TriCo Bancshares Condensed Financial Statements (Parent Only)

9 Months Ended

Sep. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

TriCo Bancshares Condensed Financial Statements (Parent Only)

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

Condensed Balance Sheets	September 30, 2016		December 31, 2015
	(In thousands)
Assets
Cash and Cash equivalents	$	2,768	$	2,565
Investment in Tri Counties Bank		534,399		504,655
Other assets		1,726		1,714
Total assets	$	538,893	$	508,934
Liabilities and shareholders’ equity
Other liabilities	$	386	$	348
Junior subordinated debt		56,617		56,470
Total liabilities		57,003		56,818
Shareholders’ equity:
Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 22,827,277 and 22,775,173 shares, respectively		250,290		247,587
Retained earnings		226,647		206,307
Accumulated other comprehensive income (loss), net		4,953		(1,778	)
Total shareholders’ equity		481,890		452,116
Total liabilities and shareholders’ equity	$	538,893	$	508,934

Statements of Income	Three months ended September 30,						Nine months ended September 30,
(In thousands)	2016			2015			2016			2015
Interest expense	$	562		$	499		$	1,643		$	1,472
Administration expense		158			203			548			619
Loss before equity in net income of Tri Counties Bank		(720	)		(702	)		(2,191	)		(2,091	)
Equity in net income of Tri Counties Bank:
Distributed		4,096			3,255			11,434			8,968
(Over) under distributed		8,522			9,846			22,116			24,640
Income tax benefit		301			295			919			879
Net income	$	12,199		$	12,694		$	32,278		$	32,396
Statements of Comprehensive Income	Three months ended September 30,						Nine months ended September 30,
(In thousands)	2016			2015			2016			2015
Net income	$	12,199		$	12,694		$	32,278		$	32,396
Other comprehensive income (loss), net of tax:
Unrealized holding (losses) gains on available for sale securities arising during the period		(1,193	)		2,316			6,514			(429	)
Change in minimum pension liability		74			112			222			334
Change in joint beneficiary liability		(1	)		—			(5	)		—
Other comprehensive (loss) income		(1,120	)		2,428			6,731			(95	)
Comprehensive income	$	11,079		$	15,122		$	39,009		$	32,301

Statements of Cash Flows	Nine months ended September 30,
(In thousands)	2016			2015
Operating activities:
Net income	$	32,278		$	32,396
Adjustments to reconcile net income to net cash provided by operating activities:
Over (under) distributed equity in earnings of Tri Counties Bank		(22,116	)		(24,640	)
Equity compensation vesting expense		1,078			1,051
Equity compensation net (excess tax benefit) tax expense		182			57
Net change in other assets and liabilities		(906	)		(746	)
Net cash provided by operating activities		10,516			8,118
Investing activities: None
Financing activities:
Issuance of common stock through option exercise		518			660
Equity compensation net (excess tax benefit) tax expense		(182	)		(57	)
Repurchase of common stock		(384	)		(54	)
Cash dividends paid — common		(10,265	)		(8,728	)
Net cash used for financing activities		(10,313	)		(8,179	)
(Decrease) increase in cash and cash equivalents		203			(61	)
Cash and cash equivalents at beginning of year		2,565			2,229
Cash and cash equivalents at end of year	$	2,768		$	2,168