California regional bank TriCo Bancshares (NASDAQ: TCBK) reported Q3 CY2025 results exceeding the market’s revenue expectations, with sales up 8.6% year on year to $107.6 million. Its GAAP profit of $1.04 per share was 14.3% above analysts’ consensus estimates.
Is now the time to buy TriCo Bancshares? Find out by accessing our full research report, it’s free for active Edge members.
TriCo Bancshares (TCBK) Q3 CY2025 Highlights:
- Net Interest Income: $89.56 million vs analyst estimates of $89.41 million (8.4% year-on-year growth, in line)
- Net Interest Margin: 3.9% vs analyst estimates of 3.9% (3.3 basis point beat)
- Revenue: $107.6 million vs analyst estimates of $106.3 million (8.6% year-on-year growth, 1.2% beat)
- Efficiency Ratio: 56.2% vs analyst estimates of 58.1% (192.7 basis point beat)
- EPS (GAAP): $1.04 vs analyst estimates of $0.91 (14.3% beat)
- Tangible Book Value per Share: $30.61 vs analyst estimates of $30.08 (9% year-on-year growth, 1.8% beat)
- Market Capitalization: $1.39 billion
Company Overview
Founded in 1975 and headquartered in Chico, California, TriCo Bancshares (NASDAQ: TCBK) operates Tri Counties Bank, providing personal, small business, and commercial banking services through branches across California.
Sales Growth
Net interest income and and fee-based revenue are the two pillars supporting bank earnings. The former captures profit from the gap between lending rates and deposit costs, while the latter encompasses charges for banking services, credit products, wealth management, and trading activities. Over the last five years, TriCo Bancshares grew its revenue at a decent 5.8% compounded annual growth rate. Its growth was slightly above the average banking company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. TriCo Bancshares’s recent performance marks a sharp pivot from its five-year trend as its revenue has shown annualized declines of 2.5% over the last two years. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, TriCo Bancshares reported year-on-year revenue growth of 8.6%, and its $107.6 million of revenue exceeded Wall Street’s estimates by 1.2%.
Net interest income made up 83.2% of the company’s total revenue during the last five years, meaning TriCo Bancshares barely relies on non-interest income to drive its overall growth.
Markets consistently prioritize net interest income growth over fee-based revenue, recognizing its superior quality and recurring nature compared to the more unpredictable non-interest income streams.
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Tangible Book Value Per Share (TBVPS)
Banks are balance sheet-driven businesses because they generate earnings primarily through borrowing and lending. They’re also valued based on their balance sheet strength and ability to compound book value (another name for shareholders’ equity) over time.
Because of this, tangible book value per share (TBVPS) emerges as the critical performance benchmark. By excluding intangible assets with uncertain liquidation values, this metric captures real, liquid net worth per share. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.
TriCo Bancshares’s TBVPS grew at a solid 6.6% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 16.2% annually over the last two years from $22.67 to $30.61 per share.
Over the next 12 months, Consensus estimates call for TriCo Bancshares’s TBVPS to grow by 7.8% to $33.00, decent growth rate.
Key Takeaways from TriCo Bancshares’s Q3 Results
It was good to see TriCo Bancshares beat analysts’ EPS expectations this quarter. We were also happy its tangible book value per share outperformed Wall Street’s estimates. Overall, we think this was a decent quarter with some key metrics above expectations. The stock traded up 1.7% to $43.23 immediately after reporting.
TriCo Bancshares may have had a good quarter, but does that mean you should invest right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it’s free for active Edge members.
