TriCo Bancshares Condensed Financial Statements (Parent Only)

12 Months Ended

Dec. 31, 2022

Condensed Balance Sheets


	December 31, 2022		December 31, 2021
	(In thousands)
Assets
Cash and cash equivalents	$	7,987	$	4,950
Investment in Tri Counties Bank	1,138,429		1,047,577
Other assets	1,818		6,073
Total assets	$	1,148,234	$	1,058,600
Liabilities and shareholders’ equity
Other liabilities	$	778	$	337
Junior subordinated debt	101,040		58,079
Total liabilities	101,818		58,416
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 33,331,513 and 29,730,424 shares at December 31, 2022 and 2021, respectively	697,448		532,244
Retained earnings	542,873		466,959
Accumulated other comprehensive income (loss), net	(193,905)		981
Total shareholders’ equity	1,046,416		1,000,184
Total liabilities and shareholders’ equity	$	1,148,234	$	1,058,600

Condensed Statements of Income


	Year Ended December 31,
	2022		2021		2020
			(In thousands)
Net interest expense	$	(4,385)	$	(2,128)	$	(2,555)
Administration expense	(816)		(985)		(932)
Loss before equity in net income of Tri Counties Bank	(5,201)		(3,113)		(3,487)
Equity in net income of Tri Counties Bank:
Distributed	64,188		31,571		63,419
Undistributed	64,896		88,289		3,851
Income tax benefit	1,536		908		1,031
Net income	$	125,419	$	117,655	$	64,814

Condensed Statements of Comprehensive Income (Loss)


	Year Ended December 31,
	2022		2021		2020
			(In thousands)
Net income	$	125,419	$	117,655	$	64,814
Other comprehensive income (loss), net of tax:
Increase (decrease) in unrealized gains on available for sale securities arising during the period	(204,376)		(13,788)		11,126
Change in minimum pension liability	8,101		2,602		6,972
Change in joint beneficiary agreement liability	1,389		(113)		(596)
Other comprehensive income (loss)	(194,886)		(11,299)		17,502
Comprehensive income (loss)	$	(69,467)	$	106,356	$	82,316

Condensed Statements of Cash Flows


	Year Ended December 31,
	2022		2021		2020
			(In thousands)
Operating activities:
Net income	$	125,419	$	117,655	$	64,814
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in earnings of Tri Counties Bank	(64,896)		(88,289)		(3,851)
Equity compensation vesting expense	3,869		2,638		2,036
Net change in other assets and liabilities	(3,834)		(6,427)		(1,885)
Net cash provided by operating activities	60,558		25,577		61,114
Investing activities:
Sales or maturities of investments	4,234		—		—
Financing activities:
Issuance of common stock through option exercise	1,190		144		198
Repurchase of common stock	(27,148)		(4,344)		(26,720)
Cash dividends paid — common	(35,797)		(29,724)		(26,303)
Net cash used for financing activities	(61,755)		(33,924)		(52,825)
Net change in cash and cash equivalents	3,037		(8,347)		8,289
Cash and cash equivalents at beginning of year	4,950		13,297		5,008
Cash and cash equivalents at end of year	$	7,987	$	4,950	$	13,297