XML 28 R17.htm IDEA: XBRL DOCUMENT v3.23.3
Borrowings
9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Borrowings Borrowings
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, 2023As of December 31, 2022
Subordinated Debt SeriesMaturity
Date
Face
Value
Current
Coupon Rate
Recorded
Book Value
Recorded
Book Value
TriCo Cap Trust I10/7/2033$20,619 3.05 %8.62 %$20,619 $20,619 
TriCo Cap Trust II7/23/203420,619 2.55 %8.16 %20,619 20,619 
North Valley Trust II4/24/20336,186 3.25 %8.88 %5,576 5,503 
North Valley Trust III7/23/20345,155 2.80 %8.41 %4,449 4,383 
North Valley Trust IV3/15/203610,310 1.33 %7.00 %7,557 7,393 
VRB Subordinated - 6%
3/29/202916,000 Fixed6.00 %17,046 17,187 
VRB Subordinated - 5%
8/27/203520,000 Fixed5.00 %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.