トライコーバンクシェアーズの四半期報告

TriCo 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________

FORM 10-Q

___________________


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended: September 30, 2025


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from to

Commission File Number: 000-10661

___________________

(Exact Name of Registrant as Specified in Its Charter)

___________________


CA						94-2792841
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)

63 Constitution Drive

Chico, California 95973

(Address of Principal Executive Offices)(Zip Code)

(530) 898-0300

(Registrant’s Telephone Number, Including Area Code)

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

TCBK

The NASDAQ Stock Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “accelerated filer”, “large accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☒

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding for each of the issuer’s classes of common stock, as of the latest practical date:

Common stock, no par value: 32,511,648 shares outstanding as of November 7, 2025.

Table of Contents

TriCo Bancshares

FORM 10-Q

TABLE OF CONTENTS


			Page
PART I – FINANCIAL INFORMATION			3
Item 1 – Financial Statements (Unaudited)			3
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations			38
Item 3 – Quantitative and Qualitative Disclosures about Market Risk			59
Item 4 – Controls and Procedures			59
PART II – OTHER INFORMATION			60
Item 1 – Legal Proceedings			60
Item 1A – Risk Factors			60
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds			60
Item 5 – Other Information
Item 6 – Exhibits			61
Signatures			62

Table of Contents

GLOSSARY OF ACRONYMS AND TERMS

The following listing provides a comprehensive reference of common acronyms and terms used throughout the document:


ACL			Allowance for Credit Losses
AFS			Available-for-Sale
AOCI			Accumulated Other Comprehensive Income
ASC			Accounting Standards Codification
CDs			Certificates of Deposit
CDI			Core Deposit Intangible
CRE			Commercial Real Estate
CMO			Collateralized Mortgage Obligation
CODM			Chief Operating Decision Maker
DFPI			State Department of Financial Protection and Innovation
FASB			Financial Accounting Standards Board
FDIC			Federal Deposit Insurance Corporation
FHLB			Federal Home Loan Bank
FOMC			Federal Open Market Committee
FRB			Federal Reserve Board
FTE			Fully taxable equivalent
GAAP			Generally Accepted Accounting Principles (United States of America)
HELOC			Home equity line of credit
HTM			Held-to-Maturity
LIBOR			London Interbank Offered Rate
NIM			Net interest margin
NPA			Nonperforming assets
OCI			Other comprehensive income
PCD			Purchase Credit Deteriorated
PSU			Performance Restricted Stock Unit
ROUA			Right-of-Use Asset
RSU			Restricted Stock Unit
SBA			Small Business Administration
SERP			Supplemental Executive Retirement Plan
SFR			Single Family Residence
SOFR			Secured Overnight Financing Rate
VRB			Valley Republic Bancorp
XBRL			eXtensible Business Reporting Language

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TRICO BANCSHARES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data; unaudited)


	September 30, 2025		December 31, 2024
Assets:
Cash and due from banks	$	100,693	$	85,409
Cash at Federal Reserve and other banks	198,127		59,547
Cash and cash equivalents	298,820		144,956
Investment securities:
Marketable equity securities	2,681		2,609

Available for sale debt securities, at fair value (amortized cost of $1,906,961 and $2,138,533)	1,740,756		1,904,885
Held to maturity debt securities, at amortized cost, net of allowance for credit losses of $0	95,446		111,866
Restricted equity securities	17,250		17,250
Loans held for sale	2,785		709
Loans	7,006,824		6,768,523
Allowance for credit losses	(124,571)		(125,366)
Total loans, net	6,882,253		6,643,157
Premises and equipment, net	70,509		70,287
Cash value of life insurance	136,391		140,149
Accrued interest receivable	32,126		34,810
Goodwill	304,442		304,442
Other intangible assets, net	4,953		6,432
Operating leases, right-of-use	25,917		23,529
Other assets	264,507		268,647
Total assets	$	9,878,836	$	9,673,728
Liabilities and Shareholders’ Equity:
Liabilities:
Deposits:
Noninterest-bearing demand	$	2,544,306	$	2,548,613
Interest-bearing	5,790,155		5,538,963
Total deposits	8,334,461		8,087,576
Accrued interest payable	8,241		11,501
Operating lease liability	27,683		25,437
Other liabilities	145,869		137,506
Other borrowings	17,039		89,610
Junior subordinated debt	41,238		101,191
Total liabilities	8,574,531		8,452,821
Commitments and contingencies (Note 9)
Shareholders’ equity:
Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at September 30, 2025 and December 31, 2024	—		—
Common stock, no par value: 50,000,000 shares authorized; 32,506,880 and 32,970,425 issued and outstanding at September 30, 2025 and December 31, 2024, respectively	685,594		693,462
Retained earnings	723,668		679,907
Accumulated other comprehensive loss, net of tax	(104,957)		(152,462)
Total shareholders’ equity	1,304,305		1,220,907
Total liabilities and shareholders’ equity	$	9,878,836	$	9,673,728

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

TRICO BANCSHARES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data; unaudited)


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Interest and dividend income:
Loans, including fees	$	101,004	$	98,085	$	295,077	$	292,799
Investments:
Taxable securities	14,945		16,812		44,866		50,878
Tax exempt securities	872		897		2,635		2,729
Dividends	376		376		1,128		1,143
Interest bearing cash at Federal Reserve and other banks	2,790		1,177		6,719		2,247
Total interest and dividend income	119,987		117,347		350,425		349,796
Interest expense:
Deposits	29,201		30,688		86,104		83,238
Other borrowings	3		2,144		1,064		13,640
Junior subordinated debt	1,228		1,904		4,641		5,574
Total interest expense	30,432		34,736		91,809		102,452
Net interest income	89,555		82,611		258,616		247,344
Provision for credit losses	670		220		9,063		4,930
Net interest income after credit loss provision	88,885		82,391		249,553		242,414
Non-interest income:
Service charges and fees	13,751		12,782		40,079		38,215
Gain on sale of loans	327		549		1,174		1,198
Gain (loss) on sale or exchange of investment securities	(2,124)		2		(3,266)		(43)
Asset management and commission income	1,932		1,502		5,055		3,989
Increase in cash value of life insurance	871		786		2,533		2,420
Other	3,250		874		5,595		2,353
Total non-interest income	18,007		16,495		51,170		48,132
Non-interest expense:
Salaries and related benefits	37,729		35,550		112,870		105,255
Other	22,695		23,937		68,270		69,075
Total non-interest expense	60,424		59,487		181,140		174,330
Income before provision for income taxes	46,468		39,399		119,583		116,216
Provision for income taxes	12,449		10,348		31,659		30,382
Net income	$	34,019	$	29,051	$	87,924	$	85,834
Per share data:
Basic earnings per share	$	1.04	$	0.88	$	2.68	$	2.59
Diluted earnings per share	$	1.04	$	0.88	$	2.67	$	2.58
Dividends per share	$	0.36	$	0.33	$	1.02	$	0.99

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands; unaudited)


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Net income	$	34,019	$	29,051	$	87,924	$	85,834
Other comprehensive income, net of tax:
Unrealized gains on available for sale securities arising during the period	16,399		44,538		47,505		36,192
Change in minimum pension liability	—		—		—		—
Change in joint beneficiary agreements	—		—		—		—
Other comprehensive income	16,399		44,538		47,505		36,192
Comprehensive income	$	50,418	$	73,589	$	135,429	$	122,026

See accompanying notes to unaudited condensed consolidated financial statements.

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TRICO BANCSHARES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands, except share and per share data; unaudited)


Balance at	Shares of Common Stock	Common Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Balance at July 1, 2024	32,989,327	$	691,878	$	644,687	$	(161,515)	$	1,175,050
Net income				29,051				29,051
Other comprehensive income (loss)						44,538		44,538
Stock options exercised	7,500	174						174
RSU vesting		809						809
PSU vesting		348						348
RSUs released	5,232							—
PSUs released	—							—

Repurchase of common stock	(1,551)	(33)		(34)				(67)
Dividends paid ($0.33 per share)				(10,888)				(10,888)
Three months ended September 30, 2024	33,000,508	$	693,176	$	662,816	$	(116,977)	$	1,239,015

Balance at July 1, 2025	32,550,264	$	685,489	$	702,690	$	(121,356)	$	1,266,823
Net income				34,019				34,019
Other comprehensive income (loss)						16,399		16,399
Stock options exercised	—	—						—
RSU vesting		874						874
PSU vesting		411						411
RSUs released	4,710							—
PSUs released	7,911							—

Repurchase of common stock	(56,005)	(1,180)		(1,324)				(2,504)
Dividends paid ($0.36 per share)				(11,717)				(11,717)
Three months ended September 30, 2025	32,506,880	$	685,594	$	723,668	$	(104,957)	$	1,304,305



Balance at January 1, 2024	33,268,102	$	697,349	$	615,502	$	(153,169)	$	1,159,682
Net income				85,834				85,834
Other comprehensive income (loss)						36,192		36,192
Stock options exercised	7,500	174						174
RSU vesting		2,428						2,428
PSU vesting		1,122						1,122
RSUs released	69,043							—
PSUs released	32,248							—
Repurchase of common stock	(376,385)	(7,897)		(5,754)				(13,651)
Dividends paid ($0.99 per share)				(32,766)				(32,766)
Nine months ended September 30, 2024	33,000,508	693,176		662,816		(116,977)		1,239,015

Balance at January 1, 2025	32,970,425	$	693,462	$	679,907	$	(152,462)	$	1,220,907
Net income				87,924				87,924
Other comprehensive income (loss)						47,505		47,505
Stock options exercised	—	—						—
RSU vesting		2,554						2,554
PSU vesting		1,106						1,106
RSUs released	75,845							—
PSUs released	7,911							—
Repurchase of common stock	(547,301)	(11,528)		(10,798)				(22,326)
Dividends paid ($1.02 per share)				(33,365)				(33,365)
Nine months ended September 30, 2025	32,506,880	$	685,594	$	723,668	$	(104,957)	$	1,304,305

See accompanying notes to unaudited condensed consolidated financial statements.

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TRICO BANCSHARES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands; unaudited)


	For the nine months ended September 30,
	2025		2024
Operating activities:
Net income	$	87,924	$	85,834
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment, and amortization	4,674		4,562
Amortization of intangible assets	1,479		3,090
Provision for credit losses	9,063		4,670
Amortization of investment securities premium, net	1,434		511
Loss on sale of investment securities	3,266		43
Originations of loans for sale	(54,156)		(48,197)
Proceeds from sale of loans originated for sale	52,825		47,476
Gain on sale of loans	(1,174)		(1,198)
Change in fair market value of mortgage servicing rights	297		468

Gain on transfer of loans to foreclosed assets	—		(38)
(Gain) loss on sale of foreclosed assets	(3)		26
Change in the market value of foreclosed assets	3		262
Operating lease expense payments	(4,583)		(4,658)
Loss on disposal of fixed assets	111		12
Increase in cash value of life insurance	(2,533)		(2,420)
Gain on life insurance death benefit	(1,209)		—
(Gain) loss on marketable equity securities	(72)		(121)
Equity compensation vesting expense	3,660		3,550
Gain on extinguishment of junior subordinated debt	(2,504)		—
Change in:
Interest receivable	2,684		3,707
Interest payable	(3,260)		3,219
Amortization of operating lease ROUA	4,441		4,481
Other assets and liabilities, net	(3,534)		(19,812)
Net cash from operating activities	98,833		85,467
Investing activities:
Proceeds from maturities of securities available for sale	266,581		315,627
Proceeds from maturities of securities held to maturity	16,290		16,074
Proceeds from sale and calls of available for sale securities	58,512		31,534
Purchases of securities available for sale	(98,091)		(122,873)
Loan origination and principal collections, net	(249,761)		107,690

Proceeds from sale of other real estate owned	103		149

Purchases of premises and equipment	(4,585)		(3,250)

Proceeds from the payment of life insurance benefits	7,312		—
Net cash from (used by) investing activities	(3,639)		344,951
Financing activities:
Net change in deposits	246,885		203,053
Net change in other borrowings	(72,571)		(365,815)
Repurchase of common stock	(22,326)		(13,651)
Dividends paid	(33,365)		(32,766)
Retirement of junior subordinated debt, net	(59,953)		—
Exercise of stock options	—		174
Net cash from (used by) financing activities	58,670		(209,005)
Net change in cash and cash equivalents	153,864		221,413
Cash and cash equivalents, beginning of period	144,956		98,701
Cash and cash equivalents, end of period	$	298,820	$	320,114

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See accompanying notes to unaudited condensed consolidated financial statements.
Supplemental disclosure of noncash activities:
Unrealized gain on securities available for sale	$	67,443	$	51,383

Market value of shares tendered in-lieu of cash to pay for exercise of equity and/or related taxes	1,072		1,168
Obligations incurred in conjunction with leased assets	6,000		2,226
Life insurance receivable	103		—
Loans transferred to foreclosed assets	2,747		458
Supplemental disclosure of cash flow activity:
Cash paid for interest expense	$	95,069	$	99,233
Cash paid for income taxes	22,600		27,200

See accompanying notes to unaudited condensed consolidated financial statements.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Summary of Significant Accounting Policies

Description of Business and Basis of Presentation

TriCo Bancshares (the “Company” or “we”) is a California corporation organized to act as a bank holding company for Tri Counties Bank (the “Bank”). The Company and the Bank are headquartered in Chico, California. The Bank is a California-chartered bank that is engaged in the general commercial banking business in 31 California counties. The consolidated financial statements are prepared in accordance with accounting policies generally accepted in the United States of America and general practices in the banking industry. All adjustments necessary for a fair presentation of these consolidated financial statements have been included and are of a normal and recurring nature. The financial statements include the accounts of the Company. All inter-company accounts and transactions have been eliminated in consolidation.

The Company maintains two capital subsidiary business trusts (collectively, the “Capital Trusts”), both organized by the Company. For financial reporting purposes, the Company’s remaining investments in the Capital Trusts of $1.2 million are accounted for under the equity method and, accordingly, are not consolidated and are included in other assets on the consolidated balance sheet.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”). The Company believes that the disclosures made are adequate to make the information not misleading.

Segment and Significant Group Concentration of Credit Risk

The Company grants agribusiness, commercial, consumer, and residential loans to customers located throughout California. The Company has a diversified loan portfolio within the business segments located in this geographical area. While our Chief Executive Officer, the chief operating decision-maker (CODM), may monitor the revenue streams of the various products and services, operations are managed, financial performance is evaluated, and decisions are generally made on a Company-wide basis. Discrete financial information is not available other than on a Company-wide basis. Accordingly, operations are considered by management to be aggregated in one reportable operating segment.

Geographical Descriptions

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

Reclassification

Some items in the prior year consolidated financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity.

Cash and Cash Equivalents

Net cash flows are reported for loan and deposit transactions and other borrowings. For purposes of the consolidated statement of cash flows, cash, due from banks with original maturities less than 90 days, interest-earning deposits in other banks, and Federal funds sold are considered to be cash equivalents.

Allowance for Credit Losses - Securities

The Company measures expected credit losses on HTM debt securities on a collective basis by major security type, then further disaggregated by sector and bond rating. Accrued interest receivable on HTM debt securities was considered insignificant at September 30, 2025 and December 31, 2024 and is therefore excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts based on current and expected changes in credit ratings and default rates. Based on the implied guarantees of the U. S. Government or its agencies related to certain of these investment securities, and the absence of any historical or expected losses, substantially all qualify for a zero loss assumption.

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Management has separately evaluated its HTM investment securities from obligations of state and political subdivisions utilizing the historical loss data represented by similar securities over a period of time spanning nearly 50 years. As a result of this evaluation, management determined that the expected credit losses associated with these securities is not significant for financial reporting purposes and therefore, no allowance for credit losses has been recognized for any period reported.

The Company evaluates AFS debt securities in an unrealized loss position to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the allowance for credit losses and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired available for sale debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. In evaluating available for sale debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers' financial condition, among other factors. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. No security credit losses were recognized during the nine-month periods ended September 30, 2025 and 2024, respectively.

Loans

Loans that management has the intent and ability to hold until maturity or payoff are reported at principal amount outstanding, net of deferred loan fees and costs. Loans are placed in nonaccrual status when reasonable doubt exists as to the full, timely collection of interest or principal, or a loan becomes contractually past due by 90 days or more with respect to interest or principal and is not well secured and in the process of collection. When a loan is placed on nonaccrual status, all interest previously accrued but not collected is reversed against interest income. Income on such loans is then recognized only to the extent that cash is received and where the future collection of principal is considered probable. Interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of Management, the loan is estimated to be fully collectible as to both principal and interest. Accrued interest receivable is not included in the calculation of the allowance for credit losses.

Allowance for Credit Losses - Loans

The ACL is a valuation account that is deducted from the loan's amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged-off against the allowance when management believes the recorded loan balance is confirmed as uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Regardless of the determination that a charge-off is appropriate for financial accounting purposes, the Company manages its loan portfolio by continually monitoring, where possible, a borrower's ability to pay through the collection of financial information, delinquency status, borrower discussion and the encouragement to repay in accordance with the original contract or modified terms, if appropriate.

The ACL consists of two primary components: (1) the determination of an ACL for loans that are individually identified and analyzed and (2) establishment of an ACL for loans collectively analyzed. To determine the collectively analyzed portion of the ACL, the Company identified various portfolio segments based on loan attributes such as, but not limited to; collateral type and loan purpose or use, to ensure loans with similar risk characteristics are measured on a collective basis. The Company utilizes three different loss model configurations and assigned each of the portfolio segments to one of the three loss model configurations. Historical credit loss experience for financial institutions nationwide, paired with relevant forecasts of macroeconomic conditions, forms the basis for the estimate of expected credit losses amongst the collectively analyzed loan portfolio. Further, each of the three loss model configurations utilized by the Company incorporate unique inputs, such as the following:

(1) Commercial Real Estate: origination vintage, delinquency status, loan-to-value as of the origination date, stated maturity date, property type, and property status

(2) Commercial and Industrial: loan maturity, credit spread at origination, risk grade, and loan type

(3) Consumer: FICO, origination vintage, product type, and state geography if applicable

One of the key assumptions requiring significant judgment in the process is estimating the Company's ACL relates to macroeconomic forecasts that are incorporated into the loss models. As all economic outlooks are inherently uncertain, the Company utilizes various data points to better inform management's estimation of expected credit losses given observable and forecast changes in the economic environment and market conditions. These macroeconomic scenario forecasts incorporate variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to: gross domestic product, unemployment rate, consumer price index, corporate interest rate spreads, and economic policy.

After quantitative considerations, management evaluates the need for additional qualitative adjustments that consider the expected impact of certain factors not fully captured in the quantitative and macroeconomic reserve calculations. These qualitative adjustments may apply to the collectively analyzed pool as a whole, one or more of the three loss models, or to one or more of the loan portfolio segments.

PCD assets are assets acquired at a discount that is due, in part, to credit quality deterioration since their origination. PCD assets are initially recorded and accounted for at fair value, by taking the sum of the present value of expected future cash flows and an allowance for credit losses, at acquisition.

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The allowance for credit losses for PCD assets is recorded through a gross-up of reserves on the balance sheet, while the allowance for acquired non-PCD assets, such as loans, is recorded through the provision for credit losses on the income statement, consistent with originated loans. Subsequent to acquisition, the allowance for credit losses for PCD loans will generally follow the same forward-looking estimation, provision, and charge-off process as non-PCD acquired and originated loans

Allowance for Credit Losses - Unfunded commitments

The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance for credit loss calculation, other than those that are unconditionally cancellable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. The allowance for credit losses for off-balance-sheet credit risk exposures is reported in other liabilities in the condensed consolidated balance sheets.

Accounting Standards Update

Accounting standards adopted in the current period

Standard

Summary of Guidance

Effects on financial statements

None

Accounting standards yet to be adopted

Standard

Summary of Guidance

Effects on financial statements

ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures

• Requires a tabular rate reconciliation using both percentages and reporting currency amounts between the reported amount of income tax expense (or benefit) to the amount of statutory federal income tax at current rates for specified categories using specified disaggregation criteria.
• Requires disclosure of the amount of net income taxes paid for federal, state, and foreign taxes, including amounts in each jurisdiction where net taxes paid are equal to or greater than a 5% quantitative threshold.
• Requires disclosure of pre-tax income disaggregated between domestic and foreign tax jurisdictions, as well as income tax expense disaggregated by federal, state, and foreign jurisdictions.

• Effective for fiscal years beginning after December 15, 2024, with first disclosure additions to be included in the 2025 Annual Report on Form 10-K.
• The amendments should be applied on a prospective basis, but retrospective application is permitted.
• The adoption is not expected to result in a material impact on the Company's consolidated financial statements.

Note 2 - Investment Securities

The amortized cost, estimated fair values and allowance for credit losses of investments in debt securities are summarized in the following tables:


	September 30, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Debt Securities Available for Sale
Obligations of U.S. government agencies	$	1,183,001	$	1,323	$	(122,177)	$	1,062,147
Obligations of states and political subdivisions	240,306		64		(22,771)		217,599
Corporate bonds	4,944		2		(66)		4,880
Asset backed securities	280,761		321		(1,718)		279,364
Non-agency collateralized mortgage obligations	197,949		240		(21,423)		176,766
Total debt securities available for sale	$	1,906,961	$	1,950	$	(168,155)	$	1,740,756
Debt Securities Held to Maturity
Obligations of U.S. government agencies	$	93,882	$	3	$	(4,138)	89,747
Obligations of states and political subdivisions	1,564		—		(12)		1,552
Total debt securities held to maturity	$	95,446	$	3	$	(4,150)	$	91,299

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	December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Debt Securities Available for Sale
Obligations of U.S. government agencies	$	1,268,654	$	16	$	(174,485)	$	1,094,185
Obligations of states and political subdivisions	249,627		66		(28,949)		220,744
Corporate bonds	6,182		—		(345)		5,837
Asset backed securities	314,814		687		(1,238)		314,263
Non-agency collateralized mortgage obligations	299,256		238		(29,638)		269,856
Total debt securities available for sale	$	2,138,533	$	1,007	$	(234,655)	$	1,904,885
Debt Securities Held to Maturity
Obligations of U.S. government agencies	$	109,155	$	3	$	(7,443)	$	101,715
Obligations of states and political subdivisions	2,711		2		(79)		2,634
Total debt securities held to maturity	$	111,866	$	5	$	(7,522)	$	104,349

Proceeds from the sale of available for sale investment securities totaled $28.5 million for the three months ended September 30, 2025 which resulted in gross realized losses of $2.1 million. There were no available for sale investment securities sold during the three months ended September 30, 2024. Proceeds from the sale of available for sale investment securities totaled $58.5 million and $28.6 million for the nine months ended September 30, 2025 and 2024, respectively, resulting in gross realized losses of $3.3 million and $2.9 million, respectively.

Investment securities with an aggregate carrying value of $853.6 million and $716.0 million at September 30, 2025 and December 31, 2024, respectively, were pledged as collateral for specific borrowings, lines of credit or local agency deposits.

The amortized cost and estimated fair value of debt securities at September 30, 2025 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At September 30, 2025, obligations of the U.S. government and agencies with a cost basis totaling $1.2 billion consist almost entirely of residential real estate mortgage-backed securities whose contractual maturity, or principal repayment, will follow the repayment of the underlying mortgages. For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by the U.S. government and agencies is categorized based on final maturity date. At September 30, 2025, the Company estimates the average remaining life of these mortgage-backed securities issued by U.S. government corporations and agencies to be approximately 6.00 years. Average remaining life is defined as the time span after which the principal balance has been reduced by half.

As of September 30, 2025, the contractual final maturity for available for sale and held to maturity investment securities is as follows:


Debt Securities	Available for Sale				Held to Maturity
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

Due in one year	$	117	$	117	$	—	$	—
Due after one year through five years	62,087		60,420		2,511		2,475
Due after five years through ten years	158,524		148,757		91,981		87,905
Due after ten years	1,686,233		1,531,462		954		919
Totals	$	1,906,961	$	1,740,756	$	95,446	$	91,299

Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of September 30, 2025, the Company has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. There was no allowance for credit losses related to investment securities as of September 30, 2025 or December 31, 2024.

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Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:


September 30, 2025:	Less than 12 months				12 months or more				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies	$	24,696	$	(292)	$	938,888	$	(121,885)	$	963,584	$	(122,177)
Obligations of states and political subdivisions	4,090		(123)		206,521		(22,648)		210,611		(22,771)
Corporate bonds	497		(1)		2,650		(65)		3,147		(66)
Asset backed securities	24,169		(128)		71,006		(1,590)		95,175		(1,718)
Non-agency collateralized mortgage obligations	10,683		(4)		134,864		(21,419)		145,547		(21,423)
Total debt securities available for sale	$	64,135	$	(548)	$	1,353,929	$	(167,607)	$	1,418,064	$	(168,155)
Debt Securities Held to Maturity
Obligations of U.S. government agencies	$	—	$	—	$	89,587	$	(4,138)	$	89,587	$	(4,138)
Obligations of states and political subdivisions	—		—		1,552		(12)		1,552		(12)
Total debt securities held to maturity	$	—	$	—	$	91,139	$	(4,150)	$	91,139	$	(4,150)


December 31, 2024:	Less than 12 months				12 months or more				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies	$	63,714	$	(842)	$	1,021,654	$	(173,643)	$	1,085,368	$	(174,485)
Obligations of states and political subdivisions	7,457		(140)		208,063		(28,809)		215,520		(28,949)
Corporate bonds	1,229		(17)		4,608		(328)		5,837		(345)
Asset backed securities	44,707		(30)		75,734		(1,208)		120,441		(1,238)
Non-agency collateralized mortgage obligations	—		—		236,671		(29,638)		236,671		(29,638)
Total debt securities available for sale	$	117,107	$	(1,029)	$	1,546,730	$	(233,626)	$	1,663,837	$	(234,655)
Debt Securities Held to Maturity
Obligations of U.S. government agencies	$	—	$	—	$	101,553	$	(7,443)	$	101,553	$	(7,443)
Obligations of states and political subdivisions	—		—		1,485		(79)		1,485		(79)
Total debt securities held to maturity	$	—	$	—	$	103,038	$	(7,522)	$	103,038	$	(7,522)

Obligations of U.S. government agencies: The unrealized losses on investments in obligations of U.S. government agencies are caused by interest rate increases and illiquidity. The contractual cash flows of these securities are guaranteed by U.S. Government Sponsored Entities (principally Fannie Mae and Freddie Mac). It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of September 30, 2025. At September 30, 2025, 133 debt securities representing obligations of U.S. government agencies had unrealized losses with aggregate depreciation of 11.25% from the Company’s amortized cost basis.

Obligations of states and political subdivisions: The unrealized losses on investments in obligations of states and political subdivisions were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of September 30, 2025. At September 30, 2025, 147 debt securities representing obligations of states and political subdivisions had unrealized losses with aggregate depreciation of 9.76% from the Company’s amortized cost basis.

Corporate bonds: The unrealized losses on investments in corporate bonds were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of September 30, 2025. At September 30, 2025, 4 debt securities representing corporate bonds had unrealized losses with aggregate depreciation of 2.05% from the Company’s amortized cost basis.

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Asset backed securities: The unrealized losses on investments in asset backed securities were caused by increases in required yields by investors for these types of securities. At the time of purchase, each of these securities was rated AA or AAA and through September 30, 2025 has not experienced any deterioration in credit rating. At September 30, 2025, 18 asset backed securities had unrealized losses with aggregate depreciation of 1.77% from the Company’s amortized cost basis. The Company continues to monitor these securities for changes in credit rating or other indications of credit deterioration. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of September 30, 2025.

Non-agency collateralized mortgage obligations: The unrealized losses on investments in asset backed securities were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no credit losses recorded as of September 30, 2025. At September 30, 2025, 14 asset backed securities had unrealized losses with aggregate depreciation of 12.83% from the Company’s amortized cost basis.

The Company monitors credit quality of debt securities held-to-maturity through the use of credit ratings. The Company monitors the credit rating on a monthly basis. The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:


	September 30, 2025				December 31, 2024
(in thousands)	AAA/AA/A		BBB/BB/B		AAA/AA/A		BBB/BB/B
Obligations of U.S. government agencies	$	93,882	$	—	$	109,155	$	—
Obligations of states and political subdivisions	1,564		—		2,711		—
Total debt securities held to maturity	$	95,446	$	—	$	111,866	$	—

Note 3 – Loans

A summary of loan balances at amortized cost are as follows:


(in thousands)	September 30, 2025		December 31, 2024
Commercial real estate:
CRE non-owner occupied	$	2,449,676	$	2,323,036
CRE owner occupied	1,037,517		961,415
Multifamily	1,048,144		1,028,035
Farmland	258,057		265,146
Total commercial real estate loans	4,793,394		4,577,632
Consumer:
SFR 1-4 1st DT liens	848,696		859,660
SFR HELOCs and junior liens	402,084		363,420
Other	43,129		57,979
Total consumer loans	1,293,909		1,281,059
Commercial and industrial	453,221		471,271
Construction	298,774		279,933
Agriculture production	162,338		151,822
Leases	5,188		6,806
Total loans, net of deferred loan fees and discounts	$	7,006,824	$	6,768,523
Total principal balance of loans owed, net of charge-offs	$	7,038,025	$	6,804,113
Unamortized net deferred loan fees	(15,120)		(15,283)
Discounts to principal balance of loans owed, net of charge-offs	(16,081)		(20,307)
Total loans, net of unamortized deferred loan fees and discounts	$	7,006,824	$	6,768,523
Allowance for credit losses on loans	$	(124,571)	$	(125,366)

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Note 4 – Allowance for Credit Losses

For the periods indicated, the following tables summarize the activity in the allowance for credit losses on loans which is recorded as a contra asset, and the reserve for unfunded commitments which is recorded on the balance sheet within other liabilities:


	Allowance for credit losses – Three months ended September 30, 2025
(in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied	$	40,921	$	—	$	—	$	258	$	41,179
CRE owner occupied	11,578		—		—		352		11,930
Multifamily	15,097		—		—		609		15,706
Farmland	6,888		—		—		(686)		6,202
Total commercial real estate loans	74,484		—		—		533		75,017
Consumer:
SFR 1-4 1st DT liens	11,135		—		—		(113)		11,022
SFR HELOCs and junior liens	12,021		—		4		337		12,362
Other	2,162		(142)		30		314		2,364
Total consumer loans	25,318		(142)		34		538		25,748
Commercial and industrial	10,024		(595)		89		(429)		9,089
Construction	10,995		—		—		(203)		10,792
Agriculture production	3,609		—		—		292		3,901
Leases	25		—		—		(1)		24
Allowance for credit losses on loans	124,455		(737)		123		730		124,571
Reserve for unfunded commitments	7,205		—		—		(60)		7,145
Total	$	131,660	$	(737)	$	123	$	670	$	131,716


	Allowance for credit losses – Nine months ended September 30, 2025
(in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied	$	37,229	$	—	$	—	$	3,950	$	41,179
CRE owner occupied	15,747		—		1		(3,818)		11,930
Multifamily	15,913		—		—		(207)		15,706
Farmland	3,960		—		—		2,242		6,202
Total commercial real estate loans	72,849		—		1		2,167		75,017
Consumer:
SFR 1-4 1st DT liens	14,227		—		—		(3,205)		11,022
SFR HELOCs and junior liens	10,411		—		20		1,931		12,362
Other	2,825		(459)		103		(105)		2,364
Total consumer loans	27,463		(459)		123		(1,379)		25,748
Commercial and industrial	14,397		(9,236)		255		3,673		9,089
Construction	7,224		—		—		3,568		10,792
Agriculture production	3,403		(11)		614		(105)		3,901
Leases	30		—		—		(6)		24
Allowance for credit losses on loans	125,366		(9,706)		993		7,918		124,571
Reserve for unfunded commitments	6,000		—		—		1,145		7,145
Total	$	131,366	$	(9,706)	$	993	$	9,063	$	131,716

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The Company consistently seeks to refine its estimation methodology for determining the allowance for credit losses, the effects of which were insignificant during the current period, and are expected to be insignificant in future periods. Management continues to estimate the appropriate level of reserves using all relevant information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Management believes the primary risks inherent in the portfolio are a general decline in the economy or GDP, a decline in real estate market values, rising unemployment, increasing vacancy rates, and increases inflation or interest rates in the absence of economic improvement or any other such factors. Any one or a combination of these events may adversely affect a borrower's ability to repay its loan, resulting in increased delinquencies and loan losses. Although Management believes the Company has established and maintained the ACL on loans at appropriate levels, changes in reserves may be necessary if actual economic and other conditions differ substantially from the forecast used in estimating the ACL.


	Allowance for credit losses – Year ended December 31, 2024
(in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied	$	35,077	$	—	$	187	$	1,965	$	37,229
CRE owner occupied	15,081		—		2		664		15,747
Multifamily	14,418		—		—		1,495		15,913
Farmland	4,288		—		—		(328)		3,960
Total commercial real estate loans	68,864		—		189		3,796		72,849
Consumer:
SFR 1-4 1st DT liens	14,009		(27)		—		245		14,227
SFR HELOCs and junior liens	10,273		(41)		395		(216)		10,411
Other	3,171		(746)		217		183		2,825
Total consumer loans	27,453		(814)		612		212		27,463
Commercial and industrial	12,750		(1,787)		547		2,887		14,397
Construction	8,856		—		—		(1,632)		7,224
Agriculture production	3,589		(1,450)		65		1,199		3,403
Leases	10		—		—		20		30
Allowance for credit losses on loans	121,522		(4,051)		1,413		6,482		125,366
Reserve for unfunded commitments	5,850		—		—		150		6,000
Total	$	127,372	$	(4,051)	$	1,413	$	6,632	$	131,366

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	Allowance for credit losses – Three months ended September 30, 2024
(in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied	$	37,155	$	—	$	—	$	(949)	$	36,206
CRE owner occupied	15,873		—		1		(492)		15,382
Multifamily	15,973		—		—		(238)		15,735
Farmland	4,031		—		—		(15)		4,016
Total commercial real estate loans	73,032		—		1		(1,694)		71,339
Consumer:
SFR 1-4 1st DT liens	14,604		—		—		(238)		14,366
SFR HELOCs and junior liens	10,087		—		196		(98)		10,185
Other	2,983		(170)		63		77		2,953
Total consumer loans	27,674		(170)		259		(259)		27,504
Commercial and industrial	12,128		(274)		106		2,493		14,453
Construction	7,466		—		—		(347)		7,119
Agriculture production	3,180		—		1		131		3,312
Leases	37		—		—		(4)		33
Allowance for credit losses on loans	123,517		(444)		367		320		123,760
Reserve for unfunded commitments	6,210		—		—		(100)		6,110
Total	$	129,727	$	(444)	$	367	$	220	$	129,870


	Allowance for credit losses – Nine months ended September 30, 2024
(in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied	$	35,077	$	—	$	—	$	1,129	$	36,206
CRE owner occupied	15,081		—		2		299		15,382
Multifamily	14,418		—		—		1,317		15,735
Farmland	4,288		—		—		(272)		4,016
Total commercial real estate loans	68,864		—		2		2,473		71,339
Consumer:
SFR 1-4 1st DT liens	14,009		(26)		—		383		14,366
SFR HELOCs and junior liens	10,273		(41)		296		(343)		10,185
Other	3,171		(538)		184		136		2,953
Total consumer loans	27,453		(605)		480		176		27,504
Commercial and industrial	12,750		(1,274)		389		2,588		14,453
Construction	8,856		—		—		(1,737)		7,119
Agriculture production	3,589		(1,450)		26		1,147		3,312
Leases	10		—		—		23		33
Allowance for credit losses on loans	121,522		(3,329)		897		4,670		123,760
Reserve for unfunded commitments	5,850		—		—		260		6,110
Total	$	127,372	$	(3,329)	$	897	$	4,930	$	129,870

As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including, but not limited to, trends relating to (i) the level of criticized and classified loans, (ii) net charge-offs, (iii) non-performing loans, and (iv) delinquency within the portfolio. The Company analyzes loans individually to classify the loans as to credit risk and grading. This analysis is performed annually for all outstanding balances greater than $1 million and non-homogeneous loans, such as commercial real estate loans, unless other indicators, such as delinquency, trigger more frequent evaluation. Loans below the $1 million threshold and homogenous in nature are evaluated as needed for proper grading based on delinquency and borrower credit scores.

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The Company utilizes a risk grading system to assign a risk grade to each of its loans. Loans are graded on a scale ranging from Pass to Loss. A description of the general characteristics of the risk grades is as follows:

•Pass – This grade represents loans ranging from acceptable to very little or no credit risk. These loans typically meet most if not all policy standards in regard to: loan amount as a percentage of collateral value, debt service coverage, profitability, leverage, and working capital.

•Special Mention – This grade represents “Other Assets Especially Mentioned” in accordance with regulatory guidelines and includes loans that display some potential weaknesses which, if left unaddressed, may result in deterioration of the repayment prospects for the asset or may inadequately protect the Company’s position in the future. These loans warrant more than normal supervision and attention.

•Substandard – This grade represents “Substandard” loans in accordance with regulatory guidelines. Loans within this rating typically exhibit weaknesses that are well defined to the point that repayment is jeopardized. Loss potential is, however, not necessarily evident. The underlying collateral supporting the credit appears to have sufficient value to protect the Company from loss of principal and accrued interest, or the loan has been written down to the point where this is true. There is a definite need for a well-defined workout/rehabilitation program.

•Doubtful – This grade represents “Doubtful” loans in accordance with regulatory guidelines. An asset classified as Doubtful has all the weaknesses inherent in a loan classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and financing plans.

•Loss – This grade represents “Loss” loans in accordance with regulatory guidelines. A loan classified as Loss is considered uncollectible and of such little value that its continuance as a bankable asset is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan, even though some recovery may be affected in the future. The portion of the loan that is graded loss should be charged off no later than the end of the quarter in which the loss is identified.

Based on the most recent analysis performed, the risk category of loans by class of loans is as follows for the period indicated:


	Term Loans Amortized Cost Basis by Origination Year – As of September 30, 2025												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
(in thousands)	2025		2024		2023		2022		2021		Prior
Commercial real estate:
CRE non-owner occupied risk ratings
Pass	$	168,168	$	187,415	$	178,194	$	422,035	$	283,409	$	1,032,094	$	139,800	$	—	$	2,411,115
Special Mention	—		—		10,529		1,647		3,670		3,220		779		—		19,845
Substandard	—		—		—		1,732		—		16,984		—		—		18,716
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	168,168	$	187,415	$	188,723	$	425,414	$	287,079	$	1,052,298	$	140,579	$	—	$	2,449,676
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—




Commercial real estate:
CRE owner occupied risk ratings
Pass	$	131,947	$	80,780	$	79,735	$	180,707	$	173,012	$	316,633	$	35,444	$	—	$	998,258
Special Mention	4,930		136		363		4,524		242		6,790		5,184		—		22,169
Substandard	—		—		—		7,361		3,205		6,307		217		—		17,090
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	136,877	$	80,916	$	80,098	$	192,592	$	176,459	$	329,730	$	40,845	$	—	$	1,037,517
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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	Term Loans Amortized Cost Basis by Origination Year – As of September 30, 2025												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
(in thousands)	2025		2024		2023		2022		2021		Prior
Commercial real estate:
Multifamily risk ratings
Pass	$	52,473	$	68,410	$	27,604	$	189,971	$	291,377	$	364,101	$	37,197	$	—	$	1,031,133
Special Mention	—		—		—		—		446		204		2,686		—		3,336
Substandard	—		—		—		446		—		13,229		—		—		13,675
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	52,473	$	68,410	$	27,604	$	190,417	$	291,823	$	377,534	$	39,883	$	—	$	1,048,144
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Commercial real estate:
Farmland risk ratings
Pass	$	6,147	$	23,236	$	18,409	$	35,158	$	17,900	$	49,634	$	33,599	$	—	$	184,083
Special Mention	627		—		—		2,051		2,640		5,909		2,719		—		13,946
Substandard	—		—		820		9,682		23,880		10,110		15,536		—		60,028
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	6,774	$	23,236	$	19,229	$	46,891	$	44,420	$	65,653	$	51,854	$	—	$	258,057
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Consumer loans:
SFR 1-4 1st DT liens risk ratings
Pass	$	56,090	$	55,497	$	94,852	$	162,323	$	226,607	$	233,572	$	—	$	5,373	$	834,314
Special Mention	—		—		—		285		3,015		1,449		—		312		5,061
Substandard	—		—		228		129		4,110		4,176		—		678		9,321
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	56,090	$	55,497	$	95,080	$	162,737	$	233,732	$	239,197	$	—	$	6,363	$	848,696
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Consumer loans:
SFR HELOCs and junior liens risk ratings
Pass	$	1,519	$	—	$	—	$	—	$	—	$	56	$	380,086	$	5,140	$	386,801
Special Mention	—		—		—		—		—		—		9,089		431		9,520
Substandard	—		—		—		—		—		—		5,459		304		5,763
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	1,519	$	—	$	—	$	—	$	—	$	56	$	394,634	$	5,875	$	402,084
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—




Consumer loans:
Other risk ratings
Pass	$	2,845	$	5,320	$	15,407	$	4,366	$	4,402	$	8,536	$	571	$	—	$	41,447
Special Mention	5		65		202		2		207		164		35		—		680
Substandard	—		4		258		286		194		259		1		—		1,002
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	2,850	$	5,389	$	15,867	$	4,654	$	4,803	$	8,959	$	607	$	—	$	43,129
Year-to-date gross charge-offs	$	358	$	65	$	15	$	—	$	—	$	4	$	17	$	—	$	459

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	Term Loans Amortized Cost Basis by Origination Year – As of September 30, 2025												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
(in thousands)	2025		2024		2023		2022		2021		Prior
Commercial and industrial loans:
Commercial and industrial risk ratings
Pass	$	93,800	$	46,685	$	34,892	$	59,627	$	19,804	$	6,706	$	177,143	$	86	$	438,743
Special Mention	—		423		2,988		1,646		489		143		5,393		—		11,082
Substandard	—		196		102		335		708		381		1,627		47		3,396
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	93,800	$	47,304	$	37,982	$	61,608	$	21,001	$	7,230	$	184,163	$	133	$	453,221
Year-to-date gross charge-offs	$	411	$	95	$	—	$	—	$	58	$	—	$	8,672	$	—	$	9,236


Construction loans:
Construction risk ratings
Pass	$	27,254	$	76,636	$	122,763	$	48,900	$	7,710	$	13,226	$	—	$	—	$	296,489
Special Mention	373		—		—		—		—		—		—		—		373
Substandard	—		—		—		885		529		498		—		—		1,912
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	27,627	$	76,636	$	122,763	$	49,785	$	8,239	$	13,724	$	—	$	—	$	298,774
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Agriculture production loans:
Agriculture production risk ratings
Pass	$	1,231	$	756	$	1,118	$	1,620	$	442	$	7,392	$	145,549	$	—	$	158,108
Special Mention	—		—		—		—		—		—		3,340		—		3,340
Substandard	—		—		—		116		269		188		317		—		890
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	1,231	$	756	$	1,118	$	1,736	$	711	$	7,580	$	149,206	$	—	$	162,338
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	11	$	—	$	—	$	11


Leases:
Lease risk ratings
Pass	$	5,188	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	5,188
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	5,188	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	5,188
Year-to-date gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—




Total loans outstanding:
Risk ratings
Pass	$	546,662	$	544,735	$	572,974	$	1,104,707	$	1,024,663	$	2,031,950	$	949,389	$	10,599	$	6,785,679
Special Mention	5,935		624		14,082		10,155		10,709		17,879		29,225		743		89,352
Substandard	—		200		1,408		20,972		32,895		52,132		23,157		1,029		131,793
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	552,597	$	545,559	$	588,464	$	1,135,834	$	1,068,267	$	2,101,961	$	1,001,771	$	12,371	$	7,006,824
Year-to-date gross charge-offs	$	769	$	160	$	15	$	—	$	58	$	15	$	8,689	$	—	$	9,706

Table of Contents


	Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
(in thousands)	2024		2023		2022		2021		2019		Prior
Commercial real estate:
CRE non-owner occupied risk ratings
Pass	$	184,623	$	177,650	$	408,129	$	282,953	$	152,278	$	909,735	$	163,628	$	—	$	2,278,996
Special Mention	—		836		1,688		—		—		24,840		506		—		27,870
Substandard	—		—		—		—		—		16,170		—		—		16,170
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	184,623	$	178,486	$	409,817	$	282,953	$	152,278	$	950,745	$	164,134	$	—	$	2,323,036
Period end gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Commercial real estate:
CRE owner occupied risk ratings
Pass	$	83,320	$	75,804	$	191,619	$	177,134	$	104,490	$	254,282	$	35,961	$	—	$	922,610
Special Mention	1,618		—		2,699		1,731		206		11,950		—		—		18,204
Substandard	—		242		7,798		5,380		3,490		3,644		47		—		20,601
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	84,938	$	76,046	$	202,116	$	184,245	$	108,186	$	269,876	$	36,008	$	—	$	961,415
Period end gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Commercial real estate:
Multifamily risk ratings
Pass	$	65,376	$	27,904	$	171,470	$	294,317	$	117,889	$	289,229	$	44,816	$	—	$	1,011,001
Special Mention	—		—		—		11,926		—		207		3,393		—		15,526
Substandard	—		—		480		—		554		474		—		—		1,508
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	65,376	$	27,904	$	171,950	$	306,243	$	118,443	$	289,910	$	48,209	$	—	$	1,028,035
Period end gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Commercial real estate:
Farmland risk ratings
Pass	$	23,780	$	18,205	$	45,582	$	20,832	$	15,066	$	36,909	$	44,083	$	—	$	204,457
Special Mention	—		—		2,057		7,944		47		3,764		1,356		—		15,168
Substandard	—		2,770		—		20,414		—		10,416		11,921		—		45,521
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	23,780	$	20,975	$	47,639	$	49,190	$	15,113	$	51,089	$	57,360	$	—	$	265,146
Period end gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Consumer loans:
SFR 1-4 1st DT liens risk ratings
Pass	$	60,203	$	113,467	$	173,217	$	241,388	$	115,915	$	137,361	$	—	$	3,952	$	845,503
Special Mention	—		—		60		—		—		892		—		239		1,191
Substandard	—		244		137		3,467		2,092		6,393		—		633		12,966
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	60,203	$	113,711	$	173,414	$	244,855	$	118,007	$	144,646	$	—	$	4,824	$	859,660
Period end gross write-offs	$	—	$	27	$	—	$	—	$	—	$	—	$	—	$	—	$	27

Table of Contents


	Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
(in thousands)	2024		2023		2022		2021		2019		Prior
Consumer loans:
SFR HELOCs and junior liens risk ratings
Pass	$	236	$	—	$	—	$	—	$	—	$	68	$	345,902	$	5,799	$	352,005
Special Mention	—		—		—		—		—		4		6,082		327		6,413
Substandard	—		—		—		—		—		—		4,579		423		5,002
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	236	$	—	$	—	$	—	$	—	$	72	$	356,563	$	6,549	$	363,420
Period end gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	41	$	—	$	41


Consumer loans:
Other risk ratings
Pass	$	10,371	$	21,746	$	5,891	$	6,059	$	4,917	$	6,991	$	610	$	—	$	56,585
Special Mention	—		63		34		227		107		41		21		—		493
Substandard	37		152		304		111		2		294		1		—		901
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	10,408	$	21,961	$	6,229	$	6,397	$	5,026	$	7,326	$	632	$	—	$	57,979
Period end gross write-offs	$	385	$	88	$	40	$	74	$	37	$	108	$	14	$	—	$	746


Commercial and industrial loans:
Commercial and industrial risk ratings
Pass	$	73,321	$	49,921	$	61,634	$	48,255	$	3,721	$	8,463	$	203,978	$	150	$	449,443
Special Mention	137		775		1,970		63		275		851		3,197		—		7,268
Substandard	272		35		682		728		—		596		12,200		47		14,560
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	73,730	$	50,731	$	64,286	$	49,046	$	3,996	$	9,910	$	219,375	$	197	$	471,271
Period end gross write-offs	$	389	$	—	$	178	$	95	$	24	$	—	$	1,101	$	—	$	1,787


Construction loans:
Construction risk ratings
Pass	$	36,031	$	124,759	$	80,269	$	11,354	$	6,714	$	7,359	$	—	$	—	$	266,486
Special Mention	—		—		13,390		—		—		—		—		—		13,390
Substandard	—		—		—		—		—		57		—		—		57
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	36,031	$	124,759	$	93,659	$	11,354	$	6,714	$	7,416	$	—	$	—	$	279,933
Period end gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Agriculture production loans:
Agriculture production risk ratings
Pass	$	265	$	1,434	$	2,297	$	905	$	175	$	7,477	$	133,115	$	—	$	145,668
Special Mention	—		—		—		—		2		218		5,192		—		5,412
Substandard	—		—		138		485		107		12		—		—		742
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	265	$	1,434	$	2,435	$	1,390	$	284	$	7,707	$	138,307	$	—	$	151,822
Period end gross write-offs	$	—	$	—	$	173	$	—	$	—	$	—	$	1,277	$	—	$	1,450

Table of Contents


	Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024												Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
(in thousands)	2024		2023		2022		2021		2019		Prior
Leases:
Lease risk ratings
Pass	$	6,806	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6,806
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	6,806	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6,806
Period end gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Total loans outstanding:
Risk ratings
Pass	$	544,332	$	610,890	$	1,140,108	$	1,083,197	$	521,165	$	1,657,874	$	972,093	$	9,901	$	6,539,560
Special Mention	1,755		1,674		21,898		21,891		637		42,767		19,747		566		110,935
Substandard	309		3,443		9,539		30,585		6,245		38,056		28,748		1,103		118,028
Doubtful/Loss	—		—		—		—		—		—		—		—		—
Total	$	546,396	$	616,007	$	1,171,545	$	1,135,673	$	528,047	$	1,738,697	$	1,020,588	$	11,570	$	6,768,523
Period end gross write-offs	$	774	$	115	$	391	$	169	$	61	$	108	$	2,433	$	—	$	4,051

The following table shows the ending balance of current and past due originated loans by loan category as of the date indicated:


	Analysis of Past Due Loans - As of September 30, 2025
(in thousands)	30-59 days		60-89 days		> 90 days		Total Past Due Loans		Current		Total
Commercial real estate:
CRE non-owner occupied	$	—	$	—	$	4,729	$	4,729	$	2,444,947	$	2,449,676
CRE owner occupied	1,522		242		1,887		3,651		1,033,866		1,037,517
Multifamily	3		165		—		168		1,047,976		1,048,144
Farmland	—		5,697		14,820		20,517		237,540		258,057
Total commercial real estate loans	1,525		6,104		21,436		29,065		4,764,329		4,793,394
Consumer:
SFR 1-4 1st DT liens	126		2,472		529		3,127		845,569		848,696
SFR HELOCs and junior liens	4,758		395		2,281		7,434		394,650		402,084
Other	114		173		281		568		42,561		43,129
Total consumer loans	4,998		3,040		3,091		11,129		1,282,780		1,293,909
Commercial and industrial	829		786		1,395		3,010		450,211		453,221
Construction	—		—		1,863		1,863		296,911		298,774
Agriculture production	102		226		317		645		161,693		162,338
Leases	—		—		—		—		5,188		5,188
Total	$	7,454	$	10,156	$	28,102	$	45,712	$	6,961,112	$	7,006,824

Table of Contents


	Analysis of Past Due Loans - As of December 31, 2024
(in thousands)	30-59 days		60-89 days		> 90 days		Total Past Due Loans		Current		Total
Commercial real estate:
CRE non-owner occupied	$	221	$	—	$	2,452	$	2,673	$	2,320,363	$	2,323,036
CRE owner occupied	1,625		85		3,619		5,329		956,086		961,415
Multifamily	1,120		—		—		1,120		1,026,915		1,028,035
Farmland	2,686		113		6,145		8,944		256,202		265,146
Total commercial real estate loans	5,652		198		12,216		18,066		4,559,566		4,577,632
Consumer:
SFR 1-4 1st DT liens	—		6		1,556		1,562		858,098		859,660
SFR HELOCs and junior liens	201		852		1,078		2,131		361,289		363,420
Other	50		—		132		182		57,797		57,979
Total consumer loans	251		858		2,766		3,875		1,277,184		1,281,059
Commercial and industrial	537		308		9,257		10,102		461,169		471,271
Construction	—		—		—		—		279,933		279,933
Agriculture production	37		317		314		668		151,154		151,822
Leases	—		—		—		—		6,806		6,806
Total	$	6,477	$	1,681	$	24,553	$	32,711	$	6,735,812	$	6,768,523

The following table shows the ending balance of non accrual loans by loan category as of the date indicated:


	Non Accrual Loans
	As of September 30, 2025						As of December 31, 2024
(in thousands)	Non accrual with no allowance for credit losses		Total non accrual		Past due 90 days or more and still accruing		Non accrual with no allowance for credit losses		Total non accrual		Past due 90 days or more and still accruing
Commercial real estate:
CRE non-owner occupied	$	4,514	$	4,514	$	732	$	3,017	$	3,017	$	—
CRE owner occupied	6,404		6,404		102		3,632		3,874		—
Multifamily	446		446		—		480		480		—
Farmland	24,054		32,843		3,448		12,483		16,195		—
Total commercial real estate loans	35,418		44,207		4,282		19,612		23,566		—
Consumer:
SFR 1-4 1st DT liens	6,302		6,302		—		5,979		5,979		—
SFR HELOCs and junior liens	5,569		5,784		—		3,370		3,868		—
Other	106		421		—		41		204		—
Total consumer loans	11,977		12,507		—		9,390		10,051		—
Commercial and industrial	734		1,315		525		830		9,707		59
Construction	1,912		2,138		—		57		57		—
Agriculture production	645		673		—		—		656		—
Leases	—		—		—		—		—		—
Sub-total	50,686		60,840		4,807		29,889		44,037		59
Less: Guaranteed loans	(999)		(1,027)		—		(828)		(816)		—
Total, net	$	49,687	$	59,813	$	4,807	$	29,061	$	43,221	$	59

Interest income on non accrual loans that would have been recognized during the three months ended September 30, 2025 and 2024, if all such loans had been current in accordance with their original terms, totaled $0.2 million and $1.6 million, respectively. Interest income actually recognized on these originated loans during the three months ended September 30, 2025 and 2024 was $0.1 million and $0.5 million, respectively.

Interest income on non accrual loans that would have been recognized during the nine months ended September 30, 2025 and 2024, if all such loans had been current in accordance with their original terms, totaled $3.4 million and $3.0 million, respectively. Interest income actually recognized on these originated loans during the nine months ended September 30, 2025 and 2024 was $0.4 million and $0.6 million, respectively.

Table of Contents

The following tables present the amortized cost basis of collateral dependent loans by class of loans as of the following periods:


	As of September 30, 2025
(in thousands)	Retail		Office		Warehouse		Other		Multifamily		Farmland		SFR-1st Deed		SFR-2nd Deed		Automobile/Truck		A/R and Inventory		Equipment		Total
Commercial real estate:
CRE non-owner occupied	$	2,967	$	536	$	—	$	1,011	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	4,514
CRE owner occupied	4,664		—		—		1,740		—		—		—		—		—		—		—		6,404
Multifamily	—		—		—		—		446		—		—		—		—		—		—		446
Farmland	—		—		—		—		—		32,843		—		—		—		—		—		32,843
Total commercial real estate loans	7,631		536		—		2,751		446		32,843		—		—		—		—		—		44,207
Consumer:
SFR 1-4 1st DT liens	—		—		—		—		—		—		6,302		—		—		—		—		6,302
SFR HELOCs and junior liens	—		—		—		—		—		—		1,927		3,642		—		—		—		5,569
Other	—		—		—		—		—		—		—		—		421		—		—		421
Total consumer loans	—		—		—		—		—		—		8,229		3,642		421		—		—		12,292
Commercial and industrial	—		—		—		—		—		—		—		—		—		501		814		1,315
Construction	—		—		—		1,414		—		—		724		—		—		—		—		2,138
Agriculture production	—		—		—		152		—		165		—		—		—		28		328		673
Leases	—		—		—		—		—		—		—		—		—		—		—		—
Total	$	7,631	$	536	$	—	$	4,317	$	446	$	33,008	$	8,953	$	3,642	$	421	$	529	$	1,142	$	60,625


	As of December 31, 2024
(in thousands)	Retail		Office		Warehouse		Other		Multifamily		Farmland		SFR -1st Deed		SFR -2nd Deed		Automobile/Truck		A/R and Inventory		Equipment		Total
Commercial real estate:
CRE non-owner occupied	$	2,452	$	356	$	—	$	210	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,018
CRE owner occupied	—		260		142		3,472		—		—		—		—		—		—		—		3,874
Multifamily	—		—		—		—		480		—		—		—		—		—		—		480
Farmland	—		—		—		—		—		16,448		—		—		—		—		—		16,448
Total commercial real estate loans	2,452		616		142		3,682		480		16,448		—		—		—		—		—		23,820
Consumer:
SFR 1-4 1st DT liens	—		—		—		—		—		—		5,979		—		—		—		—		5,979
SFR HELOCs and junior liens	—		—		—		—		—		—		1,291		2,079		—		—		—		3,370
Other	—		—		—		—		—		—		—		—		132		—		—		132
Total consumer loans	—		—		—		—		—		—		7,270		2,079		132		—		—		9,481
Commercial and industrial	—		—		—		8,334		—		—		—		54		—		530		788		9,706
Construction	—		—		—		—		—		—		57		—		—		—		—		57
Agriculture production	—		—		—		—		—		—		—		—		—		—		12		12
Leases	—		—		—		—		—		—		—		—		—		—		—		—
Total	$	2,452	$	616	$	142	$	12,016	$	480	$	16,448	$	7,327	$	2,133	$	132	$	530	$	800	$	43,076

Table of Contents

Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearance, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral.

The following tables show the amortized cost basis of loans that were both experiencing financial difficulty and modified during the periods presented. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivables is also presented below.


	For the three months ended
	September 30, 2025		September 30, 2024
(in thousands)	Combination - Term Extension/Rate Change		Total % of Loans Outstanding	Payment Delay/Term Extension		Total % of Loans Outstanding







SFR 1-4 1st DT liens	$	199	n/m	$	—	—



Commercial and industrial	—		—	326		n/m



Total	$	199	n/m	$	326	n/m


	For the nine months ended
	September 30, 2025		September 30, 2024
(in thousands)	Combination - Term Extension/Rate Change		Total % of Loans Outstanding		Payment Delay/Term Extension		Combination - Term Extension/Rate Change		Total % of Loans Outstanding
Commercial real estate:
CRE non-owner occupied	$	—	—	%	$	—	$	211	n/m

Multifamily	—		—		295		—		n/m



SFR 1-4 1st DT liens	199		n/m		—		—		—
SFR HELOCs and junior liens	—		—		41		—		n/m


Commercial and industrial	—		—		$	1,008	—		0.21	%



Total	$	199	n/m		$	1,344	$	211	0.02	%

The following tables presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025 and September 30, 2024.

Three and nine months ended September 30, 2025

Modification Type

Loan Type

Financial Effect

Combination - term extension / rate change

SFR 1-4 1st DT liens

Added 36 months to the life of the loan; converted to fixed rate

Three months ended September 30, 2024

Modification Type

Loan Type

Financial Effect

Payment delay / term extension

Commercial and industrial

Added 60 months to the life of the loans

Nine months ended September 30, 2024

Modification Type

Loan Type

Financial Effect

Combination - term extension / rate change

CRE non-owner occupied

Added 120 months to the life of the loan; converted from variable to fixed interest rate

Payment delay / term extension

Multifamily

Added 12 months to the life of the loan

Payment delay / term extension

SFR HELOCs and junior liens

Added 60 months to the life of the loan

Payment delay / term extension

Commercial and industrial

Added a weighted average 53 months to the life of the loans

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

Note 5 - Leases

The Company records a ROUA on the consolidated balance sheets for those leases that convey rights to control use of identified assets for a period of time in exchange for consideration. The Company also records a lease liability on the consolidated balance sheets for the present value of future payment commitments. All of the Company’s leases are comprised of operating leases in which the Company is lessee of real estate property for branches, ATM locations, and general administration and operations. The Company has elected not to include short-term leases (i.e.

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leases with initial terms of 12 month or less) within the ROUA and lease liability.

The following table presents the components of lease expense for the periods ended:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024
Operating lease cost	$	1,483	$	1,416	$	4,301	$	4,315
Short-term lease cost	68		52		163		159
Variable lease cost (income)	(5)		(15)		(21)		8

Total lease cost	$	1,546	$	1,453	$	4,443	$	4,482

The following table presents supplemental cash flow information related to leases for the periods ended:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,587	$	1,511	$	4,583	$	4,658
ROUA obtained in exchange for operating lease liabilities	$	4,994	$	800	$	6,000	$	2,226

The following table presents the weighted average operating lease term and discount rate as of the period ended:


	September 30,
	2025		2024
Weighted-average remaining lease term (years)	7.7		7.7
Weighted-average discount rate	3.79	%	3.50	%

At September 30, 2025, future expected operating lease payments are as follows:


(in thousands)
Periods ending December 31,
2025	$	1,547
2026	5,845
2027	5,208
2028	3,958
2029	3,007
Thereafter	12,567
	32,132
Discount for present value of expected cash flows	(4,449)
Lease liability at September 30, 2025	$	27,683

Note 6 - Deposits

A summary of the balances of deposits follows:


(in thousands)	September 30, 2025		December 31, 2024
Noninterest-bearing demand	$	2,544,306	$	2,548,613
Interest-bearing demand	1,836,550		1,758,629
Savings	2,847,168		2,657,849
Time certificates, $250,000 or more	480,961		485,180
Other time certificates	625,476		637,305
Total deposits	$	8,334,461	$	8,087,576

Certificate of deposit balances of $100.0 million from the State of California were included in time certificates, $250,000 or more, at September 30, 2025 and December 31, 2024, respectively. The Company participates in a deposit program offered by the State of California whereby the State may make deposits at the Company’s request subject to collateral and credit worthiness constraints. The negotiated rates on these State deposits are generally more favorable than other wholesale funding sources available to the Company.

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Overdrawn deposit balances of $2.1 million and $2.5 million were classified as consumer loans at September 30, 2025 and December 31, 2024, respectively.

Note 7 - Other Borrowings

A summary of the balances of other borrowings follows:


	September 30, 2025		December 31, 2024
(in thousands)

Term borrowing at FHLB, fixed rate of 5.23%, payable on April 8, 2025	—		75,000



Other collateralized borrowings, fixed rate, as of September 30, 2025 and December 31, 2024 of 0.05%, payable on October 1, 2025 and January 2, 2025, respectively	17,039		14,610
Total other borrowings	$	17,039	$	89,610

Note 8 - Junior Subordinated Debt

The following table summarizes the terms and recorded balances of each debenture as of the date indicated:


(in thousands)				Coupon Rate (Variable) 3 mo. SOFR +		As of September 30, 2025				As of December 31, 2024
Subordinated Debt Series	Maturity Date	Face Value				Current Coupon Rate		Recorded Book Value		Recorded Book Value
TriCo Cap Trust I	10/7/2033	$	20,619	3.05	%	7.63	%	$	20,619	$	20,619
TriCo Cap Trust II	7/23/2034	20,619		2.55	%	7.13	%	20,619		20,619
North Valley Trust II	—	—		—		—		—		5,713
North Valley Trust III	—	—		—		—		—		4,571
North Valley Trust IV	—	—		—		—		—		7,863
VRB Subordinated	—	—		—		—		—		16,799
VRB Subordinated - 5%	—	—		—		—		—		25,007
		$	41,238					$	41,238	$	101,191

The Company repaid the holders of the North Valley Trust II, III and IV, and VRB Subordinated and Subordinated - 5%, subordinated debt during the third quarter of 2025 with a face value of $57.7 million and a recorded book value of $60.2 million, resulting in a $2.5 million gain on extinguishment of debt during the period.

Note 9 - Commitments and Contingencies

The following table presents a summary of the Bank’s commitments and contingent liabilities:


(in thousands)	September 30, 2025		December 31, 2024
Financial instruments whose amounts represent risk:
Commitments to extend credit:
Commercial loans	$	856,172	$	788,491
Consumer loans	605,934		627,681
Real estate mortgage loans	436,098		419,172
Real estate construction loans	218,500		272,308
Standby letters of credit	39,552		39,804
Deposit account overdraft privilege	125,823		121,006

In April 2024, Visa Inc. announced the commencement of an exchange offer for Visa Class B-1 common stock and the Company subsequently tendered all of its Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock. Completion of the exchange resulted in a gain of $2.9 million relating to the Visa Class C common stock during 2024. Visa Class B-2 common stock continues to be carried at zero. The Bank owns 6,698 shares of Class B-2 common stock of Visa Inc. which may be convertible into Class A common stock at a conversion ratio of 1.5223 per Class B-2 share. As of September 30, 2025, the value of the Class A shares was $341.38 per share. Utilizing the conversion ratio, the value of unredeemed Class A equivalent shares owned by the Bank was $3.5 million as of September 30, 2025, and has not been reflected in the accompanying consolidated financial statements.

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Note 10 - Shareholders’ Equity

Dividends Paid

The Bank paid to the Company cash dividends in the aggregate amounts of $72.4 million and $10.5 million during the three months ended September 30, 2025 and 2024, respectively, and during the equivalent nine month periods paid $112.9 million and $54.4 million, respectively. The Bank is regulated by the FDIC and the DFPI. Absent approval from the Commissioner of the DFPI, California banking laws generally limit the Bank’s ability to pay dividends to the lesser of (1) retained earnings or (2) net income for the last three fiscal years, less cash distributions paid during such period.

Stock Repurchase Plan

On February 25, 2021, the Board of Directors authorized the repurchase of up to 2.0 million shares of the Company's common stock (the 2021 Repurchase Plan), which approximated 6.7% of the shares outstanding as of the approval date. The actual timing of any share repurchases can be determined by the Company's management and therefore the total value of the shares to be purchased under the 2021 Repurchase Plan is subject to change. The 2021 Repurchase Plan has no expiration date (in accordance with applicable laws and regulations). During the three and nine months ended September 30, 2025, the Company repurchased 52,106 and 521,738 shares with market values of $2.3 million and $21.3 million, respectively. During the three and nine months ended and September 30, 2024, the Company repurchased zero and 344,324 shares with market values of zero and $12.5 million, respectively. As of September 30, 2025, approximately 310,000 shares remain authorized for repurchase.

Stock Repurchased Under Equity Compensation Plans

The Company's shareholder-approved equity compensation plans permit employees to tender recently vested shares in lieu of cash for the payment of exercise price, if applicable, and the tax withholding on such shares. There were no option exercises during the three and nine months ended September 30, 2025 and September 30, 2024, respectively. Employees tendered 3,899 and 1,551 shares in connection with the tax withholding requirements of other share-based awards during the three months ended September 30, 2025 and 2024, respectively, and 25,563 and 32,061 during the nine months ended September 30, 2025 and 2024, respectively. In total, shares of the Company's common stock tendered had market values of $0.2 million and $0.1 million during the quarters ended September 30, 2025 and 2024, respectively, and $1.1 million and $1.2 million during the respective nine month periods. The tendered shares were retired. The market value of tendered shares is the last market trade price at closing on the day an option is exercised or the other share-based award vests. Stock repurchased under equity incentive plans are not included in the total of stock repurchased under the 2021 Stock Repurchase Plans.

Note 11 - Stock Options and Other Equity-Based Incentive Instruments

On April 16, 2024, the Board of Directors adopted the 2024 Equity Incentive Plan (2024 Plan) which was approved by shareholders on May 23, 2024. The 2024 Plan allows for up to 1,200,000 shares to be issued in connection with equity-based incentives. In conjunction with shareholder approval of the 2024 Plan, the 2019 Equity Incentive Plan (2019 Plan), which allowed for up to 1,500,000 shares to be issued in connection with equity-based incentives, is no longer available for grant issuances. While no new awards can be granted under the 2019 Plan, existing grants continue to be governed by the terms, conditions and procedures set forth in any applicable award agreement.

There were no stock options outstanding as of September 30, 2025 and December 31, 2024. The Company did not modify any option grants during the nine months ended September 30, 2025 or 2024.

Activity related to restricted stock unit awards during the nine months ended September 30, 2025 is summarized in the following table:


	Service Condition Vesting RSUs	Market Plus Service Condition Vesting RSUs
Outstanding at December 31, 2024	152,572	144,715
RSUs granted	81,060	49,692
RSUs added through dividend and performance credits	3,585	—
RSUs released	(75,845)	(7,911)
RSUs forfeited	(7,593)	(8,628)
Outstanding at September 30, 2025	153,779	177,868

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The 153,779 of service condition vesting RSUs outstanding as of September 30, 2025 include a feature whereby each RSU outstanding is credited with a dividend amount equal to any common stock cash dividend declared and paid, and the credited amount is divided by the closing price of the Company’s stock on the dividend payable date to arrive at an additional amount of RSUs outstanding under the original grant. The dividend credits follow the same vesting requirements as the RSU awards and are not considered participating securities. The 153,779 of service condition vesting RSUs outstanding as of September 30, 2025 are expected to vest, and be released, on a weighted-average basis, over the next 1.74 years. The Company expects to recognize $3.9 million of pre-tax compensation costs related to these service condition vesting RSUs between September 30, 2025 and their vesting dates. The Company did not modify any service condition vesting RSUs during the nine months ended September 30, 2025 or 2024.

The 177,868 of market plus service condition vesting RSUs outstanding as of September 30, 2025 are expected to vest, and be released, on a weighted-average basis, over the next 1.90 years. The Company expects to recognize $2.0 million of pre-tax compensation costs related to these RSUs between September 30, 2025 and their vesting dates. As of September 30, 2025, the number of market plus service condition vesting RSUs outstanding that will actually vest, and be released, may be reduced to zero or increased to 266,802 depending on the total return of the Company’s common stock versus the total return of an index of bank stocks from the grant date to the vesting date. The Company did not modify any market plus service condition vesting RSUs during the nine months ended September 30, 2025 or 2024.

Note 12 - Non-interest Income and Expense

The following tables summarize the Company’s non-interest income for the periods indicated:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024
ATM and interchange fees	$	6,493	$	6,472	$	19,189	$	19,013
Service charges on deposit accounts	5,448		4,979		15,551		14,489
Other service fees	1,485		1,224		4,329		3,876
Mortgage banking service fees	430		439		1,307		1,305
Change in value of mortgage servicing rights	(105)		(332)		(297)		(468)
Total service charges and fees	13,751		12,782		40,079		38,215
Increase in cash value of life insurance	871		786		2,533		2,420
Asset management and commission income	1,932		1,502		5,055		3,989
Gain on sale of loans	327		549		1,174		1,198
Lease brokerage income	82		62		198		377
Sale of customer checks	311		303		974		916
Gain (loss) on sale or exchange of investment securities	(2,124)		2		(3,266)		(43)
Gain (loss) on marketable equity securities	26		356		73		207
Other	2,831		153		4,350		853
Total other non-interest income	4,256		3,713		11,091		9,917
Total non-interest income	$	18,007	$	16,495	$	51,170	$	48,132

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The following tables summarize the Company’s non-interest expense for the periods indicated:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024
Base salaries, net of deferred loan origination costs	$	25,340	$	24,407	$	76,498	$	72,279
Incentive compensation	5,351		4,361		14,612		12,329
Benefits and other compensation costs	7,038		6,782		21,760		20,647
Total salaries and benefits expense	37,729		35,550		112,870		105,255
Occupancy	4,388		4,191		12,665		12,205
Data processing and software	4,838		5,258		14,855		15,459
Equipment	1,269		1,374		3,742		4,060
Intangible amortization	482		1,030		1,479		3,090
Advertising	647		1,152		2,659		2,733
ATM and POS network charges	1,911		1,712		5,605		5,360
Professional fees	1,842		1,893		5,027		5,047
Telecommunications	503		507		1,504		1,576
Regulatory assessments and insurance	1,282		1,256		3,862		3,651

Postage	353		335		1,058		983
Operational losses	544		603		1,238		1,199
Courier service	577		542		1,609		1,581
Loss (gain) on sale or acquisition of foreclosed assets	—		26		(3)		(12)
Loss (gain) on disposal of fixed assets	21		6		111		12
Other miscellaneous expense	4,038		4,052		12,859		12,131
Total other non-interest expense	22,695		23,937		68,270		69,075
Total non-interest expense	$	60,424	$	59,487	$	181,140	$	174,330

Note 13 - Earnings Per Share

Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock units (RSUs), and are determined using the treasury stock method. Earnings per share have been computed based on the following:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024
Net income	$	34,019	$	29,051	$	87,924	$	85,834
Weighted average number of common shares outstanding	32,542		32,993		32,749		33,119
Effect of dilutive stock options and restricted stock	181		144		180		132
Weighted average number of common shares outstanding used to calculate diluted earnings per share	32,723		33,137		32,929		33,251
Options excluded from diluted earnings per share because of their antidilutive effect	—		—		—		—

Note 14 – Comprehensive Income

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet identified as AOCI, such items, along with net income, are components of OCI.

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The components of OCI and related tax effects are as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024
Unrealized holding gains on available for sale securities before reclassifications	$	21,158	$	63,232	$	64,177	$	48,438
Amounts reclassified out of AOCI:
Realized gain (loss) on debt securities	2,124		(2)		3,266		2,945


Total amounts reclassified out of accumulated other comprehensive income (loss)	2,124		(2)		3,266		2,945
Unrealized holding gains (losses) on available for sale securities after reclassifications	23,282		63,230		67,443		51,383
Tax effect	(6,883)		(18,692)		(19,938)		(15,191)
Unrealized holding gains (losses) on available for sale securities, net of tax	16,399		44,538		47,505		36,192
Change in unfunded status of the supplemental retirement plans before reclassifications	165		114		493		344
Amounts reclassified out of AOCI:

Amortization of actuarial losses	(165)		(114)		(493)		(344)

Total amounts reclassified out of accumulated other comprehensive loss	(165)		(114)		(493)		(344)






Total other comprehensive income	$	16,399	$	44,538	$	47,505	$	36,192

The components of AOCI, included in shareholders’ equity, are as follows:


(in thousands)	September 30, 2025		December 31, 2024
Net unrealized loss on available for sale securities	$	(166,205)	$	(233,648)
Tax effect	49,137		69,075
Unrealized holding loss on available for sale securities, net of tax	(117,068)		(164,573)
Unfunded status of the supplemental retirement plans	16,085		16,085
Tax effect	(4,756)		(4,756)
Unfunded status of the supplemental retirement plans, net of tax	11,329		11,329
Joint beneficiary agreement liability	782		782
Tax effect	—		—
Joint beneficiary agreement liability, net of tax	782		782
Accumulated other comprehensive loss	$	(104,957)	$	(152,462)

Note 15 - Fair Value Measurement

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, income approach, and/or the cost approach. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. Marketable equity securities, trading securities, debt securities available-for-sale, loans held for sale, and mortgage servicing rights are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application impairment write-downs of individual assets.

The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observable nature of the assumptions used to determine fair value. These levels are:

Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets.

Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability.

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Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.

Marketable equity securities, trading securities and debt securities available for sale - Marketable equity, trading and debt securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. The Company had no securities classified as Level 3 during any of the periods covered in these consolidated financial statements.

Loans held for sale - The Company has elected to apply the fair value option for mortgage loans originated with the intent to sell. The fair value of loans held for sale is based on what secondary markets are currently offering for loans with similar characteristics. As such, we classify those loans subjected to recurring fair value adjustments as Level 2.

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

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

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

The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands):


Fair value at September 30, 2025	Total		Level 1		Level 2		Level 3
Marketable equity securities	$	2,681	$	2,681	$	—	$	—

Debt securities available for sale:
Obligations of U.S. government and agencies	1,062,147		—		1,062,147		—
Obligations of states and political subdivisions	217,599		—		217,599		—
Corporate bonds	4,880		—		4,880		—
Asset backed securities	279,364		—		279,364		—
Non-agency mortgage backed securities	176,766		—		176,766		—
Loans held for sale	2,785		—		2,785		—
Mortgage servicing rights	6,758		—		—		6,758
Total assets measured at fair value	$	1,752,980	$	2,681	$	1,743,541	$	6,758

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Fair value at December 31, 2024	Total		Level 1		Level 2		Level 3
Marketable equity securities	$	2,609	$	2,609	$	—	$	—
Debt securities available for sale:
Obligations of U.S. government and agencies	1,094,185		—		1,094,185		—
Obligations of states and political subdivisions	220,744		—		220,744		—
Corporate bonds	5,837		—		5,837		—
Asset backed securities	314,263		—		314,263		—
Non-agency mortgage backed securities	269,856		—		269,856		—
Loans held for sale	709		—		709		—
Mortgage servicing rights	6,626		—		—		6,626
Total assets measured at fair value	$	1,914,829	$	2,609	$	1,905,594	$	6,626

Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally corresponds with the Company’s quarterly valuation process. There were no transfers between any levels during the nine months ended September 30, 2025 or September 30, 2024, respectively.

The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the time periods indicated. Had there been any transfer into or out of Level 3 during the time periods indicated, the amount included in the “Transfers into (out of) Level 3” column would represent the beginning balance of an item in the period (interim quarter) during which it was transferred (in thousands):


Three months ended September 30,	Beginning Balance		Transfers into (out of) Level 3	Change Included in Earnings		Issuances		Ending Balance
2025: Mortgage servicing rights	$	6,763	—	$	(104)	$	99	$	6,758
2024: Mortgage servicing rights	$	6,666	—	$	(332)	$	186	$	6,520


Nine months ended September 30,	Beginning Balance		Transfers into (out of) Level 3	Change Included in Earnings		Issuances		Ending Balance
2025: Mortgage servicing rights	$	6,626	—	$	(297)	$	429	$	6,758
2024: Mortgage servicing rights	$	6,606	—	$	(468)	$	382	$	6,520

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

The following table presents quantitative information about recurring Level 3 fair value measurements at September 30, 2025 and December 31, 2024:

As of September 30, 2025:

Fair Value
(in thousands)

Valuation
Technique

Unobservable
Inputs

Range,
Weighted
Average

Mortgage Servicing Rights

6,758

Discounted cash flow

Constant prepayment rate

6% - 12%; 7.0%

Discount rate

10% - 14%; 12%

As of December 31, 2024:

Mortgage Servicing Rights

6,626

Discounted cash flow

Constant prepayment rate

6% - 11.0%; 7.0%

Discount rate

10% - 14%; 12%

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The tables below present the recorded investment in assets and liabilities measured at fair value on a nonrecurring basis, as of the dates indicated, that had a write-down or an additional allowance provided during the periods indicated (in thousands):


September 30, 2025	Total		Level 1	Level 2	Level 3
Fair value:
Collateral dependent loans	$	3,751	—	—	$	3,751


December 31, 2024	Total		Level 1	Level 2	Level 3
Fair value:
Collateral dependent loans	$	8,770	—	—	$	8,770
Real estate owned	709		—	—	709
Total assets measured at fair value	$	9,479	—	—	$	9,479

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


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Collateral dependent loans	$	442	$	4,051	$	7,940	$	4,358
Foreclosed assets	—		—		3		—
Total losses from non-recurring measurements	$	442	$	4,051	$	7,943	$	4,358

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

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

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

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at September 30, 2025:

September 30, 2025

Fair Value
(in thousands)

Valuation
Technique

Unobservable Inputs

Range,
Weighted Average

Collateral dependent loans

3,751

Sales comparison
approach
Income approach

Adjustment for differences between
comparable sales;
Capitalization rate

Not meaningful
N/A

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The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2024:

December 31, 2024

Fair Value
(in thousands)

Valuation
Technique

Unobservable Inputs

Range,
Weighted Average

Collateral dependent loans

8,770

Sales comparison
approach
Income approach

Adjustment for differences between
comparable sales;
Capitalization rate

Not meaningful
N/A

Real estate owned (Residential real estate)

709

Sales comparison
approach
Income approach

Adjustment for differences between
comparable sales;
Capitalization rate

Not meaningful
N/A

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


	September 30, 2025				December 31, 2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Level 1 inputs:
Cash and due from banks	$	100,693	$	100,693	$	85,409	$	85,409
Cash at Federal Reserve and other banks	198,127		198,127		59,547		59,547
Level 2 inputs:
Securities held to maturity	95,446		91,299		111,866		104,349
Restricted equity securities	17,250		n/a		17,250		n/a

Level 3 inputs:
Loans, net	6,882,253		6,651,009		6,643,157		6,293,727
Financial liabilities:
Level 2 inputs:
Deposits	8,334,461		8,331,961		8,087,576		8,085,150
Other borrowings	17,039		17,039		89,610		89,780
Level 3 inputs:
Junior subordinated debt	41,238		41,605		101,191		103,630

Note 16 - Regulatory Matters

The Company is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1, and common equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. The following tables present actual and required capital ratios as of September 30, 2025 and December 31, 2024 for the Company and the Bank under applicable Basel III Capital Rules. The minimum capital amounts presented include the minimum required capital levels as of September 30, 2025 and December 31, 2024 based on the then phased-in provisions of the Basel III Capital Rules. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules.

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	Actual				Required for Capital Adequacy Purposes				Required to be Considered Well Capitalized
As of September 30, 2025:	Amount		Ratio		Amount		Ratio		Amount		Ratio
	(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated	$	1,240,959	15.11	%	$	862,402	10.50	%	N/A		N/A
Tri Counties Bank	$	1,233,469	15.02	%	$	862,260	10.50	%	$	821,200	10.00	%
Tier 1 Capital (to Risk Weighted Assets):
Consolidated	$	1,137,918	13.85	%	$	698,135	8.50	%	N/A		N/A
Tri Counties Bank	$	1,130,460	13.77	%	$	698,020	8.50	%	$	656,960	8.00	%
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated	$	1,097,918	13.37	%	$	574,935	7.00	%	N/A		N/A
Tri Counties Bank	$	1,130,460	13.77	%	$	574,840	7.00	%	$	533,780	6.50	%
Tier 1 Capital (to Average Assets):
Consolidated	$	1,137,918	11.71	%	$	388,850	4.00	%	N/A		N/A
Tri Counties Bank	$	1,130,460	11.63	%	$	388,755	4.00	%	$	485,943	5.00	%


	Actual				Required for Capital Adequacy Purposes			Required to be Considered Well Capitalized
As of December 31, 2024:	Amount		Ratio			Amount		Ratio		Amount		Ratio
	(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated	$	1,258,218	15.71	%		$	840,943	10.50	%	N/A		N/A
Tri Counties Bank	$	1,248,802	15.60	%		$	840,740	10.50	%	$	800,704	10.00	%
Tier 1 Capital (to Risk Weighted Assets):
Consolidated	$	1,118,292	13.96	%		$	680,763	8.50	%	N/A		N/A
Tri Counties Bank	$	1,148,328	14.34	%		$	680,599	8.50	%	$	640,563	8.00	%
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated	$	1,060,690	13.24	%		$	560,628	7.00	%	N/A		N/A
Tri Counties Bank	$	1,148,328	14.34	%		$	560,493	7.00	%	$	520,458	6.50	%
Tier 1 Capital (to Average Assets):
Consolidated	$	1,118,292	11.70	%		$	382,214	4.00	%	N/A		N/A
Tri Counties Bank	$	1,148,328	12.02	%		$	382,096	4.00	%	$	477,620	5.00	%

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

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

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Note 17 – Segment Information

The Company's reportable segment is determined by the Chief Executive Officer, who is designated as the CODM, based upon information provided about the Company's products and services offered, primary banking operations. Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of the banking segment totals to the financial statements.


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024
Interest income	$	119,987	$	117,347	$	350,425	$	349,796

Reconciliation of revenue:
Other revenues	18,007		16,495		51,170		48,132
Total consolidated revenues	137,994		133,842		401,595		397,928

Less:
Interest expense	30,432		34,736		91,809		102,452
Segment net interest income and noninterest income	107,562		99,106		309,786		295,476
Less:
Provision for credit losses	670		220		9,063		4,930
Salaries and benefits expense	37,729		35,550		112,870		105,255
Other banking segment items	22,695		23,937		68,270		69,075
Provision for income taxes	12,449		10,348		31,659		30,382
Segment net income/consolidated net income	$	34,019	$	29,051	$	87,924	$	85,834

	As of September 30,
	2025		2024
Reconciliation of assets:
Total assets for reportable segment	$	9,878,836	$	9,823,890
Other assets	—		—
Total consolidated assets	$	9,878,836	$	9,823,890

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

FORWARD-LOOKING STATEMENTS

Cautionary Statements Regarding Forward-Looking Information

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

General

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

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Critical Accounting Policies and Estimates

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

Geographical Descriptions

Financial Highlights

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

•Net income was $34.0 million or $1.04 per diluted share as compared to $27.5 million or $0.84 per diluted share in the trailing quarter, and an increase of $5.0 million or 17.1% from the third quarter of 2024

•Net interest income (FTE) was $89.8 million, an increase of $3.0 million or 3.51% over the trailing quarter; net interest margin (FTE) was 3.92% in the recent quarter, an increase of 4 basis points over 3.88% in the trailing quarter

•Loan balances increased $47.8 million or 2.7% (annualized) from the trailing quarter and increased $322.9 million or 4.8% from the same quarter of the prior year

•Deposit balances decreased $41.3 million or 2.0% (annualized) from the trailing quarter and increased $297.4 million or 3.7% from the same quarter of the prior year

•Average yield on earning assets was 5.25%, an increase of 4 basis points over the 5.21% in the trailing quarter; average yield on loans was 5.75%, a decrease of 1 basis points over the 5.76% in the trailing quarter

•Non-interest bearing deposits averaged 30.5% of total deposits during the quarter

•The average cost of total deposits was 1.39%, an increase of 2 basis points as compared to 1.37% in the trailing quarter, and a decrease of 13 basis points from 1.52% in the same quarter of the prior year

•For the quarter ended September 30, 2025, the Company’s return on average assets was 1.36%, while the return on average equity was 10.47%; for the trailing quarter ended June 30, 2025, the Company’s return on average assets was 1.13%, while the return on average equity was 8.68%

•Diluted earnings per share were $1.04 for the third quarter of 2025, compared to $0.84 for the trailing quarter and $0.88 during the third quarter of 2024

•The loan to deposit ratio was 84.07% as of September 30, 2025, as compared to 83.08% for the trailing quarter end. Management's ability to maintain this ratio proximate to 85.0% will drive growth in revenue and earnings, as demonstrated in the current period

•The efficiency ratio was 56.18% for the quarter ended September 30, 2025, as compared to 59.00% for the trailing quarter

•The provision for credit losses was $0.7 million during the quarter ended September 30, 2025, as compared to $4.7 million during the trailing quarter end

•The allowance for credit losses (ACL) to total loans was 1.78% as of September 30, 2025, compared to 1.79% as of the trailing quarter end, and 1.85% as of September 30, 2024. Non-performing assets to total assets were 0.72% on September 30, 2025, as compared to 0.68% as of June 30, 2025, and 0.45% at September 30, 2024. At September 30, 2025, the ACL represented 190% of non-performing loans

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TRICO BANCSHARES

Financial Summary

(In thousands, except per share amounts; unaudited)


	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Net interest income	$	89,555		$	82,611		$	258,616		$	247,344
Provision for credit losses	(670)			(220)			(9,063)			(4,930)
Non-interest income	18,007			16,495			51,170			48,132
Non-interest expense	(60,424)			(59,487)			(181,140)			(174,330)
Provision for income taxes	(12,449)			(10,348)			(31,659)			(30,382)
Net income	$	34,019		$	29,051		$	87,924		$	85,834
Per Share Data:
Basic earnings per share	$	1.04		$	0.88		$	2.68		$	2.59
Diluted earnings per share	$	1.04		$	0.88		$	2.67		$	2.58
Dividends paid	$	0.36		$	0.33		$	1.02		$	0.99
Book value at period end							$	40.12		$	37.55
Weighted average common shares outstanding	32,542			32,993			32,749			33,119
Weighted average diluted common shares outstanding	32,723			33,137			32,929			33,251
Shares outstanding at period end							32,507			33,001
At period end:
Loans							$	7,006,824		$	6,683,891
Total investment securities							$	1,856,133		$	2,116,469
Total assets							$	9,878,836		$	9,823,890
Total deposits							$	8,334,461		$	8,037,091
Other borrowings							$	17,039		$	266,767
Shareholders’ equity							$	1,304,305		$	1,239,015
Financial Ratios:
During the period:
Return on average assets (annualized)	1.36		%	1.20		%	1.20		%	1.17		%
Return on average equity (annualized)	10.47		%	9.52		%	9.24		%	9.67		%
Net interest margin(1) (annualized)	3.92		%	3.71		%	3.84		%	3.69		%
Efficiency ratio	56.18		%	60.02		%	58.47		%	59.00		%
Average equity to average assets	13.02		%	12.56		%	12.94		%	12.14		%
At end of period:
Equity to assets							13.20		%	12.61		%
Total capital to risk-adjusted assets							15.11		%	15.56		%

(1) Fully Taxable Equivalent (FTE)

Results of Operations

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

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Net Interest Income

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


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

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


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

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


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

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

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

Loans may be acquired at a premium or discount to par value, in which case, the premium is amortized (subtracted from) or the discount is accreted (added to) interest income over the remaining life of the loan. The dollar impact of loan discount accretion and loan premium amortization decrease as the purchased loans mature or pay off early. Upon the early pay off of a loan, any remaining unaccreted discount or unamortized premium is immediately taken into interest income; and as loan payoffs may vary significantly from quarter to quarter, so may the impact of discount accretion and premium amortization on interest income. Despite the elevated rate environment, the prepayment rate of portfolio loans, inclusive of those acquired at a premium or discount, remains generally consistent. During the quarters ended September 30, 2025, June 30, 2025 and September 30, 2024, the purchased loan discount accretion was $1.0 million, $1.2 million and $1.0 million, respectively.

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Summary of Average Balances, Yields/Rates and Interest Differential

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


	Three months ended September 30,
	2025						2024
	Average Balance		Interest Income/ Expense		Rates Earned /Paid		Average Balance		Interest Income/ Expense		Rates Earned /Paid
Assets:
Loans	$	6,971,860	$	101,004	5.75	%	$	6,690,326	$	98,085	5.83	%
Investment securities - taxable	1,737,273		15,321		3.50	%	1,972,859		17,188		3.47	%
Investment securities - nontaxable(1)	132,121		1,134		3.41	%	135,500		1,166		3.42	%
Total investments	1,869,394		16,455		3.49	%	2,108,359		18,354		3.46	%
Cash at Federal Reserve and other banks	249,646		2,790		4.43	%	93,538		1,177		5.01	%
Total interest-earning assets	9,090,900		120,249		5.25	%	8,892,223		117,616		5.26	%
Other assets	809,775						774,756
Total assets	$	9,900,675					$	9,666,979
Liabilities and shareholders’ equity:
Interest-bearing demand deposits	$	1,850,733	$	6,649	1.43	%	$	1,736,442	$	6,132	1.40	%
Savings deposits	2,855,750		12,965		1.80	%	2,686,303		13,202		1.96	%
Time deposits	1,107,646		9,587		3.43	%	1,055,612		11,354		4.28	%
Total interest-bearing deposits	5,814,129		29,201		1.99	%	5,478,357		30,688		2.23	%
Other borrowings	17,495		3		0.07	%	175,268		2,144		4.87	%
Junior subordinated debt	71,477		1,228		6.82	%	101,150		1,904		7.49	%
Total interest-bearing liabilities	5,903,101		30,432		2.05	%	5,754,775		34,736		2.40	%
Noninterest-bearing deposits	2,547,471						2,542,579
Other liabilities	160,568						155,115
Shareholders’ equity	1,289,535						1,214,510
Total liabilities and shareholders’ equity	$	9,900,675					$	9,666,979
Net interest spread(2)					3.20	%					2.86	%
Net interest income and interest margin(3)			$	89,817	3.92	%			$	82,880	3.71	%

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

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

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

Net interest income (FTE) during the three months ended September 30, 2025, increased $6.9 million or 8.4% to $89.8 million compared to $82.9 million during the three months ended September 30, 2024. Net interest margin totaled 3.92% for the three months ended September 30, 2025, an increase of 21 basis points from the same quarter in 2024. The primary drivers behind the change in net interest margin was related to a reduction in volume and an improvement (decrease) in yield on interest-bearing liabilities, namely, the cost of other borrowings decreased to just 7 basis points following the repayment of all FHLB advances. Further, interest-bearing deposits yield declined by 24 basis points between the quarter ended September 30, 2025, and the same quarter of the prior year. The accretion of discounts from acquired loans added 6 basis points and 6 basis points to loan yields during the quarters ended September 30, 2025 and September 30, 2024, respectively. Finally, the average balance of noninterest-bearing deposits increased by $4.9 million from the three-month average as of September 30, 2025, reversing the recent trends of customers migrating funds to interest-bearing products.

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	Nine months ended September 30,
	2025						2024
	Average Balance		Interest Income/ Expense		Rates Earned /Paid		Average Balance		Interest Income/ Expense		Rates Earned /Paid
Assets
Loans	$	6,876,128	$	295,077	5.74	%	$	6,755,916	$	292,799	5.79	%
Investments-taxable	1,812,965		45,994		3.39	%	2,034,336		52,021		3.42	%
Investments-nontaxable (1)	132,690		3,426		3.45	%	137,515		3,548		3.45	%
Total investments	1,945,655		49,420		3.40	%	2,171,851		55,569		3.42	%
Cash at Federal Reserve and other banks	200,364		6,719		4.48	%	58,792		2,247		5.11	%
Total earning assets	9,022,147		351,216		5.20	%	8,986,559		350,615		5.21	%
Other assets, net	807,433						781,406
Total assets	$	9,829,580					$	9,767,965
Liabilities and shareholders’ equity
Interest-bearing demand deposits	$	1,828,709	$	18,946	1.39	%	$	1,738,876	$	17,294	1.33	%
Savings deposits	2,795,620		37,409		1.79	%	2,670,555		36,362		1.82	%
Time deposits	1,110,123		29,749		3.58	%	961,577		29,582		4.11	%
Total interest-bearing deposits	5,734,452		86,104		2.01	%	5,371,008		83,238		2.07	%
Other borrowings	42,959		1,064		3.31	%	361,175		13,640		5.04	%
Junior subordinated debt	91,196		4,641		6.80	%	101,128		5,574		7.36	%
Total interest-bearing liabilities	5,868,607		91,809		2.09	%	5,833,311		102,452		2.35	%
Noninterest-bearing deposits	2,526,280						2,584,705
Other liabilities	163,015						163,704
Shareholders’ equity	1,271,678						1,186,245
Total liabilities and shareholders’ equity	$	9,829,580					$	9,767,965
Net interest rate spread (1) (2)					3.11	%					2.86	%
Net interest income and margin (1) (3)			$	259,407	3.84	%			$	248,163	3.69	%

Net interest income (FTE) during the nine months ended September 30, 2025, increased $11.2 million, or 4.5%, to $259.4 million compared to $248.2 million during the nine months ended September 30, 2024. In addition, net interest margin increased 15 basis points to 3.84%, compared to 3.69% for the same period in the prior year. The increase in net interest income during the nine month period is primarily attributed to a decrease in interest expense; specifically, decreases in the volume of other average borrowings contributed to a decrease in interest expense of $12.0 million.

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

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

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

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	Three months ended September 30, 2025 compared with three months ended September 30, 2024
(in thousands)	Volume		Rate		Total
Increase (decrease) in interest income:
Loans	$	4,103	$	(1,184)	$	2,919
Investment securities	(2,073)		174		(1,899)
Cash at Federal Reserve and other banks	1,955		(342)		1,613
Total interest-earning assets	3,985		(1,352)		2,633
Increase (decrease) in interest expense:
Interest-bearing demand deposits	400		117		517
Savings deposits	830		(1,067)		(237)
Time deposits	557		(2,324)		(1,767)
Other borrowings	(1,921)		(220)		(2,141)
Junior subordinated debt	(556)		(120)		(676)
Total interest-bearing liabilities	(690)		(3,614)		(4,304)
Increase in net interest income	$	4,675	$	2,262	$	6,937

Net interest income (FTE) during the three months ended September 30, 2025 increased $6.9 million to $89.8 million compared to $82.9 million during the three months ended September 30, 2024. The increase in net interest income (FTE) was due largely to shifts in the mix of earning assets and funding sources, resulting in a decrease in short-term FHLB borrowings and an increase in loan balances, both of which have a beneficial impact on net interest income.


	Nine months ended September 30, 2025 compared with nine months ended September 30, 2024
(in thousands)	Volume		Rate		Total
Increase (decrease) in interest income:
Loans	$	5,220	$	(2,942)	$	2,278
Investment securities	(5,803)		(346)		(6,149)
Cash at Federal Reserve and other banks	5,426		(954)		4,472
Total interest-earning assets	4,843		(4,242)		601
Increase (decrease) in interest expense:
Interest-bearing demand deposits	896		756		1,652
Savings deposits	1,707		(660)		1,047
Time deposits	4,579		(4,412)		167
Other borrowings	(12,029)		(547)		(12,576)
Junior subordinated debt	(548)		(385)		(933)
Total interest-bearing liabilities	(5,395)		(5,248)		(10,643)
Increase in net interest income	$	10,238	$	1,006	$	11,244

Net interest income (FTE) during the nine months ended September 30, 2025 increased $11.2 million to $259.4 million compared to $248.2 million during the nine months ended September 30, 2024. The increase in net interest income (FTE) was nearly entirely due to the decrease in other (short-term FHLB debt) borrowings.

Asset Quality and Credit Loss Provisioning

During the three months ended September 30, 2025, the Company recorded a provision for credit losses of $0.7 million, as compared to $4.7 million during the trailing quarter, and $0.2 million during the third quarter of 2024.

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	Three months ended						Nine months ended
(dollars in thousands)	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Addition to allowance for credit losses	$	730	$	4,525	$	320	$	7,918	$	4,670
Reversal (addition to) reserve for unfunded loan commitments	(60)		140		(100)		1,145		260
Total provision for credit losses	$	670	$	4,665	$	220	$	9,063	$	4,930

The allowance for credit losses (ACL) was $124.6 million or 1.78% of total loans as of September 30, 2025. The provision for credit losses on loans of $0.7 million recorded during the current quarter resulted largely from a need to replenish reserves following net charge-offs of $0.6 million during the quarter. Reserves on individually evaluated loans or loan relationships declined by $0.7 million during the period, while general reserve requirements grew by $0.8 million, resulting in a required net reserve increase of $0.1 million in the quarter. The charge-offs incurred during the quarter ended September 30, 2025, were primarily related to non-performing relationships which had been fully reserved for by Management on an individual basis in previous quarters.


	Three months ended September 30,				Nine months ended September 30,
(dollars in thousands)	2025		2024		2025		2024
Balance, beginning of period	$	124,455	$	123,517	$	125,366	$	121,522
Provision for credit losses	730		320		7,918		4,670
Loans charged-off	(737)		(444)		(9,706)		(3,329)
Recoveries of previously charged-off loans	123		367		993		897
Balance, end of period	$	124,571	$	123,760	$	124,571	$	123,760

The $0.7 million decrease in individually evaluated reserves was largely attributed to the pay-down of loan balances and/or obtaining additional collateral from the largely cooperative borrowers. Observable market valuations associated with agricultural real estate remain consistent as compared to the trailing quarter, while the stable water supply and improving commodity prices for the crops associated with collateral for these loans are reflected by improving cash flows. Management believes the provisioning for these individually analyzed relationships is sufficient relative to expected future losses, if any.

The $0.8 million recorded for general reserves is primarily attributed to net loan growth for the quarter of approximately $47.8 million. Additionally, Management notes that economic indicators through the end of the current quarter, as well as actual and forecasted trends including, but not limited to, unemployment, gross domestic product, and corporate borrowing rates continued to evidence stability and were supportive of general economic expansion, and generally consistent with the trailing period ended June 30, 2025, which is aligned with the Company's direct experiences with borrowers. Steepening of the yield curve or actions by the Federal Reserve to further cut rates during 2025 and beyond may help further improve this outlook overall, but the uncertainty associated with the extent and timing of these potential reductions has inhibited a material change to monetary policy assumptions. Furthermore, political policy risks both domestic and international are elevated, which may lead to further negative effects on domestic economic outcomes. The uncertainties related to the nature, duration and potential economic impact of proposed tariffs, while modestly improved since the period ended June 30, 2025, continue to present challenges in correlating potential improvement of credit risks within the Company's loan portfolio. Therefore, in conjunction with most economists' belief that tariffs may have a generally unfavorable impact on the economy as a whole, management continues to believe that certain credit weaknesses are present in the overall economy and that it is appropriate to maintain a reserve level that incorporates such risk factors.


(dollars in thousands)	As of September 30, 2025			% of Loans Outstanding		As of June 30, 2025			% of Loans Outstanding		As of September 30, 2024			% of Loans Outstanding
Risk Rating:
Pass	$	6,785,679		96.84	%	$	6,751,005		97.01	%	$	6,461,451		96.67	%
Special Mention	89,352			1.28	%	73,215			1.05	%	104,759			1.57	%
Substandard	131,793			1.88	%	134,773			1.94	%	117,681			1.76	%
Total	$	7,006,824		100.00	%	$	6,958,993		100.00	%	$	6,683,891		100.00	%

Classified loans to total loans	1.88		%			1.94		%			1.76		%
Loans past due 30+ days to total loans	0.65		%			0.62		%			0.57		%
ACL to non-performing loans	189.76		%			192.11		%			297.24		%

The ratio of classified loans to total loans of 1.88% as of September 30, 2025, was down 6 basis points from June 30, 2025, and increased 12 basis points from the comparative quarter ended 2024. The change in classified loans outstanding as compared to the trailing quarter represented a decrease of $3.0 million.

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Loans past due 30 days or more increased by $2.7 million during the quarter ended September 30, 2025, to $45.7 million, as compared to $43.0 million at June 30, 2025. The majority of loans identified as past due are well-secured by collateral, and approximately $28.1 million are less than 90 days delinquent.

Non-performing loans increased by $0.8 million during the quarter ended September 30, 2025 to $65.6 million as compared to $64.8 million at June 30, 2025. The credit and collateral profiles of non-performing loans remain generally consistent with the trailing quarter. As noted previously, management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. We anticipate that these proactive strategies within agriculture commercial real estate loans will further benefit from the continued improvement in agricultural commodity prices, stable water supply, and growing crop demand. Of the $65.6 million loans designated as non-performing as of September 30, 2025, approximately $30.3 million are current or less than 30 days past due with respect to payments required under their existing loan agreements.

Management continues to proactively assess the repayment capacity of borrowers that will be subject to rate resets in the near term. To date this analysis as well as management's observations of loans that have experienced a rate reset, have resulted in an insignificant need to provide concessions to borrowers.

As of September 30, 2025, other real estate owned consisted of 10 properties with a carrying value of approximately $5.4 million, as compared to 9 properties with a carrying value of $2.7 million at June 30, 2025. Non-performing assets of $71.1 million at September 30, 2025, represented 0.72% of total assets, a change from $67.5 million or 0.68% and $44.4 million or 0.45% as of June 30, 2025 and September 30, 2024, respectively.

Non-interest Income

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


	Three months ended September 30,
(in thousands)	2025		2024		$ Change		% Change
ATM and interchange fees	$	6,493	$	6,472	$	21	0.3	%
Service charges on deposit accounts	5,448		4,979		469		9.4	%
Other service fees	1,485		1,224		261		21.3	%
Mortgage banking service fees	430		439		(9)		(2.1)	%
Change in value of mortgage servicing rights	(105)		(332)		227		68.4	%
Total service charges and fees	13,751		12,782		969		7.6	%
Increase in cash value of life insurance	871		786		85		10.8	%
Asset management and commission income	1,932		1,502		430		28.6	%
Gain on sale of loans	327		549		(222)		(40.4)	%
Lease brokerage income	82		62		20		32.3	%
Sale of customer checks	311		303		8		2.6	%
(Loss) gain on sale or exchange of investment securities	(2,124)		2		(2,126)		(106,300.0)	%
(Loss) gain on marketable equity securities	26		356		(330)		(92.7)	%
Other	2,831		153		2,678		1,750.3	%
Total other non-interest income	4,256		3,713		543		14.6	%
Total non-interest income	$	18,007	$	16,495	$	1,512	9.2	%

Non-interest income increased $1.5 million or 9.2% to $18.0 million during the three months ended September 30, 2025, compared to $16.5 million during the comparative quarter ended September 30, 2024. Growth in deposit related transactional activities during the quarter contributed to the elevated service fees, which increased by a combined $0.7 million as compared to the three-month ended September 30, 2024. Further, elevated activity and volume of assets under management drove an increase of $0.4 million or 28.6% in asset management and commission income for the period ended September 30, 2025, as compared to the same period in 2024. During the quarter, the Company realized a gain of approximately $2.5 million related to the early retirement of $59.9 million in subordinated debt, recorded within other income. As a partial offset, the Company incurred losses on the sale of investment securities totaling approximately $2.1 million, resulting in proceeds of $28.5 million.

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	Nine months ended September 30,
(in thousands)	2025		2024		$ Change		% Change
ATM and interchange fees	$	19,189	$	19,013	$	176	0.9	%
Service charges on deposit accounts	15,551		14,489		1,062		7.3	%
Other service fees	4,329		3,876		453		11.7	%
Mortgage banking service fees	1,307		1,305		2		0.2	%
Change in value of mortgage servicing rights	(297)		(468)		171		36.5	%
Total service charges and fees	40,079		38,215		1,864		4.9	%
Increase in cash value of life insurance	2,533		2,420		113		4.7	%
Asset management and commission income	5,055		3,989		1,066		26.7	%
Gain on sale of loans	1,174		1,198		(24)		(2.0)	%
Lease brokerage income	198		377		(179)		(47.5)	%
Sale of customer checks	974		916		58		6.3	%
Gain (loss) on sale or exchange of investment securities	(3,266)		(43)		(3,223)		(7,495.3)	%
Gain (loss) on marketable equity securities	73		207		(134)		(64.7)	%
Other	4,350		853		3,497		410.0	%
Total other non-interest income	11,091		9,917		1,174		11.8	%
Total non-interest income	$	51,170	$	48,132	$	3,038	6.3	%

Non-interest income increased $3.0 million or 6.3% to $51.2 million during the nine months ended September 30, 2025, compared to $48.1 million during the comparative nine months ended September 30, 2024. As noted above increased balances and transaction volume in both deposits and assets under management, service charges and customer fees are elevated in the 2025 period, along with asset management and commission income. Other income increased by $3.5 million due to $2.5 million gain on early extinguishment of subordinated debt mentioned above, in addition to $1.2 million gain on life insurance benefits during the first quarter. As a partial offset, the Company incurred losses on the sale of investment securities totaling approximately $3.2 million, resulting in proceeds of $58.5 million.

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Non-interest Expense

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


	Three months ended September 30,
(in thousands)	2025		2024		$ Change		% Change
Base salaries, net of deferred loan origination costs	$	25,340	$	24,407	$	933	3.8	%
Incentive compensation	5,351		4,361		990		22.7	%
Benefits and other compensation costs	7,038		6,782		256		3.8	%
Total salaries and benefits expense	37,729		35,550		2,179		6.1	%
Occupancy	4,388		4,191		197		4.7	%
Data processing and software	4,838		5,258		(420)		(8.0)	%
Equipment	1,269		1,374		(105)		(7.6)	%
Intangible amortization	482		1,030		(548)		(53.2)	%
Advertising	647		1,152		(505)		(43.8)	%
ATM and POS network charges	1,911		1,712		199		11.6	%
Professional fees	1,842		1,893		(51)		(2.7)	%
Telecommunications	503		507		(4)		(0.8)	%
Regulatory assessments and insurance	1,282		1,256		26		2.1	%

Postage	353		335		18		5.4	%
Operational losses	544		603		(59)		(9.8)	%
Courier service	577		542		35		6.5	%
(Gain) loss on sale or acquisition of foreclosed assets	—		26		(26)		(100.0)	%
Loss (gain) on disposal of fixed assets	21		6		15		250.0	%
Other miscellaneous expense	4,038		4,052		(14)		(0.3)	%
Total other non-interest expense	22,695		23,937		(1,242)		(5.2)	%
Total non-interest expense	$	60,424	$	59,487	$	937	1.6	%
Average full time equivalent staff	1,154		1,161		(7)		(0.6)	%

Total non-interest expense increased $0.9 million or 1.6% to $60.4 million during the three months ended September 30, 2025, as compared to $59.5 million for the quarter ended September 30, 2024. Total salaries and benefits expense increased by $2.2 million or 6.1%, reflecting the increase of $0.9 million in salaries, largely the result of routine merit increases and more recently strategic hiring focused on loan and deposit production; incentive compensation costs also increased by $1.0 million, reflecting elevated levels of loan production and overall Bank performance during the third quarter of 2025, as compared to the equivalent period in 2024. Other non-interest expense line items generally evidenced broad based incremental improvements for the quarter ended September 30, 2025, resulting in a net decrease of $1.2 million.

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	Nine months ended September 30,
(in thousands)	2025		2024		$ Change		% Change
Base salaries, net of deferred loan origination costs	$	76,498	$	72,279	$	4,219	5.8	%
Incentive compensation	14,612		12,329		2,283		18.5	%
Benefits and other compensation costs	21,760		20,647		1,113		5.4	%
Total salaries and benefits expense	112,870		105,255		7,615		7.2	%
Occupancy	12,665		12,205		460		3.8	%
Data processing and software	14,855		15,459		(604)		(3.9)	%
Equipment	3,742		4,060		(318)		(7.8)	%
Intangible amortization	1,479		3,090		(1,611)		(52.1)	%
Advertising	2,659		2,733		(74)		(2.7)	%
ATM and POS network charges	5,605		5,360		245		4.6	%
Professional fees	5,027		5,047		(20)		(0.4)	%
Telecommunications	1,504		1,576		(72)		(4.6)	%
Regulatory assessments and insurance	3,862		3,651		211		5.8	%

Postage	1,058		983		75		7.6	%
Operational losses	1,238		1,199		39		3.3	%
Courier service	1,609		1,581		28		1.8	%
(Gain) loss on sale or acquisition of foreclosed assets	(3)		(12)		9		(75.0)	%
(Gain) loss on disposal of fixed assets	111		12		99		825.0	%
Other miscellaneous expense	12,859		12,131		728		6.0	%
Total other non-interest expense	68,270		69,075		(805)		(1.2)	%
Total non-interest expense	$	181,140	$	174,330	$	6,810	3.9	%
Average full time equivalent staff	1,173		1,170		3		0.3	%

Non-interest expense increased $6.8 million or 3.9% to $181.1 million during the nine months ended September 30, 2025, as compared to $174.3 million for the nine months ended September 30, 2024. The largest component was salaries and benefits expense which increased $7.6 million or 7.2% to $112.9 million, largely for the reasons mentioned above. Other non-interest expense line items evidenced broad based but incremental decreases, resulting in a net decrease of $0.8 million.

Income Taxes

The Company’s effective tax rate was 26.8% for the quarter ended September 30, 2025, as compared to 27.2% for the quarter ended June 30, 2025, and 26.3% for the quarter ended September 30, 2024. Differences between the Company's effective tax rate and applicable federal and state blended statutory rate of approximately 29.6% are due to the proportion of non-taxable revenues, non-deductible expenses, and benefits from tax credits as compared to the levels of pre-tax earnings.

Financial Condition

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


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

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

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The activity within loan payoffs/repayments, while elevated in the most recent quarter, remains spread amongst numerous borrowers, regions and loan types.

Investment security balances decreased $80.8 million or 16.7% on an annualized basis during the quarter as a result of net prepayments/maturities of $143.6 million, and sales of $28.5 million, partially offset by net increases in the market value of securities of $12.8 million and purchases of $73.4 million. Investment security purchases were comprised of fixed rate agency mortgage-backed securities, non-agency collateralized mortgage securities and collateralized loan obligations. While management intends to primarily utilize cash flows from the investment security portfolio and organic deposit growth to support loan growth, excess liquidity will be utilized for purchases of investment securities to support net interest income growth and net interest margin expansion.

Deposit balances decreased by $41.3 million or 2.0% annualized during the period due to declines in primarily savings deposit account balances.

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


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

Investment Securities

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


	September 30, 2025				December 31, 2024
(in thousands)	Fair Value		%		Fair Value		%
Debt securities available for sale:
Obligations of U.S. government agencies	$	1,062,147	61.0	%	$	1,094,185	57.4	%
Obligations of states and political subdivisions	217,599		12.5	%	220,744		11.6	%
Corporate bonds	4,880		0.3	%	5,837		0.3	%
Asset backed securities	279,364		16.0	%	314,263		16.5	%
Non-agency mortgage backed	176,766		10.2	%	269,856		14.2	%
Total debt securities available for sale	$	1,740,756	100.0	%	$	1,904,885	100.0	%


	September 30, 2025				December 31, 2024
(in thousands)	Amortized Cost		%		Amortized Cost		%
Debt securities held to maturity:
Obligations of U.S. government and agencies	$	93,882	98.4	%	$	109,155	97.6	%
Obligations of states and political subdivisions	1,564		1.6	%	2,711		2.4	%
Total debt securities held to maturity	$	95,446	100.0	%	$	111,866	100.0	%

Investment securities held to maturity decreased $16.4 million to $95.4 million as of September 30, 2025, as compared to December 31, 2024. This decrease is attributable to calls and principal repayments of $16.3 million, and amortization of net purchase premiums of $0.1 million.

Loans

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

The majority of the Company’s loans are direct loans made to individuals, and local or regional businesses which service a variety of industries. The Company relies substantially on local promotional activity and personal contacts by bank officers, directors and employees to compete with other financial institutions.

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The Company makes loans to borrowers whose applications include a sound purpose, a viable repayment source and a plan of repayment established at inception and generally backed by a secondary source of repayment.

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


(in thousands)	September 30, 2025				December 31, 2024
Commercial real estate	$	4,793,394	68.4	%	$	4,577,632	67.6	%
Consumer	1,293,909		18.5	%	1,281,059		18.9	%
Commercial and industrial	453,221		6.5	%	471,271		7.0	%
Construction	298,774		4.3	%	279,933		4.1	%
Agriculture production	162,338		2.3	%	151,822		2.3	%
Leases	5,188		—	%	6,806		0.1	%
Total loans	$	7,006,824	100.0	%	$	6,768,523	100.0	%

Nonperforming Assets

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


(in thousands)	September 30, 2025			December 31, 2024
Performing nonaccrual loans	$	37,545		$	19,543
Nonperforming nonaccrual loans	23,295			24,493
Total nonaccrual loans	60,840			44,036
Loans 90 days past due and still accruing	4,807			60
Total nonperforming loans	65,647			44,096
Foreclosed assets	5,430			2,786
Total nonperforming assets	$	71,077		$	46,882
Nonperforming assets to total assets	0.72		%	0.48		%
Nonperforming loans to total loans	0.94		%	0.65		%
Allowance for credit losses to nonperforming loans	190		%	284		%

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Changes in nonperforming assets during the three and nine months ended September 30, 2025


(in thousands)	Balance at June 30, 2025		New NPA / Valuation Adjustments	Pay-downs /Sales /Upgrades	Charge-offs/ (1) Write-downs	Transfers to Foreclosed Assets	Balance at September 30, 2025
Commercial real estate:
CRE non-owner occupied	$	3,548	1,787	(89)	—	—	$	5,246
CRE owner occupied	6,676		1,755	(1,925)	—	—	6,506
Multifamily	460		—	(14)	—	—	446
Farmland	35,811		3,448	(221)	—	(2,747)	36,291
Total commercial real estate loans	46,495		6,990	(2,249)	—	(2,747)	48,489
Consumer
SFR 1-4 1st DT liens	6,376		259	(333)	—	—	6,302
SFR HELOCs and junior liens	4,786		1,368	(370)	—	—	5,784
Other	318		143	(22)	(18)	—	421
Total consumer loans	11,480		1,770	(725)	(18)	—	12,507
Commercial and industrial	1,898		888	(350)	(596)	—	1,840
Construction	1,914		226	(2)	—	—	2,138
Agriculture production	2,996		28	(2,351)	—	—	673
Leases	—		—	—	—	—	—
Total nonperforming loans	64,783		9,902	(5,677)	(614)	(2,747)	65,647
Foreclosed assets	2,683		—	—	—	2,747	5,430
Total nonperforming assets	$	67,466	9,902	(5,677)	(614)	—	$	71,077

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

Nonperforming assets increased during the three months ended September 30, 2025 by $3.6 million or 5.4% to $71.1 million compared to $67.5 million at June 30, 2025. The increase in nonperforming assets during the third quarter of 2025 was primarily the result of nonperforming loan additions totaling $9.9 million, partially offset by pay-downs and upgrades, which totaled $5.7 million during the quarter, as well as $0.6 million in charge-offs. Management is actively engaged in the collection and recovery efforts for all nonperforming assets and believes that the loan loss reserves associated with these loans is sufficient as of September 30, 2025.


(in thousands)	Balance at December 31, 2024		New NPA / Valuation Adjustments	Pay-downs /Sales /Upgrades	Charge-offs/ (1) Write-downs	Transfers to Foreclosed Assets	Balance at September 30, 2025
Commercial real estate:
CRE non-owner occupied	$	3,017	2,390	(161)	—	—	$	5,246
CRE owner occupied	3,874		8,293	(5,661)	—	—	6,506
Multifamily	480		—	(34)	—	—	446
Farmland	16,195		23,588	(745)	—	(2,747)	36,291
Total commercial real estate loans	23,566		34,271	(6,601)	—	(2,747)	48,489
Consumer
SFR 1-4 1st DT liens	5,979		1,393	(1,070)	—	—	6,302
SFR HELOCs and junior liens	3,868		2,961	(1,045)	—	—	5,784
Other	204		427	(102)	(108)	—	421
Total consumer loans	10,051		4,781	(2,217)	(108)	—	12,507
Commercial and industrial	9,765		1,866	(554)	(9,237)	—	1,840
Construction	57		2,089	(8)	—	—	2,138
Agriculture production	657		3,231	(3,204)	(11)	—	673
Leases	—		—	—	—	—	—
Total nonperforming loans	44,096		46,238	(12,584)	(9,356)	(2,747)	65,647
Foreclosed assets	2,786		—	(101)	(2)	2,747	5,430
Total nonperforming assets	$	46,882	46,238	(12,685)	(9,358)	—	$	71,077

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The Components of the Allowance for Credit Losses for Loans

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


(in thousands)	September 30, 2025			December 31, 2024			September 30, 2024
Allowance for credit losses:
Allowance for collectively evaluated loans	$	121,268		$	120,741		$	119,032
Allowance for individually evaluated loans	3,303			4,625			4,728

Total allowance for credit losses	$	124,571		$	125,366		$	123,760
Allowance for credit losses for loans / total loans	1.78		%	1.85		%	1.85		%

For additional information regarding the allowance for loan losses, including changes in specific, formula, and environmental factors allowance categories, see “Asset Quality and Loan Loss Provisioning” at “Results of Operations”, above. For additional information on the current ACL methodology, see "Allowance for Credit Losses - Loans" within footnote 1 of the Company's 10-Q/10-K. Based on the current conditions of the loan portfolio, management believes that the $124.6 million allowance for credit losses at September 30, 2025 is adequate to absorb expected losses inherent in the Bank’s loan portfolio. No assurance can be given, however, that adverse economic conditions or other circumstances will not result in increased losses in the portfolio.

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


(in thousands)	September 30, 2025				December 31, 2024				September 30, 2024
Commercial real estate	$	75,017	60.2	%	$	72,849	58.1	%	$	71,339	57.6	%
Consumer	25,748		20.7	%	27,463		21.9	%	27,504		22.2	%
Commercial and industrial	9,090		7.3	%	14,397		11.5	%	14,453		11.7	%
Construction	10,792		8.7	%	7,224		5.8	%	7,119		5.8	%
Agriculture production	3,901		3.1	%	3,403		2.7	%	3,312		2.7	%
Leases	23		0.0	%	30		0.0	%	33		0.0	%
Total allowance for credit losses	$	124,571	100.0	%	$	125,366	100.0	%	$	123,760	100.0	%

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


(in thousands)	September 30, 2025		December 31, 2024		September 30, 2024
Commercial real estate	1.57	%	1.59	%		1.59	%
Consumer	1.99	%	2.14	%		2.14	%
Commercial and industrial	2.01	%	3.05	%		2.98	%
Construction	3.61	%	2.58	%		2.58	%
Agriculture production	2.40	%	2.24	%		2.30	%
Leases	0.44	%	0.44	%		0.44	%
Total loans	1.78	%	1.85	%		1.85	%

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


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2025			2024			2025			2024
Allowance for credit losses:
Balance at beginning of period	$	124,455		$	123,517		$	125,366		$	121,522

Provision for credit losses	730			320			7,918			4,670
Loans charged-off:
Commercial real estate:
CRE non-owner occupied	—			—			—			—
CRE owner occupied	—			—			—			—
Multifamily	—			—			—			—
Farmland	—			—			—			—
Consumer:
SFR 1-4 1st DT liens	—			—			—			(26)
SFR HELOCs and junior liens	—			—			—			(41)
Other	(142)			(170)			(459)			(538)
Commercial and industrial	(595)			(274)			(9,236)			(1,274)
Construction	—			—			—			—
Agriculture production	—			—			(11)			(1,450)
Leases	—			—			—			—
Total loans charged-off	(737)			(444)			(9,706)			(3,329)
Recoveries of previously charged-off loans:
Commercial real estate:
CRE non-owner occupied	—			—			—			—
CRE owner occupied	—			1			1			2
Multifamily	—			—			—			—
Farmland	—			—			—			—
Consumer:
SFR 1-4 1st DT liens	—			—			—			—
SFR HELOCs and junior liens	4			196			20			296
Other	30			63			103			184
Commercial and industrial	89			106			255			389
Construction	—			—			—			—
Agriculture production	—			1			614			26
Leases	—			—			—			—
Total recoveries of previously charged-off loans	123			367			993			897
Net charge-offs	(614)			(77)			(8,713)			(2,432)
Balance at end of period	$	124,571		$	123,760		$	124,571		$	123,760
Average total loans	$	6,971,860		$	6,690,326		$	6,876,128		$	6,755,916
Ratios (annualized):
Net (charge-offs) recoveries during period to average loans outstanding during period	(0.01)		%	—		%	(0.17)		%	(0.05)		%
Provision for credit losses to average loans outstanding during period	0.01		%	0.01		%	0.15		%	0.09		%

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Foreclosed Assets, Net of Allowance for Losses

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


(in thousands)	Balance at December 31, 2024		Sales		Valuation Adjustments		Transfers from Loans		Balance at September 30, 2025
Land & construction	$	204	$	(100)	$	—	$	2,747	$	2,851
Residential real estate	1,683		—		(3)		—		1,680
Commercial real estate	899		—				—		899
Total foreclosed assets	$	2,786	$	(100)	$	(3)	$	2,747	$	5,430

Deposits

During the nine months ended September 30, 2025, the Company’s deposits increased by $246.9 million to $8.3 billion at quarter end. There were no brokered deposits included in the deposit balances as of September 30, 2025 and December 31, 2024. Estimated uninsured deposits totaled $2.7 billion and $2.5 billion as of September 30, 2025 and December 31, 2024, respectively.

Off-Balance Sheet Arrangements

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

Capital Resources

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

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

During the three and nine months ended September 30, 2025, the Company repurchased 52,106 and 521,738 shares with market values of $2.3 million and $21.3 million, respectively. In addition, the Company’s Tier 1 common equity and tangible capital ratios increased to 13.4% and 10.4%, respectively as of September 30, 2025, compared to 13.2% and 9.7%, respectively, as of December 31, 2024.

Total shareholders' equity increased by $37.5 million during the quarter ended September 30, 2025, as net income of $34.0 million and a $16.4 million decrease in accumulated other comprehensive losses were partially offset by $11.7 million in cash dividends on common stock and $2.5 million in share repurchase activity. As a result, the Company’s book value increased to $40.12 per share at September 30, 2025, compared to $38.92 at June 30, 2025. The Company’s tangible book value per share, a non-GAAP measure, calculated by subtracting goodwill and other intangible assets from total shareholders’ equity and dividing that sum by total shares outstanding, was $30.61 per share at September 30, 2025, as compared to $29.40 at June 30, 2025. Changes in the fair value of available-for-sale investment securities, net of deferred taxes, continue to create moderate levels of volatility in tangible book value per share.

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


	September 30, 2025				December 31, 2024
	Ratio		Minimum Regulatory Requirement		Ratio		Minimum Regulatory Requirement
Total risk based capital	15.1	%	10.5	%	15.7	%	10.5	%
Tier I capital	13.9	%	8.5	%	14.0	%	8.5	%
Common equity Tier 1 capital	13.4	%	7.0	%	13.2	%	7.0	%
Leverage	11.7	%	4.0	%	11.7	%	4.0	%

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

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

Liquidity

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


(dollars in thousands)	September 30, 2025		December 31, 2024
Borrowing capacity at correspondent banks and FRB	$	2,994,052	$	2,882,859
Less: borrowings outstanding	—		(367,000)
Unpledged available-for-sale investment securities	964,941		1,435,990
Cash held or in transit with FRB	242,806		41,541
Total primary liquidity	$	4,201,799	$	3,993,390

At September 30, 2025, the Company's primary sources of liquidity represented 50% of total deposits and 154% 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 $91.3 million, including approximately $4.1 million in net unrealized losses.

The Company’s profitability during the first nine months of 2025 generated cash flows from operations of $98.8 million compared to $85.5 million during the first nine months of 2024. Net cash used by investing activities was $3.6 million for the nine months ended September 30, 2025, compared to net cash from investing activities of $345.0 million during the nine months ending 2024. Financing activities provided $58.7 million during the nine months ended September 30, 2025, compared to using $209.0 million during the nine months ended September 30, 2024.

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

The Company is dependent upon the payment of cash dividends by the Bank to service its commitments, which have historically included dividends to shareholders, scheduled debt service payments, and general operations. Shareholder dividends are expected to continue subject to the Board’s discretion and management's continuing evaluation of capital levels, earnings, asset quality and other factors. The Company expects that the cash dividends paid by the Bank to the Company will be sufficient to cover the Company's cash flow needs. However, the Company and its ability to generate liquidity through either the issuance of stock or debt, also serves as a potential source of strength for the Bank. Dividends paid by the Company to holders of its common stock used $33.4 million and $32.8 million of cash during the nine months ended September 30, 2025 and 2024, respectively. The Company’s liquidity is dependent on dividends received from the Bank. Dividends from the Bank are subject to certain regulatory restrictions.

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TRICO BANCSHARES—NON-GAAP FINANCIAL MEASURES

(Unaudited. Dollars in thousands)

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


	Three months ended		Nine months ended
(dollars in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net interest margin
Acquired loans discount accretion, net:
Amount (included in interest income)	$996		$1,018		$4,238		$3,200
Effect on average loan yield	0.06	%	0.06	%	0.08	%	0.06	%
Effect on net interest margin (FTE)	0.04	%	0.05	%	0.06	%	0.05	%
Net interest margin (FTE)	3.92	%	3.71	%	3.84	%	3.69	%
Net interest margin less effect of acquired loan discount accretion (Non-GAAP)	3.88	%	3.66	%	3.78	%	3.64	%


	Three months ended				Nine months ended
(dollars in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Pre-tax pre-provision return on average assets or equity
Net income (GAAP)	$34,019		$29,051		$87,924		$85,834
Exclude provision for income taxes	12,449		10,348		31,659		30,382
Exclude provision for credit losses	670		220		9,063		4,930
Net income before income tax and provision expense (Non-GAAP)	$47,138		$39,619		$128,646		$121,146

Average assets (GAAP)	$9,900,675		$9,666,979		$9,829,580		$9,767,965
Average equity (GAAP)	$1,289,535		$1,214,510		$1,271,678		$1,186,245

Return on average assets (GAAP) (annualized)	1.36	%	1.20	%	1.20	%	1.17	%
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized)	1.89	%	1.63	%	1.75	%	1.66	%
Return on average equity (GAAP) (annualized)	10.47	%	9.52	%	9.24	%	9.67	%
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized)	14.50	%	12.98	%	13.53	%	13.64	%

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	Three months ended				Nine months ended
(dollars in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Return on tangible common equity
Average total shareholders' equity	$1,289,535		$1,214,510		$1,271,678		$1,186,245
Exclude average goodwill	304,442		304,442		304,442		304,442
Exclude average other intangibles	5,259		8,093		5,741		9,098
Average tangible common equity (Non-GAAP)	$979,834		$901,975		$961,495		$872,705

Net income (GAAP)	$34,019		$29,051		$87,924		$85,834
Exclude amortization of intangible assets, net of tax effect	339		725		1,041		2,175
Tangible net income available to common shareholders (Non-GAAP)	$34,358		$29,776		$88,965		$88,009

Return on average equity (GAAP) (annualized)	10.47	%	9.52	%	9.24	%	9.67	%
Return on average tangible common equity (Non-GAAP)	13.91	%	13.13	%	12.37	%	13.47	%


	As of
(dollars in thousands)	September 30, 2025		December 31, 2024
Tangible shareholders' equity to tangible assets
Shareholders' equity (GAAP)	$1,304,305		$1,220,907
Exclude goodwill and other intangible assets, net	309,395		310,874
Tangible shareholders' equity (Non-GAAP)	$994,910		$910,033

Total assets (GAAP)	$9,878,836		$9,673,728
Exclude goodwill and other intangible assets, net	309,395		310,874
Total tangible assets (Non-GAAP)	$9,569,441		$9,362,854

Shareholders' equity to total assets (GAAP)	13.20	%	12.62	%
Tangible shareholders' equity to tangible assets (Non-GAAP)	10.40	%	9.72	%


	As of
(dollars in thousands)	September 30, 2025	December 31, 2024
Tangible common shareholders' equity per share
Tangible shareholders' equity (Non-GAAP)	$994,910	$910,033
Common shares outstanding at end of period	32,506,880	32,970,425

Common shareholders' equity (book value) per share (GAAP)	$40.12	$37.03
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP)	$30.61	$27.60

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

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

As of September 30, 2025, the Company's loan portfolio consisted of approximately $7.0 billion in outstanding principal with a weighted average coupon rate of 5.58%. During the three-month periods ending September 30, 2025, June 30, 2025, and September 30, 2024, the weighted average coupon on loan production in the quarter was 6.71%, 6.87% and 7.63%, respectively. Included in the September 30, 2025 total loans balance are adjustable rate loans totaling $4.6 billion, of which $1.0 billion are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $297.8 million which are subject to repricing on not less than a quarterly basis.

Management funds the acquisition of nearly all of its earning assets through its core deposit gathering activities. As of September 30, 2025, non-interest bearing deposits represented 30.5% of total deposits. Further, during the quarter ended September 30, 2025, the cost of interest bearing deposits were 1.99% and the cost of total deposits were 1.39%. With the intent of increasing net interest income, management intends to continue to deploy its excess liquidity and/or seek to migrate certain earning assets into higher yielding categories. However, in situations where deposit balances contract, management may rely upon various borrowing facilities or utilize brokered deposits. Thus far during 2025 and the entire 2024 period, management did not utilize any brokered deposits. Management did however utilize borrowing lines from the FHLB, both overnight and term debt up to 12 months, during this same period. There were no FHLB borrowings outstanding as of September 30, 2025.

As of September 30, 2025 the overnight Federal funds effective rate, the rate primarily used in these interest rate shock scenarios, was 4.09%. These scenarios assume that 1) interest rates increase or decrease evenly (in a “ramp” fashion) over a twelve-month period and remain at the new levels beyond twelve months or 2) that interest rates change instantaneously (“shock”). The simulation results shown below assume no changes in the structure of the Company’s balance sheet over the twelve months being measured.

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

Interest Rate Risk Simulations:


Change in Interest Rates (Basis Points)	Estimated Change in Net Interest Income (NII) (as % of NII)		Estimated Change in Market Value of Equity (MVE) (as % of MVE)
+300 (shock)	(4.9)	%	(4.8)	%
+200 (shock)	(3.2)	%	(3.1)	%
+100 (shock)	(1.5)	%	(1.0)	%
+ 0 (flat)	—		—
-100 (shock)	(0.3)	%	(1.3)	%
-200 (shock)	(1.0)	%	(5.0)	%
-300 (shock)	0.8	%	(10.7)	%

Item 4. Controls and Procedures

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

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

Table of Contents

PART II – OTHER INFORMATION

Item 1 — Legal Proceedings

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

Item 1A — Risk Factors

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

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

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


Period	(a) Total number of shares purchased (1)	(b) Average price paid per share		(c) Total number of shares purchased as of part of publicly announced plans or programs	(d) Maximum number of shares that may yet be purchased under the plans or programs at period end (2)
July 1 - 31, 2025	12,621	$	42.37	—	348,270
August 1 - 31, 2025	—	42.68		10,503	337,767
September 1 - 30, 2025	—	45.43		41,603	296,164
Total	12,621	$	40.09	52,106

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

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

Item 5 — Other Information

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

(c) During the three and nine months ended September 30, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f)) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in item 408 of Regulation S-K) for the purchase or sale of the Company's common stock.

Table of Contents

Item 6 – Exhibits

EXHIBIT INDEX


Exhibit No.						Exhibit

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

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

32.1						Section 1350 Certification of CEO

32.2						Section 1350 Certification of CFO

101.INS						XBRL Instance Document

101.SCH						XBRL Taxonomy Extension Schema Document

101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB						XBRL Taxonomy Extension Label Linkbase Document

101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF						XBRL Taxonomy Extension Definition Linkbase Document

Table of Contents

SIGNATURES

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


			TRICO BANCSHARES
			(Registrant)

Date: November 10, 2025			/s/ Peter G. Wiese
			Peter G. Wiese
			Executive Vice President and Chief Financial Officer
			(Duly authorized officer and principal financial and chief accounting officer)

EX-31.1 2 tcbk-2025930xex311.htm EX-31.1 Document

Exhibit 31.1

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

I, Richard P. Smith, certify that;

1.I have reviewed this report on Form 10-Q of TriCo Bancshares;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 10, 2025			/s/ Richard P. Smith
			Richard P. Smith
			President and Chief Executive Officer

EX-31.2 3 tcbk-2025930xex312.htm EX-31.2 Document

Exhibit 31.2

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

I, Peter G. Wiese, certify that;

1.I have reviewed this report on Form 10-Q of TriCo Bancshares;

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 10, 2025			/s/ Peter G. Wiese
			Peter G. Wiese
			Executive Vice President and Chief Financial Officer

EX-32.1 4 tcbk-2025930xex321.htm EX-32.1 Document

Exhibit 32.1

Section 1350 Certification of CEO

In connection with the Quarterly Report of TriCo Bancshares (the “Company”) on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard P. Smith, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


			/s/ Richard P. Smith
			Richard P. Smith
			President and Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to TriCo Bancshares and will be retained by TriCo Bancshares and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 tcbk-2025930xex322.htm EX-32.2 Document

Exhibit 32.2

Section 1350 Certification of CFO

In connection with the Quarterly Report of TriCo Bancshares (the “Company”) on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Peter G. Wiese, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company


			/s/ Peter G. Wiese
			Peter G. Wiese
			Executive Vice President and Chief Financial Officer