8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

____________________

FORM 8-K

_________________________________________

Current report pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

April 25, 2024

_______________________

(Exact name of registrant as specified in its charter)

_______________________

California	0-10661	94-2792841
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)

63 Constitution Drive	Chico,	California	95973
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (530) 898-0300

_____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	TCBK	Nasdaq

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition

On April 25, 2024, TriCo Bancshares (the "Company") announced its unaudited financial results as of and for the three month periods ended March 31, 2024. A copy of the press release is attached as Exhibit 99.1 to this to this Form 8-K and is incorporated herein by reference.

Item 7.01    Regulation FD Disclosure

The executive officers of the Company intend to use the materials filed herewith, in whole or in part, in one or more presentations, discussions or meetings with investors. A copy of the investor presentation is attached hereto as Exhibit 99.2.

Item 9.01    Financial Statements and Exhibits

(d) Exhibits

99.1    Press release dated April 25, 2024

99.2    Investor Presentation

The information furnished under Item 2.02, Item 7.01 and Item 9.01 of this Current Period on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of TriCo Bancshares under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.

SIGNATURES

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

	TRICO BANCSHARES
Date: April 25, 2024	/s/ Peter G. Wiese
	Peter G. Wiese, Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-99.1

Exhibit 99.1

  For Immediate Release | April 25, 2024

TriCo Bancshares reports first quarter 2024 net income of $27.7 million, diluted EPS of $0.83

1Q24 Financial Highlights

•Net income was $27.7 million compared to $26.1 million in the trailing quarter; pre-tax pre-provision net revenue was $42.0 million compared to $42.4 million in the trailing quarter

•Deposit balances increased $153.6 million or 7.8% (annualized) from the trailing quarter, respectively

•Average yield on earning assets was 5.13%, an increase of 4 basis points over the 5.09% in the trailing quarter

•Net interest margin was 3.68% in the recent quarter, narrowing 13 basis points from 3.81% in the trailing quarter; management expects that net interest margin will reach an inflection point in the second half of 2024

•Non-interest bearing deposits averaged 33.8% of total deposits during the first quarter of 2024

•The average cost of total deposits was 1.21%, an increase of 16 basis points as compared to 1.05% in the trailing quarter, and an increase of 96 basis points from 0.25% in the same quarter of the prior year; the Company's total cost of deposits have increased 117 basis points since FOMC rate actions began in March 2022, which translates to a cycle-to-date deposit beta of 22.3%

Executive Commentary:

"The start of the second quarter of 2024 also represents the start of Tri Counties Bank's 50th year of operations. Thinking back to our humble beginnings, we have achieved great success through our consistent delivery of Service with Solutions® and we are thankful to be recognized as an industry leading Community Bank in California. Amidst a challenging operating and economic environment, our financial results for the first quarter clearly illustrate our resilience and ability to create shareholder value," explained Rick Smith, President and Chief Executive Officer.

Peter Wiese, EVP and Chief Financial Officer added, "As changing economic forecasts created short term volatility, we continued to execute a variety of balance sheet and operationally focused strategies which, during the first quarter of 2024, resulted in our ability to grow deposits, reduce borrowings, and improve our efficiency ratio. As the balance of 2024 unfolds, we anticipate that the incremental repricing of earning assets will provide an increasing level of benefit to revenues."

Selected Financial Highlights

•For the quarter ended March 31, 2024, the Company’s return on average assets was 1.13%, while the return on average equity was 9.50%; for the trailing quarter ended December 31, 2023, the Company’s return on average assets was 1.05%, while the return on average equity was 9.43%.

•Diluted earnings per share were $0.83 for the first quarter of 2024, compared to $0.78 for the trailing quarter and $1.07 during the first quarter of 2023.

•The loan to deposit ratio decreased to 85.1% as of March 31, 2024, as compared to 86.7% for the trailing quarter end, as a result of deposit growth during the quarter.

•The efficiency ratio improved to 57.36% for the quarter ended March 31, 2024, as compared to 58.71% for the trailing quarter end, due to management's focus on expense control as well as the absence of non-recurring costs in the quarter.

•The provision for credit losses was approximately $4.3 million during the quarter ended March 31, 2024, as compared to $6.0 million during the trailing quarter end, reflecting the risks associated with general economic trends and forecasts.

•The allowance for credit losses (ACL) to total loans was 1.83% as of March 31, 2024, compared to 1.79% as of the trailing quarter end, and 1.69% as of March 31, 2023. Non-performing assets to total assets were 0.37% on March 31, 2024, as compared to 0.35% as of December 31, 2023, and 0.20% at March 31, 2023. At March 31, 2024, the ACL represented 363% of non-performing loans.

Financial results reported in this document are preliminary and unaudited. Final financial results and other disclosures will be reported on Form 10-Q for the period ended March 31, 2024, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

1

Operating Results and Performance Ratios

	Three months ended
	March 31,			December 31,
(dollars and shares in thousands, except per share data)	2024			2023			$ Change		% Change
Net interest income	$	82,736		$	86,617		$	(3,881)	(4.5)	%
Provision for credit losses	(4,305)			(5,990)			1,685		(28.1)	%
Noninterest income	15,771			16,040			(269)		(1.7)	%
Noninterest expense	(56,504)			(60,267)			3,763		(6.2)	%
Provision for income taxes	(9,949)			(10,325)			376		(3.6)	%
Net income	$	27,749		$	26,075		$	1,674	6.4	%
Diluted earnings per share	$	0.83		$	0.78		$	0.05	6.4	%
Dividends per share	$	0.33		$	0.30		$	0.03	10.0	%
Average common shares	33,245			33,267			(22)		(0.1)	%
Average diluted common shares	33,370			33,352			18		0.1	%
Return on average total assets	1.13		%	1.05		%
Return on average equity	9.50		%	9.43		%
Efficiency ratio	57.36		%	58.71		%

	Three months ended March 31,
(dollars and shares in thousands, except per share data)	2024			2023			$ Change		% Change
Net interest income	$	82,736		$	93,336		$	(10,600)	(11.4)	%
Provision for credit losses	(4,305)			(4,195)			(110)		2.6	%
Noninterest income	15,771			13,635			2,136		15.7	%
Noninterest expense	(56,504)			(53,794)			(2,710)		5.0	%
Provision for income taxes	(9,949)			(13,149)			3,200		(24.3)	%
Net income	$	27,749		$	35,833		$	(8,084)	(22.6)	%
Diluted earnings per share	$	0.83		$	1.07		$	(0.24)	(22.4)	%
Dividends per share	$	0.33		$	0.30		$	0.03	10.0	%
Average common shares	33,245			33,296			(51)		(0.2)	%
Average diluted common shares	33,370			33,438			(68)		(0.2)	%
Return on average total assets	1.13		%	1.47		%
Return on average equity	9.50		%	13.36		%
Efficiency ratio	57.36		%	50.29		%

Balance Sheet Data

Total loans outstanding was $6.8 billion as of March 31, 2024, an organic increase of 5.9% over March 31, 2023. As compared to December 31, 2023, total loans outstanding increased during the quarter by $6.2 million or 0.4% annualized. As the Company continued with its balance sheet augmentation strategies, investments decreased by $84.3 million and $356.2 million for the three and twelve month periods ended March 31, 2024 and ending the quarter with a balance of $2.22 billion or 22.6% of total assets. Quarterly average earning assets to quarterly total average assets was 92.0% on March 31, 2024, compared to 91.6% at March 31, 2023. The loan-to-deposit ratio was 85.1% on March 31, 2024, as compared to 80.0% at March 31, 2023. The Company did not utilize brokered deposits during 2024 or 2023 and continues to rely on organic deposit growth and short-term borrowings to fund cash flow timing differences.

Total shareholders' equity increased by $3.4 million during the quarter ended March 31, 2024, as net income of $27.7 million was partially offset by a $11.2 million change in accumulated other comprehensive losses, and cash dividend payments on common stock of approximately $10.9 million. As a result, the Company’s book value grew to $35.06 per share at March 31, 2024, compared to $32.84 at March 31, 2023. 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 $25.60 per share at March 31, 2024, as compared to $23.22 at March 31, 2023. As noted above, 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.

2

Trailing Quarter Balance Sheet Change

Ending balances	March 31,		December 31,				Annualized  % Change
(dollars in thousands)	2024		2023		$ Change
Total assets	$	9,813,767	$	9,910,089	$	(96,322)	(3.9)	%
Total loans	6,800,695		6,794,470		6,225		0.4
Total investments	2,221,555		2,305,882		(84,327)		(14.6)
Total deposits	7,987,658		7,834,038		153,620		7.8
Total other borrowings	392,409		632,582		(240,173)		(151.9)

Loans outstanding increased by $6.2 million or 0.4% on an annualized basis during the quarter ended March 31, 2024. During the quarter, loan originations/draws totaled approximately $325.5 million while payoffs/repayments of loans totaled $321.3 million, which compares to originations/draws and payoffs/repayments during the trailing quarter ended of $450.0 million and $368.0 million, respectively. While origination volume decreased from the previous quarter, activity levels continue to be lower relative to the comparative period in 2023 due in part to disciplined pricing and underwriting, as well as decreased borrower demand given economic uncertainties. Investment security balances decreased $84.3 million or 14.6% on an annualized basis as the result of net prepayments, and maturities, collectively totaling approximating $66.4 million, in addition to net decreases in the market value of securities of $15.9 million. For the foreseeable future, management intends to utilize cash flows from the investment security portfolio and organic deposit growth to support loan growth or reduce borrowings, thus driving an improved mix of earning assets. Deposit balances increased by $153.6 million or 7.8% annualized during the period, led by growth within time deposits. Proceeds from the call or maturity of investment securities, and growth in deposits, during the quarter supported a net decrease of $240.2 million in short-term borrowings, which totaled $392.4 million at March 31, 2024.

Average Trailing Quarter Balance Sheet Change

Quarterly average balances for the period ended	March 31,		December 31,				Annualized % Change
(dollars in thousands)	2024		2023		$ Change
Total assets	$	9,855,797	$	9,879,355	$	(23,558)	(1.0)	%
Total loans	6,785,840		6,746,153		39,687		2.4
Total investments	2,266,320		2,295,235		(28,915)		(5.0)
Total deposits	7,821,044		7,990,993		(169,949)		(8.5)
Total other borrowings	584,696		515,959		68,737		53.3

Year Over Year Balance Sheet Change

Ending balances	As of March 31,						% Change
(dollars in thousands)	2024		2023		$ Change
Total assets	$	9,813,767	$	9,842,394	$	(28,627)	(0.3)	%
Total loans	6,800,695		6,422,421		378,274		5.9
Total investments	2,221,555		2,577,769		(356,214)		(13.8)
Total deposits	7,987,658		8,025,865		(38,207)		(0.5)
Total other borrowings	392,409		434,140		(41,731)		(9.6)

Loan balances increased as a result of organic activities by approximately $378.3 million or 5.9% during the twelve-month period ending March 31, 2024. Over the same period deposit balances have declined by $38.2 million or 0.5%. The Company has offset these declines through the deployment of excess cash balances, runoff of investment security balances, and proceeds from short-term Federal Home Loan Bank (FHLB) borrowings.

Primary Sources of Liquidity

(dollars in thousands)	March 31, 2024		December 31, 2023		March 31, 2023
Borrowing capacity at correspondent banks and FRB	$	2,882,859	$	2,921,525	$	2,853,219
Less: borrowings outstanding	(367,000)		(600,000)		(394,095)
Unpledged available-for-sale (AFS) investment securities	1,435,990		1,558,506		1,883,353
Cash held or in transit with FRB	41,541		51,253		67,468
Total primary liquidity	$	3,993,390	$	3,931,284	$	4,409,945

3

Estimated uninsured deposit balances $ 2,450,179  $ 2,371,000  $ 2,113,000 

On March 31, 2024, the Company's primary sources of liquidity represented 50% of total deposits and 163% 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 $118.5 million, including approximately $9.3 million in net unrealized losses.

Net Interest Income and Net Interest Margin

During the twelve-month period ended March 31, 2024, the Federal Open Market Committee's (FOMC) actions have resulted in an increase in the Fed Funds Rate by approximately 50 basis points. During the same period the Company's yield on total loans increased 51 basis points to 5.72% for the three months ended March 31, 2024, from 5.21% for the three months ended March 31, 2023. The tax equivalent yield on the Company's investment security portfolio was 3.38% for the quarter ended March 31, 2024, an increase of 17 basis points from the 3.21% for the three months ended March 31, 2023. The cost of total interest-bearing deposits and total interest-bearing liabilities increased by 140 basis points and 150 basis points, respectively, between the three-month periods ended March 31, 2024 and 2023. Since FOMC rate actions began in March 2022, the Company's cost of total deposits has increased 117 basis points which translates to a cycle to date deposit beta of 22.3%.

The Company continues to manage its cost of deposits through the use of various pricing and product mix strategies. As of March 31, 2024, December 31, 2023, and March 31, 2023, deposits priced utilizing these strategies totaled $1.4 billion, $1.3 billion and $0.7 billion, respectively, and carried weighted average rates of 3.75%, 3.60%, and 2.68%, respectively.

	Three months ended
	March 31,			December 31,
(dollars in thousands)	2024			2023			Change			% Change
Interest income	$	115,417		$	115,909		$	(492)		(0.4)	%
Interest expense	(32,681)			(29,292)			(3,389)			11.6	%
Fully tax-equivalent adjustment (FTE) (1)	275			360			(85)			(23.6)	%
Net interest income (FTE)	$	83,011		$	86,977		$	(3,966)		(4.6)	%
Net interest margin (FTE)	3.68		%	3.81		%
Acquired loans discount accretion, net:
Amount (included in interest income)	$	1,332		$	1,459		$	(127)		(8.7)	%
Net interest margin less effect of acquired loan discount accretion(1)	3.62		%	3.75		%	(0.13)		%

	Three months ended March 31,
(dollars in thousands)	2024			2023			Change			% Change
Interest income	$	115,417		$	102,907		$	12,510		12.2	%
Interest expense	(32,681)			(9,571)			(23,110)			241.5	%
Fully tax-equivalent adjustment (FTE) (1)	275			392			(117)			(29.8)	%
Net interest income (FTE)	$	83,011		$	93,728		$	(10,717)		(11.4)	%
Net interest margin (FTE)	3.68		%	4.20		%
Acquired loans discount accretion, net:
Amount (included in interest income)	$	1,332		$	1,397		$	(65)		(4.7)	%
Net interest margin less effect of acquired loan discount accretion(1)	3.62		%	4.14		%	(0.52)		%

Three months ended
March 31,

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

4

Analysis Of Change In Net Interest Margin On Earning Assets

	Three months ended						Three months ended						Three months ended
(dollars in thousands)	March 31, 2024						December 31, 2023						March 31, 2023
	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Assets
Loans	$	6,785,840	$	96,485	5.72	%	$	6,746,153	$	95,841	5.64	%	$	6,413,958	$	82,415	5.21	%
Investments-taxable	2,127,420		17,829		3.37	%	2,121,652		18,522		3.46	%	2,415,485		18,916		3.18	%
Investments-nontaxable (1)	138,900		1,192		3.45	%	173,583		1,561		3.57	%	189,050		1,699		3.64	%
Total investments	2,266,320		19,021		3.38	%	2,295,235		20,083		3.47	%	2,604,535		20,615		3.21	%
Cash at Fed Reserve and other banks	14,377		186		5.20	%	23,095		345		5.93	%	26,818		269		4.07	%
Total earning assets	9,066,537		115,692		5.13	%	9,064,483		116,269		5.09	%	9,045,311		103,299		4.63	%
Other assets, net	789,260						814,872						850,866
Total assets	$	9,855,797					$	9,879,355					$	9,878,927
Liabilities and shareholders’ equity
Interest-bearing demand deposits	$	1,710,844	$	4,947	1.16	%	$	1,755,900	$	4,714	1.07	%	$	1,673,114	$	387	0.09	%
Savings deposits	2,651,917		10,900		1.65	%	2,765,679		10,828		1.55	%	2,898,463		4,154		0.58	%
Time deposits	811,894		7,682		3.81	%	652,709		5,564		3.38	%	274,805		604		0.89	%
Total interest-bearing deposits	5,174,655		23,529		1.83	%	5,174,288		21,106		1.62	%	4,846,382		5,145		0.43	%
Other borrowings	584,696		7,378		5.08	%	515,959		6,394		4.92	%	277,632		2,809		4.10	%
Junior subordinated debt	101,106		1,774		7.06	%	101,087		1,792		7.03	%	101,044		1,617		6.49	%
Total interest-bearing liabilities	5,860,457		32,681		2.24	%	5,791,334		29,292		2.01	%	5,225,058		9,571		0.74	%
Noninterest-bearing deposits	2,646,389						2,816,705						3,372,194
Other liabilities	174,359						173,885						194,202
Shareholders’ equity	1,174,592						1,097,431						1,087,473
Total liabilities and shareholders’ equity	$	9,855,797					$	9,879,355					$	9,878,927
Net interest rate spread (1) (2)					2.89	%					3.08	%					3.89	%
Net interest income and margin (1) (3)			$	83,011	3.68	%			$	86,977	3.81	%			$	93,728	4.20	%

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

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

(3)Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets.

Net interest income (FTE) during the three months ended March 31, 2024, decreased $4.0 million or 4.6% to $83.0 million compared to $87.0 million during the three months ended December 31, 2023. In addition, net interest margin declined 13 basis points to 3.68%, compared to the trailing quarter. The decrease in net interest income is primarily attributed to an additional $2.4 million or 11.5% in deposit interest expense due to changes in product mix as customers continue to be drawn towards higher yielding term deposit accounts. Deposit cost increases during the current quarter were also influenced by continued competitive pricing pressures. Net interest income for the quarter was also impacted by an increase of $1.0 million in other borrowings costs and declines in investment income totaling $1.0 million, with a partial offset from increased loan income of $0.6 million.

As compared to the same quarter in the prior year, average loan yields increased 51 basis points from 5.21% during the three months ended March 31, 2023, to 5.72% during the three months ended March 31, 2024. The accretion of discounts from acquired loans added 6 basis points to loan yields during each of the quarters ended March 31, 2024 and March 31, 2023. The rates paid on interest bearing deposits increased by 21 basis points during the quarter ended March 31, 2024, compared to the trailing quarter. The cost of interest-bearing deposits increased by 140 basis points between the quarter ended March 31, 2024, and the same quarter of the prior year. In addition, the average balance of noninterest-bearing deposits decreased by $170.3 million quarter over quarter and decreased by $725.8 million from three-month average for the period ended March 31, 2023 amidst a continued migration of customer funds to interest-bearing products. As of March 31, 2024, the ratio of average total noninterest-bearing deposits to total average deposits was 33.8%, as compared to 35.2% and 41.0% on December 31, 2023 and March 31, 2023, respectively.

Three months ended March 31, 2024 Three months ended March 31, 2023

5

Interest Rates and Earning Asset Composition

As of March 31, 2024, the Company's loan portfolio consisted of approximately $6.8 billion in outstanding principal with a weighted average coupon rate of 5.47%. During the three-month periods ending March 31, 2024, December 31, 2023, and March 31, 2023, the weighted average coupon on loan production in the quarter was 7.78%, 7.54% and 6.91%, respectively. Included in the March 31, 2024 total loans are adjustable rate loans totaling $3.6 billion, of which, $974.1 million are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $345.6 million which are subject to repricing on not less than a quarterly basis.

Asset Quality and Credit Loss Provisioning

During the three months ended March 31, 2024, the Company recorded a provision for credit losses of $4.3 million, as compared to $6.0 million during the trailing quarter, and $4.2 million during the first quarter of 2023.

	Three months ended
(dollars in thousands)	March 31, 2024		December 31, 2023		March 31, 2023
Addition to allowance for credit losses	$	4,015	$	6,040	$	4,315
Addition to (reversal of) reserve for unfunded loan commitments	290		(50)		(120)
Total provision for credit losses	$	4,305	$	5,990	$	4,195

	Three months ended
(dollars in thousands)	March 31, 2024		March 31, 2023
Balance, beginning of period	$	121,522	$	105,680
Provision for credit losses	4,015		4,315
Loans charged-off	(1,275)		(1,758)
Recoveries of previously charged-off loans	132		170
Balance, end of period	$	124,394	$	108,407

The allowance for credit losses (ACL) was $124.4 million or 1.83% of total loans as of March 31, 2024. The provision for credit losses on loans of $4.0 million during the recent quarter was the net effect of charge-offs and increases in reserves for qualitative factors and changes in quantitative reserves under the cohort model, inclusive of a $1.6 million decrease in specific reserves for individually evaluated credits. Similar to prior quarters, the provision for credit losses of $4.3 million during the three months ended March 31, 2024, was largely attributed to risks associated with the qualitative components of the ACL model as compared to any significant deterioration in credit quality. For the current quarter, the qualitative components of the ACL that contributed to a net increase in required reserves primarily related to trends in unemployment and general economic trends that are inconsistent with those desired by the FOMC. The quantitative components of the ACL collectively decreased reserve requirements by approximately $1.4 million over the trailing quarter, primarily attributed to the charge-off or improvement in risk grades for credits previously associated with specific reserves.

The Company utilizes a forecast period of approximately eight quarters and obtains the forecast data from publicly available sources as of the balance sheet date. This forecast data continues to evolve and includes improving shifts in the magnitude of changes for both the unemployment and GDP factors leading up to the balance sheet date. Despite continued declines on a year over year comparative basis, core inflation remains elevated from wage pressures, and higher living costs such as housing, energy and food prices. Management notes the rapid intervals of rate increases by the Federal Reserve may create repricing risk for certain borrowers and continued inversion of the yield curve, creates informed expectations of the US potentially entering a recession within 12 months. While projected cuts in interest rates from the Federal Reserve during 2024 may improve this outlook, the uncertainty associated with the extent and timing of these potential reductions has inhibited a change to forecasted reserve levels. As a result, management continues to believe that certain credit weaknesses are likely present in the overall economy and that it is appropriate to maintain a reserve level that incorporates such risk factors.

Loans past due 30 days or more decreased by $2.9 million during the quarter ended March 31, 2024, to $16.5 million, as compared to $19.4 million at December 31, 2023. Of the total $16.5 million in loans identified as past due, approximately $4.7 million is less than 90 days past due, the majority of which is well-secured. Non-performing loans were $34.2 million at March 31, 2024, an increase of $2.4 million from $31.9 million as of December 31, 2023, and an increase of $18.2 million from $16.0 million as of March 31, 2023. The increase in non-performing loans as compared to the trailing quarter is concentrated between non-owner occupied commercial real estate and agriculture lending, specifically the result of declines in commodity prices and therefore, expected revenue available to borrowers from harvest proceeds. Management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. Of the $34.2 million loans designated as non-performing as of March 31, 2024, approximately $21.3 million are current with respect to payments required under their original loan agreements.

6

	March 31,			% of Loans Outstanding		December 31,			% of Loans Outstanding		March 31			% of Loans Outstanding
(dollars in thousands)	2024					2023					2023
Risk Rating:
Pass	$	6,616,294		97.3	%	$	6,603,161		97.2	%	$	6,232,962		97.0	%
Special Mention	108,073			1.6	%	103,812			1.5	%	125,492			2.0	%
Substandard	76,328			1.1	%	87,497			1.3	%	63,967			1.0	%
Total	$	6,800,695				$	6,794,470				$	6,422,421
Classified loans to total loans	1.12		%			1.29		%			1.00		%
Loans past due 30+ days to total loans	0.24		%			0.29		%			0.12		%

The ratio of classified loans to total loans of 1.12% as of March 31, 2024 decreased 17 basis points from December 31, 2023 and increased 12 basis points from the comparative quarter ended 2023. The improvement in classified loans outstanding was spread amongst several substandard relationships primarily within commercial real estate. As a percentage of total loans outstanding, classified assets remain consistent with volumes experienced prior to the recent quantitative easing cycle spurred by the COVID pandemic and reflect management's historically conservative approach to credit risk monitoring. Further, management has taken action to proactively assess the repayment capacity of borrowers that will likely 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 not resulted in the need to provide any concessions to borrowers. The Company's combined criticized loan balances decreased during the quarter by $6.9 million to $184.4 million as of March 31, 2024, and management believes the associated credit risk has been adequately reserved against.

As of March 31, 2024, other real estate owned consisted of 10 properties with a carrying value of approximately $2.5 million, a decrease of $0.2 million from the trailing quarter as a result of deterioration in property values.

Non-performing assets of $36.7 million at March 31, 2024, represented 0.37% of total assets, a change from the $34.6 million or 0.35% and $19.5 million or 0.20% as of December 31, 2023 and March 31, 2023, respectively.

Allocation of Credit Loss Reserves by Loan Type

	As of March 31, 2024				As of December 31, 2023				As of March 31, 2023
(dollars in thousands)	Amount		% of Loans Outstanding		Amount		% of Loans Outstanding		Amount		% of Loans Outstanding
Commercial real estate:
CRE - Non Owner Occupied	$	36,687	1.65	%	$	35,077	1.58	%	$	32,963	1.53	%
CRE - Owner Occupied	16,111		1.65	%	15,081		1.58	%	14,559		1.50	%
Multifamily	15,682		1.60	%	14,418		1.52	%	13,873		1.47	%
Farmland	3,695		1.39	%	4,288		1.58	%	3,542		1.29	%
Total commercial real estate loans	72,175		1.62	%	68,864		1.57	%	64,937		1.49	%
Consumer:
SFR 1-4 1st Liens	14,140		1.60	%	14,009		1.59	%	11,920		1.48	%
SFR HELOCs and Junior Liens	9,942		2.88	%	10,273		2.88	%	10,914		2.91	%
Other	3,359		4.48	%	3,171		4.34	%	2,062		3.76	%
Total consumer loans	27,441		2.10	%	27,453		2.09	%	24,896		2.02	%
Commercial and Industrial	11,867		2.16	%	12,750		2.17	%	12,069		2.18	%
Construction	9,162		2.63	%	8,856		2.55	%	5,655		2.50	%
Agricultural Production	3,708		2.55	%	3,589		2.48	%	833		1.77	%
Leases	41		0.44	%	10		0.12	%	17		0.20	%
Allowance for credit losses	124,394		1.83	%	121,522		1.79	%	108,407		1.69	%
Reserve for unfunded loan commitments	6,140				5,850				4,195
Total allowance for credit losses	$	130,534	1.92	%	$	127,372	1.87	%	$	112,602	1.75	%

In addition to the allowance for credit losses above, the Company has acquired various performing loans whose fair value as of the acquisition date was determined to be less than the principal balance owed on those loans. This difference represents the collective discount of credit, interest rate and liquidity measurements which is expected to be amortized over the life of the loans. As of March 31, 2024, the unamortized discount associated with acquired loans totaled $23.3 million, which, when combined with the total allowance for credit losses above, represents 2.26% of total loans.

7

Non-interest Income

	Three months ended
(dollars in thousands)	March 31, 2024		December 31, 2023		Change		% Change
ATM and interchange fees	$	6,169	$	6,531	$	(362)	(5.5)	%
Service charges on deposit accounts	4,663		4,732		(69)		(1.5)	%
Other service fees	1,366		1,432		(66)		(4.6)	%
Mortgage banking service fees	428		444		(16)		(3.6)	%
Change in value of mortgage servicing rights	11		(291)		302		(103.8)	%
Total service charges and fees	12,637		12,848		(211)		(1.6)	%
Increase in cash value of life insurance	803		876		(73)		(8.3)	%
Asset management and commission income	1,128		1,284		(156)		(12.1)	%
Gain on sale of loans	261		283		(22)		(7.8)	%
Lease brokerage income	161		109		52		47.7	%
Sale of customer checks	312		292		20		6.8	%
Loss on sale of investment securities	—		(120)		120		n/m
(Loss) gain on marketable equity securities	(28)		117		(145)		(123.9)	%
Other income	497		351		146		41.6	%
Total other non-interest income	3,134		3,192		(58)		(1.8)	%
Total non-interest income	$	15,771	$	16,040	$	(269)	(1.7)	%

Non-interest income decreased $0.3 million or 1.7% to $15.8 million during the three months ended March 31, 2024, compared to $16.0 million during the quarter ended December 31, 2023. The value of mortgage servicing rights changed by $0.3 million or 103.8% attributed to an increase in the reference rates during the quarter. Other income increased by $0.1 million or 41.6% attributed to $0.2 million in realized gains on alternative investments. However, these benefits were offset by fewer transactions that drive interchange and service fee income, where revenues from these sources declined by $0.5 million.

	Three months ended March 31,
(dollars in thousands)	2024		2023		Change		% Change
ATM and interchange fees	$	6,169	$	6,344	$	(175)	(2.8)	%
Service charges on deposit accounts	4,663		3,431		1,232		35.9	%
Other service fees	1,366		1,166		200		17.2	%
Mortgage banking service fees	428		465		(37)		(8.0)	%
Change in value of mortgage servicing rights	11		(209)		220		(105.3)	%
Total service charges and fees	12,637		11,197		1,440		12.9	%
Increase in cash value of life insurance	803		802		1		0.1	%
Asset management and commission income	1,128		934		194		20.8	%
Gain on sale of loans	261		206		55		26.7	%
Lease brokerage income	161		98		63		64.3	%
Sale of customer checks	312		288		24		8.3	%
Loss on sale of investment securities	—		(164)		164		n/m
Gain on marketable equity securities	(28)		42		(70)		(166.7)	%
Other income	497		232		265		114.2	%
Total other non-interest income	3,134		2,438		696		28.5	%
Total non-interest income	$	15,771	$	13,635	$	2,136	15.7	%

Non-interest income increased $2.1 million or 15.7% to $15.8 million during the three months ended March 31, 2024, compared to $13.6 million during the comparative quarter ended March 31, 2023. Service charges on deposit accounts increased by $1.2 million or 35.9% as compared to the equivalent period in 2023 following $0.9 million in waived or reversed fees as a courtesy to customers in the prior year.

Three months ended March 31,

8

Non-interest Expense

	Three months ended
(dollars in thousands)	March 31, 2024		December 31, 2023		Change		% Change
Base salaries, net of deferred loan origination costs	$	24,020	$	23,889	$	131	0.5	%
Incentive compensation	3,257		3,894		(637)		(16.4)	%
Benefits and other compensation costs	7,027		6,272		755		12.0	%
Total salaries and benefits expense	34,304		34,055		249		0.7	%
Occupancy	3,951		4,036		(85)		(2.1)	%
Data processing and software	5,107		5,017		90		1.8	%
Equipment	1,356		1,322		34		2.6	%
Intangible amortization	1,030		1,216		(186)		(15.3)	%
Advertising	762		875		(113)		(12.9)	%
ATM and POS network charges	1,661		1,863		(202)		(10.8)	%
Professional fees	1,340		2,032		(692)		(34.1)	%
Telecommunications	511		576		(65)		(11.3)	%
Regulatory assessments and insurance	1,251		1,297		(46)		(3.5)	%
Postage	308		320		(12)		(3.8)	%
Operational loss	352		445		(93)		(20.9)	%
Courier service	480		537		(57)		(10.6)	%
(Gain) loss on sale or acquisition of foreclosed assets	(38)		19		(57)		(300.0)	%
Loss on disposal of fixed assets	5		1		4		400.0	%
Other miscellaneous expense	4,124		6,656		(2,532)		(38.0)	%
Total other non-interest expense	22,200		26,212		(4,012)		(15.3)	%
Total non-interest expense	$	56,504	$	60,267	$	(3,763)	(6.2)	%
Average full-time equivalent staff	1,188		1,211		(23)		(1.9)	%

Non-interest expense for the quarter ended March 31, 2024, decreased $3.8 million or 6.2% to $56.5 million as compared to $60.3 million during the trailing quarter ended December 31, 2023. Total salaries and benefits expense increased by $0.2 million or 0.7%, reflecting the reduction of $0.6 million in incentive compensation paid on production and sales volumes, offset by an increase of $0.8 million in benefits and other routine compensation expenses as it is common to observe seasonally higher benefit costs in the first quarter of any calendar year. Professional fees declined by $0.7 million or 34.1%, primarily due to timing differences related to legal and consulting projects. Other miscellaneous expenses decreased by $2.5 million or 38.0% to a more normalized quarterly run rate following several non-recurring expenses during the fourth quarter of 2023.

9

	Three months ended March 31,
(dollars in thousands)	2024		2023		Change		% Change
Base salaries, net of deferred loan origination costs	$	24,020	$	23,000	$	1,020	4.4	%
Incentive compensation	3,257		2,895		362		12.5	%
Benefits and other compensation costs	7,027		6,668		359		5.4	%
Total salaries and benefits expense	34,304		32,563		1,741		5.3	%
Occupancy	3,951		4,160		(209)		(5.0)	%
Data processing and software	5,107		4,032		1,075		26.7	%
Equipment	1,356		1,383		(27)		(2.0)	%
Intangible amortization	1,030		1,656		(626)		(37.8)	%
Advertising	762		759		3		0.4	%
ATM and POS network charges	1,661		1,709		(48)		(2.8)	%
Professional fees	1,340		1,589		(249)		(15.7)	%
Telecommunications	511		595		(84)		(14.1)	%
Regulatory assessments and insurance	1,251		792		459		58.0	%
Postage	308		299		9		3.0	%
Operational loss	352		435		(83)		(19.1)	%
Courier service	480		339		141		41.6	%
Gain on sale or acquisition of foreclosed assets	(38)		—		(38)		n/m
Loss on disposal of fixed assets	5		—		5		n/m
Other miscellaneous expense	4,124		3,483		641		18.4	%
Total other non-interest expense	22,200		21,231		969		4.6	%
Total non-interest expense	$	56,504	$	53,794	$	2,710	5.0	%
Average full-time equivalent staff	1,188		1,219		(31)		(2.5)	%

Non-interest expense increased $2.7 million or 5.0% to $56.5 million during the three months ended March 31, 2024, as compared to $53.8 million for the quarter ended March 31, 2023. Total salaries and benefits expense increased by $1.7 million or 5.3% to $34.3 million, largely from annual compensation adjustments and other routine increases in benefits and compensation. Salaries expense was also impacted by an increase in average compensation per employee as various strategic talent acquisitions were made in order to further prepare the Company to execute its growth objectives beyond $10 billion in total assets. Data processing and software expenses increased by $1.1 million or 26.7% related to ongoing investments in the Company's data management and security infrastructure. Regulatory assessment charges increased $0.5 million or 58.0% following the increase in assessment rates beginning in the second quarter of 2023.

Three months ended March 31,

Provision for Income Taxes

The Company’s effective tax rate was 26.4% for the quarter and year ended March 31, 2024, as compared to 28.4% for the year ended December 31, 2023. 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.

Investor Contact

Peter G. Wiese, EVP & CFO, (530) 898-0300

10

About TriCo Bancshares

Established in 1975, Tri Counties Bank is a wholly-owned subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in Chico, California, providing a unique brand of customer Service with Solutions available in traditional stand-alone and in-store bank branches and loan production offices in communities throughout California. Tri Counties Bank provides an extensive and competitive breadth of consumer, small business and commercial banking financial services, along with convenient around-the-clock ATMs, online and mobile banking access. Brokerage services are provided by Tri Counties Advisors through affiliation with Raymond James Financial Services, Inc. Visit www.TriCountiesBank.com to learn more.

Forward-Looking Statements

The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. 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: the conditions of the United States economy in general and the strength of the local economies in which we conduct operations; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impacts of inflation, interest rate, market and monetary fluctuations on the Company's business condition and financial operating results; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions affecting our ability to successfully market and price our products to consumers; 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 that may or may not be caused by climate change and their effects on the Company's customers and the economic and business environments in which the Company operates; the impact of a slowing U.S. economy, decreases in housing and commercial real estate prices, and potentially increased unemployment on the performance of our loan portfolio, 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; adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, commodities prices, inflationary pressures and labor shortages on the economic recovery and our business; the impacts of international hostilities, wars, terrorism or geopolitical events; adverse developments in the financial services industry generally such as the recent bank failures and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of liquidity; 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 regulatory and financial impacts associated with exceeding $10 billion in total assets; the negative impact on our reputation and profitability in the event customers experience economic harm or in the event that regulatory violations are identified; the ability to execute our business plan in new markets; the future operating or financial performance of the Company, including our outlook for future growth and changes in the level and direction of our nonperforming assets and charge-offs; the appropriateness of the allowance for credit losses, including the assumptions made under our current expected credit losses model; any deterioration in values of California real estate, both residential and commercial; the effectiveness of the Company's asset management activities managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; the effect of changes in the financial performance and/or condition of our borrowers; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; our ability to attract and maintain deposits and other sources of liquidity; 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 vulnerability of the Company's operational or security systems or infrastructure, the systems of third-party vendors or other service providers with whom the Company contracts, and the Company's 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; the impact of the 2023 cyber security ransomware incident on our operations and reputation; 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 transition from the LIBOR to new interest rate benchmarks; the emergence or continuation of widespread health emergencies or pandemics; the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; and our ability to manage the risks involved in the foregoing. 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 Annual Report on Form 10-K for the year ended December 31, 2023, which has been filed with the Securities and Exchange Commission (the “SEC”) and all subsequent filings with the SEC under Sections 13(a), 13(c), 14, and 15(d) of the Securities Act of 1934, as amended. Such filings are also available in the “Investor Relations” section of our website, https://www.tcbk.com/investor-relations and in other documents we file with the SEC. 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.

11

TriCo Bancshares—Condensed Consolidated Financial Data (unaudited)

(dollars in thousands, except per share data)	Three months ended
	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Revenue and Expense Data
Interest income	$	115,417		$	115,909		$	112,380		$	107,158		$	102,907
Interest expense	32,681			29,292			24,257			18,557			9,571
Net interest income	82,736			86,617			88,123			88,601			93,336
Provision for credit losses	4,305			5,990			4,155			9,650			4,195
Noninterest income:
Service charges and fees	12,637			12,848			13,075			12,968			11,197
Loss on sale of investment securities	—			(120)			—			—			(164)
Other income	3,134			3,312			2,909			2,773			2,602
Total noninterest income	15,771			16,040			15,984			15,741			13,635
Noninterest expense:
Salaries and benefits	34,304			34,055			34,463			34,714			32,563
Occupancy and equipment	5,307			5,358			5,451			5,427			5,543
Data processing and network	6,768			6,880			6,852			6,540			5,741
Other noninterest expense	10,125			13,974			11,112			14,562			9,947
Total noninterest expense	56,504			60,267			57,878			61,243			53,794
Total income before taxes	37,698			36,400			42,074			33,449			48,982
Provision for income taxes	9,949			10,325			11,484			8,557			13,149
Net income	$	27,749		$	26,075		$	30,590		$	24,892		$	35,833
Share Data
Basic earnings per share	$	0.83		$	0.78		$	0.92		$	0.75		$	1.08
Diluted earnings per share	$	0.83		$	0.78		$	0.92		$	0.75		$	1.07
Dividends per share	$	0.33		$	0.30		$	0.30		$	0.30		$	0.30
Book value per common share	$	35.06		$	34.86		$	32.18		$	32.86		$	32.84
Tangible book value per common share (1)	$	25.60		$	25.39		$	22.67		$	23.28		$	23.22
Shares outstanding	33,168,770			33,268,102			33,263,324			33,259,260			33,195,250
Weighted average shares	33,245,377			33,266,959			33,262,798			33,219,168			33,295,750
Weighted average diluted shares	33,370,118			33,351,737			33,319,291			33,301,548			33,437,680
Credit Quality
Allowance for credit losses to gross loans	1.83		%	1.79		%	1.73		%	1.80		%	1.69		%
Loans past due 30 days or more	$	16,474		$	19,415		$	8,072		$	9,483		$	7,891
Total nonperforming loans	$	34,242		$	31,891		$	29,799		$	37,592		$	16,025
Total nonperforming assets	$	36,735		$	34,595		$	32,651		$	40,506		$	19,464
Loans charged-off	$	1,275		$	749		$	5,357		$	276		$	1,758
Loans recovered	$	132		$	419		$	720		$	218		$	170
Selected Financial Ratios
Return on average total assets	1.13		%	1.05		%	1.23		%	1.01		%	1.47		%
Return on average equity	9.50		%	9.43		%	10.91		%	8.98		%	13.36		%
Average yield on loans	5.72		%	5.64		%	5.52		%	5.38		%	5.21		%
Average yield on interest-earning assets	5.13		%	5.09		%	4.94		%	4.78		%	4.63		%
Average rate on interest-bearing deposits	1.83		%	1.62		%	1.36		%	0.95		%	0.43		%
Average cost of total deposits	1.21		%	1.05		%	0.86		%	0.58		%	0.25		%
Average cost of total deposits and other borrowings	1.47		%	1.28		%	1.05		%	0.80		%	0.38		%
Average rate on borrowings & subordinated debt	5.35		%	5.26		%	4.96		%	4.92		%	4.74		%
Average rate on interest-bearing liabilities	2.24		%	2.01		%	1.71		%	1.37		%	0.74		%
Net interest margin (fully tax-equivalent) (1)	3.68		%	3.81		%	3.88		%	3.96		%	4.20		%
Loans to deposits	85.14		%	86.73		%	83.76		%	80.55		%	80.02		%
Efficiency ratio	57.36		%	58.71		%	55.59		%	58.69		%	50.29		%
Supplemental Loan Interest Income Data
Discount accretion on acquired loans	$	1,332		$	1,459		$	1,324		$	1,471		$	1,397
All other loan interest income (1)	$	95,153		$	94,382		$	90,383		$	85,276		$	81,018
Total loan interest income (1)	$	96,485		$	95,841		$	91,707		$	86,747		$	82,415

(1) Non-GAAP measure

12

TriCo Bancshares—Condensed Consolidated Financial Data (unaudited)

(dollars in thousands, except per share data)
Balance Sheet Data	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Cash and due from banks	$	82,836		$	98,701		$	111,099		$	118,792		$	110,335
Securities, available for sale, net	2,076,494			2,155,138			2,176,854			2,323,011			2,408,452
Securities, held to maturity, net	127,811			133,494			139,058			145,117			152,067
Restricted equity securities	17,250			17,250			17,250			17,250			17,250
Loans held for sale	1,346			458			644			1,058			226
Loans:
Commercial real estate	4,443,768			4,394,802			4,367,445			4,343,924			4,353,959
Consumer	1,303,757			1,313,268			1,288,810			1,252,225			1,233,797
Commercial and industrial	549,780			586,455			599,757			576,247			553,098
Construction	348,981			347,198			320,963			278,425			225,996
Agriculture production	145,159			144,497			123,472			61,337			47,062
Leases	9,250			8,250			8,219			8,582			8,509
Total loans, gross	6,800,695			6,794,470			6,708,666			6,520,740			6,422,421
Allowance for credit losses	(124,394)			(121,522)			(115,812)			(117,329)			(108,407)
Total loans, net	6,676,301			6,672,948			6,592,854			6,403,411			6,314,014
Premises and equipment	71,001			71,347			71,760			72,619			72,096
Cash value of life insurance	137,695			136,892			136,016			135,332			134,544
Accrued interest receivable	35,783			36,768			34,595			32,835			31,388
Goodwill	304,442			304,442			304,442			304,442			304,442
Other intangible assets	9,522			10,552			11,768			13,358			15,014
Operating leases, right-of-use	26,240			26,133			27,363			29,140			30,000
Other assets	247,046			245,966			273,303			257,056			252,566
Total assets	$	9,813,767		$	9,910,089		$	9,897,006		$	9,853,421		$	9,842,394
Deposits:
Noninterest-bearing demand deposits	$	2,600,448		$	2,722,689		$	2,857,512		$	3,073,353		$	3,236,696
Interest-bearing demand deposits	1,742,875			1,731,814			1,746,882			1,751,998			1,635,706
Savings deposits	2,672,537			2,682,068			2,816,816			2,778,118			2,807,796
Time certificates	971,798			697,467			588,433			491,896			345,667
Total deposits	7,987,658			7,834,038			8,009,643			8,095,365			8,025,865
Accrued interest payable	10,224			8,445			6,688			3,655			1,643
Operating lease liability	28,299			28,261			29,527			31,377			32,228
Other liabilities	131,006			145,982			141,692			136,464			157,222
Other borrowings	392,409			632,582			537,975			392,714			434,140
Junior subordinated debt	101,120			101,099			101,080			101,065			101,051
Total liabilities	8,650,716			8,750,407			8,826,605			8,760,640			8,752,149
Common stock	696,464			697,349			696,369			695,305			695,168
Retained earnings	630,954			615,502			599,448			578,852			564,538
Accumulated other comprehensive loss, net of tax	(164,367)			(153,169)			(225,416)			(181,376)			(169,461)
Total shareholders’ equity	$	1,163,051		$	1,159,682		$	1,070,401		$	1,092,781		$	1,090,245
Quarterly Average Balance Data
Average loans	$	6,785,840		$	6,746,153		$	6,597,400		$	6,467,381		$	6,413,958
Average interest-earning assets	$	9,066,537		$	9,064,483		$	9,070,639		$	9,039,314		$	9,045,311
Average total assets	$	9,855,797		$	9,879,355		$	9,874,240		$	9,848,191		$	9,878,927
Average deposits	$	7,821,044		$	7,990,993		$	8,043,101		$	7,981,515		$	8,218,576
Average borrowings and subordinated debt	$	685,802		$	617,046		$	550,344		$	578,312		$	378,676
Average total equity	$	1,174,592		$	1,097,431		$	1,112,404		$	1,112,223		$	1,087,473
Capital Ratio Data
Total risk-based capital ratio	15.0		%	14.7		%	14.5		%	14.5		%	14.5		%
Tier 1 capital ratio	13.2		%	12.9		%	12.7		%	12.7		%	12.7		%
Tier 1 common equity ratio	12.5		%	12.2		%	12.0		%	12.0		%	12.0		%
Tier 1 leverage ratio	11.0		%	10.7		%	10.6		%	10.4		%	10.2		%
Tangible capital ratio (1)	8.9		%	8.8		%	7.9		%	8.1		%	8.1		%

(1) Non-GAAP measure

13

TriCo Bancshares—Non-GAAP Financial Measures (unaudited)

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

	Three months ended
(dollars in thousands)	March 31, 2024		December 31, 2023		March 31, 2023
Net interest margin
Acquired loans discount accretion, net:
Amount (included in interest income)	$1,332		$1,459		$1,397
Effect on average loan yield	0.08	%	0.09	%	0.09	%
Effect on net interest margin (FTE)	0.06	%	0.06	%	0.06	%
Net interest margin (FTE)	3.68	%	3.81	%	4.20	%
Net interest margin less effect of acquired loan discount accretion (Non-GAAP)	3.62	%	3.75	%	4.14	%

	Three months ended
(dollars in thousands)	March 31, 2024		December 31, 2023		March 31, 2023
Pre-tax pre-provision return on average assets or equity
Net income (GAAP)	$27,749		$26,075		$35,833
Exclude provision for income taxes	9,949		10,325		13,149
Exclude provision for credit losses	4,305		5,990		4,195
Net income before income tax and provision expense (Non-GAAP)	$42,003		$42,390		$53,177
Average assets (GAAP)	$9,855,797		$9,879,355		$9,878,927
Average equity (GAAP)	$1,174,592		$1,097,431		$1,087,473
Return on average assets (GAAP) (annualized)	1.13	%	1.05	%	1.47	%
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized)	1.71	%	1.70	%	2.18	%
Return on average equity (GAAP) (annualized)	9.50	%	9.43	%	13.36	%
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized)	14.38	%	15.32	%	19.83	%

14

	Three months ended
(dollars in thousands)	March 31, 2024		December 31, 2023		March 31, 2023
Return on tangible common equity
Average total shareholders' equity	$1,174,592		$1,097,431		$1,087,473
Exclude average goodwill	304,442		304,442		304,442
Exclude average other intangibles	10,037		11,160		15,842
Average tangible common equity (Non-GAAP)	$860,113		$781,829		$767,189
Net income (GAAP)	$27,749		$26,075		$35,833
Exclude amortization of intangible assets, net of tax effect	725		857		1,166
Tangible net income available to common shareholders (Non-GAAP)	$28,474		$26,932		$36,999
Return on average equity (GAAP) (annualized)	9.50	%	9.43	%	13.36	%
Return on average tangible common equity (Non-GAAP)	13.31	%	13.67	%	19.56	%

	Three months ended
(dollars in thousands)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Tangible shareholders' equity to tangible assets
Shareholders' equity (GAAP)	$1,163,051		$1,159,682		$1,070,401		$1,092,781		$1,090,245
Exclude goodwill and other intangible assets, net	313,964		314,994		316,210		317,800		319,456
Tangible shareholders' equity (Non-GAAP)	$849,087		$844,688		$754,191		$774,981		$770,789
Total assets (GAAP)	$9,813,767		$9,910,089		$9,897,006		$9,853,421		$9,842,394
Exclude goodwill and other intangible assets, net	313,964		314,994		316,210		317,800		319,456
Total tangible assets (Non-GAAP)	$9,499,803		$9,595,095		$9,580,796		$9,535,621		$9,522,938
Shareholders' equity to total assets (GAAP)	11.85	%	11.70	%	10.82	%	11.09	%	11.08	%
Tangible shareholders' equity to tangible assets (Non-GAAP)	8.94	%	8.80	%	7.87	%	8.13	%	8.09	%

	Three months ended
(dollars in thousands)	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023	March 31, 2023
Tangible common shareholders' equity per share
Tangible shareholders' equity (Non-GAAP)	$849,087	$844,688	$754,191	$774,981	$770,789
Common shares outstanding at end of period	33,168,770	33,268,102	33,263,324	33,259,260	33,195,250
Common shareholders' equity (book value) per share (GAAP)	$35.06	$34.86	$32.18	$32.86	$32.84
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP)	$25.60	$25.39	$22.67	$23.30	$23.22

15

EX-99.2

Investor Presentation | First Quarter 2024 Investor Presentation First Quarter 2024 Richard P. Smith, President & Chief Executive Officer Daniel K. Bailey, EVP & Chief Banking Officer John S. Fleshood, EVP & Chief Operating Officer Peter G. Wiese, EVP & Chief Financial Officer Exhibit 99.2

Investor Presentation | First Quarter 2024 2 Safe Harbor Statement 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 the Company. 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: the conditions of the United States economy in general and the strength of the local economies in which we conduct operations; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impacts of inflation, interest rate, market and monetary fluctuations on the Company's business condition and financial operating results; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions affecting our ability to successfully market and price our products to consumers; 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 that may or may not be caused by climate change and their effects on the Company's customers and the economic and business environments in which the Company operates; the impact of a slowing U.S. economy, decreases in housing and commercial real estate prices, and potentially increased unemployment on the performance of our loan portfolio, 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; adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, commodities prices, inflationary pressures and labor shortages on the economic recovery and our business; the impacts of international hostilities, wars, terrorism or geopolitical events; adverse developments in the financial services industry generally such as the recent bank failures and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of liquidity; 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 regulatory and financial impacts associated with exceeding $10 billion in total assets; the negative impact on our reputation and profitability in the event customers experience economic harm or in the event that regulatory violations are identified; the ability to execute our business plan in new markets; the future operating or financial performance of the Company, including our outlook for future growth and changes in the level and direction of our nonperforming assets and charge-offs; the appropriateness of the allowance for credit losses, including the assumptions made under our current expected credit losses model; any deterioration in values of California real estate, both residential and commercial; the effectiveness of the Company's asset management activities managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; the effect of changes in the financial performance and/or condition of our borrowers; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; our ability to attract and maintain deposits and other sources of liquidity; 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 vulnerability of the Company's operational or security systems or infrastructure, the systems of third-party vendors or other service providers with whom the Company contracts, and the Company's 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; the impact of the 2023 cyber security ransomware incident on our operations and reputation; 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 transition from the LIBOR to new interest rate benchmarks; the emergence or continuation of widespread health emergencies or pandemics; the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; and our ability to manage the risks involved in the foregoing. 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 Annual Report on Form 10-K for the year ended December 31, 2023, which has been filed with the Securities and Exchange Commission (the “SEC”) and all subsequent filings with the SEC under Sections 13(a), 13(c), 14, and 15(d) of the Securities Act of 1934, as amended. Such filings are also available in the “Investor Relations” section of our website, https://www.tcbk.com/investor-relations and in other documents we file with the SEC. 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.

Investor Presentation | First Quarter 2024 3 Tri Counties Bank Awards Sacramento Rainbow Chamber of Commerce Corporate Advocate of the Year 2024 Gustine Press-Standard Best Bank 2023 Cen Cal Business Finance Group SBA-504 Lender of the Year 2023 Sacramento Business Journal C-Suite Awards: Daniel Bailey, EVP & CBO 2023 Most Admired CEOs: Rick Smith, President & CEO 2023 Corporate Citizenship: Corporate Champion for Basic Needs 2022 S&P Global Market Intelligence Top Community Bank with $3 billion to $10 billion in assets 2022, 2023 Chico Enterprise Record Readers' Choice Best Bank Won every year from 2019 to 2023 Chico News & Review Best Bank Won every year from 2008 to 2019, then 2022 and 2023 Marysville Appeal-Democrat Favorite Bank: 2019, 2021, 2023 Favorite Banker: Heather Peña, 2023 Amy Briscoe, 2020 Formstack: Practically Genius Award Creative Digital Innovation of the Year 2021 Colusa County Pioneer Review Best Bank Won every year from 2019 to 2021 Times Standard Best of North Coast 2020 Mt. Shasta Herald Best Banker - Barry Stacy 2019, 2020 Forbes Magazine Best-In-State Bank 2021 Style Magazine Reader's Choice – Roseville, Granite Bay & Rocklin Won every year from 2011 to 2023 California Black Chamber of Commerce Top Partner Award 2023 Raymond James Community Bankers Cup Award Top 10% of Community Banks 2019, 2021, 2022 Habitat for Humanity of Greater Sacramento Hammy Award: Finance Partner 2022 Auburn Journal Best Bank Won every year from 2019 to 2021 Grass Valley Union Best of Nevada County Won every year from 2011 to 2023 Record Searchlight Best Bank in the North State 2015, 2016, 2018, 2022, 2023

Investor Presentation | First Quarter 2024 4 Executive Team Greg Gehlmann SVP General Counsel Craig Carney EVP Chief Credit Officer Rick Smith President & Chief Executive Officer Dan Bailey EVP Chief Banking Officer John Fleshood EVP Chief Operating Officer Angela Rudd SVP Chief Risk Officer Judi Giem SVP Chief Human Resources Officer Jason Levingston SVP Chief Information Officer Peter Wiese EVP Chief Financial Officer Scott Robertson SVP Chief Community Banking Officer

Investor Presentation | First Quarter 2024 Agenda 5  Most Recent Quarter Recap  Company Overview  Lending Overview  Deposit Overview  Financials

Investor Presentation | First Quarter 2024 6 Most Recent Quarter Highlights Operating Leverage and Profitability  Pre-tax pre-provision ROAA and ROAE were 1.71% and 14.38%, respectively, for the quarter ended March 31, 2024, and 2.18% and 19.83%, respectively, for the same quarter in the prior year  Our efficiency ratio was 57.4% for the quarter ended March 31, 2024, compared to 58.7% and 50.3% for the quarters ended December 31, 2023 and March 31, 2023, respectively Net Interest Income and Margin  Net interest margin (FTE) of 3.68%, compared to 3.81% in the trailing quarter, and 4.20% in the quarter ended March 31, 2023, was influenced by the rising rate environment and a liability sensitive balance sheet  Average yield on earning assets (FTE) of 5.13% was 4 basis points higher than the 5.09% in the trailing quarter, while the cost of interest-bearing liabilities increased 23 basis points to 2.24% from 2.01% Balance Sheet Management  Total deposits grew by an annualized 7.8% while loan balances increased by an annualized 0.4%  Loan to deposit ratio has grown to 85.1% at March 31, 2024 compared to 80.0% a year ago  Cash flows generated from the principal repayment of investment securities were elevated during the current quarter due to the maturity of certain agency securities  Other borrowings decreased by $240.2 million to $392.4 million as compared to the trailing quarter providing momentum into Q2; however average borrowings during the quarter increased by $68.7 million to $584.7 million Liquidity  Readily available and unused funding sources, which total approximately $4.0 billion and represent 50% of total deposits and 163% of total estimated uninsured deposits.  No reliance on brokered deposits or FRB borrowing facilities during the 2024 or 2023 Credit Quality  The allowance for credit losses to total loans was 1.83% as of March 31, 2024, compared to 1.79% as of December 31, 2023, and 1.69% as of March 31, 2023  With non-performing assets to total assets remaining well below 0.50% and the allowance for credit losses representing 339% of non-performing assets, we believe the overall credit risk profile remains historically low Diverse Deposit Base  Non-interest-bearing deposits comprised 33.8% of total deposits  Deposit betas remain low with a cycle-to-date deposit beta of 22.3% Capital Strategies  Increased the quarterly dividend by 10% to $0.33 or $1.32 annually as compared to the $1.20 paid in 2023  Approximately 1.1 million shares remain as being authorized for repurchase  Tangible capital ratio of 8.9% at March 31, 2024, an increase from 8.1% at March, 2023, due primarily to the retention of earnings.  Strength in core earnings is key to self-financed and self-funded growth  All regulatory capital ratios have grown year-over-year

Investor Presentation | First Quarter 2024 7 Company Overview Nasdaq: TCBK Headquarters: Chico, California Stock Price*: $36.78 Market Cap.: $1.22 Billion Asset Size: $9.81 Billion Loans: $6.80 Billion Deposits: $7.99 Billion Bank Branches: 69 ATMs: 86 Bank ATMs, with access to ~ 40,000 in network Market Area: TriCo currently serves 31 counties throughout California * As of close of business March 31, 2024

Investor Presentation | First Quarter 2024 8 “Recurring Critical and Strategic Themes Noted in Recent Executive Discussions”  Scaling and Leverage: Finding the right partner(s) at the right time to cross $10 Billion in total assets  New customer relationships: Continued identification of new relationships and acquisition while expanding services to existing customers – a holistic understanding of their balance sheet and ours  Capital: Balance of regulatory and shareholder expectations while maintaining and utilizing all available tools  Regulatory Focus Areas: Enterprise Risk Management, Compliance (including CRA & ESG), CFPB preparedness, and the hurdles associated with merger approvals  Operating Costs: Rationalization of costs through the relentless pursuit of redundant expenses / overlapping vendor services and partially-implemented technologies  Active Credit Management: Continual and proactive monitoring for early warning signs of credit deterioration and the impact of actual or potential global events on local markets

Investor Presentation | First Quarter 2024 9 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Net Income ($MM) $13.9 $15.0 $16.2 $23.2 $22.7 $23.1 $23.4 $22.9 $16.1 $7.4 $17.6 $23.6 $33.6 $28.4 $27.4 $28.2 $20.4 $31.4 $37.3 $36.3 $35.8 $24.9 $30.6 $26.1 $27.7 Qtrly Diluted EPS $0.60 $0.65 $0.53 $0.76 $0.74 $0.75 $0.76 $0.75 $0.53 $0.25 $0.59 $0.79 $1.13 $0.95 $0.92 $0.94 $0.67 $0.93 $1.12 $1.09 $1.07 $0.75 $0.92 $0.78 $0.83 $0.00 $0.40 $0.80 $1.20 $0 $4 $8 $12 $16 $20 $24 $28 $32 $36 $40 Q trl y EP S (d ilu te d) Ea rn in gs (i n M illi on s) Positive Earnings Track Record July 2018 Acquired FNB Bancorp ($1.2B assets) March 2022 Acquired Valley Republic Bancorp ($1.4B assets) 2020 Elevated ACL Provisioning Associated with COVID Related Risks

Investor Presentation | First Quarter 2024 10 27% 27% 41% 25% 29% 34% 40% 2018 2019 2020 2021 2022 2023 2024 $0.60 $0.74 $0.53 $1.13 $0.67 $1.07 $0.83 $0.65 $0.75 $0.25 $0.95 $0.93 $0.75 $0.53 $0.76 $0.59 $0.92 $1.12 $0.92 $0.75 $0.79 $0.94 $1.09 $0.78 $2.54 $3.00 $2.16 $3.94 $3.83 $3.52 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 2018 2019 2020 2021 2022 2023 2024 Q1 Q2 Q3 Q4 10.75% 10.49% 7.18% 12.10% 11.67% 10.65% 9.50% 2018 2019 2020 2021 2022 2023 2024 $0.17 $0.19 $0.22 $0.25 $0.25 $0.30 $0.33 $0.17 $0.19 $0.22 $0.25 $0.25 $0.30 $0.17 $0.22 $0.22 $0.25 $0.30 $0.30 $0.19 $0.22 $0.22 $0.25 $0.30 $0.30 $0.70 $0.82 $0.88 $1.00 $1.10 $1.20 $0.00 $0.25 $0.50 $0.75 $1.00 $1.25 2018 2019 2020 2021 2022 2023 2024 Q1 Q2 Q3 Q4 Shareholder Returns Dividends per Share: 10% CAGR* Dividends as % of Earnings Return on Avg. Shareholder Equity Diluted EPS *Compound Annual Growth Rate, 5 years

Investor Presentation | First Quarter 2024 11 Asset Growth Organic Growth and Disciplined Acquisitions Asset Dollars in Billions 5 yrs. 10 yrs. 8.7% 13.5% CAGR, Assets Trailing 9 years Trailing 5 quarters

Investor Presentation | First Quarter 2024 Deposits 12

Investor Presentation | First Quarter 2024 13 Liability Mix: Strength in Funding 13 Total Deposits = $7.99 billion 94.2% of Funding Liabilities Liability Mix 03/31/2024  Peer group consists of 99 closest peers in terms of asset size, range $4.7-11.5 Billion; source: BankRegData.com  Net Loans includes LHFS and Allowance for Credit Loss; Core Deposits = Total Deposits less CDs > 250k and Brokered Deposits (0.03% Funding Cost) Non Interest- bearing Demand Deposits, 31.1% Interest-bearing Demand & Savings Deposits, 50.4% Time Deposits, 8.0% Borrowings & Subordinated Debt, 8.4% Other liabilities, 2.1% Non Interest- bearing Demand Deposits, 30.1% Interest-bearing Demand & Savings Deposits, 51.0% Time Deposits, 11.2% Borrowings & Subordinated Debt, 5.7% Other liabilities, 2.0% 71 .8 70 .1 66 .9 66 .0 66 .4 69 .1 72 .1 76 .5 79 .5 80 .4 84 .0 87 .7 87 .7 0 20 40 60 80 100 120 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 Loans to Core Deposits (%) TCBK Peers 40 .3 40 .7 40 .7 40 .4 41 .1 41 .2 42 .5 42 .0 40 .3 38 .0 35 .7 34 .8 32 .6 0 10 20 30 40 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 Non Interest-bearing Deposits as % of Total Deposits TCBK Peers

Investor Presentation | First Quarter 2024 14 Cost of Deposits Noninterest-Bearing Demand - - - - - - - - - - - - - Int-Bearing Demand & Savings 0.04% 0.04% 0.05% 0.03% 0.04% 0.05% 0.07% 0.17% 0.39% 0.83% 1.17% 1.36% 1.46% Time Deposits 0.64% 0.55% 0.52% 0.45% 0.36% 0.26% 0.23% 0.32% 0.89% 2.21% 2.92% 3.38% 3.81% Total Deposits 0.06% 0.05% 0.05% 0.04% 0.04% 0.04% 0.04% 0.10% 0.25% 0.58% 0.86% 1.05% 1.21% Interest-bearing Deposits 0.10% 0.08% 0.08% 0.06% 0.06% 0.07% 0.08% 0.18% 0.43% 0.95% 1.36% 1.62% 1.83% Deposits: Strength in Cost of Funds Balances presented in millions, end of period  Relationship focused pricing for retention and acquisition  Continued best in class total deposit Beta, 22.3% cycle to date $328 $324 $327 $298 $349 $327 $304 $224 $346 $492 $588 $697 $972 $3,769 $3,824 $3,967 $4,090 $4,783 $4,825 $4,674 $4,603 $4,443 $4,530 $4,564 $4,414 $4,415 $2,767 $2,844 $2,943 $2,980 $3,583 $3,604 $3,678 $3,502 $3,237 $3,073 $2,858 $2,723 $2,600 $6,863 $6,992 $7,237 $7,367 $8,714 $8,757 $8,656 $8,329 $8,026 $8,095 $8,010 $7,834 $7,988 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24

Investor Presentation | First Quarter 2024 15 $226 $197 $147 $121 $274 - 100 200 300 400 500 600 700 800 $0-$100k >$100k-$250k >$250k - $500k >$500k - $1mln >$1mln $261 $217 $192 $207 $735 - 100 200 300 400 500 600 700 800 $435 $288 $183 $145 $260 - 100 200 300 400 500 600 700 800 $840 $496 $309 $215 $427 - 100 200 300 400 500 600 700 800 G re at er C hi co $605 $284 $160 $76 $86 - 100 200 300 400 500 600 700 800 $0-$100k >$100k-$250k >$250k - $500k >$500k - $1mln >$1mln Prior Quarter N or th er n Deposits by Region  Excludes bank owned operational deposits, public funds, and Direct Banking division.  CD Balances added Q4-2023 to Regional pools. $1.211 billion, total $2.287 billion, total $1.311 billion, total $1.612 billion, total $0.965 billion, total Sa cr am en to V al le y C en tra l V al le y Ba y Ar ea

Investor Presentation | First Quarter 2024 16 Deposits: Demand & Savings Deposit Mix [1] Excludes time deposits, bank owned operational deposits and public funds. Balance Tier, $ millions [1]Total Demand & Savings ($ millions exterior, count interior) 481 455 426 436 1,351 1,582 785 428 255 386 Consumer Business Prior Quarter, Total Business $3,149 Consumer $3,435 # 35,208 # 200,875

Investor Presentation | First Quarter 2024 17 Deposits: CD Balance and Maturity Composition Note: Excludes CDARS $228 $214 $203 $198 $284 $426 $530 $630 $904 0.27% 0.22% 0.19% 0.47% 1.68% 2.76% 3.22% 3.63% 4.15% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% $0.00 $100.00 $200.00 $300.00 $400.00 $500.00 $600.00 $700.00 $800.00 $900.00 $1,000.00 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Current Balance Weighted Average Rate CD Growth $312 $411 $129 $52 4.05% 4.54% 3.54% 3.14% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 <3 Months 3-6 Months 6-12 Months >12 Months CDs by Remaining Maturity Current Balance Wtd Avg Rate * CD special as of March 31, 2024, subject to change

Investor Presentation | First Quarter 2024 18 73.2 72.7 72.5 71.2 70.3 66.3 66.3 66.5 67.6 71.2 68.9 70.1 69.8 64.9 63.8 63.6 63.7 62.8 62.3 62.8 62.9 64.0 68.8 68.5 68.3 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Insured Deposits as % of Total Deposits [2][3] TCBK Peers 25.2 21.5 21.9 19.0 17.6 18.6 19.8 21.8 22.8 25.3 25.3 25.3 30.8 40.1 37.5 37.2 35.7 34.2 37.1 36.3 35.7 39.6 50.4 55.9 55.3 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Pledged Securities as % of Total Securities [3] TCBK Peers $2,922 $1,559 $51 Liquidity Sources [1] Total Borrow Capacity Unpledged Securities AFS Cash Liquidity [1] $ millions, as of 12/31/2023, cash based upon total held at or in transit with FRB [2] Based upon estimated uninsured deposits reported in Call Report schedule RC-O includes demand and time deposits [3] Peer group consists of closest 99 peers in terms of assets, sourced from BankRegData.com $4.5 Billion 191% of estimated uninsured deposits In addition to a strong deposit base, Tri Counties Bank maintains a variety of easily accessible funding sources.

Investor Presentation | First Quarter 2024 Loans and Credit Quality 1919

Investor Presentation | First Quarter 2024 20 Loan Portfolio and Yield  Q1 2021 increase includes $98MM Jumbo Mortgage pool purchase  End of period balances are presented net of fees and include LHFS. Yields based on average balance and annualized quarterly interest income.  Acquired VRB Loans of $795MM upon 3/25/2022 with a WAR of 4.31%. $4,022 $4,111 $4,381 $4,386 $4,407 $4,443 $4,610 $4,711 $4,739 $4,859 $5,796 $6,097 $6,313 $6,452 $6,422 $6,521 $6,709 $6,795 $6,802 5.24% 5.44% 5.23% 5.05% 4.78% 5.09% 5.15% 4.86% 4.92% 4.96% 4.69% 4.73% 4.88% 5.10% 5.21% 5.38% 5.52% 5.64% 5.72% 3.50% 4.50% 5.50% 6.50% $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2018 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Non-PPP PPP Loans Loan Yield Loan Yield Excl PPP

Investor Presentation | First Quarter 2024 21 $178 $199 $165 $250 $464 $285 $303 $412 $396 $473 $446 $250 $159 $170 $247 $193 $114 -$118 -$139 -$131 -$166 -$241 -$192 -$243 -$250 -$225 -$205 -$270 -$110 -$92 -$107 -$83 -$110 -$83 $6 -$56 -$20 -$47 -$59 $6 -$33 -$47 $4 $33 $42 -$4 -$94 $36 $22 -$24 Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Origination Payoffs Balance Change net of Originations and Payoffs Gross Production vs. Payoff  Outstanding Principal in Millions, excludes PPP  Includes Q1 2021 increase of $98MM and Q4 2020 increase of $40MM in Jumbo Mortgage pool purchases  $800MM in outstanding at close of Q1-2022 related to VRB Acquisitions ($795MM at acquisition) excluded from the chart TCBK originated nearly $1.5 billion in 2021, while facing headwinds of an increased $372 million in payoffs during 2021. In addition to the nearly $0.8 billion in non-PPP loan originations in 2020, TCBK originated over $0.4 billion in PPP loans. Originations and net loan growth in 2022 were supportive of the positive mix shift in earning assets and facilitated both NII and NIM expansion. Slower pace of originations commensurate with market rate changes, liquidity management, and NIM preservation.

Investor Presentation | First Quarter 2024 22 $2,221 $2,161 $975 $971 $982 $947 $885 $804 $550 $545 $345 $375 $349 $226 $411 $322 $75 $54 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 C R E N on - O w ne r O cc up ie d C R E- O w ne r O cc up ie d M ul tif am ily SF R 1 -4 Te rm C om m er ci al & In du st ria l SF R H EL O C an d Ju ni or Li en s C on st ru ct io n Ag ric ul tu re & Fa rm la nd Au to & O th er Diversified Loan Portfolio 22  Dollars in millions, Net Book Value at period end, excludes LHFS;  Auto & other includes Leases; Commercial & Industrial includes Municipality Loans. CRE Non-Owner Occupied 33% CRE-Owner Occupied 14%Multifamily 15% SFR 1-4 Term 13% Commercial & Industrial 8% SFR HELOC and Junior Liens 5% Construction 5% Agriculture & Farmland 6% Auto & Other 1%

Investor Presentation | First Quarter 2024 23 Office RE Collateral Graph circle size represent total loan Commitments in the Region; regional assignment based upon ZIP code of collateral CRE loans secured by office collateral represents 9.6% of total Loan Portfolio Commitments. California Office Secured by Region Regions by Collateral Code Regions by Occupancy Type

Investor Presentation | First Quarter 2024 24 69% 53% 81% 61% 81% 75% 41% 49% 29% 44% 19% 39% 19% 22% 58% 44% 2% 3% 0% 0% 0% 3% 1% 7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Retail Building Office Building Hotel/Motel Light Industrial Mixed Use - Retail Other Multifamily CRE Owner Occupied <= 60% > 60% - 75% > 75% CRE Collateral Values Distribution by LTV (1) LTV Range (1) LTV as of most recent origination or renewal date. CRE Non-Owner Occupied by Collateral Type

Investor Presentation | First Quarter 2024 25 $2,240 $2,183 $987 $952 $343 $373 $544 $549 $982 $979 $886 $806 $353 $229 $415 $327 $71 $52 $143 $162 $63 $55 $668 $646 $663 $628 $70 $60 $324 $307 $139 $263 $8 $8 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 1Q-2024 1Q-2023 CRE Non-Owner Occupied Multifamily SFR HELOC and Junior Liens Commercial & Industrial CRE-Owner Occupied SFR 1-4 Term Construction Agriculture & Farmland Auto & Other Outstanding Principal ($MM) Unfunded Commitment ($MM) Unfunded Loan Commitments HELOCs – by vintage, with weighted avg. coupon (9.14% total WAC)  Outstanding Principal and Commitments exclude unearned fees and discounts/premiums, Leases, DDA Overdraft, and Credit Cards 8.00% 8.20% 8.40% 8.60% 8.80% 9.00% 9.20% 9.40% 9.60% 9.80% $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 20242023202220212020201920182017201620152014201320122011<2011 Private Balance (MM) Unfunded (MM) WA Rate 9.67%9.63% 9.10% 8.70% 8.98%9.04% 9.23%9.29% 9.42%9.36%9.44% 8.64%8.72% 9.71% 8.81%

Investor Presentation | First Quarter 2024 26 C&I Utilization 26 Outstanding Principal excludes unearned fees and discounts/premiums ($ millions)  Utilization has remained stable throughout the rising rate environment  C&I yields are generally tied to changes in the Prime Rate.  Paired with treasury management services, C&I customers will be a continued source of noninterest bearing deposits. C&I Utilization by NAICS Industry: 1Q-2024 $188 $38 $81 $53 $46 $23 $19 $11 $63 $198 $104 $24 $44 $48 $41 $18 $18 $169 49% 27% 77% 55% 49% 35% 52% 38% 27% 0% 5000% 10000% 15000% 20000% Oil & Gas Extraction Construction Finance and Insurance Real Estate Wholesale Healthcare Trans and Warehouse Retail Trade Other (14 Categories) Outstanding (mln) Unfunded (mln) $187 $206 $186 $191 $448 $476 $509 $544 $527 $550 $574 $560 $523 $384 $360 $353 $339 $552 $547 $603 $593 $628 $653 $647 $670 $663 33% 36% 35% 36% 45% 47% 46% 48% 46% 46% 47% 46% 44% 4.85% 4.84% 4.97% 4.96% 4.46% 5.12% 6.11% 6.79% 7.31% 7.60% 7.89% 7.88% 8.00% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 1Q-2021 2Q-2021 3Q-2021 4Q-2021 1Q-2022 2Q-2022 3Q-2022 4Q-2022 1Q-2023 2Q-2023 3Q-2023 4Q-2023 1Q-2024 Outstanding Principal ($MM) Unfunded Commitment Utilization WAR

Investor Presentation | First Quarter 2024 27 Fixed 38% Adjustable 48% Floating 14% $974 $469 $396 $580 $655 $703 $451 9.07% 6.11% 4.43% 4.25% 4.92% 5.40% 4.79% 9.11% 7.54% 7.19% 7.34% 7.06% 7.19% 7.26% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% - 100 200 300 400 500 600 700 800 900 1,000 Monthly (Floating) < 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years Adjustable Loans, Principal Outstanding ($MM) Adj Wtd Avg Rate Adj Wtd Avg Rate if Repriced 03/31/2024 Loan Yield Composition  Dollars in millions, excludes PPP as well as unearned fees and accretion/amortization therein.  Wtd Avg Rate (weighted average rate) as of 03/31/2024 and based upon outstanding principal; Next Reprice signifies either the next scheduled reprice date or maturity. 99% of Floating benchmarked to Prime Predominantly benchmarked to 5 Year Treasury 62% Adjustable + Floating

Investor Presentation | First Quarter 2024 28 Allowance for Credit Losses Drivers of Change under CECL  Loan portfolio growth of $6.2 million in Q1  Growth driven by CRE OO and Multifamily, partially offset by declines in C&I and HELOCs  Primarily driven by Qualitative factors for unemployment and general economic trends  Gross charge-offs $1.275 million  Gross recoveries $0.132 million 1.79% of Total Loans 1.83% of Total Loans Driven by specific reserve decrease $1.609 million, predominantly Ag, Farmland, and C&I  Excludes gross charge-offs Scaled to reflect $110MM

Investor Presentation | First Quarter 2024 29 Allowance for Credit Losses Allocation of Allowance by Segment

Investor Presentation | First Quarter 2024 30 83.5%85.0%86.0%87.8%87.8%89.0% 13.8%12.1%11.4%8.8%9.2%8.0% 1.6%1.5%1.4%2.4%2.0%2.0% 1.1%1.3%1.2%1.0%1.0%1.1% 0% 20% 40% 60% 80% 100% 1Q-20244Q-20233Q-20232Q-20231Q-20234Q-2022 Pass Watch Special Mention Substandard Risk Grade Migration Zero balance in Doubtful and Loss Pool % (mln) # Loans % (mln) # Loans (mln) # Loans CRE Non-Ow ner Occupied 2.5% $54.4 29 1.7% $37.6 12 -$16.9 -17 CRE-Ow ner Occupied 2.7% $26.5 18 1.6% $15.3 15 -$11.2 -3 Multifamily 0.0% $0.0 0 1.3% $12.4 4 $12.4 4 Agriculture & Farmland 4.9% $16.7 22 5.4% $22.0 27 $5.3 5 SFR 1-4 Term 1.7% $13.3 22 0.2% $2.2 11 -$11.2 -11 SFR HELOC and Junior Liens 0.2% $0.7 17 1.0% $3.6 44 $3.0 27 Commercial & Industrial 2.4% $13.4 30 0.6% $3.0 39 -$10.4 9 Construction 0.0% $0.0 0 3.3% $11.6 1 $11.6 1 Auto & Other 0.8% $0.4 38 0.4% $0.3 31 -$0.1 -7 Leases 0.0% $0.0 2 0.0% $0.0 2 $0.0 0 Grand Total 1.9% $125.5 178 1.6% $108.1 184 -$17.4 6 Special Mention (NBV) Q1-2023 Q1-2024 Diff Pool % (mln) # Loans % (mln) # Loans (mln) # Loans CRE Non-Ow ner Occupied 0.2% $3.6 8 0.5% $12.1 12 $8.5 4 CRE-Ow ner Occupied 2.1% $20.9 13 1.2% $11.6 10 -$9.2 -3 Multifamily 0.0% $0.1 1 0.0% $0.0 0 -$0.1 -1 Agriculture & Farmland 5.4% $18.5 20 7.3% $30.0 33 $11.5 13 SFR 1-4 Term 0.6% $4.5 38 1.0% $9.2 35 $4.7 -3 SFR HELOC and Junior Liens 1.0% $3.8 68 1.1% $3.8 59 $0.0 -9 Commercial & Industrial 2.1% $11.8 59 1.6% $9.0 56 -$2.8 -3 Construction 0.3% $0.6 3 0.0% $0.1 1 -$0.5 -2 Auto & Other 0.4% $0.2 21 0.8% $0.6 24 $0.3 3 Leases 0.0% $0.0 5 0.0% $0.0 4 $0.0 -1 Grand Total 1.0% $64.0 236 1.1% $76.3 230 $12.4 -6 Q1-2023 Q1-2024 Diff Substandard/Doubtful/Loss (NBV)

Investor Presentation | First Quarter 2024 31  Peer group consists of 99 closest peers in terms of asset size, range $6.2-13.4 Billion, source: BankRegData.com  NPAs as presented are net of guarantees, NPLs as presented are not adjusted for guarantees. Asset Quality  The Bank continues to actively and aggressively address potential credit issues with short resolution timelines.  Over the past three years, both the Bank’s total non-performing assets and coverage ratio have remained better than peers. Non-Performing Assets as a % of Total Assets 0.38% 0.42% 0.37% 0.38% 0.17% 0.15% 0.21% 0.25% 0.20% 0.40% 0.32% 0.35% 0.37% 0.68% 0.64% 0.60% 0.50% 0.46% 0.34% 0.34% 0.32% 0.37% 0.39% 0.48% 0.53% 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 TCBK Peers 297% 263% 293% 281% 682% 821% 581% 496% 676% 312% 389% 381% 363% 17 3% 17 9% 18 1% 19 1% 17 8% 19 9% 21 1% 14 9% 20 4% 22 4% 19 1% 18 9% 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 TCBK Peers Coverage Ratio: Allowance as % of Non-Performing Loans

Investor Presentation | First Quarter 2024 Financials 3232

Investor Presentation | First Quarter 2024 33 Net Interest Income (NII) and Margin (NIM)

Investor Presentation | First Quarter 2024 34 Net Interest Income (NII) and Margin (NIM)

Investor Presentation | First Quarter 2024 35 1.24% 1.43% 0.91% 1.43% 1.28% 1.19% 1.13% 2018 2019 2020 2021 2022 2023 2024 1.73% 1.94% 1.83% 1.91% 1.97% 1.87% 1.71% 2018 2019 2020 2021 2022 2023 2024 63.7% 59.7% 58.4% 53.2% 53.0% 55.8% 57.4% 2018 2019 2020 2021 2022 2023 2024 4.30% 4.47% 3.96% 3.58% 3.88% 3.96% 3.68% 2018 2019 2020 2021 2022 2023 2024 Current Operating Metrics Net Interest Margin (FTE) PPNR as % of Average Assets Efficiency Ratio ROAA 2024 values through the 3 months ended 3/31/2024, annualized where applicable

Investor Presentation | First Quarter 2024 36 9.5% 10.6% 9.3% 9.2% 7.6% 8.8% 8.9% 2018 2019 2020 2021 2022 2023 2024 14.4% 15.1% 15.2% 15.4% 14.2% 14.7% 15.0% 2018 2019 2020 2021 2022 2023 2024 12.5% 13.3% 12.9% 13.2% 11.7% 12.2% 12.5% 2018 2019 2020 2021 2022 2023 2024 13.7% 14.4% 14.0% 14.2% 12.4% 12.9% 13.2% 2018 2019 2020 2021 2022 2023 2024 Well Capitalized Tier 1 Capital Ratio Total Risk Based Capital CET1 Ratio Tangible Capital Ratio 2024 values at quarter ended 3/31/2024

Investor Presentation | First Quarter 2024 37 Our Mission Tri Counties Bank exists for just one purpose: to improve the financial success and well-being of our shareholders, customers, communities and employees. Core Values Trust Respect Integrity Communication Opportunity Team Ethos We are one team, aligned, customer-focused and collaborative to achieve next-level performance.

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Cover	Apr. 25, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 25, 2024
Entity Registrant Name	TriCo Bancshares
Entity Incorporation, State or Country Code	CA
Entity File Number	0-10661
Entity Tax Identification Number	94-2792841
Entity Address, Address Line One	63 Constitution Drive
Entity Address, City or Town	Chico,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95973
City Area Code	530
Local Phone Number	898-0300
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	TCBK
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000356171