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Business Combinations | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Business Combinations | Business Combinations On March 25, 2022, the Company completed its acquisition of Valley Republic Bancorp, 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 approximately $174.0 million 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 approximately 4.1 million shares, in addition to approximately $0.4 million in cash paid out for settlement of stock option awards at VRB. 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):
|  |  |  |  | Fair Value as of March 25, 2022
Fair value of consideration transferred: |  |  |  |  |
Fair value of shares issued |  |  |  |  | $ | 173,585 |
Cash consideration |  |  |  |  | 431 |
Total fair value of consideration transferred |  |  |  |  | 174,016 |
Assets acquired: |  |  |  |  |
Cash and cash equivalents |  |  |  |  | 427,314 |
Securities available for sale |  |  |  |  | 109,716 |
Loans and leases |  |  |  |  | 771,353 |
Premises and equipment |  |  |  |  | 4,658 |
Cash value of life insurance |  |  |  |  | 13,609 |
Core deposit intangible |  |  |  |  | 10,635 |
Other assets |  |  |  |  | 29,744 |
Total assets acquired |  |  |  |  | 1,367,029 |
Liabilities assumed: |  |  |  |  |
Deposits |  |  |  |  | (1,215,479) |
Subordinated debt |  |  |  |  | (47,236) |
SERP liability |  |  |  |  | (3,352) |
Other liabilities |  |  |  |  | (10,516) |
Total liabilities assumed |  |  |  |  | (1,276,583) |
Total net assets acquired |  |  |  |  | 90,446 |
Goodwill recognized |  |  |  |  | $ | 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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