments as compared to the trailing quarter was spread amongst numerous borrowers, regions and loan types.
Investment security balances decreased $135.5 million or 24.4% on an annualized basis as a result of net prepayments, and maturities, collectively totaling approximating $164.0 million and, to a lesser extent, sales totaling $28.6 million, partially offset by security purchases totaling $53.5 million, in addition to net increases in the market value of securities of $4.1 million. Investment security purchases were comprised of floating rate instruments tied to SOFR with an initial weighted average coupon of 6.77% and a weighted average life of 4.7 years. Investment security sales were primarily comprised of fixed rate instruments with a weighted average coupon of 2.39% and a weighted average life of 3.8 years. While management intends to primarily utilize cash flows from the investment security portfolio and organic deposit growth to support loan growth, excess liquidity will be utilized for purchases of investment securities to support net interest income growth and net interest margin expansion.
Deposit balances increased by $62.6 million or 3.1% annualized during the quarter, led by growth within time deposits.
Other borrowings totaled $247.8 million at June 30, 2024, representing a net decrease of $144.6 million from the trailing quarter. This quarter over quarter decrease was facilitated by proceeds from the sale, call or maturity of investment securities, and growth in deposits.
The following is a comparison of the year over year change in certain assets and liabilities:
Ending balancesAs of June 30,% Change
(dollars in thousands)20242023$ Change
Total assets$9,741,399 $9,853,421 $(112,022)(1.1)%
Total loans6,742,526 6,520,740 221,786 3.4 
Total investments2,086,090 2,485,378 (399,288)(16.1)
Total deposits8,050,230 8,095,365 (45,135)(0.6)
Total other borrowings247,773 392,714 (144,941)(36.9)
Loan balances increased as a result of organic activities by approximately $221.8 million or 3.4% during the twelve-month period ending June 30, 2024. Over the same period deposit balances have declined by $45.1 million or 0.6%. The Company has offset these declines through the deployment of excess cash balances and maturity or sale of investment security balances.
Investment Securities
Investment securities available for sale decreased $211.7 million to $1.9 billion as of June 30, 2024, compared to December 31, 2023. The decrease is attributed to net prepayments, and maturities, collectively totaling approximating $221.7 million and, to a lesser extent, sales totaling $28.6 million, partially offset by security purchases totaling $53.5 million, in addition to net decreases in the market value of securities of $11.8 million. Proceeds from the sale of available for sale investment securities totaled $28.6 million for the three and six months ended June 30, 2024, resulting in gross realized losses of $2.9 million. The following table presents the available for sale debt securities portfolio by major type as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
(in thousands)Fair Value%Fair Value%
Debt securities available for sale:
Obligations of U.S. government agencies$1,093,024 56.3 %$1,221,737 56.8 %
Obligations of states and political subdivisions222,609 11.5 %236,375 11.0 %
Corporate bonds5,810 0.3 %5,602 0.3 %
Asset backed securities343,180 17.7 %355,281 16.5 %
Non-agency mortgage backed276,160 14.2 %333,509 15.4 %
Total debt securities available for sale$1,940,783 100.0 %$2,152,504 100.0 %
52
June 30, 2024December 31, 2023
(in thousands)Amortized
Cost		%Amortized
Cost		%
Debt securities held to maturity:
Obligations of U.S. government and agencies$119,982 97.8 %$130,823 98.0 %
Obligations of states and political subdivisions2,691 2.2 %2,671 2.0 %
Total debt securities held to maturity$122,673 100.0 %$133,494 100.0 %
Investment securities held to maturity decreased $10.8 million to $122.7 million as of June 30, 2024, as compared to December 31, 2023. This decrease is attributable to calls and principal repayments of $10.7 million, and amortization of net purchase premiums of $0.1 million.
Loans
The Company focuses its primary lending activities in six principal areas: commercial real estate loans, consumer loans, commercial and industrial loans, construction loans, agriculture production loans and leases. The interest rates charged for the loans made by the Company vary with the degree of risk, the size and duration of the loans, the borrower’s relationship with the Company and prevailing money market rates indicative of the Company’s cost of funds.
The majority of the Company’s loans are direct loans made to individuals, and local or regional businesses which service a variety of industries. The Company relies substantially on local promotional activity and personal contacts by bank officers, directors and employees to compete with other financial institutions. The Company makes loans to borrowers whose applications include a sound purpose, a viable repayment source and a plan of repayment established at inception and generally backed by a secondary source of repayment.
The following table shows the Company’s loan balances, net of deferred loan costs and discounts, as of the dates indicated:
(in thousands)June 30, 2024December 31, 2023
Commercial real estate$4,461,111 66.2 %$4,394,802 64.7 %
Consumer1,300,727 19.3 %1,313,268 19.3 %
Commercial and industrial548,625 8.1 %586,455 8.6 %
Construction283,374 4.2 %347,198 5.1 %
Agriculture production140,239 2.1 %144,497 2.2 %
Leases8,450 0.1 %8,250 0.1 %
Total loans$6,742,526 100.0 %$6,794,470 100.0 %

Nonperforming Assets
The following tables set forth the amount of the Company’s NPAs as of the dates indicated. “Performing nonaccrual loans” are loans that may be current for both principal and interest payments, or are less than 90 days past due, but for which payment in full of both principal and interest is not expected, and are not well secured and in the process of collection:
(in thousands)June 30,
2024		December 31,
2023
Performing nonaccrual loans$15,697 $25,380 
Nonperforming nonaccrual loans16,805 6,500 
Total nonaccrual loans32,502 31,880 
Loans 90 days past due and still accruing272 10 
Total nonperforming loans32,774 31,890 
Foreclosed assets2,493 2,705 
Total nonperforming assets$35,267 $34,595 
Nonperforming assets to total assets0.36 %0.35 %
Nonperforming loans to total loans0.49 %0.47 %
Allowance for credit losses to nonperforming loans377 %381 %
53
Changes in nonperforming assets during the three months ended June 30, 2024
(in thousands)Balance at March 31, 2024New NPA /
Valuation
Adjustments		Pay-downs
/Sales
/Upgrades
Charge-offs/ (1)
Write-downs
Transfers to
Foreclosed
Assets		Balance at June 30, 2024
Commercial real estate:
CRE non-owner occupied$4,112 1,286 (516)— — $4,882 
CRE owner occupied3,905 26 (505)— — 3,426 
Multifamily— — — — — — 
Farmland13,780 — (709)— — 13,071 
Total commercial real estate loans21,797 1,312 (1,730)— — 21,379 
Consumer
SFR 1-4 1st DT liens5,094 279 (184)— — 5,189 
SFR HELOCs and junior liens3,403 199 (302)(9)— 3,291 
Other99 24 (27)(24)— 72 
Total consumer loans8,596 502 (513)(33)— 8,552 
Commercial and industrial2,408 1,256 (171)(870)— 2,623 
Construction64 — (1)— — 63 
Agriculture production1,377 19 (626)(613)— 157 
Leases— — — — — — 
Total nonperforming loans34,242 3,089 (3,041)(1,516)— 32,774 
Foreclosed assets2,493 — — — — 2,493 
Total nonperforming assets$36,735 3,089 (3,041)(1,516)— $35,267 
(1) The table above does not include deposit overdraft charge-offs.
Nonperforming assets decreased during the three months ended June 30, 2024 by $1.5 million or 4.0% to $35.3 million compared to $36.7 million at March 31, 2024. The decrease in nonperforming assets during the second quarter of 2024 was primarily the result of nonperforming loan pay-downs and upgrades, which totaled $3.0 million during the quarter, as well as $1.5 million in charge-offs. Management is actively engaged in the collection and recovery efforts for all nonperforming assets and believes that the loan loss reserves associated with these loans is sufficient as of June 30, 2024.
54
Changes in nonperforming assets during the six months ended June 30, 2024
(in thousands)Balance at December 31, 2023New NPA /
Valuation
Adjustments		Pay-downs
/Sales
/Upgrades
Charge-offs/ (1)
Write-downs
Transfers to
Foreclosed
Assets		Balance at June 30, 2024
Commercial real estate:
CRE non-owner occupied$2,024 3,624 (766)— — $4,882 
CRE owner occupied3,994 26 (594)— — 3,426 
Multifamily— — — — — — 
Farmland14,484 — (1,413)— — 13,071 
Total commercial real estate loans20,502 3,650 (2,773)— — 21,379 
Consumer
SFR 1-4 1st DT liens2,811 2,769 (365)(26)— 5,189 
SFR HELOCs and junior liens3,571 756 (996)(40)— 3,291 
Other105 195 (31)(197)— 72 
Total consumer loans6,487 3,720 (1,392)(263)— 8,552 
Commercial and industrial2,513 1,976 (866)(1,000)— 2,623 
Construction67 9 (1)— (12)63 
Agriculture production2,321 19 (733)(1,450)— 157 
Leases— — — — — — 
Total nonperforming loans31,890 9,374 (5,765)(2,713)(12)32,774 
Foreclosed assets2,705 (223)(1)— 12 2,493 
Total nonperforming assets$34,595 9,151 (5,766)(2,713)— $35,267 
(1) The table above does not include deposit overdraft charge-offs.
Nonperforming assets increased during the six months ended June 30, 2024 by $0.7 million or 1.9% to $35.3 million compared to $34.6 million at December 31, 2023. The increase in nonperforming assets during the six months ended June 30, 2024 was primarily the result of nonperforming loan increases/down-grades, which totaled $9.4 million. Management is actively engaged in the collection and recovery efforts for all nonperforming assets and believes that the loan loss reserves associated with these loans is sufficient as of June 30, 2024.
Loan charge-offs during the three and six months ended June 30, 2024
In the second quarter of 2024, the Company recorded $1.5 million in loan charge-offs and $0.1 million in deposit overdraft charge-offs less $0.3 million in loan recoveries and $0.03 million in deposit overdraft recoveries, which collectively resulted in $1.2 million in net charge-offs. During the six months ended June 30, 2024, the Company recorded $2.7 million in loan charge-offs and $0.2 million in deposit overdraft charge-offs less $0.5 million in loan recoveries and $0.1 million in deposit overdraft recoveries, which collectively resulted in $2.4 million in net charge-offs.
The Components of the Allowance for Credit Losses for Loans
The following table sets forth the allowance for credit losses for loans as of the dates indicated:
(in thousands)June 30,
2024		December 31,
2023		June 30,
2023
Allowance for credit losses:
Qualitative and forecast factor allowance$88,770 $84,291 $78,334 
Cohort model allowance reserves33,729 34,139 32,002 
Allowance for individually evaluated loans1,018 3,092 6,993 
Total allowance for credit losses$123,517 $121,522 $117,329 
Allowance for credit losses for loans / total loans1.83 %1.79 %1.80 %
For additional information regarding the allowance for loan losses, including changes in specific, formula, and environmental factors allowance categories, see “Asset Quality and Loan Loss Provisioning” at “Results of Operations”, above. Based on the current conditions of the loan portfolio, management believes that the $123.5 million allowance for loan losses at June 30, 2024 is adequate to absorb probable losses inherent in the Bank’s loan portfolio. No assurance can be given, however, that adverse economic conditions or other circumstances will not result in increased losses in the portfolio.
55
The following table summarizes the allocation of the allowance for credit losses between loan types and by percentage of the total allowance for credit losses on loans as of the dates indicated:

(in thousands)June 30, 2024December 31, 2023June 30, 2023
Commercial real estate$73,032 59.2 %$68,864 56.7 %$71,016 60.5 %
Consumer27,674 22.4 %27,453 22.6 %26,513 22.6 %
Commercial and industrial12,128 9.8 %12,750 10.5 %11,647 9.9 %
Construction7,466 6.0 %8,856 7.3 %7,031 6.0 %
Agriculture production3,180 2.6 %3,589 2.9 %1,105 0.9 %
Leases37 0.0 %10 0.0 %17 0.1 %
Total allowance for credit losses$123,517 100.0 %$121,522 100.0 %$117,329 100.0 %
The following table summarizes the allocation of the allowance for credit losses as a percentage of the total loans for each loan category as of the dates indicated:
(in thousands)June 30, 2024December 31, 2023June 30, 2023
Commercial real estate1.64 %1.57 %1.63 %
Consumer2.13 %2.09 %2.12 %
Commercial and industrial2.21 %2.17 %2.02 %
Construction2.63 %2.55 %2.53 %
Agriculture production2.27 %2.48 %1.80 %
Leases0.44 %0.12 %0.20 %
Total loans1.83 %1.79 %1.80 %

















56
The following table summarizes the activity in the allowance for credit losses for the periods indicated:
Three months ended
June 30,		Six months ended
June 30,
(in thousands)2024202320242023
Allowance for credit losses:
Balance at beginning of period$124,394 $108,407 $121,522 $105,680 
Provision for (reversal of) loan losses335 8,980 4,350 13,295 
Loans charged-off:
Commercial real estate:
CRE non-owner occupied— — — — 
CRE owner occupied— — — — 
Multifamily— — — — 
Farmland— — — — 
Consumer:
SFR 1-4 1st DT liens— — (26)— 
SFR HELOCs and junior liens(9)— (41)(42)
Other(118)(163)(368)(305)
Commercial and industrial(870)(113)(1,000)(1,687)
Construction— — — — 
Agriculture production(613)— (1,450)— 
Leases— — — — 
Total loans charged-off(1,610)(276)(2,885)(2,034)
Recoveries of previously charged-off loans:
Commercial real estate:
CRE non-owner occupied— — — — 
CRE owner occupied1 1 1 1 
Multifamily— — — — 
Farmland— — — — 
Consumer:
SFR 1-4 1st DT liens— — — — 
SFR HELOCs and junior liens51 37 100 102 
Other81 26 121 77 
Commercial and industrial261 123 283 176 
Construction— — — — 
Agriculture production4 31 25 32 
Leases— — — — 
Total recoveries of previously charged-off loans398 218 530 388 
Net charge-offs(1,212)(58)(2,355)(1,646)
Balance at end of period$123,517 $117,329 $123,517 $117,329 
Average total loans$6,792,303 $6,467,381 $6,789,072 $6,440,817 
Ratios (annualized):
Net (charge-offs) recoveries during period to average loans outstanding during period(0.07)%(0.00)%(0.07)%(0.05)%
Provision for credit losses to average loans outstanding during period0.02 %0.56 %0.13 %0.41 %

57
Foreclosed Assets, Net of Allowance for Losses
The following table details the components and summarize the activity in foreclosed assets, net of allowances for losses, for the six months ended June 30, 2024:
(in thousands)Balance at December 31,
2023		SalesValuation
Adjustments		Transfers
from Loans		Balance at June 30, 2024
Land & construction$154 $— $39 $12 $205 
Residential real estate1,673 — (262)— 1,411 
Commercial real estate878 — (1)— 877 
Total foreclosed assets$2,705 $— $(224)$12 $2,493 
Deposits
During the six months ended June 30, 2024, the Company’s deposits increased by $216.2 million to $8.1 billion at quarter end. There were no brokered deposits included in the deposit balances as of June 30, 2024 and December 31, 2023. Estimated uninsured deposits totaled $2.5 billion and $2.4 billion as of June 30, 2024 and December 31, 2023, respectively.
Off-Balance Sheet Arrangements
See Note 9 to the condensed consolidated financial statements at Item 1 of Part I of this report for information about the Company’s commitments and contingencies including off-balance-sheet arrangements.
Capital Resources
The current and projected capital position of the Company and the impact of capital plans and long-term strategies are reviewed regularly by Management.
On February 25, 2021 the Board of Directors authorized the repurchase of up to 2,000,000 shares of the Company's common stock (the 2021 Repurchase Plan), which approximated 6.7% of the shares outstanding as of the approval date. The actual timing of any share repurchases will be determined by the Company's management and therefore the total value of the shares to be purchased under the 2021 Repurchase Plan is subject to change. The Company may repurchase its outstanding shares of common stock from time to time in open market or privately-negotiated transactions, including block trades, or pursuant to 10b5-1 trading plans. The 2021 Repurchase Plan has no expiration date (in accordance with applicable laws and regulations).
During the three and six months ended June 30, 2024, the Company repurchased 244,992 and 344,324 shares with market values of $9.1 million and $12.5 million, respectively. During the six months ended June 30, 2023, the Company repurchased 150,000 shares with a market value of $7.0 million. During the quarter ended June 30, 2024, the Company repurchased 244,992 shares of common stock at an average price of $37.04 per share or 104% of the book value per share as of June 30, 2024. In addition, the Company’s Tier 1 common equity and tangible capital ratios increased to 12.7% and 9.1%, respectively as of June 30, 2024, compared to 12.2% and 8.8%, respectively, as of December 31, 2023.
Total shareholders' equity increased by $12.0 million during the quarter ended June 30, 2024, as net income of $29.0 million and a $2.9 million decrease in accumulated other comprehensive losses was partially offset by cash dividend payments on common stock of approximately $10.9 million and share repurchases totaling $9.1 million. As a result, the Company’s book value grew to $35.62 per share at June 30, 2024, compared to $32.86 at June 30, 2023. The Company’s tangible book value per share, a non-GAAP measure, calculated by subtracting goodwill and other intangible assets from total shareholders’ equity and dividing that sum by total shares outstanding, was $26.13 per share at June 30, 2024, as compared to $23.30 at June 30, 2023. As noted above, changes in the fair value of available-for-sale investment securities, net of deferred taxes continue to create moderate levels of volatility in tangible book value per share.
Current Year Balance Sheet Change
June 30, 2024December 31, 2023
RatioMinimum
Regulatory
Requirement		RatioMinimum
Regulatory
Requirement
Total risk based capital15.2 %10.5 %14.7 %10.5 %
Tier I capital13.4 %8.5 %13.0 %8.5 %
Common equity Tier 1 capital12.7 %7.0 %12.2 %7.0 %
Leverage11.2 %4.0 %10.7 %4.0 %
See Note 10 and Note 16 to the condensed consolidated financial statements at Item 1 of Part I of this report for additional information about
58
the Company’s capital resources.

As of June 30, 2024, we had an effective shelf registration statement on file with the Securities and Exchange Commission that allows us to issue various types of debt securities, as well as common stock, preferred stock, warrants, depository shares representing fractional interest in shares of preferred stock, purchase contracts and units from time to time in one or more offerings. Each issuance under the shelf registration statement will require the filing of a prospectus supplement identifying the amount and terms of the securities to be issued. The registration statement does not limit the amount of securities that may be issued thereunder. Our ability to issue securities is subject to market conditions and other factors including, in the case of our debt securities, our credit ratings and compliance with current and prospective covenants in credit agreements.

Liquidity
The Company's primary sources of liquidity include the following for the periods indicated:
(dollars in thousands)June 30, 2024December 31, 2023
Borrowing capacity at correspondent banks and FRB$2,998,009 $2,921,525 
Less: borrowings outstanding(225,000)(600,000)
Unpledged available-for-sale investment securities
1,285,185 1,558,506 
Cash held or in transit with FRB
163,809 51,253 
    Total primary liquidity$4,222,003 $3,931,284 
At June 30, 2024, the Company's primary sources of liquidity represented 52% of total deposits and 170% of estimated total uninsured (excluding collateralized municipal deposits and intercompany balances) deposits, respectively. As secondary sources of liquidity, the Company's held-to-maturity investment securities had a fair value of $113.7 million, including approximately $9.0 million in net unrealized losses.
The Company’s profitability during the first six months of 2024 generated cash flows from operations of $56.9 million compared to $56.2 million during the first six months of 2023. Net cash from investing activities was $255.0 million for the six months ended June 30, 2024, compared to net cash from investing activities of $89.8 million during the six months ending 2023. Financing activities used $204.1 million during the six months ended June 30, 2024, compared to $134.4 million during the six months ended June 30, 2023.
The changes in contractual obligations of the Company and Bank, to include but not limited to term subordinated debt, operating leases, deferred compensation and supplemental retirement plans as well as off-balance sheet commitments such as unfunded loans and letters of credit. These contractual obligations are otherwise consistent with similar balances or totals as of December 31, 2023.
The Company is dependent upon the payment of cash dividends by the Bank to service its commitments, which have historically included dividends to shareholders, scheduled debt service payments, and general operations. Shareholder dividends are expected to continue subject to the Board’s discretion and management's continuing evaluation of capital levels, earnings, asset quality and other factors. The Company expects that the cash dividends paid by the Bank to the Company will be sufficient to cover the Company's cash flow needs. However, the Company and its ability to generate liquidity through either the issuance of stock or debt, also serves as a potential source of strength for the Bank. Dividends paid by the Company to holders of its common stock used $21.9 million and $19.9 million of cash during the six months ended June 30, 2024 and 2023, respectively. The Company’s liquidity is dependent on dividends received from the Bank. Dividends from the Bank are subject to certain regulatory restrictions.














59
TRICO BANCSHARES—NON-GAAP FINANCIAL MEASURES
(Unaudited. Dollars in thousands)

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this filing contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this filing because it believes that they provide useful and comparative information to assess trends in the Company's core operations reflected in the current quarter's results, and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:
Three months endedSix months ended
(dollars in thousands)June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net interest margin
Acquired loans discount accretion, net:
Amount (included in interest income)$850$1,471$2,182$2,868
Effect on average loan yield0.05 %0.09 %0.08 %0.09 %
Effect on net interest margin (FTE)0.04 %0.07 %0.05 %0.06 %
Net interest margin (FTE)3.68 %3.96 %3.68 %4.08 %
Net interest margin less effect of acquired loan discount accretion (Non-GAAP)3.64 %3.89 %3.63 %4.02 %


Three months endedSix months ended
(dollars in thousands)June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Pre-tax pre-provision return on average assets or equity
Net income (GAAP)$29,034$24,892$56,783$60,725
Exclude provision for income taxes10,0858,55720,03421,706
Exclude provision for credit losses4059,6504,71013,845
Net income before income tax and provision expense (Non-GAAP)$39,524$43,099$81,527$96,276
Average assets (GAAP)$9,782,228$9,848,191$9,819,012$9,863,471
Average equity (GAAP)$1,169,324$1,112,223$1,171,958$1,099,913
Return on average assets (GAAP) (annualized)1.19 %1.01 %1.16 %1.24 %
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized)1.63 %1.76 %1.67 %1.97 %
Return on average equity (GAAP) (annualized)9.99 %8.98 %9.74 %11.13 %
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized)13.59 %15.54 %13.95 %17.65 %


60
Three months endedSix months ended
(dollars in thousands)June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Return on tangible common equity
Average total shareholders' equity$1,169,324$1,112,223$1,171,958$1,099,913
Exclude average goodwill304,442304,442304,442334,565
Exclude average other intangibles9,00714,7169,52215,901
Average tangible common equity (Non-GAAP)$855,875$793,065$857,994$749,447
Net income (GAAP)$29,034$24,892$56,783$60,725
Exclude amortization of intangible assets, net of tax effect7251,1661,4512,333
Tangible net income available to common shareholders (Non-GAAP)$29,759$26,058$58,234$63,058
Return on average equity (GAAP) (annualized)9.99 %8.98 %9.74 %11.13 %
Return on average tangible common equity (Non-GAAP)13.98 %13.18 %13.65 %16.97 %
As of
(dollars in thousands)June 30,
2024		December 31,
2023
Tangible shareholders' equity to tangible assets
Shareholders' equity (GAAP)$1,175,050$1,159,682
Exclude goodwill and other intangible assets, net312,934314,994
Tangible shareholders' equity (Non-GAAP)$862,116$844,688
Total assets (GAAP)$9,741,399$9,910,089
Exclude goodwill and other intangible assets, net312,934314,994
Total tangible assets (Non-GAAP)$9,428,465$9,595,095
Shareholders' equity to total assets (GAAP)12.06 %11.70 %
Tangible shareholders' equity to tangible assets (Non-GAAP)9.14 %8.80 %

As of
(dollars in thousands)June 30,
2024		December 31,
2023
Tangible common shareholders' equity per share
Tangible shareholders' equity (Non-GAAP)$862,116$844,688
Common shares outstanding at end of period32,989,327 33,268,102 
Common shareholders' equity (book value) per share (GAAP)$35.62$34.86
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP)$26.13$25.39









61
Item 3.    Quantitative and Qualitative Disclosures about Market Risk
Based on the changes in interest rates as well as the mix shift of interest earning assets and interest bearing liabilities occurring subsequent to December 31, 2023, the following update of the Company’s assessment of market risk as of June 30, 2024 is being provided. These updates and changes should be read in conjunction with the additional quantitative and qualitative disclosures in our Annual Report on Form 10-K for the year ended December 31, 2023.
As of June 30, 2024, the Company's loan portfolio consisted of approximately $6.8 billion in outstanding principal with a weighted average coupon rate of 5.47%. During the three-month periods ending June 30, 2024, March 31, 2024, and June 30, 2023, the weighted average coupon on loan production in the quarter was 7.98%, 7.78% and 6.85%, respectively. Included in the June 30, 2024 total loans are adjustable rate loans totaling $4.2 billion, of which, $921.0 million are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $339.9 million which are subject to repricing on not less than a quarterly basis.
Management funds the acquisition of nearly all of its earning assets through its core deposit gathering activities. As of June 30, 2024, non-interest bearing deposits represented 31.8% of total deposits. Further, during the quarter ended June 30, 2024, the cost of interest bearing deposits were 2.1% and the cost of total deposits were 1.45%. With the intent of stabilizing or increasing net interest income, management intends to continue to deploy its excess liquidity and/or seek to migrate certain earning assets into higher yielding categories. However, in situations where deposit balances contract, management may rely upon various borrowing facilities or the use of brokered deposits. Through the second quarter of 2024 and during the entire 2023 year, management did not utilize any brokered deposits. Management did however utilize borrowing lines from the FHLB, both overnight and term structured up to 12 months, due to expectations that such borrowings will be needed through the remainder of the year and into 2025 to support earning asset strategies.
As of June 30, 2024 the overnight Federal funds rate, the rate primarily used in these interest rate shock scenarios, was 5.33%. These scenarios assume that 1) interest rates increase or decrease evenly (in a “ramp” fashion) over a twelve-month period and remain at the new levels beyond twelve months or 2) that interest rates change instantaneously (“shock”). The simulation results shown below assume no changes in the structure of the Company’s balance sheet over the twelve months being measured.

The following table summarizes the estimated effect on net interest income and market value of equity to changing interest rates as measured against a flat rate (no interest rate change) instantaneous parallel shock scenario over a twelve month period utilizing a interest sensitivity (GAP) analysis based on the Company's specific mix of interest earning assets and interest bearing liabilities as of June 30, 2024.
Interest Rate Risk Simulations:
Change in Interest
Rates (Basis Points)		Estimated Change in
Net Interest Income (NII)
(as % of NII)		Estimated
 Change in
 Market Value of Equity (MVE)
(as % of MVE)
+300 (shock)(8.0)%(6.3)%
+200 (shock)(5.5)%(4.4)%
+100 (shock)(2.5)%(1.3)%
+    0 (flat)— — 
-100 (shock)0.9 %(2.8)%
-200 (shock)1.1 %(8.7)%
-300 (shock)1.5 %(17.5)%

Item 4.    Controls and Procedures
The Company’s management, including its Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures as of June 30, 2024. Disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are controls and procedures designed to reasonably assure that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported on a timely basis. Disclosure controls are also designed to reasonably assure that such information is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2024.
During the three months ended June 30, 2024, there were no changes in our internal controls or in other factors that have materially affected or are reasonably likely to materially affect our internal controls over financial reporting.
62
PART II – OTHER INFORMATION
Item 1 — Legal Proceedings
Due to the nature of our business, we are involved in legal proceedings that arise in the ordinary course of our business. While the outcome of these matters is currently not determinable, we do not expect that the ultimate costs to resolve these matters will have a material adverse effect on our consolidated financial position, results of operations, or cash flows.
Item 1A — Risk Factors

In evaluating an investment in the Company's common stock, investors should consider carefully, among other things, the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024, and in the information contained in this Quarterly Report on Form 10-Q and our other reports and registration statements.
Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds
The following table shows the repurchases made by the Company or any affiliated purchaser (as defined in Rule 10b-18(a)(3) under the Exchange Act) during the periods indicated:
Period
(a) Total number of
shares purchased (1)
(b) Average price
paid per share		(c) Total number of shares
purchased as of part
of publicly announced
plans or programs
(d) Maximum number
of shares that may
yet be purchased under
the plans or programs at period end (2)
April 1-30, 202429,269 $34.57 15,000 1,095,470 
May 1-31, 2024135,907 37.78 104,061 991,409 
June 1-30, 2024138,694 37.00 125,931 865,478 
Total303,870 $37.11 244,992 
(1)Includes shares purchased by the Company’s Employee Stock Ownership Plan in open market purchases and shares tendered by employees pursuant to various other equity incentive plans. See Notes 10 and 11 to the condensed consolidated financial statements at Item 1 of Part I of this report, for a discussion of the Company’s stock repurchased under equity compensation plans.
(2)Does not include shares that may be purchased by the Company’s Employee Stock Ownership Plan and pursuant to various other equity incentive plans. See Note 11 to the condensed consolidated financial statements at Item 1 of Part I of this report, for a discussion of the Company’s stock repurchase plan.

Item 5 — Other Information

Rule 10b5-1 Trading Arrangements

During the three and six months ended June 30, 2024, none of the Company’s directors or officers (as defined in Rule 16a-1(f)) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in item 408 of Regulation S-K) for the purchase or sale of the Company's common stock.
63
Table of Contents
Item 6 – Exhibits
EXHIBIT INDEX
Exhibit 
No.		Exhibit
31.1
Rule 13a-14(a)/15d-14(a) Certification of CEO
31.2
Rule 13a-14(a)/15d-14(a) Certification of CFO
32.1
Section 1350 Certification of CEO
32.2
Section 1350 Certification of CFO
101.INSXBRL Instance Document
101.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document

64
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRICO BANCSHARES
(Registrant)
  
Date: August 6, 2024/s/ Peter G. Wiese
Peter G. Wiese
Executive Vice President and Chief Financial Officer
(Duly authorized officer and principal financial and chief accounting officer)

65

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