Borrowings

9 Months Ended

Sep. 30, 2023

Other Borrowings

At September 30, 2023 other borrowings included a $150.0 million term borrowing with an interest rate of 5.11% maturing in October 2023, a $150.0 million term borrowing with an interest rate of 5.69% maturing in December 2023, and a $200.0 million term borrowing with an interest rate of 4.75% maturing in April 2024.

Subordinated Debentures

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 September 30, 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	%	8.62	%	$	20,619	$	20,619
TriCo Cap Trust II	7/23/2034	20,619		2.55	%	8.16	%	20,619		20,619
North Valley Trust II	4/24/2033	6,186		3.25	%	8.88	%	5,576		5,503
North Valley Trust III	7/23/2034	5,155		2.80	%	8.41	%	4,449		4,383
North Valley Trust IV	3/15/2036	10,310		1.33	%	7.00	%	7,557		7,393
VRB Subordinated - 6%	3/29/2029	16,000		Fixed		6.00	%	17,046		17,187
VRB Subordinated - 5%	8/27/2035	20,000		Fixed		5.00	%	25,214		25,336
		$	98,889					$	101,080	$	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 SOFR plus 3.78% 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 average SOFR plus 4.90% through the maturity date.