# TRICO BANCSHARES / (TCBK)

Informational only - not investment advice.

CIK: 0000356171
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-03-02
SEC page: https://www.sec.gov/edgar/browse/?CIK=356171
Filing source: https://www.sec.gov/Archives/edgar/data/356171/000035617126000010/tcbk-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-02 · accession 0000356171-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000356171.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 470,572,000 USD | 2025 | verified |
| Net income | 121,558,000 USD | 2025 | verified |
| Assets | 9,822,063,000 USD | 2025 | verified |
| Free cash flow | 127,931,000 USD | 2025 | computed |
| Net margin | 25.83% | 2025 | computed |
| Revenue YoY | +0.84% | 2025 | computed |
| ROE | 9.15% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | TCBK | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 25.8% | 21.9% | 70 | 149 |
| Revenue growth | 0.8% | 6.0% | 21 | 148 |
| FCF margin | 27.2% | 23.8% | 62 | 133 |
| ROE | 9.2% | 9.6% | 41 | 149 |
| ROA | 1.2% | 1.1% | 69 | 149 |
| Liabilities / equity | 6.40 | 8.04 | 14 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 470572000 | USD | 2025 | 2026-03-02 |
| Net income | 121558000 | USD | 2025 | 2026-03-02 |
| Assets | 9822063000 | USD | 2025 | 2026-03-02 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000356171.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 173,708,000 | 181,402,000 | 228,218,000 | 272,444,000 | 267,184,000 | 277,047,000 | 355,505,000 | 438,354,000 | 466,638,000 | 470,572,000 |
| Net income | 44,811,000 | 40,554,000 | 68,320,000 | 92,072,000 | 64,814,000 | 117,655,000 | 125,419,000 | 117,390,000 | 114,868,000 | 121,558,000 |
| Diluted EPS | 1.94 | 1.74 | 2.54 | 3.00 | 2.16 | 3.94 | 3.83 | 3.52 | 3.46 | 3.70 |
| Operating cash flow | 48,226,000 | 55,381,000 | 91,069,000 | 102,806,000 | 114,802,000 | 132,207,000 | 162,895,000 | 138,887,000 | 109,707,000 | 133,293,000 |
| Capital expenditures | 10,930,000 | 15,164,000 | 7,372,000 | 4,293,000 | 2,812,000 | 3,196,000 | 3,623,000 | 4,886,000 | 4,557,000 | 5,362,000 |
| Dividends paid | 13,695,000 | 15,131,000 | 18,769,000 | 24,999,000 | 26,303,000 | 29,724,000 | 35,797,000 | 39,901,000 | 43,646,000 | 45,031,000 |
| Share buybacks | 1,890,000 | 1,629,000 | 2,483,000 | 2,196,000 | 26,720,000 | 4,344,000 | 27,148,000 | 9,240,000 | 15,544,000 | 32,047,000 |
| Assets | 4,517,968,000 | 4,761,315,000 | 6,352,441,000 | 6,471,181,000 | 7,639,529,000 | 8,614,787,000 | 9,930,986,000 | 9,910,089,000 | 9,673,728,000 | 9,822,063,000 |
| Liabilities | 4,040,621,000 | 4,255,507,000 | 5,525,068,000 | 5,564,611,000 | 6,714,415,000 | 7,614,603,000 | 8,884,570,000 | 8,750,407,000 | 8,452,821,000 | 8,494,062,000 |
| Stockholders' equity | 477,347,000 | 505,808,000 | 827,373,000 | 893,587,000 | 925,114,000 | 1,000,184,000 | 1,046,416,000 | 1,159,682,000 | 1,220,907,000 | 1,328,001,000 |
| Cash and cash equivalents | 305,612,000 | 205,428,000 | 227,533,000 | 276,507,000 | 669,551,000 | 768,421,000 | 107,230,000 | 98,701,000 | 144,956,000 | 157,014,000 |
| Free cash flow | 37,296,000 | 40,217,000 | 83,697,000 | 98,513,000 | 111,990,000 | 129,011,000 | 159,272,000 | 134,001,000 | 105,150,000 | 127,931,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 25.80% | 22.36% | 29.94% | 33.79% | 24.26% | 42.47% | 35.28% | 26.78% | 24.62% | 25.83% |
| Return on equity | 9.39% | 8.02% | 8.26% | 10.30% | 7.01% | 11.76% | 11.99% | 10.12% | 9.41% | 9.15% |
| Return on assets | 0.99% | 0.85% | 1.08% | 1.42% | 0.85% | 1.37% | 1.26% | 1.18% | 1.19% | 1.24% |
| Liabilities / equity | 8.46 | 8.41 | 6.68 | 6.23 | 7.26 | 7.61 | 8.49 | 7.55 | 6.92 | 6.40 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/TCBK/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000356171.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.12 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.07 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.75 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 112,380,000 | 30,590,000 | 0.92 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 115,909,000 | 26,075,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 115,417,000 | 27,749,000 | 0.83 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 117,032,000 | 29,034,000 | 0.87 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 117,347,000 | 29,051,000 | 0.88 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 116,842,000 | 29,034,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 114,077,000 | 26,363,000 | 0.80 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 116,361,000 | 27,542,000 | 0.84 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 119,987,000 | 34,019,000 | 1.04 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 120,147,000 | 33,634,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 117,827,000 | 33,685,000 | 1.04 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 120,986,000 | 34,169,000 | 1.06 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from TCBK's latest 10-K: [/company/TCBK/business/](/company/TCBK/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from TCBK's latest 10-K: [/company/TCBK/risk-factors/](/company/TCBK/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/356171/000035617126000109/tcbk-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

Cautionary Statements Regarding Forward-Looking Information

The statements contained herein that are not historical facts are forward-looking statements based on 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.

37

Table of Contents

General

As TriCo Bancshares (referred to in this report as “we”, “our” or the “Company”) has not commenced any business operations independent of Tri Counties Bank (the “Bank”), the following discussion pertains primarily to the Bank. Average balances, including such balances used in calculating certain financial ratios, are generally comprised of average daily balances for the Company. Within Management’s Discussion and Analysis of Financial Condition and Results of Operations, interest income, net interest income, and net interest yield are generally presented on a FTE basis. The Company believes the use of these non-generally accepted accounting principles (non-GAAP) measures provides additional clarity in assessing its results, and the presentation of these measures on a FTE basis is a common practice within the banking industry. Interest income and net interest income are shown on a non-FTE basis in the Part I - Financial Information section of this Form 10-Q, and a reconciliation of the FTE and non-FTE presentations is provided below in the discussion of net interest income.

Recent Developments

On July 12, 2026, TriCo entered into an Agreement and Plan of Reorganization and Merger (the “merger agreement”) with First Hawaiian, Inc., a Delaware corporation (“First Hawaiian”) and Horizon Merger Sub, Inc., a California corporation and wholly owned subsidiary of First Hawaiian (“Merger Sub”). The merger agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into TriCo (the “merger”), with TriCo surviving the merger (the “Surviving Corporation”), and immediately following the merger, the Surviving Corporation will merge with and into First Hawaiian (the “second step merger,” and together with the merger, the “mergers”), with First Hawaiian continuing as the surviving entity in the second step merger. Promptly following the second step merger, Tri Counties Bank will merge with and into First Hawaiian’s wholly owned bank subsidiary, First Hawaiian Bank (the “bank merger”), with First Hawaiian Bank surviving the bank merger. The merger agreement was unanimously approved and adopted by the board of directors of each of TriCo, FHI and Merger Sub.

Subject to the terms and conditions of the merger agreement, at the effective time of the merger (the “effective time”), each share of TriCo common stock outstanding immediately prior to the effective time, other than shares owned, directly or indirectly, by TriCo, First Hawaiian or any of their respective subsidiaries, will be converted into the right to receive 2.095 shares of common stock, par value $0.01 per share, of First Hawaiian. Holders of TriCo’s common stock will receive cash in lieu of fractional shares. Upon closing of the transaction, First Hawaiian and TriCo shareholders are expected to own approximately 65% and 35%, respectively, of the combined company.

The transaction is expected to close by the end of 2026, subject to the receipt of required regulatory approvals, approval by First Hawaiian and TriCo shareholders and the satisfaction of customary closing conditions. A summary of the terms of the merger agreement and other related agreements are summarized in, and the merger agreement has been filed as an exhibit to, the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on July 15, 2026.

Critical Accounting Policies and Estimates

The Company’s discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those that materially affect the financial statements and are related to the adequacy of the allowance for credit losses, investments, mortgage servicing rights, fair value measurements, retirement plans and inta

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/356171/000035617126000010/tcbk-20251231.htm
Complete FY 2025 MD&A: /company/TCBK/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-03-02
Report date: 2025-12-31

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Introduction

The following discussion and analysis is designed to provide a better understanding of the significant changes and trends related to the Company and the Bank’s financial condition, operating results, asset and liability management, liquidity and capital resources and should be read in conjunction with the consolidated financial statements of the Company and the related notes at Part II, Item 8 of this report.

Financial Overview

In 2025, the Company reported net income of $121.6 million, a $6.7 million or 5.8% increase from the prior year. Earnings per share on a diluted basis for the year were $3.70, up 6.9% from the prior year. The current year net income was impacted by an increase in net interest income primarily associated with decreased interest expense and partially offset by an increase in provision for loan losses. In 2025, total interest expense was reported at $119.7 million, an decrease of $15.5 million or 11.4% from the prior year.

Net interest income on a fully tax equivalent (FTE) basis, a non-GAAP financial measure, was $351.9 million, an increase of $19.4 million, or 5.8%, from 2024. The increase in FTE net interest income reflects the $75.8 million, or 0.8%, increase in average earning assets and an 18 basis point increase in the FTE net interest margin to 3.89%. Average earning asset declines included a $226.1 million or 10.5% decrease in average securities, partially offset by an $166.3 million, or 2.5% increase in average loans and leases. The decrease in average securities was driven by the redeployment of liquidity from prepayments, maturities and sales into the pay down of borrowings and loan growth during 2025. The net interest margin expansion was driven by the declining rate environment and a liability sensitive balance sheet, resulting in a decrease in the cost of funds from both deposits and borrowings. This decrease in interest expense was supported by improved average balances on loans, flat yields on earnings assets and to a greater extent, by the continued balance sheet mix shift where liquidity from deposit growth and investment security principal repayments were utilized to pay down borrowings. Total average interest-bearing deposits was $5.7 billion and $5.4 billion during 2025 and 2024, respectively, while average other borrowings totaled $35.6 million and $294.3 million, respectively, during the same periods.

The provision for credit losses increased $5.4 million to $12.1 million, primarily due to growth in loan volume during 2025 and increased charge-offs, relative to the 2024 period with muted loan growth and less volatility within collateral values. The allowance for credit losses (ACL) was $125.8 million, or 1.77% of total loans and leases, at December 31, 2025, compared to $125.4 million, or 1.85% of total loans and leases, at December 31, 2024.

Noninterest income was $68.3 million, up $3.9 million, or 6.1%, from the prior year, while noninterest expenses of $241.0 million was up $6.9 million or 2.9%, from the prior year. The year over year changes in noninterest income reflected improved earnings on deposit accounts and other service fees, coupled with elevated earnings from asset management from continued growth in assets under management. The increase in noninterest expense meanwhile as compared to the trailing year is attributed primarily to a combination of routine merit increases, increased incentive compensation from elevated levels of both loan and deposit production, and targeted strategic hiring.

The tangible common equity to tangible assets ratio, a non-GAAP financial measure, was 10.71% at December 31, 2025, up 99 basis points from December 31, 2024, primarily due to an increase in tangible common equity related to the retention of 2025 earnings and a reduction in accumulated other comprehensive loss.

30 TriCo Bancshares 2025 10-K

Table of Contents

TRICO BANCSHARES

Financial Summary

(In thousands, except per share amounts; unaudited)

[[GREPCENT_TABLE]]
[["Year ended December 31,","2025","","2024","","2023"],["Interest income","$","470,572","","","$","466,638","","","$","438,354"],["Interest expense","(119,729)","","","(135,204)","","","(81,677)"],["Net interest income","350,843","","","331,434","","","356,677"],["Provision for credit losses","(12,063)","","","(6,632)","","","(23,990)"],["Noninterest income","68,338","","","64,407","","","61,400"],["Noninterest expense","(240,959)","","","(234,105)","","","(233,182)"],["Income before income taxes","166,159","","","155,104","","","160,905"],["Provision for income taxes","(44,601)","","","(40,236)","","","(43,515)"],["Net income","$","121,558","","","$","114,868","","","$","117,390"],["Share Data"],["Earnings per share:"],["Basic","$","3.72","","","$","3.47","","","$","3.53"],["Diluted","$","3.70","","","$","3.46","","","$","3.52"],["Per share:"],["Dividends paid","$","1.38","","","$","1.32","","","$","1.20"],["Book value at period end","$","41.07","","","$","37.03","","","$","34.86"],["Tangible book value at period end (2)","$","31.52","","","$","27.60","","","$","25.39"],["Average common shares outstanding","32,673","","","33,088","","","33,261"],["Average diluted common shares outstanding","32,855","","","33,230","","","33,355"],["Shares outstanding at period end","32,335","","","32,970","","","33,268"],["Financial Ratios"],["During the period:"],["Return on average assets","1.23","%","","1.18","%","","1.19","%"],["Return on average equity","9.45","%","","9.57","%","","10.65","%"],["Net interest margin(1)","3.89","%","","3.71","%","","3.96","%"],["Efficiency ratio","57.48","%","","59.14","%","","55.77","%"],["Average equity to average assets","13.06","%","","12.30","%","","11.17","%"],["Dividend payout ratio","37.04","%","","38.00","%","","33.99","%"],["At period end:"],["Equity to assets","13.52","%","","12.62","%","","11.70","%"],["Total capital to risk-weighted assets","15.05","%","","15.71","%","","14.73","%"],["Balance Sheet Data"],["Total investments","$","1,842,417","","","$","2,036,610","","","$","2,305,882"],["Total loans","7,111,087","","","6,768,523","","","6,794,470"],["Total assets","9,822,063","","","9,673,728","","","9,910,089"],["Total non-interest bearing deposits","2,594,032","","","2,548,613","","","2,722,689"],["Total deposits","8,263,901","","","8,087,576","","","7,834,038"],["Total other borrowings","11,713","","","89,610","","","632,582"],["Total junior subordinated debt","41,238","","","101,191","","","101,099"],["Total shareholders\u2019 equity","1,328,001","","","1,220,907","","","1,159,682"],["Total tangible equity (2)","$","1,019,088","","","$","910,033","","","$","844,688"]]
[[/GREPCENT_TABLE]]

(1)Fully taxable equivalent (FTE)

(2)Tangible equity is calculated by subtracting Goodwill and Other intangible assets from total shareholders’ equity. Management believes that tangible equity is meaningful because it is a measure that the Company and investors commonly use to assess capital adequacy. Tangible book value is calculated by dividing tangible equity by shares outstanding at period end. See tables below for further details.

As TriCo Bancshares has not commenced any business operations independent of the Bank, the following discussion pertains primarily to the Bank. Average balances, including such balances used in calculating certain financial ratios, are generally comprised of average daily balances for the Company. Within Management’s Discussion and Analysis of Financial Condition and Results of Operations, interest income and net interest income may be presented on a fully tax-equivalent (FTE) basis. The presentation of interest income and net interest income on a FTE basis is a common practice within the banking industry. Interest income and net interest income are shown on a non-FTE basis within Part II, Item 7 and Item 8 of this report, and a reconciliation of the FTE and non-FTE presentations is provided below in the discussion of net interest income.

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this 10-K contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures because it believes that they provide useful and comparative information to assess trends in the Company's core operations reflected in the periods presented

31 TriCo Bancshares 2025 10-K

Table of Contents

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:

[[GREPCENT_TABLE]]
[["","","","Twelve months ended"],["(dollars in thousands)","","","","","","","December 31, 2025","","December 31, 2024"],["Net interest margin"],["Acquired loans discount accretion, net:"],["Amount (included in interest income)","","","","","","","$5,153","","$4,329"],["Effect on average loan yield","","","","","","","0.08","%","","0.07","%"],["Effect on net interest margin (FTE)","","","","","","","0.06","%","","0.05","%"],["Net interest margin (FTE)","","","","","","","3.89","%","","3.71","%"],["Net interest margin less effect of acquired loan discount accretion (Non-GAAP)","","","","","","","3.83","%","","3.66","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","","Twelve months ended"],["(dollars in thousands)","","","","","","","December 31, 2025","","December 31, 2024"],["Pre-tax pre-provision return on average assets or equity"],["Net income (GAAP)","","","","","","","$121,558","","$114,868"],["Exclude provision for income taxes","","","","","","","44,601","","40,236"],["Exclude provision for credit losses","","","","","","","12,063","","6,632"],["Net income before income tax and provision expense (Non-GAAP)","","","","","","","$178,222","","$161,736"],["Average assets (GAAP)","","","","","","","$9,854,786","","$9,757,326"],["Average equity (GAAP)","","","","","","","$1,286,959","","$1,200,140"],["Return on average assets (GAAP)","","","","","","","1.23","%","","1.18","%"],["Pre-tax pre-provision return on average assets (Non-GAAP)","","","","","","","1.81","%","","1.66","%"],["Return on average equity (GAAP)","","","","","","","9.45","%","","9.57","%"],["Pre-tax pre-provision return on average equity (Non-GAAP)","","","","","","","13.85","%","","13.48","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","","Twelve months ended"],["(dollars in thousands)","","","","","","","December 31, 2025","","December 31, 2024"],["Return on tangible common equity"],["Average total shareholders' equity","","","","","","","$1,286,959","","$1,200,140"],["Exclude average goodwill","","","","","","","304,442","","304,442"],["Exclude average other intangibles","","","","","","","5,498","","8,592"],["Average tangible common equity (Non-GAAP)","","","","","","","$977,019","","$887,106"],["Net income (GAAP)","","","","","","","$121,558","","$114,868"],["Exclude amortization of intangible assets, net of tax effect","","","","","","","1,381","","2,900"],["Tangible net income available to common shareholders (Non-GAAP)","","","","","","","$122,939","","$117,768"],["Return on average equity","","","","","","","9.45","%","","9.57","%"],["Return on average tangible common equity (Non-GAAP)","","","","","","","12.58","%","","13.28","%"]]
[[/GREPCENT_TABLE]]

32 TriCo Bancshares 2025 10-K

Table of Contents

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/TCBK/mda/fy2025/
All MD&A years: /company/TCBK/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/TCBK/mda/fy2024/): filed 2025-03-03; accession 0000356171-25-000012 (https://www.sec.gov/Archives/edgar/data/356171/000035617125000012/tcbk-20241231.htm)
- [FY 2023 MD&A](/company/TCBK/mda/fy2023/): filed 2024-02-29; accession 0000356171-24-000012 (https://www.sec.gov/Archives/edgar/data/356171/000035617124000012/tcbk-20231231.htm)
- [FY 2022 MD&A](/company/TCBK/mda/fy2022/): filed 2023-03-01; accession 0000356171-23-000010 (https://www.sec.gov/Archives/edgar/data/356171/000035617123000010/tcbk-20221231.htm)
- [FY 2021 MD&A](/company/TCBK/mda/fy2021/): filed 2022-03-01; accession 0000356171-22-000016 (https://www.sec.gov/Archives/edgar/data/356171/000035617122000016/tcbk-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/TCBK.md · JSON record: /company/TCBK.json · verified financials: /company/TCBK/financials.json / /company/TCBK/financials.csv · machine TOC for the whole site: /llms.txt