TriCo Bancshares Condensed Financial Statements (Parent Only)

12 Months Ended

Dec. 31, 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	December 31,
	2017			2016
	(in thousands)
Assets
Cash and Cash equivalents	$	3,924		$	2,802
Investment in Tri Counties Bank		557,538			529,907
Other assets		1,721			1,711
Total assets	$	563,183		$	534,420
Liabilities and shareholders’ equity
Other liabilities	$	517		$	406
Junior subordinated debt		56,858			56,667
Total liabilities		57,375			57,073
Shareholders’ equity:
Common stock, no par value: authorized 50,000,000 shares; issued and outstanding 22,955,963 and 22,867,802 shares, respectively		255,836			252,820
Retained earnings		255,200			232,440
Accumulated other comprehensive loss, net		(5,228	)		(7,913	)
Total shareholders’ equity		505,808			477,347
Total liabilities and shareholders’ equity	$	563,183		$	534,420

Condensed Statements of Income	Years ended December 31,
	2017			2016			2015
	(in thousands)
Interest expense	$	(2,535	)	$	(2,229	)	$	(1,977	)
Administration expense		(915	)		(725	)		(814	)
Loss before equity in net income of Tri Counties Bank		(3,450	)		(2,954	)		(2,791	)
Equity in net income of Tri Counties Bank:
Distributed		19,236			16,758			13,304
Undistributed		23,359			29,764			32,131
Income tax benefit		1,409			1,243			1,174
Net income	$	40,554		$	44,811		$	43,818
Condensed Statements of Comprehensive Income	Years ended December 31,
	2017			2016			2015
	(in thousands)
Net income	$	40,554		$	44,811		$	43,818
Other comprehensive income (loss), net of tax:
Unrealized holding gains (losses) on securities arising during the period		3,165			(6,384	)		(1,098	)
Change in minimum pension liability		(370	)		592			1,246
Change in joint beneficiary agreement liability		(110	)		(343	)		277
Other comprehensive income (loss)		2,685			(6,135	)		425
Comprehensive income	$	43,239		$	38,676		$	44,243
Condensed Statements of Cash Flows	Years ended December 31,
	2017			2016			2015
	(in thousands)
Operating activities:
Net income	$	40,554		$	44,811		$	43,818
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed equity in earnings of Tri Counties Bank		(23,359	)		(29,764	)		(32,131	)
Equity compensation vesting expense		1,586			1,467			1,370
Equity compensation tax effect		—			(155	)		68
Net change in other assets and liabilities		(1,295	)		(1,210	)		(1,120	)
Net cash provided by operating activities		17,486			15,149			12,005
Investing activities: None
Financing activities:
Issuance of common stock through option exercise		396			518			660
Equity compensation tax effect		—			155			(68	)
Repurchase of common stock		(1,629	)		(1,890	)		(412	)
Cash dividends paid — common		(15,131	)		(13,695	)		(11,849	)
Net cash used for financing activities		(16,364	)		(14,912	)		(11,669	)
Increase in cash and cash equivalents		1,122			237			336
Cash and cash equivalents at beginning of year		2,802			2,565			2,229
Cash and cash equivalents at end of year	$	3,924		$	2,802		$	2,565