TriCo Bancshares Condensed Financial Statements (Parent Only)

12 Months Ended

Dec. 31, 2021

Condensed Balance Sheets


	December 31, 2021		December 31, 2020
	(In thousands)
Assets
Cash and cash equivalents	$	4,950	$	13,297
Investment in Tri Counties Bank	1,047,577		967,949
Other assets	6,073		1,818
Total assets	$	1,058,600	$	983,064
Liabilities and shareholders’ equity
Other liabilities	$	337	$	315
Junior subordinated debt	58,079		57,635
Total liabilities	58,416		57,950
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 29,730,424 and 29,727,214 shares at December 31, 2021 and 2020, respectively	532,244		530,835
Retained earnings	466,959		381,999
Accumulated other comprehensive income (loss), net	981		12,280
Total shareholders’ equity	1,000,184		925,114
Total liabilities and shareholders’ equity	$	1,058,600	$	983,064

Condensed Statements of Income


	Year Ended December 31,
	2021		2020		2019
			(In thousands)
Net interest expense	$	(2,128)	$	(2,555)	$	(3,272)
Administration expense	(985)		(932)		(877)
Loss before equity in net income of Tri Counties Bank	(3,113)		(3,487)		(4,149)
Equity in net income of Tri Counties Bank:
Distributed	31,571		63,419		32,669
Undistributed	88,289		3,851		62,326
Income tax benefit	908		1,031		1,226
Net income	$	117,655	$	64,814	$	92,072

Condensed Statements of Comprehensive Income


	Year Ended December 31,
	2021		2020		2019
			(In thousands)
Net income	$	117,655	$	64,814	$	92,072
Other comprehensive income (loss), net of tax:
Increase (decrease) in unrealized gains on available for sale securities arising during the period	(13,788)		11,126		17,159
Change in minimum pension liability	2,602		6,972		(4,502)
Change in joint beneficiary agreement liablity	(113)		(596)		—
Other comprehensive income (loss)	(11,299)		17,502		12,657
Comprehensive income	$	106,356	$	82,316	$	104,729

Condensed Statements of Cash Flows


	Year Ended December 31,
	2021		2020		2019
			(In thousands)
Operating activities:
Net income	$	117,655	$	64,814	$	92,072
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in earnings of Tri Counties Bank	(88,289)		(3,851)		(62,326)
Equity compensation vesting expense	2,638		2,036		1,654
Net change in other assets and liabilities	(6,427)		(1,885)		(1,580)
Net cash provided by operating activities	25,577		61,114		29,820
Investing activities: None
Financing activities:
Issuance of common stock through option exercise	144		198		9
Repurchase of common stock	(4,344)		(26,720)		(2,196)
Cash dividends paid — common	(29,724)		(26,303)		(24,999)
Net cash used for financing activities	(33,924)		(52,825)		(27,186)
Net change in cash and cash equivalents	(8,347)		8,289		2,634
Cash and cash equivalents at beginning of year	13,297		5,008		2,374
Cash and cash equivalents at end of year	$	4,950	$	13,297	$	5,008