TriCo Bancshares Condensed Financial Statements (Parent Only)

12 Months Ended

Dec. 31, 2019

Note 25 – TriCo Bancshares Condensed Financial Statements (Parent Only)

Condensed Balance Sheets


	December 31, 2019		December 31, 2018
	(In thousands)
Assets
Cash and cash equivalents	$	5,008	$	2,374
Investment in Tri Counties Bank	957,544		880,907
Other assets	1,765		1,723
Total assets	$	964,317	$	885,004
Liabilities and shareholders’ equity
Other liabilities	$	515	$	589
Junior subordinated debt	57,232		57,042
Total liabilities	57,747		57,631
Shareholders’ equity:
Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at December 31, 2019 and 2018	—		—
Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 30,523,824 and 30,417,223 shares at December 31, 2019 and 2018, respectively	543,998		541,762
Retained earnings	367,794		303,490
Accumulated other comprehensive loss, net	(5,222)		(17,879)
Total shareholders’ equity	906,570		827,373
Total liabilities and shareholders’ equity	$	964,317	$	885,004

Condensed Statements of Income


	Year Ended December 31,
	2019		2018		2017
			(In thousands)
Interest expense	$	(3,272)	$	(3,131)	$	(2,535)
Administration expense	(877)		(1,489)		(915)
Loss before equity in net income of Tri Counties Bank	(4,149)		(4,620)		(3,450)
Equity in net income of Tri Counties Bank:
Distributed	32,669		26,432		19,236
Undistributed	62,326		45,315		23,359
Income tax benefit	1,226		1,193		1,409
Net income	$	92,072	$	68,320	$	40,554

Condensed Statements of Comprehensive Income


	Year Ended December 31,
	2019		2018		2017
			(In thousands)
Net income	$	92,072	$	68,320	$	40,554
Other comprehensive income (loss), net of tax:
Increase (decrease) in unrealized gains on available for sale securities arising during the period	17,159		(12,434)		3,165
Change in minimum pension liability	(4,502)		388		(370)
Change in joint beneficiary agreement liablity	—		426		(110)
Other comprehensive income (loss)	12,657		(11,620)		2,685
Comprehensive income	$	104,729	$	56,700	$	43,239

Condensed Statements of Cash Flows


	Year Ended December 31,
	2019		2018		2017
			(In thousands)
Operating activities:
Net income	$	92,072	$	68,320	$	40,554
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in earnings of Tri Counties Bank	(62,326)		(45,315)		(23,359)
Equity compensation vesting expense	1,654		1,462		1,586
Net change in other assets and liabilities	(1,580)		(4,983)		(1,295)
Net cash provided by operating activities	29,820		19,484		17,486
Investing activities: None
Financing activities:
Issuance of common stock through option exercise	9		218		396
Repurchase of common stock	(2,196)		(2,483)		(1,629)
Cash dividends paid — common	(24,999)		(18,769)		(15,131)
Net cash used for financing activities	(27,186)		(21,034)		(16,364)
Net change in cash and cash equivalents	2,634		(1,550)		1,122
Cash and cash equivalents at beginning of year	2,374		3,924		2,802
Cash and cash equivalents at end of year	$	5,008	$	2,374	$	3,924