TriCo Bancshares Condensed Financial Statements (Parent Only)

6 Months Ended

Jun. 30, 2016

Note 28 - TriCo Bancshares Condensed Financial Statements (Parent Only)


Condensed Balance Sheets	June 30,		December 31,
	2016		2015
	(In thousands)
Assets
Cash and Cash equivalents	$	2,467	$	2,565
Investment in Tri Counties Bank		526,616		504,655
Other assets		1,725		1,714

Total assets	$	530,808	$	508,934


Liabilities and shareholders’ equity
Other liabilities	$	373	$	348
Junior subordinated debt		56,567		56,470

Total liabilities		56,940		56,818

Shareholders’ equity:
Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 22,822,325 and 22,775,173 shares, respectively		249,860		247,587
Retained earnings		217,935		206,307
Accumulated other comprehensive income (loss), net		6,073		(1,778	)

Total shareholders’ equity		473,868		452,116

Total liabilities and shareholders’ equity	$	530,808	$	508,934


Condensed Statements of Income	Three months ended June 30,						Six months ended June 30,
(In thousands)	2016			2015			2016			2015
Interest expense	$	(546	)	$	(491	)	$	(1,081	)	$	(973	)
Administration expense		(241	)		(263	)		(390	)		(416	)

Loss before equity in net income of Tri Counties Bank		(787	)		(754	)		(1,471	)		(1,389	)
Equity in net income of Tri Counties Bank:
Distributed		3,658			3,593			7,338			5,713
(Over) under distributed		6,204			8,210			13,594			14,794
Income tax benefit		330			317			618			584

Net income	$	9,405		$	11,366		$	20,079		$	19,702


Condensed Statements of Comprehensive Income	Three months ended June 30,						Six months ended June 30,
(In thousands)	2016			2015			2016			2015
Net income	$	9,405		$	11,366		$	20,079		$	19,702
Other comprehensive income (loss), net of tax:
Unrealized holding gains (losses) on available for sale securities arising during the period		4,157			(2,754	)		7,707			(2,745	)
Change in minimum pension liability		148			111			148			222
		(4	)		—			(4	)		—

Other comprehensive income (loss)		4,301			(2,643	)		7,851			(2,523	)

Comprehensive income	$	13,706		$	8,723		$	27,930		$	17,179


Condensed Statements of Cash Flows	Six months ended June 30,
(In thousands)	2016			2015
Operating activities:
Net income	$	20,079		$	19,702
Adjustments to reconcile net income to net cash provided by operating activities:
Over (under) distributed equity in earnings of Tri Counties Bank		(13,594	)		(14,794	)
Equity compensation vesting expense		697			698
Equity compensation net tax expense (excess tax benefit)		182			(30	)
Net change in other assets and liabilities		(587	)		(463	)

Net cash provided by operating activities		6,777			5,113
Investing activities: None
Financing activities:
Issuance of common stock through option exercise		483			30
Equity compensation net (excess tax benefit) tax expense		(182	)		569
Repurchase of common stock		(335	)		(31	)
Cash dividends paid — common		(6,841	)		(5,473	)

Net cash used for financing activities		(6,875	)		(4,905	)

(Decrease) increase in cash and cash equivalents		(98	)		208

Cash and cash equivalents at beginning of year		2,565			2,229

Cash and cash equivalents at end of year	$	2,467		$	2,437