Subordinated Debentures

3 Months Ended

Mar. 31, 2023

The following table summarizes the terms and recorded balances of each debenture as of the date indicated (dollars in thousands):


				Coupon Rate (Variable) 3 mo. LIBOR +		As of March 31, 2023				As of December 31, 2022
Subordinated Debt Series	Maturity Date	Face Value				Current Coupon Rate		Recorded Book Value		Recorded Book Value
TriCo Cap Trust I	10/7/2033	$	20,619	3.05	%	7.88	%	$	20,619	$	20,619
TriCo Cap Trust II	7/23/2034	20,619		2.55	%	7.36	%	20,619		20,619
North Valley Trust II	4/24/2033	6,186		3.25	%	8.06	%	5,527		5,503
North Valley Trust III	7/23/2034	5,155		2.80	%	7.61	%	4,404		4,383
North Valley Trust IV	3/15/2036	10,310		1.33	%	6.19	%	7,446		7,393
VRB Subordinated - 6%	3/29/2029	16,000		Fixed		6.00	%	17,140		17,187
VRB Subordinated - 5%	8/27/2035	20,000		Fixed		5.00	%	25,296		25,336
		$	98,889					$	101,051	$	101,040

The VRB - 6% Subordinated Debt issuance has a fixed rate of 6.0% through March 29, 2024, then indexed to the three-month LIBOR plus 3.5% through the maturity date. The VRB - 5% Subordinated Debt issuance is fixed at 5.0% through August 27, 2025, then indexed to the three-month LIBOR plus 4.9% through the maturity date.