TriCo Bancshares Condensed Financial Statements (Parent Only)

9 Months Ended

Sep. 30, 2017

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, 2017			December 31, 2016
	(In thousands)
Assets
Cash and Cash equivalents	$	3,278		$	2,802
Investment in Tri Counties Bank		558,986			529,907
Other assets		1,729			1,711
Total assets	$	563,993		$	534,420
Liabilities and shareholders’ equity
Other liabilities	$	450		$	406
Junior subordinated debt		56,810			56,667
Total liabilities		57,260			57,073
Shareholders’ equity:
Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 22,941,464 and 22,867,802 shares, respectively		255,231			252,820
Retained earnings		256,114			232,440
Accumulated other comprehensive loss, net		(4,612	)		(7,913	)
Total shareholders’ equity		506,733			477,347
Total liabilities and shareholders’ equity	$	563,993		$	534,420

Statements of Income	Three months ended September 30,						Nine months ended September 30,
(In thousands)	2017			2016			2017			2016
Interest expense	$	652		$	562		$	1,870		$	1,643
Administration expense		209			158			586			548
Loss before equity in net income of Tri Counties Bank		(861	)		(720	)		(2,456	)		(2,191	)
Equity in net income of Tri Counties Bank:
Distributed		5,185			4,096			14,394			11,434
(Over) under distributed		7,211			8,522			24,594			22,116
Income tax benefit		362			301			1,033			919
Net income	$	11,897		$	12,199		$	37,565		$	32,278

Statements of Comprehensive Income	Three months ended September 30,						Nine months ended September 30,
(In thousands)	2017			2016			2017		2016
Net income	$	11,897		$	12,199		$	37,565	$	32,278
Other comprehensive income (loss), net of tax:
Unrealized holding (losses) gains on available for sale securities arising during the period		(166	)		(1,193	)		3,137		6,514
Change in minimum pension liability		55			74			164		222
Change in joint beneficiary liability		—			(1	)		—		(5	)
Other comprehensive (loss) income		(111	)		(1,120	)		3,301		6,731
Comprehensive income	$	11,786		$	11,079		$	40,866	$	39,009

Statements of Cash Flows	Nine months ended September 30,
(In thousands)	2017			2016
Operating activities:
Net income	$	37,565		$	32,278
Adjustments to reconcile net income to net cash provided by operating activities:
Over (under) distributed equity in earnings of Tri Counties Bank		(24,594	)		(22,116	)
Equity compensation vesting expense		1,184			1,078
Equity compensation net (excess tax benefit) tax expense		—			182
Net change in other assets and liabilities		(1,015	)		(906	)
Net cash provided by operating activities		13,140			10,516
Investing activities: None
Financing activities:
Issuance of common stock through option exercise		193			518
Equity compensation net (excess tax benefit) tax expense		—			(182	)
Repurchase of common stock		(1,629	)		(384	)
Cash dividends paid — common		(11,228	)		(10,265	)
Net cash used for financing activities		(12,664	)		(10,313	)
Increase in cash and cash equivalents		476			203
Cash and cash equivalents at beginning of year		2,802			2,565
Cash and cash equivalents at end of year	$	3,278		$	2,768