Form 8-K
8-K — TRICO BANCSHARES /
Accession: 0000356171-26-000104
Filed: 2026-07-23
Period: 2026-07-23
CIK: 0000356171
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — tcbk-20260723.htm (Primary)
EX-99.1 (tcbk-20266308xkearningsrel.htm)
EX-99.2 (a2026q2investorpresentat.htm)
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8-K
8-K (Primary)
Filename: tcbk-20260723.htm · Sequence: 1
tcbk-20260723
falseTriCo Bancshares000035617100003561712026-07-232026-07-23
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
____________________
FORM 8-K
_________________________________________
Current report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 23, 2026
_______________________
(Exact name of registrant as specified in its charter)
_______________________
California 0-10661 94-2792841
(State or other jurisdiction of
incorporation or organization) (Commission File No.) (I.R.S. Employer
Identification No.)
63 Constitution Drive
Chico, California 95973
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (530) 898-0300
_____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s) Name of each exchange
on which registered
Common Stock, no par value TCBK Nasdaq
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. ☐
Item 2.02 Results of Operations and Financial Condition
On July 23, 2026, TriCo Bancshares (the "Company") announced its unaudited financial results as of and for the three and six months ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this to this Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure
The executive officers of the Company intend to use the materials filed herewith, in whole or in part, in one or more presentations, discussions or meetings with investors. A copy of the investor presentation is attached hereto as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Press release dated July 23, 2026
99.2 Investor Presentation
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
The information furnished under Item 2.02, Item 7.01, and Item 9.01 of this Current Period on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of TriCo Bancshares under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.
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 thereunto duly authorized.
TRICO BANCSHARES
Date: July 23, 2026
/s/ Peter G. Wiese
Peter G. Wiese, Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
EX-99.1
EX-99.1
Filename: tcbk-20266308xkearningsrel.htm · Sequence: 2
Document
Exhibit 99.1
For Immediate Release | July 23, 2026 | Chico, California
TriCo Bancshares reports second quarter 2026 net income of $34.2 million, diluted EPS of $1.06 following merger announcement
2Q2026 Financial Highlights
•Net income was $34.2 million or $1.06 per diluted share as compared to $33.7 million or $1.04 per diluted share in the trailing quarter, and an increase of $6.6 million or 24.1% from the second quarter of 2025
•Net interest income (FTE) was $93.9 million, an increase of $2.4 million or 2.6% over the trailing quarter; net interest margin (FTE) was 4.11%, an increase of 4 basis points over 4.07% in the trailing quarter
•Loan balances increased $242.9 million or 13.7% (annualized) from the trailing quarter and increased $352.1 million or 5.1% from the same quarter of the prior year
•Deposit balances decreased $34.8 million or 1.7% (annualized) from the trailing quarter and $7.0 million or 0.1% from the same quarter of the prior year. One-way sell deposit balances totaled $68.8 million at quarter end, as compared to zero for both the trailing quarter and same quarter of the prior period
•Average non-interest bearing deposits grew by 2.5% year over year and were 30.7% of total deposits at quarter end
•Yield on average earning assets was 5.31%, an increase of 5 basis points over the 5.26% in the trailing quarter; yield on average loans was 5.85%, an increase of 7 basis points over the 5.78% in the trailing quarter
•The average cost of total deposits was 1.27%, an increase of 1 basis points as compared to 1.26% in the trailing quarter, and a decrease of 10 basis points from 1.37% in the same quarter of the prior year
Executive Commentary:
“Our second quarter results are highlighted by robust loan growth across our markets, reflecting the continued trust that customers and communities place in Tri Counties Bank. This continued growth, combined with the synergies we expect to develop over time with First Hawaiian Bank, further support the merits and thesis of our recent merger announcement. In addition to the obvious size and scale that will be created, our capacity and resources to serve California communities will continue to expand following the union of TCBK and FHB,” said Rick Smith, Chairman and CEO.
Peter Wiese, EVP and CFO added, “growth in loans and earning assets, continued repricing of loans and investment securities, and disciplined balance sheet management all contributed to the expansion of net interest income and margin. Despite the slight increase in our efficiency ratio, after adjusting for merger-related expenses and elevated incentive compensation related to loan growth and overall bank performance, expense control also remains disciplined. While capital deployment remains top of mind for management, we expect that share repurchase activities, if any, will be limited given the merger announcement.”
Selected Financial Highlights
•For the quarter ended June 30, 2026, the Company’s return on average assets was 1.37%, while the return on average equity was 10.15%; for the trailing quarter ended March 31, 2026, the Company’s return on average assets was 1.38%, while the return on average equity was 10.08%
•Diluted earnings per share were $1.06 for the second quarter of 2026, compared to $1.04 for the trailing quarter and $0.84 during the second quarter of 2025
•The loan to deposit ratio was 87.36% as of June 30, 2026, as compared to 84.11% for the trailing quarter end
•The efficiency ratio was 56.25% for the quarter ended June 30, 2026, as compared to 54.55% for the trailing quarter, inclusive of $0.9 million in merger related expenses during the current quarter, versus none in the trailing quarter
•The provision for credit losses was $2.7 million during the quarter ended June 30, 2026, as compared to $3.3 million during the trailing quarter
•The allowance for credit losses (ACL) to total loans was 1.78% as of June 30, 2026, compared to 1.81% as of the trailing quarter end, and 1.79% as of June 30, 2025. Non-performing assets to total assets were 0.76% on June 30, 2026, as compared to 0.77% as of March 31, 2026, and 0.68% on June 30, 2025
The financial results reported in this document are preliminary and unaudited. Final financial results and other disclosures will be reported on Form 10-Q for the period ended June 30, 2026, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.
1
Operating Results and Performance Ratios
Three months ended
June 30,
2026 March 31,
2026
(dollars and shares in thousands, except per share data) $ Change % Change
Net interest income $ 93,630 $ 91,226 $ 2,404 2.6 %
Provision for credit losses (2,655) (3,325) 670 (20.2) %
Noninterest income 18,246 17,032 1,214 7.1 %
Noninterest expense (62,925) (59,052) (3,873) 6.6 %
Provision for income taxes (12,127) (12,196) 69 (0.6) %
Net income $ 34,169 $ 33,685 $ 484 1.4 %
Diluted earnings per share $ 1.06 $ 1.04 $ 0.02 1.9 %
Dividends per share $ 0.36 $ 0.36 $ — — %
Average common shares 31,924 32,195 (271) (0.8) %
Average diluted common shares 32,107 32,391 (284) (0.9) %
Return on average total assets 1.37 % 1.38 %
Return on average equity 10.15 % 10.08 %
Efficiency ratio 56.25 % 54.55 %
Three months ended
June 30,
(dollars and shares in thousands, except per share data) 2026 2025 $ Change % Change
Net interest income $ 93,630 $ 86,519 $ 7,111 8.2 %
Provision for credit losses (2,655) (4,665) 2,010 (43.1) %
Noninterest income 18,246 17,090 1,156 6.8 %
Noninterest expense (62,925) (61,131) (1,794) 2.9 %
Provision for income taxes (12,127) (10,271) (1,856) 18.1 %
Net income $ 34,169 $ 27,542 $ 6,627 24.1 %
Diluted earnings per share $ 1.06 $ 0.84 $ 0.22 26.2 %
Dividends per share $ 0.36 $ 0.33 $ 0.03 9.1 %
Average common shares 31,924 32,757 (833) (2.5) %
Average diluted common shares 32,107 32,936 (829) (2.5) %
Return on average total assets 1.37 % 1.13 %
Return on average equity 10.15 % 8.68 %
Efficiency ratio 56.25 % 59.00 %
Six months ended
June 30,
(dollars and shares in thousands, except per share data) 2026 2025 $ Change % Change
Net interest income $ 184,856 $ 169,061 $ 15,795 9.3 %
Provision for credit losses (5,980) (8,393) 2,413 (28.8) %
Noninterest income 35,278 33,163 2,115 6.4 %
Noninterest expense (121,977) (120,716) (1,261) 1.0 %
Provision for income taxes (24,323) (19,210) (5,113) 26.6 %
Net income $ 67,854 $ 53,905 $ 13,949 25.9 %
Diluted earnings per share $ 2.10 $ 1.63 $ 0.47 28.8 %
Dividends per share $ 0.72 $ 0.66 $ 0.06 9.1 %
Average common shares 32,059 32,854 (795) (2.4) %
Average diluted common shares 32,248 33,033 (785) (2.4) %
Return on average total assets 1.38 % 1.11 %
Return on average equity 10.11 % 8.61 %
Efficiency ratio 55.41 % 59.69 %
2
Balance Sheet Data
Total loans outstanding were $7.3 billion as of June 30, 2026, an increase of $352.1 million or 5.1% over June 30, 2025, and an increase of $242.9 million or 13.7% annualized as compared to the trailing quarter ended March 31, 2026. Investments decreased by $74.8 million and decreased $140.6 million for the three- and twelve-month periods ended June 30, 2026, respectively, and ended the quarter with a balance of $1.80 billion or 18.1% of total assets. Quarterly average earning assets to quarterly total average assets was 91.9% on June 30, 2026, compared to 91.8% on June 30, 2025. The loan-to-deposit ratio was 87.4% on June 30, 2026, as compared to 83.1% on June 30, 2025. The Company did not utilize brokered deposits during 2026 or 2025 and continues to rely on organic deposit customers to fund cash flow timing differences.
Total shareholders' equity increased by $19.6 million during the quarter ended June 30, 2026, as net income of $34.2 million was partially offset by a $2.5 million increase in accumulated other comprehensive losses and $11.5 million in cash dividends on common stock. As a result, the Company’s book value increased to $42.03 per share at June 30, 2026, compared to $41.49 at March 31, 2026. 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 $32.40 per share at June 30, 2026, as compared to $31.82 at March 31, 2026.
Trailing Quarter Balance Sheet Change
Ending balances June 30,
2026 March 31,
2026 Annualized
% Change
(dollars in thousands) $ Change
Total assets $ 9,930,763 $ 9,948,211 $ (17,448) (0.7) %
Total loans 7,311,090 7,068,198 242,892 13.7
Total investments 1,796,373 1,871,138 (74,765) (16.0)
Total deposits 8,368,830 8,403,588 (34,758) (1.7)
Total other borrowings 10,519 11,455 (936) (32.7)
Loans outstanding increased by $242.9 million or 13.7% on an annualized basis during the quarter ended June 30, 2026. During the quarter, gross loan originations/draws totaled approximately $632.9 million while gross payoffs/repayments of loans totaled $412.8 million, which compares to gross originations/draws and gross payoffs/repayments during the trailing quarter ended of $388.7 million and $442.2 million, respectively. Origination volume was elevated relative to historical norms, while repayments were in line with recent periods. Domestically, the macro-economic outlook remains optimistic for borrowers following the passage of tax and spending legislation that is expected to promote continued economic expansion through the remainder of 2026.
Investment security balances decreased $74.8 million or 16.0% on an annualized basis during the quarter as a result of prepayments / maturities of $113.1 million and net decreases in the market value of securities of $3.6 million, partially offset by purchases totaling $42.1 million. Investment security purchases were comprised of fixed rate agency mortgage-backed securities and collateralized loan obligations. 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 decreased by $34.8 million or 1.7% annualized during the period, inclusive of $68.8 million in one-way sell activity at June 30, 2026, as a short-term method to reduce the Company's overall balance sheet size. There were no deposits sold in the trailing quarter or the same quarter of the prior year.
Average Trailing Quarter Balance Sheet Change
Quarterly average balances for the period ended June 30,
2026 March 31,
2026 Annualized
% Change
(dollars in thousands) $ Change
Total assets $ 9,967,548 $ 9,912,485 $ 55,063 2.2 %
Total loans 7,176,963 7,041,552 135,411 7.7
Total investments 1,856,574 1,855,250 1,324 0.3
Total deposits 8,409,202 8,334,291 74,911 3.6
Total other borrowings 11,340 10,742 598 22.3
Year Over Year Balance Sheet Change
Ending balances As of June 30, % Change
(dollars in thousands) 2026 2025 $ Change
Total assets $ 9,930,763 $ 9,923,983 $ 6,780 0.1 %
Total loans 7,311,090 6,958,993 352,097 5.1
Total investments 1,796,373 1,936,954 (140,581) (7.3)
Total deposits 8,368,830 8,375,809 (6,979) (0.1)
Total other borrowings 10,519 17,788 (7,269) (40.9)
3
Net Interest Income and Net Interest Margin
The Company's yield on loans for the current quarter was 5.85%, an increase of 7 basis points from 5.78% as of the trailing quarter end and an increase of 9 basis points as compared to 5.76% for the quarter ended June 30, 2025. The tax equivalent yield on the Company's investment security portfolio was 3.33% for the quarter ended June 30, 2026, a decrease of 12 basis points from the trailing quarter end of 3.45% and an increase of 3 basis points from the 3.30% earned during the three months ended June 30, 2025. As compared to the trailing quarter, costs on interest-bearing deposits increased by 1 basis point, while the costs on interest-bearing liabilities increased by 2 basis points. The cost of total interest-bearing deposits decreased by 14 basis points, while the costs of total interest-bearing liabilities decreased by 18 basis points, respectively, between the three-month periods ended June 30, 2026 and 2025, respectively.
The FOMC left short-term interest rates unchanged during the current and prior quarters. The fully tax-equivalent net interest income and net interest margin was $93.9 million and 4.11%, respectively, for the quarter ended June 30, 2026, and was $91.5 million and 4.07%, respectively, for the trailing quarter ended March 31, 2026. More specifically, the net interest rate spread improved by 3 basis points to 3.44% for the quarter ended June 30, 2026, as compared to the trailing quarter, while the net interest margin improved by 4 basis points to 4.11% over the same period.
The Company continues to manage its cost of deposits through the use of various pricing and product mix strategies. As of June 30, 2026, March 31, 2026, and June 30, 2025, deposits priced utilizing these customized strategies totaled $1.0 billion, respectively, and carried weighted average rates of 3.07%, 3.06% and 3.38%, respectively.
Three months ended
June 30,
2026 March 31,
2026
(dollars in thousands) Change % Change
Interest income $ 120,986 $ 117,827 $ 3,159 2.7 %
Interest expense (27,356) (26,601) (755) 2.8 %
Fully tax-equivalent adjustment (FTE) (1)
259 260 (1) (0.4) %
Net interest income (FTE) $ 93,889 $ 91,486 $ 2,403 2.6 %
Net interest margin (FTE) 4.11 % 4.07 %
Acquired loans discount accretion, net:
Amount (included in interest income) $ 990 $ 1,386 $ (396) (28.6) %
Net interest margin less effect of acquired loan discount accretion(1)
4.07 % 4.01 % 0.06 %
Three months ended
June 30,
(dollars in thousands) 2026 2025 Change % Change
Interest income $ 120,986 $ 116,361 $ 4,625 4.0 %
Interest expense (27,356) (29,842) 2,486 (8.3) %
Fully tax-equivalent adjustment (FTE) (1)
259 264 (5) (1.9) %
Net interest income (FTE) $ 93,889 $ 86,783 $ 7,106 8.2 %
Net interest margin (FTE) 4.11 % 3.88 %
Acquired loans discount accretion, net:
Amount (included in interest income) $ 990 $ 1,247 $ (257) (20.6) %
Net interest margin less effect of acquired loan discount accretion(1)
4.07 % 3.82 % 0.25 %
Six months ended
June 30,
(dollars in thousands) 2026 2025 Change % Change
Interest income $ 238,813 $ 230,438 $ 8,375 3.6 %
Interest expense (53,957) (61,377) 7,420 (12.1) %
Fully tax-equivalent adjustment (FTE) (1)
519 529 (10) (1.9) %
Net interest income (FTE) $ 185,375 $ 169,590 $ 15,785 9.3 %
Net interest margin (FTE) 4.09 % 3.81 %
Acquired loans discount accretion, net:
Amount (included in interest income) $ 2,376 $ 3,242 $ (866) (26.7) %
Net interest margin less effect of acquired loan discount accretion(1)
4.04 % 3.73 % 0.31 %
4
Analysis Of Change in Net Interest Margin on Earning Assets
Three months ended Three months ended Three months ended
June 30, 2026 March 31, 2026 June 30, 2025
(dollars in thousands) Average
Balance Income/
Expense Yield/
Rate Average
Balance Income/
Expense Yield/
Rate Average
Balance Income/
Expense Yield/
Rate
Assets
Loans $ 7,176,963 $ 104,595 5.85 % $ 7,041,552 $ 100,349 5.78 % $ 6,878,186 $ 98,695 5.76 %
Investments-taxable 1,726,567 14,306 3.32 % 1,724,884 14,662 3.45 % 1,818,814 14,921 3.29 %
Investments-nontaxable (1)
130,007 1,124 3.47 % 130,366 1,126 3.50 % 132,576 1,143 3.46 %
Total investments 1,856,574 15,430 3.33 % 1,855,250 15,788 3.45 % 1,951,390 16,064 3.30 %
Cash at Fed Reserve and other banks 131,367 1,220 3.72 % 213,361 1,950 3.71 % 144,383 1,866 5.18 %
Total earning assets 9,164,904 121,245 5.31 % 9,110,163 118,087 5.26 % 8,973,959 116,625 5.21 %
Other assets, net 802,644 802,322 804,875
Total assets $ 9,967,548 $ 9,912,485 $ 9,778,834
Liabilities and shareholders’ equity
Interest-bearing demand deposits $ 1,915,877 $ 7,067 1.48 % $ 1,851,122 $ 6,384 1.40 % $ 1,804,856 $ 6,076 1.35 %
Savings deposits 2,764,893 10,430 1.51 % 2,803,853 10,366 1.50 % 2,799,470 12,246 1.75 %
Time deposits 1,148,788 9,168 3.20 % 1,127,816 9,173 3.30 % 1,102,025 9,716 3.54 %
Total interest-bearing deposits 5,829,558 26,665 1.83 % 5,782,791 25,923 1.82 % 5,706,351 28,038 1.97 %
Other borrowings 11,340 7 0.25 % 10,742 1 0.04 % 22,707 92 1.63 %
Junior subordinated debt 41,238 684 6.65 % 41,238 677 6.66 % 101,236 1,712 6.78 %
Total interest-bearing liabilities 5,882,136 27,356 1.87 % 5,834,771 26,601 1.85 % 5,830,294 29,842 2.05 %
Noninterest-bearing deposits 2,579,644 2,551,500 2,516,631
Other liabilities 155,380 170,938 158,817
Shareholders’ equity 1,350,388 1,355,276 1,273,092
Total liabilities and shareholders’ equity $ 9,967,548 $ 9,912,485 $ 9,778,834
Net interest rate spread (1) (2)
3.44 % 3.41 % 3.16 %
Net interest income and margin (1) (3)
$ 93,889 4.11 % $ 91,486 4.07 % $ 86,783 3.88 %
(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 is 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.
Net interest income (FTE) during the three months ended June 30, 2026, increased $2.4 million or 2.6% to $93.9 million compared to $91.5 million during the three months ended March 31, 2026. Net interest margin totaled 4.11% for the three months ended June 30, 2026, an increase of 4 basis points from the trailing quarter. The increase in net interest income is primarily attributed to a $3.2 million increase in interest income on earnings assets, led by $4.2 million attributed to lending income. Interest expense increased from deposit costs of $0.7 million as compared to the trailing quarter. The average balance of noninterest-bearing deposits increased by $28.1 million from the three-month average for the period ended March 31, 2026.
As compared to the same quarter in the prior year, average loan yields increased 9 basis points from 5.76% during the three months ended June 30, 2025, to 5.85% during the three months ended June 30, 2026. The accretion of discounts from acquired loans added 6 basis points to loan yields during the quarter ended June 30, 2026, as compared to adding 8 basis points for the quarter ended June 30, 2025. The cost of interest-bearing deposits decreased by 14 basis points between the quarter ended June 30, 2026, and the same quarter of the prior year. The average balance of noninterest-bearing deposits increased by $63.0 million from the three-month average for the period ended June 30, 2025.
For the quarter ended June 30, 2026, the ratio of average total noninterest-bearing deposits to total average deposits was 30.7%, as compared to 30.6% and 30.6% for the quarters ended March 31, 2026 and June 30, 2025, respectively.
5
Six months ended June 30, 2026 Six months ended June 30, 2025
(dollars in thousands) Average
Balance Income/
Expense Yield/
Rate Average
Balance Income/
Expense Yield/
Rate
Assets
Loans $ 7,109,631 $ 204,944 5.81 % $ 6,827,469 $ 194,073 5.73 %
Investments-taxable 1,725,730 28,968 3.39 % 1,851,439 30,673 3.34 %
Investments-nontaxable (1)
130,186 2,250 3.49 % 132,980 2,292 3.48 %
Total investments 1,855,916 31,218 3.39 % 1,984,419 32,965 3.35 %
Cash at Fed Reserve and other banks 172,138 3,170 3.71 % 175,315 3,929 4.52 %
Total earning assets 9,137,685 239,332 5.28 % 8,987,203 230,967 5.18 %
Other assets, net 802,484 806,241
Total assets $ 9,940,169 $ 9,793,444
Liabilities and shareholders’ equity
Interest-bearing demand deposits $ 1,883,678 $ 13,451 1.44 % $ 1,817,515 $ 12,297 1.36 %
Savings deposits 2,784,265 20,796 1.51 % 2,765,057 24,444 1.78 %
Time deposits 1,138,360 18,341 3.25 % 1,111,382 20,162 3.66 %
Total interest-bearing deposits 5,806,303 52,588 1.83 % 5,693,954 56,903 2.02 %
Other borrowings 11,043 8 0.15 % 55,902 1,061 3.83 %
Junior subordinated debt 41,238 1,361 6.66 % 101,219 3,413 6.80 %
Total interest-bearing liabilities 5,858,584 53,957 1.86 % 5,851,075 61,377 2.12 %
Noninterest-bearing deposits 2,565,650 2,515,508
Other liabilities 163,117 164,259
Shareholders’ equity 1,352,818 1,262,602
Total liabilities and shareholders’ equity $ 9,940,169 $ 9,793,444
Net interest rate spread (1) (2)
3.42 % 3.06 %
Net interest income and margin (1) (3)
$ 185,375 4.09 % $ 169,590 3.81 %
(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 is 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.
Interest Rates and Earning Asset Composition
As of June 30, 2026, the Company's loan portfolio consisted of approximately $7.3 billion in outstanding principal with a weighted average coupon rate of 5.64%. During the three-month periods ending June 30, 2026, March 31, 2026, and June 30, 2025, the weighted average coupon on loan production in the quarter was 6.50%, 6.33% and 6.87%, respectively. Included in the June 30, 2026 total loans balance are adjustable rate loans totaling $5.0 billion, of which $1.0 billion are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $259.0 million which are subject to repricing on not less than a quarterly basis.
Asset Quality and Credit Loss Provisioning
During the three months ended June 30, 2026, the Company recorded a provision for credit losses of $2.7 million, as compared to $3.3 million during the trailing quarter, and $4.7 million during the second quarter of 2025.
Three months ended Six months ended
(dollars in thousands) June 30,
2026 March 31,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Addition to allowance for credit losses on loans and leases $ 2,585 $ 2,970 $ 4,525 $ 5,555 $ 7,188
Addition to reserve for unfunded loan commitments
70 355 140 425 1,205
Total provision for credit losses $ 2,655 $ 3,325 $ 4,665 $ 5,980 $ 8,393
6
Three months ended Six months ended
(dollars in thousands) June 30,
2026 March 31,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Balance, beginning of period $ 127,939 $ 125,762 $ 128,423 $ 125,762 $ 125,366
Provision for credit losses on loans and leases 2,585 2,970 4,525 5,555 7,188
Loans charged-off (455) (912) (8,595) (1,367) (8,969)
Recoveries of previously charged-off loans 118 119 102 237 870
Balance, end of period $ 130,187 $ 127,939 $ 124,455 $ 130,187 $ 124,455
The ACL was $130.2 million or 1.78% of total loans as of June 30, 2026. The provision for credit losses on loans of $2.6 million recorded allocated approximately $2.3 million toward collectively evaluated loans and $0.3 million to replenish quarterly net charge-offs.
The $2.2 million increase in allowance for credit losses was primarily attributed to net loan growth during the quarter, which totaled $242.9 million. Additionally, Management notes that economic indicators through the end of the current quarter, as well as actual and forecasted trends including, but not limited to, unemployment, gross domestic product, and corporate borrowing rates continued to evidence stability and were supportive of general economic expansion, and were consistent with, if not slightly improved from the period ended March 31, 2026, which is aligned with the Company's direct experiences with borrowers. Management's proactive portfolio management policies and ongoing dialogue with borrowers suggest caution continues to be warranted, with emphasis on the consumer portfolio. Actions by the Federal Reserve during 2026 or stimulative policies by the Federal government may impact this outlook overall, but the uncertainty associated with the extent and timing of these potential reductions has inhibited a material change to monetary policy assumptions. Furthermore, political policy risks both domestic and international remain unresolved, which could quickly lead to further negative effects on domestic economic outcomes. The lingering uncertainties related to the extent and duration of escalation within the Middle East, and potential domestic economic impact from volatility in oil prices and the impact on inflation risks, continue to present challenges in correlating potential improvement of credit risks within the Company's loan portfolio. Therefore, 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.
While the required reserves on individually evaluated credits remained flat as compared to the trailing quarter, the Company continues to work closely with these largely cooperative borrowers and is diligently monitoring for any further changes in financial conditions. Management believes the provisioning for these individually analyzed relationships is sufficient relative to expected future losses, if any. The net charge-offs incurred during the quarter were spread amongst numerous borrowers and loan types.
(dollars in thousands) As of June 30, 2026 % of Loans Outstanding As of March 31, 2026 % of Loans Outstanding As of June 30, 2025 % of Loans Outstanding
Risk Rating:
Pass $ 7,050,687 96.5 % $ 6,813,091 96.4 % $ 6,751,005 97.0 %
Special Mention 119,600 1.6 % 113,778 1.6 % 73,215 1.1 %
Substandard 140,803 1.9 % 141,329 2.0 % 134,773 1.9 %
Total $ 7,311,090 100.0 % $ 7,068,198 100.0 % $ 6,958,993 100.0 %
Classified loans to total loans 1.93 % 2.00 % 1.94 %
Loans past due 30+ days to total loans 0.68 % 0.69 % 0.62 %
ACL to non-performing loans 189.11 % 184.20 % 192.11 %
The ratio of classified loans to total loans of 1.93% as of June 30, 2026, was a decrease of 7 basis points from March 31, 2026, and 1 basis point from the comparative quarter ended 2025. The change in classified loans outstanding as compared to the trailing quarter represented a decrease of approximately $0.5 million.
Loans past due 30 days or more increased by $0.7 million during the quarter ended June 30, 2026, to $49.6 million, as compared to $48.9 million at March 31, 2026. The majority of loans identified as past due are well-secured by collateral, and approximately $27.5 million are less than 90 days delinquent.
Non-performing loans decreased by $0.6 million during the quarter ended June 30, 2026, to $68.8 million as compared to $69.5 million at March 31, 2026. The credit and collateral profiles of non-performing loans remain generally consistent with the trailing quarter. As noted previously, management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. Management anticipates that these proactive strategies, specifically within agricultural real estate secured and agricultural commercial loans, will further benefit from the continued improvement in agricultural commodity prices, stable water supply, and growing crop demand. Of the $68.8 million loans designated as non-performing as of June 30, 2026, approximately $43.9 million are current or less than 30 days past due with respect to payments required under their existing loan agreements.
7
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 June 30, 2026, other real estate owned consisted of 14 properties with a carrying value of approximately $6.8 million, as compared to 14 properties with a carrying value of $7.0 million at March 31, 2026. Non-performing assets of $75.6 million at June 30, 2026, represented 0.76% of total assets, a change from $76.4 million or 0.77% and $67.5 million or 0.68% as of March 31, 2026 and June 30, 2025, respectively.
Allocation of Credit Loss Reserves by Loan Type
As of June 30, 2026 As of March 31, 2026 As of June 30, 2025
(dollars in thousands) Amount % of Loans Outstanding Amount % of Loans Outstanding Amount % of Loans Outstanding
Commercial real estate:
CRE - Non-Owner Occupied $ 42,183 1.64 % $ 41,647 1.64 % $ 40,921 1.68 %
CRE - Owner Occupied 16,048 1.54 % 16,286 1.60 % 11,578 1.16 %
Multifamily 16,688 1.44 % 16,384 1.47 % 15,097 1.47 %
Farmland 4,741 1.98 % 5,593 2.33 % 6,888 2.60 %
Total commercial real estate loans 79,660 1.59 % 79,910 1.63 % 74,484 1.57 %
Consumer:
SFR 1-4 1st Liens 10,451 1.26 % 9,929 1.22 % 11,135 1.31 %
SFR HELOCs and Junior Liens 12,872 3.00 % 12,297 2.86 % 12,021 3.08 %
Other 1,646 5.06 % 1,560 4.30 % 2,162 4.49 %
Total consumer loans 24,969 1.94 % 23,786 1.86 % 25,318 1.96 %
Commercial and Industrial 13,487 2.41 % 12,435 2.67 % 10,024 2.14 %
Construction 8,451 2.83 % 8,239 3.13 % 10,995 3.61 %
Agricultural Production 3,602 2.46 % 3,548 2.44 % 3,609 2.24 %
Leases 18 0.48 % 21 0.48 % 25 0.44 %
Allowance for credit losses 130,187 1.78 % 127,939 1.81 % 124,455 1.79 %
Reserve for unfunded loan commitments 8,170 8,100 7,205
Total allowance for credit losses $ 138,357 1.89 % $ 136,039 1.92 % $ 131,660 1.89 %
In addition to the allowance for credit losses above, the Company has acquired various performing loans whose fair value as of the acquisition date was determined to be less than the principal balance owed on those loans. This difference represents the collective discount of credit, interest rate and liquidity measurements, which are expected to be amortized over the life of the loans. As of June 30, 2026, the unamortized discount associated with acquired loans totaled $12.6 million, which, when combined with the total allowance for credit losses above, represents 2.06% of total loans.
8
Non-interest Income
Three months ended
(dollars in thousands) June 30, 2026 March 31, 2026 Change % Change
ATM and interchange fees $ 6,771 $ 6,269 $ 502 8.0 %
Service charges on deposit accounts 5,453 5,209 244 4.7 %
Other service fees 1,529 1,487 42 2.8 %
Mortgage banking service fees 419 427 (8) (1.9) %
Change in value of mortgage servicing rights (174) (232) 58 25.0 %
Total service charges and fees 13,998 13,160 838 6.4 %
Increase in cash value of life insurance 875 816 59 7.2 %
Asset management and commission income 1,761 2,049 (288) (14.1) %
Gain on sale of loans 485 397 88 22.2 %
Lease brokerage income 48 97 (49) (50.5) %
Sale of customer checks 319 364 (45) (12.4) %
(Loss) gain on sale of investment securities — 17 (17) (100.0) %
(Loss) gain on marketable equity securities (11) (17) 6 (35.3) %
Other income 771 149 622 417.4 %
Total other non-interest income 4,248 3,872 376 9.7 %
Total non-interest income $ 18,246 $ 17,032 $ 1,214 7.1 %
Total non-interest income increased $1.2 million or 7.1% to $18.2 million during the three months ended June 30, 2026, compared to $17.0 million during the quarter ended March 31, 2026. Non-interest income activity during the quarter benefitted from an increase in interchange and service charge income of $0.8 million as compared to the trailing quarter. Other income during the three months ended June 30, 2026 increased by $0.6 million, largely attributed to various proceeds from insurance matters totaling $560,000.
Three months ended June 30,
(dollars in thousands) 2026 2025 Change % Change
ATM and interchange fees $ 6,771 $ 6,590 $ 181 2.7 %
Service charges on deposit accounts 5,453 5,189 264 5.1 %
Other service fees 1,529 1,485 44 3.0 %
Mortgage banking service fees 419 438 (19) (4.3) %
Change in value of mortgage servicing rights (174) (52) (122) (234.6) %
Total service charges and fees 13,998 13,650 348 2.5 %
Increase in cash value of life insurance 875 842 33 3.9 %
Asset management and commission income 1,761 1,635 126 7.7 %
Gain on sale of loans 485 503 (18) (3.6) %
Lease brokerage income 48 50 (2) (4.0) %
Sale of customer checks 319 318 1 0.3 %
(Loss) gain on sale or exchange of investment securities — 4 (4) 100.0 %
(Loss) gain on marketable equity securities (11) 8 (19) (237.5) %
Other income 771 80 691 863.8 %
Total other non-interest income 4,248 3,440 808 23.5 %
Total non-interest income $ 18,246 $ 17,090 $ 1,156 6.8 %
Non-interest income increased $1.2 million or 6.8% to $18.2 million during the three months ended June 30, 2026, compared to $17.1 million during the comparative quarter ended June 30, 2025. Excluding the insurance proceeds noted above, changes in non-interest income line items were modest but generally improved during the quarter.
9
Six months ended June 30,
(dollars in thousands) 2026 2025 Change % Change
ATM and interchange fees $ 13,040 $ 12,696 $ 344 2.7 %
Service charges on deposit accounts 10,662 10,103 559 5.5 %
Other service fees 3,016 2,844 172 6.0 %
Mortgage banking service fees 846 877 (31) (3.5) %
Change in value of mortgage servicing rights (406) (192) (214) (111.5) %
Total service charges and fees 27,158 26,328 830 3.2 %
Increase in cash value of life insurance 1,691 1,662 29 1.7 %
Asset management and commission income 3,810 3,123 687 22.0 %
Gain on sale of loans 882 847 35 4.1 %
Lease brokerage income 145 116 29 25.0 %
Sale of customer checks 683 663 20 3.0 %
(Loss) gain on sale or exchange of investment securities 17 (1,142) 1,159 101.5 %
(Loss) gain on marketable equity securities (28) 47 (75) (159.6) %
Other income 920 1,519 (599) (39.4) %
Total other non-interest income 8,120 6,835 1,285 18.8 %
Total non-interest income $ 35,278 $ 33,163 $ 2,115 6.4 %
Non-interest income increased $2.1 million or 6.4% to $35.3 million during the six months ended June 30, 2026, compared to $33.2 million during the comparative period ended June 30, 2025. As noted above, service charges and customer fees in the 2026 period drove an increase of $0.8 million. Further, elevated activity and volume of assets under management resulted in an increase of $0.7 million or 22.0% in related income. Other income for the six months ended June 30, 2026 and 2025 included excess insurance related proceeds of $560,000 and $1,207,000, respectively.
Non-interest Expense
Three months ended
(dollars in thousands) June 30, 2026 March 31, 2026 Change % Change
Base salaries, net of deferred loan origination costs $ 25,481 $ 24,238 $ 1,243 5.1 %
Incentive compensation 6,530 4,726 1,804 38.2 %
Benefits and other compensation costs 6,961 7,181 (220) (3.1) %
Total salaries and benefits expense 38,972 36,145 2,827 7.8 %
Occupancy 4,360 4,459 (99) (2.2) %
Data processing and software 5,439 5,287 152 2.9 %
Equipment 1,301 1,354 (53) (3.9) %
Intangible amortization 430 430 — — %
Advertising 729 835 (106) (12.7) %
ATM and POS network charges 2,051 1,668 383 23.0 %
Professional fees 1,591 1,639 (48) (2.9) %
Telecommunications 477 442 35 7.9 %
Regulatory assessments and insurance 1,300 1,305 (5) (0.4) %
Merger and acquisition expenses 850 — 850 — %
Postage 407 346 61 17.6 %
Operational loss 267 520 (253) (48.7) %
Courier service 576 520 56 10.8 %
(Gain) loss on disposal of fixed assets — (15) 15 (100.0) %
Other miscellaneous expense 4,175 4,117 58 1.4 %
Total other non-interest expense 23,953 22,907 1,046 4.6 %
Total non-interest expense $ 62,925 $ 59,052 $ 3,873 6.6 %
Average full-time equivalent staff 1,110 1,117 (7) (0.6) %
Total non-interest expense for the quarter ended June 30, 2026, increased $3.9 million or 6.6% to $62.9 million as compared to $59.1 million during the trailing quarter ended March 31, 2026. Total salaries and benefits expense, the largest non-interest expense component, increased by $2.8 million or 7.8%, reflecting the increase of $1.8 million in incentive compensation expense related to loan production activities and overall bank performance as well as a $1.2 million increase in base salary expense following routine merit increases effective late March. Merger and acquisitions costs during the quarter totaled $0.9 million and were related to the proposed merger with First Hawaiian, Inc. announced on July 13, 2026.
10
Three months ended June 30,
(dollars in thousands) 2026 2025 Change % Change
Base salaries, net of deferred loan origination costs $ 25,481 $ 25,757 $ (276) (1.1) %
Incentive compensation 6,530 5,223 1,307 25.0 %
Benefits and other compensation costs 6,961 7,306 (345) (4.7) %
Total salaries and benefits expense 38,972 38,286 686 1.8 %
Occupancy 4,360 4,200 160 3.8 %
Data processing and software 5,439 4,959 480 9.7 %
Equipment 1,301 1,189 112 9.4 %
Intangible amortization 430 483 (53) (11.0) %
Advertising 729 808 (79) (9.8) %
ATM and POS network charges 2,051 1,843 208 11.3 %
Professional fees 1,591 1,667 (76) (4.6) %
Telecommunications 477 513 (36) (7.0) %
Regulatory assessments and insurance 1,300 1,297 3 0.2 %
Merger and acquisition expenses 850 — 850 n/m
Postage 407 385 22 5.7 %
Operational loss 267 270 (3) (1.1) %
Courier service 576 544 32 5.9 %
(Gain) loss on disposal of fixed assets — 5 (5) (100.0) %
Other miscellaneous expense 4,175 4,682 (507) (10.8) %
Total other non-interest expense 23,953 22,845 1,108 4.9 %
Total non-interest expense $ 62,925 $ 61,131 $ 1,794 2.9 %
Average full-time equivalent staff 1,110 1,171 (61) (5.2) %
Total non-interest expense increased $1.8 million or 2.9% to $62.9 million during the three months ended June 30, 2026, as compared to $61.1 million for the quarter ended June 30, 2025. Total salaries and benefits expense increased by $0.7 million or 1.8% on a net basis, led by incentive compensation attributed to the elevated loan origination activity. Excluding the aforementioned merger expenses, changes in other non-interest expense line items were mixed during the quarter ended June 30, 2026, but essentially flat and due to timing differences rather than unique changes in operations.
11
Six months ended June 30,
(dollars in thousands) 2026 2025 Change % Change
Base salaries, net of deferred loan origination costs $ 49,719 $ 51,158 $ (1,439) (2.8) %
Incentive compensation 11,256 9,261 1,995 21.5 %
Benefits and other compensation costs 14,142 14,722 (580) (3.9) %
Total salaries and benefits expense 75,117 75,141 (24) (0.03) %
Occupancy 8,819 8,277 542 6.5 %
Data processing and software 10,726 10,017 709 7.1 %
Equipment 2,655 2,473 182 7.4 %
Intangible amortization 860 997 (137) (13.7) %
Advertising 1,564 2,012 (448) (22.3) %
ATM and POS network charges 3,719 3,694 25 0.7 %
Professional fees 3,230 3,185 45 1.4 %
Telecommunications 919 1,001 (82) (8.2) %
Regulatory assessments and insurance 2,605 2,580 25 1.0 %
Merger and acquisition expenses 850 — 850 n/m
Postage 753 705 48 6.8 %
Operational loss 787 694 93 13.4 %
Courier service 1,096 1,032 64 6.2 %
(Gain) loss on sale or acquisition of foreclosed assets — (3) 3 (100.0) %
(Gain) loss on disposal of fixed assets (15) 90 (105) (116.7) %
Other miscellaneous expense 8,292 8,821 (529) (6.0) %
Total other non-interest expense 46,860 45,575 1,285 2.8 %
Total non-interest expense $ 121,977 $ 120,716 $ 1,261 1.0 %
Average full-time equivalent staff 1,114 1,183 (69) (5.8) %
Non-interest expense increased $1.3 million or 1.0% to $122.0 million during the six months ended June 30, 2026, as compared to $120.7 million for the trailing six months ended. Excluding the aforementioned merger expenses, changes in other non-interest expense line items were mixed during the six months period ended June 30, 2026, but essentially flat and due to timing differences rather than unique changes in operations.
Provision for Income Taxes
The Company’s effective tax rate was 26.2% for the quarter ended June 30, 2026, as compared to 26.6% for the quarter ended March 31, 2026, and 27.2% for the quarter ended June 30, 2025. 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.
12
TriCo Bancshares—Condensed Consolidated Financial Data (unaudited)
(dollars in thousands, except per share data) Three months ended
June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Revenue and Expense Data
Interest income $ 120,986 $ 117,827 $ 120,147 $ 119,987 $ 116,361
Interest expense 27,356 26,601 27,920 30,432 29,842
Net interest income 93,630 91,226 92,227 89,555 86,519
Provision for credit losses 2,655 3,325 3,000 670 4,665
Noninterest income:
Service charges and fees 13,998 13,160 13,366 13,751 13,650
(Loss) gain on sale or exchange of investment securities — 17 19 (2,124) 4
Other income 4,248 3,855 3,783 6,380 3,436
Total noninterest income 18,246 17,032 17,168 18,007 17,090
Noninterest expense:
Salaries and benefits 38,972 36,145 36,901 37,729 38,286
Occupancy and equipment 5,661 5,813 5,932 5,657 5,389
Data processing and network 7,490 6,955 7,344 6,749 6,802
Other noninterest expense 10,802 10,139 9,642 10,289 10,654
Total noninterest expense 62,925 59,052 59,819 60,424 61,131
Total income before taxes 46,296 45,881 46,576 46,468 37,813
Provision for income taxes 12,127 12,196 12,942 12,449 10,271
Net income $ 34,169 $ 33,685 $ 33,634 $ 34,019 $ 27,542
Share Data
Basic earnings per share $ 1.07 $ 1.05 $ 1.04 $ 1.04 $ 0.84
Diluted earnings per share $ 1.06 $ 1.04 $ 1.03 $ 1.04 $ 0.84
Dividends per share $ 0.36 $ 0.36 $ 0.36 $ 0.36 $ 0.33
Book value per common share $ 42.03 $ 41.49 $ 41.07 $ 40.12 $ 38.92
Tangible book value per common share (1) $ 32.40 $ 31.82 $ 31.52 $ 30.61 $ 29.40
Shares outstanding 31,965,507 31,910,590 32,334,974 32,506,880 32,550,264
Weighted average common shares 31,923,652 32,194,905 32,444,684 32,542,401 32,757,378
Weighted average diluted common shares 32,106,594 32,391,466 32,630,819 32,723,358 32,935,750
Credit Quality
Allowance for credit losses to gross loans 1.78 % 1.81 % 1.77 % 1.78 % 1.79 %
Loans past due 30 days or more $ 49,611 $ 48,887 $ 37,931 $ 45,712 $ 42,965
Total nonperforming loans $ 68,843 $ 69,458 $ 64,218 $ 65,647 $ 64,783
Total nonperforming assets $ 75,621 $ 76,424 $ 70,464 $ 71,077 $ 67,466
Loans charged-off $ 455 $ 912 $ 1,345 $ 737 $ 8,595
Loans recovered $ 118 $ 119 $ 136 $ 123 $ 102
Selected Financial Ratios
Return on average total assets 1.37 % 1.38 % 1.34 % 1.36 % 1.13 %
Return on average equity 10.15 % 10.08 % 10.02 % 10.47 % 8.68 %
Average yield on loans 5.85 % 5.78 % 5.77 % 5.75 % 5.76 %
Average yield on interest-earning assets 5.31 % 5.26 % 5.23 % 5.25 % 5.21 %
Average rate on interest-bearing deposits 1.83 % 1.82 % 1.87 % 1.99 % 1.97 %
Average cost of total deposits 1.27 % 1.26 % 1.29 % 1.39 % 1.37 %
Average cost of total deposits and other borrowings 1.27 % 1.26 % 1.29 % 1.38 % 1.37 %
Average rate on borrowings & subordinated debt 5.27 % 5.29 % 5.19 % 5.49 % 5.84 %
Average rate on interest-bearing liabilities 1.87 % 1.85 % 1.90 % 2.05 % 2.05 %
Net interest margin (fully tax-equivalent) (1) 4.11 % 4.07 % 4.02 % 3.92 % 3.88 %
Loans to deposits 87.36 % 84.11 % 86.05 % 84.07 % 83.08 %
Efficiency ratio 56.25 % 54.55 % 54.68 % 56.18 % 59.00 %
Supplemental Loan Interest Income Data
Discount accretion on acquired loans $ 990 $ 1,386 $ 915 $ 996 $ 1,247
All other loan interest income (1) $ 103,605 $ 98,963 $ 101,316 $ 100,008 $ 97,448
Total loan interest income (1) $ 104,595 $ 100,349 $ 102,231 $ 101,004 $ 98,695
(1) Non-GAAP measure
13
TriCo Bancshares—Condensed Consolidated Financial Data (unaudited)
(dollars in thousands, except per share data)
Balance Sheet Data June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Cash and due from banks $ 105,221 $ 301,305 $ 157,014 $ 298,820 $ 314,268
Securities, available for sale, net 1,698,334 1,768,148 1,734,623 1,743,437 1,818,032
Securities, held to maturity, net 80,789 85,740 90,544 95,446 101,672
Restricted equity securities 17,250 17,250 17,250 17,250 17,250
Loans held for sale 1,880 4,186 2,695 2,785 1,577
Loans:
Commercial real estate 5,013,880 4,908,229 4,853,762 4,793,394 4,730,732
Consumer 1,288,973 1,282,181 1,314,610 1,293,909 1,288,691
Commercial and industrial 559,886 465,081 464,428 453,221 467,564
Construction 298,388 262,872 301,045 298,774 304,920
Agriculture production 146,190 145,463 172,494 162,338 161,457
Leases 3,773 4,372 4,748 5,188 5,629
Total loans, gross 7,311,090 7,068,198 7,111,087 7,006,824 6,958,993
Allowance for credit losses (130,187) (127,939) (125,762) (124,571) (124,455)
Total loans, net 7,180,903 6,940,259 6,985,325 6,882,253 6,834,538
Premises and equipment 69,356 68,944 69,724 70,509 70,092
Cash value of life insurance 137,465 138,070 137,253 136,391 135,520
Accrued interest receivable 33,510 32,661 33,652 32,126 32,534
Goodwill 304,442 304,442 304,442 304,442 304,442
Other intangible assets 3,611 4,041 4,471 4,953 5,435
Operating leases, right-of-use 23,647 24,812 25,505 25,917 22,158
Other assets 274,355 258,353 259,565 264,507 266,465
Total assets $ 9,930,763 $ 9,948,211 $ 9,822,063 $ 9,878,836 $ 9,923,983
Deposits:
Noninterest-bearing demand deposits $ 2,606,809 $ 2,559,060 $ 2,594,032 $ 2,544,306 $ 2,559,788
Interest-bearing demand deposits 1,849,252 1,887,823 1,784,769 1,836,550 1,826,041
Savings deposits 2,769,758 2,809,855 2,775,058 2,847,168 2,879,212
Time certificates 1,143,011 1,146,850 1,110,042 1,106,437 1,110,768
Total deposits 8,368,830 8,403,588 8,263,901 8,334,461 8,375,809
Accrued interest payable 7,149 7,758 8,795 8,241 10,172
Operating lease liability 25,300 26,525 27,278 27,683 23,965
Other liabilities 134,134 133,621 141,137 145,869 128,162
Other borrowings 10,519 11,455 11,713 17,039 17,788
Junior subordinated debt 41,238 41,238 41,238 41,238 101,264
Total liabilities 8,587,170 8,624,185 8,494,062 8,574,531 8,657,160
Common stock 674,014 673,507 682,362 685,594 685,489
Retained earnings 771,368 749,769 740,244 723,668 702,690
Accumulated other comprehensive loss, net of tax (101,789) (99,250) (94,605) (104,957) (121,356)
Total shareholders’ equity $ 1,343,593 $ 1,324,026 $ 1,328,001 $ 1,304,305 $ 1,266,823
Quarterly Average Balance Data
Average loans $ 7,176,963 $ 7,041,552 $ 7,023,749 $ 6,971,860 $ 6,878,186
Average interest-earning assets $ 9,164,904 $ 9,110,163 $ 9,127,429 $ 9,090,900 $ 8,973,959
Average total assets $ 9,967,548 $ 9,912,485 $ 9,929,582 $ 9,900,675 $ 9,778,834
Average deposits $ 8,409,202 $ 8,334,291 $ 8,376,361 $ 8,361,600 $ 8,222,982
Average borrowings and subordinated debt $ 52,578 $ 51,980 $ 54,943 $ 88,972 $ 123,943
Average total equity $ 1,350,388 $ 1,355,276 $ 1,332,304 $ 1,289,535 $ 1,273,092
Capital Ratio Data
Total risk-based capital ratio 15.0 % 15.1 % 15.1 % 15.1 % 15.6 %
Tier 1 capital ratio 13.7 % 13.8 % 13.8 % 13.9 % 13.9 %
Tier 1 common equity ratio 13.3 % 13.3 % 13.3 % 13.4 % 13.1 %
Tier 1 leverage ratio 12.0 % 11.9 % 11.8 % 11.7 % 11.8 %
Tangible capital ratio (1) 10.8 % 10.5 % 10.7 % 10.4 % 10.0 %
(1) Non-GAAP measure
14
TriCo Bancshares—Non-GAAP Financial Measures (unaudited)
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this press release 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 Six months ended
(dollars in thousands) June 30,
2026 March 31,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Net interest margin
Acquired loans discount accretion, net:
Amount (included in interest income) $990 $1,386 $1,247 $2,376 $3,242
Effect on average loan yield 0.06 % 0.08 % 0.08 % 0.06 % 0.09 %
Effect on net interest margin (FTE) 0.04 % 0.06 % 0.06 % 0.05 % 0.07 %
Net interest margin (FTE) 4.11 % 4.07 % 3.88 % 4.09 % 3.81 %
Net interest margin less effect of acquired loan discount accretion (Non-GAAP) 4.07 % 4.01 % 3.82 % 4.04 % 3.73 %
Three months ended Six months ended
(dollars in thousands) June 30,
2026 March 31,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Pre-tax pre-provision return on average assets or equity
Net income (GAAP) $34,169 $33,685 $27,542 $67,854 $53,905
Exclude provision for income taxes 12,127 12,196 10,271 24,323 19,210
Exclude provision for credit losses 2,655 3,325 4,665 5,980 8,393
Net income before provisions for income taxes and credit losses (Non-GAAP) $48,951 $49,206 $42,478 $98,157 $81,508
Average assets (GAAP) $9,967,548 $9,912,485 $9,778,834 $9,940,169 $9,793,444
Average equity (GAAP) $1,350,388 $1,355,276 $1,273,092 $1,352,818 $1,262,602
Return on average assets (GAAP) (annualized) 1.37 % 1.38 % 1.13 % 1.38 % 1.11 %
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized) 1.97 % 2.01 % 1.74 % 1.99 % 1.68 %
Return on average equity (GAAP) (annualized) 10.15 % 10.08 % 8.68 % 10.11 % 8.61 %
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized) 14.54 % 14.72 % 13.38 % 14.63 % 13.02 %
15
Three months ended Six months ended
(dollars in thousands) June 30,
2026 March 31,
2026 June 30,
2025 June 30,
2026 June 30,
2025
Return on tangible common equity
Average total shareholders' equity $1,350,388 $1,355,276 $1,273,092 $1,352,818 $1,262,602
Exclude average goodwill 304,442 304,442 304,442 304,442 304,442
Exclude average other intangibles 3,890 4,319 5,743 4,103 5,987
Average tangible common equity (Non-GAAP) $1,042,056 $1,046,515 $962,907 $1,044,273 $952,173
Net income (GAAP) $34,169 $33,685 $27,542 $67,854 $53,905
Exclude amortization of intangible assets, net of tax effect 303 303 340 605 702
Tangible net income available to common shareholders (Non-GAAP) $34,472 $33,988 $27,882 $68,459 $54,607
Return on average equity (GAAP) (annualized) 10.15 % 10.08 % 8.68 % 10.11 % 8.61 %
Return on average tangible common equity (Non-GAAP) 13.27 % 13.17 % 11.61 % 13.22 % 11.57 %
Three months ended
(dollars in thousands) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Tangible shareholders' equity to tangible assets
Shareholders' equity (GAAP) $1,343,593 $1,324,026 $1,328,001 $1,304,305 $1,266,823
Exclude goodwill and other intangible assets, net 308,053 308,483 308,913 309,395 309,877
Tangible shareholders' equity (Non-GAAP) $1,035,540 $1,015,543 $1,019,088 $994,910 $956,946
Total assets (GAAP) $9,930,763 $9,948,211 $9,822,063 $9,878,836 $9,923,983
Exclude goodwill and other intangible assets, net 308,053 308,483 308,913 309,395 309,877
Total tangible assets (Non-GAAP) $9,622,710 $9,639,728 $9,513,150 $9,569,441 $9,614,106
Shareholders' equity to total assets (GAAP) 13.53 % 13.31 % 13.52 % 13.20 % 12.77 %
Tangible shareholders' equity to tangible assets (Non-GAAP) 10.76 % 10.53 % 10.71 % 10.40 % 9.95 %
Three months ended
(dollars in thousands) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Tangible common shareholders' equity per share
Tangible shareholders' equity (Non-GAAP) $1,035,540 $1,015,543 $1,019,088 $994,910 $956,946
Common shares outstanding at end of period 31,965,507 31,910,590 32,334,974 32,506,880 32,550,264
Common shareholders' equity (book value) per share (GAAP) $42.03 $41.49 $41.07 $40.12 $38.92
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP) $32.40 $31.82 $31.52 $30.61 $29.40
Investor Contact
Peter G. Wiese, EVP & CFO, (530) 898-0300
16
About TriCo Bancshares
Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, providing services in traditional stand-alone and in-store bank branches and loan production offices in communities throughout California. Tri Counties Bank provides an extensive and competitive breadth of consumer, small business and commercial banking financial services, along with convenient around-the-clock ATMs, online and mobile banking access. Brokerage services are provided by Tri Counties Advisors through affiliation with Raymond James Financial Services, Inc. Visit www.TriCountiesBank.com to learn more.
Forward-Looking Statements
The statements contained herein that are not historical facts are forward-looking statements based on current expectations and beliefs of the Company ("TriCo") and First Hawaiian, Inc. and its subsidiaries (including First Hawaiian Bank) ("FHI") concerning future developments and their potential effects on TriCo and FHI. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of TriCo and FHI. TriCo and FHI 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: changes in general economic, political, or industry conditions, and in conditions impacting the banking industry specifically; uncertainty in U.S. fiscal, monetary and trade policy, including the interest rate policies of the Federal Reserve Board or the effects of any declines in housing and commercial real estate prices, high or increasing unemployment rates, continued or renewed inflation, the impact of proposed or imposed tariffs by the U.S. government or retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers or any recession or slowdown in economic growth particularly in the markets in which TriCo and FHI conduct business, including California, Hawaii, Guam and Saipan; volatility and disruptions in global capital and credit markets; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources, including impacts on prepayment speeds; competitive pressures among financial institutions and nontraditional providers of financial services, including on product pricing and services; concentrations within TriCo's or FHI’s loan portfolio (including commercial real estate loans) or other asset classes, and the parties’ ability to attract and retain customer deposits, large loans to certain borrowers, access liquidity and capital, and manage deposit costs and funding sources; the success, impact, and timing of TriCo's and FHI’s respective business strategies, including market acceptance of any new products or services and TriCo's and FHI’s ability to successfully implement strategic, operational, technology and integration initiatives; the failure to properly use and protect customer and employee information and data; cybersecurity risks (such as TriCo's 2023 cyber security ransomware incident), including the occurrence of fraudulent activity or a material breach of, or disruption to, the security of FHI’s, TriCo’s or their vendors’ systems; risks related to the development, implementation, use and management of artificial intelligence and other emerging technologies; the effects of failures or interruptions of information, communications or third-party service-provider systems; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; changes in laws or regulations; adverse weather conditions, natural disasters and other catastrophic events such as wildfires; the challenges of attracting, integrating and retaining key employees, especially while the merger of TriCo with FHI (the "Transaction") is pending; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement to which TriCo and FHI are parties; the outcome of any legal proceedings that may be instituted against TriCo or FHI, including potential litigation relating to the Transaction; delays in completing the Transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the failure to obtain stockholder or shareholder approvals, as applicable, or to satisfy any of the other conditions to the closing of the Transaction on a timely basis or at all; changes in TriCo's or FHI’s share price before closing, including as a result of the financial performance of the other party prior to closing, or more generally due to broader stock market movements, and the performance of financial companies and peer group companies; the possibility that the anticipated benefits of the Transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where TriCo and FHI do business; certain restrictions during the pendency of the proposed Transaction that may impact the parties’ ability to pursue certain business opportunities or strategic transactions; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Transaction; the ability to complete the Transaction and integration of TriCo and FHI promptly and successfully; the dilution caused by FHI’s issuance of additional shares of its capital stock in connection with the Transaction; potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions; each company's ability to manage the risks involved in the foregoing; and other factors that may affect the future results of TriCo and FHI. The foregoing factors should not be considered an exhaustive list and should be read together with the other cautionary statements set forth in TriCo’s Annual Report on Form 10-K for the year ended December 31, 2025 and its latest Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission (the "SEC") and available on TriCo’s website, in the “Investor Relations” section of TriCo's website, www.tcbk.com, under the “About” tab and the “Investor Relations” link and then under the heading “SEC Filings” and in other documents TriCo files with the SEC, and in FHI’s Annual Report on Form 10-K for the year ended December 31, 2025 and its latest Quarterly Report on Form 10-Q, which are on file with the SEC and available on FHI’s investor relations website, https://ir.fhb.com, under the heading “SEC Filings,” and in other documents FHI files with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results. Neither TriCo nor FHI undertakes any obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law.
17
Additional Information
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed Transaction, FHI will file with the SEC a Registration Statement on Form S-4 that will include a Joint Proxy Statement of FHI and TriCo and a Prospectus of FHI, as well as other relevant documents concerning the Transaction. Certain matters in respect of the Transaction involving FHI and TriCo will be submitted to FHI’s stockholders and TriCo’s shareholders, as applicable, for their consideration.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. INVESTORS, FHI STOCKHOLDERS AND TRICO SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE TRANSACTION WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Stockholders or shareholders, as applicable, will be able to obtain a free copy of the definitive joint proxy statement/prospectus, as well as other filings containing information about the Transaction, FHI and TriCo, without charge, at the SEC’s website, www.sec.gov. Copies of the joint proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to First Hawaiian, Inc., Attention: Secretary, 999 Bishop Street, Honolulu, HI 96813, (808) 525-7000 or to TriCo Bancshares, Attention: Shareholder Services, 63 Constitution Drive, Chico, CA 95973, (530) 898-0300.
PARTICIPANTS IN THE SOLICITATION
FHI, TriCo, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from FHI stockholders or TriCo shareholders in connection with the Transaction under the rules of the SEC. Information regarding FHI’s directors and executive officers is available in the sections entitled “Directors, Executive Officers and Corporate Governance” and “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” in FHI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 27, 2026 (available here); in the sections entitled “Corporate Governance and Board Matters,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Biographies of Executive Officers” and “Security Ownership of Certain Beneficial Owners, Directors and Management” in FHI’s definitive proxy statement relating to its 2026 Annual Meeting of Stockholders, which was filed with the SEC on March 12, 2026 (available here); and other documents filed by FHI with the SEC. Information regarding TriCo’s directors and executive officers is available in the sections entitled “Directors, Executive Officers and Corporate Governance” and “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters;” in TriCo’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on March 2, 2026 (available here); in the sections entitled “Board of Directors,” “Corporate Governance, Board Nominations and Board Committees,” “Compensation of Directors,” “Ownership of Voting Securities,” “Compensation Discussion and Analysis” and “Compensation of Named Executive Officers” in TriCo’s definitive proxy statement relating to its 2026 Annual Meeting of Shareholders, which was filed with the SEC on April 17, 2026 (available here); and other documents filed by TriCo with the SEC. To the extent holdings of FHI common stock by the directors and executive officers of FHI or holdings of TriCo common stock by directors and executive officers of TriCo have changed from the amounts held by such persons as reflected in the documents described above, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus relating to the Transaction. Free copies of this document, when available, may be obtained as described in the preceding paragraph.
18
EX-99.2
EX-99.2
Filename: a2026q2investorpresentat.htm · Sequence: 3
a2026q2investorpresentat
Investor Presentation | Second Quarter 2026 Richard Smith, President & Chief Executive Officer Daniel Bailey, EVP & Chief Banking Officer Peter Wiese, EVP & Chief Financial Officer Investor Presentation Second Quarter 2026 Exhibit 99.2
Investor Presentation | Second Quarter 2026 The statements contained herein that are not historical facts are forward-looking statements based on current expectations and beliefs of the Company ("TriCo") and First Hawaiian, Inc. and its subsidiaries (including First Hawaiian Bank) ("FHI") concerning future developments and their potential effects on TriCo and FHI. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of TriCo and FHI. TriCo and FHI 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: changes in general economic, political, or industry conditions, and in conditions impacting the banking industry specifically; uncertainty in U.S. fiscal, monetary and trade policy, including the interest rate policies of the Federal Reserve Board or the effects of any declines in housing and commercial real estate prices, high or increasing unemployment rates, continued or renewed inflation, the impact of proposed or imposed tariffs by the U.S. government or retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers or any recession or slowdown in economic growth particularly in the markets in which TriCo and FHI conduct business, including California, Hawaii, Guam and Saipan; volatility and disruptions in global capital and credit markets; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources, including impacts on prepayment speeds; competitive pressures among financial institutions and nontraditional providers of financial services, including on product pricing and services; concentrations within TriCo's or FHI’s loan portfolio (including commercial real estate loans) or other asset classes, and the parties’ ability to attract and retain customer deposits, large loans to certain borrowers, access liquidity and capital, and manage deposit costs and funding sources; the success, impact, and timing of TriCo's and FHI’s respective business strategies, including market acceptance of any new products or services and TriCo's and FHI’s ability to successfully implement strategic, operational, technology and integration initiatives; the failure to properly use and protect customer and employee information and data; cybersecurity risks (such as TriCo's 2023 cyber security ransomware incident), including the occurrence of fraudulent activity or a material breach of, or disruption to, the security of FHI’s, TriCo’s or their vendors’ systems; risks related to the development, implementation, use and management of artificial intelligence and other emerging technologies; the effects of failures or interruptions of information, communications or third-party service-provider systems; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; changes in laws or regulations; adverse weather conditions, natural disasters and other catastrophic events such as wildfires; the challenges of attracting, integrating and retaining key employees, especially while the merger of TriCo with FHI (the "Transaction") is pending; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement to which TriCo and FHI are parties; the outcome of any legal proceedings that may be instituted against TriCo or FHI, including potential litigation relating to the Transaction; delays in completing the Transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the failure to obtain stockholder or shareholder approvals, as applicable, or to satisfy any of the other conditions to the closing of the Transaction on a timely basis or at all; changes in TriCo's or FHI’s share price before closing, including as a result of the financial performance of the other party prior to closing, or more generally due to broader stock market movements, and the performance of financial companies and peer group companies; the possibility that the anticipated benefits of the Transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where TriCo and FHI do business; certain restrictions during the pendency of the proposed Transaction that may impact the parties’ ability to pursue certain business opportunities or strategic transactions; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Transaction; the ability to complete the Transaction and integration of TriCo and FHI promptly and successfully; the dilution caused by FHI’s issuance of additional shares of its capital stock in connection with the Transaction; potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions; each company's ability to manage the risks involved in the foregoing; and other factors that may affect the future results of TriCo and FHI. The foregoing factors should not be considered an exhaustive list and should be read together with the other cautionary statements set forth in TriCo’s Annual Report on Form 10-K for the year ended December 31, 2025 and its latest Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission (the "SEC") and available on TriCo’s website, in the “Investor Relations” section of TriCo's website, www.tcbk.com, under the “About” tab and the “Investor Relations” link and then under the heading “SEC Filings” and in other documents TriCo files with the SEC, and in FHI’s Annual Report on Form 10-K for the year ended December 31, 2025 and its latest Quarterly Report on Form 10-Q, which are on file with the SEC and available on FHI’s investor relations website, https://ir.fhb.com, under the heading “SEC Filings,” and in other documents FHI files with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results. Neither TriCo nor FHI undertakes any obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law Safe Harbor Statement 2
Investor Presentation | Second Quarter 2026 Executive Team 3 Greg Gehlmann SVP General Counsel Angela Rudd SVP Chief Risk Officer Jason Levingston SVP Chief Information Officer Craig Carney EVP Chief Credit Officer Rick Smith President & Chief Executive Officer Dan Bailey EVP Chief Banking Officer Peter Wiese EVP Chief Financial Officer Bret Funderburgh SVP Deputy Chief Credit Officer Scott Myers SVP Head of Wholesale Banking Kristen Dominguez SVP Chief Human Resources Officer Scott Robertson SVP Head of Community Banking
Investor Presentation | Second Quarter 2026 Most Recent Quarter Highlights Pre-tax pre-provision ROAA and ROAE were 1.97% and 14.5%, respectively, for the quarter ended June 30, 2026, and 1.74% and 13.4%, respectively, for the same quarter in the prior year. Our efficiency ratio was 56.2% (55.5% excluding merger expenses) for the quarter ended June 30, 2025, compared to 54.6% for the trailing quarter end and 59.0% for the quarter ended June 30, 2025. Operating Leverage and Profitability Net interest income (FTE) was $93.6 million, an increase of $2.4 million or 2.6% over the $91.5 million in the trailing quarter, driven by both loan growth and loan repricing. Net interest margin (FTE) of 4.11% represented an increase of 4 basis points from the trailing quarter of 4.07% and a 23 basis point increase from the quarter ended June 30, 2025. Average yield on earning assets (FTE) of 5.316% represented an increase of 5 basis points over the 5.26% in the quarter ended March 31, 2026, and 10 basis points of improvement over the quarter ended June 30, 2025. Cost of interest-bearing liabilities was 1.87%, 2 basis points greater than the trailing quarter, and an 18 basis point decrease from the 2.05% for the quarter ended June 30, 2025. The Company’s average cost of total deposits of 1.27% was 1 basis points higher than the trailing quarter, and 10 basis points lower than the quarter ended June 30, 2025. Net Interest Income and Margin Year over year loan balances increased $352.1 million or 5.1% and deposit balances increased by $61.8 million year- over year after adding back $68.8 million in sold deposits as of June 30, 2026. Average total earning assets grew $54.7 million (0.6%) for the quarter and $190.9 million (2.1%) year over year. Loan to deposit ratio was 87.4% for the current quarter, as compared to 84.1% for the trailing quarter end. Balance Sheet Management There has been no reliance on brokered deposits or FRB borrowing facilities Average non-interest-bearing deposits comprised 30.7% of average total deposits for the quarter, which was generally consistent with 30.6% for both the trailing quarter and the quarter ended June 30, 2025. Approximately a 50/50 split between consumer and business deposit dollars reflects a diversified client base. Diverse Deposit Base & Liquidity The allowance for credit losses to total loans was 1.78% at June 30, 2026, a decrease of 3 basis points over the prior quarter. TCBK has a long history of proactive conservative risk grading, and we believe that sufficient coverage has been established for potential economic factors in credit risk. Consistent with prior periods, over 60% of total non-accrual loans were paid current. Credit Quality All regulatory capital ratios remain well above required thresholds. Share repurchases in the quarter were paused due to the active discussions related to the previously announced merger activities. Tangible capital ratio was 10.8%, 10.5%, and 10.0% at June 30, 2026, the trailing quarter, and same quarter of the prior year, respectively. Capital Strategies 4
Investor Presentation | Second Quarter 2026 Company Overview $9.93 BILLION TOTAL ASSETS $1.72 BILLION MARKET CAP** $7.31 BILLION TOTAL LOANS $8.37 BILLION TOTAL DEPOSITS TCBK Headquarters: Chico, CA 68 Branches and 83 ATMs serving 31 Counties 4.09% NET INTEREST MARGIN (FTE)* 1.27% COST OF TOTAL DEPOSITS* 55.4% EFFICIENCY RATIO* 10.8% TANGIBLE CAPITAL RATIO 1.99% PPNR AS % OF AVG ASSETS Recent Awards 1.37% RETURN ON AVERAGE ASSETS* 5 ** Based on June 30, 2026, closing stock price of $53.85 * Six months ending June 30, 2026
Investor Presentation | Second Quarter 2026 Consistent Earnings Track Record 6 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 PPNR ($MM) $43.1 $46.2 $42.4 $42.0 $39.5 $39.6 $40.6 $39.0 $42.5 $47.1 $49.6 $49.2 $49.0 Net Income ($MM) $24.9 $30.6 $26.1 $27.7 $29.0 $29.1 $29.0 $26.4 $27.5 $34.0 $33.6 $33.7 $34.2 Qtrly Diluted EPS $0.75 $0.92 $0.78 $0.83 $0.87 $0.88 $0.88 $0.80 $0.84 $1.04 $1.03 $1.04 $1.06 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $0 $10 $20 $30 $40 $50 $60 Q tr ly E PS (d ilu te d) Ea rn in gs (i n M ill io ns )
Investor Presentation | Second Quarter 2026 $0.67 $1.07 $0.83 $0.80 $1.04 $0.93 $0.92 $0.87 $0.84 $1.06 $1.12 $0.92 $0.88 $1.04 $1.09 $0.78 $0.88 $1.03 $3.83 $3.69 $3.46 $3.71 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 29% 34% 38% 37% 34% 2022 2023 2024 2025 2026 11.67% 10.65% 9.57% 9.45% 10.11% 2022 2023 2024 2025 2026 $0.25 $0.30 $0.33 $0.33 $0.36 $0.25 $0.30 $0.33 $0.33 $0.36 $0.30 $0.30 $0.33 $0.36 $0.30 $0.30 $0.33 $0.36 $1.10 $1.20 $1.32 $1.38 $1.44 $0.00 $0.25 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Shareholder Returns Dividends per Share: 9% CAGR* Dividends as % of Earnings Return on Avg. Shareholder Equity Diluted EPS *Compound Annual Growth Rate, 10 years 2026 values through the six months ended 6/30/2026 7
Investor Presentation | Second Quarter 2026 $116.6 $120.2 $120.4 $118.1 $121.3 $86.8 $89.8 $92.5 $91.5 $93.9 3.88% 3.92% 4.02% 4.07% 4.11% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 2Q25 3Q25 4Q25 1Q26 2Q26 Int Income (FTE) Net Int Income (FTE) NIM (FTE) 3.88% 3.96% 3.71% 3.89% 4.09% 0 3.88% 3.92% 4.02% 4.07% 4.11% 3.98% 4.87% 5.21% 5.21% 5.28% 5.22% 5.26% 5.23% 5.26% 5.31% 0.06% 0.68% 1.41% 1.37% 1.27% 1.37% 1.39% 1.29% 1.26% 1.27% 2022 2023 2024 2025 2026 Qtr 2Q25 3Q25 4Q25 1Q26 2Q26 NIM(FTE) Yield (FTE) Cost of Deposits Net Interest Income (NII) and Margin (NIM) 2026 values through the six months ended 6/30/2026 8
Investor Presentation | Second Quarter 2026 11.7% 10.6% 9.6% 9.4% 10.1% 8.7% 10.5% 10.0% 10.1% 10.1% 2022 2023 2024 2025 2026 2Q25 3Q25 4Q25 1Q26 2Q26 1.28% 1.19% 1.18% 1.23% 1.38% 1.13% 1.36% 1.34% 1.38% 1.37% 2022 2023 2024 2025 2026 2Q25 3Q25 4Q25 1Q26 2Q26 53.0% 55.8% 59.1% 57.5% 55.4% 59.0% 56.2% 54.7% 54.5% 56.2% 2022 2023 2024 2025 2026 2Q25 3Q25 4Q25 1Q26 2Q26 1.97% 1.87% 1.66% 1.81% 1.99% 1.74% 1.89% 1.98% 2.01% 1.97% 2022 2023 2024 2025 2026 2Q25 3Q25 4Q25 1Q26 2Q26 Current Operating Metrics 2026 values through the three months ended 6/30/2026 ROAA Efficiency Ratio ROE PPNR as % of Average Assets 9
Investor Presentation | Second Quarter 2026 $1,266.8 $135.5 $4.5 $19.6 $(46.4) $(36.4) $1,343.6 6/30/2025 Net Income PSU & RSU Vesting Change in AOCI Dividends Net Share Repurchases 6/30/2026 $1,324.0 $34.2 $1.2 $(2.5) $(11.5) $(1.8) $1,343.6 3/31/2026 Net Income PSU & RSU Vesting Change in AOCI Dividends Net Share Repurchases 6/30/2026 7.6% 8.8% 9.7% 10.7% 10.8% 11.7% 12.2% 13.2% 13.3% 13.3% 14.2% 14.7% 15.7% 15.1% 15.0% $21.76 $25.39 $27.60 $31.52 $32.40 $- $8.00 $16.00 $24.00 $32.00 $40.00 $48.00 $56.00 $64.00 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 2022 2023 2024 2025 2026 Tangible Capital Ratio Common Equity Tier 1 Ratio Total Risk Based Capital Ratio Tangible Book Value per Share Equity Capital: Well Capitalized, Well Managed Dollars in millions Quarter-to-Date Change in Equity Capital Year-over-Year Change in Equity Capital Scaled to $1.2 billion Scaled to $1.2 billion 2026 values through the three months ended 6/30/2026 Dollars in millions 10
Investor Presentation | Second Quarter 2026 3 8 .0 3 5 .7 3 4 .8 3 2 .6 3 1 .8 3 1 .7 3 1 .5 3 0 .9 3 0 .6 3 0 .5 3 1 .4 3 0 .5 3 1 .1 0 10 20 30 40 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Non Interest-bearing Deposits as % of Total Deposits TCBK Peers 52.1% as a % of Total Balances, 47.9% 15.5% as % of Total Accounts, 84.5% 8 0 .4 8 4 .0 8 7 .7 8 7 .7 8 6 .6 8 6 .5 8 7 .2 8 6 .5 8 6 .5 8 7 .5 8 9 .9 8 7 .8 8 8 .3 0 20 40 60 80 100 120 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Loans to Core Deposits (%) TCBK Peers $8.37 BILLION TOTAL DEPOSITS 1.27% COST OF TOTAL DEPOSITS 88.3% LOAN TO CORE DEPOSIT RATIO 31.1% NON-INTEREST DEPOSITS DEPOSITS 99.4% DEPOSITS AS % OF FUNDING LIABILITIES Mix of Demand & Savings Accounts Peer group consists of 99 closest peers in terms of total assets, range $6.3 to $13.3 Billion; source: BankRegData.com Net Loans includes LHFS and Allowance for Credit Loss; Core Deposits = Total Deposits less CDs > 250k and Brokered Deposits 11
Investor Presentation | Second Quarter 2026 $492 $588 $697 $972 $1,035 $1,091 $1,123 $1,110 $1,111 $1,106 $1,110 $1,147 $1,143 $4,530 $4,564 $4,414 $4,415 $4,458 $4,399 $4,416 $4,556 $4,705 $4,684 $4,560 $4,698 $4,619 $3,073 $2,858 $2,723 $2,600 $2,557 $2,548 $2,549 $2,539 $2,560 $2,544 $2,594 $2,559 $2,607 $8,095 $8,010 $7,834 $7,988 $8,050 $8,037 $8,088 $8,205 $8,376 $8,334 $8,264 $8,404 $8,369 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Non Interest- bearing Demand Deposits, 30.4% Interest-bearing Demand & Savings Deposits, 53.8% Time Deposits, 13.3% Borrowings & Subordinated Debt, 0.6% Other liabilities, 1.9% Deposits = 99.4% of Funding Liabilities Liability Mix 6/30/2026 DEPOSITS: Strengths in Mix and Cost of Funds * Balances in $ millions at period end, cost of deposits are quarter-to-date 12
Investor Presentation | Second Quarter 2026 $721 $121 $271 $18 3.12% 3.12% 3.13% 1.62% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% $0 $100 $200 $300 $400 $500 $600 $700 $800 <3 Months 3-6 Months 6-12 Months >12 Months Current Balance Wtd Avg Rate $979 $1,041 $1,074 $1,063 $1,075 $1,075 $1,083 $1,130 $1,131 4.31% 4.26% 4.05% 3.69% 3.49% 3.42% 3.30% 3.27% 3.10% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% $0.00 $200.00 $400.00 $600.00 $800.00 $1,000.00 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Current Balance Weighted Average Rate * Note: Excludes CDARS; $12MM balance at 6/30/2026 * CD special as of Jun 30, 2026, subject to change CD Balances Balances in $ millions, balances and Wtd Avg Rates are as of period end CD Maturities DEPOSITS: CD Balance and Maturity Composition 13
Investor Presentation | Second Quarter 2026 1.66% 1.66% 1.51% 1.50% 1.60% 1.58% 1.38% 1.43% 1.46% 1.67% 1.74% 1.65% 1.64% 1.60% 1.65% 1.52% 1.46% 1.50% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 WAR QTD Cost $4,458 $4,399 $4,416 $4,556 $4,705 $4,684 $4,560 $4,698 $4,619 1.66% 1.66% 1.51% 1.50% 1.60% 1.58% 1.38% 1.43% 1.46% 0.00% 0.50% 1.00% 1.50% 2.00% $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Current Balance Weighted Average Last Accrual Rate $1,752 $984 $869 $1,014 $2 <=0.01% 0.01% - 2.0% 2.0% - 3.0% 3.0% - 4.0% >4.0% Interest Bearing Demand and Savings by Quarter Balances in $ millions, balances and Wtd Avg Rates are as of period end Int-Bearing Demand & Savings by Wtd Avg Rate DEPOSITS: Interest Bearing Demand and Savings 14
Investor Presentation | Second Quarter 2026 $2,760 $3,015 $4,022 $4,307 $4,763 $4,917 $6,450 $6,795 $6,769 $7,114 $6,961 $7,010 $7,114 $7,072 $7,313 5.32% 5.16% 5.24% 5.44% 5.02% 4.97% 4.86% 5.44% 5.79% 5.75% 5.76% 5.75% 5.77% 5.78% 5.85% 3.00% 4.00% 5.00% 6.00% $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q25 3Q25 4Q25 1Q26 2Q26 Total Loans Loan Yield $7.31 BILLION TOTAL LOANS 5.85% LOAN YIELD 314% CRE TO TOTAL RBC RATIO 1.78% ACL RATIO 189% ACL TO NPL RATIO LOANS Acquired VRB Loans of $795MM upon 3/25/2022 with a WAR of 4.31%. Yield scaled to range of 3% to 6% in the visual End of period balances $ millions, net of fees, and include LHFS. Yields based on average balance and annualized interest income for quarterly periods. Trailing 10 years Trailing 5 quarters 15
Investor Presentation | Second Quarter 2026 $170 $247 $193 $114 $121 $146 $260 $161 $235 $241 $278 $215 $404 -$107 -$83 -$110 -$83 -$137 -$113 -$170 -$69 -$115 -$139 -$146 -$171 -$165 $36 $22 -$24 -$41 -$86 -$11 -$43 $35 -$48 -$30 -$87 $3 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Origination Payoffs Balance Change net of Originations and Payoffs LOANS: Production vs. Payoff Outstanding Principal in Millions, excludes Credit Card balances Slower pace of originations relative to 2021-22 commensurate with market rate changes, liquidity management, and NIM preservation. Pace of originations has consistently gained momentum following the reorganization of Wholesale Banking, with net loan growth and repricing driving improved portfolio yields 16
Investor Presentation | Second Quarter 2026 70% 59% 79% 57% 75% 76% 44% 53% 29% 39% 21% 43% 25% 21% 55% 40% 1% 2% 0% 0% 0% 3% 1% 7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Retail Building Office Building Hotel/Motel Light Industrial Mixed Use - Retail Other Multifamily CRE Owner Occupied <= 60% > 60% - 75% > 75% LOANS: CRE Collateral Values Distribution by LTV (1) LTV Range CRE Non-Owner Occupied by Collateral Type (1) LTV as of most recent origination or renewal date 17
Investor Presentation | Second Quarter 2026 $2,590 $2,455 $1,162 $1,035 $427 $388 $451 $426 $1,047 $1,003 $829 $853 $301 $308 $389 $429 $154 $172 $43 $49 $679 $651 $668 $663 $68 $64 $288 $234 $163 $148 2Q-2026 2Q-2025 2Q-2026 2Q-2025 2Q-2026 2Q-2025 2Q-2026 2Q-2025 2Q-2026 2Q-2025 2Q-2026 2Q-2025 2Q-2026 2Q-2025 2Q-2026 2Q-2025 CRE Non-Owner Occupied Multifamily SFR HELOC and Junior Liens Commercial & Industrial CRE-Owner Occupied SFR 1-4 Term Construction Agriculture & Farmland Outstanding Principal ($MM) Unfunded Commitment ($MM) 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% $0 $25 $50 $75 $100 $125 $150 $175 $200 20262025202420232022202120202019201820172016201520142013<=2012 Private Balance (MM) Unfunded (MM) WA Rate LOANS: Mix and Unfunded Commitments HELOCs – by vintage, with weighted average rate (7.37% total WAR) Outstanding Principal and Commitments exclude unearned fees and discounts/premiums; segments exclude Leases, DDA Overdraft, Credit Cards, Auto, and other consumer. 2026 vintage reflects impact of short-term promotional rates 18 5.65% 7.54%7.76%8.00% 7.40%7.17%7.20%7.36%7.53%7.59%7.60%7.38%7.29%7.13%7.25%
Investor Presentation | Second Quarter 2026 Fruit & Tree Nuts 38% Dairy 18% Post Harvest 9% Beef Cattle 4% Grape Vineyards 8% Other 23% $103 $58 $3 $122 $16 $19 $25 $88 $161 $118 $149 $2 $48 $70 $63 $16 $196 $139 47% 28% 59% 72% 19% 23% 61% 31% 54% 0% 5000% 10000% 15000% 20000% Oil & Gas Extraction Construction Finance and Insurance Real Estate Healthcare Wholesale Trans and Warehouse Other (14 Categories) Agriculture Outstanding (mln) Unfunded (mln) $612 $698 $705 $668 $661 $588 $590 $562 $579 $563 $582 $554 $595 $727 $709 $736 $734 $802 $826 $709 $758 $769 $779 $746 $783 $801 46% 50% 49% 48% 45% 42% 45% 43% 43% 42% 44% 42% 43% 7.61% 7.87% 7.82% 7.88% 7.87% 7.58% 7.20% 7.18% 7.18% 7.06% 6.77% 6.76% 6.76% 6% 6% 7% 7% 8% 8% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Outstanding Principal ($MM) Unfunded Commitment Utilization WAR LOANS: C&I and Ag Production Utilization • Outstanding Principal excludes unearned fees and discounts/premiums ($ millions) • As of 06/30/2026, 31% of combined C&I and Ag loans are variable rate and tied to prime; another 27% are adjustable, primarily tied to SOFR, and repricing monthly C&I and Ag Production Utilization by NAICS Industry: 2Q-2026 Agriculture NAICS Segments 19
Investor Presentation | Second Quarter 2026 Fixed 32% Adjustable 54% Floating 14% 68% Adjustable + Floating $1,009 $863 $673 $658 $727 $834 $236 $945 $638 $565 $710 $636 $756 $268 7.36% 5.18% 5.16% 5.48% 5.96% 6.27% 5.90% 6.66% 6.77% 6.93% 6.69% 6.76% 6.59% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% -$100 $100 $300 $500 $700 $900 $1,100 Monthly (Floating) < 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years Q2-2026 Adjustable Loans, Principal Outstanding ($MM) Q2-2025 Adjustable Loans, Principal Outstanding ($MM) Adj Wtd Avg Rate Adj Wtd Avg Rate if Repriced 6/30/2026 Dollars in millions, excludes unearned fees and accretion/amortization therein. Wtd Avg Rate (weighted average rate) as of 6/30/2026 and based upon outstanding principal; Next Reprice signifies either the next scheduled reprice date or maturity. 99% of Floating benchmarked to Prime $3,990 MM Adjustable, predominantly benchmarked to 5 Year Treasury Loan Yield Composition: Adjustable and Floating Rate 20
Investor Presentation | Second Quarter 2026 5.39% 5.55% 5.64% 4.70% 4.80% 4.90% 5.00% 5.10% 5.20% 5.30% 5.40% 5.50% 5.60% 5.70% $3,400 $3,500 $3,600 $3,700 $3,800 $3,900 $4,000 Adj Rate Loans WAR $3,763 $3,990 $291 ($64) $0 3/31/2026 Originations Payoffs Paydowns 6/30/2026 $3,572 ($299) ($92) $3,990 $808 6/30/2025 Originations Payoffs Paydowns 6/30/2026 Adjustable Rate Loans Dollars in millions, principal outstanding, excludes unearned fees; Paydowns are net of Draws on existing loans WAR (weighted average rate) based upon outstanding principal, excludes unearned fees Scaled to $3,400MM Scaled to $2,000MM 5.39% WAR Year-over-year change Quarter-over-quarter change 5.64% WAR 5.55% WAR 6.17% 6.11% 5.64% WAR 6.16% 6.15% 21
Investor Presentation | Second Quarter 2026 $200 $350 $455 $794 $62 $91 $372 $13 $8 $14 $23 $20 $18 $347 5.09% 5.33% 5.05% 4.74% 5.53% 5.53% 4.18% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 0 - 1 Years 1 - 3 Years 3 - 5 Years 5 - 10 Years 10 - 15 Years 15 - 20 Years > 20 Years All Fixed SFR 1-4 All WAR Fixed 32% Adjustable 54% Floating 14% $2,324 MM total fixed 4.88% Wtd Avg Rate Dollars in millions, excludes unearned fees and accretion/amortization therein. Wtd Avg Rate (weighted average rate, or WAR) as of 6/30/2026 and based upon outstanding principal Loan Yield Composition: Fixed Rate Loans 22
Investor Presentation | Second Quarter 2026 $2,351 $2,324 $85 ($71) ($41) 3/31/2026 Originations Payoffs Paydowns 6/30/2026 4.88% 4.87% 4.88% 4.65% 4.70% 4.75% 4.80% 4.85% 4.90% 4.95% 5.00% $2,200 $2,250 $2,300 $2,350 $2,400 $2,450 $2,500 $2,550 Fixed Rate Loans WAR $2,463 $2,324 $227 ($198) ($168) 6/30/2025 Originations Payoffs Paydowns 6/30/2026 Fixed Rate Loans Dollars in millions, principal outstanding, excludes unearned fees; Paydowns are net of draws on existing loans within period WAR (weighted average rate) based upon outstanding principal, excludes unearned fees Year-over-year change Quarter-over-quarter change Scaled to $2,200MM Scaled to $2,200MM 4.88% WAR 4.88% WAR 4.87% WAR Includes principal amortization as well as transfers of loans out of construction 4.88% WAR 6.46% 5.84%6.26% Appetite for fixed rate loans faces headwinds as clients anticipate future rate reductions 6.07% 23
Investor Presentation | Second Quarter 2026 ($337) $4,848 ($68) ($2,195) $127,939 $130,187 ACL 03/31/2026 Charge Offs & Recoveries Portfolio Growth/Mix Specific Reserve Changes Reserve Rate Changes ACL 06/30/2026 $120,000 $122,000 $124,000 $126,000 $128,000 $130,000 $132,000 LOANS: Allowance for Credit Losses Drivers of Change under CECL $243MM growth in loans in the quarter, driven by CRE and C&I Reduced quantitative reserve rates in Farmland, C&I and Construction Excludes changes in specific reserves Gross charge-offs $0.455 million Gross recoveries $0.118 million 1.81% of Total Loans 1.78% of Total Loans Reduction in CRE individually reserved credits, offset by increased reserve in C&I Scaled to reflect $120MM 24
Investor Presentation | Second Quarter 2026 LOANS: Allowance for Credit Losses Allocation of Allowance by Segment 25 ($ Thousands) Allowance for Credit Losses Loans (Excl LHFS) ACL Amount ACL % of Loans Loans (Excl LHFS) ACL Amount ACL % of Loans Loans (Excl LHFS) ACL Amount ACL % of Loans Commercial real estate: CRE non-owner occupied 2,323,036$ 37,229$ 1.60% 2,533,542$ 41,647$ 1.64% 2,575,598$ 42,183$ 1.64% CRE owner occupied 961,415 15,747 1.64% 1,020,740 16,286 1.60% 1,041,498 16,048 1.54% Multifamily 1,028,035 15,913 1.55% 1,114,059 16,384 1.47% 1,156,848 16,688 1.44% Farmland 265,146 3,960 1.49% 239,888 5,593 2.33% 239,936 4,741 1.98% Total commercial real estate loans 4,577,632$ 72,849$ 1.59% 4,908,229$ 79,910$ 1.63% 5,013,880$ 79,660$ 1.59% Consumer: SFR 1-4 1st DT 859,660$ 14,227$ 1.65% 816,577$ 9,929$ 1.22% 826,812$ 10,451$ 1.26% SFR HELOCs and junior liens 363,420 10,411 2.86% 429,362 12,297 2.86% 429,632 12,872$ 3.00% Other 57,977 2,825 4.87% 36,242 1,560 4.30% 32,529 1,646$ 5.06% Total consumer loans 1,281,057$ 27,463$ 2.14% 1,282,181$ 23,786$ 1.86% 1,288,973$ 24,969$ 1.94% Commercial and industrial 471,271$ 14,397$ 3.05% 465,081$ 12,435$ 2.67% 559,886$ 13,487$ 2.41% Construction 279,933 7,224 2.58% 262,872 8,239 3.13% 298,388 8,451 2.83% Agriculture production 151,822 3,403 2.24% 145,463 3,548 2.44% 146,190 3,602 2.46% Leases 6,806 30 0.44% 4,372 21 0.48% 3,773 18 0.48% Total Loans and ACL 6,768,523$ 125,366$ 1.85% 7,068,198$ 127,939$ 1.81% 7,311,090$ 130,187$ 1.78% Reserve for Unfunded Loan Commitments 6,000 8,100 8,170 Allowance for Credit Losses 6,768,523$ 131,366$ 1.94% 7,068,198$ 136,039$ 1.92% 7,311,090$ 138,357$ 1.89% Discounts on Acquired Loans 20,307 13,543 12,545 Total ACL Plus Discounts 6,768,523$ 151,674$ 2.24% 7,068,198$ 149,582$ 2.12% 7,311,090$ 150,901$ 2.06% June 30, 2026December 31, 2024 March 31, 2026
Investor Presentation | Second Quarter 2026 LOANS: Risk Grade Migration Zero balance in Doubtful and Loss 26
Investor Presentation | Second Quarter 2026 0.14% 0.09% 0.07% 0.18% 0.13% 0.15% 0.18% 0.25% 0.34% 0.49% 0.49% 0.48% 0.58% 0.53% 0.55% 0.56% 0.59% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 TCBK Peers 377% 297% 284% 234% 192% 190% 196% 184% 189% 1 6 7 % 1 7 2 % 1 6 0 % 1 7 9 % 1 9 2 % 1 9 1 % 1 7 1 % 1 7 2 % 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 TCBK Peers 0.35% 0.44% 0.48% 0.58% 0.67% 0.71% 0.70% 0.75% 0.74% 0.55% 0.57% 0.60% 0.63% 0.65% 0.68% 0.65% 0.72% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 TCBK Peers LOANS: Asset Quality Peer group consists of 99 closest peers in terms of asset size, range $6.3-13.3 Billion, source: BankRegData.com Past due 30-89 accruing loans exclude non-accrual; NPAs as presented are net of guarantees; NPLs as presented are not adjusted for guarantees. The Bank continues to actively and aggressively address potential credit issues with short resolution timelines. Despite increase in non-performing assets over the past several quarters, current levels remain well below historical norms for both the Company and the community banking industry. Non-Performing Assets as a % of Total Assets Coverage Ratio: ACL as % of Non-Performing LoansPast Due 30-89 as a % of Total Loans 27
Investor Presentation | Second Quarter 2026 Tri Counties Bank exists for just one purpose: to improve the financial success and well-being of our shareholders, customers, communities and employees. Our Mission Core Values Trust Respect Integrity Communication Opportunity Team Ethos We are one team, aligned, customer-focused and collaborative to achieve next-level performance. 28
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v3.26.1
Cover
Jul. 23, 2026
Cover [Abstract]
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Jul. 23, 2026
Entity Registrant Name
TriCo Bancshares
Entity Incorporation, State or Country Code
CA
Entity File Number
0-10661
Entity Tax Identification Number
94-2792841
Entity Address, Address Line One
63 Constitution Drive
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Chico,
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CA
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