As of 2024, TriCo Bancshares net worth reflects its growing strength in the banking industry. With key financial metrics like deposit growth and solid loan portfolios, their performance is on the rise. Dive into the details with Ando Money.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | TriCo Bancshares |
| Full Name | TriCo Bancshares Inc. |
| Traded as | NASDAQ: TCBK |
| ISIN | US8960951064 |
| Founded | 1975 |
| Founders | N/A |
| Country/Territory | United States |
| Headquarters | Chico, California |
| Chief Executive Officer | Rick Smith |
| Number of Employees | 1,160 |
| Market Cap | $1.40 billion |
| Total Assets | $9.74 billion |
| Total Equity | $1.17 billion |
| Revenue | N/A |
| Net Income | $29.0 million (Q2 2024) |
What is the Net Worth/ Market Cap Of TriCo Bancshares in 2024?
As of September 2024, TriCo Bancshares has a market capitalization of $1.40 billion. This value reflects its position within the financial sector and its relatively steady growth.
Although not among the largest banks globally, TriCo Bancshares holds a significant regional presence in the United States. Its market cap stands strong, contributing to its influence in the banking landscape.
When comparing TriCo Bancshares to other financial institutions, it falls on the smaller end in terms of market value.
However, its focus on community banking and strategic financial decisions has allowed it to maintain stability, even when larger competitors dominate the market.
For those curious about some comparable names in the banking industry, here are a few:
- Wells Fargo
- Bank of America
- JPMorgan Chase
- Citigroup
- U.S. Bancorp
- First Republic Bank
- Zions Bancorporation
For a closer look at how the largest financial institutions are performing globally, check out the largest banks in the world and their recent net worth standings.
Financial Performance Overview
Key Financial Metrics Driving Valuation
TriCo Bancshares’ financial performance continues to showcase its strong financial fundamentals, driving its valuation over time.
One of the key contributors is its net income, which reached $29 million in the second quarter of 2024. This represents an increase from the previous quarter, where net income stood at $27.7 million.
Additionally, the Return on Equity (ROE), a critical measure of profitability, increased to 9.99%, up from 9.50% in the trailing quarter. These metrics reflect the bank’s ability to efficiently generate profits from its shareholder’s equity.
Another significant figure is the tangible book value, which reached $26.13 per share. This metric highlights the bank’s intrinsic value, excluding intangible assets.
With continuous efforts to enhance its financial health, the bank has managed to grow its equity base while maintaining operational efficiency.
Deposits and Loan Portfolios Impact
Deposits play a pivotal role in the bank’s financial stability, and in Q2 2024, deposit balances grew by $62.6 million, a 3.1% annualized increase.
This growth helped boost the bank’s liquidity and allowed for better loan-to-deposit management.
The loan-to-deposit ratio, a key indicator of how much of the deposits are being used for loans, stood at 83.8% by June 2024, showing a slight decrease from the prior quarter due to increased deposit inflows and a contraction in loan volumes.
The bank’s loan portfolio reached $6.7 billion as of June 2024, demonstrating strong lending capabilities despite an economic environment filled with uncertainties.
By maintaining a healthy balance between loans and deposits, TriCo Bancshares ensures that its risk exposure remains manageable while continuing to serve its customer base effectively.
Asset and Investment Management
When examining the bank’s total assets, which stood at $9.74 billion in June 2024, it’s clear that TriCo Bancshares has been strategically managing its asset base.
A key aspect of this strategy involves the reduction of investment securities, which decreased by $135.5 million in Q2 2024.
By shifting its focus from securities to more liquid assets, the bank is preparing itself for future opportunities in the lending space, allowing more flexibility in its balance sheet.
Moreover, the quality of these assets remains high. The ratio of non-performing assets to total assets was only 0.36%, a slight improvement compared to prior periods.
This reflects the bank’s prudent risk management strategies and its proactive stance on maintaining the health of its loan portfolio.
Non-Interest Income as a Revenue Driver
In addition to traditional lending activities, non-interest income plays an essential role in boosting revenue streams for TriCo Bancshares.
In Q2 2024, non-interest income amounted to $15.9 million, contributing significantly to overall revenue.
This income is largely generated from service charges, ATM fees, and asset management activities, all of which have seen steady demand.
TriCo Bancshares has successfully diversified its revenue streams to reduce reliance on interest income, making it more resilient in periods of fluctuating interest rates.
The bank’s strategic focus on service charges has yielded a $4.8 million contribution in Q2, while ATM and interchange fees added another $6.4 million.
Operating Efficiency and Risk Management
Maintaining operational efficiency is crucial for profitability, and TriCo Bancshares demonstrated a solid performance in this area with an efficiency ratio of 59.61%.
While this is a slight increase from the previous quarter, it still reflects a highly efficient operation in terms of managing overhead costs relative to revenue.
The bank’s ability to control costs while growing its revenue is evident in its operating expenses, which increased by $1.8 million to $58.3 million in Q2.
Despite this, TriCo Bancshares remains competitive, driven by its efforts to streamline operations and manage professional fees.
Meanwhile, the provision for credit losses saw a significant reduction, coming in at just $0.4 million, down from $4.3 million in the previous quarter.
This reflects the bank’s strong credit quality and the proactive management of its loan risk portfolio.
Shareholder Value and Dividends
Shareholder value remains a key focus for TriCo Bancshares. In Q2 2024, the bank paid a dividend of $0.33 per share, illustrating its commitment to returning value to shareholders.
This consistent payout, combined with its share repurchase program, reinforces the bank’s confidence in its long-term growth prospects.
FAQs about TriCo Bancshares
Who is the CEO of TriCo Bancshares?
The bank’s CEO is Rick Smith, leading its strategic growth and direction.
When was TriCo Bancshares founded?
The bank was founded in 1975 in Chico, California.
How many employees does the bank have?
It has 1,160 employees as of 2024.
What types of financial services does the bank offer?
The bank offers commercial banking, consumer loans, wealth management, and investment advisory services.
Where is TriCo Bancshares headquartered?
The bank’s headquarters is in Chico, California.
Conclusion
TriCo Bancshares continues to thrive with its stable financial performance and strategic growth. For a deeper dive into their net worth or related topics, feel free to leave a comment, share, or explore more content on andomoney.com.
You can also learn more about the largest US banks by checking out this detailed comparison.
