TriCo Bancshares Files 2023 Annual Report on Form 10-K

TL;DR

<b>TriCo Bancshares submitted its 2023 10-K filing detailing its fiscal year performance.</b>

AI Summary

TRICO BANCSHARES / (TCBK) filed a Annual Report (10-K) with the SEC on February 29, 2024. TriCo Bancshares filed its 2023 annual report on Form 10-K. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in California and operates in the commercial banking sector. Its principal business address is in Chico, California. The filing was made on February 29, 2024.

Why It Matters

For investors and stakeholders tracking TRICO BANCSHARES /, this filing contains several important signals. This 10-K filing provides a comprehensive overview of TriCo Bancshares' financial health and operational performance for the 2023 fiscal year, crucial for investors assessing its stability and growth prospects. As a public document, this filing offers transparency into the company's financial statements, risk factors, and management's discussion, enabling informed investment decisions.

Risk Assessment

Risk Level: — TRICO BANCSHARES / shows moderate risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure of financial performance and operations.

Analyst Insight

Review the detailed financial statements and management's discussion within the 10-K to understand TriCo Bancshares' performance drivers and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-29 — Filing Date (FILED AS OF DATE)
• 5308980300 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• TRICO BANCSHARES (company) — COMPANY CONFORMED NAME
• CA (location) — STATE OF INCORPORATION
• CHICO (location) — CITY
• CA (location) — STATE
• 6022 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 0000356171 (company) — CENTRAL INDEX KEY
• TCBK (ticker) — Ticker Symbol

FAQ

Industry Context

TriCo Bancshares operates within the commercial banking sector, a regulated industry focused on financial services.

Regulatory Implications

Commercial banks are subject to extensive regulation by federal and state authorities to ensure financial stability and protect consumers.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset growth.
2. Examine the risk factors section for potential challenges facing the company.
3. Review management's discussion and analysis for strategic insights.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, following previous filings for prior fiscal years.

Key Financial Figures

• $10 billion — ncial impacts associated with exceeding $10 billion in total assets; the negative impact on
• $9.9 billion — 5 and had total assets of approximately $9.9 billion at December 31, 2023. Based in Chico, C
• $1.3 billion — s net of deferred fees outstanding were $1.3 billion (19.3%), commercial and industrial loan
• $586.5 million — l and industrial loans outstanding were $586.5 million (8.6%), real estate construction loans
• $347.2 million — .6%), real estate construction loans of $347.2 million (5.1%), and commercial real estate loan
• $4.4 billion — , and commercial real estate loans were $4.4 billion (64.7%) of total loans. The Bank takes
• $174.4 million — of common stock valued at approximately $174.4 million based on the closing stock price of Tri
• $42.48 — ng stock price of TriCo common stock of $42.48 on March 25, 2022 in addition to approx
• $431,000 — h 25, 2022 in addition to approximately $431,000 in cash paid out for settlement of stoc

Filing Documents

• tcbk-20231231.htm (10-K) — 5713KB
• auditorconsent231.htm (EX-23.1) — 2KB
• tcbk-20231231xex311.htm (EX-31.1) — 9KB
• tcbk-20231231xex312.htm (EX-31.2) — 9KB
• tcbk-20231231xex321.htm (EX-32.1) — 4KB
• tcbk-20231231xex322.htm (EX-32.2) — 4KB
• tricobancsharesclawbackcom.htm (EX-97.1) — 61KB
• tcbk-20231231_g1.jpg (GRAPHIC) — 11KB
• tcbk-20231231_g2.jpg (GRAPHIC) — 83KB
• 0000356171-24-000012.txt (&nbsp;) — 28133KB
• tcbk-20231231.xsd (EX-101.SCH) — 140KB
• tcbk-20231231_cal.xml (EX-101.CAL) — 213KB
• tcbk-20231231_def.xml (EX-101.DEF) — 676KB
• tcbk-20231231_lab.xml (EX-101.LAB) — 1515KB
• tcbk-20231231_pre.xml (EX-101.PRE) — 1083KB
• tcbk-20231231_htm.xml (XML) — 6908KB

Business

Business 2 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 24 Item 1 C Cybersecurity 25 Item 2

Properties

Properties 26 Item 3

Legal Proceedings

Legal Proceedings 26 Item 4 Mine Safety Disclosures 27 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6 [Reserved] 28 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 109 Item 9A

Controls and Procedures

Controls and Procedures 109 Item 9B Other Information 109

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 109 PART III Item 10 Directors, Executive Officers and Corporate Governance 110 Item 11

Executive Compensation

Executive Compensation 110 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 110 Item 13 Certain Relationships and Related Transactions, and Director Independence 110 Item 14 Principal Accountant Fees and Services 110 PART IV Item 15 Exhibits and Financial Statement Schedules 111

Form 10-K Summary

Item 16 Form 10-K Summary 113

Signatures

Signatures 114 Table of Contents GLOSSARY OF ACRONYMS AND TERMS The following listing provides a comprehensive reference of common acronyms and terms used throughout the document: ACL Allowance for Credit Losses AFS Available-for-Sale AOCI Accumulated Other Comprehensive Income ASC Accounting Standards Codification CARES Coronavirus Aid, Relief and Economic Security Act CDs Certificates of Deposit CDI Core Deposit Intangible CECL Current Expected Credit Loss COVID-19 Coronavirus Disease CRE Commercial Real Estate CMO Collateralized mortgage obligation DFPI State Department of Financial Protection and Innovation FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation FHLB Federal Home Loan Bank FRB Federal Reserve Board FTE Fully taxable equivalent GAAP Generally Accepted Accounting Principles (United States of America) HELOC Home equity line of credit HTM Held-to-Maturity LIBOR London Interbank Offered Rate NIM Net interest margin NPA Nonperforming assets OCI Other comprehensive income PCD Purchase Credit Deteriorated PPP Paycheck Protection Program ROUA Right-of-Use Asset RSU Restricted Stock Unit SBA Small Business Administration SERP Supplemental Executive Retirement Plan SFR Single Family Residence SOFR Secured Overnight Financing Rate TDR Troubled Debt Restructuring VRB Valley Republic Bancorp XBRL eXtensible Business Reporting Language Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K contains forward-looking statements about TriCo Bancshares (the "Company," "TriCo" or "we") and its subsidiaries for which it claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current knowledge and belief of the Company's management ("Management") and include information concerning the Company's p

BUSINESS

ITEM 1. BUSINESS Overview TriCo Bancshares is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the "BHC Act"). TriCo's principal business is to serve as the holding company for our wholly-owned subsidiary, Tri Counties Bank, a California-chartered commercial bank (the "Bank"). TriCo is a California corporation and was incorporated in 1981. Our common stock is traded on the Nasdaq Global Select Market under the trading symbol "TCBK". The Company and the Bank are headquartered in Chico, California. As a bank holding company, TriCo is subject to the supervision of the Board of Governors of the Federal Reserve System (the "FRB") under the BHC Act. The Bank is subject to the supervision of the California Department of Financial Protection & Innovation (the "DFPI") and the Federal Deposit Insurance Corporation (the "FDIC"). See "Regulation and Supervision." In addition, TriCo has five capital trusts, which are all wholly-owned trust subsidiaries formed for the purpose of issuing trust preferred securities ("Trust Preferred Securities") and lending the proceeds to TriCo. For more information regarding the trust preferred securities please refer to "Note 14 – Junior Subordinated Debt" to the consolidated financial statements at Part II, Item 8 of this report. Additional Information Our executive offices are located at 63 Constitution Drive, Chico, California 95973, and our telephone number is (530) 898-0300. Additional information concerning the Company can be found on our website at www.tcbk.com. Copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports are available free of charge through the investors relations page of our website, www.tcbk.com/about/investor-relations , as soon as reasonably practicable after the Company files these reports with the U.S. Securities and Exchange Commission ("SEC"). The information on our website is not part this ann

View Full Filing

View this 10-K filing on SEC EDGAR