Junior Subordinated Debt

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Junior Subordinated Debt

Junior Subordinated Debt

The following table summarizes the terms and recorded balances of each debenture as of the date indicated:

(in thousands)				Coupon Rate (Variable) 3 mo. SOFR +		As of March 31, 2024				As of December 31, 2023
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	%	8.63	%	$	20,619	$	20,619
TriCo Cap Trust II	7/23/2034	20,619		2.55	%	8.13	%	20,619		20,619
North Valley Trust II	4/24/2033	6,186		3.25	%	8.82	%	5,629		5,602
North Valley Trust III	7/23/2034	5,155		2.80	%	8.38	%	4,495		4,472
North Valley Trust IV	3/15/2036	10,310		1.33	%	6.92	%	7,673		7,615
VRB Subordinated	3/29/2029	16,000		3.52	%	9.08	%	16,953		17,000
VRB Subordinated - 5%	8/27/2035	20,000		Fixed		5.00	%	25,132		25,172
		$	98,889					$	101,120	$	101,099

The VRB - 5% Subordinated Debt issuance is fixed at 5.0% through August 27, 2025, then will have a floating rate of 90-day average SOFR plus 4.9% until maturity.