TRICO BANCSHARES / - Quarter Report: 2025 June (Form 10-Q)

Repurchase of common stock()()()()

Dividends paid ($ per share)

()()Three months ended June 30, 2025 $ $ $()$

Balance at January 1, 2024

()

Net income

Other comprehensive income (loss)

()

RSU vesting

PSU vesting

RSUs released

—

PSUs released

—

Repurchase of common stock

()

Dividends paid ($ per share)

()

Six months ended June 30, 2024

()

Balance at January 1, 2025

()

Net income

Other comprehensive income (loss)

RSU vesting

PSU vesting

RSUs released

—

Proceeds from the sale of available for sale investment securities totaled $ million and $ million for the three months ended June 30, 2025 and 2024, respectively, and resulted in gross realized gains of $ thousand and gross realized losses of $ million during those respective periods. Proceeds from the sale of available for sale investment securities totaled $ million and $ million for the six months ended June 30, 2025 and 2024, respectively, resulting in gross realized losses of $ million and $ million, respectively.

Investment securities with an aggregate carrying value of $ million and $ million at June 30, 2025 and December 31, 2024, respectively, were pledged as collateral for specific borrowings, lines of credit or local agency deposits.

The amortized cost and estimated fair value of debt securities at June 30, 2025 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At June 30, 2025, obligations of the U.S. government and agencies with a cost basis totaling $ billion consist almost entirely of residential real estate mortgage-backed securities whose contractual maturity, or principal repayment, will follow the repayment of the underlying mortgages. For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by the U.S. government and agencies is categorized based on final maturity date. At June 30, 2025, the Company estimates the average remaining life of these mortgage-backed securities issued by U.S. government corporations and agencies to be approximately years. Average remaining life is defined as the time span after which the principal balance has been reduced by half.

$ $ $ Due after one year through five years Due after five years through ten years Due after ten years Totals$ $ $ $

Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of June 30, 2025, the Company has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. There was allowance for credit losses related to investment securities as of June 30, 2025 or December 31, 2024.

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$()$ $()$ $()Obligations of states and political subdivisions () () ()Corporate bonds () ()Asset backed securities () () ()Non-agency collateralized mortgage obligations () ()Total debt securities available for sale$ $()$ $()$ $()Debt Securities Held to MaturityObligations of U.S. government agencies$ $ $ $()$ $()Obligations of states and political subdivisions () ()Total debt securities held to maturity$ $ $ $()$ $() ))) ) ) ))) ) ) ()$ $ $

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)$ $ $

As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including, but not limited to, trends relating to (i) the level of criticized and classified loans, (ii) net charge-offs, (iii) non-performing loans, and (iv) delinquency within the portfolio. The Company analyzes loans individually to classify the loans as to credit risk and grading. This analysis is performed annually for all outstanding balances greater than $ million and non-homogeneous loans, such as commercial real estate loans, unless other indicators, such as delinquency, trigger more frequent evaluation. Loans below the $ million threshold and homogenous in nature are evaluated as needed for proper grading based on delinquency and borrower credit scores.

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$ $ $ $ $ $ $ $ Special Mention Substandard Doubtful/Loss Total $ $ $ $ $ $ $ $ $ Year-to-date gross charge-offs$ $ $ $ $ $ $ $ $

Commercial real estate:

CRE owner occupied risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Year-to-date gross charge-offs

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$ $ $ $ $ $ $ $ Special Mention Substandard Doubtful/Loss Total$ $ $ $ $ $ $ $ $ Year-to-date gross charge-offs$ $ $ $ $ $ $ $ $

Commercial real estate:

Farmland risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Year-to-date gross charge-offs

Consumer loans:

SFR 1-4 1st DT liens risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Year-to-date gross charge-offs

Consumer loans:

SFR HELOCs and junior liens risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Year-to-date gross charge-offs

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$ $ $ $ $ $ $ $ Special Mention Substandard Doubtful/Loss Total$ $ $ $ $ $ $ $ $ Period end gross write-offs$ $ $ $ $ $ $ $ $

Commercial real estate:

CRE owner occupied risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Period end gross write-offs

Commercial real estate:

Multifamily risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Period end gross write-offs

Commercial real estate:

Farmland risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Period end gross write-offs

Consumer loans:

SFR 1-4 1st DT liens risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Period end gross write-offs

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$ $ $ $ $ $ $ $ Special Mention Substandard Doubtful/Loss Total$ $ $ $ $ $ $ $ $ Period end gross write-offs$ $ $ $ $ $ $ $ $

Consumer loans:

Other risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Period end gross write-offs

Commercial and industrial loans:

Commercial and industrial risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Period end gross write-offs

Construction loans:

Construction risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Period end gross write-offs

Agriculture production loans:

Agriculture production risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Period end gross write-offs

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$ $ $ $ $ $ $ $ Special Mention Substandard Doubtful/Loss Total$ $ $ $ $ $ $ $ $ Period end gross write-offs$ $ $ $ $ $ $ $ $

Total loans outstanding:

Risk ratings

Pass

Special Mention

Substandard

Doubtful/Loss

Total

Period end gross write-offs

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$ $ $ $ $ CRE owner occupied Multifamily Farmland Total commercial real estate loans Consumer:SFR 1-4 1st DT liens SFR HELOCs and junior liens Other Total consumer loans Commercial and industrial Construction Agriculture production Leases Total$ $ $ $ $ $ $ $ $ $ $ CRE owner occupied Multifamily Farmland Total commercial real estate loans Consumer:SFR 1-4 1st DT liens SFR HELOCs and junior liens Other Total consumer loans Commercial and industrial Construction Agriculture production Leases Sub-total Less: Guaranteed loans()() ()() Total, net$ $ $ $ $ $

Interest income on non accrual loans that would have been recognized during the three months ended June 30, 2025 and 2024, if all such loans had been current in accordance with their original terms, totaled $ million and $ million, respectively. Interest income actually recognized on these originated loans during the three months ended June 30, 2025 and 2024 was $ million and , respectively.

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$ $ $ $ $ $ $ $ $ $ $ CRE owner occupied Multifamily Farmland Total commercial real estate loans Consumer:SFR 1-4 1st DT liens SFR HELOCs and junior liens Other Total consumer loans Commercial and industrial Construction Agriculture production Leases Total$ $ $ $ $ $ $ $ $ $ $ $

As of December 31, 2024

(in thousands)

Retail

Office

Warehouse

Other

Multifamily

Farmland

SFR -1st Deed

SFR -2nd Deed

Automobile/Truck

A/R and Inventory

Equipment

Total

Commercial real estate:

CRE non-owner occupied

CRE owner occupied

Multifamily

Farmland

Total commercial real estate loans

Consumer:

SFR 1-4 1st DT liens

SFR HELOCs and junior liens

Other

Total consumer loans

Commercial and industrial

Construction

Agriculture production

Leases

Total

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$ %$ $ n/mCommercial and industrial n/mTotal$ $ %$ $ %

For the six months ended

June 30, 2025

June 30, 2024

(in thousands)

Combination - Term Extension/Rate Change

Payment Delay/Term Extension

Total % of Loans Outstanding

Payment Delay/Term Extension

Combination - Term Extension/Rate Change

Total % of Loans Outstanding

Commercial real estate:

CRE non-owner occupied

n/m

Multifamily

n/m

SFR HELOCs and junior liens

n/m

Commercial and industrial

Total

There were no significant loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025.

For the three months ended June 30, 2024:

Modification Type

Loan Type

Financial Effect

Payment delay / term extension

Multifamily

Added months to the life of the loan

Payment delay / term extension

Commercial and industrial

Added a weighted average months to the life of the loans

For the six months ended June 30, 2024:

Modification Type

Loan Type

Financial Effect

Combination - term extension / rate change

CRE non-owner occupied

Added months to the life of the loan; converted from variable to fixed interest rate

Payment delay / term extension

SFR HELOCs and junior liens

Added months to the life of the loan

Payment delay / term extension

Commercial and industrial

Added a weighted average months to the life of the loans

During the six months ended June 30, 2025 and June 30, 2024, respectively, there were no loans with payment defaults by borrowers experiencing financial difficulty which had material modifications in rate, term or principal forgiveness during the twelve months prior to default.

Note 5 -

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$ $ $ Short-term lease cost Variable lease cost (income)() () Total lease cost$ $ $ $ $ $ $ ROUA obtained in exchange for operating lease liabilities$ $ $ $ Weighted-average discount rate % % 2026 2027 2028 2029 Thereafter Discount for present value of expected cash flows()Lease liability at June 30, 2025$

Note 6 -

$ Interest-bearing demand Savings Time certificates, $250,000 or more Other time certificates Total deposits$ $

Certificate of deposit balances of $ million from the State of California were included in time certificates, $250,000 or more, at June 30, 2025 and December 31, 2024, respectively. The Company participates in a deposit program offered by the State of California whereby the State may make deposits at the Company’s request subject to collateral and credit worthiness constraints. The negotiated rates on these State deposits are generally more favorable than other wholesale funding sources available to the Company.

Overdrawn deposit balances of $ million and $ million were classified as consumer loans at June 30, 2025 and December 31, 2024, respectively.

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Note 7 -

%, payable on April 8, 2025

Other collateralized borrowings, fixed rate, as of June 30, 2025 and December 31, 2024 of %, payable on July 1, 2025 and January 2, 2025, respectively

Total other borrowings$ $

Note 8 -

% %$ $ TriCo Cap Trust II7/23/2034 % % North Valley Trust II4/24/2033 % % North Valley Trust III7/23/2034 % % North Valley Trust IV3/15/2036 % % VRB Subordinated3/29/2029 % %

VRB Subordinated - %

8/27/2035 Fixed % $ $ $

The VRB - % Subordinated Debt issuance is fixed at % through August 27, 2025, then will have a floating rate of 90-day average SOFR plus % until maturity.

Note 9 -

$ Consumer loans Real estate mortgage loans Real estate construction loans Standby letters of credit Deposit account overdraft privilege

In April 2024, Visa Inc. announced the commencement of an exchange offer for Visa Class B-1 common stock and the Company subsequently tendered all of its Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock. Completion of the exchange resulted in a gain of $ million relating to the Visa Class C common stock during 2024. Visa Class B-2 common stock continues to be carried at zero. The Bank owns shares of Class B-2 common stock of Visa Inc. which may be convertible into Class A common stock at a conversion ratio of per Class B-2 share. As of June 30, 2025, the value of the Class A shares was $ per share. Utilizing the conversion ratio, the value of unredeemed Class A equivalent shares owned by the Bank was $ million as of June 30, 2025, and has not been reflected in the accompanying consolidated financial statements.

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Note 10 -

million and $ million during the three months ended June 30, 2025 and 2024, respectively, and during the equivalent six month periods paid $ million and $ million, respectively. The Bank is regulated by the FDIC and the DFPI. Absent approval from the Commissioner of the DFPI, California banking laws generally limit the Bank’s ability to pay dividends to the lesser of (1) retained earnings or (2) net income for the last three fiscal years, less cash distributions paid during such period.

Stock Repurchase Plan

On February 25, 2021, the Board of Directors authorized the repurchase of up to million shares of the Company's common stock (the 2021 Repurchase Plan), which approximated % of the shares outstanding as of the approval date. The actual timing of any share repurchases can be determined by the Company's management and therefore the total value of the shares to be purchased under the 2021 Repurchase Plan is subject to change. The 2021 Repurchase Plan has no expiration date (in accordance with applicable laws and regulations). During the three and six months ended June 30, 2025, the Company repurchased and shares with market values of $ million and $ million, respectively. During the three and six months ended and June 30, 2024, the Company repurchased and shares with market values of $ million and $ million, respectively. As of June 30, 2025, approximately shares remain authorized for repurchase.

Stock Repurchased Under Equity Compensation Plans

The Company's shareholder-approved equity compensation plans permit employees to tender recently vested shares in lieu of cash for the payment of exercise price, if applicable, and the tax withholding on such shares. There were option exercises during the three and six months ended June 30, 2025 and June 30, 2024, respectively. Employees tendered and shares in connection with the tax withholding requirements of other share-based awards during the three months ended June 30, 2025 and 2024, respectively, and and during the six months ended June 30, 2025 and 2024, respectively. In total, shares of the Company's common stock tendered had market values of $ million and $ million during the quarters ended June 30, 2025 and 2024, respectively, and $ million and $ million during the respective six-month periods. The tendered shares were retired. The market value of tendered shares is the last market trade price at closing on the day an option is exercised or the other share-based award vests. Stock repurchased under equity incentive plans are not included in the total of stock repurchased under the 2021 Stock Repurchase Plans.

Note 11 -

shares to be issued in connection with equity-based incentives. In conjunction with shareholder approval of the 2024 Plan, the 2019 Equity Incentive Plan (2019 Plan), which allowed for up to shares to be issued in connection with equity-based incentives, is no longer available for grant issuances. While no new awards can be granted under the 2019 Plan, existing grants continue to be governed by the terms, conditions and procedures set forth in any applicable award agreement.

There were stock options outstanding as of June 30, 2025 and December 31, 2024. The Company did not modify any option grants during the six months ended June 30, 2025 or 2024.

RSUs granted RSUs added through dividend and performance credits RSUs released() RSUs forfeited()()Outstanding at June 30, 2025

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of service condition vesting RSUs outstanding as of June 30, 2025 include a feature whereby each RSU outstanding is credited with a dividend amount equal to any common stock cash dividend declared and paid, and the credited amount is divided by the closing price of the Company’s stock on the dividend payable date to arrive at an additional amount of RSUs outstanding under the original grant. The dividend credits follow the same vesting requirements as the RSU awards and are not considered participating securities. The of service condition vesting RSUs outstanding as of June 30, 2025 are expected to vest, and be released, on a weighted-average basis, over the next years. The Company expects to recognize $ million of pre-tax compensation costs related to these service condition vesting RSUs between June 30, 2025 and their vesting dates. The Company did not modify any service condition vesting RSUs during the six months ended June 30, 2025 or 2024.

The of market plus service condition vesting RSUs outstanding as of June 30, 2025 are expected to vest, and be released, on a weighted-average basis, over the next years. The Company expects to recognize $ million of pre-tax compensation costs related to these RSUs between June 30, 2025 and their vesting dates. As of June 30, 2025, the number of market plus service condition vesting RSUs outstanding that will actually vest, and be released, may be reduced to or increased to depending on the total return of the Company’s common stock versus the total return of an index of bank stocks from the grant date to the vesting date. The Company did not modify any market plus service condition vesting RSUs during the six months ended June 30, 2025 or 2024.

Note 12 -

$ $ $ Service charges on deposit accounts Other service fees Mortgage banking service fees Change in value of mortgage servicing rights()()()()Total service charges and fees Increase in cash value of life insurance Asset management and commission income Gain on sale of loans Lease brokerage income Sale of customer checks Gain (loss) on sale or exchange of investment securities ()()()Gain (loss) on marketable equity securities () ()Other Total other non-interest income Total non-interest income$ $ $ $

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$ $ $ Incentive compensation Benefits and other compensation costs Total salaries and benefits expense Occupancy Data processing and software Equipment Intangible amortization Advertising ATM and POS network charges Professional fees Telecommunications Regulatory assessments and insurance Postage Operational losses Courier service Loss (gain) on sale or acquisition of foreclosed assets ()()Loss (gain) on disposal of fixed assets Other miscellaneous expense Total other non-interest expense Total non-interest expense$ $ $ $

Note 13 -

$ $ $ Weighted average number of common shares outstanding Effect of dilutive stock options and restricted stock Weighted average number of common shares outstanding used to calculate diluted earnings per share

Note 14 –

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$ $ $()Amounts reclassified out of AOCI:Realized gain (loss) on debt securities() Total amounts reclassified out of accumulated other comprehensive income (loss)() Unrealized holding gains (losses) on available for sale securities after reclassifications ()Tax effect()()() Unrealized holding gains (losses) on available for sale securities, net of tax ()Change in unfunded status of the supplemental retirement plans before reclassifications Amounts reclassified out of AOCI:Amortization of actuarial losses()()()()Total amounts reclassified out of accumulated other comprehensive loss()()()()Total other comprehensive income (loss)$ $ $ $())$()Tax effect Unrealized holding loss on available for sale securities, net of tax()()Unfunded status of the supplemental retirement plans Tax effect()()Unfunded status of the supplemental retirement plans, net of tax Joint beneficiary agreement liability Tax effect Joint beneficiary agreement liability, net of tax Accumulated other comprehensive loss $()$()

Note 15 -

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securities classified as Level 3 during any of the periods covered in these consolidated financial statements.

Loans held for sale - Loans held for sale are carried at the lower of cost or fair value. The fair value of loans held for sale is based on what secondary markets are currently offering for loans with similar characteristics. As such, we classify those loans subjected to recurring fair value adjustments as Level 2.

Individually evaluated loans - Loans are not recorded at fair value on a recurring basis. However, from time to time, certain loans have individual risk characteristics not consistent with a pool of loans and is individually evaluated for credit reserves. Loans for which it is probable that payment of interest and principal will not be made in accordance with the original contractual terms of the loan agreement are typically individually evaluated. The fair value of these loans are estimated using one of several methods, including collateral value, fair value of similar debt, enterprise value, liquidation value and discounted cash flows. Those loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. Loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value, or the appraised value contains a significant unobservable assumption, such as deviations from comparable sales, and there is no observable market price, the Company records the loan as nonrecurring Level 3.

Foreclosed assets - Foreclosed assets include assets acquired through, or in lieu of, loan foreclosure. Foreclosed assets are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, management periodically performs valuations and the assets are carried at the lower of carrying amount or fair value less cost to sell. When the fair value of foreclosed assets is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value, or the appraised value contains a significant unobservable assumption, such as deviations from comparable sales, and there is no observable market price, the Company records the foreclosed asset as nonrecurring Level 3. Revenue and expenses from operations and changes in the valuation allowance are included in other non-interest expense.

Mortgage servicing rights - Mortgage servicing rights are carried at fair value. A valuation model, which utilizes a discounted cash flow analysis using a discount rate and prepayment speed assumptions is used in the computation of the fair value measurement. While the prepayment speed assumption is currently quoted for comparable instruments, the discount rate assumption currently requires a significant degree of management judgment and is therefore considered an unobservable input. As such, the Company classifies mortgage servicing rights subjected to recurring fair value adjustments as Level 3.

$ $ $ Debt securities available for sale:Obligations of U.S. government and agencies Obligations of states and political subdivisions Corporate bonds Asset backed securities Non-agency mortgage backed securities Loans held for sale Mortgage servicing rights Total assets measured at fair value$ $ $ $

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Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally corresponds with the Company’s quarterly valuation process. There were transfers between any levels during the six months ended June 30, 2025 or June 30, 2024, respectively.

$()$ $

2024: Mortgage servicing rights

$ $()$ $

Six months ended June 30,

Beginning
Balance

Transfers
into (out of)
Level 3

Change
Included
in Earnings

Issuances

Ending
Balance

2025: Mortgage servicing rights

()

2024: Mortgage servicing rights

()

The key unobservable inputs used in determining the fair value of mortgage servicing rights are mortgage prepayment speeds and the discount rate used to discount cash projected cash flows. Generally, any significant increases in the mortgage prepayment speed and discount rate utilized in the fair value measurement of the mortgage servicing rights will result in a negative fair value adjustments (and decrease in the fair value measurement). Conversely, a decrease in the mortgage prepayment speed and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement).

Discounted cash flowConstant prepayment rate

% - %; %

Discount rate

% - %; %

As of December 31, 2024:Mortgage Servicing Rights$ Discounted cash flowConstant prepayment rate

% - %; %

Discount rate

% - %; %

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$ Foreclosed assets Total assets measured at fair value$ $

December 31, 2024

Total

Level 1

Level 2

Level 3

Fair value:

Collateral dependent loans

Real estate owned

Total assets measured at fair value

The tables below present the losses resulting from non-recurring fair value adjustments of assets and liabilities for the periods indicated (in thousands):


	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Collateral dependent loans	$	$	$	$
Foreclosed assets
Total losses from non-recurring measurements	$	$	$	$

The individually evaluated loan amounts above represent collateral dependent loans that have been adjusted to fair value. When the Company identifies a collateral dependent loan with unique risk characteristics, the Company evaluates the need for an allowance using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If the Company determines that the value of the loan is less than the recorded investment in the loan, the Company recognizes this impairment and adjust the carrying value of the loan to fair value through the allowance for credit losses. The loss represents charge-offs or impairments on collateral dependent loans for fair value adjustments based on the fair value of collateral. The carrying value of loans fully charged-off is .

The foreclosed assets amount above represents impaired real estate that has been adjusted to fair value. Foreclosed assets represent real estate which the Company has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at fair value less costs to sell, which becomes the property’s new basis. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for credit losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned. The loss represents impairments on real estate owned for fair value adjustments based on the fair value of the real estate.

The Company’s property appraisals are primarily based on the sales comparison approach and income approach methodologies, which consider recent sales of comparable properties, including their income generating characteristics, and then make adjustments to reflect the general assumptions that a market participant would make when analyzing the property for purchase. These adjustments may increase or decrease an appraised value and can vary significantly depending on the location, physical characteristics and income producing potential of each property. Additionally, the quality and volume of market information available at the time of the appraisal can vary from period to period and cause significant changes to the nature and magnitude of comparable sale adjustments. Given these variations, comparable sale adjustments are generally not a reliable indicator for how fair value will increase or decrease from period to period. Under certain circumstances, management discounts are applied based on specific characteristics of an individual property.

Sales comparison
approach
Income approachAdjustment for differences between
comparable sales;
Capitalization rateNot meaningful
N/AForeclosed assets (Residential real estate)$ Sales comparison
approachAdjustment for differences between
comparable sales

Not meaningful
N/A

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Sales comparison
approach
Income approachAdjustment for differences between
comparable sales;
Capitalization rate

Not meaningful
N/A

Real estate owned (Residential real estate)$ Sales comparison
approachAdjustment for differences between
comparable sales

Not meaningful
N/A

Fair values for financial instruments are management’s estimates of the values at which the instruments could be exchanged in a transaction between willing parties. The Company uses the exit price notion when measuring the fair value of financial instruments. These estimates are subjective and may vary significantly from amounts that would be realized in actual transactions. In addition, other significant assets are not considered financial assets including, any mortgage banking operations, deferred tax assets, and premises and equipment. Further, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered in any of these estimates.

$ $ $ Cash at Federal Reserve and other banks Level 2 inputs:Securities held to maturity Restricted equity securities n/a n/aLevel 3 inputs:Loans, net Financial liabilities:Level 2 inputs:Deposits Other borrowings Level 3 inputs:Junior subordinated debt

Note 16 -

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%$ %N/AN/ATri Counties Bank$ %$ %$ %Tier 1 Capital (to Risk Weighted Assets):Consolidated$ %$ %N/AN/ATri Counties Bank$ %$ %$ %Common equity Tier 1 Capital (to Risk Weighted Assets):Consolidated$ %$ %N/AN/ATri Counties Bank$ %$ %$ %Tier 1 Capital (to Average Assets):Consolidated$ %$ %N/AN/ATri Counties Bank$ %$ %$ %

Actual

Required for Capital Adequacy Purposes

Required to be
Considered Well
Capitalized

As of December 31, 2024:

Amount

Ratio

Amount

Ratio

Amount

Ratio

(dollars in thousands)

Total Capital (to Risk Weighted Assets):

Consolidated

N/A

Tri Counties Bank

Tier 1 Capital (to Risk Weighted Assets):

Consolidated

N/A

Tri Counties Bank

Common equity Tier 1 Capital (to Risk Weighted Assets):

Consolidated

N/A

Tri Counties Bank

Tier 1 Capital (to Average Assets):

Consolidated

N/A

Tri Counties Bank

As of June 30, 2025 and December 31, 2024, capital levels at the Company and the Bank exceed all capital adequacy requirements under the Basel III Capital Rules. Also, at June 30, 2025 and December 31, 2024, the Bank’s capital levels exceeded the minimum amounts necessary to be considered well capitalized under the current regulatory framework for prompt corrective action.

The Basel III Capital Rules require for all banking organizations to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively composed of common equity tier 1 capital, and it applies to each of the risk-based capital ratios but not the leverage ratio. At June 30, 2025, the Company and the Bank are in compliance with the capital conservation buffer requirement.

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Note 17 –

$ $ $ Reconciliation of revenue:Other revenues Total consolidated revenues Less:Interest expense Segment net interest income and noninterest income Less:Provision for credit losses Salaries and benefits expense Other banking segment items Provision for income taxes Segment net income/consolidated net income$ $ $ $ As of June 30,20252024Reconciliation of assets:Total assets for reportable segment$ $ Other assets Total consolidated assets$ $

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

FORWARD-LOOKING STATEMENTS

Cautionary Statements Regarding Forward-Looking Information

The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on us. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: macroeconomic, geopolitical, and other challenges and uncertainties, including those related to actual or potential policies and actions from the new U.S. administration, such as tariffs, and reciprocal actions by other countries or regions, significant volatility and disruptions in financial markets, a resurgence of inflation, increases in unemployment rates, increases in interest rates and slowing economic growth or recession in the U.S. and other countries or regions; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions or adverse regulatory findings affecting our ability to successfully market and price our products to consumers; adverse developments in the financial services industry generally such as bank failures and any related impact on depositor behavior or investor sentiment; the impacts of international hostilities, wars, terrorism or geopolitical events; risks related to the sufficiency of liquidity, including our ability to attract and maintain deposits; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; extreme weather, natural disasters and other catastrophic events and their effects on our customers and the economic and business environments in which we operate; current and future economic and market conditions of the local economies in which we conduct operations; declines in housing and commercial real estate prices and changes in the financial performance and/or condition of our borrowers; the market value of our investment securities and possible other-than-temporary impairment of securities held by us due to changes in credit quality or rates; the availability of, and cost of, sources of funding and the demand for our products; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; the costs or effects of mergers, acquisitions or dispositions we may make, as well as whether we are able to obtain any required governmental approvals in connection with any such activities, or identify and complete favorable transactions in the future, and/or realize the anticipated financial and business benefits; the volatility of the stock market and its impact on our stock price and our ability to conduct acquisitions; the regulatory and financial impacts associated with exceeding $10 billion in total assets; the ability to execute our business plan in new markets; our future operating or financial performance, including our outlook for future growth; changes in the level and direction of our nonperforming assets and charge-offs and the appropriateness of the allowance for credit losses; the effectiveness of us managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; the effects of changes in the level or cost of checking or savings account deposits on our funding costs and net interest margin; increasing noninterest expense and its impact on our financial performance; competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional competitors including retail businesses and technology companies; the challenges of attracting, integrating and retaining key employees; the impact of the 2023 cyber security ransomware incident, including the pending litigation, on our operations and reputation; the vulnerability of our operational or security systems or infrastructure, the systems of third-party vendors or other service providers with whom we contract, and our customers to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and data/security breaches and the cost to defend against and respond to such incidents; increased data security risks due to work from home arrangements and email vulnerability; failure to safeguard personal information, and any resulting litigation; the effect of a fall in stock market prices on our brokerage and wealth management businesses; the emergence or continuation of widespread health emergencies or pandemics; potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions; and our ability to manage the risks involved in the foregoing. In addition, due to the rapidly evolving and changes in U.S. trade policies and practices, the amount and duration of any tariffs and their ultimate impact on us, our customers, financial markets, and the overall U.S. and global economies is currently uncertain. Nonetheless, prolonged uncertainty, elevated tariff levels or their wide-spread use in U.S. trade policy could weaken economic conditions and adversely impact the ability of borrowers to repay outstanding loans or the value of collateral securing these loans or adversely affect financial markets. There can be no assurance that future developments affecting us will be the same as those anticipated by management. Additional factors that could cause results to differ materially from those described above can be found in our filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” Section of TriCo’s Annual Report on Form 10-K for the year ended December 31, 2024, Such filings are also available in the “Investor Relations” section of our website, https://www.tcbk.com/investor-relations. Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results. We undertake no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

General

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

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Critical Accounting Policies and Estimates

The Company’s discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those that materially affect the financial statements and are related to the adequacy of the allowance for loan losses, investments, mortgage servicing rights, fair value measurements, retirement plans and intangible assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. A detailed discussion related to the Company’s accounting policies including those related to estimates on the allowance for credit losses related to loans and investment securities, and impairment of intangible assets, can be found in Note 1 of the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2024.

Geographical Descriptions

For the purpose of describing the geographical location of the Company’s operations, the Company has defined northern California as that area of California north of, and including, Stockton to the east and San Jose to the west; central California as that area of the state south of Stockton and San Jose, to and including, Bakersfield to the east and San Luis Obispo to the west; and southern California as that area of the state south of Bakersfield and San Luis Obispo.

Financial Highlights

Performance highlights and other developments for the Company as of or for the three and six months ended June 30, 2025, included the following:

•Net income was $27.5 million or $0.84 per diluted share as compared to $26.4 million or $0.80 per diluted share in the trailing quarter

•Net interest income (FTE) was $86.8 million, an increase of $4.0 million or 4.82% over the trailing quarter; net interest margin (FTE) was 3.88% in the recent quarter, an increase of 15 basis points over 3.73% in the trailing quarter

•Loan balances increased $138.2 million or 8.1% (annualized) from the trailing quarter and increased $216.5 million or 3.2% from the same quarter of the prior year

•Deposit balances increased $170.5 million or 8.3% (annualized) from the trailing quarter and increased $325.6 million or 4.0% from the same quarter of the prior year

•Average yield on earning assets was 5.21%, an increase of 6 basis points over the 5.15% in the trailing quarter; average yield on loans was 5.76%, an increase of 5 basis points over the 5.71% in the trailing quarter

•Non-interest bearing deposits averaged 30.6% of total deposits during the quarter

•The average cost of total deposits was 1.37%, a decrease of 6 basis points as compared to 1.43% in the trailing quarter, and a decrease of 8 basis points from 1.45% in the same quarter of the prior year

•For the quarter ended June 30, 2025, the Company’s return on average assets was 1.13%, while the return on average equity was 8.68%; for the trailing quarter ended March 31, 2025, the Company’s return on average assets was 1.09%, while the return on average equity was 8.54%

•Diluted earnings per share were $0.84 for the second quarter of 2025, compared to $0.80 for the trailing quarter and $0.87 during the second quarter of 2024

•The loan to deposit ratio was 83.08% as of June 30, 2025, as compared to 83.13% for the trailing quarter end

•The efficiency ratio was 59.00% for the quarter ended June 30, 2025, as compared to 60.42% for the trailing quarter

•The provision for credit losses was approximately $4.7 million during the quarter ended June 30, 2025, as compared to $3.7 million during the trailing quarter end. The change was attributed to an increase in required reserves totaling $2.8 million on individually evaluated loans and an increase of $1.7 million general reserves, which was primary attributed to loan growth

•The allowance for credit losses (ACL) to total loans was 1.79% as of June 30, 2025, compared to 1.88% as of the trailing quarter end, and 1.83% as of June 30, 2024. Non-performing assets to total assets were 0.68% on June 30, 2025, as compared to 0.59% as of March 31, 2025, and 0.36% at June 30, 2024. At June 30, 2025, the ACL represented 192% of non-performing loans

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TRICO BANCSHARES

Financial Summary

(In thousands, except per share amounts; unaudited)


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Net interest income	$	86,519		$	81,997		$	169,061		$	164,733
Provision for credit losses	(4,665)			(405)			(8,393)			(4,710)
Non-interest income	17,090			15,866			33,163			31,637
Non-interest expense	(61,131)			(58,339)			(120,716)			(114,843)
Provision for income taxes	(10,271)			(10,085)			(19,210)			(20,034)
Net income	$	27,542		$	29,034		$	53,905		$	56,783
Per Share Data:
Basic earnings per share	$	0.84		$	0.88		$	1.64		$	1.71
Diluted earnings per share	$	0.84		$	0.87		$	1.63		$	1.70
Dividends paid	$	0.33		$	0.33		$	0.66		$	0.66
Book value at period end							$	38.92		$	35.62
Weighted average common shares outstanding	32,757			33,121			32,854			33,183
Weighted average diluted common shares outstanding	32,936			33,244			33,033			33,306
Shares outstanding at period end	32,550			32,989			32,550			32,989
At period end:
Loans							$	6,958,993		$	6,742,526
Total investment securities							$	1,936,954		$	2,086,090
Total assets							$	9,923,983		$	9,741,399
Total deposits							$	8,375,809		$	8,050,230
Other borrowings							$	17,788		$	247,773
Shareholders’ equity							$	1,266,823		$	1,175,050
Financial Ratios:
During the period:
Return on average assets (annualized)	1.13		%	1.19		%	1.11		%	1.16		%
Return on average equity (annualized)	8.68		%	9.99		%	8.61		%	9.74		%
Net interest margin(1) (annualized)	3.88		%	3.68		%	3.81		%	3.68		%
Efficiency ratio	59.00		%	59.61		%	59.69		%	58.48		%
Average equity to average assets	13.02		%	11.95		%	12.89		%	11.94		%
At end of period:
Equity to assets							12.77		%	12.06		%
Total capital to risk-adjusted assets							15.55		%	15.19		%

(1) Fully Taxable Equivalent (FTE)

Results of Operations

The following discussion and analysis is designed to provide a better understanding of the significant changes and trends related to the Company and the Bank’s financial condition, operating results, asset and liability management, liquidity and capital resources and should be read in conjunction with the unaudited Condensed Consolidated Financial Statements of the Company and the Notes thereto located at Item 1 of this report.

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Net Interest Income

The Company’s primary source of revenue is net interest income, or the difference between interest income on interest-earning assets and interest expense on interest-bearing liabilities. Following is a summary of the components of FTE net income for the periods indicated.


	Three months ended
(in thousands)	June 30, 2025			March 31, 2025			Change			% Change
Interest income	$	116,361		$	114,077		$	2,284		2.0	%
Interest expense	(29,842)			(31,535)			1,693			(5.4)	%
Fully tax-equivalent adjustment (FTE) (1)	264			265			(1)			(0.4)	%
Net interest income (FTE)	$	86,783		$	82,807		$	3,976		4.8	%
Net interest margin (FTE)	3.88		%	3.73		%

Acquired loans discount accretion, net:
Amount (included in interest income)	$	1,247		$	1,995		$	(748)		(37.5)	%
Net interest margin less effect of acquired loan discount accretion(1)	3.82		%	3.64		%	0.18		%


	Three months ended June 30,
(in thousands)	2025			2024			Change			% Change
Interest income	$	116,361		$	117,032		$	(671)		(0.6)	%
Interest expense	(29,842)			(35,035)			5,193			(14.8)	%
Fully tax-equivalent adjustment (FTE) (1)	264			275			(11)			(4.0)	%
Net interest income (FTE)	$	86,783		$	82,272		$	4,511		5.5	%
Net interest margin (FTE)	3.88		%	3.68		%

Acquired loans discount accretion, net:
Amount (included in interest income)	$	1,247		$	850		$	397		46.7	%
Net interest margin less effect of acquired loan discount accretion(1)	3.82		%	3.64		%	0.18		%


	Six months ended June 30,
(in thousands)	2025			2024			Change			% Change
Interest income	$	230,438		$	232,449		$	(2,011)		(0.9)	%
Interest expense	(61,377)			(67,716)			6,339			(9.4)	%
Fully tax-equivalent adjustment (FTE) (1)	529			550			(21)			(3.8)	%
Net interest income (FTE)	$	169,590		$	165,283		$	4,307		2.6	%
Net interest margin (FTE)	3.81		%	3.68		%

Acquired loans discount accretion, net:
Amount (included in interest income)	$	3,242		$	2,182		$	1,060		48.6	%
Net interest margin less effect of acquired loan discount accretion(1)	3.73		%	3.63		%	0.10		%

(1)Certain information included herein is presented on a FTE basis and/or to present additional financial details which may be desired by users of this financial information. The Company believes the use of this non-generally accepted accounting principles (non-GAAP) measure provides additional clarity in assessing its results, and the presentation of these measures is a common practice within the banking industry.

Loans may be acquired at a premium or discount to par value, in which case, the premium is amortized (subtracted from) or the discount is accreted (added to) interest income over the remaining life of the loan. The dollar impact of loan discount accretion and loan premium amortization decrease as the purchased loans mature or pay off early. Upon the early pay off of a loan, any remaining unaccreted discount or unamortized premium is immediately taken into interest income; and as loan payoffs may vary significantly from quarter to quarter, so may the impact of discount accretion and premium amortization on interest income. Despite the elevated rate environment, the prepayment rate of portfolio loans, inclusive of those acquired at a premium or discount, remains generally consistent. During the quarters ended June 30, 2025, March 31, 2025 and June 30, 2024, the purchased loan discount accretion was $1.2 million, $2.0 million and $0.9 million, respectively.

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Summary of Average Balances, Yields/Rates and Interest Differential

The following table presents, for the three month periods indicated, information regarding the Company’s consolidated average assets, liabilities and shareholders’ equity, the amounts of interest income from average interest-earning assets and resulting yields, and the amount of interest expense paid on interest-bearing liabilities. Average loan balances include nonperforming loans. Interest income includes proceeds from loans on nonaccrual loans only to the extent cash payments have been received and applied to interest income. Yields on securities and certain loans have been adjusted upward to reflect the effect of income thereon exempt from federal income taxation at the current statutory tax rate (dollars in thousands).


	Three months ended June 30,
	2025						2024
	Average Balance		Interest Income/ Expense		Rates Earned /Paid		Average Balance		Interest Income/ Expense		Rates Earned /Paid
Assets:
Loans	$	6,878,186	$	98,695	5.76	%	$	6,792,303	$	98,229	5.82	%
Investment securities - taxable	1,818,814		14,921		3.29	%	2,003,124		17,004		3.41	%
Investment securities - nontaxable(1)	132,576		1,143		3.46	%	138,167		1,190		3.46	%
Total investments	1,951,390		16,064		3.30	%	2,141,291		18,194		3.42	%
Cash at Federal Reserve and other banks	144,383		1,866		5.18	%	68,080		884		5.22	%
Total interest-earning assets	8,973,959		116,625		5.21	%	9,001,674		117,307		5.24	%
Other assets	804,875						780,554
Total assets	$	9,778,834					$	9,782,228
Liabilities and shareholders’ equity:
Interest-bearing demand deposits	$	1,804,856	$	6,076	1.35	%	$	1,769,370	$	6,215	1.41	%
Savings deposits	2,799,470		12,246		1.75	%	2,673,272		12,260		1.84	%
Time deposits	1,102,025		9,716		3.54	%	1,016,190		10,546		4.17	%
Total interest-bearing deposits	5,706,351		28,038		1.97	%	5,458,832		29,021		2.14	%
Other borrowings	22,707		92		1.63	%	325,604		4,118		5.09	%
Junior subordinated debt	101,236		1,712		6.78	%	101,128		1,896		7.54	%
Total interest-bearing liabilities	5,830,294		29,842		2.05	%	5,885,564		35,035		2.39	%
Noninterest-bearing deposits	2,516,631						2,565,609
Other liabilities	158,817						161,731
Shareholders’ equity	1,273,092						1,169,324
Total liabilities and shareholders’ equity	$	9,778,834					$	9,782,228
Net interest spread(2)					3.16	%					2.85	%
Net interest income and interest margin(3)			$	86,783	3.88	%			$	82,272	3.68	%

(1)Fully taxable equivalent (FTE). All yields and rates are calculated using specific day counts for the period and year as applicable.

(2)Net interest spread represents the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.

(3)Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets, then annualized based on the number of days in the given period.

Net interest income (FTE) during the three months ended June 30, 2025, increased $4.5 million or 5.5% to $86.8 million compared to $82.3 million during the three months ended June 30, 2024. Net interest margin totaled 3.88% for the three months ended June 30, 2025, an increase of 20 basis points from the same quarter in 2024. The primary drivers behind the change in net interest margin was related to an improvement in yield on interest-bearing liabilities, namely, the cost of interest-bearing deposits decreased by 17 basis points between the quarter ended June 30, 2025, and the same quarter of the prior year. The accretion of discounts from acquired loans added 8 basis points and 5 basis points to loan yields during the quarters ended June 30, 2025 and June 30, 2024, respectively. In addition, the average balance of noninterest-bearing deposits decreased by $49.0 million from the three-month average for the period ended June 30, 2024 amidst a continued migration of customer funds to interest-bearing products.

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	Six months ended June 30,
	2025						2024
	Average Balance		Interest Income/ Expense		Rates Earned /Paid		Average Balance		Interest Income/ Expense		Rates Earned /Paid
Assets
Loans	$	6,827,469	$	194,073	5.73	%	$	6,789,072	$	194,713	5.77	%
Investments-taxable	1,851,439		30,673		3.34	%	2,065,412		34,833		3.39	%
Investments-nontaxable (1)	132,980		2,292		3.48	%	138,534		2,382		3.46	%
Total investments	1,984,419		32,965		3.35	%	2,203,946		37,215		3.40	%
Cash at Federal Reserve and other banks	175,315		3,929		4.52	%	41,229		1,071		5.22	%
Total earning assets	8,987,203		230,967		5.18	%	9,034,247		232,999		5.19	%
Other assets, net	806,241						784,765
Total assets	$	9,793,444					$	9,819,012
Liabilities and shareholders’ equity
Interest-bearing demand deposits	$	1,817,515	$	12,297	1.36	%	$	1,740,107	$	11,162	1.29	%
Savings deposits	2,765,057		24,444		1.78	%	2,662,595		23,159		1.75	%
Time deposits	1,111,382		20,162		3.66	%	914,042		18,229		4.01	%
Total interest-bearing deposits	5,693,954		56,903		2.02	%	5,316,744		52,550		1.99	%
Other borrowings	55,902		1,061		3.83	%	455,150		11,496		5.08	%
Junior subordinated debt	101,219		3,413		6.80	%	101,117		3,670		7.30	%
Total interest-bearing liabilities	5,851,075		61,377		2.12	%	5,873,011		67,716		2.32	%
Noninterest-bearing deposits	2,515,508						2,605,999
Other liabilities	164,259						168,044
Shareholders’ equity	1,262,602						1,171,958
Total liabilities and shareholders’ equity	$	9,793,444					$	9,819,012
Net interest rate spread (1) (2)					3.06	%					2.87	%
Net interest income and margin (1) (3)			$	169,590	3.81	%			$	165,283	3.68	%

Net interest income (FTE) during the six months ended June 30, 2025, increased $4.3 million, or 2.6%, to $169.6 million compared to $165.3 million during the six months ended June 30, 2024. In addition, net interest margin increased 13 basis points to 3.81%, compared to 3.68% for the same period in the prior year. The increase in net interest income during the six month period is primarily attributed to a decrease in interest expense; specifically, decreases in the volume of other average borrowings, contributed to a decrease in interest expense of $10.1 million while increases in the volume of average time deposits increased interest expense by approximately $4.0 million. The changes in rate resulted in a $1.4 million decrease in net interest income during the comparable period.

Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid

The following table sets forth, for the period identified, a summary of the changes in interest income and interest expense from changes in average asset and liability balances (volume) and changes in average interest rates for the periods indicated. Changes not solely attributable to volume or rates have been allocated in proportion to the respective volume and rate components.

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	Three months ended June 30, 2025 compared with three months ended June 30, 2024
(in thousands)	Volume		Rate		Total
Increase (decrease) in interest income:
Loans	$	1,249	$	(783)	$	466
Investment securities	(1,621)		(509)		(2,130)
Cash at Federal Reserve and other banks	996		(14)		982
Total interest-earning assets	624		(1,306)		(682)
Increase (decrease) in interest expense:
Interest-bearing demand deposits	125		(264)		(139)
Savings deposits	582		(596)		(14)
Time deposits	896		(1,726)		(830)
Other borrowings	(3,852)		(174)		(4,026)
Junior subordinated debt	2		(186)		(184)
Total interest-bearing liabilities	(2,247)		(2,946)		(5,193)
Increase in net interest income	$	2,871	$	1,640	$	4,511

The following commentary regarding net interest income, interest income and interest expense may be best understood while referencing the Summary of Average Balances, Yields/Rates and Interest Differential and the Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid shown above.

Net interest income (FTE) during the three months ended June 30, 2025 increased $4.5 million to $86.8 million compared to $82.3 million during the three months ended June 30, 2024. The increase in net interest income (FTE) was due largely to a shift in funding mix, resulting in a decrease in short-term FHLB borrowings and an increase in interest-bearing deposits, which provided a favorable mix in interest expense.


	Six months ended June 30, 2025 compared with six months ended June 30, 2024
(in thousands)	Volume		Rate		Total
Increase (decrease) in interest income:
Loans	$	1,107	$	(1,747)	$	(640)
Investment securities	(3,724)		(526)		(4,250)
Cash at Federal Reserve and other banks	3,502		(644)		2,858
Total interest-earning assets	885		(2,917)		(2,032)
Increase (decrease) in interest expense:
Interest-bearing demand deposits	499		636		1,135
Savings deposits	896		389		1,285
Time deposits	3,957		(2,024)		1,933
Other borrowings	(10,139)		(296)		(10,435)
Junior subordinated debt	4		(261)		(257)
Total interest-bearing liabilities	(4,783)		(1,556)		(6,339)
Increase in net interest income	$	5,668	$	(1,361)	$	4,307

Asset Quality and Credit Loss Provisioning

During the three months ended June 30, 2025, the Company recorded a provision for credit losses of $4.7 million, as compared to $3.7 million during the trailing quarter, and $0.4 million during the second quarter of 2024.

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	Three months ended						Six months ended
(dollars in thousands)	June 30, 2025		March 31, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Addition to allowance for credit losses	$	4,525	$	2,663	$	335	$	7,188	$	4,350
Addition to reserve for unfunded loan commitments	140		1,065		70		1,205		360
Total provision for credit losses	$	4,665	$	3,728	$	405	$	8,393	$	4,710

The allowance for credit losses (ACL) was $124.5 million or 1.79% of total loans as of June 30, 2025. The provision for credit losses on loans of $4.5 million recorded during the current quarter resulted from a net increase of $2.8 million in reserves on individually evaluated loans or loan relationships, in addition to a net increase of $1.7 million in general reserves. The charge-offs incurred during the quarter ended June 30, 2025, were primarily related to non-performing relationships which had been fully reserved for by Management on an individual basis in previous quarters.


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2025		2024		2025		2024
Balance, beginning of period	$	128,423	$	124,394	$	125,366	$	121,522
Provision for credit losses	4,525		335		7,188		4,350
Loans charged-off	(8,595)		(1,610)		(8,969)		(2,885)
Recoveries of previously charged-off loans	102		398		870		530
Balance, end of period	$	124,455	$	123,517	$	124,455	$	123,517

The $2.8 million increase in individually evaluated reserves was largely attributed to changes in observable market valuations associated with agricultural real estate despite what appears to be a stable water supply and improving commodity prices for the crops associated with collateral for these loans. Management believes the provisioning for this individually analyzed relationship is sufficient relative to expected future losses, if any.

The $1.7 million recorded for general reserves is primarily attributed to net loan growth for the quarter of approximately $138.2 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 generally consistent with the trailing period ended March 31, 2025, which is aligned with the Company's direct experiences with borrowers. Steepening of the yield curve or actions by the Federal Reserve to cut rates during 2025 and beyond may help further improve 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, geopolitical policy risks remain elevated, which may lead to further negative effects on domestic economic outcomes. The uncertainties related to the nature, duration and potential economic impact of proposed tariffs, while modestly improved since the period ended March 31, 2025, continue to present challenges in correlating potential improvement of credit risks within the Company's loan portfolio. Therefore, in conjunction with most economists' belief that tariffs may have a generally unfavorable impact on the economy as a whole, 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.


(dollars in thousands)	As of June 30, 2025			% of Loans Outstanding		As of March 31, 2025			% of Loans Outstanding		As of June 30, 2024			% of Loans Outstanding
Risk Rating:
Pass	$	6,751,005		97.01	%	$	6,582,345		96.50	%	$	6,536,223		96.94	%
Special Mention	73,215			1.05	%	106,243			1.56	%	101,324			1.50	%
Substandard	134,773			1.94	%	132,186			1.94	%	104,979			1.56	%
Total	$	6,958,993		100.00	%	$	6,820,774		100.00	%	$	6,742,526		100.00	%

Classified loans to total loans	1.94		%			1.94		%			1.56		%
Loans past due 30+ days to total loans	0.62		%			0.66		%			0.45		%
ACL to non-performing loans	192.11		%			234.12		%			376.87		%

The ratio of classified loans to total loans of 1.94% as of June 30, 2025, was unchanged from March 31, 2025, and increased 38 basis points from the comparative quarter ended 2024. The change in classified loans outstanding as compared to the trailing quarter represented an increase of $2.6 million. While the increase is concentrated within commercial real estate farmland, the corresponding loans are current as of the reporting date with no history of delinquency.

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Loans past due 30 days or more decreased by $1.8 million during the quarter ended June 30, 2025, to $43.0 million, as compared to $44.8 million at March 31, 2025. The majority of loans identified as past due are well-secured by collateral, and approximately $12.4 million are less than 90 days delinquent.

Non-performing loans increased by $9.9 million during the quarter ended June 30, 2025 to $64.8 million as compared to $54.9 million at March 31, 2025. As noted above, this increase is concentrated within commercial real estate farmland and management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. We anticipate that these actionable strategies will further benefit from the continued improvement in agricultural commodity prices, stable water supply, and growing crop demand. Of the $64.8 million loans designated as non-performing as of June 30, 2025, approximately $30.7 million are current or less than 30 days past due with respect to payments required under their existing loan agreements.

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, 2025, other real estate owned consisted of 9 properties with a carrying value of approximately $2.7 million, consistent with March 31, 2025. Non-performing assets of $67.5 million at June 30, 2025, represented 0.68% of total assets, a change from $57.5 million or 0.59% and $35.3 million or 0.36% as of March 31, 2025 and June 30, 2024, respectively.

Non-interest Income

The following table summarizes the Company’s non-interest income for the periods indicated (in thousands):


	Three months ended June 30,
(in thousands)	2025		2024		$ Change		% Change
ATM and interchange fees	$	6,590	$	6,372	$	218	3.4	%
Service charges on deposit accounts	5,189		4,847		342		7.1	%
Other service fees	1,485		1,286		199		15.5	%
Mortgage banking service fees	438		438		—		—	%
Change in value of mortgage servicing rights	(52)		(147)		95		64.6	%
Total service charges and fees	13,650		12,796		854		6.7	%
Increase in cash value of life insurance	842		831		11		1.3	%
Asset management and commission income	1,635		1,359		276		20.3	%
Gain on sale of loans	503		388		115		29.6	%
Lease brokerage income	50		154		(104)		(67.5)	%
Sale of customer checks	318		301		17		5.6	%
(Loss) gain on sale or exchange of investment securities	4		(45)		49		108.9	%
(Loss) gain on marketable equity securities	8		(121)		129		106.6	%
Other	80		203		(123)		(60.6)	%
Total other non-interest income	3,440		3,070		370		12.1	%
Total non-interest income	$	17,090	$	15,866	$	1,224	7.7	%

Non-interest income increased $1.2 million or 7.7% to $17.1 million during the three months ended June 30, 2025, compared to $15.9 million during the comparative quarter ended June 30, 2024. Growth in deposit balances and related transactional activities contributed to elevated interchange fees and services charge income, which increased by $0.9 million. Further, elevated activity and volume of assets under management drove an increase of $0.3 million or 20.3% in asset management and commission income for the period ended June 30, 2025 as compared to the same period in 2024.

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	Six months ended June 30,
(in thousands)	2025		2024		$ Change		% Change
ATM and interchange fees	$	12,696	$	12,541	$	155	1.2	%
Service charges on deposit accounts	10,103		9,510		593		6.2	%
Other service fees	2,844		2,652		192		7.2	%
Mortgage banking service fees	877		866		11		1.3	%
Change in value of mortgage servicing rights	(192)		(136)		(56)		41.2	%
Total service charges and fees	26,328		25,433		895		3.5	%
Increase in cash value of life insurance	1,662		1,634		28		1.7	%
Asset management and commission income	3,123		2,487		636		25.6	%
Gain on sale of loans	847		649		198		30.5	%
Lease brokerage income	116		315		(199)		(63.2)	%
Sale of customer checks	663		613		50		8.2	%
Gain (loss) on sale or exchange of investment securities	(1,142)		(45)		(1,097)		(2,437.8)	%
Gain (loss) on marketable equity securities	47		(149)		196		131.5	%
Other	1,519		700		819		117.0	%
Total other non-interest income	6,835		6,204		631		10.2	%
Total non-interest income	$	33,163	$	31,637	$	1,526	4.8	%

Non-interest income increased $1.5 million or 4.8% to $33.2 million during the six months ended June 30, 2025, compared to $31.6 million during the comparative six months ended June 30, 2024. Service charges and customer fees are elevated in the 2025 period and resulted in an increase of $0.9 million as compared to the six months ended June 30, 2024. Further, as noted previously, elevated activity within asset management and commission income contributed to overall improvement in total non-interest income.

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Non-interest Expense

The following table summarizes the Company’s non-interest expense for the periods indicated:


	Three months ended June 30,
(in thousands)	2025		2024		$ Change		% Change
Base salaries, net of deferred loan origination costs	$	25,757	$	23,852	$	1,905	8.0	%
Incentive compensation	5,223		4,711		512		10.9	%
Benefits and other compensation costs	7,306		6,838		468		6.8	%
Total salaries and benefits expense	38,286		35,401		2,885		8.1	%
Occupancy	4,200		4,063		137		3.4	%
Data processing and software	4,959		5,094		(135)		(2.7)	%
Equipment	1,189		1,330		(141)		(10.6)	%
Intangible amortization	483		1,030		(547)		(53.1)	%
Advertising	808		819		(11)		(1.3)	%
ATM and POS network charges	1,843		1,987		(144)		(7.2)	%
Professional fees	1,667		1,814		(147)		(8.1)	%
Telecommunications	513		558		(45)		(8.1)	%
Regulatory assessments and insurance	1,297		1,144		153		13.4	%

Postage	385		340		45		13.2	%
Operational losses	270		244		26		10.7	%
Courier service	544		559		(15)		(2.7)	%

Loss (gain) on disposal of fixed assets	5		1		4		400.0	%
Other miscellaneous expense	4,682		3,955		727		18.4	%
Total other non-interest expense	22,845		22,938		(93)		(0.4)	%
Total non-interest expense	$	61,131	$	58,339	$	2,792	4.8	%
Average full time equivalent staff	1,171		1,160		11		0.9	%

Total non-interest expense increased $2.8 million or 4.8% to $61.1 million during the three months ended June 30, 2025, as compared to $58.3 million for the quarter ended June 30, 2024. Total salaries and benefits expense increased by $2.9 million or 8.1%, reflecting the increase of $1.9 million in salaries, largely the result of routine merit increases and more recently strategic hiring focused on loan and deposit production; incentive compensation costs also increased by $0.5 million, reflecting elevated levels of production in both loans and deposits during the second quarter of 2025, as compared to 2024. Other non-interest expense line items generally evidenced broad based incremental decreases, slightly offset by elevated business travel, donations, as well as contract termination costs as noted above.

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	Six months ended June 30,
(in thousands)	2025		2024		$ Change		% Change
Base salaries, net of deferred loan origination costs	$	51,158	$	47,872	$	3,286	6.9	%
Incentive compensation	9,261		7,968		1,293		16.2	%
Benefits and other compensation costs	14,722		13,865		857		6.2	%
Total salaries and benefits expense	75,141		69,705		5,436		7.8	%
Occupancy	8,277		8,014		263		3.3	%
Data processing and software	10,017		10,201		(184)		(1.8)	%
Equipment	2,473		2,686		(213)		(7.9)	%
Intangible amortization	997		2,060		(1,063)		(51.6)	%
Advertising	2,012		1,581		431		27.3	%
ATM and POS network charges	3,694		3,648		46		1.3	%
Professional fees	3,185		3,154		31		1.0	%
Telecommunications	1,001		1,069		(68)		(6.4)	%
Regulatory assessments and insurance	2,580		2,395		185		7.7	%

Postage	705		648		57		8.8	%
Operational losses	694		596		98		16.4	%
Courier service	1,032		1,039		(7)		(0.7)	%
(Gain) loss on sale or acquisition of foreclosed assets	(3)		(38)		35		(92.1)	%
(Gain) loss on disposal of fixed assets	90		6		84		1,400.0	%
Other miscellaneous expense	8,821		8,079		742		9.2	%
Total other non-interest expense	45,575		45,138		437		1.0	%
Total non-interest expense	$	120,716	$	114,843	$	5,873	5.1	%
Average full time equivalent staff	1,183		1,174		9		0.8	%

Non-interest expense increased $5.9 million or 5.1% to $120.7 million during the six months ended June 30, 2025, as compared to $114.8 million for the six months ended June 30, 2024. The largest component was salaries and benefits expense which increased $5.4 million or 7.8% to $75.1 million, largely for the reasons mentioned above. Other non-interest expense line items evidenced broad based but incremental increases, led by elevated business travel, donations, and non-recurring contract termination costs.

Income Taxes

The Company’s effective tax rate was 27.2% for the quarter ended June 30, 2025, as compared to 25.3% for the year ended March 31, 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.

Financial Condition

For financial reporting purposes, the Company does not separately track the changes in assets and liabilities based on branch location or regional geography. The following is a comparison of the quarterly change in certain assets and liabilities:


Ending balances	June 30, 2025		March 31, 2025				Annualized % Change
(dollars in thousands)					$ Change
Total assets	$	9,923,983	$	9,819,599	$	104,384	4.3	%
Total loans	6,958,993		6,820,774		138,219		8.1
Total investments	1,936,954		1,979,116		(42,162)		(8.5)
Total deposits	8,375,809		8,205,332		170,477		8.3
Total other borrowings	17,788		91,706		(73,918)		(322.4)

Loans outstanding increased by $138.2 million or 8.1% on an annualized basis during the quarter ended June 30, 2025. During the quarter, loan originations/draws totaled approximately $457.7 million while payoffs/repayments of loans totaled $329.3 million, which compares to originations/draws and payoffs/repayments during the trailing quarter ended of $357.5 million and $321.3 million, respectively. Origination volume was elevated relative to recent quarters as interest rates have contracted from the highs experienced in early 2025, and the macro-economic outlook continues to improve for borrowers following the passage of tax and spending legislation that is expected to promote

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continued economic expansion, in addition to progress toward finalizing tariff policies with our largest trade partners. The activity within loan payoffs/repayments remains spread amongst numerous borrowers, regions and loan types.

Investment security balances decreased $42.2 million or 8.5% on an annualized basis during the quarter as a result of net prepayments/maturities of $64.5 million, partially offset by net increases in the market value of securities of $12.8 million and purchases of $10.2 million. Investment security purchases were comprised of fixed rate agency mortgage-backed securities. While management intends to primarily utilize cash flows from the investment security portfolio and organic deposit growth to support loan growth, excess liquidity will be utilized for purchases of investment securities to support net interest income growth and net interest margin expansion.

Deposit balances increased by $170.5 million or 8.3% annualized during the period, primarily due to increases in demand and savings deposit accounts. Other borrowings decreased by $73.9 million or 322.4% during the quarter following the repayment of all short-term FHLB advances.

Prior to September 30, 2025, management anticipates repayment to the holders of the North Valley Trust II, III and IV as well as the VRB Subordinated debt issued by TriCo, which had a total face value of $57.7 million, recorded book value of $60.0 million, and weighted average rate of 6.54% as of June 30, 2025.

The following is a comparison of the year over year change in certain assets and liabilities:


Ending balances	As of June 30,						% Change
(dollars in thousands)	2025		2024		$ Change
Total assets	$	9,923,983	$	9,741,399	$	182,584	1.9	%
Total loans	6,958,993		6,742,526		216,467		3.2
Total investments	1,936,954		2,086,090		(149,136)		(7.1)
Total deposits	8,375,809		8,050,230		325,579		4.0
Total other borrowings	17,788		247,773		(229,985)		(92.8)

Investment Securities

The following table presents the available for sale debt securities portfolio by major type as of June 30, 2025 and December 31, 2024:


	June 30, 2025				December 31, 2024
(in thousands)	Fair Value		%		Fair Value		%
Debt securities available for sale:
Obligations of U.S. government agencies	$	1,086,082	59.8	%	$	1,094,185	57.4	%
Obligations of states and political subdivisions	212,571		11.7	%	220,744		11.6	%
Corporate bonds	5,503		0.3	%	5,837		0.3	%
Asset backed securities	263,679		14.5	%	314,263		16.5	%
Non-agency mortgage backed	247,541		13.7	%	269,856		14.2	%
Total debt securities available for sale	$	1,815,376	100.0	%	$	1,904,885	100.0	%


	June 30, 2025				December 31, 2024
(in thousands)	Amortized Cost		%		Amortized Cost		%
Debt securities held to maturity:
Obligations of U.S. government and agencies	$	98,940	97.3	%	$	109,155	97.6	%
Obligations of states and political subdivisions	2,732		2.7	%	2,711		2.4	%
Total debt securities held to maturity	$	101,672	100.0	%	$	111,866	100.0	%

Investment securities held to maturity decreased $10.2 million to $101.7 million as of June 30, 2025, as compared to December 31, 2024. This decrease is attributable to calls and principal repayments of $10.1 million, and amortization of net purchase premiums of $0.1 million.

Loans

The Company focuses its primary lending activities in six principal areas: commercial real estate loans, consumer loans, commercial and industrial loans, construction loans, agriculture production loans and leases. The interest rates charged for the loans made by the Company vary with the degree of risk, the size and duration of the loans, the borrower’s relationship with the Company and prevailing money market rates indicative of the Company’s cost of funds.

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The majority of the Company’s loans are direct loans made to individuals, and local or regional businesses which service a variety of industries. The Company relies substantially on local promotional activity and personal contacts by bank officers, directors and employees to compete with other financial institutions. The Company makes loans to borrowers whose applications include a sound purpose, a viable repayment source and a plan of repayment established at inception and generally backed by a secondary source of repayment.

The following table shows the Company’s loan balances, net of deferred loan costs and discounts, as of the dates indicated:


(in thousands)	June 30, 2025				December 31, 2024
Commercial real estate	$	4,730,732	68.0	%	$	4,577,632	67.6	%
Consumer	1,288,691		18.5	%	1,281,059		18.9	%
Commercial and industrial	467,564		6.7	%	471,271		7.0	%
Construction	304,920		4.4	%	279,933		4.1	%
Agriculture production	161,457		2.3	%	151,822		2.3	%
Leases	5,629		0.1	%	6,806		0.1	%
Total loans	$	6,958,993	100.0	%	$	6,768,523	100.0	%

Nonperforming Assets

The following tables set forth the amount of the Company’s NPAs as of the dates indicated. “Performing nonaccrual loans” are loans that may be current for both principal and interest payments, or are less than 90 days past due, but for which payment in full of both principal and interest is not expected, and are not well secured and in the process of collection:


(in thousands)	June 30, 2025			December 31, 2024
Performing nonaccrual loans	$	34,121		$	19,543
Nonperforming nonaccrual loans	30,464			24,493
Total nonaccrual loans	64,585			44,036
Loans 90 days past due and still accruing	198			60
Total nonperforming loans	64,783			44,096
Foreclosed assets	2,683			2,786
Total nonperforming assets	$	67,466		$	46,882
Nonperforming assets to total assets	0.68		%	0.48		%
Nonperforming loans to total loans	0.93		%	0.65		%
Allowance for credit losses to nonperforming loans	192		%	284		%

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Changes in nonperforming assets during the three months ended June 30, 2025


(in thousands)	Balance at March 31, 2025		New NPA / Valuation Adjustments	Pay-downs /Sales /Upgrades	Charge-offs/ (1) Write-downs	Transfers to Foreclosed Assets	Balance at June 30, 2025
Commercial real estate:
CRE non-owner occupied	$	3,004	603	(59)	—	—	$	3,548
CRE owner occupied	5,339		4,919	(3,582)	—	—	6,676
Multifamily	467		—	(7)	—	—	460
Farmland	21,472		14,655	(316)	—	—	35,811
Total commercial real estate loans	30,282		20,177	(3,964)	—	—	46,495
Consumer
SFR 1-4 1st DT liens	5,867		828	(319)	—	—	6,376
SFR HELOCs and junior liens	4,708		424	(346)	—	—	4,786
Other	262		218	(73)	(89)	—	318
Total consumer loans	10,837		1,470	(738)	(89)	—	11,480
Commercial and industrial	10,220		170	(108)	(8,384)	—	1,898
Construction	54		1,863	(3)	—	—	1,914
Agriculture production	3,461		202	(656)	(11)	—	2,996
Leases	—		—	—	—	—	—
Total nonperforming loans	54,854		23,882	(5,469)	(8,484)	—	64,783
Foreclosed assets	2,685		—		(2)	—	2,683
Total nonperforming assets	$	57,539	23,882	(5,469)	(8,486)	—	$	67,466

(1) The table above does not include deposit overdraft charge-offs.

Nonperforming assets increased during the three months ended June 30, 2025 by $9.9 million or 17.3% to $67.5 million compared to $57.5 million at March 31, 2025. The increase in nonperforming assets during the second quarter of 2025 was primarily the result of nonperforming loan additions totaling $23.9 million, partially offset by pay-downs and upgrades, which totaled $5.5 million during the quarter, as well as $8.5 million in charge-offs. Management is actively engaged in the collection and recovery efforts for all nonperforming assets and believes that the loan loss reserves associated with these loans is sufficient as of June 30, 2025.


(in thousands)	Balance at December 31, 2024		New NPA / Valuation Adjustments	Pay-downs /Sales /Upgrades	Charge-offs/ (1) Write-downs	Transfers to Foreclosed Assets	Balance at June 30, 2025
Commercial real estate:
CRE non-owner occupied	$	3,017	603	(72)	—	—	$	3,548
CRE owner occupied	3,874		6,538	(3,736)	—	—	6,676
Multifamily	480		—	(20)	—	—	460
Farmland	16,195		20,140	(524)	—	—	35,811
Total commercial real estate loans	23,566		27,281	(4,352)	—	—	46,495
Consumer
SFR 1-4 1st DT liens	5,979		1,134	(737)	—		6,376
SFR HELOCs and junior liens	3,868		1,593	(675)	—		4,786
Other	204		284	(80)	(90)		318
Total consumer loans	10,051		3,011	(1,492)	(90)	—	11,480
Commercial and industrial	9,765		978	(204)	(8,641)		1,898
Construction	57		1,863	(6)	—		1,914
Agriculture production	657		3,203	(853)	(11)		2,996
Leases	—		—	—	—		—
Total nonperforming loans	44,096		36,336	(6,907)	(8,742)	—	64,783
Foreclosed assets	2,786		—	(101)	(2)		2,683
Total nonperforming assets	$	46,882	36,336	(7,008)	(8,744)	—	$	67,466

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(1) The table above does not include deposit overdraft charge-offs.

Loan charge-offs during the three months ended June 30, 2025

In the second quarter of 2025, the Company recorded $8.6 million in loan charge-offs and $0.1 million in loan recoveries which collectively resulted in $8.5 million in net charge-offs. Nearly all of the charge-offs were associated with loans that were individually analyzed and reserved for in prior periods and thus had limited impact on the provision for credit losses during the three months ended June 30, 2025.

The Components of the Allowance for Credit Losses for Loans

The following table sets forth the allowance for credit losses for loans as of the dates indicated:


(in thousands)	June 30, 2025			December 31, 2024			June 30, 2024
Allowance for credit losses:
Allowance for collectively evaluated loans	$	120,490		$	120,741		$	122,499
Allowance for individually evaluated loans	3,965			4,625			1,018

Total allowance for credit losses	$	124,455		$	125,366		$	123,517
Allowance for credit losses for loans / total loans	1.79		%	1.85		%	1.83		%

For additional information regarding the allowance for loan losses, including changes in specific, formula, and environmental factors allowance categories, see “Asset Quality and Loan Loss Provisioning” at “Results of Operations”, above. For additional information on the current ACL methodology, see "Allowance for Credit Losses - Loans" within footnote 1 of the Company's 10-Q/10-K. Based on the current conditions of the loan portfolio, management believes that the $124.5 million allowance for loan losses at June 30, 2025 is adequate to absorb expected losses inherent in the Bank’s loan portfolio. No assurance can be given, however, that adverse economic conditions or other circumstances will not result in increased losses in the portfolio.

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The following table summarizes the allocation of the allowance for credit losses between loan types and by percentage of the total allowance for credit losses on loans as of the dates indicated:


(in thousands)	June 30, 2025				December 31, 2024				June 30, 2024
Commercial real estate	$	74,484	59.8	%	$	72,849	58.1	%	$	73,032	59.1	%
Consumer	25,318		20.3	%	27,463		21.9	%	27,674		22.4	%
Commercial and industrial	10,024		8.1	%	14,397		11.5	%	12,128		9.8	%
Construction	10,995		8.8	%	7,224		5.8	%	7,466		6.0	%
Agriculture production	3,609		3.0	%	3,403		2.7	%	3,180		2.7	%
Leases	25		0.0	%	30		0.0	%	37		0.0	%
Total allowance for credit losses	$	124,455	100.0	%	$	125,366	100.0	%	$	123,517	100.0	%

The following table summarizes the allocation of the allowance for credit losses as a percentage of the total loans for each loan category as of the dates indicated:


(in thousands)	June 30, 2025		December 31, 2024		June 30, 2024
Commercial real estate	1.57	%	1.59	%		1.64	%
Consumer	1.96	%	2.14	%		2.13	%
Commercial and industrial	2.14	%	3.05	%		2.21	%
Construction	3.61	%	2.58	%		2.63	%
Agriculture production	2.24	%	2.24	%		2.27	%
Leases	0.44	%	0.44	%		0.44	%
Total loans	1.79	%	1.85	%		1.83	%

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The following table summarizes the activity in the allowance for credit losses for the periods indicated:


	Three months ended June 30,						Six months ended June 30,
(in thousands)	2025			2024			2025			2024
Allowance for credit losses:
Balance at beginning of period	$	128,423		$	124,394		$	125,366		$	121,522
ACL on PCD loans	—			—			—			—
Provision for credit losses	4,525			335			7,188			4,350
Loans charged-off:
Commercial real estate:
CRE non-owner occupied	—			—			—			—
CRE owner occupied	—			—			—			—
Multifamily	—			—			—			—
Farmland	—			—			—			—
Consumer:
SFR 1-4 1st DT liens	—			—			—			(26)
SFR HELOCs and junior liens	—			(9)			—			(41)
Other	(200)			(118)			(317)			(368)
Commercial and industrial	(8,384)			(870)			(8,641)			(1,000)
Construction	—			—			—			—
Agriculture production	(11)			(613)			(11)			(1,450)
Leases	—			—			—			—
Total loans charged-off	(8,595)			(1,610)			(8,969)			(2,885)
Recoveries of previously charged-off loans:
Commercial real estate:
CRE non-owner occupied	—			—			—			—
CRE owner occupied	1			1			1			1
Multifamily	—			—			—			—
Farmland	—			—			—			—
Consumer:
SFR 1-4 1st DT liens	—			—			—			—
SFR HELOCs and junior liens	4			51			16			100
Other	36			81			73			121
Commercial and industrial	60			261			166			283
Construction	—			—			—			—
Agriculture production	1			4			614			25
Leases	—			—			—			—
Total recoveries of previously charged-off loans	102			398			870			530
Net charge-offs	(8,493)			(1,212)			(8,099)			(2,355)
Balance at end of period	$	124,455		$	123,517		$	124,455		$	123,517
Average total loans	$	6,878,186		$	6,792,303		$	6,827,469		$	6,789,072
Ratios (annualized):
Net (charge-offs) recoveries during period to average loans outstanding during period	(0.49)		%	(0.07)		%	(0.24)		%	(0.07)		%
Provision for credit losses to average loans outstanding during period	0.26		%	0.02		%	0.21		%	0.13		%

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Foreclosed Assets, Net of Allowance for Losses

The following table details the components and summarize the activity in foreclosed assets, net of allowances for losses, for the six months ended June 30, 2025:


(in thousands)	Balance at December 31, 2024		Sales		Valuation Adjustments		Transfers from Loans		Balance at June 30, 2025
Land & construction	$	204	$	—	$	—	$	—	$	204
Residential real estate	1,683		(101)		(2)		—		1,580
Commercial real estate	899		—		—		—		899
Total foreclosed assets	$	2,786	$	(101)	$	(2)	$	—	$	2,683

Deposits

During the six months ended June 30, 2025, the Company’s deposits increased by $288.2 million to $8.4 billion at quarter end. There were no brokered deposits included in the deposit balances as of June 30, 2025 and December 31, 2024. Estimated uninsured deposits totaled $2.8 billion and $2.5 billion as of June 30, 2025 and December 31, 2024, respectively.

Off-Balance Sheet Arrangements

See Note 9 to the condensed consolidated financial statements at Item 1 of Part I of this report for information about the Company’s commitments and contingencies including off-balance-sheet arrangements.

Capital Resources

The current and projected capital position of the Company and the impact of capital plans and long-term strategies are reviewed regularly by Management.

On February 25, 2021 the Board of Directors authorized the repurchase of up to 2,000,000 shares of the Company's common stock (the 2021 Repurchase Plan), which approximated 6.7% of the shares outstanding as of the approval date. The actual timing of any share repurchases will be determined by the Company's management and therefore the total value of the shares to be purchased under the 2021 Repurchase Plan is subject to change. The Company may repurchase its outstanding shares of common stock from time to time in open market or privately-negotiated transactions, including block trades, or pursuant to 10b5-1 trading plans. The 2021 Repurchase Plan has no expiration date (in accordance with applicable laws and regulations).

During the three and six months ended June 30, 2025, the Company repurchased 379,978 and 469,632 shares with market values of $15.2 million and$18.9 million, respectively. In addition, the Company’s Tier 1 common equity and tangible capital ratios increased to 13.1% and 10.0%, respectively as of June 30, 2025, compared to 13.2% and 9.7%, respectively, as of December 31, 2024.

Total shareholders' equity increased by $11.3 million during the quarter ended June 30, 2025, as net income of $27.5 million and a $9.0 million decrease in accumulated other comprehensive losses were partially offset by $10.8 million in cash dividends on common stock and $15.7 million in share repurchase activity. As a result, the Company’s book value increased to $38.92 per share at June 30, 2025, compared to $38.17 at March 31, 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 $29.40 per share at June 30, 2025, as compared to $28.73 at March 31, 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. 15.7%

The following is a comparison of various capital ratios for the current period with the trailing quarter and applicable minimum regulatory requirements.


	June 30, 2025				December 31, 2024
	Ratio		Minimum Regulatory Requirement		Ratio		Minimum Regulatory Requirement
Total risk based capital	15.6	%	10.5	%	15.7	%	10.5	%
Tier I capital	13.9	%	8.5	%	14.0	%	8.5	%
Common equity Tier 1 capital	13.1	%	7.0	%	13.2	%	7.0	%
Leverage	11.8	%	4.0	%	11.7	%	4.0	%

See Note 10 and Note 16 to the condensed consolidated financial statements at Item 1 of Part I of this report for additional information about the Company’s capital resources.

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Prior to September 30, 2025, management anticipates providing notice of and repayment to the holders of the North Valley Trust II, III and IV as well as the VRB Subordinated debt issued by TriCo, which had a total face value of $57.7 million, recorded book value of $60.0 million, and weighted average rate of 6.54% as of June 30, 2025. The repayment of this debt will be facilitated through a cash dividend from the Bank to the Company, however, it is not anticipated to have any significant impact on the Bank's liquidity, shareholder equity or regulatory capital positions.

As of June 30, 2025, we had an effective shelf registration statement on file with the Securities and Exchange Commission that allows us to issue various types of debt securities, as well as common stock, preferred stock, warrants, depository shares representing fractional interest in shares of preferred stock, purchase contracts and units from time to time in one or more offerings. Each issuance under the shelf registration statement will require the filing of a prospectus supplement identifying the amount and terms of the securities to be issued. The registration statement does not limit the amount of securities that may be issued thereunder. Our ability to issue securities is subject to market conditions and other factors including, in the case of our debt securities, our credit ratings and compliance with current and prospective covenants in credit agreements.

Liquidity

The Company's primary sources of liquidity include the following for the periods indicated:


(dollars in thousands)	June 30, 2025		December 31, 2024
Borrowing capacity at correspondent banks and FRB	$	3,006,667	$	2,882,859
Less: borrowings outstanding	—		(367,000)
Unpledged available-for-sale investment securities	1,005,774		1,435,990
Cash held or in transit with FRB	263,922		41,541
Total primary liquidity	$	4,276,363	$	3,993,390

At June 30, 2025, the Company's primary sources of liquidity represented 51% of total deposits and 153% of estimated total uninsured (excluding collateralized municipal deposits and intercompany balances) deposits, respectively. As secondary sources of liquidity, the Company's held-to-maturity investment securities had a fair value of $97.0 million, including approximately $4.7 million in net unrealized losses.

The Company’s profitability during the first six months of 2025 generated cash flows from operations of $53.8 million compared to $56.9 million during the first six months of 2024. Net cash from investing activities was $59.4 million for the six months ended June 30, 2025, compared to net cash from investing activities of $255.0 million during the six months ending 2024. Financing activities provided $174.9 million during the six months ended June 30, 2025, compared to using $204.1 million during the six months ended June 30, 2024.

The types of contractual obligations of the Company and Bank, include but are not limited to term subordinated debt, operating leases, deferred compensation and supplemental retirement plans as well as off-balance sheet commitments such as unfunded loans and letters of credit, are consistent with those as of December 31, 2024. However, as borrowings have been repaid, the borrowing capacity at correspondent banks has increased. In addition, as the balance of investment securities has declined, so has the balance of unpledged securities. In total, and as illustrated above, the balance of total primary liquidity has increased during the first half of 2025.

The Company is dependent upon the payment of cash dividends by the Bank to service its commitments, which have historically included dividends to shareholders, scheduled debt service payments, and general operations. Shareholder dividends are expected to continue subject to the Board’s discretion and management's continuing evaluation of capital levels, earnings, asset quality and other factors. The Company expects that the cash dividends paid by the Bank to the Company will be sufficient to cover the Company's cash flow needs. However, the Company and its ability to generate liquidity through either the issuance of stock or debt, also serves as a potential source of strength for the Bank. Dividends paid by the Company to holders of its common stock used $21.6 million and $21.9 million of cash during the six months ended June 30, 2025 and 2024, respectively. The Company’s liquidity is dependent on dividends received from the Bank. Dividends from the Bank are subject to certain regulatory restrictions.

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TRICO BANCSHARES—NON-GAAP FINANCIAL MEASURES

(Unaudited. Dollars in thousands)

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this filing contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this filing because it believes that they provide useful and comparative information to assess trends in the Company's core operations reflected in the current quarter's results, and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:


	Three months ended		Six months ended
(dollars in thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Net interest margin
Acquired loans discount accretion, net:
Amount (included in interest income)	$1,247		$850		$3,242		$2,182
Effect on average loan yield	0.08	%	0.05	%	0.09	%	0.06	%
Effect on net interest margin (FTE)	0.06	%	0.04	%	0.07	%	0.05	%
Net interest margin (FTE)	3.88	%	3.68	%	3.81	%	3.68	%
Net interest margin less effect of acquired loan discount accretion (Non-GAAP)	3.82	%	3.64	%	3.73	%	3.63	%


	Three months ended				Six months ended
(dollars in thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Pre-tax pre-provision return on average assets or equity
Net income (GAAP)	$27,542		$29,034		$53,905		$56,783
Exclude provision for income taxes	10,271		10,085		19,210		20,034
Exclude provision for credit losses	4,665		405		8,393		4,710
Net income before income tax and provision expense (Non-GAAP)	$42,478		$39,524		$81,508		$81,527

Average assets (GAAP)	$9,778,834		$9,782,228		$9,793,444		$9,819,012
Average equity (GAAP)	$1,273,092		$1,169,324		$1,262,602		$1,171,958

Return on average assets (GAAP) (annualized)	1.13	%	1.19	%	1.11	%	1.16	%
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized)	1.74	%	1.63	%	1.68	%	1.67	%
Return on average equity (GAAP) (annualized)	8.68	%	9.99	%	8.61	%	9.74	%
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized)	13.38	%	13.59	%	13.02	%	13.95	%

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	Three months ended				Six months ended
(dollars in thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Return on tangible common equity
Average total shareholders' equity	$1,273,092		$1,169,324		$1,262,602		$1,171,958
Exclude average goodwill	304,442		304,442		304,442		304,442
Exclude average other intangibles	5,743		9,007		5,987		9,522
Average tangible common equity (Non-GAAP)	$962,907		$855,875		$952,173		$857,994

Net income (GAAP)	$27,542		$29,034		$53,905		$56,783
Exclude amortization of intangible assets, net of tax effect	340		725		702		1,451
Tangible net income available to common shareholders (Non-GAAP)	$27,882		$29,759		$54,607		$58,234

Return on average equity (GAAP) (annualized)	8.68	%	9.99	%	8.61	%	9.74	%
Return on average tangible common equity (Non-GAAP)	11.61	%	13.98	%	11.57	%	13.65	%


	As of
(dollars in thousands)	June 30, 2025		December 31, 2024
Tangible shareholders' equity to tangible assets
Shareholders' equity (GAAP)	$1,266,823		$1,220,907
Exclude goodwill and other intangible assets, net	309,877		310,874
Tangible shareholders' equity (Non-GAAP)	$956,946		$910,033

Total assets (GAAP)	$9,923,983		$9,673,728
Exclude goodwill and other intangible assets, net	309,877		310,874
Total tangible assets (Non-GAAP)	$9,614,106		$9,362,854

Shareholders' equity to total assets (GAAP)	12.77	%	12.62	%
Tangible shareholders' equity to tangible assets (Non-GAAP)	9.95	%	9.72	%


	As of
(dollars in thousands)	June 30, 2025	December 31, 2024
Tangible common shareholders' equity per share
Tangible shareholders' equity (Non-GAAP)	$956,946	$910,033
Common shares outstanding at end of period	32,550,264	32,970,425

Common shareholders' equity (book value) per share (GAAP)	$38.92	$37.03
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP)	$29.40	$27.60

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

Based on the changes in interest rates as well as the mix shift of interest earning assets and interest bearing liabilities occurring subsequent to December 31, 2024, the following update of the Company’s assessment of market risk as of June 30, 2025 is being provided. These updates and changes should be read in conjunction with the additional quantitative and qualitative disclosures in our Annual Report on Form 10-K for the year ended December 31, 2024.

As of June 30, 2025, the Company's loan portfolio consisted of approximately $7.0 billion in outstanding principal with a weighted average coupon rate of 5.57%. During the three-month periods ending June 30, 2025, March 31, 2025, and June 30, 2024, the weighted average coupon on loan production in the quarter was 6.43%, 6.73% and 7.98%, respectively. Included in the June 30, 2025 total loans balance are adjustable rate loans totaling $4.5 billion, of which $0.9 billion are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $282.9 million which are subject to repricing on not less than a quarterly basis.

Management funds the acquisition of nearly all of its earning assets through its core deposit gathering activities. As of June 30, 2025, non-interest bearing deposits represented 30.6% of total deposits. Further, during the quarter ended June 30, 2025, the cost of interest bearing deposits were 1.97% and the cost of total deposits were 1.37%. With the intent of increasing net interest income, management intends to continue to deploy its excess liquidity and/or seek to migrate certain earning assets into higher yielding categories. However, in situations where deposit balances contract, management may rely upon various borrowing facilities or utilize brokered deposits. Through the first quarter of 2025 and during the entire 2024 year, management did not utilize any brokered deposits. Management did however utilize borrowing lines from the FHLB, both overnight and term structured up to 12 months, during this same period. There were no FHLB borrowings outstanding as of June 30, 2025.

As of June 30, 2025 the overnight Federal funds effective rate, the rate primarily used in these interest rate shock scenarios, was 4.33%. These scenarios assume that 1) interest rates increase or decrease evenly (in a “ramp” fashion) over a twelve-month period and remain at the new levels beyond twelve months or 2) that interest rates change instantaneously (“shock”). The simulation results shown below assume no changes in the structure of the Company’s balance sheet over the twelve months being measured.

The following table summarizes the estimated effect on net interest income and market value of equity to changing interest rates as measured against a flat rate (no interest rate change) instantaneous parallel shock scenario over a twelve month period utilizing a interest sensitivity (GAP) analysis based on the Company's specific mix of interest earning assets and interest bearing liabilities as of June 30, 2025.

Interest Rate Risk Simulations:


Change in Interest Rates (Basis Points)	Estimated Change in Net Interest Income (NII) (as % of NII)		Estimated Change in Market Value of Equity (MVE) (as % of MVE)
+300 (shock)	(8.7)	%	(1.7)	%
+200 (shock)	(3.9)	%	(1.0)	%
+100 (shock)	(1.9)	%	(0.1)	%
+ 0 (flat)	—		—
-100 (shock)	—	%	(2.8)	%
-200 (shock)	(0.5)	%	(8.1)	%
-300 (shock)	0.9	%	(15.5)	%

Item 4. Controls and Procedures

The Company’s management, including its Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures as of June 30, 2025. Disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are controls and procedures designed to reasonably assure that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported on a timely basis. Disclosure controls are also designed to reasonably assure that such information is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025.

During the three months ended June 30, 2025, there were no changes in our internal controls or in other factors that have materially affected or are reasonably likely to materially affect our internal controls over financial reporting.

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PART II – OTHER INFORMATION

Item 1 — Legal Proceedings

Due to the nature of our business, we are involved in legal proceedings that arise in the ordinary course of our business. While the outcome of these matters is currently not determinable, we do not expect that the ultimate costs to resolve these matters will have a material adverse effect on our consolidated financial position, results of operations, or cash flows.

Item 1A — Risk Factors

In evaluating an investment in the Company's common stock, investors should consider carefully, among other things, the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 3, 2025, and in the information contained in this Quarterly Report on Form 10-Q and our other reports and registration statements.

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds

The following table shows the repurchases made by the Company or any affiliated purchaser (as defined in Rule 10b-18(a)(3) under the Exchange Act) during the periods indicated:


Period	(a) Total number of shares purchased (1)	(b) Average price paid per share		(c) Total number of shares purchased as of part of publicly announced plans or programs	(d) Maximum number of shares that may yet be purchased under the plans or programs at period end (2)
April 1-30, 2025	28,671	$	38.30	28,671	712,198
May 1-31, 2025	179,859	40.27		176,258	535,940
June 1-30, 2025	182,990	40.19		175,049	360,891
Total	391,520	$	40.09	379,978

(1)Includes shares purchased by the Company’s Employee Stock Ownership Plan in open market purchases and shares tendered by employees pursuant to various other equity incentive plans. See Notes 10 and 11 to the condensed consolidated financial statements at Item 1 of Part I of this report, for a discussion of the Company’s stock repurchased under equity compensation plans.

(2)Does not include shares that may be purchased by the Company’s Employee Stock Ownership Plan and pursuant to various other equity incentive plans. See Note 11 to the condensed consolidated financial statements at Item 1 of Part I of this report, for a discussion of the Company’s stock repurchase plan.

Item 5 — Other Information

Director or Executive Officer Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

(c) During the three and six months ended June 30, 2025, (in each case, as defined in item 408 of Regulation S-K) for the purchase or sale of the Company's common stock.

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Item 6 – Exhibits

EXHIBIT INDEX


Exhibit No.						Exhibit

10.1*						Form of Restricted Stock Unit Agreement and Grant Notice for Non-Executives pursuant to TriCo’s 2024 Equity Incentive Plan

10.2*						Form of Restricted Stock Unit Agreement and Grant Notice for Executives pursuant to TriCo’s 2024 Equity Incentive Plan

10.3*						Form of Performance Award Agreement and Grant Notice for Non-Executives pursuant to TriCo’s 2024 Equity Incentive Plan

10.4*						Form of Performance Award Agreement and Grant Notice for Executives pursuant to TriCo’s 2024 Equity Incentive Plan

10.5*						Form of Restricted Stock Unit Agreement and Grant Notice for Non-employee Directors pursuant to TriCo's 2024 Equity Incentive Plan

31.1						Rule 13a-14(a)/15d-14(a) Certification of CEO

31.2						Rule 13a-14(a)/15d-14(a) Certification of CFO

32.1						Section 1350 Certification of CEO

32.2						Section 1350 Certification of CFO

101.INS						XBRL Instance Document

101.SCH						XBRL Taxonomy Extension Schema Document

101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB						XBRL Taxonomy Extension Label Linkbase Document

101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF						XBRL Taxonomy Extension Definition Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			TRICO BANCSHARES
			(Registrant)

Date: August 11, 2025			/s/ Peter G. Wiese
			Peter G. Wiese
			Executive Vice President and Chief Financial Officer
			(Duly authorized officer and principal financial and chief accounting officer)

TRICO BANCSHARES / - Quarter Report: 2025 June (Form 10-Q)

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