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TriCo Bancshares Condensed Financial Statements (Parent Only) (Tables)
12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Balance Sheets

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

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

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

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