TriCo Bancshares Condensed Financial Statements (Parent Only) (Tables)

12 Months Ended

Dec. 31, 2020


	December 31, 2020		December 31, 2019
	(In thousands)
Assets
Cash and cash equivalents	$	13,297	$	5,008
Investment in Tri Counties Bank	967,949		957,544
Other assets	1,818		1,765
Total assets	$	983,064	$	964,317
Liabilities and shareholders’ equity
Other liabilities	$	315	$	515
Junior subordinated debt	57,635		57,232
Total liabilities	57,950		57,747
Shareholders’ equity:
Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at December 31, 2020 and 2019	—		—
Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 29,727,214 and 30,523,824 shares at December 31, 2020 and 2019, respectively	530,835		543,998
Retained earnings	381,999		367,794
Accumulated other comprehensive income (loss), net	12,280		(5,222)
Total shareholders’ equity	925,114		906,570
Total liabilities and shareholders’ equity	$	983,064	$	964,317


	Year Ended December 31,
	2020		2019		2018
			(In thousands)
Interest expense	$	(2,555)	$	(3,272)	$	(3,131)
Administration expense	(932)		(877)		(1,489)
Loss before equity in net income of Tri Counties Bank	(3,487)		(4,149)		(4,620)
Equity in net income of Tri Counties Bank:
Distributed	63,419		32,669		26,432
Undistributed	3,851		62,326		45,315
Income tax benefit	1,031		1,226		1,193
Net income	$	64,814	$	92,072	$	68,320


	Year Ended December 31,
	2020		2019		2018
			(In thousands)
Net income	$	64,814	$	92,072	$	68,320
Other comprehensive income (loss), net of tax:
Increase (decrease) in unrealized gains on available for sale securities arising during the period	11,126		17,159		(12,434)
Change in minimum pension liability	6,972		(4,502)		388
Change in joint beneficiary agreement liablity	(596)		—		426
Other comprehensive income (loss)	17,502		12,657		(11,620)
Comprehensive income	$	82,316	$	104,729	$	56,700


	Year Ended December 31,
	2020		2019		2018
			(In thousands)
Operating activities:
Net income	$	64,814	$	92,072	$	68,320
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in earnings of Tri Counties Bank	(3,851)		(62,326)		(45,315)
Equity compensation vesting expense	2,036		1,654		1,462
Net change in other assets and liabilities	(1,885)		(1,580)		(4,983)
Net cash provided by operating activities	61,114		29,820		19,484
Investing activities: None
Financing activities:
Issuance of common stock through option exercise	198		9		218
Repurchase of common stock	(26,720)		(2,196)		(2,483)
Cash dividends paid — common	(26,303)		(24,999)		(18,769)
Net cash used for financing activities	(52,825)		(27,186)		(21,034)
Net change in cash and cash equivalents	8,289		2,634		(1,550)
Cash and cash equivalents at beginning of year	5,008		2,374		3,924
Cash and cash equivalents at end of year	$	13,297	$	5,008	$	2,374