TriCo Bancshares Condensed Financial Statements (Parent Only)

12 Months Ended

Dec. 31, 2023

Condensed Balance Sheets


	December 31, 2023		December 31, 2022
	(In thousands)
Assets
Cash and cash equivalents	$	6,356	$	7,987
Investment in Tri Counties Bank	1,253,492		1,138,429
Other assets	1,872		1,818
Total assets	$	1,261,720	$	1,148,234
Liabilities and shareholders’ equity
Other liabilities	$	939	$	778
Junior subordinated debt	101,099		101,040
Total liabilities	102,038		101,818
Shareholders’ equity:
Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at December 31, 2023 and 2022	—		—
Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 33,268,102 and 33,331,513 shares at December 31, 2023 and 2022, respectively	697,349		697,448
Retained earnings	615,502		542,873
Accumulated other comprehensive loss, net	(153,169)		(193,905)
Total shareholders’ equity	1,159,682		1,046,416
Total liabilities and shareholders’ equity	$	1,261,720	$	1,148,234

Condensed Statements of Income


	Year Ended December 31,
	2023		2022		2021
			(In thousands)
Net interest expense	$	(6,878)	$	(4,385)	$	(2,128)
Administration expense	(1,096)		(816)		(985)
Loss before equity in net income of Tri Counties Bank	(7,974)		(5,201)		(3,113)
Equity in net income of Tri Counties Bank:
Distributed	52,805		64,188		31,571
Undistributed	70,202		64,896		88,289
Income tax benefit	2,357		1,536		908
Net income	$	117,390	$	125,419	$	117,655

Condensed Statements of Comprehensive Income (Loss)


	Year Ended December 31,
	2023		2022		2021
			(In thousands)
Net income	$	117,390	$	125,419	$	117,655
Other comprehensive income (loss), net of tax:
Increase (decrease) in unrealized gains on available for sale securities arising during the period	41,365		(204,376)		(13,788)
Change in minimum pension liability	(263)		8,101		2,602
Change in joint beneficiary agreement liability	(366)		1,389		(113)
Other comprehensive income (loss)	40,736		(194,886)		(11,299)
Comprehensive income (loss)	$	158,126	$	(69,467)	$	106,356

Condensed Statements of Cash Flows


	Year Ended December 31,
	2023		2022		2021
			(In thousands)
Operating activities:
Net income	$	117,390	$	125,419	$	117,655
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in earnings of Tri Counties Bank	(70,202)		(64,896)		(88,289)
Equity compensation vesting expense	4,125		3,869		2,638
Net change in other assets and liabilities	(3,959)		(3,834)		(6,427)
Net cash provided by operating activities	47,354		60,558		25,577
Investing activities:
Sales or maturities of investments	—		4,234		—
Financing activities:
Issuance of common stock through option exercise	156		1,190		144
Repurchase of common stock	(9,240)		(27,148)		(4,344)
Cash dividends paid — common	(39,901)		(35,797)		(29,724)
Net cash used for financing activities	(48,985)		(61,755)		(33,924)
Net change in cash and cash equivalents	(1,631)		3,037		(8,347)
Cash and cash equivalents at beginning of year	7,987		4,950		13,297
Cash and cash equivalents at end of year	$	6,356	$	7,987	$	4,950