Companies: 10,793     total market cap: $139.375 T
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TriCo Bancshares
TCBK
#5154
Rank
$1.63 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$50.27
Share price
-1.41%
Change (1 day)
41.57%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. TriCo Bancshares
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

TriCo Bancshares - 10-Q quarterly report FY2025 Q1


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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: March 31, 2025
☐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: 32,858,445 shares outstanding as of May 2, 2025.


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
CODMChief Operating Decision Maker
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)
March 31, 2025December 31, 2024
Assets:
Cash and due from banks$119,294 $85,409 
Cash at Federal Reserve and other banks188,956 59,547 
Cash and cash equivalents308,250 144,956 
Investment securities:
Marketable equity securities2,648 2,609 
Available for sale debt securities, at fair value (amortized cost of $2,054,626 and $2,138,533)
1,852,350 1,904,885 
Held to maturity debt securities, at amortized cost, net of allowance for credit losses of $0
106,868 111,866 
Restricted equity securities17,250 17,250 
Loans held for sale2,028 709 
Loans6,820,774 6,768,523 
Allowance for credit losses(128,423)(125,366)
Total loans, net6,692,351 6,643,157 
Premises and equipment, net70,475 70,287 
Cash value of life insurance134,678 140,149 
Accrued interest receivable32,536 34,810 
Goodwill304,442 304,442 
Other intangible assets, net5,918 6,432 
Operating leases, right-of-use
22,806 23,529 
Other assets266,999 268,647 
Total assets$9,819,599 $9,673,728 
Liabilities and Shareholders’ Equity:
Liabilities:
Deposits:
Noninterest-bearing demand$2,539,109 $2,548,613 
Interest-bearing5,666,223 5,538,963 
Total deposits8,205,332 8,087,576 
Accrued interest payable9,685 11,501 
Operating lease liability24,657 25,437 
Other liabilities131,478 137,506 
Other borrowings91,706 89,610 
Junior subordinated debt101,222 101,191 
Total liabilities8,564,080 8,452,821 
Commitments and contingencies (Note 9)
Shareholders’ equity:
Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at March 31, 2025 and December 31, 2024
— — 
Common stock, no par value: 50,000,000 shares authorized; 32,892,488 and 32,970,425 issued and outstanding at March 31, 2025 and December 31, 2024, respectively
692,500 693,462 
Retained earnings693,383 679,907 
Accumulated other comprehensive loss, net of tax(130,364)(152,462)
Total shareholders’ equity1,255,519 1,220,907 
Total liabilities and shareholders’ equity$9,819,599 $9,673,728 
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
March 31,
20252024
Interest and dividend income:
Loans, including fees$95,378 $96,485 
Investments:
Taxable securities15,373 17,449 
Tax exempt securities884 917 
Dividends379 380 
Interest bearing cash at Federal Reserve and other banks2,063 186 
Total interest and dividend income114,077 115,417 
Interest expense:
Deposits28,865 23,529 
Other borrowings969 7,378 
Junior subordinated debt1,701 1,774 
Total interest expense31,535 32,681 
Net interest income82,542 82,736 
Provision for credit losses3,728 4,305 
Net interest income after credit loss provision78,814 78,431 
Non-interest income:
Service charges and fees12,678 12,637 
Gain on sale of loans344 261 
(Loss) gain on sale or exchange of investment securities(1,146)— 
Asset management and commission income1,488 1,128 
Increase in cash value of life insurance820 803 
Other1,889 942 
Total non-interest income16,073 15,771 
Non-interest expense:
Salaries and related benefits36,855 34,304 
Other22,730 22,200 
Total non-interest expense59,585 56,504 
Income before provision for income taxes35,302 37,698 
Provision for income taxes8,939 9,949 
Net income$26,363 $27,749 
Per share data:
Basic earnings per share$0.80 $0.83 
Diluted earnings per share$0.80 $0.83 
Dividends per share$0.33 $0.33 
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(In thousands; unaudited)
Three months ended
March 31,
20252024
Net income$26,363 $27,749 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available for sale securities arising during the period22,098 (11,198)
Change in minimum pension liability— — 
Change in joint beneficiary agreements— — 
Other comprehensive income (loss)22,098 (11,198)
Comprehensive income (loss)$48,461 $16,551 

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 January 1, 202433,268,102 $697,349 $615,502 $(153,169)$1,159,682 
Net income27,749 27,749 
Other comprehensive income (loss)(11,198)(11,198)
RSU vesting767 767 
PSU vesting431 431 
Repurchase of common stock(99,332)(2,083)(1,325)(3,408)
Dividends paid ($0.33 per share)
(10,972)(10,972)
Three months ended March 31, 202433,168,770 $696,464 $630,954 $(164,367)$1,163,051 
Balance at January 1, 202532,970,425 $693,462 $679,907 $(152,462)$1,220,907 
Net income26,363 26,363 
Other comprehensive income (loss)22,098 22,098 
RSU vesting797 797 
PSU vesting342 342 
RSUs released21,839 — 
Repurchase of common stock(99,776)(2,101)(2,008)(4,109)
Dividends paid ($0.33 per share)
(10,879)(10,879)
Three months ended March 31, 202532,892,488 $692,500 $693,383 $(130,364)$1,255,519 
See accompanying notes to unaudited condensed consolidated financial statements.
5
TRICO BANCSHARES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands; unaudited)
For the three months ended March 31,
20252024
Operating activities:
Net income$26,363 $27,749 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment, and amortization1,550 1,508 
Amortization of intangible assets514 1,030 
Provision for credit losses3,728 4,015 
Amortization of investment securities premium, net402 6 
Loss on sale of investment securities1,146 — 
Originations of loans for resale(15,348)(10,858)
Proceeds from sale of loans originated for resale14,245 10,151 
Gain on sale of loans(344)(261)
Change in fair market value of mortgage servicing rights140 (11)
Provision for losses on foreclosed assets— 262 
Gain on transfer of loans to foreclosed assets— (38)
Loss (gain) on sale of foreclosed assets(3)— 
Operating lease expense payments(1,509)(1,568)
Loss on disposal of fixed assets85 5 
Increase in cash value of life insurance(820)(803)
Gain on life insurance death benefit(1,207)— 
Loss (gain) on marketable and trading equity securities(39)28 
Equity compensation vesting expense1,139 1,198 
Change in:
Interest receivable2,274 985 
Interest payable(1,816)1,779 
Amortization of operating lease ROUA1,452 1,499 
Other assets and liabilities, net(7,438)(11,596)
Net cash from operating activities24,514 25,080 
Investing activities:
Proceeds from maturities of securities available for sale66,753 62,770 
Proceeds from maturities of securities held to maturity4,954 5,625 
Proceeds from sale of available for sale securities30,008 — 
Purchases of securities available for sale(14,358)— 
Loan origination and principal collections, net(51,857)(7,379)
Proceeds from sale of other real estate owned103 — 
Purchases of premises and equipment(1,687)(1,028)
Net cash from investing activities33,916 59,988 
Financing activities:
Net change in deposits117,756 153,620 
Net change in other borrowings2,096 (240,173)
Repurchase of common stock, net of option exercises(4,109)(3,408)
Dividends paid(10,879)(10,972)
Net cash from (used by) financing activities104,864 (100,933)
Net change in cash and cash equivalents163,294 (15,865)
Cash and cash equivalents, beginning of period144,956 98,701 
Cash and cash equivalents, end of period$308,250 $82,836 
6
Supplemental disclosure of noncash activities:
Unrealized gain (loss) on securities available for sale$31,372 $(15,898)
Market value of shares tendered in-lieu of cash to pay for exercise of equity and/or related taxes(439)— 
Obligations incurred in conjunction with leased assets471 1,327 
Life insurance receivable7,582 — 
Loans transferred to foreclosed assets— 12 
Supplemental disclosure of cash flow activity:
Cash paid for interest expense$33,351 $30,902 






















































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 31 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, 2024 (the “2024 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. While the chief operating decision-maker (CODM) may monitor the revenue streams of the various products and services, operations are managed, financial performance is evaluated, and decisions are generally made on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, operations are considered by management to be aggregated in one reportable operating segment.
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 March 31, 2025 and December 31, 2024 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
8
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 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 three month periods ended March 31, 2025 and 2024, 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.
The ACL consists of two primary components: (1) the determination of an ACL for loans that are individually identified and analyzed and (2) establishment of an ACL for loans collectively analyzed. To determine the collectively analyzed portion of the ACL, the Company identified various portfolio segments based on loan attributes such as, but not limited to; collateral type and loan purpose or use, to ensure loans with similar risk characteristics are measured on a collective basis. The Company utilizes three different loss model configurations and assigned each of the portfolio segments to one of the three loss model configurations. Historical credit loss experience for financial institutions nationwide, paired with relevant forecasts of macroeconomic conditions, forms the basis for the estimate of expected credit losses amongst the collectively analyzed loan portfolio. Further, each of the three loss model configurations utilized by the Company incorporate unique inputs, such as the following:
(1) Commercial Real Estate: origination vintage, delinquency status, loan-to-value as of the origination date, stated maturity date, property type, and property status
(2) Commercial and Industrial: loan maturity, credit spread at origination, risk grade, and loan type
(3) Consumer: FICO, origination vintage, product type, and state geography if applicable
One of the key assumptions requiring significant judgment in the process is estimating the Company's ACL relates to macroeconomic forecasts that are incorporated into the loss models. As all economic outlooks are inherently uncertain, the Company utilizes various data points to better inform management's estimation of expected credit losses given observable and forecast changes in the economic environment and market conditions. These macroeconomic scenario forecasts incorporate variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to: gross domestic product, unemployment rate, consumer price index, corporate interest rate spreads, and economic policy.

After quantitative considerations, management evaluates the need for additional qualitative adjustments that consider the expected impact of certain factors not fully captured in the quantitative and macroeconomic reserve calculations. These qualitative adjustments may apply to the collectively analyzed pool as a whole, one or more of the three loss models, or to one or more of the loan portfolio segments.
9
PCD assets are assets acquired at a discount that is due, in part, to credit quality deterioration since their origination. PCD assets are initially recorded and accounted for 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
Allowance for Credit Losses - Unfunded commitments
The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance for credit loss calculation, other than those that are unconditionally cancellable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. The allowance for credit losses for off-balance-sheet credit risk exposures is reported in other liabilities in the condensed consolidated balance sheets.
Accounting Standards Update
Accounting standards adopted in the current period
StandardSummary of GuidanceEffects on 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.		• The Company adopted this ASU for the period beginning January 1, 2025. The updated disclosure requirements are required to be reported on an annual basis and will be included within the Company's December 31, 2025 10-K.
Accounting standards yet to be adopted
StandardSummary of GuidanceEffects on financial statements
None

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:
March 31, 2025
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Debt Securities Available for Sale
Obligations of U.S. government agencies$1,242,037 $288 $(147,835)$1,094,490 
Obligations of states and political subdivisions241,062 42 (27,905)213,199 
Corporate bonds6,184 26 (229)5,981 
Asset backed securities285,784 239 (1,513)284,510 
Non-agency collateralized mortgage obligations279,559 207 (25,596)254,170 
Total debt securities available for sale$2,054,626 $802 $(203,078)$1,852,350 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$104,146 $3 $(5,775)98,374 
Obligations of states and political subdivisions2,722 2 (82)2,642 
Total debt securities held to maturity$106,868 $5 $(5,857)$101,016 
10

December 31, 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$1,268,654 $16 $(174,485)$1,094,185 
Obligations of states and political subdivisions249,627 66 (28,949)220,744 
Corporate bonds6,182 — (345)5,837 
Asset backed securities314,814 687 (1,238)314,263 
Non-agency collateralized mortgage obligations299,256 238 (29,638)269,856 
Total debt securities available for sale$2,138,533 $1,007 $(234,655)$1,904,885 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$109,155 $3 $(7,443)$101,715 
Obligations of states and political subdivisions2,711 2 (79)2,634 
Total debt securities held to maturity$111,866 $5 $(7,522)$104,349 
Proceeds from the sale of available for sale investment securities totaled $30.0 million and zero for the three months ended March 31, 2025 and 2024, respectively, resulting in gross realized losses of $1.1 million and zero, respectively. Investment securities with an aggregate carrying value of $919.2 million and $716.0 million at March 31, 2025 and December 31, 2024, 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 March 31, 2025 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 March 31, 2025, obligations of the U.S. government and agencies with a cost basis totaling $1.2 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 the U.S. government and agencies is categorized based on final maturity date. At March 31, 2025, the Company estimates the average remaining life of these mortgage-backed securities issued by U.S. government corporations and agencies to be approximately 6.61 years. Average remaining life is defined as the time span after which the principal balance has been reduced by half.
As of March 31, 2025, 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$6,847 $6,749 $1,158 $1,159 
Due after one year through five years51,271 49,281 2,694 2,628 
Due after five years through ten years176,291 165,236 102,035 96,297 
Due after ten years1,820,217 1,631,084 981 932 
Totals$2,054,626 $1,852,350 $106,868 $101,016 
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 March 31, 2025, 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 March 31, 2025 or December 31, 2024.
11
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:
March 31, 2025: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$46,095 $(101)$1,008,710 $(147,734)$1,054,805 $(147,835)
Obligations of states and political subdivisions10,493 (415)199,107 (27,490)209,600 (27,905)
Corporate bonds— — 4,710 (229)4,710 (229)
Asset backed securities88,756 (176)76,155 (1,337)164,911 (1,513)
Non-agency collateralized mortgage obligations— — 221,288 (25,596)221,288 (25,596)
Total debt securities available for sale$145,344 $(692)$1,509,970 $(202,386)$1,655,314 $(203,078)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$— $— $98,213 $(5,775)$98,213 $(5,775)
Obligations of states and political subdivisions— — 1,482 (82)1,482 (82)
Total debt securities held to maturity$— $— $99,695 $(5,857)$99,695 $(5,857)
December 31, 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$63,714 $(842)$1,021,654 $(173,643)$1,085,368 $(174,485)
Obligations of states and political subdivisions7,457 (140)208,063 (28,809)215,520 (28,949)
Corporate bonds1,229 (17)4,608 (328)5,837 (345)
Asset backed securities44,707 (30)75,734 (1,208)120,441 (1,238)
Non-agency collateralized mortgage obligations— — 236,671 (29,638)236,671 (29,638)
Total debt securities available for sale$117,107 $(1,029)$1,546,730 $(233,626)$1,663,837 $(234,655)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$— $— $101,553 $(7,443)$101,553 $(7,443)
Obligations of states and political subdivisions— — 1,485 (79)1,485 (79)
Total debt securities held to maturity$— $— $103,038 $(7,522)$103,038 $(7,522)
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 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 March 31, 2025. At March 31, 2025, 143 debt securities representing obligations of U.S. government agencies had unrealized losses with aggregate depreciation of 12.30% 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 March 31, 2025. At March 31, 2025, 150 debt securities representing obligations of states and political subdivisions had unrealized losses with aggregate depreciation of 11.80% 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 March 31, 2025. At March 31, 2025, 5 debt securities representing corporate bonds had unrealized losses with aggregate depreciation of 4.60% from the Company’s amortized cost basis.
12
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 March 31, 2025 has not experienced any deterioration in credit rating. At March 31, 2025, 23 asset backed securities had unrealized losses with aggregate depreciation of 1.00% 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 March 31, 2025.
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 March 31, 2025. At March 31, 2025, 17 asset backed securities had unrealized losses with aggregate depreciation of 10.40% 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:
March 31, 2025December 31, 2024
(in thousands)
AAA/AA/ABBB/BB/BAAA/AA/ABBB/BB/B
Obligations of U.S. government agencies$104,146 $— $109,155 $— 
Obligations of states and political subdivisions2,722 — 2,711 — 
Total debt securities held to maturity$106,868 $— $111,866 $— 

Note 3 – Loans
A summary of loan balances at amortized cost are as follows:
(in thousands)March 31, 2025December 31, 2024
Commercial real estate:
CRE non-owner occupied$2,359,104 $2,323,036 
CRE owner occupied986,721 961,415 
Multifamily1,026,566 1,028,035 
Farmland262,055 265,146 
Total commercial real estate loans4,634,446 4,577,632 
Consumer:
SFR 1-4 1st DT liens852,719 859,660 
SFR HELOCs and junior liens373,970 363,420 
Other53,189 57,979 
Total consumer loans1,279,878 1,281,059 
Commercial and industrial457,189 471,271 
Construction298,319 279,933 
Agriculture production144,588 151,822 
Leases6,354 6,806 
Total loans, net of deferred loan fees and discounts$6,820,774 $6,768,523 
Total principal balance of loans owed, net of charge-offs$6,854,102 $6,804,113 
Unamortized net deferred loan fees(15,013)(15,283)
Discounts to principal balance of loans owed, net of charge-offs(18,315)(20,307)
Total loans, net of unamortized deferred loan fees and discounts$6,820,774 $6,768,523 
Allowance for credit losses on loans$(128,423)$(125,366)


13
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 March 31, 2025
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision (benefit)Ending 
Balance
Commercial real estate:
CRE non-owner occupied$37,229 $— $— $2,441 $39,670 
CRE owner occupied15,747 — — (3,578)12,169 
Multifamily15,913 — — (309)15,604 
Farmland3,960 — — 777 4,737 
Total commercial real estate loans72,849 — — (669)72,180 
Consumer:
SFR 1-4 1st DT liens14,227 — — (3,232)10,995 
SFR HELOCs and junior liens10,411 — 12 1,227 11,650 
Other2,825 (117)37 150 2,895 
Total consumer loans27,463 (117)49 (1,855)25,540 
Commercial and industrial14,397 (257)106 3,315 17,561 
Construction7,224 — — 3,122 10,346 
Agriculture production3,403 — 613 (1,248)2,768 
Leases30 — — (2)28 
Allowance for credit losses on loans125,366 (374)768 2,663 128,423 
Reserve for unfunded commitments6,000 — — 1,065 7,065 
Total$131,366 $(374)$768 $3,728 $135,488 
The Company consistently seeks to refine its estimation methodology for determining the allowance for credit losses, the effects of which were insignificant during the current period, and are expected to be insignificant in future periods. Management continues to estimate the appropriate level of reserves using all relevant information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Management believes the primary risks inherent in the portfolio are a general decline in the economy or GDP, a decline in real estate market values, rising unemployment, increasing vacancy rates, and increases inflation or interest rates in the absence of economic improvement or any other such factors. Any one or a combination of these events may adversely affect a borrower's ability to repay its loan, resulting in increased delinquencies and loan losses. Although Management believes the Company has established and maintained the ACL on loans at appropriate levels, changes in reserves may be necessary if actual economic and other conditions differ substantially from the forecast used in estimating the ACL.
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:
14
Allowance for credit losses – Year ended December 31, 2024
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision
(benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied$35,077 $— $187 $1,965 $37,229 
CRE owner occupied15,081 — 2 664 15,747 
Multifamily14,418 — — 1,495 15,913 
Farmland4,288 — — (328)3,960 
Total commercial real estate loans68,864 — 189 3,796 72,849 
Consumer:
SFR 1-4 1st DT liens14,009 (27)— 245 14,227 
SFR HELOCs and junior liens10,273 (41)395 (216)10,411 
Other3,171 (746)217 183 2,825 
Total consumer loans27,453 (814)612 212 27,463 
Commercial and industrial12,750 (1,787)547 2,887 14,397 
Construction8,856 — — (1,632)7,224 
Agriculture production3,589 (1,450)65 1,199 3,403 
Leases10 — — 20 30 
Allowance for credit losses on loans121,522 (4,051)1,413 6,482 125,366 
Reserve for unfunded commitments5,850 — — 150 6,000 
Total$127,372 $(4,051)$1,413 $6,632 $131,366 

Allowance for credit losses – Three months ended March 31, 2024
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision
(benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied$35,077 $— $— $1,610 $36,687 
CRE owner occupied15,081 — — 1,030 16,111 
Multifamily14,418 — — 1,264 15,682 
Farmland4,288 — — (593)3,695 
Total commercial real estate loans68,864 — — 3,311 72,175 
Consumer:
SFR 1-4 1st DT liens14,009 (26)— 157 14,140 
SFR HELOCs and junior liens10,273 (32)49 (348)9,942 
Other3,171 (250)40 398 3,359 
Total consumer loans27,453 (308)89 207 27,441 
Commercial and industrial12,750 (130)22 (775)11,867 
Construction8,856 — — 306 9,162 
Agriculture production3,589 (837)21 935 3,708 
Leases10 — — 31 41 
Allowance for credit losses on loans121,522 (1,275)132 4,015 124,394 
Reserve for unfunded commitments5,850 — — 290 6,140 
Total$127,372 $(1,275)$132 $4,305 $130,534 
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
15
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.
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 March 31, 2025Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20252024202320222021Prior
Commercial real estate:
CRE non-owner occupied risk ratings
Pass$59,706 $188,087 $178,114 $409,236 $279,739 $1,045,371 $157,779 $— $2,318,032 
Special Mention— — — 10,019 — 13,962 619 —24,600 
Substandard— — — — 401 16,071 — —16,472 
Doubtful/Loss— — — — — — — — — 
Total $59,706 $188,087 $178,114 $419,255 $280,140 $1,075,404 $158,398 $— $2,359,104 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
CRE owner occupied risk ratings
Pass$39,967 $80,483 $74,563 $186,614 $172,890 $345,903 $44,065 $— $944,485 
Special Mention— — — 2,684 1,981 13,364 — — 18,029 
Substandard— 1,619 607 8,088 5,334 8,461 98 — 24,207 
Doubtful/Loss— — — — — — — — — 
Total$39,967 $82,102 $75,170 $197,386 $180,205 $367,728 $44,163 $— $986,721 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
16
Term Loans Amortized Cost Basis by Origination Year – As of March 31, 2025Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20252024202320222021Prior
Commercial real estate:
Multifamily risk ratings
Pass$1,632 $67,344 $27,796 $173,508 $291,952 $402,241 $45,091 $— $1,009,564 
Special Mention— — — — 11,928 206 3,393 — 15,527 
Substandard— — — 467 — 1,008 — — 1,475 
Doubtful/Loss— — — — — — — — — 
Total$1,632 $67,344 $27,796 $173,975 $303,880 $403,455 $48,484 $— $1,026,566 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
Farmland risk ratings
Pass$3,575 $23,544 $18,174 $34,943 $18,015 $48,392 $31,288 $— $177,931 
Special Mention— — — 11,995 5,723 3,804 7,752 — 29,274 
Substandard— — 3,621 — 25,130 15,986 10,113 — 54,850 
Doubtful/Loss— — — — — — — — — 
Total$3,575 $23,544 $21,795 $46,938 $48,868 $68,182 $49,153 $— $262,055 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Consumer loans:
SFR 1-4 1st DT liens risk ratings
Pass$11,589 $57,632 $107,288 $170,864 $238,223 $250,552 $— $4,899 $841,047 
Special Mention— — — 297 880 583 — 188 1,948 
Substandard— — 244 134 3,425 5,025 — 896 9,724 
Doubtful/Loss— — — — — — — — — 
Total$11,589 $57,632 $107,532 $171,295 $242,528 $256,160 $— $5,983 $852,719 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Consumer loans:
SFR HELOCs and junior liens risk ratings
Pass$228 $— $— $— $— $64 $355,955 $5,494 $361,741 
Special Mention— — — — — 2 6,062 320 6,384 
Substandard— — — — — — 5,436 409 5,845 
Doubtful/Loss— — — — — — — — — 
Total$228 $— $— $— $— $66 $367,453 $6,223 $373,970 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Consumer loans:
Other risk ratings
Pass$2,249 $7,173 $19,728 $5,487 $5,527 $10,939 $575 $— $51,678 
Special Mention— — 79 33 283 161 28 — 584 
Substandard— 36 150 297 158 285 1 — 927 
Doubtful/Loss— — — — — — — — — 
Total$2,249 $7,209 $19,957 $5,817 $5,968 $11,385 $604 $— $53,189 
Year-to-date gross charge-offs$117 $— $— $— $— $— $— $— $117 
17
Term Loans Amortized Cost Basis by Origination Year – As of March 31, 2025Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20252024202320222021Prior
Commercial and industrial loans:
Commercial and industrial risk ratings
Pass$19,766 $61,687 $45,889 $56,931 $40,051 $10,529 $199,654 $112 $434,619 
Special Mention— 272 694 1,283 61 645 5,049 — 8,004 
Substandard— 235 132 1,129 885 400 11,738 47 14,566 
Doubtful/Loss— — — — — — — — — 
Total$19,766 $62,194 $46,715 $59,343 $40,997 $11,574 $216,441 $159 $457,189 
Year-to-date gross charge-offs$162 $95 $— $— $— $— $— $— $257 
Construction loans:
Construction risk ratings
Pass$5,144 $47,129 $139,445 $81,548 $10,774 $13,696 $— $— $297,736 
Special Mention— — — — — — — — — 
Substandard— — — — 529 54 — — 583 
Doubtful/Loss— — — — — — — — — 
Total$5,144 $47,129 $139,445 $81,548 $11,303 $13,750 $— $— $298,319 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Agriculture production loans:
Agriculture production risk ratings
Pass$— $654 $1,377 $2,003 $731 $7,541 $126,852 $— $139,158 
Special Mention— — — — — 220 1,673 — 1,893 
Substandard— — — 107 362 67 3,001 — 3,537 
Doubtful/Loss— — — — — — — — — 
Total$— $654 $1,377 $2,110 $1,093 $7,828 $131,526 $— $144,588 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Leases:
Lease risk ratings
Pass$6,354 $— $— $— $— $— $— $— $6,354 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful/Loss— — — — — — — — — 
Total$6,354 $— $— $— $— $— $— $— $6,354 
Year-to-date gross charge-offs$— $— $— $— $— $— $— $— $— 
Total loans outstanding:
Risk ratings
Pass$150,210 $533,733 $612,374 $1,121,134 $1,057,902 $2,135,228 $961,259 $10,505 $6,582,345 
Special Mention— 272 773 26,311 20,856 32,947 24,576 508 106,243 
Substandard— 1,890 4,754 10,222 36,224 47,357 30,387 1,352 132,186 
Doubtful/Loss— — — — — — — — — 
Total$150,210 $535,895 $617,901 $1,157,667 $1,114,982 $2,215,532 $1,016,222 $12,365 $6,820,774 
Year-to-date gross charge-offs$279 $95 $— $— $— $— $— $— $374 

18
Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20242023202220212019Prior
Commercial real estate:
CRE non-owner occupied risk ratings
Pass$184,623 $177,650 $408,129 $282,953 $152,278 $909,735 $163,628 $— $2,278,996 
Special Mention— 836 1,688 — — 24,840 506 — 27,870 
Substandard— — — — — 16,170 — — 16,170 
Doubtful/Loss— — — — — — — — — 
Total$184,623 $178,486 $409,817 $282,953 $152,278 $950,745 $164,134 $— $2,323,036 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
CRE owner occupied risk ratings
Pass$83,320 $75,804 $191,619 $177,134 $104,490 $254,282 $35,961 $— $922,610 
Special Mention1,618 — 2,699 1,731 206 11,950 — — 18,204 
Substandard— 242 7,798 5,380 3,490 3,644 47 — 20,601 
Doubtful/Loss— — — — — — — — — 
Total$84,938 $76,046 $202,116 $184,245 $108,186 $269,876 $36,008 $— $961,415 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
Multifamily risk ratings
Pass$65,376 $27,904 $171,470 $294,317 $117,889 $289,229 $44,816 $— $1,011,001 
Special Mention— — — 11,926 — 207 3,393 — 15,526 
Substandard— — 480 — 554 474 — — 1,508 
Doubtful/Loss— — — — — — — — — 
Total$65,376 $27,904 $171,950 $306,243 $118,443 $289,910 $48,209 $— $1,028,035 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
Farmland risk ratings
Pass$23,780 $18,205 $45,582 $20,832 $15,066 $36,909 $44,083 $— $204,457 
Special Mention— — 2,057 7,944 47 3,764 1,356 — 15,168 
Substandard— 2,770 — 20,414 — 10,416 11,921 — 45,521 
Doubtful/Loss— — — — — — — — — 
Total$23,780 $20,975 $47,639 $49,190 $15,113 $51,089 $57,360 $— $265,146 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
Consumer loans:
SFR 1-4 1st DT liens risk ratings
Pass$60,203 $113,467 $173,217 $241,388 $115,915 $137,361 $— $3,952 $845,503 
Special Mention— — 60 — — 892 — 239 1,191 
Substandard— 244 137 3,467 2,092 6,393 — 633 12,966 
Doubtful/Loss— — — — — — — — — 
Total$60,203 $113,711 $173,414 $244,855 $118,007 $144,646 $— $4,824 $859,660 
Period end gross write-offs$— $27 $— $— $— $— $— $— $27 
19
Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20242023202220212019Prior
Consumer loans:
SFR HELOCs and junior liens risk ratings
Pass$236 $— $— $— $— $68 $345,902 $5,799 $352,005 
Special Mention— — — — — 4 6,082 327 6,413 
Substandard— — — — — — 4,579 423 5,002 
Doubtful/Loss— — — — — — — — — 
Total$236 $— $— $— $— $72 $356,563 $6,549 $363,420 
Period end gross write-offs$— $— $— $— $— $— $41 $— $41 
Consumer loans:
Other risk ratings
Pass$10,371 $21,746 $5,891 $6,059 $4,917 $6,991 $610 $— $56,585 
Special Mention— 63 34 227 107 41 21 — 493 
Substandard37 152 304 111 2 294 1 — 901 
Doubtful/Loss— — — — — — — — — 
Total$10,408 $21,961 $6,229 $6,397 $5,026 $7,326 $632 $— $57,979 
Period end gross write-offs$385 $88 $40 $74 $37 $108 $14 $— $746 
Commercial and industrial loans:
Commercial and industrial risk ratings
Pass$73,321 $49,921 $61,634 $48,255 $3,721 $8,463 $203,978 $150 $449,443 
Special Mention137 775 1,970 63 275 851 3,197 — 7,268 
Substandard272 35 682 728 — 596 12,200 47 14,560 
Doubtful/Loss— — — — — — — — — 
Total$73,730 $50,731 $64,286 $49,046 $3,996 $9,910 $219,375 $197 $471,271 
Period end gross write-offs$389 $— $178 $95 $24 $— $1,101 $— $1,787 
Construction loans:
Construction risk ratings
Pass$36,031 $124,759 $80,269 $11,354 $6,714 $7,359 $— $— $266,486 
Special Mention— — 13,390 — — — — — 13,390 
Substandard— — — — — 57 — — 57 
Doubtful/Loss— — — — — — — — — 
Total$36,031 $124,759 $93,659 $11,354 $6,714 $7,416 $— $— $279,933 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
Agriculture production loans:
Agriculture production risk ratings
Pass$265 $1,434 $2,297 $905 $175 $7,477 $133,115 $— $145,668 
Special Mention— — — — 2 218 5,192 — 5,412 
Substandard— — 138 485 107 12 — — 742 
Doubtful/Loss— — — — — — — — — 
Total$265 $1,434 $2,435 $1,390 $284 $7,707 $138,307 $— $151,822 
Period end gross write-offs$— $— $173 $— $— $— $1,277 $— $1,450 
20
Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024Revolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
(in thousands)20242023202220212019Prior
Leases:
Lease risk ratings
Pass$6,806 $— $— $— $— $— $— $— $6,806 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful/Loss— — — — — — — — — 
Total$6,806 $— $— $— $— $— $— $— $6,806 
Period end gross write-offs$— $— $— $— $— $— $— $— $— 
Total loans outstanding:
Risk ratings
Pass$544,332 $610,890 $1,140,108 $1,083,197 $521,165 $1,657,874 $972,093 $9,901 $6,539,560 
Special Mention1,755 1,674 21,898 21,891 637 42,767 19,747 566 110,935 
Substandard309 3,443 9,539 30,585 6,245 38,056 28,748 1,103 118,028 
Doubtful/Loss— — — — — — — — — 
Total$546,396 $616,007 $1,171,545 $1,135,673 $528,047 $1,738,697 $1,020,588 $11,570 $6,768,523 
Period end gross write-offs$774 $115 $391 $169 $61 $108 $2,433 $— $4,051 


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 March 31, 2025
(in thousands)30-59 days60-89 days> 90 daysTotal Past
Due Loans		CurrentTotal
Commercial real estate:
CRE non-owner occupied$394 $442 $2,449 $3,285 $2,355,819 $2,359,104 
CRE owner occupied7,152 1,804 3,617 12,573 974,148 986,721 
Multifamily— — — — 1,026,566 1,026,566 
Farmland— 513 8,918 9,431 252,624 262,055 
Total commercial real estate loans7,546 2,759 14,984 25,289 4,609,157 4,634,446 
Consumer:
SFR 1-4 1st DT liens1,950 41 659 2,650 850,069 852,719 
SFR HELOCs and junior liens369 765 1,675 2,809 371,161 373,970 
Other146 2 198 346 52,843 53,189 
Total consumer loans2,465 808 2,532 5,805 1,274,073 1,279,878 
Commercial and industrial539 548 9,560 10,647 446,542 457,189 
Construction— — — — 298,319 298,319 
Agriculture production— 3,012 — 3,012 141,576 144,588 
Leases— — — — 6,354 6,354 
Total$10,550 $7,127 $27,076 $44,753 $6,776,021 $6,820,774 

21
Analysis of Past Due Loans - As of December 31, 2024
(in thousands)30-59 days60-89 days> 90 daysTotal Past
Due Loans		CurrentTotal
Commercial real estate:
CRE non-owner occupied$221 $— $2,452 $2,673 $2,320,363 $2,323,036 
CRE owner occupied1,625 85 3,619 5,329 956,086 961,415 
Multifamily1,120 — — 1,120 1,026,915 1,028,035 
Farmland2,686 113 6,145 8,944 256,202 265,146 
Total commercial real estate loans5,652 198 12,216 18,066 4,559,566 4,577,632 
Consumer:
SFR 1-4 1st DT liens— 6 1,556 1,562 858,098 859,660 
SFR HELOCs and junior liens201 852 1,078 2,131 361,289 363,420 
Other50 — 132 182 57,797 57,979 
Total consumer loans251 858 2,766 3,875 1,277,184 1,281,059 
Commercial and industrial537 308 9,257 10,102 461,169 471,271 
Construction— — — — 279,933 279,933 
Agriculture production37 317 314 668 151,154 151,822 
Leases— — — — 6,806 6,806 
Total$6,477 $1,681 $24,553 $32,711 $6,735,812 $6,768,523 
The following table shows the ending balance of non accrual loans by loan category as of the date indicated:
Non Accrual Loans
As of March 31, 2025As of December 31, 2024
(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$3,004 $3,004 $— $3,017 $3,017 $— 
CRE owner occupied5,339 5,339 — 3,632 3,874 — 
Multifamily467 467 — 480 480 — 
Farmland13,274 21,472 — 12,483 16,195 — 
Total commercial real estate loans22,084 30,282 — 19,612 23,566 — 
Consumer:
SFR 1-4 1st DT liens5,867 5,867 — 5,979 5,979 — 
SFR HELOCs and junior liens4,480 4,708 — 3,370 3,868 — 
Other106 262 — 41 204 — 
Total consumer loans10,453 10,837 — 9,390 10,051 — 
Commercial and industrial989 10,076 144 830 9,707 59 
Construction54 54 — 57 57 — 
Agriculture production3,451 3,461 — — 656 — 
Leases— — — — — — 
Sub-total37,031 54,710 144 29,889 44,037 59 
Less: Guaranteed loans(826)(854)— (828)(816)— 
Total, net$36,205 $53,856 $144 $29,061 $43,221 $59 
Interest income on non accrual loans that would have been recognized during the three months ended March 31, 2025 and 2024, if all such loans had been current in accordance with their original terms, totaled $1.5 million and $0.8 million, respectively. Interest income actually recognized on these originated loans during the three months ended March 31, 2025 and 2024 was nominal and $0.1 million, respectively.

22
The following tables present the amortized cost basis of collateral dependent loans by class of loans as of the following periods:

As of March 31, 2025
(in thousands)RetailOfficeWarehouseOtherMultifamilyFarmlandSFR-1st DeedSFR-2nd DeedAutomobile/TruckA/R and InventoryEquipmentTotal
Commercial real estate:
CRE non-owner occupied$2,449 $353 $— $202 $— $— $— $— $— $— $— $3,004 
CRE owner occupied1,619 252 — 3,468 — — — — — — — 5,339 
Multifamily— — — — 467 — — — — — — 467 
Farmland— — — — — 21,472 — — — — — 21,472 
Total commercial real estate loans4,068 605 — 3,670 467 21,472 — — — — — 30,282 
Consumer:
SFR 1-4 1st DT liens— — — — — — 5,867 — — — — 5,867 
SFR HELOCs and junior liens— — — — — — 1,661 2,819 — — — 4,480 
Other— — — — — — — — 261 — — 261 
Total consumer loans— — — — — — 7,528 2,819 261 — — 10,608 
Commercial and industrial— — — 8,382 — — — — — 745 949 10,076 
Construction— — — — — — 54 — — — — 54 
Agriculture production— — — — — 3,001 — — — — 460 3,461 
Leases— — — — — — — — — — — — 
Total$4,068 $605 $— $12,052 $467 $24,473 $7,582 $2,819 $261 $745 $1,409 $54,481 

As of December 31, 2024
(in thousands)RetailOfficeWarehouseOtherMultifamilyFarmlandSFR -1st DeedSFR -2nd DeedAutomobile/TruckA/R and InventoryEquipmentTotal
Commercial real estate:
CRE non-owner occupied$2,452 $356 $— $210 $— $— $— $— $— $— $— $3,018 
CRE owner occupied— 260 142 3,472 — — — — — — — 3,874 
Multifamily— — — — 480 — — — — — — 480 
Farmland— — — — — 16,448 — — — — — 16,448 
Total commercial real estate loans2,452 616 142 3,682 480 16,448 — — — — — 23,820 
Consumer:
SFR 1-4 1st DT liens— — — — — — 5,979 — — — — 5,979 
SFR HELOCs and junior liens— — — — — — 1,291 2,079 — — — 3,370 
Other— — — — — — — — 132 — — 132 
Total consumer loans— — — — — — 7,270 2,079 132 — — 9,481 
Commercial and industrial— — — 8,334 — — — 54 — 530 788 9,706 
Construction— — — — — — 57 — — — — 57 
Agriculture production— — — — — — — — — — 12 12 
Leases— — — — — — — — — — — — 
Total$2,452 $616 $142 $12,016 $480 $16,448 $7,327 $2,133 $132 $530 $800 $43,076 

23
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
March 31, 2025March 31, 2024
(in thousands)Combination - Term Extension/Rate ChangePayment Delay/Term ExtensionTotal % of Loans OutstandingPayment Delay/Term ExtensionPayment Delay/Term ReductionTotal % of Loans Outstanding
Commercial real estate:
CRE non-owner occupied$— $— — %$211 $— 0.03 %
SFR HELOCs and junior liens— — — — 410.01 
Commercial and industrial— — — — 516 0.07 
Total$— $— — %$211 $557 0.11 %
There were no loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025.
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 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 to amortize balloon repayment
Payment delay / term extensionCommercial and industrial
Added 66 months to the life of the loan to amortize balloon repayment
Payment delay / term extensionCommercial and industrial
Added 12 months to the life of the loan; to amortize balloon repayment

During the three months ended March 31, 2025 and March 31, 2024, 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.
The following table presents the components of lease expense for the periods ended:
Three months ended March 31,
(in thousands)20252024
Operating lease cost$1,418 $1,434 
Short-term lease cost45 52 
Variable lease cost (income)(10)13 
Total lease cost$1,453 $1,499 
The following table presents supplemental cash flow information related to leases for the periods ended:
24
Three months ended March 31,
(in thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$1,509 $1,568 
ROUA obtained in exchange for operating lease liabilities$471 $1,327 
The following table presents the weighted average operating lease term and discount rate as of the period ended:
March 31,
20252024
Weighted-average remaining lease term (years)7.67.9
Weighted-average discount rate3.56 %3.42 %
At March 31, 2025, future expected operating lease payments are as follows:
(in thousands)
Periods ending December 31,
2025$4,207 
20265,125 
20274,465 
20283,280 
20292,327 
Thereafter8,779 
28,183 
Discount for present value of expected cash flows(3,526)
Lease liability at March 31, 2025$24,657 
Note 6 - Deposits
A summary of the balances of deposits follows:
(in thousands)March 31,
2025		December 31,
2024
Noninterest-bearing demand$2,539,109 $2,548,613 
Interest-bearing demand1,778,615 1,758,629 
Savings2,777,840 2,657,849 
Time certificates, $250,000 or more630,414 485,180 
Other time certificates479,354 637,305 
Total deposits$8,205,332 $8,087,576 
Certificate of deposit balances of $100.0 million from the State of California were included in time certificates, $250,000 or more, at March 31, 2025 and December 31, 2024, 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 $1.7 million and $2.5 million were classified as consumer loans at March 31, 2025 and December 31, 2024, respectively.
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Note 7 - Other Borrowings
A summary of the balances of other borrowings follows:
March 31,
2025		December 31,
2024
(in thousands)
Term borrowing at FHLB, fixed rate of 5.23%, payable on April 8, 2025
75,000 75,000 
Other collateralized borrowings, fixed rate, as of March 31, 2025 and December 31, 2024 of 0.05%, payable on April 1, 2025 and January 2, 2025, respectively
16,706 14,610 
Total other borrowings$91,706 $89,610 
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 March 31, 2025As of December 31, 2024
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 %7.61 %$20,619 $20,619 
TriCo Cap Trust II7/23/203420,619 2.55 %7.10 %20,619 20,619 
North Valley Trust II4/24/20336,186 3.25 %7.80 %5,743 5,713 
North Valley Trust III7/23/20345,155 2.80 %7.35 %4,597 4,571 
North Valley Trust IV3/15/203610,310 1.33 %5.89 %7,932 7,863 
VRB Subordinated3/29/202916,000 3.52 %9.11 %16,747 16,799 
VRB Subordinated - 5%
8/27/203520,000 Fixed5.00 %24,965 25,007 
$98,889 $101,222 $101,191 
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.
Note 9 - Commitments and Contingencies
The following table presents a summary of the Bank’s commitments and contingent liabilities:
(in thousands)March 31,
2025		December 31,
2024
Financial instruments whose amounts represent risk:
Commitments to extend credit:
Commercial loans$846,628 $788,491 
Consumer loans626,521 627,681 
Real estate mortgage loans428,338 419,172 
Real estate construction loans233,251 272,308 
Standby letters of credit32,512 39,804 
Deposit account overdraft privilege128,101 121,006 

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 during 2024. 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 1.5342 per Class B-2 share. As of March 31, 2025, the value of the Class A shares was $350.46 per share. Utilizing the conversion ratio, the value of unredeemed Class A equivalent shares owned by the Bank was $3.6 million as of March 31, 2025, and has not been reflected in the accompanying consolidated financial statements.

26
Note 10 - Shareholders’ Equity
Dividends Paid
The Bank paid to the Company cash dividends in the aggregate amounts of $12.0 million and $20.4 million during the three months ended March 31, 2025 and 2024, 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 months ended March 31, 2025 and March 31, 2024, the Company repurchased 89,654 and 99,332 shares with market values of $3.7 million and $3.4 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. There were no option exercises during the three months ended March 31, 2025 and March 31, 2024, respectively. Employees tendered 10,122 and zero shares in connection with the tax withholding requirements of other share-based awards during the three months ended March 31, 2025 and 2024, respectively. In total, shares of the Company's common stock tendered had market values of $0.4 million and zero during the quarters ended March 31, 2025 and 2024, respectively. 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.
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. While no new awards can be granted under the 2019 Plan, existing grants continue to be governed by the terms, conditions and procedures set forth in any applicable award agreement.
There were no stock options outstanding as of March 31, 2025 and December 31, 2024. The Company did not modify any option grants during the three months ended March 31, 2025 or 2024.
Activity related to restricted stock unit awards during the three months ended March 31, 2025 is summarized in the following table:
Service
Condition
Vesting RSUs		Market Plus
Service
Condition
Vesting RSUs
Outstanding at December 31, 2024152,572 144,715 
RSUs granted58,465 51,177 
RSUs added through dividend and performance credits1,028 — 
RSUs released(21,839)— 
RSUs forfeited— — 
Outstanding at March 31, 2025190,226 195,892 
The 190,226 of service condition vesting RSUs outstanding as of March 31, 2025 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 190,226 of service condition vesting RSUs outstanding as of March 31, 2025 are expected to vest, and be released, on a weighted-average basis, over the next 2.15 years. The Company expects to recognize $5.1 million of pre-tax compensation costs related to these service condition vesting RSUs between March 31, 2025 and their vesting dates. The Company did not modify any service condition vesting RSUs during the three months ended March 31, 2025 or 2024.
27
The 195,892 of market plus service condition vesting RSUs outstanding as of March 31, 2025 are expected to vest, and be released, on a weighted-average basis, over the next 2.18 years. The Company expects to recognize $3.0 million of pre-tax compensation costs related to these RSUs between March 31, 2025 and their vesting dates. As of March 31, 2025, 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 293,838 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 three months ended March 31, 2025 or 2024.
Note 12 - Non-interest Income and Expense
The following table summarizes the Company’s non-interest income for the periods indicated:
Three months ended
March 31,
(in thousands)20252024
ATM and interchange fees$6,106 $6,169 
Service charges on deposit accounts4,914 4,663 
Other service fees1,359 1,366 
Mortgage banking service fees439 428 
Change in value of mortgage servicing rights(140)11 
Total service charges and fees12,678 12,637 
Increase in cash value of life insurance820 803 
Asset management and commission income1,488 1,128 
Gain on sale of loans344 261 
Lease brokerage income66 161 
Sale of customer checks345 312 
(Loss) gain on sale or exchange of investment securities(1,146)— 
(Loss) gain on marketable equity securities39 (28)
Other1,439 497 
Total other non-interest income3,395 3,134 
Total non-interest income$16,073 $15,771 
28
The components of non-interest expense were as follows:
Three months ended
March 31,
(in thousands)20252024
Base salaries, net of deferred loan origination costs$25,401 $24,020 
Incentive compensation4,038 3,257 
Benefits and other compensation costs7,416 7,027 
Total salaries and benefits expense36,855 34,304 
Occupancy4,077 3,951 
Data processing and software5,058 5,107 
Equipment1,284 1,356 
Intangible amortization514 1,030 
Advertising1,204 762 
ATM and POS network charges1,851 1,661 
Professional fees1,518 1,340 
Telecommunications488 511 
Regulatory assessments and insurance1,283 1,251 
Postage320 308 
Operational losses424 352 
Courier service488 480 
(Gain) loss on sale or acquisition of foreclosed assets(3)(38)
(Gain) loss on disposal of fixed assets85 5 
Other miscellaneous expense4,139 4,124 
Total other non-interest expense22,730 22,200 
Total non-interest expense$59,585 $56,504 
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 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 March 31,
(in thousands)20252024
Net income$26,363 $27,749 
Average number of common shares outstanding32,953 33,245 
Effect of dilutive stock options and restricted stock176 125 
Average number of common shares outstanding used to calculate diluted earnings per share33,129 33,370 
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 AOCI, such items, along with net income, are components of OCI.
29
The components of OCI and related tax effects are as follows:
Three months ended March 31,
(in thousands)20252024
Unrealized holding gains (losses) on available for sale securities before reclassifications$32,518 $(15,899)
Amounts reclassified out of AOCI:
Realized gain (loss) on debt securities(1,146)— 
Total amounts reclassified out of accumulated other comprehensive income (loss)(1,146)— 
Unrealized holding gains (losses) on available for sale securities after reclassifications31,372 (15,899)
Tax effect(9,274)4,701 
Unrealized holding gains (losses) on available for sale securities, net of tax22,098 (11,198)
Change in unfunded status of the supplemental retirement plans before reclassifications164 459 
Amounts reclassified out of AOCI:
Amortization of actuarial losses(164)(459)
Total amounts reclassified out of accumulated other comprehensive loss(164)(459)
Total other comprehensive income (loss)$22,098 $(11,198)
The components of AOCI, included in shareholders’ equity, are as follows:
(in thousands)March 31,
2025		December 31,
2024
Net unrealized loss on available for sale securities$(202,276)$(233,648)
Tax effect59,801 69,075 
Unrealized holding loss on available for sale securities, net of tax(142,475)(164,573)
Unfunded status of the supplemental retirement plans16,085 16,085 
Tax effect(4,756)(4,756)
Unfunded status of the supplemental retirement plans, net of tax11,329 11,329 
Joint beneficiary agreement liability782 782 
Tax effect— — 
Joint beneficiary agreement liability, net of tax782 782 
Accumulated other comprehensive loss $(130,364)$(152,462)
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
30
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 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 March 31, 2025TotalLevel 1Level 2Level 3
Marketable equity securities$2,648 $2,648 $— $— 
Debt securities available for sale:
Obligations of U.S. government and agencies1,094,490 — 1,094,490 — 
Obligations of states and political subdivisions213,199 — 213,199 — 
Corporate bonds5,981 — 5,981 — 
Asset backed securities284,510 — 284,510 — 
Non-agency mortgage backed securities254,170 — 254,170 — 
Loans held for sale2,028 — 2,028 — 
Mortgage servicing rights6,614 — — 6,614 
Total assets measured at fair value$1,863,640 $2,648 $1,854,378 $6,614 
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Fair value at December 31, 2024TotalLevel 1Level 2Level 3
Marketable equity securities$2,609 $2,609 $— $— 
Debt securities available for sale:
Obligations of U.S. government and agencies1,094,185 — 1,094,185 — 
Obligations of states and political subdivisions220,744 — 220,744 — 
Corporate bonds5,837 — 5,837 — 
Asset backed securities314,263 — 314,263 — 
Non-agency mortgage backed securities269,856 — 269,856 — 
Loans held for sale709 — 709 — 
Mortgage servicing rights6,626 — — 6,626 
Total assets measured at fair value$1,914,829 $2,609 $1,905,594 $6,626 
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 three months ended March 31, 2025 or March 31, 2024, 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 March 31,Beginning
Balance		Transfers
into (out of)
Level 3		Change
Included
in Earnings		IssuancesEnding
Balance
2025: Mortgage servicing rights
$6,626 — $(140)$128 $6,614 
2024: Mortgage servicing rights
$6,606 — $11 $80 $6,697 
Three months ended March 31,
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 March 31, 2025 and December 31, 2024:
As of March 31, 2025:Fair Value
(in thousands)		Valuation
Technique		Unobservable
Inputs		Range,
Weighted
Average
Mortgage Servicing Rights$6,614 Discounted cash flowConstant prepayment rate
6% - 11%; 6.5%
Discount rate
10% - 14%; 12%
As of December 31, 2024:
Mortgage Servicing Rights$6,626 Discounted cash flowConstant prepayment rate
6% - 11.0%; 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):
March 31, 2025TotalLevel 1Level 2Level 3
Fair value:
Collateral dependent loans$17,016 — — $17,016 
32
December 31, 2024TotalLevel 1Level 2Level 3
Fair value:
Collateral dependent loans$8,770 — — $8,770 
Real estate owned709 — — 709 
Total assets measured at fair value$9,479 — — $9,479 

The tables below present the losses resulting from non-recurring fair value adjustments of assets and liabilities for the periods indicated (in thousands):
Three months ended March 31,
20252024
Collateral dependent loans$(5,013)$128 
Foreclosed assets— (224)
Total losses from non-recurring measurements$(5,013)$(96)

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 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 March 31, 2025:
March 31, 2025Fair Value
(in thousands)		Valuation
Technique		Unobservable InputsRange,
Weighted Average
Collateral dependent loans$17,016 Sales comparison
approach
Income approach		Adjustment for differences between
comparable sales;
Capitalization rate		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, 2024:
December 31, 2024Fair Value
(in thousands)		Valuation
Technique		Unobservable InputsRange,
Weighted Average
Collateral dependent loans$8,770 Sales comparison
approach
Income approach		Adjustment for differences between
comparable sales;
Capitalization rate
Not meaningful
N/A
Real estate owned (Residential real estate)$709 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.
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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.
March 31, 2025December 31, 2024
(in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial assets:
Level 1 inputs:
Cash and due from banks$119,294 $119,294 $85,409 $85,409 
Cash at Federal Reserve and other banks188,956 188,956 59,547 59,547 
Level 2 inputs:
Securities held to maturity106,868 101,016 111,866 104,349 
Restricted equity securities17,250 n/a17,250 n/a
Level 3 inputs:
Loans, net6,692,351 6,419,303 6,643,157 6,293,727 
Financial liabilities:
Level 2 inputs:
Deposits8,205,332 8,202,870 8,087,576 8,085,150 
Other borrowings91,706 91,724 89,610 89,780 
Level 3 inputs:
Junior subordinated debt101,222 105,271 101,191 103,630 
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 March 31, 2025 and December 31, 2024 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 March 31, 2025 and December 31, 2024 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.
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ActualRequired for Capital Adequacy PurposesRequired to be
Considered Well
Capitalized
As of March 31, 2025:AmountRatioAmountRatioAmountRatio
(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated$1,270,172 15.78 %$845,178 10.50 %N/AN/A
Tri Counties Bank$1,266,587 15.74 %$844,972 10.50 %$804,735 10.00 %
Tier 1 Capital (to Risk Weighted Assets):
Consolidated$1,131,297 14.05 %$684,192 8.50 %N/AN/A
Tri Counties Bank$1,165,564 14.48 %$684,025 8.50 %$643,788 8.00 %
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated$1,073,574 13.34 %$563,452 7.00 %N/AN/A
Tri Counties Bank$1,165,564 14.48 %$563,315 7.00 %$523,078 6.50 %
Tier 1 Capital (to Average Assets):
Consolidated$1,131,297 11.73 %$385,935 4.00 %N/AN/A
Tri Counties Bank$1,165,564 12.08 %$385,881 4.00 %$482,352 5.00 %
ActualRequired for Capital Adequacy PurposesRequired to be
Considered Well
Capitalized
As of December 31, 2024:AmountRatioAmountRatioAmountRatio
(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated$1,258,218 15.71 %$840,943 10.50 %N/AN/A
Tri Counties Bank$1,248,802 15.60 %$840,740 10.50 %$800,704 10.00 %
Tier 1 Capital (to Risk Weighted Assets):
Consolidated$1,118,292 13.96 %$680,763 8.50 %N/AN/A
Tri Counties Bank$1,148,328 14.34 %$680,599 8.50 %$640,563 8.00 %
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated$1,060,690 13.24 %$560,628 7.00 %N/AN/A
Tri Counties Bank$1,148,328 14.34 %$560,493 7.00 %$520,458 6.50 %
Tier 1 Capital (to Average Assets):
Consolidated$1,118,292 11.70 %$382,214 4.00 %N/AN/A
Tri Counties Bank$1,148,328 12.02 %$382,096 4.00 %$477,620 5.00 %

As of March 31, 2025 and December 31, 2024, capital levels at the Company and the Bank exceed all capital adequacy requirements under the Basel III Capital Rules. Also, at March 31, 2025 and December 31, 2024, 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 March 31, 2025, the Company and the Bank are in compliance with the capital conservation buffer requirement.

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Note 17 – Segment Information

The Company's reportable segment is determined by the Chief Executive Officer, who is designated as the CODM, based upon information provided about the Company's products and services offered, primary banking operations. Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of the banking segment totals to the financial statements.

Three months ended March 31,
(in thousands)20252024
Interest income$114,077 $115,417 
Reconciliation of revenue:
Other revenues16,073 15,771 
Total consolidated revenues130,150 131,188 
Less:
Interest expense31,535 32,681 
Segment net interest income and noninterest income98,615 98,507 
Less:
Provision for credit losses3,728 4,305 
Salaries and benefits expense36,855 34,304 
Other banking segment items22,730 22,200 
Income tax expense8,939 9,949 
Segment net income/consolidated net income$26,363 $27,749 
Reconciliation of assets:
Total assets for reportable segment$9,819,599 $9,813,767 
Other assets— — 
Total consolidated assets$9,819,599 $9,813,767 
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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 us. 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: macroeconomic, geopolitical, and other challenges and uncertainties, including those related to actual or potential policies and actions from the new U.S. administration, such as tariffs, and reciprocal actions by other countries or regions, significant volatility and disruptions in financial markets, a resurgence of inflation, increases in unemployment rates, increases in interest rates and slowing economic growth or recession in the U.S. and other countries or regions; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions or adverse regulatory findings affecting our ability to successfully market and price our products to consumers; adverse developments in the financial services industry generally such as bank failures and any related impact on depositor behavior or investor sentiment; the impacts of international hostilities, wars, terrorism or geopolitical events; risks related to the sufficiency of liquidity, including our ability to attract and maintain deposits; 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 and their effects on our customers and the economic and business environments in which we operate; current and future economic and market conditions of the local economies in which we conduct operations; declines in housing and commercial real estate prices and changes in the financial performance and/or condition of our borrowers; 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; 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 volatility of the stock market and its impact on our stock price and our ability to conduct acquisitions; the regulatory and financial impacts associated with exceeding $10 billion in total assets; the ability to execute our business plan in new markets; our future operating or financial performance, including our outlook for future growth; changes in the level and direction of our nonperforming assets and charge-offs and the appropriateness of the allowance for credit losses; the effectiveness of us managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; 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 impact of the 2023 cyber security ransomware incident, including the pending litigation, on our operations and reputation; the vulnerability of our operational or security systems or infrastructure, the systems of third-party vendors or other service providers with whom we contract, and our 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; 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 emergence or continuation of widespread health emergencies or pandemics; 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. In addition, due to the rapidly evolving and changes in U.S. trade policies and practices, the amount and duration of any tariffs and their ultimate impact on us, our customers, financial markets, and the overall U.S. and global economies is currently uncertain. Nonetheless, prolonged uncertainty, elevated tariff levels or their wide-spread use in U.S. trade policy could weaken economic conditions and adversely impact the ability of borrowers to repay outstanding loans or the value of collateral securing these loans or adversely affect financial markets. 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 filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” Section of TriCo’s Annual Report on Form 10-K for the year ended December 31, 2024, Such filings are also available in the “Investor Relations” section of our website, https://www.tcbk.com/investor-relations. 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.
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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, 2024.
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 months ended March 31, 2025, included the following:
•Net income was $26.4 million or $0.80 per diluted share as compared to $29.0 million or $0.88 per diluted share in the trailing quarter
•Net interest margin (FTE) was 3.73% in the recent quarter, a decrease of 3 basis points over 3.76% in the trailing quarter; net interest income (FTE) was $82.8 million, a decrease of $1.5 million over the trailing quarter
•Loan balances increased $52.3 million or 3.1% (annualized) from the trailing quarter and increased $20.1 million or 0.3% from the same quarter of the prior year
•Deposit balances increased $117.8 million or 5.8% (annualized) from the trailing quarter and increased $217.7 million or 2.7% from the same quarter of the prior year
•Average yield on earning assets was 5.15%, a decrease of 7 basis points over the 5.22% in the trailing quarter; average yield on loans was 5.71%, a decrease of 7 basis points over the 5.78% in the trailing quarter
•Non-interest bearing deposits averaged 30.7% of total deposits during the quarter
•The average cost of total deposits was 1.43%, a decrease of 3 basis points as compared to 1.46% in the trailing quarter, and an increase of 22 basis points from 1.21% in the same quarter of the prior year
•For the quarter ended March 31, 2025, the Company’s return on average assets was 1.09%, while the return on average equity was 8.54%; for the trailing quarter ended December 31, 2024, the Company’s return on average assets was 1.19%, while the return on average equity was 9.30%
•Diluted earnings per share were $0.80 for the first quarter of 2025, compared to $0.88 for the trailing quarter and $0.83 during the first quarter of 2024
•The loan to deposit ratio was 83.13% as of March 31, 2025, as compared to 83.69% for the trailing quarter end
•The efficiency ratio was 60.42% for the quarter ended March 31, 2025, as compared to 59.56% for the trailing quarter as net interest income was impacted by the quarter over quarter reduction in calendar days
•The provision for credit losses was approximately $3.7 million during the quarter ended March 31, 2025, as compared to $1.7 million during the trailing quarter end. The change was attributed to an increase in required reserves totaling $4.9 million on individually evaluated loans and an increase of $1.1 million in reserves for unfunded commitments, which were offset by net recoveries and decreases in qualitative factors attributed to general improvement in economic indicators
•The allowance for credit losses (ACL) to total loans was 1.88% as of March 31, 2025, compared to 1.85% as of the trailing quarter end, and 1.83% as of March 31, 2024. Non-performing assets to total assets were 0.59% on March 31, 2025, as compared to 0.48% as of December 31, 2024, and 0.37% at March 31, 2024. At March 31, 2025, the ACL represented 234% of non-performing loans
38
TRICO BANCSHARES
Financial Summary
(In thousands, except per share amounts; unaudited)
Three months ended
March 31,
20252024
Net interest income$82,542 $82,736 
Provision for credit losses(3,728)(4,305)
Non-interest income16,073 15,771 
Non-interest expense(59,585)(56,504)
Provision for income taxes(8,939)(9,949)
Net income$26,363 $27,749 
Per Share Data:
Basic earnings per share$0.80 $0.83 
Diluted earnings per share$0.80 $0.83 
Dividends paid$0.33 $0.33 
Book value at period end
Average common shares outstanding32,953 33,245 
Average diluted common shares outstanding33,129 33,370 
Shares outstanding at period end32,892 33,169 
At period end:
Loans$6,820,774 6,800,695 
Total investment securities$1,979,116 2,221,555 
Total assets$9,819,599 9,813,767 
Total deposits$8,205,332 7,987,658 
Other borrowings$91,706 392,409 
Shareholders’ equity$1,255,519 1,163,051 
Financial Ratios:
During the period:
Return on average assets (annualized)1.09 %1.13 %
Return on average equity (annualized)8.54 %9.50 %
Net interest margin(1) (annualized)
3.73 %3.68 %
Efficiency ratio60.42 %57.36 %
Average equity to average assets12.76 %11.92 %
At end of period:
Equity to assets12.79 %11.85 %
Total capital to risk-adjusted assets15.78 %14.97 %
(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 unaudited Condensed Consolidated Financial Statements of the Company and the Notes thereto located at Item 1 of this report.


39
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)March 31,
2025		December 31,
2024		Change% Change
Interest income$114,077 $116,842 $(2,765)(2.4)%
Interest expense(31,535)(32,752)1,217 (3.7)%
Fully tax-equivalent adjustment (FTE) (1)
265 266 (1)(0.4)%
Net interest income (FTE)$82,807 $84,356 $(1,549)(1.8)%
Net interest margin (FTE)3.73 %3.76 %
Acquired loans discount accretion, net:
Amount (included in interest income)$1,995 $1,129 $866 76.7 %
Net interest margin less effect of acquired loan discount accretion(1)
3.64 %3.71 %(0.07)%
Three months ended March 31,
(in thousands)20252024Change% Change
Interest income$114,077 $115,417 $(1,340)(1.2)%
Interest expense(31,535)(32,681)1,146 (3.5)%
Fully tax-equivalent adjustment (FTE) (1)
265 275 (10)(3.6)%
Net interest income (FTE)$82,807 $83,011 $(204)(0.2)%
Net interest margin (FTE)3.73 %3.68 %
Acquired loans discount accretion, net:
Amount (included in interest income)$1,995 $1,332 $663 49.8 %
Net interest margin less effect of acquired loan discount accretion(1)
3.64 %3.62 %0.02 %
(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 generally consistent. During the quarters ended March 31, 2025, December 31, 2024 and March 31, 2024, the purchased loan discount accretion was $2.0 million, $1.1 million and $1.3 million, respectively.
40
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 March 31,
20252024
Average
Balance		Interest
Income/
Expense		Rates
Earned
/Paid		Average
Balance		Interest
Income/
Expense		Rates
Earned
/Paid
Assets:
Loans$6,776,188 $95,378 5.71 %$6,785,840 $96,485 5.72 %
Investment securities - taxable1,891,280 15,752 3.38 %2,127,420 17,829 3.37 %
Investment securities - nontaxable(1)
133,388 1,149 3.49 %138,900 1,192 3.45 %
Total investments2,024,668 16,901 3.39 %2,266,320 19,021 3.38 %
Cash at Federal Reserve and other banks206,591 2,063 4.05 %14,377 186 5.20 %
Total interest-earning assets9,007,447 114,342 5.15 %9,066,537 115,692 5.13 %
Other assets800,769 789,260 
Total assets$9,808,216 $9,855,797 
Liabilities and shareholders’ equity:
Interest-bearing demand deposits$1,830,315 $6,221 1.38 %$1,710,844 $4,947 1.16 %
Savings deposits2,730,262 12,198 1.81 %2,651,917 10,900 1.65 %
Time deposits1,120,843 10,446 3.78 %811,894 7,682 3.81 %
Total interest-bearing deposits5,681,420 28,865 2.06 %5,174,655 23,529 1.83 %
Other borrowings89,465 969 4.39 %584,696 7,378 5.08 %
Junior subordinated debt101,201 1,701 6.82 %101,106 1,774 7.06 %
Total interest-bearing liabilities5,872,086 31,535 2.18 %5,860,457 32,681 2.24 %
Noninterest-bearing deposits2,514,373 2,646,389 
Other liabilities169,763 174,359 
Shareholders’ equity1,251,994 1,174,592 
Total liabilities and shareholders’ equity$9,808,216 $9,855,797 
Net interest spread(2)
2.97 %2.89 %
Net interest income and interest margin(3)
$82,807 3.73 %$83,011 3.68 %
(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 March 31, 2025, decreased $0.2 million or 0.2% to $82.8 million compared to $83.0 million during the three months ended March 31, 2024. Net interest margin totaled 3.73% for the three months ended March 31, 2025, an increase of 5 basis points from the same quarter in 2024. The primary drivers behind the change in net interest margin was related to a slight improvement in yield on both interest-earnings assets and interest-bearing liabilities. The accretion of discounts from acquired loans added 12 basis points and 8 basis points to loan yields during the quarters ended March 31, 2025 and March 31, 2024, respectively. The cost of interest-bearing deposits increased by 23 basis points between the quarter ended March 31, 2025, and the same quarter of the prior year. In addition, the average balance of noninterest-bearing deposits decreased by $132.0 million from the three-month average for the period ended March 31, 2024 amidst a continued migration of customer funds to interest-bearing products.

41
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.
Three months ended March 31, 2025
compared with three months ended March 31, 2024
(in thousands)VolumeRateTotal
Increase (decrease) in interest income:
Loans$(138)$(969)$(1,107)
Investment securities 
(2,038)(82)(2,120)
Cash at Federal Reserve and other banks2,500 (623)1,877 
Total interest-earning assets324 (1,674)(1,350)
Increase (decrease) in interest expense:
Interest-bearing demand deposits347 927 1,274 
Savings deposits324 974 1,298 
Time deposits2,939 (175)2,764 
Other borrowings(6,283)(126)(6,409)
Junior subordinated debt2 (75)(73)
Total interest-bearing liabilities(2,671)1,525 (1,146)
Decrease in net interest income$2,995 $(3,199)$(204)

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 March 31, 2025 decreased $0.2 million to $82.8 million compared to $83.0 million during the three months ended March 31, 2024. The modest decrease in net interest income (FTE) was due largely to a shift in deposit mix, resulting in a more significant percentage of interest-bearing deposits, which more than offset the benefit on expense from lower interest rates.
Asset Quality and Credit Loss Provisioning
During the three months ended March 31, 2025, the Company recorded a provision for credit losses of $3.7 million, as compared to $1.7 million during the trailing quarter, and $4.3 million during the first quarter of 2024.
Three months ended
(dollars in thousands)March 31,
2025		March 31,
2024
Addition to allowance for credit losses$2,663 $4,015 
Addition to reserve for unfunded loan commitments
1,065 290 
    Total provision for credit losses$3,728 $4,305 
The provision for credit losses on loans of $2.7 million recorded during the current quarter resulted from an increase of $4.9 million in net reserves on individually evaluated loans or loan relationships, which were offset by net recoveries ($0.3 million) and decreases in qualitative factors attributed to general improvement in observable economic indicators as compared to the trailing quarter.
42
Three months ended March 31,
(dollars in thousands)20252024
Balance, beginning of period$125,366 $121,522 
Provision for credit losses2,663 4,015 
Loans charged-off(374)(1,275)
Recoveries of previously charged-off loans768 132 
Balance, end of period$128,423 $124,394 
The allowance for credit losses (ACL) was $128.4 million or 1.88% of total loans as of March 31, 2025. 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. Core inflation is slowing but prices remain elevated relative to wage increases, as reflected by higher living costs such as housing, energy and general services. Actions by the Federal Reserve to cut rates during 2024 and beyond may help improve this outlook overall, but the uncertainty associated with the extent and timing of these potential reductions has inhibited a material change to forecasted reserve levels. Furthermore, geopolitical risks remain elevated and appear to be getting worse, which may lead to further negative effects on domestic economic outcomes. As a result, management continues to believe that certain credit weaknesses are 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 $12.0 million during the quarter ended March 31, 2025, to $44.8 million, as compared to $32.7 million at December 31, 2024. The majority of loans identified as past due are well-secured by collateral, and approximately $27.8 million is less than 90 days delinquent. Non-performing loans were $54.9 million at March 31, 2025, an increase of $10.8 million from $44.1 million as of December 31, 2024, and an increase of $20.6 million from $34.2 million as of March 31, 2024. Management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. Of the $54.9 million loans designated as non-performing as of March 31, 2025, approximately $19.0 million are current or less than 30 days past due with respect to payments required under their existing loan agreements.
(dollars in thousands)March 31,
2025		% of Loans OutstandingDecember 31,
2024		% of Loans OutstandingMarch 31,
2024		% of Loans Outstanding
Risk Rating:
Pass$6,582,345 96.5 %$6,539,560 96.6 %$6,616,294 97.3 %
Special Mention106,243 1.6 %110,935 1.6 %108,073 1.6 %
Substandard132,186 1.9 %118,028 1.7 %76,328 1.1 %
Total$6,820,774 $6,768,523 $6,800,695 
Classified loans to total loans1.94 %1.74 %1.12 %
Loans past due 30+ days to total loans0.66 %0.48 %0.24 %
The ratio of classified loans to total loans of 1.94% as of March 31, 2025, increased 20 basis points from December 31, 2024, and increased 82 basis points from the comparative quarter ended 2024. The change in criticized loans outstanding as compared to the trailing quarter totaled $9.5 million. The Company's combined criticized loan balances totaled $238.4 million as of March 31, 2025, an increase of $54.0 million from March 31, 2024. Loans with the risk grade classification substandard increased by $14.2 million over the trailing quarter without any material changes in the mix of underlying collateral type.
Management continues to proactively assess the repayment capacity of borrowers that will 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 resulted in an insignificant need to provide concessions to borrowers.
As of March 31, 2025, other real estate owned consisted of 9 properties with a carrying value of approximately $2.7 million, compared to 10 properties with a carrying value of approximately $2.8 million as of December 31, 2024. Non-performing assets of $57.5 million at March 31, 2025, represented 0.59% of total assets, a change from the $46.9 million or 0.48% and $36.7 million or 0.37% as of December 31, 2024 and March 31, 2024, respectively.
43
Non-interest Income
The following table summarizes the Company’s non-interest income for the periods indicated (in thousands):
Three months ended
March 31,
(in thousands)20252024$ Change% Change
ATM and interchange fees$6,106 $6,169 $(63)(1.0)%
Service charges on deposit accounts4,914 4,663 251 5.4 %
Other service fees1,359 1,366 (7)(0.5)%
Mortgage banking service fees439 428 11 2.6 %
Change in value of mortgage servicing rights(140)11 (151)(1,372.7)%
Total service charges and fees12,678 12,637 41 0.3 %
Increase in cash value of life insurance820 803 17 2.1 %
Asset management and commission income1,488 1,128 360 31.9 %
Gain on sale of loans344 261 83 31.8 %
Lease brokerage income66 161 (95)(59.0)%
Sale of customer checks345 312 33 10.6 %
(Loss) gain on sale or exchange of investment securities(1,146)— (1,146)n/m
(Loss) gain on marketable equity securities39 (28)67 (239.3)%
Other1,439 497 942 189.5 %
Total other non-interest income3,395 3,134 261 8.3 %
Total non-interest income$16,073 $15,771 $302 1.9 %
Non-interest income increased $0.3 million or 1.9% to $16.1 million during the three months ended March 31, 2025, compared to $15.8 million during the comparative quarter ended March 31, 2024. The Company incurred $1.1 million in losses related to the sale of investment securities during the quarter on proceeds totaling $30.0 million, offset by excess cash flows from death benefit proceeds of $1.2 million recorded within other income. Elevated activity and volumes of assets under management drove an increase in asset management and commission income totaling $0.4 million or 31.9%.

44
Non-interest Expense
The following table summarizes the Company’s non-interest expense for the periods indicated:
Three months ended
March 31,
(in thousands)20252024$ Change% Change
Base salaries, net of deferred loan origination costs$25,401 $24,020 $1,381 5.7 %
Incentive compensation4,038 3,257 781 24.0 %
Benefits and other compensation costs7,416 7,027 389 5.5 %
Total salaries and benefits expense36,855 34,304 2,551 7.4 %
Occupancy4,077 3,951 126 3.2 %
Data processing and software5,058 5,107 (49)(1.0)%
Equipment1,284 1,356 (72)(5.3)%
Intangible amortization514 1,030 (516)(50.1)%
Advertising1,204 762 442 58.0 %
ATM and POS network charges1,851 1,661 190 11.4 %
Professional fees1,518 1,340 178 13.3 %
Telecommunications488 511 (23)(4.5)%
Regulatory assessments and insurance1,283 1,251 32 2.6 %
Postage320 308 12 3.9 %
Operational losses424 352 72 20.5 %
Courier service488 480 8 1.7 %
(Gain) loss on sale or acquisition of foreclosed assets(3)(38)35 (92.1)%
(Gain) loss on disposal of fixed assets85 5 80 1,600.0 %
Other miscellaneous expense4,139 4,124 15 0.4 %
Total other non-interest expense22,730 22,200 530 2.4 %
Total non-interest expense$59,585 $56,504 $3,081 5.5 %
Average full time equivalent staff1,1941,1886 0.5 %
Total non-interest expense increased $3.1 million or 5.5% to $59.6 million during the three months ended March 31, 2025, as compared to $56.5 million for the quarter ended March 31, 2024. Total salaries and benefits expense increased by $2.6 million or 7.4%, reflecting the increase of $1.4 million in salaries, largely the result of routine merit increases and more recently strategic hiring focused on loan and deposit production; incentive compensation costs also increased by $0.8 million, reflecting elevated levels of production in both loans and deposits during the first quarter of 2025, as compared to 2024.
Income Taxes
The Company’s effective tax rate was 25.3% for the quarter ended March 31, 2025, as compared to 25.9% for the year ended December 31, 2024. Differences between the Company's effective tax rate and applicable federal and state blended statutory rate of approximately 29.6% are due to the proportion of non-taxable revenues, non-deductible expenses, and benefits from tax credits as compared to the levels of pre-tax earnings.
Financial Condition
For financial reporting purposes, the Company does not separately track the changes in assets and liabilities based on branch location or regional geography. The following is a comparison of the quarterly change in certain assets and liabilities:
Ending balancesMarch 31,
2025		December 31,
2024		Annualized
 % Change
(dollars in thousands)$ Change
Total assets$9,819,599 $9,673,728 $145,871 6.0 %
Total loans6,820,774 6,768,523 52,251 3.1 
Total investments1,979,116 2,036,610 (57,494)(11.3)
Total deposits8,205,332 8,087,576 117,756 5.8 
Total other borrowings91,706 89,610 2,096 9.4 
45
Loans outstanding increased by $52.3 million or 3.1% on an annualized basis during the quarter ended March 31, 2025. During the quarter, loan originations/draws totaled approximately $357.5 million while payoffs/repayments of loans totaled $321.3 million, which compares to originations/draws and payoffs/repayments during the trailing quarter ended of $487.9 million and $408.5 million, respectively. Origination volume was slightly elevated relative to the comparative period in 2024, despite elevated interest rates and volatility in the economic outlook of potential borrowers. The activity within loan payoffs/repayments remains spread amongst numerous borrowers, regions and loan types.
Investment security balances decreased $57.5 million or 11.3% on an annualized basis during the quarter as a result of net prepayments/maturities of $71.7 million and sales of $30.0 million, and offset by net increases in the market value of securities of $31.4 million and purchases of $14.4 million. Investment security purchases were comprised of fixed rate agency mortgage backed securities. 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 $117.8 million or 5.8% annualized during the period, primarily due to increases in savings deposit accounts.
The following is a comparison of the year over year change in certain assets and liabilities:
Ending balancesAs of March 31,% Change
(dollars in thousands)20252024$ Change
Total assets$9,819,599 $9,813,767 $5,832 0.1 %
Total loans6,820,774 6,800,695 20,079 0.3 
Total investments1,979,116 2,221,555 (242,439)(10.9)
Total deposits8,205,332 7,987,658 217,674 2.7 
Total other borrowings91,706 392,409 (300,703)(76.6)
Investment Securities
The following table presents the available for sale debt securities portfolio by major type as of March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
(in thousands)Fair Value%Fair Value%
Debt securities available for sale:
Obligations of U.S. government agencies$1,094,490 59.1 %$1,094,185 57.4 %
Obligations of states and political subdivisions213,199 11.5 %220,744 11.6 %
Corporate bonds5,981 0.3 %5,837 0.3 %
Asset backed securities284,510 15.3 %314,263 16.5 %
Non-agency mortgage backed254,170 13.7 %269,856 14.2 %
Total debt securities available for sale$1,852,350 99.9 %$1,904,885 100.0 %
March 31, 2025December 31, 2024
(in thousands)Amortized
Cost		%Amortized
Cost		%
Debt securities held to maturity:
Obligations of U.S. government and agencies$104,146 97.5 %$109,155 97.6 %
Obligations of states and political subdivisions2,722 2.5 %2,711 2.4 %
Total debt securities held to maturity$106,868 100.0 %$111,866 100.0 %
Investment securities held to maturity decreased $5.0 million to $106.9 million as of March 31, 2025, as compared to December 31, 2024. This decrease is attributable to calls and principal repayments of $4.9 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
46
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)March 31, 2025December 31, 2024
Commercial real estate$4,634,446 67.9 %$4,577,632 67.6 %
Consumer1,279,878 18.8 %1,281,059 18.9 %
Commercial and industrial457,189 6.7 %471,271 7.0 %
Construction298,319 4.4 %279,933 4.1 %
Agriculture production144,588 2.1 %151,822 2.3 %
Leases6,354 0.1 %6,806 0.1 %
Total loans$6,820,774 100.0 %$6,768,523 100.0 %

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)March 31,
2025		December 31,
2024
Performing nonaccrual loans$27,778 $19,543 
Nonperforming nonaccrual loans26,932 24,493 
Total nonaccrual loans54,710 44,036 
Loans 90 days past due and still accruing144 60 
Total nonperforming loans54,854 44,096 
Foreclosed assets2,685 2,786 
Total nonperforming assets$57,539 $46,882 
Nonperforming assets to total assets0.59 %0.48 %
Nonperforming loans to total loans0.80 %0.65 %
Allowance for credit losses to nonperforming loans234 %284 %
47
Changes in nonperforming assets during the three months ended March 31, 2025
(in thousands)Balance at December 31, 2024New NPA /
Valuation
Adjustments		Pay-downs
/Sales
/Upgrades
Charge-offs/ (1)
Write-downs
Transfers to
Foreclosed
Assets		Balance at March 31, 2025
Commercial real estate:
CRE non-owner occupied$3,017 — (13)— — $3,004 
CRE owner occupied3,874 1,619 (154)— — 5,339 
Multifamily480 — (13)— — 467 
Farmland16,195 5,485 (208)— — 21,472 
Total commercial real estate loans23,566 7,104 (388)— — 30,282 
Consumer
SFR 1-4 1st DT liens5,979 306 (418)— — 5,867 
SFR HELOCs and junior liens3,868 1,169 (329)— — 4,708 
Other204 66 (7)(1)— 262 
Total consumer loans10,051 1,541 (754)(1)— 10,837 
Commercial and industrial9,765 808 (96)(257)— 10,220 
Construction57 — (3)— — 54 
Agriculture production657 3,001 (197)— — 3,461 
Leases— — — — — — 
Total nonperforming loans44,096 12,454 (1,438)(258)— 54,854 
Foreclosed assets2,786 — (101)— — 2,685 
Total nonperforming assets$46,882 12,454 (1,539)(258)— $57,539 
(1) The table above does not include deposit overdraft charge-offs.
Nonperforming assets increased during the three months ended March 31, 2025 by $10.7 million or 22.7% to $57.5 million compared to $46.9 million at December 31, 2024. The increase in nonperforming assets during the first quarter of 2025 was primarily the result of nonperforming loan additions totaling $12.5 million, partially offset by pay-downs and upgrades, which totaled $1.4 million during the quarter, as well as $0.3 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 March 31, 2025.
(in thousands)Balance at December 31, 2024New NPA /
Valuation
Adjustments		Pay-downs
/Sales
/Upgrades
Charge-offs/ (1)
Write-downs
Transfers to
Foreclosed
Assets		Balance at March 31, 2025
(1) The table above does not include deposit overdraft charge-offs.
Loan charge-offs during the three months ended March 31, 2025
In the first quarter of 2025, the Company recorded $0.2 million in loan charge-offs and $0.1 million in deposit overdraft charge-offs less $0.7 million in loan recoveries and $0.07 million in deposit overdraft recoveries, which collectively resulted in $0.4 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)March 31,
2025		December 31,
2024		March 31,
2024
Allowance for credit losses:
Qualitative and forecast factor allowance$33,613 $86,833 $88,526 
Loss model allowance reserves85,307 33,908 34,385 
Allowance for individually evaluated loans9,503 4,625 1,483 
Total allowance for credit losses$128,423 $125,366 $124,394 
Allowance for credit losses for loans / total loans1.88 %1.85 %1.83 %
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. Effective January 1, 2025, the Company revised its methodology for determining the allowance for credit losses. For additional information on the current ACL methodology, see "Allowance for Credit Losses - Loans" within footnote 1 of the Company's 10-Q/10-K. While the effects from this change on total ACL reserves was insignificant, the allocation of reserves between quantitative and qualitative did shift materially, as reflected within the table above. Based on the current conditions of the loan portfolio, management believes that the $128.4 million allowance for loan losses at March 31, 2025 is adequate to absorb expected 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.
48
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)March 31, 2025December 31, 2024March 31, 2024
Commercial real estate$72,181 56.2 %$72,849 58.1 %$72,175 58.0 %
Consumer25,539 19.9 %27,463 21.9 %27,441 22.1 %
Commercial and industrial17,561 13.7 %14,397 11.5 %11,867 9.5 %
Construction10,346 8.1 %7,224 5.8 %9,162 7.4 %
Agriculture production2,768 2.1 %3,403 2.7 %3,708 3.0 %
Leases28 0.0 %30 0.0 %41 0.0 %
Total allowance for credit losses$128,423 100.0 %$125,366 100.0 %$124,394 100.0 %
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)March 31, 2025December 31, 2024March 31, 2024
Commercial real estate1.56 %1.59 %1.62 %
Consumer2.00 %2.14 %2.10 %
Commercial and industrial3.84 %3.05 %2.16 %
Construction3.47 %2.58 %2.63 %
Agriculture production1.91 %2.24 %2.55 %
Leases0.44 %0.44 %0.44 %
Total loans1.88 %1.85 %1.83 %
















49

The following table summarizes the activity in the allowance for credit losses for the periods indicated:
Three months ended
March 31,
(in thousands)20252024
Allowance for credit losses:
Balance at beginning of period$125,366 $121,522 
Provision for credit losses2,663 4,015 
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— (32)
Other(117)(250)
Commercial and industrial(257)(130)
Construction— — 
Agriculture production— (837)
Leases— — 
Total loans charged-off(374)(1,275)
Recoveries of previously charged-off loans:
Commercial real estate:
CRE non-owner occupied— — 
CRE owner occupied— — 
Multifamily— — 
Farmland— — 
Consumer:
SFR 1-4 1st DT liens— — 
SFR HELOCs and junior liens12 49 
Other37 40 
Commercial and industrial106 22 
Construction— — 
Agriculture production613 21 
Leases— — 
Total recoveries of previously charged-off loans768 132 
Net charge-offs394 (1,143)
Balance at end of period$128,423 $124,394 
Average total loans$6,776,188 $6,785,840 
Ratios (annualized):
Net (charge-offs) recoveries during period to average loans outstanding during period0.02 %(0.07)%
Provision for credit losses to average loans outstanding during period0.16 %0.24 %

50
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 three months ended March 31, 2025:
(in thousands)Balance at December 31,
2024		SalesValuation
Adjustments		Transfers
from Loans		Balance at March 31, 2025
Land & construction$204 $— $— $— $204 
Residential real estate1,683 (101)— — 1,582 
Commercial real estate899 — — — 899 
Total foreclosed assets$2,786 $(101)$— $— $2,685 
Deposits
During the three months ended March 31, 2025, the Company’s deposits increased by $117.8 million to $8.2 billion at quarter end. There were no brokered deposits included in the deposit balances as of March 31, 2025 and December 31, 2024. Estimated uninsured deposits totaled $2.6 billion and $2.5 billion as of March 31, 2025 and December 31, 2024, 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 months ended March 31, 2025, the Company repurchased 89,654 and 99,332 shares with market values of $3.7 million and $3.4 million, respectively. In addition, the Company’s Tier 1 common equity and tangible capital ratios increased to 13.3% and 9.9%, respectively as of March 31, 2025, compared to 13.2% and 9.7%, respectively, as of December 31, 2024.
Total shareholders' equity increased by $34.6 million during the quarter ended March 31, 2025, as net income of $26.4 million and a $22.1 million decrease in accumulated other comprehensive losses were partially offset by $10.9 million in cash dividends on common stock and $4.1 million in share repurchase activity. As a result, the Company’s book value increased to $38.17 per share at March 31, 2025, compared to $37.03 at December 31, 2024. 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 $28.73 per share at March 31, 2025, as compared to $27.60 at December 31, 2024. 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.
The following is a comparison of various capital ratios for the current period with the trailing quarter and applicable minimum regulatory requirements.
March 31, 2025December 31, 2024
RatioMinimum
Regulatory
Requirement		RatioMinimum
Regulatory
Requirement
Total risk based capital15.8 %10.5 %15.2 %10.5 %
Tier I capital14.1 %8.5 %13.4 %8.5 %
Common equity Tier 1 capital13.3 %7.0 %12.7 %7.0 %
Leverage11.7 %4.0 %11.2 %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 the Company’s capital resources.

51
As of March 31, 2025, 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)March 31, 2025December 31, 2024
Borrowing capacity at correspondent banks and FRB$2,867,233 $2,882,859 
Less: borrowings outstanding(75,000)(367,000)
Unpledged available-for-sale investment securities
1,029,649 1,435,990 
Cash held or in transit with FRB
261,254 41,541 
    Total primary liquidity$4,083,136 $3,993,390 
At March 31, 2025, the Company's primary sources of liquidity represented 50% of total deposits and 156% 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 $101.0 million, including approximately $5.9 million in net unrealized losses.
The Company’s profitability during the first three months of 2024 generated cash flows from operations of $24.5 million compared to $25.1 million during the first three months of 2024. Net cash from investing activities was $33.9 million for the three months ended March 31, 2025, compared to net cash from investing activities of $60.0 million during the three months ending 2024. Financing activities provided $104.9 million during the three months ended March 31, 2025, compared to using $100.9 million during the three months ended March 31, 2024.
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, are consistent with similar balances or totals as of December 31, 2024.
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 $10.9 million and $11.0 million of cash during the three months ended March 31, 2025 and 2024, respectively. The Company’s liquidity is dependent on dividends received from the Bank. Dividends from the Bank are subject to certain regulatory restrictions.

52


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 ended
(dollars in thousands)March 31,
2025		March 31,
2024
Net interest margin
Acquired loans discount accretion, net:
Amount (included in interest income)$1,995$1,332
Effect on average loan yield0.12 %0.08 %
Effect on net interest margin (FTE)0.09 %0.06 %
Net interest margin (FTE)3.73 %3.68 %
Net interest margin less effect of acquired loan discount accretion (Non-GAAP)3.64 %3.62 %


Three months ended
(dollars in thousands)March 31,
2025		March 31,
2024
Pre-tax pre-provision return on average assets or equity
Net income (GAAP)$26,363$27,749
Exclude provision for income taxes8,9399,949
Exclude provision for credit losses3,7284,305
Net income before income tax and provision expense (Non-GAAP)$39,030$42,003
Average assets (GAAP)$9,808,216$9,855,797
Average equity (GAAP)$1,251,994$1,174,592
Return on average assets (GAAP) (annualized)1.09 %1.13 %
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized)1.61 %1.71 %
Return on average equity (GAAP) (annualized)8.54 %9.50 %
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized)12.64 %14.38 %


53
Three months ended
(dollars in thousands)March 31,
2025		March 31,
2024
Return on tangible common equity
Average total shareholders' equity$1,251,994$1,174,592
Exclude average goodwill304,442304,442
Exclude average other intangibles6,23410,037
Average tangible common equity (Non-GAAP)$941,318$860,113
Net income (GAAP)$26,363$27,749
Exclude amortization of intangible assets, net of tax effect362725
Tangible net income available to common shareholders (Non-GAAP)$26,725$28,474
Return on average equity (GAAP) (annualized)8.54 %9.50 %
Return on average tangible common equity (Non-GAAP)11.51 %13.31 %
As of
(dollars in thousands)March 31,
2025		December 31,
2024
Tangible shareholders' equity to tangible assets
Shareholders' equity (GAAP)$1,255,519$1,220,907
Exclude goodwill and other intangible assets, net310,360310,874
Tangible shareholders' equity (Non-GAAP)$945,159$910,033
Total assets (GAAP)$9,819,599$9,673,728
Exclude goodwill and other intangible assets, net310,360310,874
Total tangible assets (Non-GAAP)$9,509,239$9,362,854
Shareholders' equity to total assets (GAAP)12.79 %12.62 %
Tangible shareholders' equity to tangible assets (Non-GAAP)9.94 %9.72 %

As of
(dollars in thousands)March 31,
2025		December 31,
2024
Tangible common shareholders' equity per share
Tangible shareholders' equity (Non-GAAP)$945,159$910,033
Common shares outstanding at end of period32,892,488 32,970,425 
Common shareholders' equity (book value) per share (GAAP)$38.17$37.03
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP)$28.73$27.60

54

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, 2024, the following update of the Company’s assessment of market risk as of March 31, 2025 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, 2024.
As of March 31, 2025, the Company's loan portfolio consisted of approximately $6.8 billion in outstanding principal with a weighted average coupon rate of 5.50%. During the three-month periods ending March 31, 2025, December 31, 2024, and March 31, 2024, the weighted average coupon on loan production in the quarter was 6.96%, 6.94% and 7.78%, respectively. Included in the March 31, 2025 total loans balance are adjustable rate loans totaling $4.3 billion, of which, $0.9 billion are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $302.5 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 March 31, 2025, non-interest bearing deposits represented 30.9% of total deposits. Further, during the quarter ended March 31, 2025, the cost of interest bearing deposits were 2.06% and the cost of total deposits were 1.43%. With the intent of 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 utilize brokered deposits. Through the first quarter of 2025 and during the entire 2024 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 maybe needed through the remainder of the year and into 2026 to support earning asset strategies.
As of March 31, 2025 the overnight Federal funds effective rate, the rate primarily used in these interest rate shock scenarios, was 4.33%. 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 March 31, 2025.
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)(7.2)%(4.6)%
+200 (shock)(4.8)%(2.9)%
+100 (shock)(2.3)%(0.6)%
+    0 (flat)— — 
-100 (shock)0.1 %(3.1)%
-200 (shock)0.5 %(9.9)%
-300 (shock)1.3 %(19.6)%

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 March 31, 2025. 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 March 31, 2025.
During the three months ended March 31, 2025, 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.
55
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, 2024 filed with the SEC on March 3, 2025, 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)
January 1-31, 2025— $— — 830,523 
February 1-28, 2025— — — 830,523 
March 1-31, 202599,776 41.20 89,654 740,869 
(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

(a) During the three months ended March 31, 2025, 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.
56
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

57
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: May 9, 2025/s/ Peter G. Wiese
Peter G. Wiese
Executive Vice President and Chief Financial Officer
(Duly authorized officer and principal financial and chief accounting officer)

58

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