TriCo Bancshares Files Q2 2024 10-Q
Ticker: TCBK · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 356171
Sentiment: neutral
Topics: 10-Q, financials, banking
TL;DR
**TriCo Bancshares Q2 2024 10-Q filed. Bank's financials are now public.**
AI Summary
TriCo Bancshares filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company, which operates in the commercial banking sector. Key financial data and operational information are disclosed as required by the SEC.
Why It Matters
This filing provides investors and analysts with the latest financial performance and position of TriCo Bancshares, crucial for understanding the bank's health and future prospects.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently indicate new or elevated risks.
Key Numbers
- 2024 Q2 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
- 12/31 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)
Key Players & Entities
- TRICO BANCSHARES (company) — Filer of the 10-Q
- 0000356171 (company) — Central Index Key for TRICO BANCSHARES
- 6022 (company) — Standard Industrial Classification for Commercial Banks
- CA (company) — State of Incorporation
- CHICO (company) — City of Business and Mail Address
- 20240630 (date) — Period of Report for the 10-Q
- 20240806 (date) — Filing Date of the 10-Q
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is June 30, 2024, covering the second quarter of 2024.
What is the Central Index Key (CIK) for TriCo Bancshares?
The Central Index Key for TriCo Bancshares is 0000356171.
In which state is TriCo Bancshares incorporated?
TriCo Bancshares is incorporated in California (CA).
What is the business address of TriCo Bancshares?
The business address is 63 Constitution Drive, Chico, CA 95973.
What is the Standard Industrial Classification (SIC) code for TriCo Bancshares?
The SIC code for TriCo Bancshares is 6022, which corresponds to Commercial Banks.
Filing Stats: 4,577 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-06 16:16:45
Filing Documents
- tcbk-20240630.htm (10-Q) — 4943KB
- tcbk-20240630xex311.htm (EX-31.1) — 9KB
- tcbk-20240630xex312.htm (EX-31.2) — 9KB
- tcbk-20240630xex321.htm (EX-32.1) — 4KB
- tcbk-20240630xex322.htm (EX-32.2) — 4KB
- tcbk-20240630_g1.jpg (GRAPHIC) — 24KB
- 0000356171-24-000102.txt ( ) — 22802KB
- tcbk-20240630.xsd (EX-101.SCH) — 79KB
- tcbk-20240630_cal.xml (EX-101.CAL) — 141KB
- tcbk-20240630_def.xml (EX-101.DEF) — 422KB
- tcbk-20240630_lab.xml (EX-101.LAB) — 942KB
- tcbk-20240630_pre.xml (EX-101.PRE) — 717KB
- tcbk-20240630_htm.xml (XML) — 6361KB
– 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 40
– Quantitative and Qualitative Disclosures about Market Risk
Item 3 – Quantitative and Qualitative Disclosures about Market Risk 62
– Controls and Procedures
Item 4 – Controls and Procedures 62
– OTHER INFORMATION
PART II – OTHER INFORMATION 63
– Legal Proceedings
Item 1 – Legal Proceedings 63
– Risk Factors
Item 1A – Risk Factors 63
– Unregistered Sales of Equity Securities and Use of Proceeds
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 63
– Other Information
Item 5 – Other Information
– Exhibits
Item 6 – Exhibits 64
Signatures
Signatures 65 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 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 FOMC Federal Open Market Committee 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 PSU Performance Restricted Stock Unit 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 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) June 30, 2024 December 31, 2023 Assets: Cash and due from banks $ 81,342 $ 81,626 Cash at Federal Reserve and other banks 125,216 17,075 Cash and cash equivalents 206,558 98,701 Investment securities: Marketable equity securities 2,595 2,634 Trading securities 2,789 — Available for sale debt securities, at fair value (amortized cost of $ 2,184,452 and $ 2,384,325 ) 1,940,783 2,152,504 Held to maturity debt securities, at amortized cost, net of allowance for credit losses of $ 0 122,673 133,494 Restricted equity securities 17,250 17,250 Loans held for sale 474 458 Loans 6,742,526 6,794,470 Allowance for credit losses ( 123,517 ) ( 121,522 ) Total loans, net 6,619,009 6,672,948 Premises and equipment, net 70,621 71,347 Cash value of life insurance 138,525 136,892 Accrued interest receivable 35,527 36,768 Goodwill 304,442 304,442 Other intangible assets, net 8,492 10,552 Operating leases, right-of-use 25,113 26,133 Other assets 246,548 245,966 Total assets $ 9,741,399 $ 9,910,089 Liabilities and Shareholders' Equity: Liabilities: Deposits: Noninterest-bearing demand $ 2,557,063 $ 2,722,689 Interest-bearing 5,493,167 5,111,349 Total deposits 8,050,230 7,834,038 Accrued interest payable 12,018 8,445 Operating lease liability 27,122 28,261 Other liabilities 128,063 145,982 Other borrowings 247,773 632,582 Junior subordinated debt 101,143 101,099 Total liabilities 8,566,349 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 June 30, 2024 and December 31, 2023 — — Common stock, no par value: 50,000,000 shares authorized; 32,989,327 and 33,268,102 issued and outstanding at June 30, 2024 and December 31, 2023, respectively 691,878 697,349 Retained earnings 644,687 615,502 Accumu