3Q25 Financial Highlights

Net income was $34.0 million or $1.04 per diluted share as compared to $27.5 million or $0.84 per diluted share in the trailing quarter, and an increase of $5.0 million or 17.1% from the third quarter of 2024
Net interest income (FTE) was $89.8 million, an increase of $3.0 million or 3.51% over the trailing quarter; net interest margin (FTE) was 3.92% in the recent quarter, an increase of 4 basis points over 3.88% in the trailing quarter
Loan balances increased $47.8 million or 2.7% (annualized) from the trailing quarter and increased $322.9 million or 4.8% from the same quarter of the prior year
Deposit balances decreased $41.3 million or 2.0% (annualized) from the trailing quarter and increased $297.4 million or 3.7% from the same quarter of the prior year
Average yield on earning assets was 5.25%, an increase of 4 basis points over the 5.21% in the trailing quarter; average yield on loans was 5.75%, a decrease of 1 basis point over the 5.76% in the trailing quarter
Non-interest bearing deposits averaged 30.5% of total deposits during the quarter
The average cost of total deposits was 1.39%, an increase of 2 basis points as compared to 1.37% in the trailing quarter, and a decrease of 13 basis points from 1.52% in the same quarter of the prior year

TriCo Bancshares (NASDAQ:TCBK):

Executive Commentary:

"We continue to see positive trends in a number of measures that will benefit the Company in future periods, which, as demonstrated in the current quarter, led to both positive operating leverage and growth in return on equity. While we anticipate crossing the $10 billion threshold in 2026, our ability to execute on our long-term strategies remain our primary focus," said Rick Smith, Chairman and CEO.

Peter Wiese, EVP and CFO added, "Loan production and origination activities continue to increase while balance sheet repricing remains ahead of expectations. The migration towards a steepening yield curve will likely contribute positively to net interest income expansion while management remains diligent about controlling expenses despite the persistence of an inflationary environment."

Selected Financial Highlights

For the quarter ended September 30, 2025, the Company's return on average assets was 1.36%, while the return on average equity was 10.47%; for the trailing quarter ended June 30, 2025, the Company's return on average assets was 1.13%, while the return on average equity was 8.68%
Diluted earnings per share were $1.04 for the third quarter of 2025, compared to $0.84 for the trailing quarter and $0.88 during the third quarter of 2024
The loan to deposit ratio was 84.07% as of September 30, 2025, as compared to 83.08% for the trailing quarter end. Management's ability to maintain this ratio proximate to 85.0% will drive growth in revenue and earnings, as demonstrated in the current period
The efficiency ratio was 56.18% for the quarter ended September 30, 2025, as compared to 59.00% for the trailing quarter
The provision for credit losses was $0.7 million during the quarter ended September 30, 2025, as compared to $4.7 million during the trailing quarter end
The allowance for credit losses (ACL) to total loans was 1.78% as of September 30, 2025, compared to 1.79% as of the trailing quarter end, and 1.85% as of September 30, 2024. Non-performing assets to total assets were 0.72% on September 30, 2025, as compared to 0.68% as of June 30, 2025, and 0.45% at September 30, 2024. At September 30, 2025, the ACL represented 190% of non-performing loans

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 September 30, 2025, 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.

Operating Results and Performance Ratios

	Three months ended
	September 30, 2025			June 30, 2025
(dollars and shares in thousands, except per share data)	September 30, 2025			June 30, 2025			$ Change			% Change
Net interest income	$	89,555		$	86,519		$	3,036		3.5	%
Provision for credit losses		(670	)		(4,665	)		3,995		(85.6	)%
Noninterest income		18,007			17,090			917		5.4	%
Noninterest expense		(60,424	)		(61,131	)		707		(1.2	)%
Provision for income taxes		(12,449	)		(10,271	)		(2,178	)	21.2	%
Net income	$	34,019		$	27,542		$	6,477		23.5	%
Diluted earnings per share	$	1.04		$	0.84		$	0.20		23.8	%
Dividends per share	$	0.36		$	0.33		$	0.03		9.1	%
Average common shares		32,542			32,757			(215	)	(0.7	)%
Average diluted common shares		32,723			32,936			(213	)	(0.6	)%
Return on average total assets		1.36	%		1.13	%
Return on average equity		10.47	%		8.68	%
Efficiency ratio		56.18	%		59.00	%

	Three months ended September 30,
(dollars and shares in thousands, except per share data)		2025			2024		$ Change			% Change
Net interest income	$	89,555		$	82,611		$	6,944		8.4	%
Provision for credit losses		(670	)		(220	)		(450	)	204.5	%
Noninterest income		18,007			16,495			1,512		9.2	%
Noninterest expense		(60,424	)		(59,487	)		(937	)	1.6	%
Provision for income taxes		(12,449	)		(10,348	)		(2,101	)	20.3	%
Net income	$	34,019		$	29,051		$	4,968		17.1	%
Diluted earnings per share	$	1.04		$	0.88		$	0.16		18.2	%
Dividends per share	$	0.36		$	0.33		$	0.03		9.1	%
Average common shares		32,542			32,993			(451	)	(1.4	)%
Average diluted common shares		32,723			33,137			(414	)	(1.2	)%
Return on average total assets		1.36	%		1.20	%
Return on average equity		10.47	%		9.52	%
Efficiency ratio		56.18	%		60.02	%

	Nine months ended September 30,
(dollars and shares in thousands)		2025			2024		$ Change			% Change
Net interest income	$	258,616		$	247,344		$	11,272		4.6	%
Provision for credit losses		(9,063	)		(4,930	)		(4,133	)	83.8	%
Noninterest income		51,170			48,132			3,038		6.3	%
Noninterest expense		(181,140	)		(174,330	)		(6,810	)	3.9	%
Provision for income taxes		(31,659	)		(30,382	)		(1,277	)	4.2	%
Net income	$	87,924		$	85,834		$	2,090		2.4	%
Diluted earnings per share	$	2.67		$	2.58		$	0.09		3.5	%
Dividends per share	$	1.02		$	0.99		$	0.03		3.0	%
Average common shares		32,749			33,119			(370	)	(1.1	)%
Average diluted common shares		32,929			33,251			(322	)	(1.0	)%
Return on average total assets		1.20	%		1.17	%
Return on average equity		9.24	%		9.67	%
Efficiency ratio		58.47	%		59.00	%

Balance Sheet Data

Total loans outstanding were $7.0 billion as of September 30, 2025, an increase of $322.9 million or 4.8% over September 30, 2024, and an increase of $47.8 million or 2.7% annualized as compared to the trailing quarter ended June 30, 2025. Investments decreased by $80.8 million and $260.3 million for the three and twelve month periods ended September 30, 2025, respectively, and ended the quarter with a balance of $1.86 billion or 18.8% of total assets. Quarterly average earning assets to quarterly total average assets was 91.8% on September 30, 2025, compared to 92.0% at September 30, 2024. The loan-to-deposit ratio was 84.1% on September 30, 2025, as compared to 83.2% at September 30, 2024. The Company did not utilize brokered deposits during 2025 or 2024 and continues to rely on organic deposit customers to fund cash flow timing differences.

Total shareholders' equity increased by $37.5 million during the quarter ended September 30, 2025, as net income of $34.0 million and a $16.4 million decrease in accumulated other comprehensive losses were partially offset by $11.7 million in cash dividends on common stock and $2.3 million in share repurchase activity. As a result, the Company's book value increased to $40.12 per share at September 30, 2025, compared to $38.92 at June 30, 2025. 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 $30.61 per share at September 30, 2025, as compared to $29.40 at June 30, 2025. Changes in the fair value of available-for-sale investment securities, net of deferred taxes, continue to create moderate levels of volatility in tangible book value per share.

Trailing Quarter Balance Sheet Change
Ending balances	September 30, 2025		June 30, 2025					Annualized % Change
(dollars in thousands)	September 30, 2025		June 30, 2025		$ Change			Annualized % Change
Total assets	$	9,878,836	$	9,923,983	$	(45,147	)	(1.8	)%
Total loans		7,006,824		6,958,993		47,831		2.7
Total investments		1,856,133		1,936,954		(80,821	)	(16.7	)
Total deposits		8,334,461		8,375,809		(41,348	)	(2.0	)
Total other borrowings		17,039		17,788		(749	)	(16.8	)

Loans outstanding increased by $47.8 million or 2.7% on an annualized basis during the quarter ended September 30, 2025. During the quarter, loan originations/draws totaled approximately $424.6 million while payoffs/repayments of loans totaled $377.1 million, which compares to originations/draws and payoffs/repayments during the trailing quarter ended of $457.7 million and $329.3 million, respectively. Origination volume was down relative to the robust prior quarter but remains in-line with forecasted levels. As interest rates continue to contract from the highs experienced in early 2025, the macro-economic outlook remains optimistic for borrowers following the passage of tax and spending legislation that is expected to promote continued economic expansion, in addition to progress made finalizing tariff policies with the United States' largest trade partners. The activity within loan payoffs/repayments, while elevated in the most recent quarter, remains spread amongst numerous borrowers, regions and loan types.

Investment security balances decreased $80.8 million or 16.7% on an annualized basis during the quarter as a result of net prepayments/maturities of $143.6 million, and sales of $28.5 million, partially offset by net increases in the market value of securities of $12.8 million and purchases of $73.4 million. Investment security purchases were comprised of fixed rate agency mortgage-backed securities, non-agency collateralized mortgage 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 $41.3 million or 2.0% annualized during the period due to declines in primarily savings deposit account balances.

Average Trailing Quarter Balance Sheet Change
Quarterly average balances for the period ended	September 30, 2025		June 30, 2025					Annualized % Change
(dollars in thousands)	September 30, 2025		June 30, 2025		$ Change			Annualized % Change
Total assets	$	9,900,675	$	9,778,834	$	121,841		5.0	%
Total loans		6,971,860		6,878,186		93,674		5.4
Total investments		1,869,394		1,951,390		(81,996	)	(16.8	)
Total deposits		8,361,600		8,222,982		138,618		6.7
Total other borrowings		17,495		22,707		(5,212	)	(91.8	)

Year Over Year Balance Sheet Change
Ending balances	As of September 30,							% Change
(dollars in thousands)		2025		2024	$ Change			% Change
Total assets	$	9,878,836	$	9,823,890	$	54,946		0.6	%
Total loans		7,006,824		6,683,891		322,933		4.8
Total investments		1,856,133		2,116,469		(260,336	)	(12.3	)
Total deposits		8,334,461		8,037,091		297,370		3.7
Total other borrowings		17,039		266,767		(249,728	)	(93.6	)

Net Interest Income and Net Interest Margin

The Company's yield on loans for the third quarter was 5.75%, a decrease of 1 basis point from 5.76% as of the trailing quarter end and a decrease of 8 basis points as compared to 5.83% for the period ended September 30, 2024. The tax equivalent yield on the Company's investment security portfolio was 3.49% for the quarter ended September 30, 2025, an increase of 19 basis points from the trailing quarter end of 3.30% and an increase of 3 basis points from the 3.46% earned during the three months ended September 30, 2024. As compared to the trailing quarter, costs on interest-bearing deposits increased by 2 basis points and interest-bearing liabilities were unchanged. The cost of total interest-bearing deposits decreased by 24 basis points, while the costs of total interest-bearing liabilities decreased by 35 basis points, respectively, between the three-month periods ended September 30, 2025 and 2024, respectively.

The FOMC cut short-term interest rates during the current quarter by 25 basis points, the first change in 2025 following 100 basis points in cuts during the fourth quarter in 2024. The fully tax-equivalent net interest income and net interest margin was $89.8 million and 3.92%, respectively, for the quarter ended September 30, 2025, and was $86.8 million and 3.88%, respectively, for the quarter ended June 30, 2025. More specifically, the net interest rate spread improved by 4 basis points to 3.20% for the quarter ended September 30, 2025, as compared to the trailing quarter, while the net interest margin similarly increased by 4 basis points to 3.92% 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 September 30, 2025, June 30, 2025, and September 30, 2024, deposits priced utilizing these customized strategies totaled $1.0 billion, $1.0 billion, and $1.4 billion and carried weighted average rates of 3.33%, 3.38% and 3.80%, respectively.

	Three months ended
	September 30, 2025			June 30, 2025
(dollars in thousands)	September 30, 2025			June 30, 2025			Change			% Change
Interest income	$	119,987		$	116,361		$	3,626		3.1	%
Interest expense		(30,432	)		(29,842	)		(590	)	2.0	%
Fully tax-equivalent adjustment (FTE) ⁽¹⁾		262			264			(2	)	(0.8	)%
Net interest income (FTE)	$	89,817		$	86,783		$	3,034		3.5	%
Net interest margin (FTE)		3.92	%		3.88	%

Acquired loans discount accretion, net:
Amount (included in interest income)	$	996		$	1,247		$	(251	)	(20.1	)%
Net interest margin less effect of acquired loan discount accretion⁽¹⁾		3.88	%		3.82	%		0.06	%

	Three months ended September 30,
(dollars in thousands)		2025			2024		Change			% Change
Interest income	$	119,987		$	117,347		$	2,640		2.2	%
Interest expense		(30,432	)		(34,736	)		4,304		(12.4	)%
Fully tax-equivalent adjustment (FTE) ⁽¹⁾		262			269			(7	)	(2.6	)%
Net interest income (FTE)	$	89,817		$	82,880		$	6,937		8.4	%
Net interest margin (FTE)		3.92	%		3.71	%

Acquired loans discount accretion, net:
Amount (included in interest income)	$	996		$	1,018		$	(22	)	(2.2	)%
Net interest margin less effect of acquired loan discount accretion⁽¹⁾		3.88	%		3.66	%		0.22	%

	Nine months ended September 30,
(dollars in thousands)		2025			2024		Change			% Change
Interest income	$	350,425		$	349,796		$	629		0.2	%
Interest expense		(91,809	)		(102,452	)		10,643		(10.4	)%
Fully tax-equivalent adjustment (FTE) ⁽¹⁾		791			819			(28	)	(3.4	)%
Net interest income (FTE)	$	259,407		$	248,163		$	11,244		4.5	%
Net interest margin (FTE)		3.84	%		3.69	%

Acquired loans discount accretion, net:
Amount (included in interest income)	$	4,238		$	3,200		$	1,038		32.4	%
Net interest margin less effect of acquired loan discount accretion⁽¹⁾		3.78	%		3.64	%		0.14	%

(1)

Certain information included herein is presented on a fully tax-equivalent (FTE) basis and / or to present additional financial details which may be desired by users of this financial information. The Company believes the use of these non-generally accepted accounting principles (non-GAAP) measures provide additional clarity in assessing its results, and the presentation of these measures are common and customary practice within the banking industry. See additional information related to non-GAAP measures at the back of this document.

Analysis Of Change in Net Interest Margin on Earning Assets

	Three months ended						Three months ended						Three months ended
	September 30, 2025						June 30, 2025						September 30, 2024
(dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Assets
Loans	$	6,971,860	$	101,004	5.75	%	$	6,878,186	$	98,695	5.76	%	$	6,690,326	$	98,085	5.83	%
Investments-taxable		1,737,273		15,321	3.50	%		1,818,814		14,921	3.29	%		1,972,859		17,188	3.47	%
Investments-nontaxable ⁽¹⁾		132,121		1,134	3.41	%		132,576		1,143	3.46	%		135,500		1,166	3.42	%
Total investments		1,869,394		16,455	3.49	%		1,951,390		16,064	3.30	%		2,108,359		18,354	3.46	%
Cash at Fed Reserve and other banks		249,646		2,790	4.43	%		144,383		1,866	5.18	%		93,538		1,177	5.01	%
Total earning assets		9,090,900		120,249	5.25	%		8,973,959		116,625	5.21	%		8,892,223		117,616	5.26	%
Other assets, net		809,775						804,875						774,756
Total assets	$	9,900,675					$	9,778,834					$	9,666,979
Liabilities and shareholders' equity
Interest-bearing demand deposits	$	1,850,733	$	6,649	1.43	%	$	1,804,856	$	6,076	1.35	%	$	1,736,442	$	6,132	1.40	%
Savings deposits		2,855,750		12,965	1.80	%		2,799,470		12,246	1.75	%		2,686,303		13,202	1.96	%
Time deposits		1,107,646		9,587	3.43	%		1,102,025

TriCo Bancshares Reports Third Quarter 2025 Net Income of $34.0 Million, Diluted EPS of $1.04