TriCo Bancshares Condensed Financial Statements (Parent Only)

12 Months Ended

Dec. 31, 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

	December 31,
	2016			2015
Assets	(in thousands)
Cash and Cash equivalents	$	2,802		$	2,565
Investment in Tri Counties Bank		529,907			504,655
Other assets		1,711			1,714
Total assets	$	534,420		$	508,934
Liabilities and shareholders’ equity
Other liabilities	$	406		$	348
Junior subordinated debt		56,667			56,470
Total liabilities		57,073			56,818
Shareholders’ equity:
Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 22,867,802 and 22,775,173 shares, respectively		252,820			247,587
Retained earnings		232,440			206,307
Accumulated other comprehensive loss, net		(7,913	)		(1,778	)
Total shareholders’ equity		477,347			452,116
Total liabilities and shareholders’ equity	$	534,420		$	508,934

Condensed Statements of Income

	Years ended December 31,
	2016			2015			2014
	(in thousands)
Interest expense	$	(2,229	)	$	(1,977	)	$	(1,403	)
Administration expense		(725	)		(814	)		(2,720	)
Loss before equity in net income of Tri Counties Bank		(2,954	)		(2,791	)		(4,123	)
Equity in net income of Tri Counties Bank:
Distributed		16,758			13,304			8,270
Undistributed		29,764			32,131			20,720
Income tax benefit		1,243			1,174			1,241
Net income	$	44,811		$	43,818		$	26,108

Condensed Statements of Comprehensive Income

	Years ended December 31,
	2016			2015			2014
	(in thousands)
Net income	$	44,811		$	43,818		$	26,108
Other comprehensive (loss) income, net of tax:
Unrealized holding (losses) gains on securities arising during the period		(6,384	)		(1,098	)		(94	)
Change in minimum pension liability		592			1,246			(4,114	)
Change in joint beneficiary agreement liability		(343	)		277			148
Other comprehensive (loss) income		(6,135	)		425			(4,060	)
Net income	$	38,676		$	44,243		$	22,048

Condensed Statements of Cash Flows

	Years ended December 31,
	2016			2015			2014
Operating activities:				(in thousands)
Net income	$	44,811		$	43,818		$	26,108
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in earnings of Tri Counties Bank		(29,764	)		(32,131	)		(20,720	)
Equity compensation vesting expense		1,467			1,370			1,133
Equity compensation tax effect		(155	)		68			(225	)
Net change in other assets and liabilities		(1,210	)		(1,120	)		671
Net cash provided by operating activities		15,149			12,005			6,967
Investing activities: None
Financing activities:
Issuance of common stock through option exercise		518			660			616
Equity compensation tax effect		155			(68	)		225
Repurchase of common stock		(1,890	)		(412	)		(292	)
Cash dividends paid — common		(13,695	)		(11,849	)		(7,807	)
Net cash used for financing activities		(14,912	)		(11,669	)		(7,258	)
(decrease) increase in cash and cash equivalents		237			336			(291	)
Cash and cash equivalents at beginning of year		2,565			2,229			2,520
Cash and cash equivalents at end of year	$	2,802		$	2,565		$	2,229