TriCo Bancshares Files 10-Q for Q1 2024

TL;DR

<b>TriCo Bancshares filed its Q1 2024 10-Q, detailing financial positions and investment securities as of March 31, 2024.</b>

AI Summary

TRICO BANCSHARES / (TCBK) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. TriCo Bancshares reported financial results for the first quarter ended March 31, 2024. The filing includes balance sheet data as of March 31, 2024, and December 31, 2023. Key financial statement components such as Common Stock, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for comparative periods. Investment securities, including US Government Agencies Debt Securities, US States and Political Subdivisions, Corporate Debt Securities, and Asset-Backed Securities, are itemized. The filing references specific dates for reporting periods, including January 1, 2024, to March 31, 2024, and comparative periods in 2023 and 2022.

Why It Matters

For investors and stakeholders tracking TRICO BANCSHARES /, this filing contains several important signals. This 10-Q filing provides a detailed snapshot of TriCo Bancshares' financial health and asset composition at the end of the first quarter of 2024, crucial for investors assessing performance and stability. The breakdown of investment securities and comparative balance sheet figures allows stakeholders to track changes in the company's holdings and equity over recent periods.

Risk Assessment

Risk Level: low — TRICO BANCSHARES / shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Review the detailed breakdown of investment securities and comparative balance sheet figures to understand TriCo Bancshares' asset allocation and financial trends.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• 104 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 2024-01-01 — Quarter Start Date (Reporting period)
• 2023-12-31 — Previous Year End Date (Balance Sheet Comparison)

Key Players & Entities

• TRICO BANCSHARES (company) — FILER
• 0000356171 (company) — CENTRAL INDEX KEY
• 6022 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• CA (company) — STATE OF INCORPORATION
• CHICO (company) — CITY
• TCBK (company) — ticker symbol
• NorthValleyBancorpMember (company) — referenced entity
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT

FAQ

Industry Context

TriCo Bancshares operates within the commercial banking sector, which is subject to regulatory oversight and market interest rate fluctuations.

Regulatory Implications

As a commercial bank, TriCo Bancshares is subject to regulations from federal and state authorities, including the Federal Reserve and state banking departments.

What Investors Should Do

1. Analyze the detailed investment portfolio for changes in holdings and valuations.
2. Compare key balance sheet items (assets, liabilities, equity) to the previous quarter and year-over-year.
3. Note any specific disclosures or footnotes related to financial instruments or regulatory matters.

Key Dates

• 2024-03-31: Quarterly Report End — Financial position as of this date is detailed.
• 2024-05-08: Filing Date — Indicates when the 10-Q was submitted to the SEC.

Year-Over-Year Comparison

This filing is the Q1 2024 10-Q, following the Q4 2023 10-K and providing updated financial information for the most recent quarter.

Filing Documents

• tcbk-20240331.htm (10-Q) — 4280KB
• tcbk-20240331xex311.htm (EX-31.1) — 9KB
• tcbk-20240331xex312.htm (EX-31.2) — 9KB
• tcbk-20240331xex321.htm (EX-32.1) — 4KB
• tcbk-20240331xex322.htm (EX-32.2) — 4KB
• tcbk-20240331_g1.jpg (GRAPHIC) — 24KB
• 0000356171-24-000020.txt (&nbsp;) — 20938KB
• tcbk-20240331.xsd (EX-101.SCH) — 77KB
• tcbk-20240331_cal.xml (EX-101.CAL) — 140KB
• tcbk-20240331_def.xml (EX-101.DEF) — 424KB
• tcbk-20240331_lab.xml (EX-101.LAB) — 927KB
• tcbk-20240331_pre.xml (EX-101.PRE) — 708KB
• tcbk-20240331_htm.xml (XML) — 5803KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

– Financial Statements (Unaudited)

Item 1 – Financial Statements (Unaudited) 3

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

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 37

– Quantitative and Qualitative Disclosures about Market Risk

Item 3 – Quantitative and Qualitative Disclosures about Market Risk 55

– Controls and Procedures

Item 4 – Controls and Procedures 55

– OTHER INFORMATION

PART II – OTHER INFORMATION 56

– Legal Proceedings

Item 1 – Legal Proceedings 56

– Risk Factors

Item 1A – Risk Factors 56

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 56

– Other Information

Item 5 – Other Information

– Exhibits

Item 6 – Exhibits 57

Signatures

Signatures 58 1 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 CDs Certificates of Deposit CDI Core Deposit Intangible CECL Current Expected Credit Loss 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 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 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) TRICO BANCSHARES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data; unaudited) March 31, 2024 December 31, 2023 Assets: Cash and due from banks $ 73,322 $ 81,626 Cash at Federal Reserve and other banks 9,514 17,075 Cash and cash equivalents 82,836 98,701 Investment securities: Marketable equity securities 2,606 2,634 Available for sale debt securities, at fair value (amortized cost of $ 2,321,608 and $ 2,384,325 ) 2,073,888 2,152,504 Held to maturity debt securities, at amortized cost, net of allowance for credit losses of $ 0 127,811 133,494 Restricted equity securities 17,250 17,250 Loans held for sale 1,346 458 Loans 6,800,695 6,794,470 Allowance for credit losses ( 124,394 ) ( 121,522 ) Total loans, net 6,676,301 6,672,948 Premises and equipment, net 71,001 71,347 Cash value of life insurance 137,695 136,892 Accrued interest receivable 35,783 36,768 Goodwill 304,442 304,442 Other intangible assets, net 9,522 10,552 Operating leases, right-of-use 26,240 26,133 Other assets 247,046 245,966 Total assets $ 9,813,767 $ 9,910,089 Liabilities and Shareholders' Equity: Liabilities: Deposits: Noninterest-bearing demand $ 2,600,448 $ 2,722,689 Interest-bearing 5,387,210 5,111,349 Total deposits 7,987,658 7,834,038 Accrued interest payable 10,224 8,445 Operating lease liability 28,299 28,261 Other liabilities 131,006 145,982 Other borrowings 392,409 632,582 Junior subordinated debt 101,120 101,099 Total liabilities 8,650,716 8,750,407 Commitments and contingencies (Note 9) Shareholders' equity: Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, no par value: 50,000,000 shares authorized; 33,168,770 and 33,268,102 issued and outstanding at March 31, 2024 and December 31, 2023, respectively 696,464 697,349 Retained earnings 630,954 615,502 Accumulated other comprehensive l

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