TriCo Bancshares Files Q3 2024 10-Q Report
Ticker: TCBK · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 356171
Sentiment: neutral
Topics: 10-Q, financials, commercial-bank, SEC-filing
TL;DR
**TriCo Bancshares Q3 2024 10-Q filed. Bank's financials are out.**
AI Summary
TriCo Bancshares filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates for the commercial bank. Key financial data and disclosures relevant to investors and regulators are presented in this report.
Why It Matters
This 10-Q filing provides crucial insights into TriCo Bancshares' financial health and operational performance during the third quarter of 2024, impacting investor confidence and regulatory oversight.
Risk Assessment
Risk Level: medium — As a commercial bank, TriCo Bancshares is subject to various financial and regulatory risks inherent in the banking industry.
Key Numbers
- 2024 Q3 — Reporting Period (The financial results cover the third quarter of 2024.)
- 2024-09-30 — Period End Date (The financial data presented is as of this date.)
- 2024-11-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- TRICO BANCSHARES (company) — Filer of the 10-Q report
- 0000356171 (company) — Central Index Key for TriCo Bancshares
- 20240930 (date) — End of the reporting period
- 20241107 (date) — Filing date of the 10-Q
- CHICO, CA (location) — Business and mailing address of TriCo Bancshares
FAQ
What is the primary business of TriCo Bancshares?
TriCo Bancshares operates as a commercial bank, as indicated by its Standard Industrial Classification code [6022] for Commercial Banks.
For what period is this 10-Q filing reporting?
This 10-Q filing is for the period ending September 30, 2024, covering the third quarter of 2024.
When was this 10-Q report filed with the SEC?
The 10-Q report was filed on November 7, 2024.
Where is TriCo Bancshares headquartered?
TriCo Bancshares is located at 63 Constitution Drive, Chico, CA 95973.
What is the fiscal year end for TriCo Bancshares?
The fiscal year end for TriCo Bancshares is December 31.
Filing Stats: 4,571 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-07 16:33:38
Filing Documents
- tcbk-20240930.htm (10-Q) — 4931KB
- a101-2024nonexecrsuawardgr.htm (EX-10.1) — 134KB
- a102-2024execrsuawardgrant.htm (EX-10.2) — 134KB
- a103-2024nonexecpsuawardgr.htm (EX-10.3) — 240KB
- a104-2024execpsuawardgrant.htm (EX-10.4) — 240KB
- tcbk-20240930xex311.htm (EX-31.1) — 9KB
- tcbk-20240930xex312.htm (EX-31.2) — 9KB
- tcbk-20240930xex321.htm (EX-32.1) — 4KB
- tcbk-20240930xex322.htm (EX-32.2) — 4KB
- image_01a.jpg (GRAPHIC) — 8KB
- image_02a.jpg (GRAPHIC) — 7KB
- image_03a.jpg (GRAPHIC) — 7KB
- image_0a.jpg (GRAPHIC) — 8KB
- tcbk-20240930_g1.jpg (GRAPHIC) — 24KB
- 0000356171-24-000133.txt ( ) — 23622KB
- tcbk-20240930.xsd (EX-101.SCH) — 78KB
- tcbk-20240930_cal.xml (EX-101.CAL) — 141KB
- tcbk-20240930_def.xml (EX-101.DEF) — 417KB
- tcbk-20240930_lab.xml (EX-101.LAB) — 938KB
- tcbk-20240930_pre.xml (EX-101.PRE) — 712KB
- tcbk-20240930_htm.xml (XML) — 6347KB
– 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 41
– Quantitative and Qualitative Disclosures about Market Risk
Item 3 – Quantitative and Qualitative Disclosures about Market Risk 63
– Controls and Procedures
Item 4 – Controls and Procedures 63
– OTHER INFORMATION
PART II – OTHER INFORMATION 64
– Legal Proceedings
Item 1 – Legal Proceedings 64
– Risk Factors
Item 1A – Risk Factors 64
– Unregistered Sales of Equity Securities and Use of Proceeds
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 64
– Other Information
Item 5 – Other Information
– Exhibits
Item 6 – Exhibits 65
Signatures
Signatures 66 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) September 30, 2024 December 31, 2023 Assets: Cash and due from banks $ 110,141 $ 81,626 Cash at Federal Reserve and other banks 209,973 17,075 Cash and cash equivalents 320,114 98,701 Investment securities: Marketable equity securities 2,690 2,634 Available for sale debt securities, at fair value (amortized cost of $ 2,159,708 and $ 2,384,325 ) 1,979,270 2,152,504 Held to maturity debt securities, at amortized cost, net of allowance for credit losses of $ 0 117,259 133,494 Restricted equity securities 17,250 17,250 Loans held for sale 1,995 458 Loans 6,683,891 6,794,470 Allowance for credit losses ( 123,760 ) ( 121,522 ) Total loans, net 6,560,131 6,672,948 Premises and equipment, net 70,423 71,347 Cash value of life insurance 139,312 136,892 Accrued interest receivable 33,061 36,768 Goodwill 304,442 304,442 Other intangible assets, net 7,462 10,552 Operating leases, right-of-use 24,716 26,133 Other assets 245,765 245,966 Total assets $ 9,823,890 $ 9,910,089 Liabilities and Shareholders' Equity: Liabilities: Deposits: Noninterest-bearing demand $ 2,547,736 $ 2,722,689 Interest-bearing 5,489,355 5,111,349 Total deposits 8,037,091 7,834,038 Accrued interest payable 11,664 8,445 Operating lease liability 26,668 28,261 Other liabilities 141,521 145,982 Other borrowings 266,767 632,582 Junior subordinated debt 101,164 101,099 Total liabilities 8,584,875 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 September 30, 2024 and December 31, 2023 — — Common stock, no par value: 50,000,000 shares authorized; 33,000,508 and 33,268,102 issued and outstanding at September 30, 2024 and December 31, 2023, respectively 693,176 697,349 Retained earnings 662,816 615,502 Accumulated oth