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Junior Subordinated Debt | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Junior Subordinated Debt | Junior Subordinated Debt At December 31, 2023, the Company had five wholly-owned subsidiary business trusts that had issued $63.0 million of trust preferred securities (the “Capital Trusts”). Trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in the indentures. The trusts used the net proceeds from the offering to purchase a like amount of subordinated debentures (the “Debentures”) of the Company. The Debentures are the sole assets of the trusts. The Company’s obligations under the subordinated debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon the maturity of the Debentures, or upon earlier redemption as provided in the indentures. The Company has the right to redeem the Debentures in whole (but not in part) on or after specific dates, at a redemption price specified in the indentures plus any accrued but unpaid interest to the redemption date. The Company also has a right to defer consecutive payments of interest on the debentures for up to five years. The Company organized two of the Capital Trusts. The Company acquired its three other Capital Trusts and assumed their related Debentures as a result of its acquisition of North Valley Bancorp in 2014. The acquired Debentures were recorded on the Company’s books at their fair values on the acquisition date. The related fair value discounts to face value of these Debentures will be amortized over the remaining period in which their values are fully allowed to be included in the Company's capital ratio calculations using the effective interest method. The recorded book values of the Debentures issued by the Capital Trusts are reflected as junior subordinated debt in the Company’s consolidated balance sheets. The common stock issued by the Capital Trusts and owned by the Company is recorded in other assets in the Company’s consolidated balance sheets. The recorded book value of the debentures issued by the Capital Trusts, less the recorded book value of the common stock of the Capital Trusts owned by the Company will continue to qualify as Tier 1 or Tier 2 capital under interim guidance issued by the Board of Governors of the Federal Reserve System until only five years remain until their scheduled maturity. In connection with the acquisition of Valley Republic Bancorp the Company assumed $36.0 million in subordinated capital notes, comprised of $16.0 million that matures in 2029 and $20.0 million that matures in 2035. The notes that mature in 2029 provide for quarterly interest payments at a fixed rate of 6.00% until March 29, 2024 and then will have a floating rate of three month SOFR plus 3.52% until maturity. The notes that mature in 2035 provide for quarterly interest payments at a fixed rate of 5.00% until August 27, 2025 and then will have a floating rate of 90-day average SOFR plus 4.90% until maturity. The acquired subordinated capital notes were recorded on the Company’s books at their fair values on the acquisition date. The related fair value premiums to face value will be amortized over the remaining maturity period using the effective interest method. The following table summarizes the terms and recorded balance of each subordinated debenture as of the date indicated (dollars in thousands):
|  |  |  |  |  | Coupon Rate (Variable) 3 mo. SOFR + |  | As of December 31, 2023 |  | December 31, 2022
Subordinated Debt Series |  | Maturity Date |  | Face Value |  | Current Coupon Rate |  | Recorded Book Value |  | Recorded Book Value
TriCo Cap Trust I |  | 10/7/2033 |  | $ | 20,619 |  |  | 3.05 | % |  | 8.71 | % |  | $ | 20,619 |  |  | $ | 20,619 |
TriCo Cap Trust II |  | 7/23/2034 |  | 20,619 |  |  | 2.55 | % |  | 8.22 | % |  | 20,619 |  |  | 20,619 |
North Valley Trust II |  | 4/24/2033 |  | 6,186 |  |  | 3.25 | % |  | 8.89 | % |  | 5,602 |  |  | 5,503 |
North Valley Trust III |  | 7/23/2034 |  | 5,155 |  |  | 2.80 | % |  | 8.47 | % |  | 4,472 |  |  | 4,383 |
North Valley Trust IV |  | 3/15/2036 |  | 10,310 |  |  | 1.33 | % |  | 6.98 | % |  | 7,615 |  |  | 7,393 |
VRB Subordinated - 6% |  | 3/29/2029 |  | 16,000 |  |  | Fixed |  | 6.00 | % |  | 17,000 |  |  | 17,187 |
VRB Subordinated - 5% |  | 8/27/2035 |  | 20,000 |  |  | Fixed |  | 5.00 | % |  | 25,172 |  |  | 25,336 |
|  |  |  | $ | 98,889 |  |  |  |  |  |  | $ | 101,099 |  |  | $ | 101,040 |

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- Definition Junior subordinated debt. + References No definition available. + Details
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- References No definition available. + Details
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