TRICO BANCSHARES /

Quarterly Report • Aug 11, 2025

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: June 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: 32,558,976 shares outstanding as of August 8, 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	60
Item 4 – Controls and Procedures	60
PART II – OTHER INFORMATION	61
Item 1 – Legal Proceedings	61
Item 1A – Risk Factors	61
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 5 – Other Information
Item 6 – Exhibits	62
Signatures	63

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)

	June 30, 2025	December 31, 2024
Assets:
Cash and due from banks	$ 130,147	$ 85,409
Cash at Federal Reserve and other banks	184,121	59,547
Cash and cash equivalents	314,268	144,956
Investment securities:
Marketable equity securities	2,656	2,609
Available for sale debt securities, at fair value (amortized cost of $ 2,004,864 and $ 2,138,533 )	1,815,376	1,904,885
Held to maturity debt securities, at amortized cost, net of allowance for credit losses of $ 0	101,672	111,866
Restricted equity securities	17,250	17,250
Loans held for sale	1,577	709
Loans	6,958,993	6,768,523
Allowance for credit losses	( 124,455 )	( 125,366 )
Total loans, net	6,834,538	6,643,157
Premises and equipment, net	70,092	70,287
Cash value of life insurance	135,520	140,149
Accrued interest receivable	32,534	34,810
Goodwill	304,442	304,442
Other intangible assets, net	5,435	6,432
Operating leases, right-of-use	22,158	23,529
Other assets	266,465	268,647
Total assets	$ 9,923,983	$ 9,673,728
Liabilities and Shareholders’ Equity:
Liabilities:
Deposits:
Noninterest-bearing demand	$ 2,559,788	$ 2,548,613
Interest-bearing	5,816,021	5,538,963
Total deposits	8,375,809	8,087,576
Accrued interest payable	10,172	11,501
Operating lease liability	23,965	25,437
Other liabilities	128,162	137,506
Other borrowings	17,788	89,610
Junior subordinated debt	101,264	101,191
Total liabilities	8,657,160	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 June 30, 2025 and December 31, 2024	—	—
Common stock, no par value: 50,000,000 shares authorized; 32,550,264 and 32,970,425 issued and outstanding at June 30, 2025 and December 31, 2024, respectively	685,489	693,462
Retained earnings	702,690	679,907
Accumulated other comprehensive loss, net of tax	( 121,356 )	( 152,462 )
Total shareholders’ equity	1,266,823	1,220,907
Total liabilities and shareholders’ equity	$ 9,923,983	$ 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 June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Interest and dividend income:
Loans, including fees	$ 98,695	$ 98,229	$ 194,073	$ 194,713
Investments:
Taxable securities	14,548	16,617	29,921	34,066
Tax exempt securities	879	915	1,763	1,832
Dividends	373	387	752	767
Interest bearing cash at Federal Reserve and other banks	1,866	884	3,929	1,071
Total interest and dividend income	116,361	117,032	230,438	232,449
Interest expense:
Deposits	28,038	29,021	56,903	52,550
Other borrowings	92	4,118	1,061	11,496
Junior subordinated debt	1,712	1,896	3,413	3,670
Total interest expense	29,842	35,035	61,377	67,716
Net interest income	86,519	81,997	169,061	164,733
Provision for credit losses	4,665	405	8,393	4,710
Net interest income after credit loss provision	81,854	81,592	160,668	160,023
Non-interest income:
Service charges and fees	13,650	12,796	26,328	25,433
Gain on sale of loans	503	388	847	649
Gain (Loss) on sale or exchange of investment securities	4	( 45 )	( 1,142 )	( 45 )
Asset management and commission income	1,635	1,359	3,123	2,487
Increase in cash value of life insurance	842	831	1,662	1,634
Other	456	537	2,345	1,479
Total non-interest income	17,090	15,866	33,163	31,637
Non-interest expense:
Salaries and related benefits	38,286	35,401	75,141	69,705
Other	22,845	22,938	45,575	45,138
Total non-interest expense	61,131	58,339	120,716	114,843
Income before provision for income taxes	37,813	39,119	73,115	76,817
Provision for income taxes	10,271	10,085	19,210	20,034
Net income	$ 27,542	$ 29,034	$ 53,905	$ 56,783
Per share data:
Basic earnings per share	$ 0.84	$ 0.88	$ 1.64	$ 1.71
Diluted earnings per share	$ 0.84	$ 0.87	$ 1.63	$ 1.70
Dividends per share	$ 0.33	$ 0.33	$ 0.66	$ 0.66

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands; unaudited)

	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Net income	$ 27,542	$ 29,034	$ 53,905	$ 56,783
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available for sale securities arising during the period	9,008	2,852	31,106	( 8,346 )
Change in minimum pension liability	—	—	—	—
Change in joint beneficiary agreements	—	—	—	—
Other comprehensive income (loss)	9,008	2,852	31,106	( 8,346 )
Comprehensive income	$ 36,550	$ 31,886	$ 85,011	$ 48,437

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

TRICO BANCSHARES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

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

	Shares of Common Stock	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at April 1, 2024	33,168,770	$ 696,464	$ 630,954	$ ( 164,367 )	$ 1,163,051
Net income			29,034		29,034
Other comprehensive income (loss)				2,852	2,852
RSU vesting		851			851
PSU vesting		344			344
RSUs released	63,811				—
PSUs released	32,248				—
Repurchase of common stock	( 275,502 )	( 5,781 )	( 4,396 )		( 10,177 )
Dividends paid ($ 0.33 per share)			( 10,905 )		( 10,905 )
Three months ended June 30, 2024	32,989,327	$ 691,878	$ 644,687	$ ( 161,515 )	$ 1,175,050
Balance at April 1, 2025	32,892,488	$ 692,500	$ 693,383	$ ( 130,364 )	$ 1,255,519
Net income			27,542		27,542
Other comprehensive income (loss)				9,008	9,008
RSU vesting		883			883
PSU vesting		353			353
RSUs released	49,296				—
Repurchase of common stock	( 391,520 )	( 8,247 )	( 7,466 )		( 15,713 )
Dividends paid ($ 0.33 per share)			( 10,769 )		( 10,769 )
Three months ended June 30, 2025	32,550,264	$ 685,489	$ 702,690	$ ( 121,356 )	$ 1,266,823

Balance at January 1, 2024	33,268,102	$	$	$	$
Net income			56,783		56,783
Other comprehensive income (loss)				( 8,346 )	( 8,346 )
RSU vesting		1,619			1,619
PSU vesting		775			775
RSUs released	63,811				—
PSUs released	32,248				—
Repurchase of common stock	( 374,834 )	( 7,865 )	( 5,720 )		( 13,585 )
Dividends paid ($ 0.66 per share)			( 21,878 )		( 21,878 )
Six months ended June 30, 2024	32,989,327	691,878	644,687	( 161,515 )	1,175,050
Balance at January 1, 2025	32,970,425	$ 693,462	$ 679,907	$ ( 152,462 )	$ 1,220,907
Net income			53,905		53,905
Other comprehensive income (loss)				31,106	31,106
RSU vesting		1,680			1,680
PSU vesting		695			695
RSUs released	71,135				—
Repurchase of common stock	( 491,296 )	( 10,348 )	( 9,474 )		( 19,822 )
Dividends paid ($ 0.66 per share)			( 21,648 )		( 21,648 )
Six months ended June 30, 2025	32,550,264	$ 685,489	$ 702,690	$ ( 121,356 )	$ 1,266,823

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

TRICO BANCSHARES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands; unaudited)

	For the six months ended June 30, — 2025	2024
Operating activities:
Net income	$ 53,905	$ 56,783
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment, and amortization	3,104	3,000
Amortization of intangible assets	997	2,060
Provision for credit losses	8,393	4,710
Amortization of investment securities premium, net	919	271
Loss on sale of investment securities	1,142	45
Originations of loans for resale	( 38,334 )	( 25,245 )
Proceeds from sale of loans originated for resale	37,984	25,682
Gain on sale of loans	( 847 )	( 649 )
Change in fair market value of mortgage servicing rights	192	136
Provision for losses on foreclosed assets	3	262
Gain on transfer of loans to foreclosed assets	—	( 38 )
Change in the market value of foreclosed assets	( 3 )	—
Operating lease expense payments	( 2,996 )	( 3,147 )
Loss on disposal of fixed assets	90	6
Increase in cash value of life insurance	( 1,662 )	( 1,634 )
Gain on life insurance death benefit	( 1,207 )	—
(Gain) loss on marketable and trading equity securities	( 47 )	149
Equity compensation vesting expense	2,375	2,394
Change in:
Interest receivable	2,276	1,241
Interest payable	( 1,329 )	3,573
Amortization of operating lease ROUA	2,895	3,028
Other assets and liabilities, net	( 14,100 )	( 15,737 )
Net cash from operating activities	53,750	56,890
Investing activities:
Proceeds from maturities of securities available for sale	125,572	221,664
Proceeds from maturities of securities held to maturity	10,107	10,713
Proceeds from sale and calls of available for sale securities	30,743	28,570
Purchases of securities available for sale	( 24,620 )	( 53,468 )
Loan origination and principal collections, net	( 198,569 )	49,578
Proceeds from sale of other real estate owned	103	—
Purchases of premises and equipment	( 2,715 )	( 2,010 )
Net cash from (used by) investing activities	( 59,379 )	255,047
Financing activities:
Net change in deposits	288,233	216,192
Net change in other borrowings	( 71,822 )	( 384,809 )
Repurchase of common stock	( 19,822 )	( 13,585 )
Dividends paid	( 21,648 )	( 21,878 )
Net cash from (used by) financing activities	174,941	( 204,080 )
Net change in cash and cash equivalents	169,312	107,857
Cash and cash equivalents, beginning of period	144,956	98,701
Cash and cash equivalents, end of period	$ 314,268	$ 206,558
See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

Supplemental disclosure of noncash activities: — Unrealized gain (loss) on securities available for sale	$ 44,160	$ ( 11,848 )
Market value of shares tendered in-lieu of cash to pay for exercise of equity and/or related taxes	907	1,102
Obligations incurred in conjunction with leased assets	1,006	1,426
Life insurance receivable	7,414	—
Loans transferred to foreclosed assets	—	12
Supplemental disclosure of cash flow activity:
Cash paid for interest expense	$ 62,706	$ 64,143
Cash paid for income taxes	19,600	21,200

See accompanying notes to unaudited condensed consolidated financial statements.

Table of Contents

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 has five capital subsidiary business trusts (collectively, the “Capital Trusts”) that issued trust preferred securities, including two organized by the Company and three acquired with the acquisition of North Valley Bancorp. For financial reporting purposes, the Company’s investments in the Capital Trusts of $ 1.8 million are accounted for under the equity method and, accordingly, are not consolidated and are included in other assets on the consolidated balance sheet. See the Note 8 - footnote Junior Subordinated Debt for additional information on borrowings outstanding.

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 June 30, 2025 and December 31, 2024 and is therefore excluded from the estimate of credit losses. The estimate of expected credit losses considers

Table of Contents

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. 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 six month periods ended June 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.

Table of Contents

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. 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
None

Accounting standards yet to be adopted

Standard
None

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:

(in thousands)	June 30, 2025 — Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
Debt Securities Available for Sale
Obligations of U.S. government agencies	$ 1,221,272	$ 727	$ ( 135,917 )	$ 1,086,082
Obligations of states and political subdivisions	240,719	34	( 28,182 )	212,571
Corporate bonds	5,690	4	( 191 )	5,503
Asset backed securities	265,749	171	( 2,241 )	263,679
Non-agency collateralized mortgage obligations	271,434	174	( 24,067 )	247,541
Total debt securities available for sale	$ 2,004,864	$ 1,110	$ ( 190,598 )	$ 1,815,376
Debt Securities Held to Maturity
Obligations of U.S. government agencies	$ 98,940	$ 3	$ ( 4,646 )	94,297
Obligations of states and political subdivisions	2,732	1	( 57 )	2,676
Total debt securities held to maturity	$ 101,672	$ 4	$ ( 4,703 )	$ 96,973

Table of Contents

(in thousands)	December 31, 2024 — 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 $ 0.7 million and $ 28.6 million for the three months ended June 30, 2025 and 2024, respectively, and resulted in gross realized gains of $ 4.0 thousand and gross realized losses of $ 2.9 million during those respective periods. Proceeds from the sale of available for sale investment securities totaled $ 30.7 million and $ 28.6 million for the six months ended June 30, 2025 and 2024, respectively, resulting in gross realized losses of $ 1.1 million and $ 2.9 million, respectively.

Investment securities with an aggregate carrying value of $ 891.9 million and $ 716.0 million at June 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 June 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 June 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 June 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 6.35 years. Average remaining life is defined as the time span after which the principal balance has been reduced by half.

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

Debt Securities — (in thousands)	Available for Sale — Amortized Cost	Estimated Fair Value	Held to Maturity — Amortized Cost	Estimated Fair Value
Due in one year	$ 6,846	$ 6,808	$ 1,168	$ 1,169
Due after one year through five years	54,833	53,091	2,334	2,282
Due after five years through ten years	163,284	152,467	97,202	92,601
Due after ten years	1,779,901	1,603,010	968	921
Totals	$ 2,004,864	$ 1,815,376	$ 101,672	$ 96,973

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 June 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 June 30, 2025 or December 31, 2024.

Table of Contents

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:

June 30, 2025: — (in thousands)	Less than 12 months — Fair Value	Unrealized Loss	12 months or more — Fair Value	Unrealized Loss	Total — Fair Value	Unrealized Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies	$ 12,636	$ ( 54 )	$ 992,579	$ ( 135,863 )	$ 1,005,215	$ ( 135,917 )
Obligations of states and political subdivisions	10,508	( 401 )	198,470	( 27,781 )	208,978	( 28,182 )
Corporate bonds	—	—	4,253	( 191 )	4,253	( 191 )
Asset backed securities	66,780	( 340 )	72,002	( 1,901 )	138,782	( 2,241 )
Non-agency collateralized mortgage obligations	—	—	215,877	( 24,067 )	215,877	( 24,067 )
Total debt securities available for sale	$ 89,924	$ ( 795 )	$ 1,483,181	$ ( 189,803 )	$ 1,573,105	$ ( 190,598 )
Debt Securities Held to Maturity
Obligations of U.S. government agencies	$ —	$ —	$ 94,137	$ ( 4,646 )	$ 94,137	$ ( 4,646 )
Obligations of states and political subdivisions	—	—	1,507	( 57 )	1,507	( 57 )
Total debt securities held to maturity	$ —	$ —	$ 95,644	$ ( 4,703 )	$ 95,644	$ ( 4,703 )

December 31, 2024: — (in thousands)	Less than 12 months — Fair Value	Unrealized Loss	12 months or more — Fair Value	Unrealized Loss	Total — 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 June 30, 2025. At June 30, 2025, 228 debt securities representing obligations of U.S. government agencies had unrealized losses with aggregate depreciation of 11.34 % 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 June 30, 2025. At June 30, 2025, 153 debt securities representing obligations of states and political subdivisions had unrealized losses with aggregate depreciation of 11.83 % 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 June 30, 2025. At June 30, 2025, 4 debt securities representing corporate bonds had unrealized losses with aggregate depreciation of 4.30 % from the Company’s amortized cost basis.

Table of Contents

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 June 30, 2025 has not experienced any deterioration in credit rating. At June 30, 2025, 23 asset backed securities had unrealized losses with aggregate depreciation of 1.59 % 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 June 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 June 30, 2025. At June 30, 2025, 17 asset backed securities had unrealized losses with aggregate depreciation of 10.03 % from the Company’s amortized cost basis.

The Company monitors credit quality of debt securities held-to-maturity through the use of credit rating. 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:

(in thousands)	June 30, 2025 — AAA/AA/A	BBB/BB/B	December 31, 2024 — AAA/AA/A	BBB/BB/B
Obligations of U.S. government agencies	$ 98,940	$ —	$ 109,155	$ —
Obligations of states and political subdivisions	2,732	—	2,711	—
Total debt securities held to maturity	$ 101,672	$ —	$ 111,866	$ —

Note 3 – Loans

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

(in thousands)	June 30, 2025	December 31, 2024
Commercial real estate:
CRE non-owner occupied	$ 2,438,949	$ 2,323,036
CRE owner occupied	997,205	961,415
Multifamily	1,030,052	1,028,035
Farmland	264,526	265,146
Total commercial real estate loans	4,730,732	4,577,632
Consumer:
SFR 1-4 1st DT liens	850,208	859,660
SFR HELOCs and junior liens	390,344	363,420
Other	48,139	57,979
Total consumer loans	1,288,691	1,281,059
Commercial and industrial	467,564	471,271
Construction	304,920	279,933
Agriculture production	161,457	151,822
Leases	5,629	6,806
Total loans, net of deferred loan fees and discounts	$ 6,958,993	$ 6,768,523
Total principal balance of loans owed, net of charge-offs	$ 6,991,115	$ 6,804,113
Unamortized net deferred loan fees	( 15,054 )	( 15,283 )
Discounts to principal balance of loans owed, net of charge-offs	( 17,068 )	( 20,307 )
Total loans, net of unamortized deferred loan fees and discounts	$ 6,958,993	$ 6,768,523
Allowance for credit losses on loans	$ ( 124,455 )	$ ( 125,366 )

Table of Contents

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:

(in thousands)	Allowance for credit losses – Three months ended June 30, 2025 — Beginning Balance	Charge-offs	Recoveries	Provision (benefit)	Ending Balance
Commercial real estate:
CRE non-owner occupied	$ 39,670	$ —	$ —	$ 1,251	$ 40,921
CRE owner occupied	12,169	—	1	( 592 )	11,578
Multifamily	15,604	—	—	( 507 )	15,097
Farmland	4,737	—	—	2,151	6,888
Total commercial real estate loans	72,180	—	1	2,303	74,484
Consumer:
SFR 1-4 1st DT liens	10,995	—	—	140	11,135
SFR HELOCs and junior liens	11,650	—	4	367	12,021
Other	2,895	( 200 )	36	( 569 )	2,162
Total consumer loans	25,540	( 200 )	40	( 62 )	25,318
Commercial and industrial	17,561	( 8,384 )	60	787	10,024
Construction	10,346	—	—	649	10,995
Agriculture production	2,768	( 11 )	1	851	3,609
Leases	28	—	—	( 3 )	25
Allowance for credit losses on loans	128,423	( 8,595 )	102	4,525	124,455
Reserve for unfunded commitments	7,065	—	—	140	7,205
Total	$ 135,488	$ ( 8,595 )	$ 102	$ 4,665	$ 131,660

(in thousands)	Allowance for credit losses – Six months ended June 30, 2025 — Beginning Balance	Charge-offs	Recoveries	Provision (benefit)	Ending Balance
Commercial real estate:
CRE non-owner occupied	$ 37,229	$ —	$ —	$ 3,692	$ 40,921
CRE owner occupied	15,747	—	1	( 4,170 )	11,578
Multifamily	15,913	—	—	( 816 )	15,097
Farmland	3,960	—	—	2,928	6,888
Total commercial real estate loans	72,849	—	1	1,634	74,484
Consumer:
SFR 1-4 1st DT liens	14,227	—	—	( 3,092 )	11,135
SFR HELOCs and junior liens	10,411	—	16	1,594	12,021
Other	2,825	( 317 )	73	( 419 )	2,162
Total consumer loans	27,463	( 317 )	89	( 1,917 )	25,318
Commercial and industrial	14,397	( 8,641 )	166	4,102	10,024
Construction	7,224	—	—	3,771	10,995
Agriculture production	3,403	( 11 )	614	( 397 )	3,609
Leases	30	—	—	( 5 )	25
Allowance for credit losses on loans	125,366	( 8,969 )	870	7,188	124,455
Reserve for unfunded commitments	6,000	—	—	1,205	7,205
Total	$ 131,366	$ ( 8,969 )	$ 870	$ 8,393	$ 131,660

Table of Contents

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.

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:

(in thousands)	Allowance for credit losses – Year ended December 31, 2024 — 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

Table of Contents

(in thousands)	Allowance for credit losses – Three months ended June 30, 2024 — Beginning Balance	Charge-offs	Recoveries	Provision (benefit)	Ending Balance
Commercial real estate:
CRE non-owner occupied	$ 36,687	$ —	$ —	$ 468	$ 37,155
CRE owner occupied	16,111	—	1	( 239 )	15,873
Multifamily	15,682	—	—	291	15,973
Farmland	3,695	—	—	336	4,031
Total commercial real estate loans	72,175	—	1	856	73,032
Consumer:
SFR 1-4 1st DT liens	14,140	—	—	464	14,604
SFR HELOCs and junior liens	9,942	( 9 )	51	103	10,087
Other	3,359	( 118 )	81	( 339 )	2,983
Total consumer loans	27,441	( 127 )	132	228	27,674
Commercial and industrial	11,867	( 870 )	261	870	12,128
Construction	9,162	—	—	( 1,696 )	7,466
Agriculture production	3,708	( 613 )	4	81	3,180
Leases	41	—	—	( 4 )	37
Allowance for credit losses on loans	124,394	( 1,610 )	398	335	123,517
Reserve for unfunded commitments	6,140	—	—	70	6,210
Total	$ 130,534	$ ( 1,610 )	$ 398	$ 405	$ 129,727

(in thousands)	Allowance for credit losses – Six months ended June 30, 2024 — Beginning Balance	Charge-offs	Recoveries	Provision (benefit)	Ending Balance
Commercial real estate:
CRE non-owner occupied	$ 35,077	$ —	$ —	$ 2,078	$ 37,155
CRE owner occupied	15,081	—	1	791	15,873
Multifamily	14,418	—	—	1,555	15,973
Farmland	4,288	—	—	( 257 )	4,031
Total commercial real estate loans	68,864	—	1	4,167	73,032
Consumer:
SFR 1-4 1st DT liens	14,009	( 26 )	—	621	14,604
SFR HELOCs and junior liens	10,273	( 41 )	100	( 245 )	10,087
Other	3,171	( 368 )	121	59	2,983
Total consumer loans	27,453	( 435 )	221	435	27,674
Commercial and industrial	12,750	( 1,000 )	283	95	12,128
Construction	8,856	—	—	( 1,390 )	7,466
Agriculture production	3,589	( 1,450 )	25	1,016	3,180
Leases	10	—	—	27	37
Allowance for credit losses on loans	121,522	( 2,885 )	530	4,350	123,517
Reserve for unfunded commitments	5,850	—	—	360	6,210
Total	$ 127,372	$ ( 2,885 )	$ 530	$ 4,710	$ 129,727

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.

Table of Contents

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:

(in thousands)	Term Loans Amortized Cost Basis by Origination Year – As of June 30, 2025 — 2025	2024	2023	2022	2021	Prior	Revolving Loans Amortized Cost Basis	Revolving Loans Converted to Term	Total
Commercial real estate:
CRE non-owner occupied risk ratings
Pass	$ 134,117	$ 188,430	$ 179,403	$ 416,411	$ 273,727	$ 1,029,079	$ 170,755	$ —	$ 2,391,922
Special Mention	—	—	10,581	11,697	3,697	3,303	769	—	30,047
Substandard	—	—	—	—	459	16,521	—	—	16,980
Doubtful/Loss	—	—	—	—	—	—	—	—	—
Total	$ 134,117	$ 188,430	$ 189,984	$ 428,108	$ 277,883	$ 1,048,903	$ 171,524	$ —	$ 2,438,949
Year-to-date gross charge-offs	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —

Commercial real estate:
CRE owner occupied risk ratings
Pass	$ 81,231	$ 81,017	$ 74,029	$ 184,347	$ 169,546	$ 331,432	$ 48,361	$ —	$ 969,963
Special Mention	—	137	364	1,917	242	4,349	—	—	7,009
Substandard	—	1,423	237	5,968	5,482	7,025	98	—	20,233
Doubtful/Loss	—	—	—	—	—	—	—	—	—
Total	$ 81,231	$ 82,577	$ 74,630	$ 192,232	$ 175,270	$ 342,806	$ 48,459	$ —	$ 997,205
Year-to-date gross charge-offs	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —

Table of Contents

(in thousands)	Term Loans Amortized Cost Basis by Origination Year – As of June 30, 2025 — 2025	2024	2023	2022	2021	Prior	Revolving Loans Amortized Cost Basis	Revolving Loans Converted to Term	Total
Commercial real estate:
Multifamily risk ratings
Pass	$ 27,059	$ 69,743	$ 27,703	$ 172,501	$ 290,906	$ 396,828	$ 40,268	$ —	$ 1,025,008
Special Mention	—	—	—	—	—	205	3,393	—	3,598
Substandard	—	—	—	460	—	986	—	—	1,446
Doubtful/Loss	—	—	—	—	—	—	—	—	—
Total	$ 27,059	$ 69,743	$ 27,703	$ 172,961	$ 290,906	$ 398,019	$ 43,661	$ —	$ 1,030,052
Year-to-date gross charge-offs	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —

Commercial real estate:
Farmland risk ratings
Pass	$ 6,179	$ 23,378	$ 18,416	$ 34,878	$ 20,129	$ 47,705	$ 32,942	$ —	$ 183,627
Special Mention	390	—	—	2,051	3,237	3,863	2,743	—	12,284
Substandard	—	—	3,616	9,682	24,117	14,110	17,090	—	68,615
Doubtful/Loss	—	—	—	—	—	—	—	—	—
Total	$ 6,569	$ 23,378	$ 22,032	$ 46,611	$ 47,483	$ 65,678	$ 52,775	$ —	$ 264,526
Year-to-date gross charge-offs	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —

Consumer loans:
SFR 1-4 1st DT liens risk ratings
Pass	$ 38,151	$ 55,570	$ 98,686	$ 165,908	$ 232,105	$ 241,674	$ —	$ 4,937	$ 837,031
Special Mention	—	—	—	291	1,555	1,036	—	316	3,198
Substandard	—	—	232	131	4,158	4,753	—	705	9,979
Doubtful/Loss	—	—	—	—	—	—	—	—	—
Total	$ 38,151	$ 55,570	$ 98,918	$ 166,330	$ 237,818	$ 247,463	$ —	$ 5,958	$ 850,208
Year-to-date gross charge-offs	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —

Consumer loans:
SFR HELOCs and junior liens risk ratings
Pass	$ 909	$ —	$ —	$ —	$ —	$ 60	$ 370,873	$ 5,663	$ 377,505
Special Mention	—	—	—	—	—	1	6,877	449	7,327
Substandard	—	—	—	—	—	—	5,115	397	5,512
Doubtful/Loss	—	—	—	—	—	—	—	—	—
Total	$ 909	$ —	$ —	$ —	$ —	$ 61	$ 382,865	$ 6,509	$ 390,344
Year-to-date gross charge-offs	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —

Consumer loans:
Other risk ratings
Pass	$ 2,791	$ 6,242	$ 16,998	$ 4,864	$ 4,847	$ 9,946	$ 583	$ —	$ 46,271
Special Mention	—	—	350	31	275	153	30	—	839
Substandard	6	66	247	292	145	271	2	—	1,029
Doubtful/Loss	—	—	—	—	—	—	—	—	—
Total	$ 2,797	$ 6,308	$ 17,595	$ 5,187	$ 5,267	$ 10,370	$ 615	$ —	$ 48,139
Year-to-date gross charge-offs	$ 234	$ 59	$ 15	$ —	$ —	$ 4	$ 5	$ —	$ 317

Table of Contents

(in thousands)	Term Loans Amortized Cost Basis by Origination Year – As of June 30, 2025 — 2025	2024	2023	2022	2021	Prior	Revolving Loans Amortized Cost Basis	Revolving Loans Converted to Term	Total
Commercial and industrial loans:
Commercial and industrial risk ratings
Pass	$ 30,259	$ 48,377	$ 45,473	$ 64,950	$ 44,046	$ 8,818	$ 213,219	$ 99	$ 455,241
Special Mention	81	308	879	1,539	525	9	2,776	—	6,117
Substandard	—	206	66	392	770	281	4,292	47	6,054
Doubtful/Loss	—	—	—	56	96	—	—	—	152
Total	$ 30,340	$ 48,891	$ 46,418	$ 66,937	$ 45,437	$ 9,108	$ 220,287	$ 146	$ 467,564
Year-to-date gross charge-offs	$ 198	$ 95	$ —	$ —	$ —	$ —	$ 8,348	$ —	$ 8,641

Construction loans:
Construction risk ratings
Pass	$ 9,339	$ 63,699	$ 131,262	$ 71,438	$ 13,897	$ 13,371	$ —	$ —	$ 303,006
Special Mention	—	—	—	—	—	—	—	—	—
Substandard	—	—	—	885	529	500	—	—	1,914
Doubtful/Loss	—	—	—	—	—	—	—	—	—
Total	$ 9,339	$ 63,699	$ 131,262	$ 72,323	$ 14,426	$ 13,871	$ —	$ —	$ 304,920
Year-to-date gross charge-offs	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —

Agriculture production loans:
Agriculture production risk ratings
Pass	$ 606	$ 907	$ 1,248	$ 1,797	$ 581	$ 6,696	$ 143,967	$ —	$ 155,802
Special Mention	—	—	—	—	—	191	2,605	—	2,796
Substandard	—	—	—	93	292	33	2,441	—	2,859
Doubtful/Loss	—	—	—	—	—	—	—	—	—
Total	$ 606	$ 907	$ 1,248	$ 1,890	$ 873	$ 6,920	$ 149,013	$ —	$ 161,457
Year-to-date gross charge-offs	$ —	$ —	$ —	$ —	$ —	$ 11	$ —	$ —	$ 11

Leases:
Lease risk ratings
Pass	$ 5,629	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ 5,629
Special Mention	—	—	—	—	—	—	—	—	—
Substandard	—	—	—	—	—	—	—	—	—
Doubtful/Loss	—	—	—	—	—	—	—	—	—
Total	$ 5,629	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ 5,629
Year-to-date gross charge-offs	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ —

Total loans outstanding:
Risk ratings
Pass	$ 336,270	$ 537,363	$ 593,218	$ 1,117,094	$ 1,049,784	$ 2,085,609	$ 1,020,968	$ 10,699	$ 6,751,005
Special Mention	471	445	12,174	17,526	9,531	13,110	19,193	765	73,215
Substandard	6	1,695	4,398	17,903	35,952	44,480	29,038	1,149	134,621
Doubtful/Loss	—	—	—	56	96	—	—	—	152
Total	$ 336,747	$ 539,503	$ 609,790	$ 1,152,579	$ 1,095,363	$ 2,143,199	$ 1,069,199	$ 12,613	$ 6,958,993
Year-to-date gross charge-offs	$ 432	$ 154	$ 15	$ —	$ —	$ 15	$ 8,353	$ —	$ 8,969

Table of Contents

(in thousands)	Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 — 2024	2023	2022	2021	2019	Prior	Revolving Loans Amortized Cost Basis	Revolving Loans Converted to Term	Total
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

(in thousands)	Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 — 2024	2023	2022	2021	2019	Prior	Revolving Loans Amortized Cost Basis	Revolving Loans Converted to Term	Total
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

(in thousands)	Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2024 — 2024	2023	2022	2021	2019	Prior	Revolving Loans Amortized Cost Basis	Revolving Loans Converted to Term	Total
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:

(in thousands)	Analysis of Past Due Loans - As of June 30, 2025 — 30-59 days	60-89 days	> 90 days	Total Past Due Loans	Current	Total
Commercial real estate:
CRE non-owner occupied	$ 4,871	$ 33	$ 3,009	$ 7,913	$ 2,431,036	$ 2,438,949
CRE owner occupied	1,513	—	5,155	6,668	990,537	997,205
Multifamily	460	—	—	460	1,029,592	1,030,052
Farmland	—	—	14,339	14,339	250,187	264,526
Total commercial real estate loans	6,844	33	22,503	29,380	4,701,352	4,730,732
Consumer:
SFR 1-4 1st DT liens	118	132	1,079	1,329	848,879	850,208
SFR HELOCs and junior liens	2,926	818	1,749	5,493	384,851	390,344
Other	119	64	170	353	47,786	48,139
Total consumer loans	3,163	1,014	2,998	7,175	1,281,516	1,288,691
Commercial and industrial	491	230	1,183	1,904	465,660	467,564
Construction	—	529	1,334	1,863	303,057	304,920
Agriculture production	—	—	2,643	2,643	158,814	161,457
Leases	—	—	—	—	5,629	5,629
Total	$ 10,498	$ 1,806	$ 30,661	$ 42,965	$ 6,916,028	$ 6,958,993

Table of Contents

(in thousands)	Analysis of Past Due Loans - As of December 31, 2024 — 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 June 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	$ 3,548	$ 3,548	$ —	$ 3,017	$ 3,017	$ —
CRE owner occupied	6,676	6,676	—	3,632	3,874	—
Multifamily	460	460	—	480	480	—
Farmland	27,017	35,811	—	12,483	16,195	—
Total commercial real estate loans	37,701	46,495	—	19,612	23,566	—
Consumer:
SFR 1-4 1st DT liens	5,567	6,376	—	5,979	5,979	—
SFR HELOCs and junior liens	4,268	4,786	—	3,370	3,868	—
Other	111	318	—	41	204	—
Total consumer loans	9,946	11,480	—	9,390	10,051	—
Commercial and industrial	899	1,700	198	830	9,707	59
Construction	1,914	1,914	—	57	57	—
Agriculture production	1,988	2,996	—	—	656	—
Leases	—	—	—	—	—	—
Sub-total	52,448	64,585	198	29,889	44,037	59
Less: Guaranteed loans	( 1,051 )	( 1,082 )	—	( 828 )	( 816 )	—
Total, net	$ 51,397	$ 63,503	$ 198	$ 29,061	$ 43,221	$ 59

Interest income on non accrual loans that would have been recognized during the three months ended June 30, 2025 and 2024, if all such loans had been current in accordance with their original terms, totaled $ 2.1 million and $ 0.6 million, respectively. Interest income actually recognized on these originated loans during the three months ended June 30, 2025 and 2024 was $ 0.3 million and zero , 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:

(in thousands)	As of June 30, 2025 — 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	$ 3,009	$ 345	$ —	$ 194	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ 3,548
CRE owner occupied	6,341	243	—	91	—	—	—	—	—	—	—	6,675
Multifamily	—	—	—	—	460	—	—	—	—	—	—	460
Farmland	—	—	—	—	—	35,811	—	—	—	—	—	35,811
Total commercial real estate loans	9,350	588	—	285	460	35,811	—	—	—	—	—	46,494
Consumer:
SFR 1-4 1st DT liens	—	—	—	—	—	—	6,376	—	—	—	—	6,376
SFR HELOCs and junior liens	—	—	—	—	—	—	1,643	2,923	—	—	—	4,566
Other	—	—	—	—	—	—	—	—	311	—	—	311
Total consumer loans	—	—	—	—	—	—	8,019	2,923	311	—	—	11,253
Commercial and industrial	—	—	—	—	—	—	—	—	—	727	973	1,700
Construction	—	—	—	1,414	—	—	500	—	—	—	—	1,914
Agriculture production	—	—	—	202	—	2,441	—	—	—	—	353	2,996
Leases	—	—	—	—	—	—	—	—	—	—	—	—
Total	$ 9,350	$ 588	$ —	$ 1,901	$ 460	$ 38,252	$ 8,519	$ 2,923	$ 311	$ 727	$ 1,326	$ 64,357

(in thousands)	As of December 31, 2024 — 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
	June 30, 2025			June 30, 2024
(in thousands)	Combination - Term Extension/Rate Change	Payment Delay/Term Extension	Total % of Loans Outstanding	Payment Delay/Term Extension	Payment Delay/Term Reduction	Total % of Loans Outstanding
Multifamily	$ —	$ —	— %	$ 295	$ —	n/m
Commercial and industrial	—	—	—	166	—	n/m
Total	$ —	$ —	— %	$ 461	$ —	0.01 %

	For the six months ended
	June 30, 2025			June 30, 2024
(in thousands)	Combination - Term Extension/Rate Change	Payment Delay/Term Extension	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 HELOCs and junior liens	—	—	—	41	—	n/m
Commercial and industrial	—	—	—	682	—	0.01 %
Total	$ —	$ —	— %	$ 1,018	$ 211	0.02 %

There were no significant loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025.

For the three months ended June 30, 2024: — Modification Type	Loan Type	Financial Effect
Payment delay / term extension	Multifamily	Added 12 months to the life of the loan
Payment delay / term extension	Commercial and industrial	Added a weighted average 60 months to the life of the loans

For the six months ended June 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	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 six months ended June 30, 2025 and June 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. leases with initial terms of 12 month or less) within the ROUA and lease liability.

Table of Contents

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

(in thousands)	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Operating lease cost	$ 1,401	$ 1,463	$ 2,818	$ 2,897
Short-term lease cost	49	55	95	107
Variable lease cost (income)	( 6 )	10	( 16 )	23
Total lease cost	$ 1,444	$ 1,528	$ 2,897	$ 3,027

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

(in thousands)	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 1,486	$ 1,579	$ 2,996	$ 3,147
ROUA obtained in exchange for operating lease liabilities	$ 535	$ 99	$ 1,006	$ 1,426

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

	June 30, — 2025	2024
Weighted-average remaining lease term (years)	7.3	7.9
Weighted-average discount rate	3.58 %	3.45 %

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

(in thousands)
Periods ending December 31,
2025	$ 2,838
2026	5,290
2027	4,632
2028	3,366
2029	2,396
Thereafter	8,807
	27,329
Discount for present value of expected cash flows	( 3,364 )
Lease liability at June 30, 2025	$ 23,965

Note 6 - Deposits

A summary of the balances of deposits follows:

(in thousands)	June 30, 2025	December 31, 2024
Noninterest-bearing demand	$ 2,559,788	$ 2,548,613
Interest-bearing demand	1,826,041	1,758,629
Savings	2,879,212	2,657,849
Time certificates, $250,000 or more	626,250	485,180
Other time certificates	484,518	637,305
Total deposits	$ 8,375,809	$ 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 June 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.

Overdrawn deposit balances of $ 1.9 million and $ 2.5 million were classified as consumer loans at June 30, 2025 and December 31, 2024, respectively.

Table of Contents

Note 7 - Other Borrowings

A summary of the balances of other borrowings follows:

	June 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 June 30, 2025 and December 31, 2024 of 0.05 %, payable on July 1, 2025 and January 2, 2025, respectively	17,788	14,610
Total other borrowings	$ 17,788	$ 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) — Subordinated Debt Series	Maturity Date	Face Value	Coupon Rate (Variable) 3 mo. SOFR +	As of June 30, 2025 — Current Coupon Rate	Recorded Book Value	As of December 31, 2024 — Recorded Book Value
TriCo Cap Trust I	10/7/2033	$ 20,619	3.05 %	7.57 %	$ 20,619	$ 20,619
TriCo Cap Trust II	7/23/2034	20,619	2.55 %	7.09 %	20,619	20,619
North Valley Trust II	4/24/2033	6,186	3.25 %	7.79 %	5,774	5,713
North Valley Trust III	7/23/2034	5,155	2.80 %	7.34 %	4,625	4,571
North Valley Trust IV	3/15/2036	10,310	1.33 %	5.91 %	8,003	7,863
VRB Subordinated	3/29/2029	16,000	3.52 %	9.11 %	16,700	16,799
VRB Subordinated - 5 %	8/27/2035	20,000	Fixed	5.00 %	24,924	25,007
		$ 98,889			$ 101,264	$ 101,191

The VRB - 5 % Subordinated Debt issuance is fixed at 5.0 % through August 27, 2025, then will have a floating rate of 90-day average SOFR plus 4.9 % until maturity.

Note 9 - Commitments and Contingencies

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

(in thousands)	June 30, 2025	December 31, 2024
Financial instruments whose amounts represent risk:
Commitments to extend credit:
Commercial loans	$ 840,046	$ 788,491
Consumer loans	613,922	627,681
Real estate mortgage loans	432,669	419,172
Real estate construction loans	234,467	272,308
Standby letters of credit	39,149	39,804
Deposit account overdraft privilege	128,990	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 1.5342 per Class B-2 share. As of June 30, 2025, the value of the Class A shares was $ 355.05 per share. Utilizing the conversion ratio, the value of unredeemed Class A equivalent shares owned by the Bank was $ 3.6 million as of June 30, 2025, and has not been reflected in the accompanying consolidated financial statements.

Table of Contents

Note 10 - Shareholders’ Equity

Dividends Paid

The Bank paid to the Company cash dividends in the aggregate amounts of $ 28.5 million and $ 23.4 million during the three months ended June 30, 2025 and 2024, respectively, and during the equivalent six month periods paid $ 40.6 million and $ 43.9 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 six months ended June 30, 2025, the Company repurchased 379,978 and 469,632 shares with market values of $ 15.2 million and $ 18.9 million, respectively. During the three and six months ended and June 30, 2024, the Company repurchased 244,992 and 344,324 shares with market values of $ 9.1 million and $ 12.5 million, respectively. As of June 30, 2025, approximately 360,000 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 six months ended June 30, 2025 and June 30, 2024, respectively. Employees tendered 11,542 and 30,510 shares in connection with the tax withholding requirements of other share-based awards during the three months ended June 30, 2025 and 2024, respectively, and 21,664 and 30,510 during the six months ended June 30, 2025 and 2024, respectively. In total, shares of the Company's common stock tendered had market values of $ 0.5 million and $ 1.1 million during the quarters ended June 30, 2025 and 2024, respectively, and $ 0.9 million and $ 1.1 million during the respective six-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 June 30, 2025 and December 31, 2024 . The Company did not modify any option grants during the six months ended June 30, 2025 or 2024.

Activity related to restricted stock unit awards during the six months ended June 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	79,575	51,177
RSUs added through dividend and performance credits	2,382	—
RSUs released	( 71,135 )	—
RSUs forfeited	( 6,647 )	( 6,838 )
Outstanding at June 30, 2025	156,747	189,054

Table of Contents

The 156,747 of service condition vesting RSUs outstanding as of June 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 156,747 of service condition vesting RSUs outstanding as of June 30, 2025 are expected to vest, and be released, on a weighted-average basis, over the next 1.87 years. The Company expects to recognize $ 4.8 million of pre-tax compensation costs related to these service condition vesting RSUs between June 30, 2025 and their vesting dates. The Company did not modify any service condition vesting RSUs during the six months ended June 30, 2025 or 2024.

The 189,054 of market plus service condition vesting RSUs outstanding as of June 30, 2025 are expected to vest, and be released, on a weighted-average basis, over the next 2.04 years. The Company expects to recognize $ 2.5 million of pre-tax compensation costs related to these RSUs between June 30, 2025 and their vesting dates. As of June 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 283,581 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 six months ended June 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:

(in thousands)	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
ATM and interchange fees	$ 6,590	$ 6,372	$ 12,696	$ 12,541
Service charges on deposit accounts	5,189	4,847	10,103	9,510
Other service fees	1,485	1,286	2,844	2,652
Mortgage banking service fees	438	438	877	866
Change in value of mortgage servicing rights	( 52 )	( 147 )	( 192 )	( 136 )
Total service charges and fees	13,650	12,796	26,328	25,433
Increase in cash value of life insurance	842	831	1,662	1,634
Asset management and commission income	1,635	1,359	3,123	2,487
Gain on sale of loans	503	388	847	649
Lease brokerage income	50	154	116	315
Sale of customer checks	318	301	663	613
Gain (loss) on sale or exchange of investment securities	4	( 45 )	( 1,142 )	( 45 )
Gain (loss) on marketable equity securities	8	( 121 )	47	( 149 )
Other	80	203	1,519	700
Total other non-interest income	3,440	3,070	6,835	6,204
Total non-interest income	$ 17,090	$ 15,866	$ 33,163	$ 31,637

Table of Contents

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

(in thousands)	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Base salaries, net of deferred loan origination costs	$ 25,757	$ 23,852	$ 51,158	$ 47,872
Incentive compensation	5,223	4,711	9,261	7,968
Benefits and other compensation costs	7,306	6,838	14,722	13,865
Total salaries and benefits expense	38,286	35,401	75,141	69,705
Occupancy	4,200	4,063	8,277	8,014
Data processing and software	4,959	5,094	10,017	10,201
Equipment	1,189	1,330	2,473	2,686
Intangible amortization	483	1,030	997	2,060
Advertising	808	819	2,012	1,581
ATM and POS network charges	1,843	1,987	3,694	3,648
Professional fees	1,667	1,814	3,185	3,154
Telecommunications	513	558	1,001	1,069
Regulatory assessments and insurance	1,297	1,144	2,580	2,395
Postage	385	340	705	648
Operational losses	270	244	694	596
Courier service	544	559	1,032	1,039
Loss (gain) on sale or acquisition of foreclosed assets	—	—	( 3 )	( 38 )
Loss (gain) on disposal of fixed assets	5	1	90	6
Other miscellaneous expense	4,682	3,955	8,821	8,079
Total other non-interest expense	22,845	22,938	45,575	45,138
Total non-interest expense	$ 61,131	$ 58,339	$ 120,716	$ 114,843

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:

(in thousands)	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Net income	$ 27,542	$ 29,034	$ 53,905	$ 56,783
Weighted average number of common shares outstanding	32,757	33,121	32,854	33,183
Effect of dilutive stock options and restricted stock	179	123	179	123
Weighted average number of common shares outstanding used to calculate diluted earnings per share	32,936	33,244	33,033	33,306

Note 14 – Comprehensive Income (Loss)

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.

Table of Contents

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

(in thousands)	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Unrealized holding gains (losses) on available for sale securities before reclassifications	$ 12,792	$ 1,106	$ 43,018	$ ( 14,793 )
Amounts reclassified out of AOCI:
Realized gain (loss) on debt securities	( 4 )	2,945	1,142	2,945
Total amounts reclassified out of accumulated other comprehensive income (loss)	( 4 )	—	1,142	—
Unrealized holding gains (losses) on available for sale securities after reclassifications	12,788	4,051	44,160	( 11,848 )
Tax effect	( 3,780 )	( 1,199 )	( 13,054 )	3,502
Unrealized holding gains (losses) on available for sale securities, net of tax	9,008	2,852	31,106	( 8,346 )
Change in unfunded status of the supplemental retirement plans before reclassifications	164	115	328	230
Amounts reclassified out of AOCI:
Amortization of actuarial losses	( 164 )	( 115 )	( 328 )	( 230 )
Total amounts reclassified out of accumulated other comprehensive loss	( 164 )	( 115 )	( 328 )	( 230 )
Total other comprehensive income (loss)	$ 9,008	$ 2,852	$ 31,106	$ ( 8,346 )

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

(in thousands)	June 30, 2025	December 31, 2024
Net unrealized loss on available for sale securities	$ ( 189,488 )	$ ( 233,648 )
Tax effect	56,021	69,075
Unrealized holding loss on available for sale securities, net of tax	( 133,467 )	( 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	$ ( 121,356 )	$ ( 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.

Table of Contents

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 - Loans held for sale are carried at the lower of cost or fair value. 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 June 30, 2025	Total	Level 1	Level 2	Level 3
Marketable equity securities	$ 2,656	$ 2,656	$ —	$ —
Debt securities available for sale:
Obligations of U.S. government and agencies	1,086,082	—	1,086,082	—
Obligations of states and political subdivisions	212,571	—	212,571	—
Corporate bonds	5,503	—	5,503	—
Asset backed securities	263,679	—	263,679	—
Non-agency mortgage backed securities	247,541	—	247,541	—
Loans held for sale	1,577	—	1,577	—
Mortgage servicing rights	6,763	—	—	6,763
Total assets measured at fair value	$ 1,826,372	$ 2,656	$ 1,816,953	$ 6,763

Table of Contents

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 six months ended June 30, 2025 or June 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 June 30,	Beginning Balance	Transfers into (out of) Level 3	Change Included in Earnings	Issuances	Ending Balance
2025: Mortgage servicing rights	$ 6,614	—	$ ( 52 )	$ 201	$ 6,763
2024: Mortgage servicing rights	$ 6,697	—	$ ( 147 )	$ 116	$ 6,666

Six months ended June 30,	Beginning Balance	Transfers into (out of) Level 3	Change Included in Earnings	Issuances	Ending Balance
2025: Mortgage servicing rights	$ 6,626	—	$ ( 192 )	$ 329	$ 6,763
2024: Mortgage servicing rights	$ 6,606	—	$ ( 136 )	$ 196	$ 6,666

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 June 30, 2025 and December 31, 2024:

As of June 30, 2025:	Fair Value (in thousands)	Valuation Technique	Unobservable Inputs	Range, Weighted Average
Mortgage Servicing Rights	$ 6,763	Discounted cash flow	Constant prepayment rate	6 % - 11 %; 6.8 %
			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 %

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):

Table of Contents

June 30, 2025	Total	Level 1	Level 2	Level 3
Fair value:
Collateral dependent loans	$ 6,362	—	—	$ 6,362
Foreclosed assets	267	—	—	267
Total assets measured at fair value	$ 6,629	—	—	$ 6,629

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

	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Collateral dependent loans	$ 2,485	$ 435	$ 7,498	$ 307
Foreclosed assets	3	—	3	224
Total losses from non-recurring measurements	$ 2,488	$ 435	$ 7,501	$ 531

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 June 30, 2025:

June 30, 2025	Fair Value (in thousands)	Valuation Technique	Unobservable Inputs	Range, Weighted Average
Collateral dependent loans	$ 6,362	Sales comparison approach Income approach	Adjustment for differences between comparable sales; Capitalization rate	Not meaningful N/A
Foreclosed assets (Residential real estate)	$ 267	Sales comparison approach	Adjustment for differences between comparable sales	Not meaningful N/A

Table of Contents

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	Adjustment for differences between comparable sales	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.

(in thousands)	June 30, 2025 — Carrying Amount	Fair Value	December 31, 2024 — Carrying Amount	Fair Value
Financial assets:
Level 1 inputs:
Cash and due from banks	$ 130,147	$ 130,147	$ 85,409	$ 85,409
Cash at Federal Reserve and other banks	184,121	184,121	59,547	59,547
Level 2 inputs:
Securities held to maturity	101,672	96,973	111,866	104,349
Restricted equity securities	17,250	n/a	17,250	n/a
Level 3 inputs:
Loans, net	6,834,538	6,578,926	6,643,157	6,293,727
Financial liabilities:
Level 2 inputs:
Deposits	8,375,809	8,372,459	8,087,576	8,085,150
Other borrowings	17,788	17,788	89,610	89,780
Level 3 inputs:
Junior subordinated debt	101,264	105,760	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 June 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 June 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.

Table of Contents

As of June 30, 2025:	Actual — Amount	Ratio	Required for Capital Adequacy Purposes — Amount	Ratio	Required to be Considered Well Capitalized — Amount	Ratio
	(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated	$ 1,273,793	15.55 %	$ 860,017	10.50 %	N/A	N/A
Tri Counties Bank	$ 1,270,480	15.51 %	$ 859,817	10.50 %	$ 818,873	10.00 %
Tier 1 Capital (to Risk Weighted Assets):
Consolidated	$ 1,134,202	13.85 %	$ 696,204	8.50 %	N/A	N/A
Tri Counties Bank	$ 1,167,759	14.26 %	$ 696,042	8.50 %	$ 655,099	8.00 %
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated	$ 1,076,353	13.14 %	$ 573,345	7.00 %	N/A	N/A
Tri Counties Bank	$ 1,167,759	14.26 %	$ 573,211	7.00 %	$ 532,268	6.50 %
Tier 1 Capital (to Average Assets):
Consolidated	$ 1,134,202	11.80 %	$ 384,347	4.00 %	N/A	N/A
Tri Counties Bank	$ 1,167,759	12.16 %	$ 384,155	4.00 %	$ 480,194	5.00 %

As of December 31, 2024:	Actual — Amount	Ratio	Amount	Required to be Considered Well Capitalized — 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 June 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 June 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 for 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 June 30, 2025, the Company and the Bank are in compliance with the capital conservation buffer requirement.

Table of Contents

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.

(in thousands)	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Interest income	$ 116,361	$ 117,032	$ 230,438	$ 232,449
Reconciliation of revenue:
Other revenues	17,090	15,866	33,163	31,637
Total consolidated revenues	133,451	132,898	263,601	264,086
Less:
Interest expense	29,842	35,035	61,377	67,716
Segment net interest income and noninterest income	103,609	97,863	202,224	196,370
Less:
Provision for credit losses	4,665	405	8,393	4,710
Salaries and benefits expense	38,286	35,401	75,141	69,705
Other banking segment items	22,845	22,938	45,575	45,138
Provision for income taxes	10,271	10,085	19,210	20,034
Segment net income/consolidated net income	$ 27,542	$ 29,034	$ 53,905	$ 56,783
	As of June 30,
	2025	2024
Reconciliation of assets:
Total assets for reportable segment	$ 9,923,983	$ 9,741,399
Other assets	—	—
Total consolidated assets	$ 9,923,983	$ 9,741,399

Table of Contents

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.

Table of Contents

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

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.

Financial Highlights

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

• Net income was $27.5 million or $0.84 per diluted share as compared to $26.4 million or $0.80 per diluted share in the trailing quarter

• Net interest income (FTE) was $86.8 million, an increase of $4.0 million or 4.82% over the trailing quarter; net interest margin (FTE) was 3.88% in the recent quarter, an increase of 15 basis points over 3.73% in the trailing quarter

• Loan balances increased $138.2 million or 8.1% (annualized) from the trailing quarter and increased $216.5 million or 3.2% from the same quarter of the prior year

• Deposit balances increased $170.5 million or 8.3% (annualized) from the trailing quarter and increased $325.6 million or 4.0% from the same quarter of the prior year

• Average yield on earning assets was 5.21%, an increase of 6 basis points over the 5.15% in the trailing quarter; average yield on loans was 5.76%, an increase of 5 basis points over the 5.71% in the trailing quarter

• Non-interest bearing deposits averaged 30.6% of total deposits during the quarter

• The average cost of total deposits was 1.37%, a decrease of 6 basis points as compared to 1.43% in the trailing quarter, and a decrease of 8 basis points from 1.45% in the same quarter of the prior year

• For the quarter ended June 30, 2025, the Company’s return on average assets was 1.13%, while the return on average equity was 8.68%; for the trailing quarter ended March 31, 2025, the Company’s return on average assets was 1.09%, while the return on average equity was 8.54%

• Diluted earnings per share were $0.84 for the second quarter of 2025, compared to $0.80 for the trailing quarter and $0.87 during the second quarter of 2024

• The loan to deposit ratio was 83.08% as of June 30, 2025, as compared to 83.13% for the trailing quarter end

• The efficiency ratio was 59.00% for the quarter ended June 30, 2025, as compared to 60.42% for the trailing quarter

• The provision for credit losses was approximately $4.7 million during the quarter ended June 30, 2025, as compared to $3.7 million during the trailing quarter end. The change was attributed to an increase in required reserves totaling $2.8 million on individually evaluated loans and an increase of $1.7 million general reserves, which was primary attributed to loan growth

• The allowance for credit losses (ACL) to total loans was 1.79% as of June 30, 2025, compared to 1.88% as of the trailing quarter end, and 1.83% as of June 30, 2024. Non-performing assets to total assets were 0.68% on June 30, 2025, as compared to 0.59% as of March 31, 2025, and 0.36% at June 30, 2024. At June 30, 2025, the ACL represented 192% of non-performing loans

Table of Contents

TRICO BANCSHARES

Financial Summary

(In thousands, except per share amounts; unaudited)

	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Net interest income	$ 86,519	$ 81,997	$ 169,061	$ 164,733
Provision for credit losses	(4,665)	(405)	(8,393)	(4,710)
Non-interest income	17,090	15,866	33,163	31,637
Non-interest expense	(61,131)	(58,339)	(120,716)	(114,843)
Provision for income taxes	(10,271)	(10,085)	(19,210)	(20,034)
Net income	$ 27,542	$ 29,034	$ 53,905	$ 56,783
Per Share Data:
Basic earnings per share	$ 0.84	$ 0.88	$ 1.64	$ 1.71
Diluted earnings per share	$ 0.84	$ 0.87	$ 1.63	$ 1.70
Dividends paid	$ 0.33	$ 0.33	$ 0.66	$ 0.66
Book value at period end			$ 38.92	$ 35.62
Weighted average common shares outstanding	32,757	33,121	32,854	33,183
Weighted average diluted common shares outstanding	32,936	33,244	33,033	33,306
Shares outstanding at period end	32,550	32,989	32,550	32,989
At period end:
Loans			$ 6,958,993	$ 6,742,526
Total investment securities			$ 1,936,954	$ 2,086,090
Total assets			$ 9,923,983	$ 9,741,399
Total deposits			$ 8,375,809	$ 8,050,230
Other borrowings			$ 17,788	$ 247,773
Shareholders’ equity			$ 1,266,823	$ 1,175,050
Financial Ratios:
During the period:
Return on average assets (annualized)	1.13 %	1.19 %	1.11 %	1.16 %
Return on average equity (annualized)	8.68 %	9.99 %	8.61 %	9.74 %
Net interest margin (1) (annualized)	3.88 %	3.68 %	3.81 %	3.68 %
Efficiency ratio	59.00 %	59.61 %	59.69 %	58.48 %
Average equity to average assets	13.02 %	11.95 %	12.89 %	11.94 %
At end of period:
Equity to assets			12.77 %	12.06 %
Total capital to risk-adjusted assets			15.55 %	15.19 %

(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.

Table of Contents

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.

(in thousands)	Three months ended — June 30, 2025	March 31, 2025	Change	% Change
Interest income	$ 116,361	$ 114,077	$ 2,284	2.0 %
Interest expense	(29,842)	(31,535)	1,693	(5.4) %
Fully tax-equivalent adjustment (FTE) (1)	264	265	(1)	(0.4) %
Net interest income (FTE)	$ 86,783	$ 82,807	$ 3,976	4.8 %
Net interest margin (FTE)	3.88 %	3.73 %
Acquired loans discount accretion, net:
Amount (included in interest income)	$ 1,247	$ 1,995	$ (748)	(37.5) %
Net interest margin less effect of acquired loan discount accretion (1)	3.82 %	3.64 %	0.18 %

(in thousands)	Three months ended June 30, — 2025	2024	Change	% Change
Interest income	$ 116,361	$ 117,032	$ (671)	(0.6) %
Interest expense	(29,842)	(35,035)	5,193	(14.8) %
Fully tax-equivalent adjustment (FTE) (1)	264	275	(11)	(4.0) %
Net interest income (FTE)	$ 86,783	$ 82,272	$ 4,511	5.5 %
Net interest margin (FTE)	3.88 %	3.68 %
Acquired loans discount accretion, net:
Amount (included in interest income)	$ 1,247	$ 850	$ 397	46.7 %
Net interest margin less effect of acquired loan discount accretion (1)	3.82 %	3.64 %	0.18 %

(in thousands)	Six months ended June 30, — 2025	2024	Change	% Change
Interest income	$ 230,438	$ 232,449	$ (2,011)	(0.9) %
Interest expense	(61,377)	(67,716)	6,339	(9.4) %
Fully tax-equivalent adjustment (FTE) (1)	529	550	(21)	(3.8) %
Net interest income (FTE)	$ 169,590	$ 165,283	$ 4,307	2.6 %
Net interest margin (FTE)	3.81 %	3.68 %
Acquired loans discount accretion, net:
Amount (included in interest income)	$ 3,242	$ 2,182	$ 1,060	48.6 %
Net interest margin less effect of acquired loan discount accretion (1)	3.73 %	3.63 %	0.10 %

(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 June 30, 2025, March 31, 2025 and June 30, 2024, the purchased loan discount accretion was $1.2 million, $2.0 million and $0.9 million, respectively.

Table of Contents

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 June 30,
	2025			2024
	Average Balance	Interest Income/ Expense	Rates Earned /Paid	Average Balance	Interest Income/ Expense	Rates Earned /Paid
Assets:
Loans	$ 6,878,186	$ 98,695	5.76 %	$ 6,792,303	$ 98,229	5.82 %
Investment securities - taxable	1,818,814	14,921	3.29 %	2,003,124	17,004	3.41 %
Investment securities - nontaxable (1)	132,576	1,143	3.46 %	138,167	1,190	3.46 %
Total investments	1,951,390	16,064	3.30 %	2,141,291	18,194	3.42 %
Cash at Federal Reserve and other banks	144,383	1,866	5.18 %	68,080	884	5.22 %
Total interest-earning assets	8,973,959	116,625	5.21 %	9,001,674	117,307	5.24 %
Other assets	804,875			780,554
Total assets	$ 9,778,834			$ 9,782,228
Liabilities and shareholders’ equity:
Interest-bearing demand deposits	$ 1,804,856	$ 6,076	1.35 %	$ 1,769,370	$ 6,215	1.41 %
Savings deposits	2,799,470	12,246	1.75 %	2,673,272	12,260	1.84 %
Time deposits	1,102,025	9,716	3.54 %	1,016,190	10,546	4.17 %
Total interest-bearing deposits	5,706,351	28,038	1.97 %	5,458,832	29,021	2.14 %
Other borrowings	22,707	92	1.63 %	325,604	4,118	5.09 %
Junior subordinated debt	101,236	1,712	6.78 %	101,128	1,896	7.54 %
Total interest-bearing liabilities	5,830,294	29,842	2.05 %	5,885,564	35,035	2.39 %
Noninterest-bearing deposits	2,516,631			2,565,609
Other liabilities	158,817			161,731
Shareholders’ equity	1,273,092			1,169,324
Total liabilities and shareholders’ equity	$ 9,778,834			$ 9,782,228
Net interest spread (2)			3.16 %			2.85 %
Net interest income and interest margin (3)		$ 86,783	3.88 %		$ 82,272	3.68 %

(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 i nterest-earning assets, then annualized based on the number of days in the given period .

Net interest income (FTE) during the three months ended June 30, 2025, increased $4.5 million or 5.5% to $86.8 million compared to $82.3 million during the three months ended June 30, 2024. Net interest margin totaled 3.88% for the three months ended June 30, 2025, an increase of 20 basis points from the same quarter in 2024. The primary drivers behind the change in net interest margin was related to an improvement in yield on interest-bearing liabilities, namely, the cost of interest-bearing deposits decreased by 17 basis points between the quarter ended June 30, 2025, and the same quarter of the prior year. The accretion of discounts from acquired loans added 8 basis points and 5 basis points to loan yields during the quarters ended June 30, 2025 and June 30, 2024, respectively. In addition, the average balance of noninterest-bearing deposits decreased by $49.0 million from the three-month average for the period ended June 30, 2024 amidst a continued migration of customer funds to interest-bearing products.

Table of Contents

	Six months ended June 30,
	2025			2024
	Average Balance	Interest Income/ Expense	Rates Earned /Paid	Average Balance	Interest Income/ Expense	Rates Earned /Paid
Assets
Loans	$ 6,827,469	$ 194,073	5.73 %	$ 6,789,072	$ 194,713	5.77 %
Investments-taxable	1,851,439	30,673	3.34 %	2,065,412	34,833	3.39 %
Investments-nontaxable (1)	132,980	2,292	3.48 %	138,534	2,382	3.46 %
Total investments	1,984,419	32,965	3.35 %	2,203,946	37,215	3.40 %
Cash at Federal Reserve and other banks	175,315	3,929	4.52 %	41,229	1,071	5.22 %
Total earning assets	8,987,203	230,967	5.18 %	9,034,247	232,999	5.19 %
Other assets, net	806,241			784,765
Total assets	$ 9,793,444			$ 9,819,012
Liabilities and shareholders’ equity
Interest-bearing demand deposits	$ 1,817,515	$ 12,297	1.36 %	$ 1,740,107	$ 11,162	1.29 %
Savings deposits	2,765,057	24,444	1.78 %	2,662,595	23,159	1.75 %
Time deposits	1,111,382	20,162	3.66 %	914,042	18,229	4.01 %
Total interest-bearing deposits	5,693,954	56,903	2.02 %	5,316,744	52,550	1.99 %
Other borrowings	55,902	1,061	3.83 %	455,150	11,496	5.08 %
Junior subordinated debt	101,219	3,413	6.80 %	101,117	3,670	7.30 %
Total interest-bearing liabilities	5,851,075	61,377	2.12 %	5,873,011	67,716	2.32 %
Noninterest-bearing deposits	2,515,508			2,605,999
Other liabilities	164,259			168,044
Shareholders’ equity	1,262,602			1,171,958
Total liabilities and shareholders’ equity	$ 9,793,444			$ 9,819,012
Net interest rate spread (1) (2)			3.06 %			2.87 %
Net interest income and margin (1) (3)		$ 169,590	3.81 %		$ 165,283	3.68 %

Net interest income (FTE) during the six months ended June 30, 2025, increased $4.3 million, or 2.6%, to $169.6 million compared to $165.3 million during the six months ended June 30, 2024. In addition, net interest margin increased 13 basis points to 3.81%, compared to 3.68% for the same period in the prior year. The increase in net interest income during the six 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 $10.1 million while increases in the volume of average time deposits increased interest expense by approximately $4.0 million. The changes in rate resulted in a $1.4 million decrease in net interest income during the comparable period.

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.

Table of Contents

(in thousands)	Three months ended June 30, 2025 compared with three months ended June 30, 2024 — Volume	Rate	Total
Increase (decrease) in interest income:
Loans	$ 1,249	$ (783)	$ 466
Investment securities	(1,621)	(509)	(2,130)
Cash at Federal Reserve and other banks	996	(14)	982
Total interest-earning assets	624	(1,306)	(682)
Increase (decrease) in interest expense:
Interest-bearing demand deposits	125	(264)	(139)
Savings deposits	582	(596)	(14)
Time deposits	896	(1,726)	(830)
Other borrowings	(3,852)	(174)	(4,026)
Junior subordinated debt	2	(186)	(184)
Total interest-bearing liabilities	(2,247)	(2,946)	(5,193)
Increase in net interest income	$ 2,871	$ 1,640	$ 4,511

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.

Net interest income (FTE) during the three months ended June 30, 2025 increased $4.5 million to $86.8 million compared to $82.3 million during the three months ended June 30, 2024. The increase in net interest income (FTE) was due largely to a shift in funding mix, resulting in a decrease in short-term FHLB borrowings and an increase in interest-bearing deposits, which provided a favorable mix in interest expense.

(in thousands)	Six months ended June 30, 2025 compared with six months ended June 30, 2024 — Volume	Rate	Total
Increase (decrease) in interest income:
Loans	$ 1,107	$ (1,747)	$ (640)
Investment securities	(3,724)	(526)	(4,250)
Cash at Federal Reserve and other banks	3,502	(644)	2,858
Total interest-earning assets	885	(2,917)	(2,032)
Increase (decrease) in interest expense:
Interest-bearing demand deposits	499	636	1,135
Savings deposits	896	389	1,285
Time deposits	3,957	(2,024)	1,933
Other borrowings	(10,139)	(296)	(10,435)
Junior subordinated debt	4	(261)	(257)
Total interest-bearing liabilities	(4,783)	(1,556)	(6,339)
Increase in net interest income	$ 5,668	$ (1,361)	$ 4,307

Asset Quality and Credit Loss Provisioning

During the three months ended June 30, 2025, the Company recorded a provision for credit losses of $4.7 million, as compared to $3.7 million during the trailing quarter, and $0.4 million during the second quarter of 2024.

Table of Contents

(dollars in thousands)	Three months ended — June 30, 2025	March 31, 2025	June 30, 2024	Six months ended — June 30, 2025	June 30, 2024
Addition to allowance for credit losses	$ 4,525	$ 2,663	$ 335	$ 7,188	$ 4,350
Addition to reserve for unfunded loan commitments	140	1,065	70	1,205	360
Total provision for credit losses	$ 4,665	$ 3,728	$ 405	$ 8,393	$ 4,710

The allowance for credit losses (ACL) was $124.5 million or 1.79% of total loans as of June 30, 2025. The provision for credit losses on loans of $4.5 million recorded during the current quarter resulted from a net increase of $2.8 million in reserves on individually evaluated loans or loan relationships, in addition to a net increase of $1.7 million in general reserves. The charge-offs incurred during the quarter ended June 30, 2025, were primarily related to non-performing relationships which had been fully reserved for by Management on an individual basis in previous quarters.

(dollars in thousands)	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Balance, beginning of period	$ 128,423	$ 124,394	$ 125,366	$ 121,522
Provision for credit losses	4,525	335	7,188	4,350
Loans charged-off	(8,595)	(1,610)	(8,969)	(2,885)
Recoveries of previously charged-off loans	102	398	870	530
Balance, end of period	$ 124,455	$ 123,517	$ 124,455	$ 123,517

The $2.8 million increase in individually evaluated reserves was largely attributed to changes in observable market valuations associated with agricultural real estate despite what appears to be a stable water supply and improving commodity prices for the crops associated with collateral for these loans. Management believes the provisioning for this individually analyzed relationship is sufficient relative to expected future losses, if any.

The $1.7 million recorded for general reserves is primarily attributed to net loan growth for the quarter of approximately $138.2 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 March 31, 2025, which is aligned with the Company's direct experiences with borrowers. Steepening of the yield curve or actions by the Federal Reserve to 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, geopolitical policy risks remain 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 March 31, 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 June 30, 2025	% of Loans Outstanding	As of March 31, 2025	% of Loans Outstanding	As of June 30, 2024	% of Loans Outstanding
Risk Rating:
Pass	$ 6,751,005	97.01 %	$ 6,582,345	96.50 %	$ 6,536,223	96.94 %
Special Mention	73,215	1.05 %	106,243	1.56 %	101,324	1.50 %
Substandard	134,773	1.94 %	132,186	1.94 %	104,979	1.56 %
Total	$ 6,958,993	100.00 %	$ 6,820,774	100.00 %	$ 6,742,526	100.00 %
Classified loans to total loans	1.94 %		1.94 %		1.56 %
Loans past due 30+ days to total loans	0.62 %		0.66 %		0.45 %
ACL to non-performing loans	192.11 %		234.12 %		376.87 %

The ratio of classified loans to total loans of 1.94% as of June 30, 2025, was unchanged from March 31, 2025, and increased 38 basis points from the comparative quarter ended 2024. The change in classified loans outstanding as compared to the trailing quarter represented an increase of $2.6 million. While the increase is concentrated within commercial real estate farmland, the corresponding loans are current as of the reporting date with no history of delinquency.

Table of Contents

Loans past due 30 days or more decreased by $1.8 million during the quarter ended June 30, 2025, to $43.0 million, as compared to $44.8 million at March 31, 2025. The majority of loans identified as past due are well-secured by collateral, and approximately $12.4 million are less than 90 days delinquent.

Non-performing loans increased by $9.9 million during the quarter ended June 30, 2025 to $64.8 million as compared to $54.9 million at March 31, 2025. As noted above, this increase is concentrated within commercial real estate farmland and 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 actionable strategies will further benefit from the continued improvement in agricultural commodity prices, stable water supply, and growing crop demand. Of the $64.8 million loans designated as non-performing as of June 30, 2025, approximately $30.7 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 June 30, 2025, other real estate owned consisted of 9 properties with a carrying value of approximately $2.7 million, consistent with March 31, 2025. Non-performing assets of $67.5 million at June 30, 2025, represented 0.68% of total assets, a change from $57.5 million or 0.59% and $35.3 million or 0.36% as of March 31, 2025 and June 30, 2024, respectively.

Non-interest Income

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

(in thousands)	Three months ended June 30, — 2025	2024	$ Change	% Change
ATM and interchange fees	$ 6,590	$ 6,372	$ 218	3.4 %
Service charges on deposit accounts	5,189	4,847	342	7.1 %
Other service fees	1,485	1,286	199	15.5 %
Mortgage banking service fees	438	438	—	— %
Change in value of mortgage servicing rights	(52)	(147)	95	64.6 %
Total service charges and fees	13,650	12,796	854	6.7 %
Increase in cash value of life insurance	842	831	11	1.3 %
Asset management and commission income	1,635	1,359	276	20.3 %
Gain on sale of loans	503	388	115	29.6 %
Lease brokerage income	50	154	(104)	(67.5) %
Sale of customer checks	318	301	17	5.6 %
(Loss) gain on sale or exchange of investment securities	4	(45)	49	108.9 %
(Loss) gain on marketable equity securities	8	(121)	129	106.6 %
Other	80	203	(123)	(60.6) %
Total other non-interest income	3,440	3,070	370	12.1 %
Total non-interest income	$ 17,090	$ 15,866	$ 1,224	7.7 %

Non-interest income increased $1.2 million or 7.7% to $17.1 million during the three months ended June 30, 2025, compared to $15.9 million during the comparative quarter ended June 30, 2024. Growth in deposit balances and related transactional activities contributed to elevated interchange fees and services charge income, which increased by $0.9 million. Further, elevated activity and volume of assets under management drove an increase of $0.3 million or 20.3% in asset management and commission income for the period ended June 30, 2025 as compared to the same period in 2024.

Table of Contents

(in thousands)	Six months ended June 30, — 2025	2024	$ Change	% Change
ATM and interchange fees	$ 12,696	$ 12,541	$ 155	1.2 %
Service charges on deposit accounts	10,103	9,510	593	6.2 %
Other service fees	2,844	2,652	192	7.2 %
Mortgage banking service fees	877	866	11	1.3 %
Change in value of mortgage servicing rights	(192)	(136)	(56)	41.2 %
Total service charges and fees	26,328	25,433	895	3.5 %
Increase in cash value of life insurance	1,662	1,634	28	1.7 %
Asset management and commission income	3,123	2,487	636	25.6 %
Gain on sale of loans	847	649	198	30.5 %
Lease brokerage income	116	315	(199)	(63.2) %
Sale of customer checks	663	613	50	8.2 %
Gain (loss) on sale or exchange of investment securities	(1,142)	(45)	(1,097)	(2,437.8) %
Gain (loss) on marketable equity securities	47	(149)	196	131.5 %
Other	1,519	700	819	117.0 %
Total other non-interest income	6,835	6,204	631	10.2 %
Total non-interest income	$ 33,163	$ 31,637	$ 1,526	4.8 %

Non-interest income increased $1.5 million or 4.8% to $33.2 million during the six months ended June 30, 2025, compared to $31.6 million during the comparative six months ended June 30, 2024. Service charges and customer fees are elevated in the 2025 period and resulted in an increase of $0.9 million as compared to the six months ended June 30, 2024. Further, as noted previously, elevated activity within asset management and commission income contributed to overall improvement in total non-interest income.

Table of Contents

Non-interest Expense

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

(in thousands)	Three months ended June 30, — 2025	2024	$ Change	% Change
Base salaries, net of deferred loan origination costs	$ 25,757	$ 23,852	$ 1,905	8.0 %
Incentive compensation	5,223	4,711	512	10.9 %
Benefits and other compensation costs	7,306	6,838	468	6.8 %
Total salaries and benefits expense	38,286	35,401	2,885	8.1 %
Occupancy	4,200	4,063	137	3.4 %
Data processing and software	4,959	5,094	(135)	(2.7) %
Equipment	1,189	1,330	(141)	(10.6) %
Intangible amortization	483	1,030	(547)	(53.1) %
Advertising	808	819	(11)	(1.3) %
ATM and POS network charges	1,843	1,987	(144)	(7.2) %
Professional fees	1,667	1,814	(147)	(8.1) %
Telecommunications	513	558	(45)	(8.1) %
Regulatory assessments and insurance	1,297	1,144	153	13.4 %
Postage	385	340	45	13.2 %
Operational losses	270	244	26	10.7 %
Courier service	544	559	(15)	(2.7) %
Loss (gain) on disposal of fixed assets	5	1	4	400.0 %
Other miscellaneous expense	4,682	3,955	727	18.4 %
Total other non-interest expense	22,845	22,938	(93)	(0.4) %
Total non-interest expense	$ 61,131	$ 58,339	$ 2,792	4.8 %
Average full time equivalent staff	1,171	1,160	11	0.9 %

Total non-interest expense increased $2.8 million or 4.8% to $61.1 million during the three months ended June 30, 2025, as compared to $58.3 million for the quarter ended June 30, 2024. Total salaries and benefits expense increased by $2.9 million or 8.1%, reflecting the increase of $1.9 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 $0.5 million, reflecting elevated levels of production in both loans and deposits during the second quarter of 2025, as compared to 2024. Other non-interest expense line items generally evidenced broad based incremental decreases, slightly offset by elevated business travel, donations, as well as contract termination costs as noted above.

Table of Contents

(in thousands)	Six months ended June 30, — 2025	2024	$ Change	% Change
Base salaries, net of deferred loan origination costs	$ 51,158	$ 47,872	$ 3,286	6.9 %
Incentive compensation	9,261	7,968	1,293	16.2 %
Benefits and other compensation costs	14,722	13,865	857	6.2 %
Total salaries and benefits expense	75,141	69,705	5,436	7.8 %
Occupancy	8,277	8,014	263	3.3 %
Data processing and software	10,017	10,201	(184)	(1.8) %
Equipment	2,473	2,686	(213)	(7.9) %
Intangible amortization	997	2,060	(1,063)	(51.6) %
Advertising	2,012	1,581	431	27.3 %
ATM and POS network charges	3,694	3,648	46	1.3 %
Professional fees	3,185	3,154	31	1.0 %
Telecommunications	1,001	1,069	(68)	(6.4) %
Regulatory assessments and insurance	2,580	2,395	185	7.7 %
Postage	705	648	57	8.8 %
Operational losses	694	596	98	16.4 %
Courier service	1,032	1,039	(7)	(0.7) %
(Gain) loss on sale or acquisition of foreclosed assets	(3)	(38)	35	(92.1) %
(Gain) loss on disposal of fixed assets	90	6	84	1,400.0 %
Other miscellaneous expense	8,821	8,079	742	9.2 %
Total other non-interest expense	45,575	45,138	437	1.0 %
Total non-interest expense	$ 120,716	$ 114,843	$ 5,873	5.1 %
Average full time equivalent staff	1,183	1,174	9	0.8 %

Non-interest expense increased $5.9 million or 5.1% to $120.7 million during the six months ended June 30, 2025, as compared to $114.8 million for the six months ended June 30, 2024. The largest component was salaries and benefits expense which increased $5.4 million or 7.8% to $75.1 million, largely for the reasons mentioned above. Other non-interest expense line items evidenced broad based but incremental increases, led by elevated business travel, donations, and non-recurring contract termination costs.

Income Taxes

The Company’s effective tax rate was 27.2% for the quarter ended June 30, 2025, as compared to 25.3% for the year ended March 31, 2025. 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	June 30, 2025	March 31, 2025		Annualized % Change
(dollars in thousands)			$ Change
Total assets	$ 9,923,983	$ 9,819,599	$ 104,384	4.3 %
Total loans	6,958,993	6,820,774	138,219	8.1
Total investments	1,936,954	1,979,116	(42,162)	(8.5)
Total deposits	8,375,809	8,205,332	170,477	8.3
Total other borrowings	17,788	91,706	(73,918)	(322.4)

Loans outstanding increased by $138.2 million or 8.1% on an annualized basis during the quarter ended June 30, 2025. During the quarter, loan originations/draws totaled approximately $457.7 million while payoffs/repayments of loans totaled $329.3 million, which compares to originations/draws and payoffs/repayments during the trailing quarter ended of $357.5 million and $321.3 million, respectively. Origination volume was elevated relative to recent quarters as interest rates have contracted from the highs experienced in early 2025, and the macro-economic outlook continues to improve for borrowers following the passage of tax and spending legislation that is expected to promote

Table of Contents

continued economic expansion, in addition to progress toward finalizing tariff policies with our largest trade partners. The activity within loan payoffs/repayments remains spread amongst numerous borrowers, regions and loan types.

Investment security balances decreased $42.2 million or 8.5% on an annualized basis during the quarter as a result of net prepayments/maturities of $64.5 million, partially offset by net increases in the market value of securities of $12.8 million and purchases of $10.2 million. Investment security purchases were comprised of fixed rate agency mortgage-backed securities. 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 increased by $170.5 million or 8.3% annualized during the period, primarily due to increases in demand and savings deposit accounts. Other borrowings decreased by $73.9 million or 322.4% during the quarter following the repayment of all short-term FHLB advances.

Prior to September 30, 2025, management anticipates repayment to the holders of the North Valley Trust II, III and IV as well as the VRB Subordinated debt issued by TriCo, which had a total face value of $57.7 million, recorded book value of $60.0 million, and weighted average rate of 6.54% as of June 30, 2025.

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

Ending balances — (dollars in thousands)	As of June 30, — 2025	2024	$ Change	% Change
Total assets	$ 9,923,983	$ 9,741,399	$ 182,584	1.9 %
Total loans	6,958,993	6,742,526	216,467	3.2
Total investments	1,936,954	2,086,090	(149,136)	(7.1)
Total deposits	8,375,809	8,050,230	325,579	4.0
Total other borrowings	17,788	247,773	(229,985)	(92.8)

Investment Securities

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

(in thousands)	June 30, 2025 — Fair Value	%	December 31, 2024 — Fair Value	%
Debt securities available for sale :
Obligations of U.S. government agencies	$ 1,086,082	59.8 %	$ 1,094,185	57.4 %
Obligations of states and political subdivisions	212,571	11.7 %	220,744	11.6 %
Corporate bonds	5,503	0.3 %	5,837	0.3 %
Asset backed securities	263,679	14.5 %	314,263	16.5 %
Non-agency mortgage backed	247,541	13.7 %	269,856	14.2 %
Total debt securities available for sale	$ 1,815,376	100.0 %	$ 1,904,885	100.0 %

(in thousands)	June 30, 2025 — Amortized Cost	%	December 31, 2024 — Amortized Cost	%
Debt securities held to maturity :
Obligations of U.S. government and agencies	$ 98,940	97.3 %	$ 109,155	97.6 %
Obligations of states and political subdivisions	2,732	2.7 %	2,711	2.4 %
Total debt securities held to maturity	$ 101,672	100.0 %	$ 111,866	100.0 %

Investment securities held to maturity decreased $10.2 million to $101.7 million as of June 30, 2025, as compared to December 31, 2024. This decrease is attributable to calls and principal repayments of $10.1 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.

Table of Contents

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. 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) — Commercial real estate	June 30, 2025 — $ 4,730,732	68.0 %	December 31, 2024 — $ 4,577,632	67.6 %
Consumer	1,288,691	18.5 %	1,281,059	18.9 %
Commercial and industrial	467,564	6.7 %	471,271	7.0 %
Construction	304,920	4.4 %	279,933	4.1 %
Agriculture production	161,457	2.3 %	151,822	2.3 %
Leases	5,629	0.1 %	6,806	0.1 %
Total loans	$ 6,958,993	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)	June 30, 2025	December 31, 2024
Performing nonaccrual loans	$ 34,121	$ 19,543
Nonperforming nonaccrual loans	30,464	24,493
Total nonaccrual loans	64,585	44,036
Loans 90 days past due and still accruing	198	60
Total nonperforming loans	64,783	44,096
Foreclosed assets	2,683	2,786
Total nonperforming assets	$ 67,466	$ 46,882
Nonperforming assets to total assets	0.68 %	0.48 %
Nonperforming loans to total loans	0.93 %	0.65 %
Allowance for credit losses to nonperforming loans	192 %	284 %

Table of Contents

Changes in nonperforming assets during the three months ended June 30, 2025

(in thousands)	Balance at March 31, 2025	New NPA / Valuation Adjustments	Pay-downs /Sales /Upgrades	Charge-offs/ (1) Write-downs	Transfers to Foreclosed Assets	Balance at June 30, 2025
Commercial real estate:
CRE non-owner occupied	$ 3,004	603	(59)	—	—	$ 3,548
CRE owner occupied	5,339	4,919	(3,582)	—	—	6,676
Multifamily	467	—	(7)	—	—	460
Farmland	21,472	14,655	(316)	—	—	35,811
Total commercial real estate loans	30,282	20,177	(3,964)	—	—	46,495
Consumer
SFR 1-4 1st DT liens	5,867	828	(319)	—	—	6,376
SFR HELOCs and junior liens	4,708	424	(346)	—	—	4,786
Other	262	218	(73)	(89)	—	318
Total consumer loans	10,837	1,470	(738)	(89)	—	11,480
Commercial and industrial	10,220	170	(108)	(8,384)	—	1,898
Construction	54	1,863	(3)	—	—	1,914
Agriculture production	3,461	202	(656)	(11)	—	2,996
Leases	—	—	—	—	—	—
Total nonperforming loans	54,854	23,882	(5,469)	(8,484)	—	64,783
Foreclosed assets	2,685	—		(2)	—	2,683
Total nonperforming assets	$ 57,539	23,882	(5,469)	(8,486)	—	$ 67,466

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

Nonperforming assets increased during the three months ended June 30, 2025 by $9.9 million or 17.3% to $67.5 million compared to $57.5 million at March 31, 2025. The increase in nonperforming assets during the second quarter of 2025 was primarily the result of nonperforming loan additions totaling $23.9 million, partially offset by pay-downs and upgrades, which totaled $5.5 million during the quarter, as well as $8.5 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 June 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 June 30, 2025
Commercial real estate:
CRE non-owner occupied	$ 3,017	603	(72)	—	—	$ 3,548
CRE owner occupied	3,874	6,538	(3,736)	—	—	6,676
Multifamily	480	—	(20)	—	—	460
Farmland	16,195	20,140	(524)	—	—	35,811
Total commercial real estate loans	23,566	27,281	(4,352)	—	—	46,495
Consumer
SFR 1-4 1st DT liens	5,979	1,134	(737)	—		6,376
SFR HELOCs and junior liens	3,868	1,593	(675)	—		4,786
Other	204	284	(80)	(90)		318
Total consumer loans	10,051	3,011	(1,492)	(90)	—	11,480
Commercial and industrial	9,765	978	(204)	(8,641)		1,898
Construction	57	1,863	(6)	—		1,914
Agriculture production	657	3,203	(853)	(11)		2,996
Leases	—	—	—	—		—
Total nonperforming loans	44,096	36,336	(6,907)	(8,742)	—	64,783
Foreclosed assets	2,786	—	(101)	(2)		2,683
Total nonperforming assets	$ 46,882	36,336	(7,008)	(8,744)	—	$ 67,466

Table of Contents

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

Loan charge-offs during the three months ended June 30, 2025

In the second quarter of 2025, the Company recorded $8.6 million in loan charge-offs and $0.1 million in loan recoveries which collectively resulted in $8.5 million in net charge-offs. Nearly all of the charge-offs were associated with loans that were individually analyzed and reserved for in prior periods and thus had limited impact on the provision for credit losses during the three months ended June 30, 2025.

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)	June 30, 2025	December 31, 2024	June 30, 2024
Allowance for credit losses:
Allowance for collectively evaluated loans	$ 120,490	$ 120,741	$ 122,499
Allowance for individually evaluated loans	3,965	4,625	1,018
Total allowance for credit losses	$ 124,455	$ 125,366	$ 123,517
Allowance for credit losses for loans / total loans	1.79 %	1.85 %	1.83 %

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 $124.5 million allowance for loan losses at June 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.

Table of Contents

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) — Commercial real estate	June 30, 2025 — $ 74,484	59.8 %	December 31, 2024 — $ 72,849	58.1 %	June 30, 2024 — $ 73,032	59.1 %
Consumer	25,318	20.3 %	27,463	21.9 %	27,674	22.4 %
Commercial and industrial	10,024	8.1 %	14,397	11.5 %	12,128	9.8 %
Construction	10,995	8.8 %	7,224	5.8 %	7,466	6.0 %
Agriculture production	3,609	3.0 %	3,403	2.7 %	3,180	2.7 %
Leases	25	0.0 %	30	0.0 %	37	0.0 %
Total allowance for credit losses	$ 124,455	100.0 %	$ 125,366	100.0 %	$ 123,517	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)	June 30, 2025	December 31, 2024
Commercial real estate	1.57 %	1.59 %	1.64 %
Consumer	1.96 %	2.14 %	2.13 %
Commercial and industrial	2.14 %	3.05 %	2.21 %
Construction	3.61 %	2.58 %	2.63 %
Agriculture production	2.24 %	2.24 %	2.27 %
Leases	0.44 %	0.44 %	0.44 %
Total loans	1.79 %	1.85 %	1.83 %

Table of Contents

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

(in thousands)	Three months ended June 30, — 2025	2024	Six months ended June 30, — 2025	2024
Allowance for credit losses:
Balance at beginning of period	$ 128,423	$ 124,394	$ 125,366	$ 121,522
ACL on PCD loans	—	—	—	—
Provision for credit losses	4,525	335	7,188	4,350
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	—	(9)	—	(41)
Other	(200)	(118)	(317)	(368)
Commercial and industrial	(8,384)	(870)	(8,641)	(1,000)
Construction	—	—	—	—
Agriculture production	(11)	(613)	(11)	(1,450)
Leases	—	—	—	—
Total loans charged-off	(8,595)	(1,610)	(8,969)	(2,885)
Recoveries of previously charged-off loans:
Commercial real estate:
CRE non-owner occupied	—	—	—	—
CRE owner occupied	1	1	1	1
Multifamily	—	—	—	—
Farmland	—	—	—	—
Consumer:
SFR 1-4 1st DT liens	—	—	—	—
SFR HELOCs and junior liens	4	51	16	100
Other	36	81	73	121
Commercial and industrial	60	261	166	283
Construction	—	—	—	—
Agriculture production	1	4	614	25
Leases	—	—	—	—
Total recoveries of previously charged-off loans	102	398	870	530
Net charge-offs	(8,493)	(1,212)	(8,099)	(2,355)
Balance at end of period	$ 124,455	$ 123,517	$ 124,455	$ 123,517
Average total loans	$ 6,878,186	$ 6,792,303	$ 6,827,469	$ 6,789,072
Ratios (annualized):
Net (charge-offs) recoveries during period to average loans outstanding during period	(0.49) %	(0.07) %	(0.24) %	(0.07) %
Provision for credit losses to average loans outstanding during period	0.26 %	0.02 %	0.21 %	0.13 %

Table of Contents

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 six months ended June 30, 2025:

(in thousands)	Balance at December 31, 2024	Sales	Valuation Adjustments	Transfers from Loans	Balance at June 30, 2025
Land & construction	$ 204	$ —	$ —	$ —	$ 204
Residential real estate	1,683	(101)	(2)	—	1,580
Commercial real estate	899	—	—	—	899
Total foreclosed assets	$ 2,786	$ (101)	$ (2)	$ —	$ 2,683

Deposits

During the six months ended June 30, 2025, the Company’s deposits increased by $288.2 million to $8.4 billion at quarter end. There were no brokered deposits included in the deposit balances as of June 30, 2025 and December 31, 2024. Estimated uninsured deposits totaled $2.8 billion and $2.5 billion as of June 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 six months ended June 30, 2025, the Company repurchased 379,978 and 469,632 shares with market values of $15.2 million and$18.9 million, respectively. In addition, the Company’s Tier 1 common equity and tangible capital ratios increased to 13.1% and 10.0%, respectively as of June 30, 2025, compared to 13.2% and 9.7%, respectively, as of December 31, 2024.

Total shareholders' equity increased by $11.3 million during the quarter ended June 30, 2025, as net income of $27.5 million and a $9.0 million decrease in accumulated other comprehensive losses were partially offset by $10.8 million in cash dividends on common stock and $15.7 million in share repurchase activity. As a result, the Company’s book value increased to $38.92 per share at June 30, 2025, compared to $38.17 at March 31, 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 $29.40 per share at June 30, 2025, as compared to $28.73 at March 31, 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. 15.7%

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

	June 30, 2025 — Ratio	Minimum Regulatory Requirement	December 31, 2024 — Ratio	Minimum Regulatory Requirement
Total risk based capital	15.6 %	10.5 %	15.7 %	10.5 %
Tier I capital	13.9 %	8.5 %	14.0 %	8.5 %
Common equity Tier 1 capital	13.1 %	7.0 %	13.2 %	7.0 %
Leverage	11.8 %	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.

Table of Contents

Prior to September 30, 2025, management anticipates providing notice of and repayment to the holders of the North Valley Trust II, III and IV as well as the VRB Subordinated debt issued by TriCo, which had a total face value of $57.7 million, recorded book value of $60.0 million, and weighted average rate of 6.54% as of June 30, 2025. The repayment of this debt will be facilitated through a cash dividend from the Bank to the Company, however, it is not anticipated to have any significant impact on the Bank's liquidity, shareholder equity or regulatory capital positions.

As of June 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)	June 30, 2025	December 31, 2024
Borrowing capacity at correspondent banks and FRB	$ 3,006,667	$ 2,882,859
Less: borrowings outstanding	—	(367,000)
Unpledged available-for-sale investment securities	1,005,774	1,435,990
Cash held or in transit with FRB	263,922	41,541
Total primary liquidity	$ 4,276,363	$ 3,993,390

At June 30, 2025, the Company's primary sources of liquidity represented 51% of total deposits and 153% 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 $97.0 million, including approximately $4.7 million in net unrealized losses.

The Company’s profitability during the first six months of 2025 generated cash flows from operations of $53.8 million compared to $56.9 million during the first six months of 2024. Net cash from investing activities was $59.4 million for the six months ended June 30, 2025, compared to net cash from investing activities of $255.0 million during the six months ending 2024. Financing activities provided $174.9 million during the six months ended June 30, 2025, compared to using $204.1 million during the six months ended June 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 half 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 $21.6 million and $21.9 million of cash during the six months ended June 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.

Table of Contents

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:

(dollars in thousands)	Three months ended — June 30, 2025	Six months ended — June 30, 2024	June 30, 2025	June 30, 2024
Net interest margin
Acquired loans discount accretion, net:
Amount (included in interest income)	$1,247	$850	$3,242	$2,182
Effect on average loan yield	0.08 %	0.05 %	0.09 %	0.06 %
Effect on net interest margin (FTE)	0.06 %	0.04 %	0.07 %	0.05 %
Net interest margin (FTE)	3.88 %	3.68 %	3.81 %	3.68 %
Net interest margin less effect of acquired loan discount accretion (Non-GAAP)	3.82 %	3.64 %	3.73 %	3.63 %

(dollars in thousands)	Three months ended — June 30, 2025	June 30, 2024	Six months ended — June 30, 2025	June 30, 2024
Pre-tax pre-provision return on average assets or equity
Net income (GAAP)	$27,542	$29,034	$53,905	$56,783
Exclude provision for income taxes	10,271	10,085	19,210	20,034
Exclude provision for credit losses	4,665	405	8,393	4,710
Net income before income tax and provision expense (Non-GAAP)	$42,478	$39,524	$81,508	$81,527
Average assets (GAAP)	$9,778,834	$9,782,228	$9,793,444	$9,819,012
Average equity (GAAP)	$1,273,092	$1,169,324	$1,262,602	$1,171,958
Return on average assets (GAAP) (annualized)	1.13 %	1.19 %	1.11 %	1.16 %
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized)	1.74 %	1.63 %	1.68 %	1.67 %
Return on average equity (GAAP) (annualized)	8.68 %	9.99 %	8.61 %	9.74 %
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized)	13.38 %	13.59 %	13.02 %	13.95 %

Table of Contents

(dollars in thousands)	Three months ended — June 30, 2025	June 30, 2024	Six months ended — June 30, 2025	June 30, 2024
Return on tangible common equity
Average total shareholders' equity	$1,273,092	$1,169,324	$1,262,602	$1,171,958
Exclude average goodwill	304,442	304,442	304,442	304,442
Exclude average other intangibles	5,743	9,007	5,987	9,522
Average tangible common equity (Non-GAAP)	$962,907	$855,875	$952,173	$857,994
Net income (GAAP)	$27,542	$29,034	$53,905	$56,783
Exclude amortization of intangible assets, net of tax effect	340	725	702	1,451
Tangible net income available to common shareholders (Non-GAAP)	$27,882	$29,759	$54,607	$58,234
Return on average equity (GAAP) (annualized)	8.68 %	9.99 %	8.61 %	9.74 %
Return on average tangible common equity (Non-GAAP)	11.61 %	13.98 %	11.57 %	13.65 %

(dollars in thousands)	As of — June 30, 2025	December 31, 2024
Tangible shareholders' equity to tangible assets
Shareholders' equity (GAAP)	$1,266,823	$1,220,907
Exclude goodwill and other intangible assets, net	309,877	310,874
Tangible shareholders' equity (Non-GAAP)	$956,946	$910,033
Total assets (GAAP)	$9,923,983	$9,673,728
Exclude goodwill and other intangible assets, net	309,877	310,874
Total tangible assets (Non-GAAP)	$9,614,106	$9,362,854
Shareholders' equity to total assets (GAAP)	12.77 %	12.62 %
Tangible shareholders' equity to tangible assets (Non-GAAP)	9.95 %	9.72 %

(dollars in thousands)	As of — June 30, 2025	December 31, 2024
Tangible common shareholders' equity per share
Tangible shareholders' equity (Non-GAAP)	$956,946	$910,033
Common shares outstanding at end of period	32,550,264	32,970,425
Common shareholders' equity (book value) per share (GAAP)	$38.92	$37.03
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP)	$29.40	$27.60

Table of Contents

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 June 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 June 30, 2025, the Company's loan portfolio consisted of approximately $7.0 billion in outstanding principal with a weighted average coupon rate of 5.57%. During the three-month periods ending June 30, 2025, March 31, 2025, and June 30, 2024, the weighted average coupon on loan production in the quarter was 6.43%, 6.73% and 7.98%, respectively. Included in the June 30, 2025 total loans balance are adjustable rate loans totaling $4.5 billion, of which $0.9 billion are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $282.9 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 June 30, 2025, non-interest bearing deposits represented 30.6% of total deposits. Further, during the quarter ended June 30, 2025, the cost of interest bearing deposits were 1.97% and the cost of total deposits were 1.37%. 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. Through the first quarter of 2025 and during the entire 2024 year, management did not utilize any brokered deposits. Management did however utilize borrowing lines from the FHLB, both overnight and term structured up to 12 months, during this same period. There were no FHLB borrowings outstanding as of June 30, 2025.

As of June 30, 2025 the overnight Federal funds effective rate, the rate primarily used in these interest rate shock scenarios, was 4.33%. 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 June 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)	(8.7) %	(1.7) %
+200 (shock)	(3.9) %	(1.0) %
+100 (shock)	(1.9) %	(0.1) %
+ 0 (flat)	—	—
-100 (shock)	— %	(2.8) %
-200 (shock)	(0.5) %	(8.1) %
-300 (shock)	0.9 %	(15.5) %

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 June 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 June 30, 2025.

During the three months ended June 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)
April 1-30, 2025	28,671	$ 38.30	28,671	712,198
May 1-31, 2025	179,859	40.27	176,258	535,940
June 1-30, 2025	182,990	40.19	175,049	360,891
Total	391,520	$ 40.09	379,978

(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 six months ended June 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
10.1*	Form of Restricted Stock Unit Agreement and Grant Notice for Non-Executives pursuant to TriCo’s 2024 Equity Incentive Plan
10.2*	Form of Restricted Stock Unit Agreement and Grant Notice for Executives pursuant to TriCo’s 2024 Equity Incentive Plan
10.3*	Form of Performance Award Agreement and Grant Notice for Non-Executives pursuant to TriCo’s 2024 Equity Incentive Plan
10.4*	Form of Performance Award Agreement and Grant Notice for Executives pursuant to TriCo’s 2024 Equity Incentive Plan
10.5*	Form of Restricted Stock Unit Agreement and Grant Notice for Non-employee Directors pursuant to TriCo's 2024 Equity Incentive Plan
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: August 11, 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)