2Q2026 Financial Highlights

Net income was $34.2 million or $1.06 per diluted share as compared to $33.7 million or $1.04 per diluted share in the trailing quarter, and an increase of $6.6 million or 24.1% from the second quarter of 2025
Net interest income (FTE) was $93.9 million, an increase of $2.4 million or 2.6% over the trailing quarter; net interest margin (FTE) was 4.11%, an increase of 4 basis points over 4.07% in the trailing quarter
Loan balances increased $242.9 million or 13.7% (annualized) from the trailing quarter and increased $352.1 million or 5.1% from the same quarter of the prior year
Deposit balances decreased $34.8 million or 1.7% (annualized) from the trailing quarter and $7.0 million or 0.1% from the same quarter of the prior year. One-way sell deposit balances totaled $68.8 million at quarter end, as compared to zero for both the trailing quarter and same quarter of the prior period
Average non-interest bearing deposits grew by 2.5% year over year and were 30.7% of total deposits at quarter end
Yield on average earning assets was 5.31%, an increase of 5 basis points over the 5.26% in the trailing quarter; yield on average loans was 5.85%, an increase of 7 basis points over the 5.78% in the trailing quarter
The average cost of total deposits was 1.27%, an increase of 1 basis point as compared to 1.26% in the trailing quarter, and a decrease of 10 basis points from 1.37% in the same quarter of the prior year

TriCo Bancshares (NASDAQ:TCBK):

Executive Commentary:

"Our second quarter results are highlighted by robust loan growth across our markets, reflecting the continued trust that customers and communities place in Tri Counties Bank. This continued growth, combined with the synergies we expect to develop over time with First Hawaiian Bank, further supports the merits and thesis of our recent merger announcement. In addition to the obvious size and scale that will be created, our capacity and resources to serve California communities will continue to expand following the union of TCBK and FHB," said Rick Smith, Chairman and CEO.

Peter Wiese, EVP and CFO, added, "Growth in loans and earning assets, continued repricing of loans and investment securities, and disciplined balance sheet management all contributed to the expansion of net interest income and margin. Despite the slight increase in our efficiency ratio, after adjusting for merger-related expenses and elevated incentive compensation related to loan growth and overall bank performance, expense control also remains disciplined. While capital deployment remains top of mind for management, we expect that share repurchase activities, if any, will be limited given the merger announcement."

Selected Financial Highlights

For the quarter ended June 30, 2026, the Company’s return on average assets was 1.37%, while the return on average equity was 10.15%; for the trailing quarter ended March 31, 2026, the Company’s return on average assets was 1.38%, while the return on average equity was 10.08%
Diluted earnings per share were $1.06 for the second quarter of 2026, compared to $1.04 for the trailing quarter and $0.84 during the second quarter of 2025
The loan to deposit ratio was 87.36% as of June 30, 2026, as compared to 84.11% for the trailing quarter end
The efficiency ratio was 56.25% for the quarter ended June 30, 2026, as compared to 54.55% for the trailing quarter, inclusive of $0.9 million in merger related expenses during the current quarter, versus none in the trailing quarter
The provision for credit losses was $2.7 million during the quarter ended June 30, 2026, as compared to $3.3 million during the trailing quarter
The allowance for credit losses (ACL) to total loans was 1.78% as of June 30, 2026, compared to 1.81% as of the trailing quarter end, and 1.79% as of June 30, 2025. Non-performing assets to total assets were 0.76% on June 30, 2026, as compared to 0.77% as of March 31, 2026, and 0.68% on June 30, 2025

The financial results reported in this document are preliminary and unaudited. Final financial results and other disclosures will be reported on Form 10-Q for the period ended June 30, 2026, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information.

Operating Results and Performance Ratios

	Three months ended
(dollars and shares in thousands, except per share data)	June 30,			March 31,
(dollars and shares in thousands, except per share data)	2026			2026			$ Change			% Change
Net interest income	$	93,630		$	91,226		$	2,404		2.6	%
Provision for credit losses		(2,655	)		(3,325	)		670		(20.2	)%
Noninterest income		18,246			17,032			1,214		7.1	%
Noninterest expense		(62,925	)		(59,052	)		(3,873	)	6.6	%
Provision for income taxes		(12,127	)		(12,196	)		69		(0.6	)%
Net income	$	34,169		$	33,685		$	484		1.4	%
Diluted earnings per share	$	1.06		$	1.04		$	0.02		1.9	%
Dividends per share	$	0.36		$	0.36		$	—		—	%
Average common shares		31,924			32,195			(271	)	(0.8	)%
Average diluted common shares		32,107			32,391			(284	)	(0.9	)%
Return on average total assets		1.37	%		1.38	%
Return on average equity		10.15	%		10.08	%
Efficiency ratio		56.25	%		54.55	%

(dollars and shares in thousands, except per share data)	Three months ended June 30,
(dollars and shares in thousands, except per share data)	2026			2025			$ Change			% Change
Net interest income	$	93,630		$	86,519		$	7,111		8.2	%
Provision for credit losses		(2,655	)		(4,665	)		2,010		(43.1	)%
Noninterest income		18,246			17,090			1,156		6.8	%
Noninterest expense		(62,925	)		(61,131	)		(1,794	)	2.9	%
Provision for income taxes		(12,127	)		(10,271	)		(1,856	)	18.1	%
Net income	$	34,169		$	27,542		$	6,627		24.1	%
Diluted earnings per share	$	1.06		$	0.84		$	0.22		26.2	%
Dividends per share	$	0.36		$	0.33		$	0.03		9.1	%
Average common shares		31,924			32,757			(833	)	(2.5	)%
Average diluted common shares		32,107			32,936			(829	)	(2.5	)%
Return on average total assets		1.37	%		1.13	%
Return on average equity		10.15	%		8.68	%
Efficiency ratio		56.25	%		59.00	%

(dollars and shares in thousands, except per share data)	Six months ended June 30,
(dollars and shares in thousands, except per share data)	2026			2025			$ Change			% Change
Net interest income	$	184,856		$	169,061		$	15,795		9.3	%
Provision for credit losses		(5,980	)		(8,393	)		2,413		(28.8	)%
Noninterest income		35,278			33,163			2,115		6.4	%
Noninterest expense		(121,977	)		(120,716	)		(1,261	)	1.0	%
Provision for income taxes		(24,323	)		(19,210	)		(5,113	)	26.6	%
Net income	$	67,854		$	53,905		$	13,949		25.9	%
Diluted earnings per share	$	2.10		$	1.63		$	0.47		28.8	%
Dividends per share	$	0.72		$	0.66		$	0.06		9.1	%
Average common shares		32,059			32,854			(795	)	(2.4	)%
Average diluted common shares		32,248			33,033			(785	)	(2.4	)%
Return on average total assets		1.38	%		1.11	%
Return on average equity		10.11	%		8.61	%
Efficiency ratio		55.41	%		59.69	%

Balance Sheet Data

Total loans outstanding were $7.3 billion as of June 30, 2026, an increase of $352.1 million or 5.1% over June 30, 2025, and an increase of $242.9 million or 13.7% annualized as compared to the trailing quarter ended March 31, 2026. Investments decreased by $74.8 million and decreased $140.6 million for the three- and twelve-month periods ended June 30, 2026, respectively, and ended the quarter with a balance of $1.80 billion or 18.1% of total assets. Quarterly average earning assets to quarterly total average assets was 91.9% on June 30, 2026, compared to 91.8% on June 30, 2025. The loan-to-deposit ratio was 87.4% on June 30, 2026, as compared to 83.1% on June 30, 2025. The Company did not utilize brokered deposits during 2026 or 2025 and continues to rely on organic deposit customers to fund cash flow timing differences.

Total shareholders' equity increased by $19.6 million during the quarter ended June 30, 2026, as net income of $34.2 million was partially offset by a $2.5 million increase in accumulated other comprehensive losses and $11.5 million in cash dividends on common stock. As a result, the Company’s book value increased to $42.03 per share at June 30, 2026, compared to $41.49 at March 31, 2026. 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 $32.40 per share at June 30, 2026, as compared to $31.82 at March 31, 2026.

Trailing Quarter Balance Sheet Change

Ending balances	June 30, 2026		March 31, 2026		$ Change			Annualized % Change
(dollars in thousands)	June 30, 2026		March 31, 2026		$ Change			Annualized % Change
Total assets	$	9,930,763	$	9,948,211	$	(17,448	)	(0.7	)%
Total loans		7,311,090		7,068,198		242,892		13.7
Total investments		1,796,373		1,871,138		(74,765	)	(16.0	)
Total deposits		8,368,830		8,403,588		(34,758	)	(1.7	)
Total other borrowings		10,519		11,455		(936	)	(32.7	)

Loans outstanding increased by $242.9 million or 13.7% on an annualized basis during the quarter ended June 30, 2026. During the quarter, gross loan originations/draws totaled approximately $632.9 million while gross payoffs/repayments of loans totaled $412.8 million, which compares to gross originations/draws and gross payoffs/repayments during the trailing quarter ended of $388.7 million and $442.2 million, respectively. Origination volume was elevated relative to historical norms, while repayments were in line with recent periods. Domestically, the macro-economic outlook remains optimistic for borrowers following the passage of tax and spending legislation that is expected to promote continued economic expansion through the remainder of 2026.

Investment security balances decreased $74.8 million or 16.0% on an annualized basis during the quarter as a result of prepayments / maturities of $113.1 million and net decreases in the market value of securities of $3.6 million, partially offset by purchases totaling $42.1 million. Investment security purchases were comprised of fixed rate agency mortgage-backed 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 $34.8 million or 1.7% annualized during the period, inclusive of $68.8 million in one-way sell activity at June 30, 2026, as a short-term method to reduce the Company's overall balance sheet size. There were no deposits sold in the trailing quarter or the same quarter of the prior year.

Average Trailing Quarter Balance Sheet Change

Quarterly average balances for the period ended	June 30, 2026		March 31, 2026		$ Change			Annualized % Change
(dollars in thousands)	June 30, 2026		March 31, 2026		$ Change			Annualized % Change
Total assets	$	9,967,548	$	9,912,485	$	55,063		2.2	%
Total loans		7,176,963		7,041,552		135,411		7.7
Total investments		1,856,574		1,855,250		1,324		0.3
Total deposits		8,409,202		8,334,291		74,911		3.6
Total other borrowings		11,340		10,742		598		22.3

Year Over Year Balance Sheet Change

Ending balances	As of June 30,				$ Change			% Change
(dollars in thousands)		2026		2025	$ Change			% Change
Total assets	$	9,930,763	$	9,923,983	$	6,780		0.1	%
Total loans		7,311,090		6,958,993		352,097		5.1
Total investments		1,796,373		1,936,954		(140,581	)	(7.3	)
Total deposits		8,368,830		8,375,809		(6,979	)	(0.1	)
Total other borrowings		10,519		17,788		(7,269	)	(40.9	)

Net Interest Income and Net Interest Margin

The Company's yield on loans for the current quarter was 5.85%, an increase of 7 basis points from 5.78% as of the trailing quarter end and an increase of 9 basis points as compared to 5.76% for the quarter ended June 30, 2025. The tax equivalent yield on the Company's investment security portfolio was 3.33% for the quarter ended June 30, 2026, a decrease of 12 basis points from the trailing quarter end of 3.45% and an increase of 3 basis points from the 3.30% earned during the three months ended June 30, 2025. As compared to the trailing quarter, costs on interest-bearing deposits increased by 1 basis point, while the costs on interest-bearing liabilities increased by 2 basis points. The cost of total interest-bearing deposits decreased by 14 basis points, while the costs of total interest-bearing liabilities decreased by 18 basis points, respectively, between the three-month periods ended June 30, 2026 and 2025, respectively.

The FOMC left short-term interest rates unchanged during the current and prior quarters. The fully tax-equivalent net interest income and net interest margin was $93.9 million and 4.11%, respectively, for the quarter ended June 30, 2026, and was $91.5 million and 4.07%, respectively, for the trailing quarter ended March 31, 2026. More specifically, the net interest rate spread improved by 3 basis points to 3.44% for the quarter ended June 30, 2026, as compared to the trailing quarter, while the net interest margin improved by 4 basis points to 4.11% over the same period.

The Company continues to manage its cost of deposits through the use of various pricing and product mix strategies. As of June 30, 2026, March 31, 2026, and June 30, 2025, deposits priced utilizing these customized strategies totaled $1.0 billion, respectively, and carried weighted average rates of 3.07%, 3.06% and 3.38%, respectively.

	Three months ended
	June 30, 2026			March 31, 2026
(dollars in thousands)	June 30, 2026			March 31, 2026			Change			% Change
Interest income	$	120,986		$	117,827		$	3,159		2.7	%
Interest expense		(27,356	)		(26,601	)		(755	)	2.8	%
Fully tax-equivalent adjustment (FTE) ⁽¹⁾		259			260			(1	)	(0.4	)%
Net interest income (FTE)	$	93,889		$	91,486		$	2,403		2.6	%
Net interest margin (FTE)		4.11	%		4.07	%

Acquired loans discount accretion, net:
Amount (included in interest income)	$	990		$	1,386		$	(396	)	(28.6	)%
Net interest margin less effect of acquired loan discount accretion⁽¹⁾		4.07	%		4.01	%		0.06	%

	Three months ended June 30,
(dollars in thousands)	2026			2025			Change			% Change
Interest income	$	120,986		$	116,361		$	4,625		4.0	%
Interest expense		(27,356	)		(29,842	)		2,486		(8.3	)%
Fully tax-equivalent adjustment (FTE) ⁽¹⁾		259			264			(5	)	(1.9	)%
Net interest income (FTE)	$	93,889		$	86,783		$	7,106		8.2	%
Net interest margin (FTE)		4.11	%		3.88	%

Acquired loans discount accretion, net:
Amount (included in interest income)	$	990		$	1,247		$	(257	)	(20.6	)%
Net interest margin less effect of acquired loan discount accretion⁽¹⁾		4.07	%		3.82	%		0.25	%

	Six months ended June 30,
(dollars in thousands)		2026			2025		Change			% Change
Interest income	$	238,813		$	230,438		$	8,375		3.6	%
Interest expense		(53,957	)		(61,377	)		7,420		(12.1	)%
Fully tax-equivalent adjustment (FTE) ⁽¹⁾		519			529			(10	)	(1.9	)%
Net interest income (FTE)	$	185,375		$	169,590		$	15,785		9.3	%
Net interest margin (FTE)		4.09	%		3.81	%

Acquired loans discount accretion, net:
Amount (included in interest income)	$	2,376		$	3,242		$	(866	)	(26.7	)%
Net interest margin less effect of acquired loan discount accretion⁽¹⁾		4.04	%		3.73	%		0.31	%

Analysis Of Change in Net Interest Margin on Earning Assets

	Three months ended						Three months ended						Three months ended
	June 30, 2026						March 31, 2026						June 30, 2025
(dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Assets
Loans	$	7,176,963	$	104,595	5.85	%	$	7,041,552	$	100,349	5.78	%	$	6,878,186	$	98,695	5.76	%
Investments-taxable