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Business Combinations | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Business Combinations | Business Combinations On March 25, 2022, the Company completed its acquisition of Valley Republic Bancorp (VRB), including the merger of Valley Republic Bank into Tri Counties Bank, with Tri Counties Bank as the surviving entity, in accordance with the terms of the merger agreement dated as of July 27, 2021. The cash and stock transaction was valued at $174,016,000 in aggregate, based on TriCo's closing stock price of $42.48 on March 25, 2022. Under the terms of the merger agreement, the Company issued 4,105,518 shares, in addition to approximately $431,000 in cash paid out for settlement of stock option awards at VRB. The acquisition of VRB has been accounted for as a business combination. The Company recorded the fair values based on the valuations available as of acquisition date, and subject to adjustment up to one year following the merger date of March 25, 2022. During the fourth quarter of 2022, an adjustment to the initial allocation was based on more detailed information obtain about tax-related matters. Management believes the purchase price allocation is now finalized as December 31, 2022. The following table summarizes the consideration paid for VRB and the amounts of assets acquired and liabilities assumed that were recorded at the acquisition date (in thousands):
| Estimated Fair Value March 25, 2022 |  | Adjustments |  | Fair Value December 31, 2022
Fair value of consideration transferred: |  |  |  |  |
Fair value of shares issued | $ | 173,585 |  |  | $ | — |  |  | $ | 173,585 |
Cash consideration | 431 |  |  | — |  |  | 431 |
Total fair value of consideration transferred | 174,016 |  |  | — |  |  | 174,016 |
Assets acquired: |  |  |  |  |
Cash and cash equivalents | 427,314 |  |  | — |  |  | 427,314 |
Securities available for sale | 109,716 |  |  | — |  |  | 109,716 |
Loans and leases | 771,353 |  |  | — |  |  | 771,353 |
Premises and equipment | 4,658 |  |  | — |  |  | 4,658 |
Cash value of life insurance | 13,609 |  |  | — |  |  | 13,609 |
Core deposit intangible | 10,635 |  |  | — |  |  | 10,635 |
Other assets | 26,244 |  |  | 3,500 |  |  | 29,744 |
Total assets acquired | 1,363,529 |  |  | 3,500 |  |  | 1,367,029 |
Liabilities assumed: |  |  |  |  |
Deposits | (1,215,479) |  |  | — |  |  | (1,215,479) |
Subordinated debt | (47,236) |  |  | — |  |  | (47,236) |
SERP liability | (3,352) |  |  | — |  |  | (3,352) |
Other liabilities | (10,516) |  |  | — |  |  | (10,516) |
Total liabilities assumed | (1,276,583) |  |  | — |  |  | (1,276,583) |
Total net assets acquired | 86,946 |  |  | — |  |  | 90,446 |
Goodwill recognized | $ | 87,070 |  |  | $ | (3,500) |  |  | $ | 83,570 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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- References No definition available. + Details
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