Companies: 10,796     total market cap: $144.532 T
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TriCo Bancshares
TCBK
#5228
Rank
$1.63 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$50.30
Share price
1.66%
Change (1 day)
38.04%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. TriCo Bancshares
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2020 Q1

TriCo Bancshares - 10-Q quarterly report FY2020 Q1


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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________
FORM 10-Q
___________________
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended: March 31, 2020
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from                to              
Commission File Number: 000-10661
___________________
TriCo Bancshares
(Exact Name of Registrant as Specified in Its Charter)
___________________
CA94-2792841
(State or Other Jurisdiction of
Incorporation or Organization)		(I.R.S. Employer
Identification Number)
63 Constitution Drive
Chico, California 95973
(Address of Principal Executive Offices)(Zip Code)
(530) 898-0300
(Registrant’s Telephone Number, Including Area Code)
___________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Common StockTCBKThe NASDAQ Stock Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “accelerated filer”, “large accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
☒Large accelerated filer☐Accelerated filer
☐Non-accelerated filer☐Smaller reporting company
☐Emerging growth company​​​​​​​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Indicate the number of shares outstanding for each of the issuer’s classes of common stock, as of the latest practical date:
Common stock, no par value: 29,721,523 shares outstanding as of May 8, 2020.

2
Table of Contents
TriCo Bancshares
FORM 10-Q
TABLE OF CONTENTS
Page
2
Item 1 – Financial Statements (Unaudited)
2
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations
39
Item 3 – Quantitative and Qualitative Disclosures about Market Risk
54
Item 4 – Controls and Procedures
54
56
Item 1 – Legal Proceedings
56
Item 1A – Risk Factors
56
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds
57
Item 6 – Exhibits
58
Signatures
59

1
Table of Contents

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)

TRICO BANCSHARES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data; unaudited)
March 31, 2020December 31, 2019
Assets:
Cash and due from banks$95,364  $92,816  
Cash at Federal Reserve and other banks90,102  183,691  
Cash and cash equivalents185,466  276,507  
Investment securities:
Marketable equity securities3,007  2,960  
Available for sale debt securities, net of allowance for credit losses of $—
1,001,999  950,138  
Held to maturity debt securities, net of allowance for credit losses of $—
359,770  375,606  
Restricted equity securities17,250  17,250  
Loans held for sale2,695  5,265  
Loans4,379,062  4,307,366  
Allowance for credit losses(57,911) (30,616) 
Total loans, net4,321,151  4,276,750  
Premises and equipment, net86,304  87,086  
Cash value of life insurance118,543  117,823  
Accrued interest receivable18,575  18,897  
Goodwill220,872  220,872  
Other intangible assets, net22,126  23,557  
Operating leases, right-of-use
30,221  27,879  
Other assets86,330  70,591  
Total assets$6,474,309  $6,471,181  
Liabilities and Shareholders’ Equity:
Liabilities:
Deposits:
Noninterest-bearing demand$1,883,143  $1,832,665  
Interest-bearing3,519,555  3,534,329  
Total deposits5,402,698  5,366,994  
Accrued interest payable1,986  2,407  
Operating lease liability30,007  27,540  
Other liabilities96,560  91,984  
Other borrowings19,309  18,454  
Junior subordinated debt57,323  57,232  
Total liabilities5,607,883  5,564,611  
Commitments and contingencies (Note 7)
Shareholders’ equity:
Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at March 31, 2020 and December 31, 2019
—  —  
Common stock, no par value: 50,000,000 shares authorized; 29,973,516 and 30,523,824 issued and outstanding at March 31, 2020 and December 31, 2019, respectively
534,623  543,998  
Retained earnings356,935  367,794  
Accumulated other comprehensive income (loss), net of tax(25,132) (5,222) 
Total shareholders’ equity866,426  906,570  
Total liabilities and shareholders’ equity$6,474,309  $6,471,181  

See accompanying notes to unaudited condensed consolidated financial statements.
2
Table of Contents
TRICO BANCSHARES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data; unaudited)
Three months ended
March 31,
20202019
Interest and dividend income:
Loans, including fees$56,258  $54,398  
Investments:
Taxable securities8,211  10,555  
Tax exempt securities904  1,073  
Dividends361  360  
Interest bearing cash at Federal Reserve and other banks783  1,071  
Total interest and dividend income66,517  67,457  
Interest expense:
Deposits2,551  2,719  
Other borrowings5  13  
Junior subordinated debt769  855  
Total interest expense3,325  3,587  
Net interest income63,192  63,870  
Provision for (reversal of) credit losses8,000  (1,600) 
Net interest income after credit loss provision (reversal)55,192  65,470  
Non-interest income:
Service charges and fees9,126  9,070  
Gain on sale of loans891  412  
Gain on sale of investment securities—  —  
Asset management and commission income916  642  
Increase in cash value of life insurance720  775  
Other167  904  
Total non-interest income11,820  11,803  
Non-interest expense:
Salaries and related benefits27,272  25,128  
Other17,547  20,324  
Total non-interest expense44,819  45,452  
Income before provision for income taxes22,193  31,821  
Provision for income taxes6,072  9,095  
Net income$16,121  $22,726  
Per share data:
Basic earnings per share$0.53  $0.75  
Diluted earnings per share$0.53  $0.74  
Dividends per share$0.22  $0.19  

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(In thousands; unaudited)

Three months ended
March 31,
20202019
Net income$16,121  $22,726  
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available for sale securities arising during the period(20,822) 8,952  
Change in minimum pension liability912  —  
Other comprehensive income (loss)(19,910) 8,952  
Comprehensive income (loss)$(3,789) $31,678  
See accompanying notes to unaudited condensed consolidated financial statements
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TRICO BANCSHARES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(In thousands, except share and per share data; unaudited)

Shares of
Common
Stock		Common
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Balance at January 1, 201930,417,223  $541,762  $303,490  $(17,879) $827,373  
Net income22,726  22,726  
Other comprehensive income8,952  8,952  
Stock options exercised41,000  647  647  
RSU vesting278  278  
PSU vesting119  119  
RSUs released355  —  
PSUs released—  —  
Repurchase of common stock(26,159) (466) (569) (1,035) 
Dividends paid ($0.19 per share)
(5,782) (5,782) 
Three months ended March 31, 201930,432,419  $542,340  $319,865  $(8,927) $853,278  
Balance at January 1, 202030,523,824  $543,998  $367,794  $(5,222) $906,570  
Cumulative change from adoption of ASU 2016-13—  —  (12,983) —  (12,983) 
Balance at January 1, 2020 (as adjusted for change in accounting principle)30,523,824  $543,998  354,811  (5,222) 893,587  
Net income16,121  16,121  
Other comprehensive loss(19,910) (19,910) 
Stock options exercised8,000  148  148  
RSU vesting297  297  
PSU vesting142  142  
RSUs released362  —  
PSUs released—  —  
Repurchase of common stock(558,670) (9,962) (7,333) (17,295) 
Dividends paid ($0.22 per share)
(6,664) (6,664) 
Three months ended March 31, 202029,973,516  $534,623  $356,935  $(25,132) $866,426  

See accompanying notes to unaudited condensed consolidated financial statements.






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TRICO BANCSHARES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands; unaudited) 
For the three months ended March 31,
20202019
Operating activities:
Net income$16,121  $22,726  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment, and amortization1,618  1,838  
Amortization of intangible assets1,431  1,431  
Provision for (reversal of) credit losses8,000  (1,600) 
Amortization of investment securities premium, net509  571  
Originations of loans for resale(28,394) (18,119) 
Proceeds from sale of loans originated for resale31,629  16,689  
Gain on sale of loans(891) (412) 
Change in market value of mortgage servicing rights1,258  645  
Gain on transfer of loans to foreclosed assets—  (98) 
Gain on sale of foreclosed assets(41) (99) 
Operating lease expense payments(1,237) (1,218) 
Loss on disposal of fixed assets—  38  
Increase in cash value of life insurance(720) (775) 
Gain on life insurance death benefit—  (32) 
Gain on marketable equity securities(47) (36) 
Equity compensation vesting expense439  397  
Change in:
Interest receivable322  (1,019) 
Interest payable(421) 198  
Amortization of operating lease ROUA1,362  480  
Other assets and liabilities, net2,609  450  
Net cash from operating activities33,547  22,055  
Investing activities:
Proceeds from maturities of securities available for sale20,212  15,133  
Proceeds from maturities of securities held to maturity15,592  13,684  
Purchases of securities available for sale(101,899) (1,238) 
Loan origination and principal collections, net(70,833) (11,351) 
Proceeds from sale of other real estate owned353  278  
Proceeds from sale of premises and equipment—  11  
Purchases of premises and equipment(761) (1,650) 
Net cash from (used by) investing activities(137,336) 14,867  
Financing activities:
Net change in deposits35,704  63,796  
Net change in other borrowings855  (3,373) 
Repurchase of common stock, net of option exercises(17,147) (388) 
Dividends paid(6,664) (5,782) 
Net cash used from financing activities12,748  54,253  
Net change in cash and cash equivalents(91,041) 91,175  
Cash and cash equivalents, beginning of period276,507  227,533  
Cash and cash equivalents, end of period$185,466  $318,708  
Supplemental disclosure of noncash activities:
Unrealized gain (loss) on securities available for sale$(29,561) $12,710  
Market value of shares tendered in-lieu of cash to pay for exercise of options and/or related taxes148  647  
Obligations incurred in conjunction with leased assets3,393  32,006  
Loans transferred to foreclosed assets—  116  
Supplemental disclosure of cash flow activity:
Cash paid for interest expense3,746  3,389  
Cash paid for income taxes—  —  


See accompanying notes to unaudited condensed consolidated financial statements.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - Summary of Significant Accounting Policies
Description of Business and Basis of Presentation
TriCo Bancshares (the “Company” or “we”) is a California corporation organized to act as a bank holding company for Tri Counties Bank (the “Bank”). The Company and the Bank are headquartered in Chico, California. The Bank is a California-chartered bank that is engaged in the general commercial banking business in 29 California counties. The Company has five capital subsidiary business trusts (collectively, the “Capital Trusts”) that issued trust preferred securities, including two organized by the Company and three acquired with the acquisition of North Valley Bancorp.
The consolidated financial statements are prepared in accordance with accounting policies generally accepted in the United States of America and general practices in the banking industry. All adjustments necessary for a fair presentation of these consolidated financial statements have been included and are of a normal and recurring nature. The financial statements include the accounts of the Company. All inter-company accounts and transactions have been eliminated in consolidation. For financial reporting purposes, the Company’s investments in the Capital Trusts of $1,792,000 are accounted for under the equity method and, accordingly, are not consolidated and are included in other assets on the consolidated balance sheet. The subordinated debentures issued and guaranteed by the Company and held by the Capital Trusts are reflected as debt on the Company’s consolidated balance sheet.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”). The Company believes that the disclosures made are adequate to make the information not misleading.
Segment and Significant Group Concentration of Credit Risk
The Company grants agribusiness, commercial, consumer, and residential loans to customers located throughout northern and central California. The Company has a diversified loan portfolio within the business segments located in this geographical area. The Company currently classifies all its operation into one business segment that it denotes as community banking.
Geographical Descriptions
For the purpose of describing the geographical location of the Company’s operations, the Company has defined northern California as that area of California north of, and including, Stockton to the east and San Jose to the west; central California as that area of the state south of Stockton and San Jose, to and including, Bakersfield to the east and San Luis Obispo to the west; and southern California as that area of the state south of Bakersfield and San Luis Obispo.

Reclassification
Some items in the prior year consolidated financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’equity.
Cash and Cash Equivalents
Net cash flows are reported for loan and deposit transactions and other borrowings. For purposes of the consolidated statement of cash flows, cash, due from banks with original maturities less than 90 days, interest-earning deposits in other banks, and Federal funds sold are considered to be cash equivalents.
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Allowance for Credit Losses - Held to Maturity Securities
The Company measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type, then further disaggregated by sector and bond rating. Accrued interest receivable on held-to-maturity debt securities totaled $920,000 at March 31, 2020 and is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current condition and reasonable and supportable forecasts based on current and expected changes in credit ratings and default rates. Based on the implied guarantees of the U. S. Government or its agencies related to certain of these investment securities, and the absence of any historical or expected losses, substantially all qualify for a zero loss assumption. Management has separately evaluated its HTM investment securities from obligations of state and political subdivisions utilizing the historical loss data represented by similar securities over a period of time spanning nearly 50 years. As a result of this evaluation, management determined that the expected credit losses associated with these securities is not significant for financial reporting purposes and therefore, no allowance for credit losses has been recognized.
Loans
Loans that management has the intent and ability to hold until maturity or payoff are reported at principle amount outstanding, net of deferred loan fees and costs. Loans are placed in nonaccrual status when reasonable doubt exists as to the full, timely collection of interest or principal, or a loan becomes contractually past due by 90 days or more with respect to interest or principal and is not well secured and in the process of collection. When a loan is placed on nonaccrual status, all interest previously accrued but not collected is reversed against interest income. Income on such loans is then recognized only to the extent that cash is received and where the future collection of principal is considered probable. Interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of Management, the loan is estimated to be fully collectible as to both principal and interest. Accrued interest receivable is not included in the calculation of the allowance for credit losses.
Allowance for Credit Losses - Loans
The allowance for credit losses (ACL) is a valuation account that is deducted from the loan's amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the recorded loan balance is confirmed as uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Regardless of the determination that a charge-off is appropriate for financial accounting purposes, the Company manages its loan portfolio by continually monitoring, where possible, a borrower's ability to pay through the collection of financial information, delinquency status, borrower discussion and the encouragement to repay in accordance with the original contract or modified terms, if appropriate.
Management estimates the allowance balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. Historical credit loss experience provides the basis for the estimation of expected credit losses, which captures loan balances as of a point in time to form a cohort, then tracks the respective losses generated by that cohort of loans over the remaining life. The Company identified and accumulated loan cohort historical loss data beginning with the fourth quarter of 2008 and through the current period. In situations where the Company's actual loss history was not statistically relevant, the loss history of peers, defined as financial institutions with assets greater than three billion and less than ten billion, were utilized to create a minimum loss rate. Adjustments to historical loss information are made for differences in relevant current loan-specific risk characteristics, such as historical timing of losses relative to the loan origination. In its loss forecasting framework, the Company incorporates forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios incorporate variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to changes in environmental conditions, such as California unemployment rates, household debt levels and U.S. gross domestic product.
A loan is considered to be collateral dependent when repayment is expected to be provided substantially through the operation or sale of the collateral. The ACL on collateral dependent loans is measured using the fair value of the underlying collateral, adjusted for costs to sell when applicable, less the amortized cost basis of the financial asset. If the value of underlying collateral is determined to be less than the recorded amount of the loan, a charge-off will be taken. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a troubled debt restructuring (TDR). The ACL on a TDR is measured using the same method as all other portfolio loans, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the ACL is determined by discounting the expected future cash flows at the original interest rate of the loan.
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The Company has identified the following portfolio segments to evaluate and measure the allowance for credit loss:
One to four residential term loans: The most significant drivers of potential loss within the Company's residential real estate portfolio relate general, regional, or individual changes in economic conditions and their effect on employment and borrowers cash flow. Risk in this portfolio is best measured by changes in borrower credit score and loan-to-value. Loss estimates are based on the general movement in credit score, economic outlook and its effects on employment and the value of homes and the Bank’s historical loss experience adjusted to reflect the economic outlook and the unemployment rate.
Commercial mortgage loans:
Commercial real estate - Owner occupied: These credits are primarily susceptible to changes in the financial condition of the business operated by the property owner. This may be driven by changes in, among other things, industry challenges, factors unique to the operating geography of the borrower, change in the individual fortunes of the business owner, general economic conditions and changes in business cycles. When default is driven by issues related specifically to the business owner, collateral values tend to provide better repayment support and may result in little or no loss. Alternatively, when default is driven more by general economic conditions, the underlying collateral may have devalued more and thus result in larger losses in the event of default. The terms on these loans at origination typically have maturities from five to ten years with amortization periods from fifteen to thirty years.
Commercial real estate - Non-owner occupied: These commercial properties typically consist of buildings which are leased to others for their use and rely on rents as the primary source of repayment. Property types are predominantly office, retail, or light industrial but the portfolio also has some special use properties. As such, the risk of loss associated with these properties is primarily driven by general economic changes or changes in regional economies and the impact of such on a tenant’s ability to pay. Ultimately this can affect occupancy, rental rates, or both. Additional risk of loss can come from new construction resulting in oversupply, the costs to hold or operate the property, or changes in interest rates. The terms on these loans at origination typically have maturities from five to ten years with amortization periods from fifteen to thirty years.
Multifamily: These commercial properties are generally comprised of more than four rentable units, such as apartment buildings, with each unit intended to be occupied as the primary residence for one or more persons. Multifamily properties are also subject to changes in general or regional economic conditions, such as unemployment, ultimately resulting in increased vacancy rates or reduced rents or both. In addition, new construction can create an oversupply condition and market competition resulting in increased vacancy, reduced market rents, or both. Due to the nature of their use and the greater likelihood of tenant turnover, the management of these properties is more intensive and therefore is more critical to the preclusion of loss.
Farmland: While the Company has few loans that were originated for the purpose of the acquisition of these commercial properties, loans secured by farmland represent unique risks that are associated with the operation of an agricultural businesses. The valuation of farmland can vary greatly over time based on the property's access to resources including but not limited to water, crop prices, foreign exchange rates, government regulation or restrictions, and the nature of ongoing capital investment needed to maintain the quality of the property. Loans secured by farmland typically represent less risk to the Company than other agriculture loans as the real estate typically provides greater support in the event of default or need for longer term repayment.
Consumer loans:
Home equity lines of credit (HELOC): Similar to residential real estate term loans, HELOC performance is also primarily driven by borrower cash flows based on employment status. However, HELOCs carry additional risks associated with the fact that most of these loans are secured by a deed of trust in a position that is junior to the primary lien holder. Furthermore, the risk that as the borrower's financial strength deteriorates, the outstanding balance on these credit lines may increase as they may only be canceled by the Company if certain limited criteria are met. In addition to the allowance for credit losses maintained as a percent of the outstanding loan balance, the Company maintains additional reserves for the unfunded portion of the HELOC.
Home equity loans: Similar to residential real estate term loans but secured by a deed of trust in a position that is junior to the primary lien holder.
Consumer - Automobile and other: The majority of consumer loans are secured by automobiles, with the remainder primarily unsecured revolving debt (credit cards). These loans are susceptible to three primary risks; non-payment due to income loss, over-extension of credit and, when the borrower is unable to pay, shortfall in collateral value, if any. Typically non-payment is due to loss of job and will follow general economic trends in the marketplace driven primarily by
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rises in the unemployment rate. Loss of collateral value can be due to market demand shifts, damage to collateral itself or a combination of those factors. Credit card loans are unsecured and while collection efforts are pursued in the event of default, there is typically limited opportunity for recovery. Loss estimates are based on the general movement in credit score, economic outlook and its effects on employment and the Bank’s historical loss experience adjusted to reflect the economic outlook and the unemployment rate.
Commercial:
Commercial and industrial: Primarily based on the cash flow of the borrower, and secondarily on the underlying collateral provided by the borrower. A borrower's cash flow may be unpredictable, and collateral securing these loans may fluctuate in value. Most often, collateral includes accounts receivable, inventory, or equipment. Collateral securing these loans may depreciate over time, may be difficult to appraise, may be illiquid and may fluctuate in value based on the success of the business. Actual and forecast changes in gross domestic product are believed to be corollary to losses associated with these credits.
Leases: The loss forecasting model applies the historical rate of loss for similar loans over the expected life of the asset. Leases typically represent an elevated level of credit risk as compared to loans secured by real estate as the collateral for leases is often subject to a more rapid rate of depreciation or depletion. The ultimate severity of loss is impacted by the type of collateral securing the exposure, the size of the exposure, the borrower’s industry sector, any guarantors and the geographic market. Assumptions of expected loss are conditioned to the economic outlook and the other variables discussed above.
Agriculture: Repayment is dependent upon successful operation of the agricultural business, which is greatly impacted by factors outside the control of the borrower. These factors include adverse weather conditions, including access to water, that may impact crop yields, loss of livestock due to disease or other factors, declines in market prices for agriculture products, changes in foreign exchange, and the impact of government regulations. In addition, many farms are dependent on a limited number of key individuals whose injury or death may significantly affect the successful operation of the business. Consequently, agricultural loans may involve a greater degree of risk than other types of loans.
Construction: While secured by real estate, construction loans represent a greater level of risk than term real estate loans due to the nature of the additional risks associated with the not only the completion of construction within an estimated time period and budget, but also the need to either sell the building or reach a level of stabilized occupancy sufficient to generate the cash flows necessary to support debt service and operating costs. The Company seeks to mitigate the additional risks associated with construction lending by requiring borrowers to comply with lower loan to value ratios and additional covenants as well as strong tertiary support of guarantors. The loss forecasting model applies the historical rate of loss for similar loans over the expected life of the asset as adjusted for macroeconomic factors.
Unfunded commitments: The estimated credit losses associated with these unfunded lending commitments is calculated using the same models and methodologies noted above and incorporate utilization assumptions at time of default. The reserve for unfunded commitments is maintained on the balance sheet in other liabilities.

Accounting Standards Adopted in 2020
On January 1, 2020, the Company adopted ASU 2016-03 Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized costs, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in certain leases. In addition, ASC 326 made changes to the accounting for available for sale debt securities. One such change is to require increases or decreases in credit losses be presented as an allowance rather than as a write-down on available for sale debt securities, based on management's intent to sell the security or likelihood the Company will be required to sell the security, before recovery of the amortized cost basis.
The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (PCD) that were previously classified as purchase credit impaired (PCI) and accounted for under ASC 310-30. In accordance with the Standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. The remaining noncredit discount (based on the adjusted amortized costs basis) will be accreted into interest income at the effective interest rate as of adoption. The Company recognized an increase in the ACL for loans totaling $18,913,000, including a reclassification of $481,000 from discounts on acquired loans to the allowance for credit losses, as a cumulative effect adjustment from change in accounting policies, with a corresponding decrease in retained earnings, net of $5,449,000 in taxes
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of $12,983,000. Management has separately evaluated its held-to-maturity investment securities from obligations of state and political subdivisions and determined that no loss reserves were required.
On January 1, 2020 the Company adopted ASU 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350), which eliminates step two of the goodwill impairment test (the hypothetical purchase price allocation used to determine the implied fair value of goodwill) when step one (determining if the carrying value of a reporting unit exceeds its fair value) is failed. Instead, entities simply will compare the fair value of a reporting unit to its carrying amount and record goodwill impairment for the amount by which the reporting unit’s carrying amount exceeds its fair value. There was no goodwill impairment recorded during the quarter ended March 31, 2020.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the Coronavirus Disease 2019 (COVID-19) pandemic. The CARES Act provides optional temporary relief from troubled debt restructuring and impairment accounting requirements for loan modifications related to the COVID-19 pandemic made during the period from March 1, 2020 to the earlier of December 31, 2020 or 60 days after the national emergency concerning COVID-19 declared by the President terminates. The election of any such suspension would be applicable for the term of the loan modification but solely with respect to any modification (including a forbearance arrangement, an interest rate modification, a repayment plan and any other similar arrangement that defers or delays the payment of principal or interest) that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019. The ability to suspend TDR accounting does not apply to any adverse impact on the credit of a borrower that is not related to the COVID-19 pandemic nor does it apply to borrowers.
Accounting Standards Pending Adoption
FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The guidance also promotes consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU No. 2019-12 will be effective for the Company beginning January 1, 2021 and is not expected to have a significant impact on the Company’s consolidated financial statements.
FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional guidance to ease the potential burden in accounting for reference rate reform by providing optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Amendments in this ASU are effective for the Company as of March 12, 2020 through December 31, 2022.
Note 2 - Investment Securities
The amortized cost, estimated fair values and allowance for credit losses of investments in debt securities are summarized in the following tables:
March 31, 2020
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(in thousands)
Debt Securities Available for Sale
Obligations of U.S. government agencies$447,736  $21,482  $—  $—  $469,218  
Obligations of states and political subdivisions110,564  3,561  —  —  114,125  
Corporate bonds2,437  138  —  —  2,575  
Asset backed securities467,436  8  (51,363) —  416,081  
Total debt securities available for sale$1,028,173  $25,189  $(51,363) $—  $1,001,999  


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March 31, 2020
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Allowance for Credit Losses
(in thousands)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$345,944  $17,352  $(4) $363,292  $—  
Obligations of states and political subdivisions13,826  324  —  14,150  —  
Total debt securities held to maturity$359,770  $17,676  $(4) $377,442  $—  


December 31, 2019
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
(in thousands)
Debt Securities Available for Sale
Obligations of U.S. government agencies$466,139  $7,261  $(420) $472,980  
Obligations of states and political subdivisions106,373  3,229  (1) 109,601  
Corporate bonds2,430  102  —  2,532  
Asset backed securities371,809  129  (6,913) 365,025  
Total debt securities available for sale$946,751  $10,721  $(7,334) $950,138  
Debt Securities Held to Maturity
Obligations of U.S. government agencies361,785  6,072  (480) 367,377  
Obligations of states and political subdivisions13,821  327  —  14,148  
Total debt securities held to maturity$375,606  $6,399  $(480) $381,525  
There were no sales of investment securities during the three months ended March 31, 2020 and 2019, respectively. Investment securities with an aggregate carrying value of $463,165,000 and $466,321,000 at March 31, 2020 and December 31, 2019, respectively, were pledged as collateral for specific borrowings, lines of credit or local agency deposits.
The amortized cost and estimated fair value of debt securities at March 31, 2020 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At March 31, 2020, obligations of U.S. government corporations and agencies with a cost basis totaling $793,680,000 consist almost entirely of residential real estate mortgage-backed securities whose contractual maturity, or principal repayment, will follow the repayment of the underlying mortgages. For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by U.S. government corporations and agencies is categorized based on final maturity date. At March 31, 2020, the Company estimates the average remaining life of these mortgage-backed securities issued by U.S. government corporations and agencies to be approximately 3.24 years. Average remaining life is defined as the time span after which the principal balance has been reduced by half.
As of March 31, 2020, the contractual final maturity for available for sale and held to maturity investment securities is as follows:
Debt SecuritiesAvailable for SaleHeld to Maturity
(in thousands)Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Due in one year$604  $607  $1,279  $1,285  
Due after one year through five years18,264  18,958  —  —  
Due after five years through ten years114,545  103,673  22,271  23,136  
Due after ten years894,760  878,761  336,220  353,021  
Totals$1,028,173  $1,001,999  $359,770  $377,442  
Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and
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length of time that individual securities have been in a continuous unrealized loss position, were as follows:
Less than 12 months12 months or moreTotal
March 31, 2020:Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
(in thousands)
Debt Securities Available for Sale
Asset backed securities$166,612  $(13,000) $248,222  $(38,363) $414,834  $(51,363) 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$707  $(4) $—  $—  $707  $(4) 

Less than 12 months12 months or moreTotal
December 31, 2019:Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
(in thousands)
Debt Securities Available for Sale
Obligations of U.S. government agencies$36,709  $(309) $23,852  $(111) $60,561  $(420) 
Obligations of states and political subdivisions778  (1) —  —  778  (1) 
Asset backed securities237,463  (4,535) 99,981  (2,378) 337,444  (6,913) 
Total debt securities available for sale$274,950  $(4,845) $123,833  $(2,489) $398,783  $(7,334) 
Debt Securities Held to Maturity
Obligations of U.S. government agencies18,813  (142) 62,952  (338) 81,765  (480) 
Total debt securities held to maturity$18,813  $(142) $62,952  $(338) $81,765  $(480) 
Obligations of U.S. government agencies: Unrealized losses on investments in obligations of U.S. government agencies are caused by interest rate increases and illiquidity. The contractual cash flows of these securities are guaranteed by U.S. Government Sponsored Entities (principally Fannie Mae and Freddie Mac). It is expected that the securities would not be settled at a price less than the amortized cost of the investment. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, these investments are not considered other-than-temporarily impaired. At March 31, 2020, one debt security representing obligations of U.S. government agencies had unrealized losses with aggregate depreciation of 0.56% from the Company’s amortized cost basis. The Company evaluates if a credit loss exists by monitoring to ensure it has adequate credit support and as of March 31, 2020, the Company believes there is no expected allowance for credit losses.
Asset backed securities: The unrealized losses on investments in asset backed securities were caused by increases in required yields by investors for these types of securities. At the time of purchase, each of these securities was rated AA or AAA and through March 31, 2020 has not experienced any deterioration in credit rating. At March 31, 2020, 15 asset backed securities had unrealized losses with aggregate depreciation of 11.02% from the Company’s amortized cost basis. The Company continues to monitor these securities for changes in credit rating or other indications of credit deterioration. Because management believes the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no impairment on these securities and there has been no allowance for credit losses recorded as of March 31, 2020.
The Company monitors credit quality of debt securities held-to-maturity through the use of credit rating. The Company monitors the credit rating on a monthly basis. The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
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March 31, 2020December 31, 2019
AAA/AA/ABBB/BB/BAAA/AA/ABBB/BB/B
(In thousands)(In thousands)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$345,944  $—  $361,785  $—  
Obligations of states and political subdivisions13,137  689  13,136  685  
Total debt securities held to maturity$359,081  $689  $374,921  $685  

Note 3 – Loans
A summary of loan balances follows:
(in thousands)March 31, 2020December 31, 2019
Mortgage loans on real estate:
Residential 1-4 family
$506,833  $509,508  
Commercial2,889,183  2,818,782  
Total mortgage loans on real estate3,396,016  3,328,290  
Consumer:
Home equity lines of credit341,461  334,300  
Home equity loans27,110  28,586  
Other82,427  82,656  
Total consumer loans450,998  445,542  
Commercial290,334  283,707  
Construction:
Residential42,333  46,146  
Commercial199,381  203,681  
Total construction loans241,714  249,827  
Total loans, net of deferred loan fees and discounts$4,379,062  $4,307,366  
Total principal balance of loans owed, net of charge-offs$4,420,889  $4,351,725  
Unamortized net deferred loan fees(8,794) (8,927) 
Discounts to principal balance of loans owed, net of charge-offs(33,033) (35,432) 
Total loans, net of unamortized deferred loan fees and discounts$4,379,062  $4,307,366  
Allowance for loan losses$(57,911) $(30,616) 

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Note 4 – Allowance for Credit Losses
The following tables summarize the activity in the allowance for credit losses on loans, and ending balance of loans, net of unearned fees for the periods indicated:
Allowance for Loan Losses – Three Months Ended March 31, 2020
(in thousands)Beginning
Balance		Impact of CECL AdoptionCharge-offsRecoveriesProvision
(benefit)		Ending Balance
Mortgage loans on real estate:
Residential 1-4 family
$2,306  $2,675  $—  $410  $259  $5,650  
 Commercial11,995  11,848  —  194  5,216  29,253  
Total mortgage loans on real estate14,301  14,523  —  604  5,475  34,903  
Consumer:
Home equity lines of credit5,572  4,549  —  33  369  10,523  
Home equity loans611  89  —  15  (42) 673  
Other1,595  971  (130) 94  216  2,746  
Total consumer loans7,778  5,609  (130) 142  543  13,942  
Commercial5,149  (2,152) (380) 146  1,708  4,471  
Construction:
Residential630  189  —  —  5  824  
Commercial2,758  744  —  —  269  3,771  
Total construction loans3,388  933  —  —  274  4,595  
Total$30,616  $18,913  $(510) $892  $8,000  $57,911  

In determining the allowance for credit losses, accruing loans with similar risk characteristics are generally evaluated collectively. To estimate expected losses the Company generally utilizes historical loss trends and the remaining contractual lives of the loan portfolios to determine estimated credit losses through a reasonable and supportable forecast period. Individual loan credit quality indicators including loan grade and borrower repayment performance have been statistically correlated with historical credit losses and various econometrics, including California unemployment, gross domestic product, and corporate bond yields. Model forecasts may be adjusted for inherent limitations or biases that have been identified through independent validation and back-testing of model performance to actual realized results. At both January 1, 2020, the adoption and implementation date of ASC Topic 326, and March 31, 2020, the Company utilized a reasonable and supportable forecast period of approximately eight quarters and obtained the forecast data from publicly available sources. The Company also considered the impact of portfolio concentrations, changes in underwriting practices, imprecision in its economic forecasts, and other risk factors that might influence its loss estimation process. During the quarter ended March 31, 2020 the levels of actual and forecasted California unemployment and gross domestic product continued to deteriorate and as a result, were the primary cause for the increase in allowance for credit losses. Management believes that the allowance for credit losses at March 31, 2020 appropriately reflected expected credit losses inherent in the loan portfolio at that date.

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Allowance for Loan Losses – Year Ended December 31, 2019
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision
(benefit)		Ending Balance
Mortgage loans on real estate:
Residential 1-4 family
$2,676  $(2) $54  $(422) $2,306  
Commercial12,944  (746) 1,528  (1,731) 11,995  
Total mortgage loans on real estate15,620  (748) 1,582  (2,153) 14,301  
Consumer:
Home equity lines of credit6,042  —  504  (974) 5,572  
Home equity loans1,540  (3) 431  (1,357) 611  
Other793  (765) 321  1,246  1,595  
Total consumer loans8,375  (768) 1,256  (1,085) 7,778  
Commercial6,090  (2,123) 525  657  5,149  
Construction:
Residential464  —  —  166  630  
Commercial2,033  —  —  725  2,758  
Total construction loans2,497  —  —  891  3,388  
Total$32,582  $(3,639) $3,363  $(1,690) $30,616  

Allowance for Loan Losses – Three Months Ended March 31, 2019
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision
(benefit)		Ending Balance
Mortgage loans on real estate:
Residential 1-4 family
$2,676  $—  $2  $(178) $2,500  
Commercial12,944  —  1,381  (1,995) 12,330  
Total mortgage loans on real estate15,620  —  1,383  (2,173) 14,830  
Consumer:
Home equity lines of credit6,042  —  95  (122) 6,015  
Home equity loans1,540  —  87  (341) 1,286  
Other793  (207) 75  379  1,040  
Total consumer loans8,375  (207) 257  (84) 8,341  
Commercial6,090  (519) 168  339  6,078  
Construction:
Residential464  —  —  84  548  
Commercial2,033  —  —  234  2,267  
Total construction loans2,497  —  —  318  2,815  
Total$32,582  $(726) $1,808  $(1,600) $32,064  


As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including, but not limited to, trends relating to (i) the level of criticized and classified loans, (ii) net charge-offs, (iii) non-performing loans, and (iv) delinquency within the portfolio. The Company analyzes loans individually to classify the loans as to credit risk and grading. This analysis is performed annually for all outstanding balances greater than $1,000,000 and non-homogeneous loans, such as commercial real estate loans, unless other indicators, such as delinquency, trigger more frequent evaluation. Loans below the $1,000,000 threshold and homogenous in nature are evaluated as needed based on delinquency and borrower credit scores.
The Company utilizes a risk grading system to assign a risk grade to each of its loans. Loans are graded on a scale ranging from Pass to Loss. A description of the general characteristics of the risk grades is as follows:
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•Pass– This grade represents loans ranging from acceptable to very little or no credit risk. These loans typically meet most if not all policy standards in regard to: loan amount as a percentage of collateral value, debt service coverage, profitability, leverage, and working capital.
•Special Mention– This grade represents “Other Assets Especially Mentioned” in accordance with regulatory guidelines and includes loans that display some potential weaknesses which, if left unaddressed, may result in deterioration of the repayment prospects for the asset or may inadequately protect the Company’s position in the future. These loans warrant more than normal supervision and attention.
•Substandard– This grade represents “Substandard” loans in accordance with regulatory guidelines. Loans within this rating typically exhibit weaknesses that are well defined to the point that repayment is jeopardized. Loss potential is, however, not necessarily evident. The underlying collateral supporting the credit appears to have sufficient value to protect the Company from loss of principal and accrued interest, or the loan has been written down to the point where this is true. There is a definite need for a well-defined workout/rehabilitation program.
•Doubtful– This grade represents “Doubtful” loans in accordance with regulatory guidelines. An asset classified as Doubtful has all the weaknesses inherent in a loan classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and financing plans.
•Loss– This grade represents “Loss” loans in accordance with regulatory guidelines. A loan classified as Loss is considered uncollectible and of such little value that its continuance as a bankable asset is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan, even though some recovery may be affected in the future. The portion of the loan that is graded loss should be charged off no later than the end of the quarter in which the loss is identified.
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Based on the most recent analysis performed, the risk category of loans by class of loans is as follows for the period indicated:

(in thousands)Term Loans Amortized Cost Basis by Origination Year – As of March 31, 2020
20202019201820172016PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Mortgage loans on real estate:
Residential 1-4 family risk ratings
Pass$25,698$102,369$59,278$69,504$60,063$179,461—  $117$496,490
Special Mention—  —  —  868  18  2,953  —  105  3,944  
Substandard—  —  574  996  51  4,778  —  —  6,399  
Doubtful/Loss—  —  —  —  —  —  —  —  —  
Total residential 1-4 family - mortgage loans$25,698$102,369$59,852$71,368$60,132$187,192$—$222$506,833


Mortgage loans on real estate:
Commercial risk ratings
Pass$82,428$457,462$364,082$443,054$407,011$967,584$102,830$1,501$2,825,952
Special Mention70  2,288  —  7,618  11,562  10,722  12,588  —  44,848  
Substandard200  1,394  1,445  1,580  3,191  9,801  772  —  18,383  
Doubtful/Loss—  —  —  —  —  —  —  —  —  
Total commercial - mortgage loans$82,698$461,144$365,527$452,252$421,764$988,107$116,190$1,501$2,889,183


Consumer loans:
Home equity line of credit risk ratings
Pass$2,859$8,591$2,967$714$1,561$10,815$304,911$627$333,045
Special Mention80  —  36  46  70  644  3,524  —  4,400  
Substandard—  —  57  529  80  1,078  2,266  6  4,016  
Doubtful/Loss—  —  —  —  —  —  —  —  —  
Total home equity lines of credit - consumer loans$2,939$8,591$3,060$1,289$1,711$12,537$310,701$633$341,461


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(in thousands)Term Loans Amortized Cost Basis by Origination Year – As of March 31, 2020
20202019201820172016PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Consumer loans:
Home equity loans risk ratings
Pass$2$580$290$378$673$21,191$500$16$23,630
Special Mention—  —  19  —  —  906  —  —  925  
Substandard153  —  —  —  145  2,257  —  —  2,555  
Doubtful/Loss—  —  —  —  —  —  —  —  —  
Total home equity loans - consumer loans$155$580$309$378$818$24,354$500$16$27,110



Consumer loans:
Other risk ratings
Pass$7,679$40,454$20,465$6,221$1,883$1,787$1,747$1,407$81,643
Special Mention—  53  170  141  44  158  83  2  651  
Substandard—  59  —  12  11  35  16  —  133  
Doubtful/Loss—  —  —  —  —  —  —  —  —  
Total other - consumer loans$7,679$40,566$20,635$6,374$1,938$1,980$1,846$1,409$82,427



Commercial loans:
Commercial risk ratings
Pass$15,616$66,145$32,209$25,226$10,041$17,434$112,189$5,164$284,024
Special Mention—  —  75  539  149  110  604  700  2,177  
Substandard—  153  382  1,236  1,262  201  725  174  4,133  
Doubtful/Loss—  —  —  —  —  —  —  —  —  
Total commercial loans$15,616$66,298$32,666$27,001$11,452$17,745$113,518$6,038$290,334

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(in thousands)Term Loans Amortized Cost Basis by Origination Year – As of March 31, 2020
20202019201820172016PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Construction loans:
Residential risk ratings
Pass$1,725$15,703$17,067$0$3,459$0$0$0$37,954
Special Mention—  —  —  —  4,379  —  —  —  4,379  
Substandard—  —  —  —  —  —  —  —  —  
Doubtful/Loss—  —  —  —  —  —  —  —  —  
Total residential - construction loans$1,725$15,703$17,067$0$7,838$0$0$0$42,333


Construction loans:
Commercial risk ratings
Pass$14,081$35,515$82,740$43,455$15,793$5,709$0$0$197,293
Special Mention—  —  —  —  —  1,845  —  —  1,845  
Substandard—  —  —  —  —  243  —  —  243  
Doubtful/Loss—  —  —  —  —  —  —  —  —  
Total commercial - construction loans$14,081$35,515$82,740$43,455$15,793$7,797$0$0$199,381


Total loans:
Risk ratings
Pass$150,088$726,819$579,098$588,552$500,484$1,203,981$522,177$8,832$4,280,031
Special Mention150  2,341  300  9,212  16,222  17,338  16,799  807  63,169  
Substandard353  1,606  2,458  4,353  4,740  18,393  3,779  180  35,862  
Doubtful/Loss—  —  —  —  —  —  —  —  —  
Total loans$150,591$730,766$581,856$602,117$521,446$1,239,712$542,755$9,819$4,379,062

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(in thousands)Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2019
2019201820172016PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Mortgage loans on real estate:
Residential 1-4 family risk ratings
Pass$102,613$63,542$73,195$65,050$194,214—  —  $498,614
Special Mention—  —  1,408  19  3,287  —  —  4,714
Substandard—  813  711  52  4,604  —  —  6,180
Doubtful/Loss—  —  —  —  —  —  —  $0
Total residential 1-4 family - mortgage loans$102,613$64,355$75,314$65,121$202,105$—$—$509,508

Mortgage loans on real estate:
Commercial risk ratings
Pass$446,597$373,065$421,901$415,568$1,010,057$107,965$748$2,775,901
Special Mention—  —  4,965  9,373  8,467  2,253  —  25,058  
Substandard830  1,454  1,591  3,216  9,937  795  —  17,823  
Doubtful/Loss—  —  —  —  —  —  —  —  
Total commercial - mortgage loans$447,427$374,519$428,457$428,157$1,028,461$111,013$748$2,818,782


Consumer loans:
Home equity line of credit risk ratings
Pass$10,195$3,436$1,015$1,729$11,821$297,458$663$326,317
Special Mention—  11  47  31  665  3,398  37  4,189  
Substandard—  59  253  77  1,223  2,146  36  3,794  
Doubtful/Loss—  —  —  —  —  —  —  —  
Total home equity lines of credit - consumer loans$10,195$3,506$1,315$1,837$13,709$303,002$736$334,300


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(in thousands)Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2019
2019201820172016PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Consumer loans:
Home equity loans risk ratings
Pass$607$300$382$712$22,655$399$37$25,092
Special Mention—  20  —  —  1,172  —  —  1,192  
Substandard—  —  —  156  2,146  —  —  2,302  
Doubtful/Loss—  —  —  —  —  —  —  —  
Total home equity loans - consumer loans$607$320$382$868$25,973$399$37$28,586


Consumer loans:
Other risk ratings
Pass$45,675$23,014$7,176$2,245$2,099$1,602$3$81,814
Special Mention56  182  176  52  172  81  —  719  
Substandard60  —  13  1  45  1  3  123  
Doubtful/Loss—  —  —  —  —  —  —  —  
Total other - consumer loans$45,791$23,196$7,365$2,298$2,316$1,684$6$82,656



Commercial loans:
Commercial risk ratings
Pass$77,614$37,411$27,195$11,906$17,806$100,098$3,623$275,653
Special Mention—  339  1,236  167  164  1,921  —  3,827  
Substandard—  48  1,481  1,646  393  611  48  4,227  
Doubtful/Loss—  —  —  —  —  —  —  —  
Total commercial loans$77,614$37,798$29,912$13,719$18,363$102,630$3,671$283,707



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(in thousands)Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2019
2019201820172016PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Construction loans:
Residential risk ratings
Pass$18,516$12,990$0$3,319$0$6,230$889$41,944
Special Mention—  —  —  4,202  —  —  —  4,202  
Substandard—  —  —  —  —  —  —  —  
Doubtful/Loss—  —  —  —  —  —  —  —  
Total residential - construction loans$18,516$12,990$0$7,521$0$6,230$889$46,146


Construction loans:
Commercial risk ratings
Pass$31,031$72,339$76,043$15,654$7,322$975$0$203,364
Special Mention—  —  —  —  317  —  —  317  
Substandard—  —  —  —  —  —  —  —  
Doubtful/Loss—  —  —  —  —  —  —  —  
Total commercial - construction loans$31,031$72,339$76,043$15,654$7,639$975$0$203,681


Total loans:
Risk ratings
Pass$732,848$586,097$606,907$516,183$1,265,974$514,727$5,963$4,228,699
Special Mention56  552  7,832  13,844  14,244  7,653  37  44,218  
Substandard890  2,374  4,049  5,148  18,348  3,553  87  34,449  
Doubtful/Loss—  —  —  —  —  —  —  —  
Total loans$733,794$589,023$618,788$535,175$1,298,566$525,933$6,087$4,307,366

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The following table shows the ending balance of current and past due originated loans by loan category as of the date indicated:

Analysis of Past Due Loans - As of March 31, 2020
(in thousands)30-59 days60-89 days> 90 daysTotal Past
Due Loans		CurrentTotal
Mortgage loans on real estate:
Residential 1-4 family
$699  $—  $1,763  $2,462  $504,371  $506,833  
Commercial18,445  1,283  2,675  22,403  2,866,780  2,889,183  
Total mortgage loans on real estate19,144  1,283  4,438  24,865  3,371,151  3,396,016  
Consumer:
Home equity lines of credit572  85  1,118  1,775  339,686  341,461  
Home equity loans200  64  193  457  26,653  27,110  
Other100  12  114  226  82,201  82,427  
Total consumer loans872  161  1,425  2,458  448,540  450,998  
Commercial1,014  932  70  2,016  288,318  290,334  
Construction:
Residential—  —  —  —  42,333  42,333  
Commercial—  —  —  —  199,381  199,381  
Total construction loans—  —  —  —  241,714  241,714  
Total originated loans$21,030  $2,376  $5,933  $29,339  $4,349,723  $4,379,062  

The following table shows the ending balance of current and past due originated loans by loan category as of the date indicated:
Analysis of Past Due Loans - As of December 31, 2019
(in thousands)30-59 days60-89 days> 90 daysTotal Past
Due Loans		CurrentTotal
Mortgage loans on real estate:
Residential 1-4 family
$1,149  $371  $1,957  $3,477  $506,031  $509,508  
Commercial581  136  2,431  3,148  2,815,634  2,818,782  
Total mortgage loans on real estate1,730  507  4,388  6,625  3,321,665  3,328,290  
Consumer:
Home equity lines of credit1,083  363  956  2,402  331,898  334,300  
Home equity loans175  216  132  523  28,063  28,586  
Other172  1  23  196  82,460  82,656  
Total consumer loans1,430  580  1,111  3,121  442,421  445,542  
Commercial652  298  24  974  282,733  283,707  
Construction:
Residential—  —  —  —  46,146  46,146  
Commercial—  —  —  —  203,681  203,681  
Total construction loans—  —  —  —  249,827  249,827  
Total loans$3,812  $1,385  $5,523  $10,720  $4,296,646  $4,307,366  






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The following table shows the ending balance of non accrual loans by loan category as of the date indicated:
Non Accrual Loans
As of March 31, 2020As of December 31, 2019
(in thousands)Non accrual with no allowance for credit lossesTotal non accrualPast due 90 days or more and still accruingNon accrual with no allowance for credit lossesTotal non accrualPast due 90 days or more and still accruing
Mortgage loans on real estate:
Residential 1-4 family
$5,169  $5,784  $—  $5,023  $5,192  $—  
Commercial5,451  5,514  —  5,316  5,316  —  
Total mortgage loans on real estate10,620  11,298  —  10,339  10,508  —  
Consumer:
Home equity lines of credit2,760  3,210  —  2,419  2,590  —  
Home equity loans1,523  1,654  —  1,574  1,626  —  
Other—  140  —  4  51  11  
Total consumer loans4,283  5,004  3,997  4,267  11  
Commercial298  1,653  —  489  2,089  —  
Construction:
Residential—  —  —  —  —  —  
Commercial—  —  —  —  —  —  
Total construction—  —  —  —  —  —  
Total non accrual loans$15,201  $17,955  $—  $14,825  $16,864  $11  
Interest income on non accrual loans that would have been recognized during the three months ended March 31, 2020 and 2019, if all such loans had been current in accordance with their original terms, totaled $431,000 and $400,000, respectively. Interest income actually recognized on these originated loans during the three months ended March 31, 2020 and 2019 was $47,000 and $93,000, respectively.











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The following tables present the amortized cost basis of collateral dependent loans by class of loans as of the following periods:

As of March 31, 2020
(in thousands)RetailOfficeWarehouseOtherMultifamilyFarmlandSFR -1st DeedSFR -2nd DeedAutomobile/TruckA/R and InventoryEquipmentUnsecuredTotal
Mortgage loans on real estate:
Residential 1-4 family$—  $—  $—  $—  $—  $—  $5,815  $—  $—  $—  $—  $—  $5,815  
Commercial2,483  161  1,866  506  2,060  1,203  —  —  —  —  —  —  8,279  
Total mortgage loans on real estate2,483  161  1,866  506  2,060  1,203  5,815  —  —  —  —  —  14,094  
Consumer:
Home equity lines of credit—  —  —  —  —  —  —  1,936  —  —  —  —  1,936  
Home equity loans—  —  —  —  —  —  —  2,106  —  —  —  —  2,106  
Other—  —  —  —  —  156  47  —  127  —  —  4  334  
Total consumer loans—  —  —  —  —  156  47  4,042  127  —  —  4  4,376  
Commercial—  —  —  —  —  —  —  —  —  1,824  1,012  116  2,952  
Total collateral dependent loans$2,483  $161  $1,866  $506  $2,060  $1,359  $5,862  $4,042  $127  $1,824  $1,012  $120  $21,422  

As of December 31, 2019
(in thousands)RetailOfficeWarehouseOtherMultifamilyFarmlandSFR -1st DeedSFR -2nd DeedAutomobile/TruckA/R and InventoryEquipmentUnsecuredTotal
Mortgage loans on real estate:
Residential 1-4 family$—  $—  $—  $—  $—  $—  $5,293  $—  $—  $—  $—  $—  $5,293  
Commercial2,506  163  1,640  509  2,060  1,242  —  —  —  —  —  —  8,120  
Total mortgage loans on real estate2,506  163  1,640  509  2,060  1,242  5,293  —  —  —  —  —  13,413  
Consumer:
Home equity lines of credit—  —  —  —  —  —  —  1,808  —  —  —  —  1,808  
Home equity loans—  —  —  —  —  —  —  2,040  —  —  —  —  2,040  
Other—  —  —  —  —  —  48  —  27  —  —  4  79  
Total consumer loans—  —  —  —  —  —  48  3,848  27  —  —  4  3,927  
Commercial—  —  —  —  —  —  —  —  —  1,952  1,026  107  3,085  
Total collateral dependent loans$2,506  $163  $1,640  $509  $2,060  $1,242  $5,341  $3,848  $27  $1,952  $1,026  $111  $20,425  

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The CARES Act, in addition to providing financial assistance to both businesses and consumers, provides financial institutions the option to temporarily suspend certain requirements under GAAP related to troubled debt restructurings for a limited period of time to account for the effects of COVID-19. The banking regulatory agencies have likewise issued guidance encouraging financial institutions to work prudently with borrowers who are, or may be, unable to meet their contractual payment obligations because of the effects of COVID-19. That guidance, with concurrence of the Financial Accounting Standards Board and provisions of the CARES Act, allow modifications made on a good faith basis in response to COVID-19 to borrowers who were generally current with their payments prior to any relief, to not be treated as troubled debt restructurings. To the extent that such modifications meet the criteria previously described, such modifications are not expected to be classified as troubled debt restructurings. The following tables show certain information regarding TDRs that occurred during the periods indicated:

TDR Information for the three months ended March 31, 2020
(dollars in thousands)NumberPre-mod
outstanding
principal
balance		Post-mod
outstanding
principal
balance		Financial
impact due to
TDR taken as
additional
provision		Number that
defaulted during
the period		Recorded
investment of
TDRs that
defaulted during
the period		Financial impact
due to the
default of
previous TDR
taken as charge-
offs or additional
provisions
Mortgage loans on real estate:
Residential 1-4 family
—$—  $—  $—  1  $302  $—  
Commercial3487  549  —  —  —  —  
Total mortgage loans on real estate3487  549  —  1  302  —  
Consumer:
Home equity lines of credit——  —  —  —  —  —  
Home equity loans2172  169  —  —  —  —  
Other——  —  —  —  —  —  
Total consumer loans2172  169  —  —  —  —  
Commercial121  20  21  —  —  —  
Construction:
Residential——  —  —  —  —  —  
Commercial——  —  —  —  —  —  
Total construction loans——  —  —  —  —  —  
Total6$680  $738  $21  1  $302  $—  

TDR Information for the three months ended March 31, 2019
(dollars in thousands)NumberPre-mod
outstanding
principal
balance		Post-mod
outstanding
principal
balance		Financial
impact due to
TDR taken as
additional
provision		Number that
defaulted during
the period		Recorded
investment of
TDRs that
defaulted during
the period		Financial impact
due to the
default of
previous TDR
taken as charge-
offs or additional
provisions
Mortgage loans on real estate:
Residential 1-4 family
—  $163  $162  $—  $—  $—  $—  
Commercial—  —  —  —  —  —  —  
Total mortgage loans on real estate1  163  162  —  —  —  —  
Consumer:
Home equity lines of credit—  —  —  —  —  —  —  
Home equity loans11211201  —  —  —  
Other—  —  —  —  —  —  —  
Total consumer loans1  121  120  1  —  —  —  
Commercial2  15  15  —  1  7  —  
Construction:
Residential—  —  —  —  —  —  
Commercial—  —  —  —  —  —  
Total construction loans—  —  —  —  —  —  —  
Total4  $299  $297  $1  1  $7  $—  

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The Company also modified the terms of select loans in an effort to assist borrowers that were not related to the COVID-19 pandemic. If the borrower was experiencing financial difficulty and a concession was granted, the Company considered such modifications as troubled debt restructurings. Modifications classified as TDRs can include one or a combination of the following: rate modifications, term extensions, interest only modifications, either temporary or long-term, payment modifications, and collateral substitutions/additions. The objective of the modifications was to increase loan repayments by customers and thereby reduce net charge-offs. The modified loans are included in impaired loans for purposes of determining the level of the allowance for credit losses.
For all new TDRs, an impairment analysis is conducted. If the loan is determined to be collateral dependent, any additional amount of impairment will be calculated based on the difference between estimated collectible value and the current carrying balance of the loan. This difference could result in an increased provision and is typically charged off. If the asset is determined not to be collateral dependent, the impairment is measured on the net present value difference between the expected cash flows of the restructured loan and the cash flows which would have been received under the original terms. The effect of this could result in a requirement for additional provision to the reserve. The effect of these required provisions for the period are indicated above.
Typically if a TDR defaults during the period, the loan is then considered collateral dependent and, if it was not already considered collateral dependent, an appropriate provision will be reserved or charge will be taken. The additional provisions required resulting from default of previously modified TDR’s are noted above. Loans that defaulted within the twelve month period subsequent to modification were not considered significant for financial reporting purposes.

Note 5 - Leases
The Company records a right-of-use asset (“ROUA”) on the consolidated balance sheets for those leases that convey rights to control use of identified assets for a period of time in exchange for consideration. The Company also records a lease liability on the consolidated balance sheets for the present value of future payment commitments. All of the Company’s leases are comprised of operating leases in which the Company is lessee of real estate property for branches, ATM locations, and general administration and operations. The Company elected not to include short-term leases (i.e. leases with initial terms of twelve months or less) within the ROUA and lease liability. Known or determinable adjustments to the required minimum future lease payments were included in the calculation of the Company’s ROUA and lease liability. Adjustments to the required minimum future lease payments that are variable and will not be determinable until a future period, such as changes in the consumer price index, are included as variable lease costs. Additionally, expected variable payments for common area maintenance, taxes and insurance were unknown and not determinable at lease commencement and therefore, were not included in the determination of the Company’s ROUA or lease liability.
The value of the ROUA and lease liability is impacted by the amount of the periodic payment required, length of the lease term, and the discount rate used to calculate the present value of the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a
collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used. The lease liability is reduced based on the discounted present value of remaining payments as of each reporting period. The ROUA value is measured using the amount of lease liability and adjusted for prepaid or accrued lease payments, remaining lease incentives, unamortized direct costs (if any), and impairment (if any).
The following table presents the components of lease expense for the three months ended:
(in thousands)March 31, 2020March 31, 2019
Operating lease cost$1,294  $1,311  
Short-term lease cost63  71  
Variable lease cost6  (5) 
Sublease income(34) (34) 
Total lease cost$1,329  $1,343  

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The following table presents supplemental cash flow information related to leases for the three months ended:
(in thousands)March 31, 2020March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$1,237  $1,218  
ROUA obtained in exchange for operating lease liabilities$3,393  $32,006  
The following table presents the weighted average operating lease term and discount rate as of the periods ended:
As of March 31, 2020As of March 31, 2019
Weighted-average remaining lease term10.39.5
Weighted-average discount rate3.17 %3.17 %
At March 31, 2020, future expected operating lease payments are as follows:
(in thousands)
Periods ending December 31,
2020$3,412  
20214,428  
20224,089  
20233,410  
20243,130  
Thereafter17,337  
35,806  
Discount for present value of expected cash flows(5,799) 
Lease liability at March 31, 2020$30,007  

Note 6 - Deposits
A summary of the balances of deposits follows (in thousands):
March 31,
2020		December 31,
2019
Noninterest-bearing demand$1,883,143  $1,832,665  
Interest-bearing demand1,243,192  1,242,274  
Savings1,857,684  1,851,549  
Time certificates, $250,000 or more111,262  129,061  
Other time certificates307,417  311,445  
Total deposits$5,402,698  $5,366,994  
Certificate of deposit balances of $30,000,000 from the State of California were included in time certificates, over $250,000, at March 31, 2020 and December 31, 2019, respectively. The Company participates in a deposit program offered by the State of California whereby the State may make deposits at the Company’s request subject to collateral and credit worthiness constraints. The negotiated rates on these State deposits are generally more favorable than other wholesale funding sources available to the Company. Overdrawn deposit balances of $1,543,000 and $1,550,000 were classified as consumer loans at March 31, 2020 and December 31, 2019, respectively.





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Note 7 - Commitments and Contingencies
The following table presents a summary of the Bank’s commitments and contingent liabilities:
(in thousands)March 31,
2020		December 31,
2019
Financial instruments whose amounts represent risk:
Commitments to extend credit:
Commercial loans$360,793  $363,793  
Consumer loans541,848  533,576  
Real estate mortgage loans189,921  188,959  
Real estate construction loans204,170  222,998  
Standby letters of credit12,084  12,014  
Deposit account overdraft privilege109,752  110,402  

Note 8 - Shareholders’ Equity
Dividends Paid
The Bank paid to the Company cash dividends in the aggregate amounts of $26,754,000 and $8,114,000 during the three months ended March 31, 2020 and 2019, respectively. The Bank is regulated by the Federal Deposit Insurance Corporation (FDIC) and the State of California Department of Business Oversight (DBO). Absent approval from the Commissioner of the DBO, California banking laws generally limit the Bank’s ability to pay dividends to the lesser of (1) retained earnings or (2) net income for the last three fiscal years, less cash distributions paid during such period.
Stock Repurchase Plan
On November 12, 2019 the Board of Directors approved the authorization to repurchase up to 1,525,000 shares of the Company's common stock (the 2019 Repurchase Plan), which approximated 5.0% of the shares outstanding as of the approval date. The actual timing of any share repurchases will be determined by the Company's management and therefore the total value of the shares to be purchased under the program is subject to change. The 2019 Repurchase Plan has no expiration date and as of and for quarter ended December 31, 2019, the Company had repurchased no shares. During the quarter ended March 31, 2020, the Company repurchased 553,869 shares with a market value of $17,139,000.
In connection with approval of the 2019 Repurchase Plan, the Company’s previous repurchase program adopted on August 21, 2007 (the 2007 Repurchase Plan) was terminated. There were no shares of common stock repurchased under the 2007 Repurchase Plan during 2019.
Stock Repurchased Under Equity Compensation Plans
The Company's shareholder-approved equity compensation plans permit employees to tender recently vested shares in lieu of cash for the payment of withholding taxes on such shares. During the three months ended March 31, 2020 and 2019, employees tendered 4,668 and 26,068 shares, respectively, of the Company’s common stock in connection with option exercises. Employees also tendered 133 and 91 shares in connection with the tax withholding requirements of other share based awards during the three months ended March 31, 2020 and 2019, respectively. In total, shares of the Company's common stock tendered had market values of $153,000 and $1,036,000 during the quarter ended March 31, 2020 and 2019, respectively. The tendered shares were retired. The market value of tendered shares is the last market trade price at closing on the day an option is exercised or the other share based award vests. Stock repurchased under equity incentive plans are not included in the total of stock repurchased under the 2019 or 2007 Stock Repurchase Plans.
Note 9 - Stock Options and Other Equity-Based Incentive Instruments
The Company’s 2009 Equity Incentive Plan (2009 Plan) expired on March 26, 2019. While no new awards can be granted under the 2009 Plan, existing grants continue to be governed by the terms, conditions and procedures set forth in any applicable award agreement. On April 16, 2019, the Board of Directors adopted the 2019 Equity Incentive Plan (2019 Plan) which was approved by shareholders on May 21, 2019. The 2019 Plan allows for up to 1,500,000 shares to be issued in connection with equity-based incentives. All grants of equity awards made during the three months ended March 31, 2020, if any, were made from the 2019 Plan.
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Stock option activity during the three months ended March 31, 2020 is summarized in the following table:
Number
of Shares		Option Price
per Share		Weighted
Average
Exercise Price
Outstanding at December 31, 2019160,500  
$14.54 to $23.21
$17.60  
Options granted—  
—
—  
Options exercised(8,000) 
$17.54 to $19.46
18.50  
Options forfeited—  
—
—  
Outstanding at March 31, 2020152,500  
$14.54 to $23.21
$17.55  
The following table shows the number, weighted-average exercise price, intrinsic value, and weighted average remaining contractual life of options exercisable, options not yet exercisable and total options outstanding as of March 31, 2020:
Currently
Exercisable		Currently Not
Exercisable		Total
Outstanding
Number of options152,500  —  152,500  
Weighted average exercise price$17.55  $—  $17.55  
Intrinsic value (in thousands)$1,871  $—  $1,871  
Weighted average remaining contractual term (yrs.)2.602.6
As of March 31, 2020 all options outstanding are fully vested and are expected to be exercised prior to expiration. The Company did not modify any option grants during 2019 or the three months ended March 31, 2020.
Activity related to restricted stock unit awards during the three months ended March 31, 2020 is summarized in the following table:
Service
Condition
Vesting RSUs		Market Plus
Service
Condition
Vesting RSUs
Outstanding at December 31, 201968,597  51,312  
RSUs granted—  —  
RSUs added through dividend and performance credits521  —  
RSUs released(362) —  
RSUs forfeited/expired(80) (78) 
Outstanding at March 31, 202068,676  51,234  
The 68,676 of service condition vesting RSUs outstanding as of March 31, 2020 include a feature whereby each RSU outstanding is credited with a dividend amount equal to any common stock cash dividend declared and paid, and the credited amount is divided by the closing price of the Company’s stock on the dividend payable date to arrive at an additional amount of RSUs outstanding under the original grant. The dividend credits follow the same vesting requirements as the RSU awards and are not considered participating securities. The 68,676 of service condition vesting RSUs outstanding as of March 31, 2020 are expected to vest, and be released, on a weighted-average basis, over the next 1.1 years. The Company expects to recognize $1,537,782 of pre-tax compensation costs related to these service condition vesting RSUs between March 31, 2020 and their vesting dates. The Company did not modify any service condition vesting RSUs during 2019 or during the three months ended March 31, 2020.
The 51,234 of market plus service condition vesting RSUs outstanding as of March 31, 2020 are expected to vest, and be released, on a weighted-average basis, over the next 1.4 years. The Company expects to recognize $759,307 of pre-tax compensation costs related to these RSUs between March 31, 2020 and their vesting dates. As of March 31, 2020, the number of market plus service condition vesting RSUs outstanding that will actually vest, and be released, may be reduced to zero or increased to 76,851 depending on the total return of the Company’s common stock versus the total return of an index of bank stocks from the grant date to the vesting date. The Company did not modify any market plus service condition vesting RSUs during 2019 or during the three months ended March 31, 2020.
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Note 10 - Non-interest Income and Expense
The following table summarizes the Company’s non-interest income for the periods indicated:
Three months ended
March 31,
(dollars in thousands)20202019
ATM and interchange fees$5,111  $4,581  
Service charges on deposit accounts4,046  3,880  
Other service fees758  771  
Mortgage banking service fees469  483  
Change in value of mortgage servicing rights(1,258) (645) 
Total service charges and fees9,126  9,070  
Increase in cash value of life insurance720  775  
Asset management and commission income916  642  
Gain on sale of loans891  412  
Lease brokerage income193  220  
Sale of customer checks124  140  
Gain on sale of investment securities—  —  
Gain on marketable equity securities47  36  
Other(197) 508  
Total other non-interest income2,694  2,733  
Total non-interest income$11,820  $11,803  
The components of non-interest expense were as follows (in thousands):
Three months ended
March 31,
20202019
Base salaries, net of deferred loan origination costs$17,623  $16,757  
Incentive compensation3,101  2,567  
Benefits and other compensation costs6,548  5,804  
Total salaries and benefits expense27,272  25,128  
Occupancy3,875  3,774  
Data processing and software3,367  3,349  
Equipment1,512  1,867  
Intangible amortization1,431  1,431  
Advertising665  1,331  
ATM and POS network charges1,373  1,323  
Professional fees703  839  
Telecommunications725  797  
Regulatory assessments and insurance95  511  
Postage290  310  
Operational losses221  225  
Courier service331  270  
Gain on sale of foreclosed assets(41) (99) 
Loss on disposal of fixed assets—  24  
Other miscellaneous expense3,000  4,372  
Total other non-interest expense17,547  20,324  
Total non-interest expense$44,819  $45,452  


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Note 11 - Earnings Per Share
Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock units (RSUs), and are determined using the treasury stock method. Earnings per share have been computed based on the following:
Three months ended
March 31,
(in thousands)20202019
Net income$16,121  $22,726  
Average number of common shares outstanding30,395  30,424  
Effect of dilutive stock options and restricted stock128  234  
Average number of common shares outstanding used to calculate diluted earnings
per share		30,523  30,658  
Options excluded from diluted earnings per share because the effect of these
options was antidilutive		—  —  


Note 12 – Comprehensive Income
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of other comprehensive income.
The components of other comprehensive income (loss) and related tax effects are as follows:
Three months ended March 31,
(in thousands)20202019
Unrealized holding gains (losses) on available for sale securities before reclassifications$(29,561) $12,710  
Tax effect8,739  (3,758) 
Unrealized holding gains (losses) on available for sale securities, net of tax(20,822) 8,952  
Change in unfunded status of the supplemental retirement plans before reclassifications448  (89) 
Amounts reclassified out of accumulated other comprehensive income (loss):
Amortization of prior service cost(14) (13) 
Amortization of actuarial losses478  102  
Total amounts reclassified out of accumulated other comprehensive income (loss)464  89  
Change in unfunded status of the supplemental retirement plans after reclassifications912  —  
Tax effect—  —  
Change in unfunded status of the supplemental retirement plans, net of tax912  —  
Total other comprehensive income (loss)$(19,910) $8,952  
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The components of accumulated other comprehensive income (loss), included in shareholders’ equity, are as follows:
(in thousands)March 31,
2020		December 31,
2019
Net unrealized gain (loss) on available for sale securities$(26,174) $3,387  
Tax effect7,738  (1,001) 
Unrealized holding gain (loss) on available for sale securities, net of tax(18,436) 2,386  
Unfunded status of the supplemental retirement plans(11,193) (11,193) 
Tax effect3,309  3,309  
Unfunded status of the supplemental retirement plans, net of tax(7,884) (7,884) 
Joint beneficiary agreement liability1,188  276  
Tax effect—  —  
Joint beneficiary agreement liability, net of tax1,188  276  
Accumulated other comprehensive income (loss)$(25,132) $(5,222) 

Note 13 - Fair Value Measurement
The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, income approach, and/or the cost approach. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. Marketable equity securities, debt securities available-for-sale, loans held for sale, and mortgage servicing rights are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application impairment write-downs of individual assets.
The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observable nature of the assumptions used to determine fair value. These levels are:
Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets.
Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
Marketable equity securities and debt securities available for sale - Marketable equity securities and debt securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds and corporate debt securities. The Company had no securities classified as Level 3 during any of the periods covered in these financial statements.
Loans held for sale - Loans held for sale are carried at the lower of cost or fair value. The fair value of loans held for sale is based on what secondary markets are currently offering for loans with similar characteristics. As such, we classify those loans subjected to recurring fair value adjustments as Level 2.
Individually evaluated loans - Loans are not recorded at fair value on a recurring basis. However, from time to time, certain loans have individual risk characteristics not consistent with a pool of loans and is individually evaluated for credit reserves.
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Loans for which it is probable that payment of interest and principal will not be made in accordance with the original contractual terms of the loan agreement are typically individually evaluated. The fair value of these loans are estimated using one of several methods, including collateral value, fair value of similar debt, enterprise value, liquidation value and discounted cash flows. Those loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. Loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value, or the appraised value contains a significant unobservable assumption, such as deviations from comparable sales, and there is no observable market price, the Company records the loan as nonrecurring Level 3.
Foreclosed assets - Foreclosed assets include assets acquired through, or in lieu of, loan foreclosure. Foreclosed assets are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, management periodically performs valuations and the assets are carried at the lower of carrying amount or fair value less cost to sell. When the fair value of foreclosed assets is based on an observable market price or a current appraised value which uses substantially observable data, the Company records the loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value, or the appraised value contains a significant unobservable assumption, such as deviations from comparable sales, and there is no observable market price, the Company records the foreclosed asset as nonrecurring Level 3. Revenue and expenses from operations and changes in the valuation allowance are included in other non-interest expense.
Mortgage servicing rights - Mortgage servicing rights are carried at fair value. A valuation model, which utilizes a discounted cash flow analysis using a discount rate and prepayment speed assumptions is used in the computation of the fair value measurement. While the prepayment speed assumption is currently quoted for comparable instruments, the discount rate assumption currently requires a significant degree of management judgment and is therefore considered an unobservable input. As such, the Company classifies mortgage servicing rights subjected to recurring fair value adjustments as Level 3.
The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands):
Fair value at March 31, 2020TotalLevel 1Level 2Level 3
Marketable equity securities$3,007  $3,007  $—  $—  
Debt securities available for sale:
Obligations of U.S. government corporations and agencies469,218  —  469,218  —  
Obligations of states and political subdivisions114,125  —  114,125  —  
Corporate bonds2,575  —  2,575  —  
Asset backed securities416,081  —  416,081  —  
Loans held for sale2,695  —  2,695  —  
Mortgage servicing rights5,168  —  —  5,168  
Total assets measured at fair value$1,012,869  $3,007  $1,004,694  $5,168  

Fair value at December 31, 2019TotalLevel 1Level 2Level 3
Marketable equity securities$2,960  $2,960  $—  $—  
Debt securities available for sale:
Obligations of U.S. government corporations and agencies472,980  —  472,980  —  
Obligations of states and political subdivisions109,601  —  109,601  —  
Corporate bonds2,532  —  2,532  —  
Asset backed securities365,025  —  365,025  —  
Loans held for sale5,265  —  5,265  —  
Mortgage servicing rights6,200  —  —  6,200  
Total assets measured at fair value$964,563  $2,960  $955,403  $6,200  
Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally corresponds with the Company’s quarterly valuation process. There were no transfers between any levels during the three months ended March 31, 2020 or the year ended December 31, 2019.
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The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the time periods indicated. Had there been any transfer into or out of Level 3 during the time periods indicated, the amount included in the “Transfers into (out of) Level 3” column would represent the beginning balance of an item in the period (interim quarter) during which it was transferred (in thousands):
Three months ended March 31,Beginning
Balance		Transfers
into (out of)
Level 3		Change
Included
in Earnings		IssuancesEnding
Balance
2020: Mortgage servicing rights$6,200  —  $(1,258) $226  $5,168  
2019: Mortgage servicing rights$7,098  —  $(645) $119  $6,572  

Three months ended March 31,
The key unobservable inputs used in determining the fair value of mortgage servicing rights are mortgage prepayment speeds and the discount rate used to discount cash projected cash flows. Generally, any significant increases in the mortgage prepayment speed and discount rate utilized in the fair value measurement of the mortgage servicing rights will result in a negative fair value adjustments (and decrease in the fair value measurement). Conversely, a decrease in the mortgage prepayment speed and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement).
The following table presents quantitative information about recurring Level 3 fair value measurements at March 31, 2020 and December 31, 2019:
As of March 31, 2020:Fair Value
(in thousands)		Valuation
Technique		Unobservable
Inputs		Range,
Weighted
Average
Mortgage Servicing Rights$5,168  Discounted cash flowConstant prepayment rate
7% - 42%; 11%
Discount rate
10% - 14%; 12%
As of December 31, 2019:
Mortgage Servicing Rights$6,200  Discounted cash flowConstant prepayment rate
6% - 42.0%; 11.0%
Discount rate
10% - 14%; 12%
The tables below present the recorded investment in assets and liabilities measured at fair value on a nonrecurring basis, as of the dates indicated (in thousands):
March 31, 2020TotalLevel 1Level 2Level 3Total Losses
Fair value:
Individually evaluated loans$105  —  —  $105  $(107) 

December 31, 2019TotalLevel 1Level 2Level 3Total Losses
Fair value:
Individually evaluated loans$1,055  —  —  $1,055  $(652) 
Foreclosed assets417  —  —  417  (27) 
Total assets measured at fair value$1,472  —  —  $1,472  $(679) 

March 31, 2019TotalLevel 1Level 2Level 3Total Losses
Fair value:
Individually evaluated loans$212  —  —  $212  $(197) 
Foreclosed assets214  —  —  214  —  
Total assets measured at fair value$426  —  —  $426  $(197) 
The individually evaluated loan amounts above represent collateral dependent loans that have been adjusted to fair value. When the Company identifies a collateral dependent loan with unique risk characteristics, the Company evaluates the need for an allowance using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If the Company determines that the value of the loan is less than the recorded investment in the loan, the Company recognizes this impairment and adjust the carrying value of the
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loan to fair value through the allowance for credit losses. The loss represents charge-offs or impairments on collateral dependent loans for fair value adjustments based on the fair value of collateral. The carrying value of loans fully charged-off is zero.
The foreclosed assets amount above represents impaired real estate that has been adjusted to fair value. Foreclosed assets represent real estate which the Company has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at fair value less costs to sell, which becomes the property’s new basis. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for credit losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned. The loss represents impairments on real estate owned for fair value adjustments based on the fair value of the real estate.
The Company’s property appraisals are primarily based on the sales comparison approach and income approach methodologies, which consider recent sales of comparable properties, including their income generating characteristics, and then make adjustments to reflect the general assumptions that a market participant would make when analyzing the property for purchase. These adjustments may increase or decrease an appraised value and can vary significantly depending on the location, physical characteristics and income producing potential of each property. Additionally, the quality and volume of market information available at the time of the appraisal can vary from period to period and cause significant changes to the nature and magnitude of comparable sale adjustments. Given these variations, comparable sale adjustments are generally not a reliable indicator for how fair value will increase or decrease from period to period. Under certain circumstances, management discounts are applied based on specific characteristics of an individual property.
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2020:
March 31, 2020Fair Value
(in thousands)		Valuation
Technique		Unobservable InputsRange,
Weighted Average
Individually evaluated loans$105  Sales comparison
approach
Income approach		Adjustment for differences between
comparable sales
Capitalization rate		Not meaningful
N/A
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2019:
December 31, 2019Fair Value
(in thousands)		Valuation
Technique		Unobservable InputsRange,
Weighted Average
Individually evaluated loans$1,055  Sales comparison
approach
Income approach		Adjustment for differences between
comparable sales
Capitalization rate
Not meaningfulN/A
Foreclosed assets (Residential real estate)$417  Sales comparison
approach		Adjustment for differences between
comparable sales
Not meaningfulN/A

Fair values for financial instruments are management’s estimates of the values at which the instruments could be exchanged in a transaction between willing parties. The Company uses the exit price notion when measuring the fair value of financial instruments. These estimates are subjective and may vary significantly from amounts that would be realized in actual transactions. In addition, other significant assets are not considered financial assets including, any mortgage banking operations, deferred tax assets, and premises and equipment. Further, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered in any of these estimates.
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March 31, 2020December 31, 2019
(in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial assets:
Level 1 inputs:
Cash and due from banks$95,364  $95,364  $92,816  $92,816  
Cash at Federal Reserve and other banks90,102  90,102  183,691  183,691  
Level 2 inputs:
Securities held to maturity359,770  377,442  375,606  381,525  
Restricted equity securities17,250   N/A 17,250  N/A
Level 3 inputs:
Loans, net4,321,151  4,307,323  4,276,750  4,263,064  
Financial liabilities:
Level 2 inputs:
Deposits5,402,698  5,401,617  5,366,994  5,365,921  
Other borrowings19,309  19,309  18,454  18,454  
Level 3 inputs:
Junior subordinated debt57,323  56,254  57,232  56,297  

(in thousands)Contract
Amount		Fair
Value		Contract
Amount		Fair
Value
Off-balance sheet:
Level 3 inputs:
Commitments$1,296,732  $12,967  $1,309,326  $13,093  
Standby letters of credit12,084  121  12,014  120  
Overdraft privilege commitments109,752  1,098  110,402  1,104  

Note 14 - Regulatory Matters
The Company is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1, and common equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. The following tables present actual and required capital ratios as of March 31, 2020 and December 31, 2019 for the Company and the Bank under applicable Basel III Capital Rules. The minimum capital amounts presented include the minimum required capital levels as of March 31, 2020 and December 31, 2019 based on the then phased-in provisions of the Basel III Capital Rules. As of January 1, 2019, the minimum required capital levels of the Basel III Capital Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules.
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ActualRequired for Capital Adequacy PurposesRequired to be
Considered Well
Capitalized
As of March 31, 2020:AmountRatioAmountRatioAmountRatio
(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated$762,763  15.12 %$529,576  10.50 %N/AN/A
Tri Counties Bank$755,893  14.99 %$529,388  10.50 %$504,179  10.00 %
Tier 1 Capital (to Risk Weighted Assets):
Consolidated$702,007  13.92 %$428,705  8.50 %N/AN/A
Tri Counties Bank$695,137  13.79 %$428,552  8.50 %$403,343  8.00 %
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated$646,407  12.82 %$353,051  7.00 %N/AN/A
Tri Counties Bank$695,137  13.79 %$352,925  7.00 %$327,716  6.50 %
Tier 1 Capital (to Average Assets):
Consolidated$702,007  11.22 %$250,216  4.00 %N/AN/A
Tri Counties Bank$695,137  11.11 %$250,209  4.00 %$312,762  5.00 %

ActualRequired for Capital Adequacy PurposesRequired to be
Considered Well
Capitalized
As of December 31, 2019:AmountAs of :RatioAmountRatioAmountRatio
(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated$753,200  15.07 %$524,944  10.50 %N/AN/A
Tri Counties Bank$748,660  14.98 %$524,759  10.50 %$499,770  10.00 %
Tier 1 Capital (to Risk Weighted Assets):
Consolidated$719,809  14.40 %$424,955  8.50 %N/AN/A
Tri Counties Bank$715,269  14.31 %$424,805  8.50 %$399,816  8.00 %
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated$664,296  13.29 %$349,963  7.00 %N/AN/A
Tri Counties Bank$715,269  14.31 %$349,839  7.00 %$324,851  6.50 %
Tier 1 Capital (to Average Assets):
Consolidated$719,809  11.55 %$249,343  4.00 %N/AN/A
Tri Counties Bank$715,269  11.47 %$249,337  4.00 %$311,672  5.00 %
As of March 31, 2020 and December 31, 2019, capital levels at the Company and the Bank exceed all capital adequacy requirements under the Basel III Capital Rules. Also, at March 31, 2020 and December 31, 2019, the Bank’s capital levels exceeded the minimum amounts necessary to be considered well capitalized under the current regulatory framework for prompt corrective action.
The Basel III Capital Rules require for all banking organizations to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively composed of common equity tier 1 capital, and it applies to each of the risk-based capital ratios but not the leverage ratio. At March 31, 2020, the Company and the Bank are in compliance with the capital conservation buffer requirement.


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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
Cautionary Statements Regarding Forward-Looking Information
The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. There can be no assurance that future developments affecting us will be the same as those anticipated by management. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the impact of changes in financial services policies, laws and regulations; technological changes; weather, natural disasters and other catastrophic events that may or may not be caused by climate change and their effects on economic and business environments in which the Company operates; the adverse impact on the U.S. economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 (“COVID-19”), global pandemic, and the impact of a slowing U.S. economy and increased unemployment on the performance of our loan portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products; the costs or effects of mergers, acquisitions or dispositions we may make; the future operating or financial performance of the Company, including our outlook for future growth, changes in the level of our nonperforming assets and charge-offs; the appropriateness of the allowance for credit losses including the timing and effects of the implementation of the current expected credit losses model; any deterioration in values of California real estate, both residential and commercial; the effect of changes in accounting standards and practices; possible other-than-temporary impairment of securities held by us; changes in consumer spending, borrowing and savings habits; our ability to attract deposits and other sources of liquidity; changes in the financial performance and/or condition of our borrowers; our noninterest expense and the efficiency ratio; competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional providers including retail businesses and technology companies; the challenges of integrating and retaining key employees; the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks and the cost to defend against such attacks; the effect of a fall in stock market prices on our brokerage and wealth management businesses; and our ability to manage the risks involved in the foregoing. Additional factors that could cause results to differ materially from those described above can be found in our Annual Report on Form 10-K for the year ended December 31, 2019, which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of our website, https://www.tcbk.com/investor-relations and in other documents we file with the SEC. Annualized, pro forma, projections and estimates are not forecasts and may not reflect actual results.
General
As TriCo Bancshares (referred to in this report as “we”, “our” or the “Company”) has not commenced any business operations independent of Tri Counties Bank (the “Bank”), the following discussion pertains primarily to the Bank. Average balances, including such balances used in calculating certain financial ratios, are generally comprised of average daily balances for the Company. Within Management’s Discussion and Analysis of Financial Condition and Results of Operations, interest income, net interest income, net interest yield, and efficiency ratio are generally presented on a fully tax-equivalent (“FTE”) basis. The Company believes the use of these non-generally accepted accounting principles (non-GAAP) measures provides additional clarity in assessing its results, and the presentation of these measures on a FTE basis is a common practice within the banking industry. Interest income and net interest income are shown on a non-FTE basis in the Part I - Financial Information section of this Form 10-Q, and a reconciliation of the FTE and non-FTE presentations is provided below in the discussion of net interest income.
Critical Accounting Policies and Estimates
The Company’s discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those that materially affect the financial statements and are related to the adequacy of the allowance for loan losses, investments, mortgage servicing rights, fair value
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measurements, retirement plans and intangible assets. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. A detailed discussion related to the Company’s accounting policies including those related to estimates on the allowance for loan losses, other than temporary impairment of investments and impairment of intangible assets, can be found in Note 1 of the consolidated financial statements included in the Company’s annual report of Form 10-K for the year ended December 31, 2019.
Geographical Descriptions
For the purpose of describing the geographical location of the Company’s operations, the Company has defined northern California as that area of California north of, and including, Stockton to the east and San Jose to the west; central California as that area of the state south of Stockton and San Jose, to and including, Bakersfield to the east and San Luis Obispo to the west; and southern California as that area of the state south of Bakersfield and San Luis Obispo.
Financial Highlights
Performance highlights and other developments for the Company as of or for the three months ended March 31, 2020 included the following:
•For the three months ended March 31, 2020, the Company’s return on average assets was 1.00%, and the return on average equity was 7.14%.
•During the quarter ended March 31, 2020, the Company paid a cash dividend of $0.22 and repurchased 558,670 shares of common stock for approximately $17.30 million or $30.96 per share.
•As of March 31, 2020, the Company reported total loans, total assets and total deposits of $4.38 billion, $6.47 billion and $5.40 billion, respectively.
•The loan to deposit ratio was 81.05% as of March 31, 2020, as compared to 80.26% at December 31, 2019 and 74.29% at March 31, 2019.
•For the current quarter, net interest margin was 4.34% on a tax equivalent basis as compared to 4.52% in the quarter ended March 31, 2019, and a decrease of 5 basis points from the 4.39% in the trailing quarter.
•Non-interest bearing deposits as a percentage of total deposits were 34.86% at March 31, 2020, as compared to 34.15% at December 31, 2019 and 32.44% at March 31, 2019.
•The average rate of interest paid on deposits, including non-interest-bearing deposits, decreased to 0.19% for the first quarter of 2020 as compared with 0.22% for the trailing quarter, and also decreased by 1 basis point from the average rate paid during the same quarter of the prior year.
•Non-performing assets to total assets were 0.31% at March 31, 2020, as compared to 0.30% as of December 31, 2019, and 0.34% at March 31, 2019.
•The Company adopted and implemented ASU 2016-13, more commonly referred to as the Current Expected Credit Loss (CECL) on January 1, 2020 which resulted in an increase to the allowance for loan losses of $18.9 million and a decrease, net of taxes, to retained earnings of $13.0 million.
•Provision expense for loans and debt securities was $8.0 million during the quarter ended March 31, 2020, as compared to benefits from reversal of $298,000 and $1.6 million for the three month periods ended December 31, 2019 and March 31, 2019, respectively.
•The efficiency ratio was 59.75% for the first quarter of 2020, as compared to 59.92% in the trailing quarter and 60.06% in the same quarter of the 2019 year.





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The Company's Preparations and Responses to COVID-19 Pandemic
The United States has been operating under a state of emergency related to the COVID-19 pandemic since March 13, 2020. The direct and indirect effects of the pandemic have resulted in a dramatic reduction in economic activity that has severely hampered the ability for businesses and consumers to meet their current repayment obligations. The effects of the pandemic contributed to a significant increase in the provision for credit losses during the first quarter of 2020. The CARES Act, in addition to providing financial assistance to both businesses and consumers, creates a forbearance program for federally-backed mortgage loans, protects borrowers from negative credit reporting due to loan accommodations related to the national emergency, and provides financial institutions the option to temporarily suspend certain requirements under GAAP related to troubled debt restructurings for a limited period of time to account for the effects of COVID-19. The banking regulatory agencies have likewise issued guidance encouraging financial institutions to work prudently with borrowers who are, or may be, unable to meet their contractual payment obligations because of the effects of COVID-19. That guidance, with concurrence of the Financial Accounting Standards Board, and provisions of the CARES Act allow modifications made on a good faith basis in response to COVID-19 to borrowers who were generally current with their payments prior to any relief, to not be treated as troubled debt restructurings. Modifications may include payment deferrals, fee waivers, extensions of repayment term, or other delays in payment.
The Company has begun working with its customers affected by COVID-19 and expects a significant amount of modifications across many of its loan portfolios in the near term. To the extent that such modifications meet the criteria previously described, such modifications are not expected to be classified as troubled debt restructurings.The Company, as part of its ongoing risk preparation and mitigation efforts, had developed a detailed plan and action measures related to a possible pandemic scenario. This pandemic plan was implemented on March 16, 2020. Subsequently, the Company initiated a series of measures to limit operational disruptions, support customer needs and to ensure the continued safety of employees, customers and vendors. Management continues to monitor and, when appropriate, make changes to our planned response. To date we have:
•Continued to serve customers through digital and other e-banking solutions.
•Augmented business hours and the location and hours of employee teams in order to maximize social distancing protocols, including remote work solutions for nearly 450 employees (nearly 40% of the workforce) in order to balance our "essential worker" and "shelter-in-place" responsibilities.
•Actively engaged borrowers and other businesses in discussions to identify short-term cash flow and other financial needs, which may include possible principal and interest payment deferrals.
•Decided to pause any share repurchase activities until the stay at home orders have been lifted or the end of the pandemic has been identified by State officials.
•Refreshed and analyzed the Company's liquidity, funding and capital stress forecasts and risk assumptions.
•Implemented CDC guidance and best practices to keep our staff and customers safe.
•Implemented cost savings initiatives to support bank earnings.
Subsequent to March 31, 2020, the Company has been actively engaged in the facilitation of Payroll Protection Program (PPP) loans through the Small Business Administration (SBA). Tri Counties Bank is recognized as a preferred SBA lender and as a result of significant time and effort contributed by our employees, as of April 30, 2020, the Company had approximately 2,150 PPP loans authorized by the SBA totaling $417,178,000, of which approximately $195,000 was the average loan size and approximately $76,000 was the median loan size. The total employees that benefited from these loans, as reported by these 2,150 businesses, exceeded 37,000. The top twelve California counties that were most benefited by the Company's facilitation of the Payroll Protection Program loans as ranked by the percent of total loans is as follows:
RankCounty% of Total PPP LoansRankCounty% of Total PPP LoansRankCounty% of Total PPP Loans
1Placer10.5 %5Shasta9.4 %9Marin3.8 %
2Butte10.2 %6San Francisco7.9 %10Sutter3.0 %
3San Mateo9.8 %7Nevada6.7 %11Kern2.8 %
4Sacramento9.6 %8Stanislaus4.3 %12Glenn2.2 %
In addition, the Company has established several loan payment deferral options for borrowers with a demonstrated hardship. While in the normal course of our operations we are actively engaging many of our borrowers to better understand the impacts that the pandemic and shelter in place orders may be having on their business or personal cash flows, however, we are not actively offering payment deferrals but rather working to address borrower requests for deferral as they are received. As of April 30, 2020, the Company had approved payment deferment requests on approximately 400 loans totaling $188,900,000. Of these deferments, approximately 275 loans and $54,570,000 were associated with consumer borrowers and the remaining 125 loans and $134,330,000 were associated with small business and commercial borrowers.
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TRICO BANCSHARES
Financial Summary
(In thousands, except per share amounts; unaudited)
Three months ended
March 31,
20202019
Net interest income63,192  63,870  
(Provision for) reversal of credit losses(8,000) 1,600  
Non-interest income11,820  11,803  
Non-interest expense(44,819) (45,452) 
Provision for income taxes(6,072) (9,095) 
Net income$16,121  $22,726  
Per Share Data:
Basic earnings per share$0.53  $0.75  
Diluted earnings per share$0.53  $0.74  
Dividends paid$0.22  $0.19  
Book value at period end$28.91  $28.04  
Average common shares outstanding30,394,904  30,424,184  
Average diluted common shares outstanding30,522,842  30,657,833  
Shares outstanding at period end29,973,516  30,432,419  
At period end:
Loans, net$4,321,151  4,002,267  
Total investment securities$1,382,026  1,564,692  
Total assets$6,474,309  6,471,852  
Total deposits$5,402,698  5,430,262  
Other borrowings$19,309  12,466  
Shareholders’ equity$866,426  853,278  
Financial Ratios:
During the period:
Return on average assets (annualized)1.00 %1.43 %
Return on average equity (annualized)7.14 %10.93 %
Net interest margin(1) (annualized)
4.34 %4.52 %
Efficiency ratio59.75 %60.06 %
Average equity to average assets13.96 %13.12 %
At end of period:
Equity to assets13.38 %13.18 %
Total capital to risk-adjusted assets15.12 %14.73 %
(1) Fully taxable equivalent (FTE)
The financial results above were impacted significantly by the Company's adoption of the current expected credit loss ("CECL") (ASU 2016-13) on January 1, 2020 and the corresponding increases in provision for credit losses during the three months ended March 31, 2020, totaling $8,000,000 as compared to a benefit from reversal of $1,600,000 for the same period ended 2019. More specifically, the net loan portfolio growth in the first quarter of 2020 of approximately $71,696,000 combined with changes in credit quality associated with the levels of classified, past due and non-performing loans resulted in the need for a provision for loan losses of $1,063,000 which was partially offset by net recoveries of $382,000. However, the majority of the provision for credit losses recorded reflects potential credit deterioration due to the pandemic, specifically portfolio-wide qualitative indicators such as the outlook for changes in California Unemployment and Gross Domestic Product (GDP) resulted in a $7,319,000 increase in provision expense during the current quarter. The Company utilizes a forecast period of approximately eight quarters and obtains the forecast data from publicly available sources as of the balance sheet date. While this forecast data was rapidly evolving and included significant shifts in the magnitude of changes for both the unemployment and GDP factors leading up to the balance sheet date, management noted that the majority of sources identified economic recovery during the year ended 2020 as being most likely.
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Results of Operations
Overview
The following discussion and analysis is designed to provide a better understanding of the significant changes and trends related to the Company and the Bank’s financial condition, operating results, asset and liability management, liquidity and capital resources and should be read in conjunction with the Condensed Consolidated Financial Statements of the Company and the Notes thereto located at Item 1 of this report.
Three months ended
March 31,
2020		December 31,
2019		March 31,
2019
Net interest income$63,192  $64,196  $63,870  
(Provision for) reversal of credit losses(8,000) 298  1,600  
Non-interest income11,820  14,186  11,803  
Non-interest expense(44,819) (46,964) (45,452) 
Provision for income taxes(6,072) (8,826) (9,095) 
Net income$16,121  $22,890  $22,726  
The Company reported net income of $16,121,000 for the quarter ended March 31, 2020, compared to $22,890,000 and$22,726,000 for the quarters ended December 31, 2019 and March 31, 2019, respectively. Diluted earnings per share were $0.53, $0.75 and $0.74 for the quarters ended March 31, 2020, December 31, 2019 and March 31, 2019, respectively.
Net Interest Income
The Company’s primary source of revenue is net interest income, or the difference between interest income on interest-earning assets and interest expense on interest-bearing liabilities. Following is a summary of the components of FTE net income for the periods indicated (dollars in thousands):
Three months ended
March 31,
2020		December 31,
2019		March 31,
2019
Interest income$66,517  $67,918  $67,457  
Interest expense(3,325) $(3,722) (3,587) 
FTE adjustment271  $272  322  
Net interest income (FTE)$63,463  $64,468  $64,192  
Net interest margin (FTE)4.34 %4.39 %4.52 %
Acquired loans discount accretion, net:
Amount (included in interest income)$1,748  $2,218  $1,655  
Effect on average loan yield0.17 %0.21 %0.16 %
Effect on net interest margin (FTE)0.12 %0.16 %0.17 %
Net interest margin less effect of acquired loan discount4.22 %4.23 %4.35 %
Loans may be acquired at a premium or discount to par value, in which case, the premium is amortized (subtracted from) or accreted (added to) interest income over the remaining life of the loan. Generally, as time goes on, the effects of loan discount accretion and loan premium amortization decrease as the purchased loans mature or pay off early. Upon the early pay off of a loan, any remaining (unaccreted) discount or (unamortized) premium is immediately taken into interest income; and as loan payoffs may vary significantly from quarter to quarter, so may the impact of discount accretion and premium amortization on interest income. During the three months ended March 31, 2020, purchased loan discount accretion was $1,748,000. During the three months ended March 31, 2019, purchased loan discount accretion was $1,655,000. Quarter over quarter, the increase in accretion is attributed to an increased level of pay-off activity resulting from the declining rate environment.

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Summary of Average Balances, Yields/Rates and Interest Differential
The following table presents, for the three month periods indicated, information regarding the Company’s consolidated average assets, liabilities and shareholders’ equity, the amounts of interest income from average interest-earning assets and resulting yields, and the amount of interest expense paid on interest- bearing liabilities. Average loan balances include nonperforming loans. Interest income includes proceeds from loans on nonaccrual loans only to the extent cash payments have been received and applied to interest income. Yields on securities and certain loans have been adjusted upward to reflect the effect of income thereon exempt from federal income taxation at the current statutory tax rate (dollars in thousands).
For the three months ended
March 31, 2020March 31, 2019
Average
Balance		Interest
Income/
Expense		Rates
Earned
/Paid		Average
Balance		Interest
Income/
Expense		Rates
Earned
/Paid
Assets:
Loans$4,329,357  $56,258  5.23 %$4,023,864  $54,398  5.48 %
Investment securities - taxable1,235,672  8,572  2.79 %1,425,352  10,915  3.11 %
Investment securities - nontaxable(1)
118,992  1,175  3.97 %142,232  1,395  3.98 %
Total investments1,354,664  9,747  2.89 %1,567,584  12,310  3.18 %
Cash at Federal Reserve and other banks199,729  783  1.58 %168,518  1,071  2.58 %
Total interest-earning assets5,883,750  66,788  4.57 %5,759,966  67,779  4.77 %
Other assets622,837  666,261  
Total assets$6,506,587  $6,426,227  
Liabilities and shareholders’ equity:
Interest-bearing demand deposits$1,245,896  $169  0.05 %$1,273,376  $287  0.09 %
Savings deposits1,864,967  1,062  0.23 %1,927,120  1,133  0.24 %
Time deposits430,064  1,320  1.23 %441,778  1,300  1.19 %
Total interest-bearing deposits3,540,927  2,551  0.29 %3,642,274  2,720  0.30 %
Other borrowings22,790  5  0.09 %15,509  13  0.34 %
Junior subordinated debt57,272  769  5.40 %56,950  855  6.09 %
Total interest-bearing liabilities3,620,989  3,325  0.37 %3,714,733  3,588  0.39 %
Noninterest-bearing deposits1,855,006  1,744,805  
Other liabilities121,959  123,599  
Shareholders’ equity908,633  843,090  
Total liabilities and shareholders’ equity$6,506,587  $6,426,227  
Net interest spread(2)
4.20 %4.38 %
Net interest income and interest margin(3)
$63,463  4.34 %$64,191  4.52 %
(1)Fully taxable equivalent (FTE)
(2)Net interest spread represents the average yield earned on interest-earning assets minus the average rate paid on interest-bearing liabilities.
(3)Net interest margin is computed by calculating the difference between interest income and interest expense, divided by the average balance of interest-earning assets, then annualized based on the number of days in the given period.
During the comparable three month periods above, net interest income and net interest margin were negatively impacted by the decline in interest rates. The index utilized in a significant portion of the Company’s variable rate loans, Wall Street Journal Prime, decreased by 150 basis points during the current quarter to 3.25% at March 31, 2020, as compared to 4.75% at March 31, 2020 and 5.50% at March 31, 2019. As compared to the same quarter in the prior year, average loan yields decreased 25 basis points from 5.48% during the three months ended March 31, 2019 to 5.23% during the three months ended March 31, 2020. Of the 25 basis point decrease in yields on loans during the comparable three month periods ended March 31, 2020 and 2019, 26 basis points was attributable to decreases in market rates while 1 basis point was gained from the accretion of purchased loan discounts. See the Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid, below for additional information.

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Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid
The following table sets forth, for the period identified, a summary of the changes in interest income and interest expense from changes in average asset and liability balances (volume) and changes in average interest rates for the periods indicated. Changes not solely attributable to volume or rates have been allocated in proportion to the respective volume and rate components.
(in thousands)Three months ended March 31, 2020
compared with three months ended March 31, 2019
VolumeRateTotal
Increase in interest income:
Loans$4,840  $(2,980) $1,860  
Investment securities(1) 
(1,532) (1,031) (2,563) 
Cash at Federal Reserve and other banks262  (550) (288) 
Total interest-earning assets3,570  (4,561) (991) 
Increase (decrease) in interest expense:
Interest-bearing demand deposits(6) (112) (118) 
Savings deposits(32) (39) (71) 
Time deposits(70) 90  20  
Other borrowings12  (20) (8) 
Junior subordinated debt5  (91) (86) 
Total interest-bearing liabilities(91) (172) (263) 
Increase in net interest income$3,661  $(4,389) $(728) 
(1)Fully taxable equivalent (FTE)
(in thousands)
The following commentary regarding net interest income, interest income and interest expense may be best understood while referencing the Summary of Average Balances, Yields/Rates and Interest Differential and the Summary of Changes in Interest Income and Expense due to Changes in Average Asset and Liability Balances and Yields Earned and Rates Paid shown above.
Net interest income (FTE) during the three months ended March 31, 2020 decreased $728,000 or 6.8% to $63,463,000 compared to $64,192,000 during the three months ended March 31, 2019. The decrease in net interest income (FTE) was due, most notably, to both declines in the average outstanding balance of investment securities, which reduced interest income by $1,532,000, and declines in interest rates on investments, which contributed to further reductions in margin of $1,031,000. Positively, interest income on loans improved quarter over quarter. This was the result of an increase in the average balance of loans, adding $4,840,000 to net interest income, partially offset by a reduction of net interest income totaling $2,980,000 from lower market rates and purchase discount accretion. The reduction in market rates also led to a decline in interest expense paid on deposits and borrowings of $172,000 during the three months ended March 31, 2020, compared to the same period in 2019.
Asset Quality and Loan Loss Provisioning
The allowance for credit losses (ACL), formerly known as the allowance for loan losses was $30,616,000 as of December 31, 2019. Upon adoption of CECL on January 1, 2020, the Company recognized an increase in the ACL for loans totaling $18,913,000, including a reclassification of $481,000 from discounts on acquired loans to the allowance for credit losses, as a cumulative effect adjustment from change in accounting policies, with a corresponding decrease in retained earnings, net of $5,449,000 in taxes of $12,983,000. Management has separately evaluated its held-to-maturity investment securities from obligations of state and political subdivisions utilizing the historical loss data represented by similar securities over a period of time spanning nearly 50 years. Based on this evaluation, management has determined that the expected credit losses associated with these securities is less than significant for financial reporting purposes and therefore, no loss reserves were recorded for these securities at the time of adoption and implementation of the CECL standard.
The Company recorded a provision for credit losses of $8,000,000 and benefit from reversal of provision of $298,000 during the three months ended March 31, 2020 and December 31, 2019, respectively, as compared to a benefit from reversal of $1,600,000 during the three months ended March 31, 2019.

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The change in ACL during the quarter ended March 31, 2020 totaled $8,382,000. More specifically, the net loan portfolio growth in the first quarter of 2020 of approximately $71,696,000 combined with changes in credit quality associated with the levels of classified, past due and non-performing loans resulted in the need for a provision for loan losses of $1,063,000 which was partially offset by net recoveries of $382,000. However, the majority of the increase in ACL reflects potential credit deterioration due to the pandemic, specifically portfolio-wide qualitative indicators such as the outlook for changes in California Unemployment and Gross Domestic Product (GDP) resulted in a $7,319,000 increase in provision expense during the current quarter. The Company utilizes a forecast period of approximately eight quarters and obtains the forecast data from publicly available sources as of the balance sheet date. While this forecast data was rapidly evolving and included significant shifts in the magnitude of changes for both the unemployment and GDP factors leading up to the balance sheet date, management noted that the majority of sources identified economic recovery during the year ended 2020 as being most likely.
Loans past due 30 days or more increased by $19,669,000 during the quarter ended March 31, 2020 to $28,693,000, as compared to $9,024,000 at March 31, 2020. The increase in past due balances was driven primarily by three loans from three relationships totaling $17,198,000, one of which was slightly in excess of $13,000,000. All three loans were less than 60 days past due, are considered well-secured and are not expected to become impaired as all of the related borrowers are in active discussions with management regarding their short term resolution needs.
Total non-performing loans were $17,955,000 at March 31, 2020 and remained relatively static as compared to the $16,864,000 and $19,565,000 as of December 31, 2019 and March 31, 2019, respectively. There were no additions and one sale of other real estate owned during three month period ended March 31, 2020. The sold property generated $353,000 in proceeds and had a carrying value of $312,000. As of March 31, 2020, other real estate owned consisted of five properties with a carrying value of $2,229,000.
Non-interest Income
The following table summarizes the Company’s non-interest income for the periods indicated (in thousands):
Three months ended
March 31,
(dollars in thousands)20202019$ Change% Change
ATM and interchange fees$5,111  $4,581  $530  11.6 %
Service charges on deposit accounts4,046  3,880  $166  4.3 %
Other service fees758  771  $(13) (1.7)%
Mortgage banking service fees469  483  $(14) (2.9)%
Change in value of mortgage servicing rights(1,258) (645) $(613) 95.0 %
Total service charges and fees9,126  9,070  56  0.6 %
Increase in cash value of life insurance720  775  $(55) (7.1)%
Asset management and commission income916  642  $274  42.7 %
Gain on sale of loans891  412  $479  116.3 %
Lease brokerage income193  220  $(27) (12.3)%
Sale of customer checks124  140  $(16) (11.4)%
Gain on marketable equity securities47  36  $11  30.6 %
Other(197) 508  $(705) (138.8)%
Total other non-interest income2,694  2,733  $(39) (1.4)%
Total non-interest income$11,820  $11,803  $17  0.1 %

Non-interest income increased $17,000 or 0.1% to $11,820,000 during the three months ended March 31, 2020 compared to $11,803,000 during the comparable three month period in 2019. Non-interest income for the three months ended March 31, 2020 as compared to the same period in 2019 was impacted by changes in the fair value of the Company’s mortgage servicing assets, which contributed to a $613,000 decline. Other non-interest income, as noted above, was also negatively impacted by decreases in the fair value of assets used to fund acquired deferred compensation plans. However, this was partially offset by gains from the sale of mortgage loans, which resulted from increased volume, contributed $479,000 to the overall increase in non-interest income during the three months ended March 31, 2020. As noted in previous quarters, ATM and interchange fees continue to increase, totaling$5,111,000 for the quarter ended March 31, 2020 as compared to $4,581,000 for the comparative period in 2019, for an increase of $530,000.
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Non-interest Expense
The following table summarizes the Company’s non-interest expense for the periods indicated (dollars in thousands):
Three months ended
March 31,
20202019$ Change% Change
Base salaries, net of deferred loan origination costs$17,623  $16,757  $866  5.2 %
Incentive compensation3,101  2,567  534  20.8 %
Benefits and other compensation costs6,548  5,804  744  12.8 %
Total salaries and benefits expense27,272  25,128  2,144  8.5 %
Occupancy3,875  3,774  101  2.7 %
Data processing and software3,367  3,349  18  0.5 %
Equipment1,512  1,867  (355) (19.0)%
Intangible amortization1,431  1,431  —  — %
Advertising665  1,331  (666) (50.0)%
ATM and POS network charges1,373  1,323  50  3.8 %
Professional fees703  839  (136) (16.2)%
Telecommunications725  797  (72) (9.0)%
Regulatory assessments and insurance95  511  (416) (81.4)%
Postage290  310  (20) (6.5)%
Operational losses221  225  (4) (1.8)%
Courier service331  270  61  22.6 %
Gain on sale of foreclosed assets(41) (99) 58  (58.6)%
Loss on disposal of fixed assets—  24  (24) (100.0)%
Other miscellaneous expense3,000  4,372  (1,372) (31.4)%
Total other non-interest expense17,547  20,324  (2,777) (13.7)%
Total non-interest expense$44,819  $45,452  $(633) (1.4)%
Average full time equivalent staff1,165  1,160  5  0.4 %

Non-interest expense decreased by $633,000 or 1.4% to $44,819,000 during the three months ended March 31, 2020 as compared to $45,452,000 for the three months ended March 31, 2019. Salary and benefit expense increased $2,144,000 or 8.5% to $27,272,000 during the three months ended March 31, 2020 as compared to $25,128,000 for the same period in 2019. These increases were impacted equally by increased costs associated with production incentives and long term benefit obligation costs. To a lesser extent, increases of $866,000 in base salaries during these comparable periods were the result of annual merit increases in 2019 as well as compensation adjustments associated with changes in the organizational structure of management.
As an offset to the increase above, reductions in advertising expense totaled $666,000 or 50.0%, to $665,000 during the three months ended March 31, 2020 as compared to $1,331,000 for the same period in 2019. Regulatory assessment credits issued by the FDIC during the three month periods ended March 31, 2020 and March 31, 2019 totaled $437,000 and $0, respectively. Other expenses decreased $1,372,000 or 31.4% to $3,000,000 during the current quarter, as compared to $4,372,000 for the same period in 2019.
Income Taxes
The Company’s effective tax rate was 27.4% for the quarter ended March 31, 2020 as compared to 28.0% for the quarter ended December 31, 2019 and 27.4% for the year ended December 31, 2019.



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Financial Condition
For financial reporting purposes, the Company does not separately track the changes in assets and liabilities based on branch location or regional geography. Organic growth, inclusive of seasonal fluctuation, also contributes to the year-over-year balance sheet changes. During the most recent quarter, loan growth of $71,696,000 and investment growth of $36,072,000 was funded by an increase in deposits of $35,704,000 and a reduction in excess liquidity. During the twelve months ended March 31, 2020, organic loan growth of $344,731,000 or 8.5% was funded by the reduction via sale or principle repayment of investment securities of $182,666,000 or 11.7% and growth of non-interest deposits totaling $121,584,000 or 6.9%. Total assets grew modestly by just $2,457,000 or 0.04% between March 2019 and March 2020. The following is a comparison of the quarterly change in certain assets and liabilities:
($‘s in thousands)As of March 31, 2020As of December 31, 2019$ ChangeAnnualized
% Change
Ending balances
Total assets$6,474,309  $6,471,181  $3,128  0.2 %
Total loans4,379,062  4,307,366  71,696  6.7 %
Total investments1,382,026  1,345,954  36,072  10.7 %
Total deposits5,402,698  5,366,994  35,704  2.7 %
Total noninterest-bearing deposits1,883,143  1,832,665  50,478  11.0 %
Total other borrowings19,309  18,454  855  18.5 %
The following is a comparison of the year over year change in certain assets and liabilities:
As of March 31,$ Change% Change
($‘s in thousands)20202019
Ending balances
Total assets$6,474,309  $6,471,852  $2,457  0.04 %
Total loans4,379,062  4,034,331  344,731  8.5 %
Total investments1,382,026  1,564,692  (182,666) (11.7)%
Total deposits5,402,698  5,430,262  (27,564) (0.5)%
Total noninterest-bearing deposits1,883,143  1,761,559  121,584  6.9 %
Total other borrowings19,309  12,466  6,843  54.9 %
Investment Securities
Investment securities available for sale increased $51,861,000 to $1,001,999,000 as of March 31, 2020, compared to December 31, 2019. This increase is primarily supported by deposit growth and available cash reserves. There were no proceeds from the sale of, or transfers of available-for-sale investment securities to held-to-maturity, or vice versa, during the three month periods ended March 31, 2020 and 2019, respectively.
The following table presents the available for sale debt securities portfolio by major type as of March 31, 2020 and December 31, 2019:
(dollars in thousands)March 31, 2020December 31, 2019
Fair Value%Fair Value%
Debt securities available for sale:
Obligations of U.S. government agencies$469,218  46.8 %$472,980  49.8 %
Obligations of states and political subdivisions114,125  11.4 %109,601  11.5 %
Corporate bonds2,575  0.3 %2,532  0.3 %
Asset backed securities416,081  41.5 %365,025  38.4 %
Total debt securities available for sale$1,001,999  100.0 %$950,138  100.0 %

Investment securities held to maturity decreased $15,836,000 to $359,770,000 as of March 31, 2020, as compared to December 31, 2019. This decrease is attributable to principal repayments of $15,592,000, and amortization of net purchase premiums of $244,000.
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The following table presents the held to maturity investment securities portfolio by major type as of March 31, 2020 and December 31, 2019:
(dollars in thousands)March 31, 2020December 31, 2019
Amortized
Cost		%Amortized
Cost		%
Debt securities held to maturity:
Obligations of U.S. government and agencies$345,944  96.2 %$361,785  96.3 %
Obligations of states and political subdivisions13,826  3.8 %13,821  3.7 %
Total debt securities held to maturity$359,770  100.0 %$375,606  100.0 %

During primarily the third and fourth quarters of 2018, the Company acquired approximately $239,947,000 in asset backed structured investment securities more commonly referred to as collateralized loan obligations (CLOs). Due to the changes in risk appetite of many investors during the first quarter of 2020, the valuation of these CLOs were particularly impacted as evidenced by their decline in market value to approximately $202,030,000 or 84.2% of amortized cost. The composition of these CLOs are such that approximately 65% are rated by national rating agencies as AAA and the remaining 35% as AA. Based on the above, management believes the change in fair is attributed to changes in interest rates and expects all contractual cash flows to be received timely, therefore, no allowance for credit losses has been recorded.
Loans
The Company concentrates its lending activities in four principal areas: real estate mortgage loans (residential and commercial loans), consumer loans, commercial loans (including agricultural loans), and real estate construction loans. The interest rates charged for the loans made by the Company vary with the degree of risk, the size and maturity of the loans, the borrower’s relationship with the Company and prevailing money market rates indicative of the Company’s cost of funds.
The majority of the Company’s loans are direct loans made to individuals, farmers and local businesses. The Company relies substantially on local promotional activity and personal contacts by bank officers, directors and employees to compete with other financial institutions. The Company makes loans to borrowers whose applications include a sound purpose, a viable repayment source and a plan of repayment established at inception and generally backed by a secondary source of repayment.
The following table shows the Company’s loan balances, net deferred loan costs and discounts, as of the dates indicated:
(dollars in thousands)March 31, 2020December 31, 2019
Real estate mortgage$3,396,016  77.6 %$3,328,290  77.3 %
Consumer450,998  10.3 %445,542  10.3 %
Commercial290,334  6.6 %283,707  6.6 %
Real estate construction241,714  5.5 %249,827  5.8 %
Total loans$4,379,062  100.0 %$4,307,366  100.0 %

At March 31, 2020 loans, including net deferred loan costs and discounts, totaled $4,379,062,000 which was a $71,696,000 (6.7%) annualized increase over the balances at December 31, 2019.
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Asset Quality and Nonperforming Assets
Nonperforming Assets
The following tables set forth the amount of the Company’s nonperforming assets ("NPA") as of the dates indicated. “Performing nonaccrual loans” are loans that may be current for both principal and interest payments, or are less than 90 days past due, but for which payment in full of both principal and interest is not expected, and are not well secured and in the process of collection:
(dollars in thousands)March 31,
2020		December 31,
2019
Performing nonaccrual loans$11,900  $11,266  
Nonperforming nonaccrual loans6,055  5,579  
Total nonaccrual loans17,955  16,845  
Loans 90 days past due and still accruing—  11  
Total nonperforming loans17,955  16,856  
Foreclosed assets2,229  2,541  
Total nonperforming assets$20,184  $19,397  
Nonperforming assets to total assets0.31 %0.30 %
Nonperforming loans to total loans0.41 %0.39 %
Allowance for credit losses to nonperforming loans323 %182 %



Changes in nonperforming assets during the three months ended March 31, 2020
(in thousands)Balance at
December 31, 2019		New NPA /
Valuation
Adjustments		Pay-downs
/Sales
/Upgrades
Charge-offs/ (1)
Write-downs
Transfers to
Foreclosed
Assets		Balance at
March 31, 2020
Real estate mortgage:
Residential$5,068  $985  $(388) $—  $—  $5,665  
Commercial5,203  311  (113) —  —  5,401  
Consumer
Home equity lines2,740  852  (236) —  —  3,356  
Home equity loans1,600  163  (136) —  —  1,627  
Other consumer51  113  (2) (23) —  139  
Commercial2,194  463  (510) (380) —  1,767  
Construction—  —  —  —  —  —  
Total nonperforming loans16,856  2,887  (1,385) (403) —  17,955  
Foreclosed assets2,541  (312) —  —  2,229  
Total nonperforming assets$19,397  $2,887  $(1,697) $(403) $—  $20,184  
(1) The table above does not include deposit overdraft charge-offs.
Nonperforming assets increased during the first quarter of 2020 by $779,000 (4.0%) to $20,184,000 at March 31, 2020 compared to $19,397,000 at December 31, 2019. The increase in nonperforming assets during the first quarter of 2020 was primarily the result of new nonperforming loans of $2,887,000, which were partially offset by pay-downs of $1,385,000 and write-downs of $403,000.
Non performing loans added during the first quarter of 2020 were primarily within residential and home equity lines, both of which are secured by residential estate. Residential non-performing added $985,000 and home equity lines added $852,000 during the quarter ended March 31, 2020. The new non performing loans were not concentrated amongst any one borrower, with the largest individual loan totaling $320,000. Management is actively engaged in the collection and recovery efforts for all nonperforming assets and believes that the specific loan loss reserves associated with these loans is sufficient as of March 31, 2020.

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Loan charge-offs during the three months ended March 31, 2020 and March 31, 2019
In the first quarter of 2020, the Company recorded $403,000 in loan charge-offs and $107,000 in deposit overdraft charge-offs less $836,000 in loan recoveries and $56,000 in deposit overdraft recoveries resulting in $382,000 of net recoveries. Loan charge-offs were not concentrated within any single loan or borrower relationship and were comprised entirely of individual charges of less than $250,000 each. In the first quarter of 2019, the Company recorded $614,000 in loan charge-offs and $112,000 in deposit overdraft charge-offs, less $1,752,000 in loan recoveries and $56,000 in deposit overdraft recoveries, resulting in $1,082,000 of net charge-offs. Generally, losses are triggered by non-performance by the borrower and calculated based on any difference between the current loan amount and the current value of the underlying collateral less any estimated costs associated with the disposition of the collateral.
The Components of the Allowance for Credit Losses for Loans
The following table sets forth the allowance for credit losses as of the dates indicated:
(dollars in thousands)March 31,
2020		December 31,
2019
Allowance for credit losses:
Qualitative and forecast factor allowance$30,255  $12,146  
Cohort model allowance reserves26,694  17,529  
Total allowance for credit losses56,949  29,675  
Allowance for individually evaluated loans962  935  
Allowance for PCD loan losses—                n/a
Allowance for PCI loan losses              n/a6  
Total allowance for credit losses$57,911  $30,616  
Allowance for credit losses for loans1.32 %0.71 %
For additional information regarding the allowance for loan losses, including changes in specific, formula, and environmental factors allowance categories, see “Asset Quality and Loan Loss Provisioning” at “Results of Operations”, above. Based on the current conditions of the loan portfolio, management believes that the $57,911,000 allowance for loan losses at March 31, 2020 is adequate to absorb probable losses inherent in the Bank’s loan portfolio. No assurance can be given, however, that adverse economic conditions or other circumstances will not result in increased losses in the portfolio.
The following table summarizes the allocation of the allowance for credit losses between loan types and by percentage of the total allowance for loan losses as of the dates indicated:
March 31, 2020December 31, 2019
Real estate mortgage$34,902  60.3 %$14,301  46.8 %
Consumer13,942  24.1 %7,778  25.4 %
Commercial4,472  7.7 %5,149  16.8 %
Real estate construction4,595  7.9 %3,388  11.0 %
Total allowance for credit losses$57,911  100.0 %$30,616  100.0 %
The following table summarizes the allocation of the allowance for credit losses as a percentage of the total loans for each loan category as of the dates indicated:
March 31, 2020December 31, 2019
Real estate mortgage$3,422,440  1.02 %$3,328,290  0.43 %
Consumer428,313  3.26 %445,542  1.75 %
Commercial285,830  1.56 %283,707  1.81 %
Real estate construction242,479  1.90 %249,827  1.36 %
Total allowance for credit losses$4,379,062  1.32 %$4,307,366  0.71 %
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The following table summarizes the activity in the allowance for credit losses for the periods indicated (dollars in thousands):
Three months ended
March 31,
(in thousands)20202019
Allowance for credit losses:
Balance at beginning of period$30,616  $32,582  
Impact of adoption from ASU 2016-1318,913  —  
Provision for (reversal of) loan losses8,000  (1,600) 
Loans charged-off:
Real estate mortgage:
Residential—  —  
Commercial—  —  
Consumer:
Home equity lines—  —  
Home equity loans—  —  
Other consumer(130) (207) 
Commercial(380) (519) 
Construction:
Residential—  —  
Commercial—  —  
Total loans charged-off(510) (726) 
Recoveries of previously charged-off loans:
Real estate mortgage:
Residential410  2  
Commercial194  1,381  
Consumer:
Home equity lines33  95  
Home equity loans15  87  
Other consumer94  75  
Commercial146  168  
Construction:
Residential—  —  
Commercial—  —  
Total recoveries of previously charged-off loans892  1,808  
Net recoveries 382  1,082  
Balance at end of period$57,911  $32,064  
Average total loans$4,329,357  $4,023,864  
Ratios (annualized):
Net recoveries during period to average loans outstanding during period0.04 %(0.11)%
(Benefit from reversal of) provision for loan losses to average loans outstanding during period0.74 %(0.16)%

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Foreclosed Assets, Net of Allowance for Losses
The following tables detail the components and summarize the activity in foreclosed assets, net of allowances for losses for the period indicated:
(in thousands)Balance at
December 31,
2019		SalesValuation
Adjustments		Transfers
from Loans		Balance at
March 31,
2020
Land & Construction$312  $(312) $—  $—  $—  
Residential real estate1,048  —  —  —  1,048  
Commercial real estate1,181  —  —  —  1,181  
Total foreclosed assets$2,541  $(312) $—  $—  $2,229  

Deposits
During the three months ended March 31, 2020, the Company’s deposits increased $35,704,000 to $5,402,698,000. Included in the March 31, 2020 and December 31, 2019 certificate of deposit balances are $30,000,000, respectively, from the State of California. The Company participates in a deposit program offered by the State of California whereby the State may make deposits at the Company’s request subject to collateral and creditworthiness constraints. The negotiated rates on these State deposits are generally more favorable than other wholesale funding sources available to the Company.
Off-Balance Sheet Arrangements
See Note 7 to the condensed consolidated financial statements at Item 1 of Part I of this report for information about the Company’s commitments and contingencies including off-balance-sheet arrangements.
Capital Resources
The current and projected capital position of the Company and the impact of capital plans and long-term strategies are reviewed regularly by Management.
On November 12, 2019 the Board of Directors approved the authorization to repurchase up to 1,525,000 shares of the Company's common stock (the 2019 Repurchase Plan), which approximates 5.0% of the shares outstanding as of the approval date. The actual timing of any share repurchases will be determined by the Company's management and therefore the total value of the shares to be purchased under the program is subject to change. The 2019 Repurchase Plan has no expiration date. For the quarter ended March 31, 2020, the Company repurchased 553,869 shares with a market value of $17,139,000.
The Company’s primary capital resource is shareholders’ equity, which was $866,426,000 at March 31, 2020. This amount represents a decrease of $40,144,000 (4.4%) from December 31, 2019, the net result of comprehensive loss for the three month period of $19,910,0000, dividends paid of $6,664,000, and repurchase of common stock of under the repurchase program discussed above totaling $17,139,000. The Company’s ratio of equity to total assets was 13.4% and 14.0% as of March 31, 2020 and December 31, 2019, respectively. We believe that the Company and the Bank were in compliance with applicable minimum capital requirements set forth in the final Basel III Capital rules as of March 31, 2020. The following summarizes the Company’s ratios of capital to risk-adjusted assets as of the dates indicated:
March 31, 2020December 31, 2019
RatioMinimum
Regulatory
Requirement		RatioMinimum
Regulatory
Requirement
Total capital15.12 %10.50 %15.07 %9.25 %
Tier I capital13.92 %8.50 %14.40 %7.25 %
Common equity Tier 1 capital12.82 %7.00 %13.29 %5.75 %
Leverage11.22 %4.00 %11.55 %4.00 %
See Note 8 and Note 14 to the condensed consolidated financial statements at Item 1 of Part I of this report for additional information about the Company’s capital resources.

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Liquidity
The Company’s principal source of asset liquidity is cash at the Federal Reserve Bank of San Francisco (“Federal Reserve”) and other banks and marketable investment securities available for sale. At March 31, 2020, cash at Federal Reserve and other banks in excess of reserve requirements and investment securities available for sale totaled $1,001,196,000, or 15.7% of total assets. The Company’s profitability during the first three months of 2020 generated cash flows from operations of $33,547,000 compared to $22,055,000 during the first three months of 2019. Net cash used by investing activities was $136,424,000 for the three months ended March 31, 2020, compared to net cash provided by investing activities of $14,867,000 during the three months ending 2019. Financing activities provided $12,748,000 during the three months ended March 31, 2020, compared to $54,253,000 during the three months ended March 31, 2019. Deposit balance changes increased available liquidity by $35,704,000 during the three months ended March 31, 2020, compared to an increase of $63,796,000 for financing activity during the the same period in 2019. Dividends paid used $6,664,000 and $5,782,000 of cash during the three months ended March 31, 2020 and 2019, respectively. The Company’s liquidity is dependent on dividends received from the Bank. Dividends from the Bank are subject to certain regulatory restrictions.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Based on the changes in interest rates occurring subsequent to December 31, 2019, the following update of the Company’s assessment of market risk as of March 31, 2020 is being provided. These updates and changes should be read in conjunction with the additional quantitative and qualitative disclosures in our Annual Report on Form 10-K for the year ended December 31, 2019.
Subsequent to December 31, 2019, declines in several market interest rates, including many rates that serve as reference indices for variable rate loans declined markedly from previous levels. As of December 31, 2019 the Company's loan portfolio consisted of approximately $4,346,723,000 in outstanding principal with a weighted average rate of 4.89%. As of March 31, 2020 the Company's loan portfolio consisted of approximately $4,420,889,000 in outstanding principal balances with weighted average rate of 4.80%. Included in this March 31, 2020 total are variable rate loans totaling $2,948,076,000 of which 81.2% or $2,394,323,000 were at their floor rate. The remaining variable rate loans totaling $553,753,000, which carried a weighted average rate of 5.37% as of March 31, 2020, are subject to further rate adjustment. If those remaining variable rate loans were to collectively, through future rate adjustments, be reduced to their respective floors, they would have a weighted average rate of approximately 4.40% which would result in the reduction of the weighted average rate of the total loan portfolio from 4.80% to approximately 4.70%.
As of March 31, 2020 the overnight Federal funds rate, the rate primarily used in these interest rate shock scenarios, was less than 1.00%. Based on the historical nature of these rates in the United States not falling below zero, management believes that a shock scenario that reduces interest rates below zero would not provide meaningful results and therefore, have not been modeled. These scenarios assume that 1) interest rates increase or decrease evenly (in a “ramp” fashion) over a twelve-month
period and remain at the new levels beyond twelve months or 2) that interest rates change instantaneously (“shock”). The simulation results shown below assume no changes in the structure of the Company’s balance sheet over the twelve months being measured.

The following table summarizes the estimated effect on net interest income and market value of equity to changing interest rates as measured against a flat rate (no interest rate change) instantaneous shock scenario over a twelve month period utilizing the Company's specific mix of interest earning assets and interest bearing liabilities as of March 31, 2020.
Interest Rate Risk Simulations:
Change in Interest
Rates (Basis Points)		Estimated Change in
Net Interest Income (NII)
(as % of NII)		Estimated
Change in
Market Value of Equity (MVE)
(as % of MVE)
+200 (shock)0.2 %13.9 %
+100 (shock)— %9.6 %
+    0 (flat)—  —  
-100 (shock)(1.7)%(29.9)%
-200 (shock)nm  nm  



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Item 4. Controls and Procedures
The Company’s management, including its Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures as of March 31, 2020. Disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are controls and procedures designed to reasonably assure that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported on a timely basis. Disclosure controls are also designed to reasonably assure that such information is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2020.
During the three months ended March 31, 2020, there were no changes in our internal controls or in other factors that have materially affected or are reasonably likely to materially affect our internal controls over financial reporting.
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PART II – OTHER INFORMATION
Item 1 - Legal Proceedings
Due to the nature of our business, we are involved in legal proceedings that arise in the ordinary course of our business. While the outcome of these matters is currently not determinable, we do not expect that the ultimate costs to resolve these matters will have a material adverse effect on our consolidated financial position, results of operations, or cash flows.
Item 1A - Risk Factors

In addition to the other information set forth in this Form 10-Q, you should carefully consider the risk factors that appeared under Item 1A, "Risk Factors" in the Company’s 2019 Annual Report on Form 10-K. There are no material changes from the risk factors included within the Company's 2019 Annual Report on Form 10-K, other than the risks described below.

The ongoing COVID-19 coronavirus pandemic and measures intended to prevent its spread could have a material adverse effect on our business, results of operations and financial condition. The effects depend on future developments, which are highly uncertain and are difficult to predict.
Global health concerns relating to the COVID-19 pandemic and related government actions taken to reduce the spread of the virus have created significant economic uncertainty and reduced economic activity, including within our market areas. On March 13, 2020, a National Emergency relating to the virus was declared. Governmental authorities, include the State of California and many of its local governments, have implemented numerous measures to try to contain the virus, such as travel bans and restrictions, “stay at home” orders and business limitations and shutdowns. These measures have negatively impacted consumer and business spending. Businesses nationwide and in the regions and communities in which we operate have laid off and furloughed significant numbers of employees, leading to record levels of unemployment. These conditions have significantly adversely affected our borrowers, including many different types of small and mid-sized businesses within our client base, particularly those in the gas station, retail, hotel, hospitality and food, beverage, and elective healthcare industries, among many others. The United States government has taken steps to attempt to mitigate some of the more severe anticipated economic effects of the virus, including the passage of the CARES Act, but there can be no assurance that such steps will be effective or achieve their desired results in a timely fashion.
The outbreak has adversely impacted and is likely to further adversely impact our operations and the operations of our borrowers, customers and business partners. In particular, we may experience losses and other adverse effects due to a number of factors impacting us or our borrowers, customers or business partners, including but not limited to:
•increased delinquencies and subsequent credit losses resulting from the weakened financial condition of our borrowers as a result of the outbreak and related governmental actions;
•declines in the value of collateral securing loans we have made;
•court closures and temporary foreclosure and eviction protection laws, even when a customer is in breach of its obligations to us, are likely to restrict our ability to realize on the value of collateral;
•disruption in the businesses of third parties upon who we rely, including outages at network providers and other service providers and suppliers;
•increased cyber and payment fraud risk, as cybercriminals attempt to profit from the disruption, given increased online and remote activity;
•decreased loan growth;
•decreased interest and non-interest income;
•continued decreased demand for certain bank products and services;
•declines in the value of securities we own, as a result of increasing inflation, credit ratings downgrades, deterioration in issuers’ financial condition or a decline in the liquidity for debt securities, for example;
•operational failures due to changes in our normal business practices necessitated by the outbreak and related governmental actions;
•reduced workforce number or capacity which may be caused by, but not limited to, illness, quarantine, stay at home or other government mandates, or difficulties transitioning back to an in-office environment;
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•laws related to benefits and the treatment of employees, for example, mandating coverage of certain COVID-19 related testing and treatment, mandating additional paid or unpaid leave or expanding workers compensation coverage;
•volatile market prices of securities, including our common stock;
•unavailability of key personnel or a significant number of our employees due to the effects and restrictions of a COVID-19 outbreak within our market area;
•increased risk of litigation and governmental and regulatory scrutiny as a result of the effects of the COVID-19 pandemic on market and economic conditions and actions governmental authorities take in response to those conditions; and
•additional costs to remedy damages, losses or disruption caused by such events
These factors may remain prevalent for a significant period of time and may continue to adversely affect our business, results of operations and financial condition even after the COVID-19 outbreak has subsided.
The spread of COVID-19 has caused us to modify our business practices (including restricting employee travel, and developing work from home and social distancing plans for our employees), and we may take further actions as may be required by government authorities or as we determine are in the best interests of our employees, customers and business partners. There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus or will otherwise be satisfactory to government authorities.
The extent to which the coronavirus outbreak impacts our business, results of operations and financial condition will depend on future developments, which are highly uncertain and are difficult to predict, including, but not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. The longer the public health crisis lasts, and the greater its severity, the greater the likely material adverse impact on the economy, our customers and our business and financial performance. Even after the COVID-19 outbreak has subsided, we may continue to experience materially adverse impacts to our business as a result of the virus’s economic impact and any recession that has occurred or may occur in the future.
There are no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have, and, as a result, we do not yet know the full extent of the impacts on our business, our operations or the economy as a whole. However, we believe the effects could have a material impact on our results of operations and heighten many of our known risks described in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2019.
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
The following table shows the repurchases made by the Company or any affiliated purchaser (as defined in Rule 10b-18(a)(3) under the Exchange Act) during the periods indicated:
Period
(a) Total number of
shares purchased (1)
(b) Average price
paid per share		(c) Total number of shares
purchased as of part
of publicly announced
plans or programs
(d) Maximum number
of shares that may
yet be purchased under
the plans or programs (2)
January 1-31, 202071  $40.16  —  1,525,000  
February 1-29, 2020139,058  $36.59  138,996  1,386,004  
March 1-31, 2020419,541  $29.08  414,873  971,131  
Total558,670  $36.48  553,869  
(1)Includes shares purchased by the Company’s Employee Stock Ownership Plan in open market purchases and tendered by employees pursuant to various other equity incentive plans. See Note 9 to the condensed consolidated financial statements at Item 1 of Part I of this report, for a discussion of the Company’s stock repurchased under equity compensation plans.
(2)Does not include shares that may be purchased by the Company’s Employee Stock Ownership Plan and pursuant to various other equity incentive plans. See Note 9 to the condensed consolidated financial statements at Item 1 of Part I of this report, for a discussion of the Company’s stock repurchase plan.
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Item 6 – Exhibits
EXHIBIT INDEX
Exhibit 
No.		Exhibit
31.1
31.2
32.1
32.2
101.INSXBRL Instance Document
101.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRICO BANCSHARES
(Registrant)
  
Date: May 11, 2020/s/ Peter G. Wiese
Peter G. Wiese
Executive Vice President and Chief Financial Officer
(Duly authorized officer and principal financial and chief accounting officer)

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