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PRESS RELEASE For Immediate Release Contact : Peter G. Wiese EVP & Chief Financial Officer ( 530 ) 898-0300 TRICO BANCSHARES ANNOUNCES QUARTERLY RESULTS CHICO , CA - ( April 28 , 2021 ) - TriCo Bancshares ( NASDAQ : TCBK ) ( the “ Company ” ) , parent company of Tri Counties Bank , today announced net income of $ 33,649,000 for the quarter ended March 31 , 2021 , compared to $ 23,657,000 during the trailing quarter ended December 31 , 2020 and $ 16,121,000 during the quarter ended March 31 , 2020. Diluted earnings per share were $ 1.13 for the first quarter of 2021 , compared to $ 0.79 for the fourth quarter of 2020 and $ 0.53 for the first quarter of 2020 . Financial Highlights Performance highlights and other developments for the Company as of or for the three months ended March 31 , 2021 included the following : • • • • • For the three months ended March 31 , 2021 , the Company's return on average assets was 1.75 % and the return on average equity was 14.51 % . Organic loan growth , excluding PPP was $ 68.19 million ( 6.16 % annualized ) for the quarter totaled while total loan growth , excluding PPP was $ 169.78 million ( 15.3 % annualized ) for the quarter . For the current quarter , net interest margin was 3.74 % on a tax equivalent basis as compared to 4.34 % in the quarter ended March 31 , 2020 , and a decrease of 5 basis points from the 3.79 % in the trailing quarter . The efficiency ratio was 50.42 % for the first quarter of 2021 , as compared to 55.11 % in the trailing quarter and 59.66 % in the same quarter of the prior year . As of March 31 , 2021 , the Company reported total loans , total assets and total deposits of $ 4.97 billion , $ 8.03 billion and $ 6.86 billion , respectively . As a direct result of the considerable deposit growth experienced over the last twelve months , the loan to deposit ratio was 72.37 % as of March 31 , 2021 , as compared to 73.21 % at December 31 , 2020 and 81.05 % at March 31 , 2020 . Non - interest bearing deposits as a percentage of total deposits were 40.31 % at March 31 , 2021 , as compared to 39.68 % at December 31 , 2020 and 34.86 % at March 31 , 2020 . The average rate of interest paid on deposits , including non - interest - bearing deposits , decreased to 0.06 % for the first quarter of 2021 as compared with 0.07 % for the trailing quarter , and decreased by 13 basis points from the average rate paid of 0.19 % during the same quarter of the prior year . Total outstanding loan deferral modifications under the CARES Act legislation was $ 48.27 million as of March 31 , 2021 , of which $ 18.0 million related to second deferrals , and an additional $ 1.9 million related to third deferrals . The reversal of provision for credit losses for loans and debt securities was $ 6.1 million during the quarter ended March 31 , 2021 , as compared to a provision expense of $ 4.9 million during the trailing quarter ended December 31 , 2020 , and a provision expense totaling $ 8.1 million for the three month period ended March 31 , 2020 . The allowance for credit losses to total loans was 1.73 % as of March 31 , 2021 , compared to 1.93 % as of December 31 , 2020 , and 1.15 % as January 1 , 2020 , following the Company's adoption of CECL . Non - performing assets to total assets were 0.39 % at March 31 , 2021 , as compared to 0.39 % as of December 31 , 2020 , and 0.31 % at March 31 , 2020 . Gain on sale of loans for the three months ended March 31 , 2021 totaled $ 3.2 million , as compared to $ 3.5 million during the quarter ended December 31 , 2020 and $ 0.9 million for the quarter ended March 31 , 2020 . " We continued to benefit from significant growth in deposits during the quarter and we effectively deployed that liquidity to defend net interest income through strong organic and PPP loan growth , as well as additional purchases of whole loans and investment securities , " commented Peter Wiese , EVP and Chief Financial Officer . Rick Smith , President and CEO added ; " The actions and activities that we pursued during the second half of last year continue to benefit Tri Counties Bank as evidenced by the significant reduction in noninterest expenses and our efficiency ratio . In addition , we rewarded shareholders with an increase in our dividend which now equates to $ 1.00 per year paid in quarterly amounts of $ 0.25 . Our entire team has become more energized by the idea and growing ability to return to our offices , as well as the increasing level of market activity and opportunities that we continue to pursue . " Financial results reported in this document are preliminary . Final financial results and other disclosures will be reported in our Quarterly Report on Form 10 - Q for the period ended March 31 , 2021 , and may differ materially from the results and disclosures in this document due to , among other things , the completion of final review procedures , the occurrence of subsequent events , or the discovery of additional information . 1