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)
38.41%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. TriCo Bancshares
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q1

TriCo Bancshares - 10-Q quarterly report FY2024 Q1


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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, 2024
☐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
___________________
ntricobancshares_logo.jpg
(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: 33,174,385 shares outstanding as of May 6, 2024.


TriCo Bancshares
FORM 10-Q
TABLE OF CONTENTS



1
GLOSSARY OF ACRONYMS AND TERMS

The following listing provides a comprehensive reference of common acronyms and terms used throughout the document:

ACLAllowance for Credit Losses
AFSAvailable-for-Sale
AOCIAccumulated Other Comprehensive Income
ASCAccounting Standards Codification
CDsCertificates of Deposit
CDICore Deposit Intangible
CECLCurrent Expected Credit Loss
CRECommercial Real Estate
CMOCollateralized mortgage obligation
DFPIState Department of Financial Protection and Innovation
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FHLBFederal Home Loan Bank
FRBFederal Reserve Board
FTEFully taxable equivalent
GAAPGenerally Accepted Accounting Principles (United States of America)
HELOCHome equity line of credit
HTMHeld-to-Maturity
LIBORLondon Interbank Offered Rate
NIMNet interest margin
NPANonperforming assets
OCIOther comprehensive income
PCDPurchase Credit Deteriorated
ROUARight-of-Use Asset
RSURestricted Stock Unit
SBASmall Business Administration
SERPSupplemental Executive Retirement Plan
SFRSingle Family Residence
SOFRSecured Overnight Financing Rate
TDRTroubled Debt Restructuring
VRBValley Republic Bancorp
XBRLeXtensible Business Reporting Language
2

PART I – FINANCIAL INFORMATION
Item 1.    Financial Statements (unaudited)
TRICO BANCSHARES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data; unaudited)
March 31, 2024December 31, 2023
Assets:
Cash and due from banks$73,322 $81,626 
Cash at Federal Reserve and other banks9,514 17,075 
Cash and cash equivalents82,836 98,701 
Investment securities:
Marketable equity securities2,606 2,634 
Available for sale debt securities, at fair value (amortized cost of $2,321,608 and $2,384,325)
2,073,888 2,152,504 
Held to maturity debt securities, at amortized cost, net of allowance for credit losses of $0
127,811 133,494 
Restricted equity securities17,250 17,250 
Loans held for sale1,346 458 
Loans6,800,695 6,794,470 
Allowance for credit losses(124,394)(121,522)
Total loans, net6,676,301 6,672,948 
Premises and equipment, net71,001 71,347 
Cash value of life insurance137,695 136,892 
Accrued interest receivable35,783 36,768 
Goodwill304,442 304,442 
Other intangible assets, net9,522 10,552 
Operating leases, right-of-use
26,240 26,133 
Other assets247,046 245,966 
Total assets$9,813,767 $9,910,089 
Liabilities and Shareholders’ Equity:
Liabilities:
Deposits:
Noninterest-bearing demand$2,600,448 $2,722,689 
Interest-bearing5,387,210 5,111,349 
Total deposits7,987,658 7,834,038 
Accrued interest payable10,224 8,445 
Operating lease liability28,299 28,261 
Other liabilities131,006 145,982 
Other borrowings392,409 632,582 
Junior subordinated debt101,120 101,099 
Total liabilities8,650,716 8,750,407 
Commitments and contingencies (Note 9)
Shareholders’ equity:
Preferred stock, no par value: 1,000,000 shares authorized, zero issued and outstanding at March 31, 2024 and December 31, 2023
— — 
Common stock, no par value: 50,000,000 shares authorized; 33,168,770 and 33,268,102 issued and outstanding at March 31, 2024 and December 31, 2023, respectively
696,464 697,349 
Retained earnings630,954 615,502 
Accumulated other comprehensive loss, net of tax(164,367)(153,169)
Total shareholders’ equity1,163,051 1,159,682 
Total liabilities and shareholders’ equity$9,813,767 $9,910,089 
See accompanying notes to unaudited condensed consolidated financial statements.
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TRICO BANCSHARES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data; unaudited)
Three months ended
March 31,
20242023
Interest and dividend income:
Loans, including fees$96,485 $82,415 
Investments:
Taxable securities17,449 18,622 
Tax exempt securities917 1,307 
Dividends380 304 
Interest bearing cash at Federal Reserve and other banks186 259 
Total interest and dividend income115,417 102,907 
Interest expense:
Deposits23,529 5,145 
Other borrowings7,378 2,809 
Junior subordinated debt1,774 1,617 
Total interest expense32,681 9,571 
Net interest income82,736 93,336 
Provision for credit losses4,305 4,195 
Net interest income after credit loss provision78,431 89,141 
Non-interest income:
Service charges and fees12,637 11,197 
Gain on sale of loans261 206 
Loss on sale of investment securities— (164)
Asset management and commission income1,128 934 
Increase in cash value of life insurance803 802 
Other942 660 
Total non-interest income15,771 13,635 
Non-interest expense:
Salaries and related benefits34,304 32,563 
Other22,200 21,231 
Total non-interest expense56,504 53,794 
Income before provision for income taxes37,698 48,982 
Provision for income taxes9,949 13,149 
Net income$27,749 $35,833 
Per share data:
Basic earnings per share$0.83 $1.08 
Diluted earnings per share$0.83 $1.07 
Dividends per share$0.33 $0.30 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(In thousands; unaudited)
Three months ended
March 31,
20242023
Net income$27,749 $35,833 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available for sale securities arising during the period(11,198)24,444 
Change in minimum pension liability— — 
Change in joint beneficiary agreements— — 
Other comprehensive income (loss)(11,198)24,444 
Comprehensive income $16,551 $60,277 
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, 202333,331,513 $697,448 $542,873 $(193,905)$1,046,416 
Net income35,833 35,833 
Other comprehensive income24,444 24,444 
Stock options exercised4,000 78 78 
RSU vesting728 728 
PSU vesting313 313 
RSUs released22,118 — 
Repurchase of common stock(162,381)(3,399)(4,196)(7,595)
Dividends paid ($0.30 per share)
(9,972)(9,972)
Three months ended March 31, 202333,195,250 $695,168 $564,538 $(169,461)$1,090,245 
Balance at January 1, 202433,268,102 $697,349 $615,502 $(153,169)$1,159,682 
Net income27,749 27,749 
Other comprehensive loss(11,198)(11,198)
Stock options exercised— — — 
RSU vesting767 767 
PSU vesting431 431 
RSUs released— — 
Repurchase of common stock(99,332)(2,083)(1,325)(3,408)
Dividends paid ($0.33 per share)
(10,972)(10,972)
Three months ended March 31, 202433,168,770 $696,464 $630,954 $(164,367)$1,163,051 

















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,
20242023
Operating activities:
Net income$27,749 $35,833 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment, and amortization1,508 1,566 
Amortization of intangible assets1,030 1,656 
Provision for credit losses on loans4,015 4,195 
Amortization of investment securities premium, net6 174 
Loss on sale of investment securities— 164 
Originations of loans for resale(10,858)(6,281)
Proceeds from sale of loans originated for resale10,151 8,058 
Gain on sale of loans(261)(206)
Change in fair market value of mortgage servicing rights(11)209 
Provision for losses on foreclosed assets262 — 
Gain on transfer of loans to foreclosed assets(38)— 
Operating lease expense payments(1,568)(1,653)
Loss on disposal of fixed assets5 — 
Increase in cash value of life insurance(803)(802)
(Gain) loss on marketable equity securities28 (42)
Equity compensation vesting expense1,198 1,041 
Change in:
Interest receivable985 468 
Interest payable1,779 476 
Amortization of operating lease ROUA1,499 1,739 
Other assets and liabilities, net(11,596)(7,640)
Net cash from operating activities25,080 38,955 
Investing activities:
Proceeds from maturities of securities available for sale62,770 56,905 
Proceeds from maturities of securities held to maturity5,625 8,842 
Proceeds from sale of available for sale securities— 24,160 
Loan origination and principal collections, net(7,379)26,558 
Purchases of premises and equipment(1,028)(1,213)
Net cash from investing activities59,988 115,252 
Financing activities:
Net change in deposits153,620 (303,148)
Net change in other borrowings(240,173)169,535 
Repurchase of common stock, net of option exercises(3,408)(7,595)
Dividends paid(10,972)(9,972)
Exercise of stock options— 78 
Net cash used by financing activities(100,933)(151,102)
Net change in cash and cash equivalents(15,865)3,105 
Cash and cash equivalents, beginning of period98,701 107,230 
Cash and cash equivalents, end of period$82,836 $110,335 
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Supplemental disclosure of noncash activities:
Unrealized gain (loss) on securities available for sale$(15,898)$34,540 
Market value of shares tendered in-lieu of cash to pay for exercise of options and/or related taxes— 621 
Obligations incurred in conjunction with leased assets1,327 4,484 
Loans transferred to foreclosed assets12 — 
Supplemental disclosure of cash flow activity:
Cash paid for interest expense$30,902 $9,095 
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 33 California counties. 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.
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. For financial reporting purposes, the Company’s investments in the Capital Trusts of $1.8 million are accounted for under the equity method and, accordingly, are not consolidated and are included in other assets on the consolidated balance sheet. See the footnote Junior Subordinated Debt for additional information on borrowings outstanding.
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, 2023 (the “2023 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 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.
Allowance for Credit Losses - Securities
The Company measures expected credit losses on HTM debt securities on a collective basis by major security type, then further disaggregated by sector and bond rating. Accrued interest receivable on HTM debt securities was considered insignificant at March 31, 2024 and December 31, 2023 and is therefore excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions 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
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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.
The Company evaluates AFS debt securities in an unrealized loss position to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the allowance for credit losses and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired available for sale debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. In evaluating available for sale debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers' financial condition, among other factors. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. No security credit losses were recognized during the three month periods ended March 31, 2024 and 2023, respectively.
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 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, changes in corporate debt yields, and U.S. gross domestic product.
PCD assets are assets acquired at a discount that is due, in part, to credit quality deterioration since origination. PCD assets are accounted for in accordance with ASC 326-20 and are initially recorded at fair value, by taking the sum of the present value of expected future cash flows and an allowance for credit losses, at acquisition. The allowance for credit losses for PCD assets is recorded through a gross-up of reserves on the balance sheet, while the allowance for acquired non-PCD assets, such as loans, is recorded through the provision for credit losses on the income statement, consistent with originated loans. Subsequent to acquisition, the allowance for credit losses for PCD loans will generally follow the same forward-looking estimation, provision, and charge-off process as non-PCD acquired and originated loans.
The Company has identified the following portfolio segments to evaluate and measure the allowance for credit loss:
Commercial real estate:
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
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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.
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.
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:
SFR 1-4 1st DT Liens: 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.
SFR HELOCs and Junior Liens: Similar to residential real estate term loans, HELOCs and junior liens 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.
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 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 and Industrial:
Repayment of these loans is 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.
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.
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Agriculture Production:
Repayment of agricultural loans 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 production loans may involve a greater degree of risk than other types of loans.
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.
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 consolidated balance sheet in other liabilities.
Accounting Standards Recently Issued or Adopted
FASB issued ASU 2024-02, Codification Improvements— Amendments to Remove References to the Concepts Statements. This ASU facilitates Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements. The resulting amendments are referred to as Codification improvements. The amendments in this Update are not intended to result in significant accounting change for most entities. However, the Board recognizes that changes to that guidance may result in accounting change for some entities. Therefore, the amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2024. The adoption of this accounting guidance is not expected to have a material impact on the Company’s consolidated financial statements.
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, 2024
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
Debt Securities Available for Sale
Obligations of U.S. government agencies$1,349,679 $1 $(179,488)$— $1,170,192 
Obligations of states and political subdivisions262,777 132 (28,732)— 234,177 
Corporate bonds6,175 — (429)— 5,746 
Asset backed securities362,877 623 (3,827)— 359,673 
Non-agency collateralized mortgage obligations340,100 — (36,000)— 304,100 
Total debt securities available for sale$2,321,608 $756 $(248,476)$— $2,073,888 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$125,131 $1 $(9,239)— 115,893 
Obligations of states and political subdivisions2,680 — (45)— 2,635 
Total debt securities held to maturity$127,811 $1 $(9,284)$— $118,528 

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December 31, 2023
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
Debt Securities Available for Sale
Obligations of U.S. government agencies$1,386,772 $2 $(165,037)$— $1,221,737 
Obligations of states and political subdivisions262,879 268 (26,772)— 236,375 
Corporate bonds6,173 — (571)— 5,602 
Asset backed securities359,214 255 (4,188)— 355,281 
Non-agency collateralized mortgage obligations369,287 — (35,778)— 333,509 
Total debt securities available for sale$2,384,325 $525 $(232,346)$— $2,152,504 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$130,823 $— $(8,331)$— $122,492 
Obligations of states and political subdivisions2,671 6 (43)— 2,634 
Total debt securities held to maturity$133,494 $6 $(8,374)$— $125,126 
There were no sales of investment securities during the three months ended March 31, 2024. Proceeds from the sale of investment securities totaled $24.2 million for the three months ended March 31, 2023, resulting in gross realized losses of $0.2 million. Investment securities with an aggregate carrying value of $741.5 million and $702.2 million at March 31, 2024 and December 31, 2023, 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, 2024 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, 2024, obligations of U.S. government corporations and agencies with a cost basis totaling $1.3 billion 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, 2024, the Company estimates the average remaining life of these mortgage-backed securities issued by U.S. government corporations and agencies to be approximately 7.25 years. Average remaining life is defined as the time span after which the principal balance has been reduced by half.
As of March 31, 2024, 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$51,718 $51,226 $— $— 
Due after one year through five years49,150 46,062 5,396 5,206 
Due after five years through ten years371,852 358,110 92,951 86,475 
Due after ten years1,848,888 1,618,490 29,464 26,847 
Totals$2,321,608 $2,073,888 $127,811 $118,528 
Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
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March 31, 2024:Less than 12 months12 months or moreTotal
(in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies$442 $(3)$1,169,687 $(179,485)$1,170,129 $(179,488)
Obligations of states and political subdivisions6,760 (152)219,908 (28,580)226,668 (28,732)
Corporate bonds— — 5,746 (429)5,746 (429)
Asset backed securities94,861 (350)146,838 (3,477)241,699 (3,827)
Non-agency collateralized mortgage obligations43,223 (523)260,877 (35,477)304,100 (36,000)
Total debt securities available for sale$145,286 $(1,028)$1,803,056 $(247,448)$1,948,342 $(248,476)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$— $— $115,660 $(9,239)$115,660 $(9,239)
Obligations of states and political subdivisions1,618 (8)1,018 (37)2,636 (45)
Total debt securities held to maturity$1,618 $(8)$116,678 $(9,276)$118,296 $(9,284)
December 31, 2023:Less than 12 months12 months or moreTotal
(in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies$224 $— $1,221,320 $(165,037)$1,221,544 $(165,037)
Obligations of states and political subdivisions6,229 (75)216,497 (26,697)222,726 (26,772)
Corporate bonds— — 5,602 (571)5,602 (571)
Asset backed securities15,928 (93)264,731 (4,095)280,659 (4,188)
Non-agency collateralized mortgage obligations44,276 (583)289,233 (35,195)333,509 (35,778)
Total debt securities available for sale$66,657 $(751)$1,997,383 $(231,595)$2,064,040 $(232,346)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$— $— $122,259 $(8,331)$122,259 $(8,331)
Obligations of states and political subdivisions— — 1,012 (43)1,012 (43)
Total debt securities held to maturity$— $— $123,271 $(8,374)$123,271 $(8,374)
Obligations of U.S. government agencies: The 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 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. At March 31, 2024, 168 debt securities representing obligations of U.S. government agencies had unrealized losses with aggregate depreciation of 13.29% from the Company’s amortized cost basis.
Obligations of states and political subdivisions: The unrealized losses on investments in obligations of states and political subdivisions were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. 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, 2024. At March 31, 2024, 157 debt securities representing obligations of states and political subdivisions had unrealized losses with aggregate depreciation of 11.25% from the Company’s amortized cost basis.
Corporate bonds: The unrealized losses on investments in corporate bonds were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. 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, 2024. At March 31, 2024, 6 debt securities representing corporate bonds had unrealized losses with aggregate depreciation of 6.95% from the Company’s amortized cost basis.
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, 2024
13
has not experienced any deterioration in credit rating. At March 31, 2024, 29 asset backed securities had unrealized losses with aggregate depreciation of 1.56% 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, 2024.
Non-agency collateralized mortgage obligations: The unrealized losses on investments in asset backed securities were caused by increases in required yields by investors in these types of securities. It is expected that the securities would not be settled at a price less than the amortized cost of the investment. 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 as of and for the year ended March 31, 2024. At March 31, 2024, 22 asset backed securities had unrealized losses with aggregate depreciation of 10.59% from the Company’s amortized cost basis.
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:
March 31, 2024December 31, 2023
(in thousands)
AAA/AA/ABBB/BB/BAAA/AA/ABBB/BB/B
Obligations of U.S. government agencies$125,131 $— $130,823 $— 
Obligations of states and political subdivisions2,680 — 2,671 — 
Total debt securities held to maturity$127,811 $— $133,494 $— 

Note 3 – Loans
A summary of loan balances at amortized cost are as follows:
(in thousands)March 31, 2024December 31, 2023
Commercial real estate:
CRE non-owner occupied$2,220,568 $2,217,806 
CRE owner occupied974,968 956,440 
Multifamily982,290 949,502 
Farmland265,942 271,054 
Total commercial real estate loans4,443,768 4,394,802 
Consumer:
SFR 1-4 1st DT liens883,520 883,438 
SFR HELOCs and junior liens345,223 356,813 
Other75,014 73,017 
Total consumer loans1,303,757 1,313,268 
Commercial and industrial549,780 586,455 
Construction348,981 347,198 
Agriculture production145,159 144,497 
Leases9,250 8,250 
Total loans, net of deferred loan fees and discounts$6,800,695 $6,794,470 
Total principal balance of loans owed, net of charge-offs$6,839,589 $6,834,935 
Unamortized net deferred loan fees(15,588)(15,826)
Discounts to principal balance of loans owed, net of charge-offs(23,306)(24,639)
Total loans, net of unamortized deferred loan fees and discounts$6,800,695 $6,794,470 
Allowance for credit losses on loans$(124,394)$(121,522)


14
Note 4 – Allowance for Credit Losses
For the periods indicated, the following tables summarize the activity in the allowance for credit losses on loans which is recorded as a contra asset, and the reserve for unfunded commitments which is recorded on the balance sheet within other liabilities:
Allowance for credit losses – Three months ended March 31, 2024
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision (benefit)Ending 
Balance
Commercial real estate:
CRE non-owner occupied$35,077 $— $— $1,610 $36,687 
CRE owner occupied15,081 — — 1,030 16,111 
Multifamily14,418 — — 1,264 15,682 
Farmland4,288 — — (593)3,695 
Total commercial real estate loans68,864 — — 3,311 72,175 
Consumer:
SFR 1-4 1st DT liens14,009 (26)— 157 14,140 
SFR HELOCs and junior liens10,273 (32)49 (348)9,942 
Other3,171 (250)40 398 3,359 
Total consumer loans27,453 (308)89 207 27,441 
Commercial and industrial12,750 (130)22 (775)11,867 
Construction8,856 — — 306 9,162 
Agriculture production3,589 (837)21 935 3,708 
Leases10 — — 31 41 
Allowance for credit losses on loans121,522 (1,275)132 4,015 124,394 
Reserve for unfunded commitments5,850 — — 290 6,140 
Total$127,372 $(1,275)$132 $4,305 $130,534 
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.
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. This forecast data continues to evolve and includes improving shifts in the magnitude of changes for both the unemployment and GDP factors leading up to the balance sheet date. Despite continued declines on a year over year comparative basis, core inflation remains elevated from wage pressures, and higher living costs such as housing, energy and food prices. Management notes the rapid intervals of rate increases by the Federal Reserve may create repricing risk for certain borrowers and continued inversion of the yield curve, creates informed expectations of the US potentially entering a recession within 12 months. While projected cuts in interest rates from the Federal Reserve during 2024 may improve this outlook, the uncertainty associated with the extent and timing of these potential reductions has inhibited a change to forecasted reserve levels. As a result, management continues to believe that certain credit weaknesses are likely present in the overall economy and that it is appropriate to maintain a reserve level that incorporates such risk factors.


15
For the periods indicated, the following tables summarize the activity in the allowance for credit losses on loans which is recorded as a contra asset, and the reserve for unfunded commitments which is recorded on the balance sheet within other liabilities:
Allowance for credit losses – Year ended December 31, 2023
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision
(benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied$30,962 $— $— $4,115 $35,077 
CRE owner occupied14,014 (3,637)2 4,702 15,081 
Multifamily13,132 — — 1,286 14,418 
Farmland3,273— — 1,0154,288 
Total commercial real estate loans61,381 (3,637)2 11,118 68,864 
Consumer:
SFR 1-4 1st DT liens11,268 — 262 2,479 14,009 
SFR HELOCs and junior liens11,413 (66)723 (1,797)10,273 
Other1,958 (558)190 1,581 3,171 
Total consumer loans24,639 (624)1,175 2,263 27,453 
Commercial and industrial13,597 (3,879)316 2,716 12,750 
Construction5,142 — — 3,714 8,856 
Agriculture production906 — 34 2,649 3,589 
Leases15 — — (5)10 
Allowance for credit losses on loans105,680 (8,140)1,527 22,455 121,522 
Reserve for unfunded commitments4,315 — — 1,535 5,850 
Total$109,995 $(8,140)$1,527 $23,990 $127,372 

Allowance for credit losses – Three months ended March 31, 2023
(in thousands)Beginning
Balance		Charge-offsRecoveriesProvision
(benefit)		Ending Balance
Commercial real estate:
CRE non-owner occupied$30,962 $— $— $2,001 $32,963 
CRE owner occupied14,014 — — 545 14,559 
Multifamily13,132 — — 741 13,873 
Farmland3,273 — — 269 3,542 
Total commercial real estate loans61,381 — — 3,556 64,937 
Consumer:
SFR 1-4 1st DT liens11,268 — — 652 11,920 
SFR HELOCs and junior liens11,413 (42)65 (522)10,914 
Other1,958 (142)51 195 2,062 
Total consumer loans24,639 (184)116 325 24,896 
Commercial and industrial13,597 (1,574)53 (7)12,069 
Construction5,142 — — 513 5,655 
Agriculture production906 — 1 (74)833 
Leases15 — — 2 17 
Allowance for credit losses on loans105,680 (1,758)170 4,315 108,407 
Reserve for unfunded commitments4,315 — — (120)4,195 
Total$109,995 $(1,758)$170 $4,195 $112,602 
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 million and non-homogeneous loans, such as commercial real
16
estate loans, unless other indicators, such as delinquency, trigger more frequent evaluation. Loans below the $1 million threshold and homogenous in nature are evaluated as needed for proper grading 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:
•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.

Based on the most recent analysis performed, the risk category of loans by class of loans is as follows for the period indicated:

Term Loans Amortized Cost Basis by Origination Year – As of March 31, 2024
(in thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Commercial real estate:
CRE non-owner occupied risk ratings
Pass$11,059 $184,318 $418,964 $282,676 $142,738 $983,609 $147,552 $— $2,170,916 
Special Mention— — 1,295 — — 34,021 2,252 —37,568 
Substandard— — — 767 — 11,317 — —12,084 
Doubtful/Loss— — — — — — — — — 
Total $11,059 $184,318 $420,259 $283,443 $142,738 $1,028,947 $149,804 $— $2,220,568 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
CRE owner occupied risk ratings
Pass$33,662 $75,002 $201,423 $185,995 $114,912 $313,351 $23,631 $— $947,976 
Special Mention— — 5,724 2,318 2,935 4,372 — — 15,349 
Substandard— — 2,912 7,706 — 1,025 — — 11,643 
Doubtful/Loss— — — — — — — — — 
Total$33,662 $75,002 $210,059 $196,019 $117,847 $318,748 $23,631 $— $974,968 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
17
Term Loans Amortized Cost Basis by Origination Year – As of March 31, 2024
(in thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Commercial real estate:
Multifamily risk ratings
Pass$4,063 $28,655 $176,410 $278,671 $120,526 $323,784 $37,749 $— $969,858 
Special Mention— — — 11,917 — 515 — — $12,432 
Substandard— — — — — — — — — 
Doubtful/Loss— — — — — — — — — 
Total$4,063 $28,655 $176,410 $290,588 $120,526 $324,299 $37,749 $— $982,290 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
Farmland risk ratings
Pass$1,396 $21,093 $45,682 $36,854 $15,571 $55,897 $46,551 $— $223,044 
Special Mention— — 2,984 5,803 427 4,674 1,155 — 15,043 
Substandard— 101 — 8,913 — 11,904 6,937 — 27,855 
Doubtful/Loss— — — — — — — — — 
Total$1,396 $21,194 $48,666 $51,570 $15,998 $72,475 $54,643 $— $265,942 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Consumer loans:
SFR 1-4 1st DT liens risk ratings
Pass$21,136 $127,324 $187,809 $257,773 $121,334 $152,951 $— $3,847 $872,174 
Special Mention—70———2,068—272,165
Substandard—2681441,2801,4795,571—4399,181
Doubtful/Loss—————————
Total$21,136 $127,662 $187,953 $259,053 $122,813 $160,590 $— $4,313 $883,520 
Current period gross write-offs$— $26 $— $— $— $— $— $— $26 
Consumer loans:
SFR HELOCs and Junior Liens
Pass$278 $— $— $— $— $89 $330,942 $6,527 $337,836 
Special Mention——————3,4162043,620
Substandard——————3,2605073,767
Doubtful/Loss—
Total$278 $— $— $— $— $89 $337,618 $7,238 $345,223 
Current period gross write-offs$— $— $— $— $— $— $32 $— $32 
Consumer loans:
Other risk ratings
Pass$9,305 $30,615 $8,361 $7,941 $6,856 $10,413 $618 $— $74,109 
Special Mention— — 52 131 60 72 20 — 335 
Substandard— 85 177 157 3 146 2 — 570 
Doubtful/Loss— — — — — — — — — 
Total$9,305 $30,700 $8,590 $8,229 $6,919 $10,631 $640 $— $75,014 
Current period gross write-offs$76 $67 $— $60 $28 $15 $4 $— $250 
18
Term Loans Amortized Cost Basis by Origination Year – As of March 31, 2024
(in thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Commercial and industrial loans:
Commercial and industrial risk ratings
Pass$17,591 $62,336 $70,850 $46,756 $7,801 $15,418 $316,769 $246 $537,767 
Special Mention——74315686—2,046—3,031 
Substandard——2,082768837215,255738,982 
Doubtful/Loss————————— 
Total$17,591 $62,336 $73,675 $47,680 $7,970 $16,139 $324,070 $319 $549,780 
Current period gross write-offs$10 $— $— $— $— $— $120 $— $130 
Construction loans:
Construction risk ratings
Pass$1,979 $71,893 $141,212 $89,345 $22,345 $10,574 $— $— $337,348 
Special Mention— — 11,569 — — — — — 11,569 
Substandard— —— — — 64 — — 64 
Doubtful/Loss———————— — 
Total$1,979 $71,893 $152,781 $89,345 $22,345 $10,638 $— $— $348,981 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Agriculture production loans:
Agriculture production risk ratings
Pass$586 $1,378 $2,857 $1,539 $349 $8,897 $120,410 $— $136,016 
Special Mention— 33 — — — — 6,928 — 6,961 
Substandard— — 164 490 152 — 1,376 — 2,182 
Doubtful/Loss— — — — — — — — — 
Total$586 $1,411 $3,021 $2,029 $501 $8,897 $128,714 $— $145,159 
Current period gross write-offs$— $— $173 $— $— $— $664 $— $837 
Leases:
Lease risk ratings
Pass$9,250 $— $— $— $— $— $— $— $9,250
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful/Loss— — — — — — — —— 
Total$9,250 $— $— $— $— $— $— $— $9,250 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Total loans outstanding:
Risk ratings
Pass$110,305 $602,614 $1,253,568 $1,187,550 $552,432 $1,874,983 $1,024,222 $10,620 $6,616,294 
Special Mention— 103 22,367 20,325 3,508 45,722 15,817 231 108,073 
Substandard— 454 5,479 20,081 1,717 30,748 16,830 1,019 76,328 
Doubtful/Loss— — — — — — — — — 
Total$110,305 $603,171 $1,281,414 $1,227,956 $557,657 $1,951,453 $1,056,869 $11,870 $6,800,695 
Current period gross write-offs$86 $93 $173 $60 $28 $15 $820 $— $1,275 

19
Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2023
(in thousands)20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Commercial real estate:
CRE non-owner occupied risk ratings
Pass$180,326 $413,863 $290,210 $137,656 $206,408 $792,875 $141,686 $— $2,163,024 
Special Mention— 1,329 — 5,281 17,093 14,174 1,247 — 39,124 
Substandard— — 767 — 2,139 12,540 212 — 15,658
Doubtful/Loss— — — — — — — — — 
Total$180,326 $415,192 $290,977 $142,937 $225,640 $819,589 $143,145 $— $2,217,806 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
CRE owner occupied risk ratings
Pass$71,288 $196,915 $190,384 $118,457 $59,220 $268,990 $23,740 $— $928,994 
Special Mention— 5,773 1,513 2,754 703 2,678 — — 13,421 
Substandard— 2,972 7,835 — 111 3,107 — — 14,025 
Doubtful/Loss————————— 
Total$71,288 $205,660 $199,732 $121,211 $60,034 $274,775 $23,740 $— $956,440 
Current period gross write-offs$— $— $— $1,380 $— $2,228 $29 $— $3,637 
Commercial real estate:
Multifamily risk ratings
Pass$28,445 $177,032 $279,660 $89,106 $104,108 $225,446 $33,470 $— $937,267 
Special Mention— — 11,914 — — 321 — — 12,235 
Substandard— — — — — — — — — 
Doubtful/Loss————————— 
Total$28,445 $177,032 $291,574 $89,106 $104,108 $225,767 $33,470 $— $949,502 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Commercial real estate:
Farmland risk ratings
Pass$21,729 $46,398 $37,134 $16,006 $16,780 $41,663 $50,857 $— $230,567 
Special Mention—2,1705,80251261734——9,018 
Substandard1018139,053377—13,2667,859—31,469 
Doubtful/Loss————————— 
Total$21,830 $49,381 $51,989 $16,434 $17,041 $55,663 $58,716 $— $271,054 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Consumer loans:
SFR 1-4 1st DT liens risk ratings
Pass$135,741 $189,920 $260,870 $125,081 $29,568 $126,975 $— $4,079 $872,234 
Special Mention71 — — — — 1,948 — 27 2,046 
Substandard— 140 1,296 1,490 531 5,265 — 436 9,158 
Doubtful/Loss— — — — — — — — — 
Total$135,812 $190,060 $262,166 $126,571 $30,099 $134,188 $— $4,542 $883,438 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
20
Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2023
(in thousands)20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Consumer loans:
SFR HELOCs and Junior Liens
Pass$297 $— $— $— $— $96 $343,698 $6,444 $350,535 
Special Mention— — — — — — 2,274 138 2,412 
Substandard— — — — — — 3,212 654 3,866 
Doubtful/Loss— — — — — — — — — 
Total$297 $— $— $— $— $96 $349,184 $7,236 $356,813 
Current period gross write-offs$— $— $— $— $— $— $— $66 $66 
Consumer loans:
Other risk ratings
Pass$34,441 $9,061 $8,908 $7,419 $6,825 $4,619 $659 $— $71,932 
Special Mention21 54 203 63 54 37 18 — 450 
Substandard87 183 164 30 116 52 3 — 635 
Doubtful/Loss— — — — — — — — — 
Total$34,549 $9,298 $9,275 $7,512 $6,995 $4,708 $680 $— $73,017 
Current period gross write-offs$376 $82 $— $36 $39 $9 $16 $— $558 
Commercial and industrial loans:
Commercial and industrial risk ratings
Pass$70,930 $83,184 $51,455 $9,504 $10,193 $7,636 $340,858 $318 $574,078 
Special Mention33 663 237 83 — 178 1,126 — 2,320 
Substandard— 2,014 782 103 4 762 6,318 74 10,057 
Doubtful/Loss— — — — — — — — — 
Total$70,963 $85,861 $52,474 $9,690 $10,197 $8,576 $348,302 $392 $586,455 
Current period gross write-offs$153 $287 $240 $2,285 $— $— $896 $18 $3,879 
Construction loans:
Construction risk ratings
Pass$56,378 $136,294 $85,144 $47,632 $4,583 $6,518 $— $— $336,549 
Special Mention— 10,582— — —— — — 10,582 
Substandard— — — — 67 — — — 67 
Doubtful/Loss— — — — — — — — — 
Total$56,378 $146,876 $85,144 $47,632 $4,650 $6,518 $— $— $347,198 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Agriculture production loans:
Agriculture production risk ratings
Pass$945 $2,749 $1,595 $396 $620 $8,491 $114,935 $— $129,731 
Special Mention— 183 543 176 — — 11,302 — 12,204 
Substandard— — — — — — 2,562 — 2,562 
Doubtful/Loss— — — — — — — — — 
Total$945 $2,932 $2,138 $572 $620 $8,491 $128,799 $— $144,497 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
21
Term Loans Amortized Cost Basis by Origination Year – As of December 31, 2023
(in thousands)20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Leases:
Lease risk ratings
Pass$8,250 $— $— $— $— $— $— $— $8,250 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful/Loss— — — — — — — — — 
Total$8,250 $— $— $— $— $— $— $— $8,250 
Current period gross write-offs$— $— $— $— $— $— $— $— $— 
Total loans outstanding:
Risk ratings
Pass$608,770 $1,255,416 $1,205,360 $551,257 $438,305 $1,483,309 $1,049,903 $10,841 $6,603,161 
Special Mention125 20,754 20,212 8,408 18,111 20,070 15,967 165 103,812 
Substandard188 6,122 19,897 2,000 2,968 34,992 20,166 1,164 87,497 
Doubtful/Loss— — — — — — — — — 
Total$609,083 $1,282,292 $1,245,469 $561,665 $459,384 $1,538,371 $1,086,036 $12,170 $6,794,470 
Current period gross write-offs$529 $369 $240 $3,701 $39 $2,237 $941 $84 $8,140 


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, 2024
(in thousands)30-59 days60-89 days> 90 daysTotal Past
Due Loans		CurrentTotal
Commercial real estate:
CRE non-owner occupied$1,182 $232 $3,104 $4,518 $2,216,050 $2,220,568 
CRE owner occupied1,803 32 244 2,079 972,889 974,968 
Multifamily— — — — 982,290 982,290 
Farmland— — 4,608 4,608 261,334 265,942 
Total commercial real estate loans2,985 264 7,956 11,205 4,432,563 4,443,768 
Consumer:
SFR 1-4 1st DT liens141 6 534 681 882,839 883,520 
SFR HELOCs and junior liens— 282 572 854 344,369 345,223 
Other76 — 84 160 74,854 75,014 
Total consumer loans217 288 1,190 1,695 1,302,062 1,303,757 
Commercial and industrial482 352 1,270 2,104 547,676 549,780 
Construction52 — — 52 348,929 348,981 
Agriculture production— — 1,376 1,376 143,783 145,159 
Leases— 42 — 42 9,208 9,250 
Total$3,736 $946 $11,792 $16,474 $6,784,221 $6,800,695 

22
Analysis of Past Due Loans - As of December 31, 2023
(in thousands)30-59 days60-89 days> 90 daysTotal Past
Due Loans		CurrentTotal
Commercial real estate:
CRE non-owner occupied$3,876 $— $1,382 $5,258 $2,212,548 $2,217,806 
CRE owner occupied34 — 247 281 956,159 956,440 
Multifamily— — — — 949,502 949,502 
Farmland635 3,798 2,052 6485 264,569271,054
Total commercial real estate loans4,545 3,798 3,681 12,024 4,382,778 4,394,802 
Consumer:
SFR 1-4 1st DT liens141 1,449 490 2,080 881,358 883,438 
SFR HELOCs and junior liens16 — 623 639 356,174 356,813 
Other148 40 30 218 72,799 73,017 
Total consumer loans3051,4891,1432,9371,310,3311,313,268
Commercial and industrial244 605 1,654 2,503 583,952 586,455 
Construction— — — — 347,198 347,198 
Agriculture production593 878 33 1,504 142,993 144,497 
Leases447 — — 447 7,803 8,250 
Total$6,134 $6,770 $6,511 $19,415 $6,775,055 $6,794,470 
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, 2024As of December 31, 2023
(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
Commercial real estate:
CRE non-owner occupied$4,113 $4,113 $— $2,024 $2,024 $— 
CRE owner occupied3,905 3,905 — 3,994 3,994 — 
Multifamily— — — — — — 
Farmland8,926 13,780 — 5,996 14,484 — 
Total commercial real estate loans16,944 21,798 — 12,014 20,502 — 
Consumer:
SFR 1-4 1st DT liens4,821 5,094 — 2,808 2,811 — 
SFR HELOCs and junior liens3,110 3,403 — 3,281 3,571 — 
Other64 99 — 39 105 — 
Total consumer loans7,995 8,596 — 6,128 6,487 — 
Commercial and industrial1,535 2,301 107 1,379 2,503 10 
Construction64 64 — 67 67 — 
Agriculture production311 1,376 — — 2,322 — 
Leases— — — — — — 
Sub-total26,84934,13510719,58831,88110
Less: Guaranteed loans(801)(872)— (766)(878)
Total, net$26,048 $33,263 $107 $18,822 $31,003 $10 
Interest income on non accrual loans that would have been recognized during the three months ended March 31, 2024 and 2023, if all such loans had been current in accordance with their original terms, totaled $0.85 million and $0.32 million, respectively. Interest income actually recognized on these originated loans during the three months ended March 31, 2024 and 2023 was $0.1 million and $0.02 million, respectively.

23
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, 2024
(in thousands)RetailOfficeWarehouseOtherMultifamilyFarmlandSFR-1st DeedSFR-2nd DeedAutomobile/TruckA/R and InventoryEquipmentTotal
Commercial real estate:
CRE non-owner occupied$2,459 $381 $506 $767 $— $— $— $— $— $— $— $4,113 
CRE owner occupied593 — 293 3,019 — — — — — — — 3,905 
Multifamily— — — — — — — — — — — — 
Farmland— — — — — 13,780 — — — — — 13,780 
Total commercial real estate loans3,052 381 799 3,786 — 13,780 — — — — — 21,798 
Consumer:
SFR 1-4 1st DT liens— — — — — — 5,089 — — — — 5,089 
SFR HELOCs and junior liens— — — — — — 1,403 1,739 — — — 3,142 
Other— — — — — — — — 89 — — 89 
Total consumer loans— — — — — — 6,492 1,739 89 — — 8,320 
Commercial and industrial— — — — — — — — — 1,294 807 2,101 
Construction— — — — — — 64 — — — — 64 
Agriculture production— — — 1,376 — — — — — — — 1,376 
Leases— — — — — — — — — — — — 
Total$3,052 $381 $799 $5,162 $— $13,780 $6,556 $1,739 $89 $1,294 $807 $33,659 

As of December 31, 2023
(in thousands)RetailOfficeWarehouseOtherMultifamilyFarmlandSFR -1st DeedSFR -2nd DeedAutomobile/TruckA/R and InventoryEquipmentTotal
Commercial real estate:
CRE non-owner occupied$124 $615 $519 $766 $— $— $— $— $— $— $— $2,024 
CRE owner occupied614 — 297 3,083 — — — — — — — 3,994 
Multifamily— — — — — — — — — — — — 
Farmland— — — 635 — 13,849 — — — — — 14,484 
Total commercial real estate loans738 615 816 4,484 — 13,849 — — — — — 20,502 
Consumer:
SFR 1-4 1st DT liens— — — — — — 2,808 — — — — 2,808 
SFR HELOCs and junior liens— — — — — — 1,816 1,467 — — — 3,283 
Other— — — — — — — — 95 — — 95 
Total consumer loans— — — — — — 4,624 1,467 95 — — 6,186 
Commercial and industrial— — — — — — — — — 1,712 791 2,503 
Construction— — — — — — 67 — — — — 67 
Agriculture production— — — 2,288 — — — — — — 33 2,321 
Leases— — — — — — — — — — — — 
Total$738 $615 $816 $6,772 $— $13,849 $4,691 $1,467 $95 $1,712 $824 $31,579 

24
Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearances, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral.

The following tables show the amortized cost basis of loans that were both experiencing financial difficulty and modified during the periods presented. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivables is also presented below.
For the three months ended
March 31, 2024March 31, 2023
(in thousands)Combination - Term Extension/Rate ChangePayment Delay/Term ExtensionTotal % of Loans OutstandingPayment Delay/Term ExtensionTotal % of Loans Outstanding
CRE non-owner occupied$211 $— 0.03 %$— — %
SFR HELOCs and junior liens— 41 0.01 — — 
Commercial and industrial— 5160.07 1770.03 
Total$211 $557 0.11 %$177 0.03 %

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the quarter ended March 31, 2024.

Modification TypeLoan TypeFinancial Effect
Combination - Term extension / rate changeCRE non-owner occupied
Added 120 months to the life of the loan; converted from variable to fixed interest rate
Payment delay / term extensionSFR HELOCs and junior liens
Added 60 months to the life of the loan
Payment delay / term extensionCommercial and industrial
Added 66 months to the life of the loan
Payment delay / term extensionCommercial and industrial
Added 12 months to the life of the loan

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the quarter ended March 31, 2023.

Modification TypeLoan TypeFinancial Effect
Payment delay / term extensionCommercial and industrial
Added 12 months to the life of the loan to delay balloon repayment

During the quarters ended March 31, 2024 and March 31, 2023, respectively, there were no loans with payment defaults by borrowers experiencing financial difficulty which had material modifications in rate, term or principal forgiveness during the twelve months prior to default.

Note 5 - Leases
The Company records a 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 has elected not to include short-term leases (i.e. leases with initial terms of 12 month 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. 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).
25
The following table presents the components of lease expense for the periods ended:
Three months ended March 31,
(in thousands)20242023
Operating lease cost$1,434 $1,609 
Short-term lease cost52 118 
Variable lease cost13 12 
Sublease income— — 
Total lease cost$1,499 $1,739 
The following table presents supplemental cash flow information related to leases for the periods ended:
Three months ended March 31,
(in thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$1,568 $1,653 
ROUA obtained in exchange for operating lease liabilities$1,327 $4,484 
The following table presents the weighted average operating lease term and discount rate as of the period ended:
March 31,
20242023
Weighted-average remaining lease term (years)7.98.3
Weighted-average discount rate3.42 %3.27 %
At March 31, 2024, future expected operating lease payments are as follows:
(in thousands)
Periods ending December 31,
2024$4,376 
20255,337 
20264,799 
20274,114 
20283,061 
Thereafter10,973 
32,660 
Discount for present value of expected cash flows(4,361)
Lease liability at March 31, 2024$28,299 
Note 6 - Deposits
A summary of the balances of deposits follows:
(in thousands)March 31,
2024		December 31,
2023
Noninterest-bearing demand$2,600,448 $2,722,689 
Interest-bearing demand1,742,875 1,731,814 
Savings2,672,537 2,682,068 
Time certificates, $250,000 or more375,222 250,180 
Other time certificates596,576 447,287 
Total deposits$7,987,658 $7,834,038 
Certificate of deposit balances of $100.0 million and $50.0 million from the State of California were included in time certificates, over $250,000, at March 31, 2024 and December 31, 2023, 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.
26
Overdrawn deposit balances of $1.7 million and $1.8 million were classified as consumer loans at March 31, 2024 and December 31, 2023, respectively.
Note 7 - Other Borrowings
A summary of the balances of other borrowings follows:
March 31,
2024		December 31,
2023
(in thousands)
Term borrowing at FHLB, fixed rate of 4.75%, payable on April 8, 2024
$200,000 $200,000 
Overnight borrowing at FHLB, fixed rate of 5.69%, payable on April 1, 2024
167,000 — 
Overnight borrowing at FHLB, fixed rate of 5.70%, payable on January 2, 2024
— 400,000 
Other collateralized borrowings, fixed rate, as of March 31, 2024 and December 31, 2023 of 0.05%, payable on April 1, 2024 and January 2, 2024, respectively
25,409 32,582 
Total other borrowings$392,409 $632,582 

Note 8 - Junior Subordinated Debt
The following table summarizes the terms and recorded balances of each debenture as of the date indicated:
(in thousands)Coupon Rate (Variable) 3 mo. SOFR +As of March 31, 2024As of December 31, 2023
Subordinated Debt SeriesMaturity
Date		Face
Value		Current
Coupon Rate		Recorded
Book Value		Recorded
Book Value
TriCo Cap Trust I10/7/2033$20,619 3.05 %8.63 %$20,619 $20,619 
TriCo Cap Trust II7/23/203420,619 2.55 %8.13 %20,619 20,619 
North Valley Trust II4/24/20336,186 3.25 %8.82 %5,629 5,602 
North Valley Trust III7/23/20345,155 2.80 %8.38 %4,495 4,472 
North Valley Trust IV3/15/203610,310 1.33 %6.92 %7,673 7,615 
VRB Subordinated 3/29/202916,000 3.52 %9.08 %16,953 17,000 
VRB Subordinated - 5%
8/27/203520,000 Fixed5.00 %25,132 25,172 
$98,889 $101,120 $101,099 
The VRB - 5% Subordinated Debt issuance is fixed at 5.0% through August 27, 2025, then will have a floating rate of 90-day average SOFR plus 4.9% until maturity.
Note 9 - Commitments and Contingencies
The following table presents a summary of the Bank’s commitments and contingent liabilities:
(in thousands)March 31,
2024		December 31,
2023
Financial instruments whose amounts represent risk:
Commitments to extend credit:
Commercial loans$793,157 $788,742 
Consumer loans642,028 652,110 
Real estate mortgage loans447,443 453,647 
Real estate construction loans324,254 331,178 
Standby letters of credit41,912 38,449 
Deposit account overdraft privilege129,273 121,539 

27
Note 10 - Shareholders’ Equity
Dividends Paid
The Bank paid to the Company cash dividends in the aggregate amounts of $20.4 million and $18.2 million during the three months ended March 31, 2024 and 2023, respectively. The Bank is regulated by the FDIC and the DFPI. Absent approval from the Commissioner of the DFPI, 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 February 25, 2021, the Board of Directors authorized the repurchase of up to 2.0 million shares of the Company's common stock (the 2021 Repurchase Plan), which approximated 6.7% of the shares outstanding as of the approval date. The actual timing of any share repurchases can be determined by the Company's management and therefore the total value of the shares to be purchased under the 2021 Repurchase Plan is subject to change. The 2021 Repurchase Plan has no expiration date (in accordance with applicable laws and regulations). During the three months ended March 31, 2024 and 2023, the Company repurchased 99,332 and 150,000 shares with market values of $3.4 million and $7.0 million, respectively.
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 exercise price, if applicable, and the tax withholding on such shares. During the three months ended March 31, 2024 and 2023, exercising option holders tendered zero shares, respectively, of the Company’s common stock in connection with option exercises. Employees also tendered zero and 12,381 shares in connection with the tax withholding requirements of other share-based awards during the three months ended March 31, 2024 and 2023, respectively. In total, shares of the Company's common stock tendered had market values of zero and $0.6 million during the quarters ended March 31, 2024 and 2023, 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 2021 Stock Repurchase Plans.
Note 11 - Stock Options and Other Equity-Based Incentive Instruments
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. 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.
Stock option activity during the three months ended March 31, 2024, is summarized in the following table:
Number
of Shares		Weighted
Average
Exercise Price
Outstanding at December 31, 20237,500 $23.21 
Options granted— — 
Options exercised— — 
Options forfeited— — 
Outstanding at March 31, 20247,500 $23.21 
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, 2024:
Currently
Exercisable		Currently Not
Exercisable		Total
Outstanding
Number of options7,500 — 7,500 
Weighted average exercise price$23.21 $— $23.21 
Intrinsic value (in thousands)$102 $— $102 
Weighted average remaining contractual term (yrs.)0.5n/a0.5

As of March 31, 2024, all options outstanding are fully vested and are expected to be exercised prior to expiration. The Company did not modify any option grants during the three months ended March 31, 2024 or 2023.
Activity related to restricted stock unit awards during the three months ended March 31, 2024 is summarized in the following table:
28
Service
Condition
Vesting RSUs		Market Plus
Service
Condition
Vesting RSUs
Outstanding at December 31, 2023144,487 123,102 
RSUs granted65,167 56,516 
RSUs added through dividend and performance credits1,968 — 
RSUs released— — 
RSUs forfeited(1,063)(1,204)
Outstanding at March 31, 2024210,559 178,414 
The 210,559 of service condition vesting RSUs outstanding as of March 31, 2024 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 210,559 of service condition vesting RSUs outstanding as of March 31, 2024 are expected to vest, and be released, on a weighted-average basis, over the next 2.2 years. The Company expects to recognize $5.4 million of pre-tax compensation costs related to these service condition vesting RSUs between March 31, 2024 and their vesting dates. The Company did not modify any service condition vesting RSUs during the three months ended March 31, 2024 or 2023.
The 178,414 of market plus service condition vesting RSUs outstanding as of March 31, 2024 are expected to vest, and be released, on a weighted-average basis, over the next 2.3 years. The Company expects to recognize $3.0 million of pre-tax compensation costs related to these RSUs between March 31, 2024 and their vesting dates. As of March 31, 2024, 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 267,621 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 2023 or during the three months ended March 31, 2024.
Note 12 - Non-interest Income and Expense
The following table summarizes the Company’s non-interest income for the periods indicated:
Three months ended
March 31,
(in thousands)20242023
ATM and interchange fees$6,169 $6,344 
Service charges on deposit accounts4,663 3,431 
Other service fees1,366 1,166 
Mortgage banking service fees428 465 
Change in value of mortgage servicing rights11 (209)
Total service charges and fees12,637 11,197 
Increase in cash value of life insurance803 802 
Asset management and commission income1,128 934 
Gain on sale of loans261 206 
Lease brokerage income161 98 
Sale of customer checks312 288 
Loss on sale of investment securities— (164)
(Loss) gain on marketable equity securities(28)42 
Other497 232 
Total other non-interest income3,134 2,438 
Total non-interest income$15,771 $13,635 
29
The components of non-interest expense were as follows:
Three months ended
March 31,
(in thousands)20242023
Base salaries, net of deferred loan origination costs$24,020 $23,000 
Incentive compensation3,257 2,895 
Benefits and other compensation costs7,027 6,668 
Total salaries and benefits expense34,304 32,563 
Occupancy3,951 4,160 
Data processing and software5,107 4,032 
Equipment1,356 1,383 
Intangible amortization1,030 1,656 
Advertising762 759 
ATM and POS network charges1,661 1,709 
Professional fees1,340 1,589 
Telecommunications511 595 
Regulatory assessments and insurance1,251 792 
Postage308 299 
Operational losses352 435 
Courier service480 339 
(Gain) on sale or acquisition of foreclosed assets(38)— 
Gain on disposal of fixed assets5 — 
Other miscellaneous expense4,124 3,483 
Total other non-interest expense22,200 21,231 
Total non-interest expense$56,504 $53,794 
Note 13 - 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)20242023
Net income$27,749 $35,833 
Average number of common shares outstanding33,245 33,296 
Effect of dilutive stock options and restricted stock125 142 
Average number of common shares outstanding used to calculate diluted earnings per share33,370 33,438 
Options excluded from diluted earnings per share because of their antidilutive effect— — 
Note 14 – Comprehensive Income (Loss)
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet identified as accumulated other comprehensive income (AOCI), such items, along with net income, are components of other comprehensive income (loss) (OCI).
30
The components of other comprehensive income (loss) and related tax effects are as follows:
Three months ended March 31,
(in thousands)20242023
Unrealized holding gains (losses) on available for sale securities before reclassifications$(15,899)$34,540 
Amounts reclassified out of AOCI:
Realized loss on debt securities— 164 
Unrealized holding gains (losses) on available for sale securities after reclassifications(15,899)34,704 
Tax effect4,701 (10,260)
Unrealized holding gains (losses) on available for sale securities, net of tax(11,198)24,444 
Change in unfunded status of the supplemental retirement plans before reclassifications459 114 
Amounts reclassified out of AOCI:
Amortization of prior service cost— — 
Amortization of actuarial losses(459)(114)
Total amounts reclassified out of accumulated other comprehensive loss(459)(114)
Change in unfunded status of the supplemental retirement plans after reclassifications— — 
Tax effect— — 
Change in unfunded status of the supplemental retirement plans, net of tax— — 
Change in joint beneficiary agreement liability before reclassifications— — 
Tax effect— — 
Change in joint beneficiary agreement liability before reclassifications, net of tax— — 
Total other comprehensive income (loss)$(11,198)$24,444 
The components of accumulated other comprehensive loss, included in shareholders’ equity, are as follows:
(in thousands)March 31,
2024		December 31,
2023
Net unrealized loss on available for sale securities$(247,720)$(231,821)
Tax effect73,235 68,534 
Unrealized holding loss on available for sale securities, net of tax(174,485)(163,287)
Unfunded status of the supplemental retirement plans13,527 13,527 
Tax effect(3,999)(3,999)
Unfunded status of the supplemental retirement plans, net of tax9,528 9,528 
Joint beneficiary agreement liability590 590 
Tax effect— — 
Joint beneficiary agreement liability, net of tax590 590 
Accumulated other comprehensive loss $(164,367)$(153,169)
Note 15 - 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
31
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 consolidated 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. 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, 2024TotalLevel 1Level 2Level 3
Marketable equity securities$2,606 $2,606 $— $— 
Debt securities available for sale:
Obligations of U.S. government corporations and agencies1,170,192 — 1,170,192 — 
Obligations of states and political subdivisions234,177 — 234,177 — 
Corporate bonds5,746 — 5,746 — 
Asset backed securities359,673 — 359,673 — 
Non-agency mortgage backed securities304,100 — 304,100 — 
Loans held for sale1,346 — 1,346 — 
Mortgage servicing rights6,697 — — 6,697 
Total assets measured at fair value$2,084,537 $2,606 $2,075,234 $6,697 
32
Fair value at December 31, 2023TotalLevel 1Level 2Level 3
Marketable equity securities$2,634 $2,634 $— $— 
Debt securities available for sale:
Obligations of U.S. government corporations and agencies1,221,737 — 1,221,737 — 
Obligations of states and political subdivisions236,375 — 236,375 — 
Corporate bonds5,602 — 5,602 — 
Asset backed securities355,281 — 355,281 — 
Non-agency mortgage backed securities333,509 — 333,509 — 
Loans held for sale458 — 458 — 
Mortgage servicing rights6,606 — — 6,606 
Total assets measured at fair value$2,162,202 $2,634 $2,152,962 $6,606 
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, 2024 or March 31, 2023, respectively.
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
2024: Mortgage servicing rights
$6,606 — $11 $80 $6,697 
2023: Mortgage servicing rights
$6,712 — $(209)$50 $6,553 
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, 2024 and December 31, 2023:
As of March 31, 2024:Fair Value
(in thousands)		Valuation
Technique		Unobservable
Inputs		Range,
Weighted
Average
Mortgage Servicing Rights$6,697 Discounted cash flowConstant prepayment rate
6% - 11%; 6.4%
Discount rate
10% - 14%; 12%
As of December 31, 2023:
Mortgage Servicing Rights$6,606 Discounted cash flowConstant prepayment rate
6% - 12.8%; 7.0%
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, that had a write-down or an additional allowance provided during the periods indicated (in thousands):
March 31, 2024TotalLevel 1Level 2Level 3
Fair value:
Collateral dependent loans$5,056 — — $5,056 
Foreclosed assets831 — — 831 
Total assets measured at fair value$5,887 — — $5,887 
33
December 31, 2023TotalLevel 1Level 2Level 3
Fair value:
Collateral dependent loans$4,175 — — $4,175 
Foreclosed assets50 — — 50 
Total assets measured at fair value$4,225 — — $4,225 

The tables below present the gains (losses) resulting from non-recurring fair value adjustments of assets and liabilities for the periods indicated (in thousands):
Three months ended March 31,
20242023
Collateral dependent loans$128 $(277)
Foreclosed assets(224)— 
Total losses from non-recurring measurements$(96)$(277)

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 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, 2024:
March 31, 2024Fair Value
(in thousands)		Valuation
Technique		Unobservable InputsRange,
Weighted Average
Collateral dependent loans$5,056 Sales comparison
approach
Income approach		Adjustment for differences between
comparable sales;
Capitalization rate		Not meaningful
N/A
Foreclosed assets (Residential real estate)$831 Sales comparison
approach		Adjustment for differences between
comparable sales
Not meaningful
N/A
34
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, 2023:
December 31, 2023Fair Value
(in thousands)		Valuation
Technique		Unobservable InputsRange,
Weighted Average
Collateral dependent loans$4,175 Sales comparison
approach
Income approach		Adjustment for differences between
comparable sales;
Capitalization rate
Not meaningful
N/A
Foreclosed assets (Residential real estate)$50 Sales comparison
approach		Adjustment for differences between
comparable sales
Not meaningful
N/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.
March 31, 2024December 31, 2023
(in thousands)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial assets:
Level 1 inputs:
Cash and due from banks$73,322 $73,322 $81,626 $81,626 
Cash at Federal Reserve and other banks9,514 9,514 17,075 17,075 
Level 2 inputs:
Securities held to maturity127,811 118,528 133,494 125,126 
Restricted equity securities17,250 N/A17,250 n/a
Level 3 inputs:
Loans, net6,676,301 6,291,078 6,672,948 6,278,577 
Financial liabilities:
Level 2 inputs:
Deposits7,987,658 7,982,067 7,834,038 7,828,554 
Other borrowings392,409 329,409 632,582 632,582 
Level 3 inputs:
Junior subordinated debt101,120 101,090 101,099 95,407 
(in thousands)Contract
Amount		Fair
Value		Contract
Amount		Fair
Value
Off-balance sheet:
Level 3 inputs:
Commitments$2,206,882 $22,069 $2,225,677 $22,257 
Standby letters of credit41,912 419 38,449 385 
Overdraft privilege commitments129,273 1,293 121,539 1,215 

Note 16 - 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
35
(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, 2024 and December 31, 2023 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, 2024 and December 31, 2023 based on the then phased-in provisions of the Basel III Capital Rules. 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.
ActualRequired for Capital Adequacy PurposesRequired to be
Considered Well
Capitalized
As of March 31, 2024:AmountRatioAmountRatioAmountRatio
(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated$1,212,626 14.97 %$850,469 10.50 %N/AN/A
Tri Counties Bank$1,202,415 14.85 %$850,265 10.50 %$809,776 10.00 %
Tier 1 Capital (to Risk Weighted Assets):
Consolidated$1,068,911 13.20 %$688,475 8.50 %N/AN/A
Tri Counties Bank$1,100,831 13.59 %$688,310 8.50 %$647,821 8.00 %
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated$1,011,649 12.49 %$566,979 7.00 %N/AN/A
Tri Counties Bank$1,100,831 13.59 %$566,843 7.00 %$526,355 6.50 %
Tier 1 Capital (to Average Assets):
Consolidated$1,068,911 11.01 %$388,326 4.00 %N/AN/A
Tri Counties Bank$1,100,831 11.34 %$388,253 4.00 %$485,316 5.00 %
ActualRequired for Capital Adequacy PurposesRequired to be
Considered Well
Capitalized
As of December 31, 2023:AmountRatioAmountRatioAmountRatio
(dollars in thousands)
Total Capital (to Risk Weighted Assets):
Consolidated$1,196,106 14.73 %$852,850 10.50 %N/AN/A
Tri Counties Bank$1,190,542 14.66 %$852,648 10.50 %$812,046 10.00 %
Tier 1 Capital (to Risk Weighted Assets):
Consolidated$1,052,063 12.95 %$690,402 8.50 %N/AN/A
Tri Counties Bank$1,088,717 13.41 %$690,239 8.50 %$649,637 8.00 %
Common equity Tier 1 Capital (to Risk Weighted Assets):
Consolidated$994,907 12.25 %$568,566 7.00 %N/AN/A
Tri Counties Bank$1,088,717 13.41 %$568,432 7.00 %$527,830 6.50 %
Tier 1 Capital (to Average Assets):
Consolidated$1,052,063 10.75 %$391,620 4.00 %N/AN/A
Tri Counties Bank$1,088,717 11.12 %$391,574 4.00 %$489,468 5.00 %

As of March 31, 2024 and December 31, 2023, capital levels at the Company and the Bank exceed all capital adequacy requirements under the Basel III Capital Rules. Also, at March 31, 2024 and December 31, 2023, 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, 2024, the Company and the Bank are in compliance with the capital conservation buffer requirement.

36

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. 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 conditions of the United States economy in general and the strength of the local economies in which we conduct operations; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit or changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impacts of inflation, interest rate, market and monetary fluctuations on the Company's business condition and financial operating results; the impact of changes in financial services industry policies, laws and regulations; regulatory restrictions affecting our ability to successfully market and price our products to consumers; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; extreme weather, natural disasters and other catastrophic events that may or may not be caused by climate change and their effects on the Company's customers and the economic and business environments in which the Company operates; the impact of a slowing U.S. economy, decreases in housing and commercial real estate prices, and potentially increased unemployment on the performance of our loan portfolio, the market value of our investment securities and possible other-than-temporary impairment of securities held by us due to changes in credit quality or rates; the availability of, and cost of, sources of funding and the demand for our products; adverse developments with respect to U.S. or global economic conditions and other uncertainties, including the impact of supply chain disruptions, commodities prices, inflationary pressures and labor shortages on the economic recovery and our business; the impacts of international hostilities, wars, terrorism or geopolitical events; adverse developments in the financial services industry generally such as the recent bank failures and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of liquidity; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; the costs or effects of mergers, acquisitions or dispositions we may make, as well as whether we are able to obtain any required governmental approvals in connection with any such activities, or identify and complete favorable transactions in the future, and/or realize the anticipated financial and business benefits; the regulatory and financial impacts associated with exceeding $10 billion in total assets; the negative impact on our reputation and profitability in the event customers experience economic harm or in the event that regulatory violations are identified; the ability to execute our business plan in new markets; the future operating or financial performance of the Company, including our outlook for future growth and changes in the level and direction of our nonperforming assets and charge-offs; the appropriateness of the allowance for credit losses, including the assumptions made under our current expected credit losses model; any deterioration in values of California real estate, both residential and commercial; the effectiveness of the Company's asset management activities managing the mix of earning assets and in improving, resolving or liquidating lower-quality assets; the effect of changes in the financial performance and/or condition of our borrowers; changes in accounting standards and practices; changes in consumer spending, borrowing and savings habits; our ability to attract and maintain deposits and other sources of liquidity; the effects of changes in the level or cost of checking or savings account deposits on our funding costs and net interest margin; increasing noninterest expense and its impact on our financial performance; competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional competitors including retail businesses and technology companies; the challenges of attracting, integrating and retaining key employees; the vulnerability of the Company's operational or security systems or infrastructure, the systems of third-party vendors or other service providers with whom the Company contracts, and the Company's customers to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and data/security breaches and the cost to defend against and respond to such incidents; the impact of the 2023 cyber security ransomware incident on our operations and reputation; increased data security risks due to work from home arrangements and email vulnerability; failure to safeguard personal information, and any resulting litigation; the effect of a fall in stock market prices on our brokerage and wealth management businesses; the transition from the LIBOR to new interest rate benchmarks; the emergence or continuation of widespread health emergencies or pandemics; the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; and our ability to manage the risks involved in the foregoing. There can be no assurance that future developments affecting us will be the same as those anticipated by management. 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, 2023, which has been filed with the Securities and Exchange Commission (the “SEC”) and all subsequent filings with the SEC under Sections 13(a), 13(c), 14, and 15(d) of the Securities Act of 1934, as amended. Such filings are also 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. We undertake no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
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, and net interest yield are generally presented on a 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.
37
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 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 credit losses related to loans and investment securities, and impairment of intangible assets, can be found in Note 1 of the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2023.
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, 2024, included the following:
•For the quarter ended March 31, 2024, the Company’s return on average assets was 1.13%, while the return on average equity was 9.50%; for the trailing quarter ended December 31, 2023, the Company’s return on average assets was 1.05%, while the return on average equity was 9.43%.
•Diluted earnings per share were $0.83 for the first quarter of 2024, compared to $0.78 for the trailing quarter and $1.07 during the first quarter of 2023.
•Net income was $27.7 million compared to $26.1 million in the trailing quarter; pre-tax pre-provision net revenue was $42.0 million compared to $42.4 million in the trailing quarter.
•Deposit balances increased $153.6 million or 7.8% (annualized) from the trailing quarter.
•The loan to deposit ratio decreased to 85.1% as of March 31, 2024, as compared to 86.7% for the trailing quarter end, as a result of deposit growth during the quarter.
•The efficiency ratio improved to 57.36% for the quarter ended March 31, 2024, as compared to 58.71% for the trailing quarter end, due to management's focus on expense control as well as the absence of non-recurring costs in the quarter.
•The provision for credit losses was approximately $4.3 million during the quarter ended March 31, 2024, as compared to $6.0 million during the trailing quarter end, reflecting the risks associated with general economic trends and forecasts.
•The allowance for credit losses (ACL) to total loans was 1.83% as of March 31, 2024, compared to 1.79% as of the trailing quarter end, and 1.69% as of March 31, 2023. Non-performing assets to total assets were 0.37% on March 31, 2024, as compared to 0.35% as of December 31, 2023, and 0.20% at March 31, 2023. At March 31, 2024, the ACL represented 363% of non-performing loans.
•Average yield on earning assets was 5.13%, an increase of 4 basis points over the 5.09% in the trailing quarter.
•Net interest margin was 3.68% in the recent quarter, narrowing 13 basis points from 3.81% in the trailing quarter; management expects that net interest margin will reach an inflection point in the second half of 2024.
•Non-interest bearing deposits averaged 33.8% of total deposits during the first quarter of 2024.
•The average cost of total deposits was 1.21%, an increase of 16 basis points as compared to 1.05% in the trailing quarter, and an increase of 96 basis points from 0.25% in the same quarter of the prior year; the Company's total cost of deposits have increased 117 basis points since FOMC rate actions began in March 2022, which translates to a cycle-to-date deposit beta of 22.3%.

38
TRICO BANCSHARES
Financial Summary
(In thousands, except per share amounts; unaudited)
Three months ended
March 31,
20242023
Net interest income$82,736 $93,336 
Provision for credit losses(4,305)(4,195)
Non-interest income15,771 13,635 
Non-interest expense(56,504)(53,794)
Provision for income taxes(9,949)(13,149)
Net income$27,749 $35,833 
Per Share Data:
Basic earnings per share$0.83 $1.08 
Diluted earnings per share$0.83 $1.07 
Dividends paid$0.33 $0.30 
Book value at period end$35.06 $32.84 
Average common shares outstanding33,245 33,296 
Average diluted common shares outstanding33,370 33,438 
Shares outstanding at period end33,169 33,195 
At period end:
Loans$6,800,695 $6,422,421 
Total investment securities$2,221,555 $2,577,769 
Total assets$9,813,767 $9,842,394 
Total deposits$7,987,658 $8,025,865 
Other borrowings$392,409 $434,140 
Shareholders’ equity$1,163,051 $1,090,245 
Financial Ratios:
During the period:
Return on average assets (annualized)1.13 %1.47 %
Return on average equity (annualized)9.50 %13.36 %
Net interest margin(1) (annualized)
3.68 %4.20 %
Efficiency ratio57.36 %50.29 %
Average equity to average assets11.92 %11.00 %
At end of period:
Equity to assets11.85 %11.08 %
Total capital to risk-adjusted assets14.97 %14.50 %
(1) Fully Taxable Equivalent (FTE)
Results of Operations

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.


39
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.
Three months ended
(in thousands)March 31,
2024		March 31,
2023		Change% Change
Interest income$115,417 $102,907 $12,510 12.2 %
Interest expense(32,681)(9,571)(23,110)241.5 %
Fully tax-equivalent adjustment (FTE) (1)
275 392 (117)(29.8)%
Net interest income (FTE)$83,011 $93,728 $(10,717)(11.4)%
Net interest margin (FTE)3.68 %4.20 %
Acquired loans discount accretion, net:
Amount (included in interest income)$1,332 $1,397 $(65)(4.7)%
Net interest margin less effect of acquired loan discount accretion(1)
3.62 %4.14 %(0.52)%
(1)Certain information included herein is presented on a FTE basis and/or to present additional financial details which may be desired by users of this financial information. The Company believes the use of this non-generally accepted accounting principles (non-GAAP) measure provides additional clarity in assessing its results, and the presentation of these measures is a common practice within the banking industry.
Loans may be acquired at a premium or discount to par value, in which case, the premium is amortized (subtracted from) or the discount is accreted (added to) interest income over the remaining life of the loan. The dollar impact 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. Despite the elevated rate environment, the prepayment rate of portfolio loans, inclusive of those acquired at a premium or discount, remains consistent. During the quarter ended March 31, 2024 and March 31, 2023, the purchased loan discount accretion was $1.3 million and $1.4 million, respectively.
40
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, 2024March 31, 2023
Average
Balance		Interest
Income/
Expense		Rates
Earned
/Paid		Average
Balance		Interest
Income/
Expense		Rates
Earned
/Paid
Assets:
Loans$6,785,840 $96,485 5.72 %$6,413,958 $82,415 5.21 %
Investment securities - taxable2,127,420 17,829 3.37 %2,415,485 18,916 3.18 %
Investment securities - nontaxable(1)
138,900 1,192 3.45 %189,050 1,699 3.64 %
Total investments2,266,320 19,021 3.38 %2,604,535 20,615 3.21 %
Cash at Federal Reserve and other banks14,377 186 5.20 %26,818 269 4.07 %
Total interest-earning assets9,066,537 115,692 5.13 %9,045,311 103,299 4.63 %
Other assets789,260 850,866 
Total assets$9,855,797 $9,878,927 
Liabilities and shareholders’ equity:
Interest-bearing demand deposits$1,710,844 $4,947 1.16 %$1,673,114 $387 0.09 %
Savings deposits2,651,917 10,900 1.65 %2,898,463 4,154 0.58 %
Time deposits811,894 7,682 3.81 %274,805 604 0.89 %
Total interest-bearing deposits5,174,655 23,529 1.83 %4,846,382 5,145 0.43 %
Other borrowings584,696 7,378 5.08 %277,632 2,809 4.10 %
Junior subordinated debt101,106 1,774 7.06 %101,044 1,617 6.49 %
Total interest-bearing liabilities5,860,457 32,681 2.24 %5,225,058 9,571 0.74 %
Noninterest-bearing deposits2,646,389 3,372,194 
Other liabilities174,359 194,202 
Shareholders’ equity1,174,592 1,087,473 
Total liabilities and shareholders’ equity$9,855,797 $9,878,927 
Net interest spread(2)
2.89 %3.89 %
Net interest income and interest margin(3)
$83,011 3.68 %$93,728 4.20 %
(1)Fully taxable equivalent (FTE). All yields and rates are calculated using specific day counts for the period and year as applicable.
(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.
Net interest income (FTE) during the three months ended March 31, 2024, decreased $4.0 million or 4.6% to $83.0 million compared to $87.0 million during the three months ended December 31, 2023. In addition, net interest margin declined 13 basis points to 3.68%, compared to the trailing quarter. The decrease in net interest income is primarily attributed to an additional $2.4 million or 11.4% in deposit interest expense due to changes in product mix as customers continue to be drawn towards higher yielding term deposit accounts. Deposit cost increases during the current quarter were also influenced by continued competitive pricing pressures. Net interest income for the quarter was also impacted by an increase of $1.0 million in other borrowings costs and declines in investment income totaling $1.4 million, with a partial offset from increased loan income of $1.0 million.

As compared to the same quarter in the prior year, average loan yields increased 51 basis points from 5.21% during the three months ended March 31, 2023, to 5.72% during the three months ended March 31, 2024. The accretion of discounts from acquired loans added 9 and 11 basis points to loan yields during the quarters ended March 31, 2024 and March 31, 2023, respectively. The rates paid on interest bearing deposits increased by 21 basis points during the quarter ended March 31, 2024, compared to the trailing quarter. The cost of interest-bearing deposits increased by 140 basis points between the quarter ended March 31, 2024, and the same quarter of the prior year. In addition, the average balance of noninterest-bearing deposits decreased by $170.3 million quarter over quarter and decreased by $725.8 million from three month average for the period ended March 31, 2023 amidst a continued migration of customer funds to interest-bearing products. As of March 31, 2024, the ratio of average total noninterest-bearing deposits to total average deposits was 33.8%, as compared to 35.2% and 41.0% at December 31, 2023 and March 31, 2023, respectively.
41
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.
Three months ended March 31, 2024
compared with three months ended March 31, 2023
(in thousands)VolumeRateTotal
Increase (decrease) in interest income:
Loans$4,859 $9,211 $14,070 
Investment securities 
(2,748)1,154 (1,594)
Cash at Federal Reserve and other banks(127)44 (83)
Total interest-earning assets1,984 10,409 12,393 
Increase (decrease) in interest expense:
Interest-bearing demand deposits8 4,552 4,560 
Savings deposits(357)7,103 6,746 
Time deposits1,195 5,883 7,078 
Other borrowings3,147 1,422 4,569 
Junior subordinated debt1 156 157 
Total interest-bearing liabilities3,994 19,116 23,110 
Decrease in net interest income$(2,010)$(8,707)$(10,717)

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, 2024 decreased $10.7 million to $83.0 million compared to $93.7 million during the three months ended March 31, 2023. The overall decrease in net interest income (FTE) was due to increasing interest rates elevating interest expense on interest-bearing liabilities, most significantly deposits and other borrowings, resulting in a net increase of $18.3 million and $4.5 million, respectively. Elevated interest rates also improved interest income on earning assets by $10.4 million, partially offsetting the increases in interest expense.

Asset Quality and Credit Loss Provisioning
During the three months ended March 31, 2024, the Company recorded a provision for credit losses of $4.3 million, as compared to $6.0 million during the trailing quarter, and $4.2 million during the first quarter of 2023.
Three months ended
(dollars in thousands)March 31, 2024December 31, 2023March 31, 2023
Addition to allowance for credit losses$4,015 $6,040 $4,315 
Addition to (reversal of) reserve for unfunded loan commitments
290 (50)(120)
    Total provision for (reversal of) credit losses$4,305 $5,990 $4,195 
The allowance for credit losses (ACL) was $124.4 million or 1.83% of total loans as of March 31, 2024. The provision for credit losses on loans of $4.0 million during the recent quarter was the net effect of charge-offs and increases in reserves for qualitative factors and quantitative reserves under the cohort model, inclusive of a $1.5 million decrease in specific reserves for individually evaluated credits. On a comparative basis, the provision for credit losses of $4.3 million during the three months ended March 31, 2023, was attributed to both loan growth and qualitative components of the ACL model. For the current quarter, the qualitative components of the ACL resulted in a net increase in required reserves due primarily to year over year increases in concentrated loan growth and California unemployment trends. The quantitative component of the ACL decreased reserve requirements by approximately $1.3 million over the trailing quarter, primarily attributed to decreases in specific reserves.


42
Three months ended
(dollars in thousands)March 31, 2024March 31, 2023
Balance, beginning of period$121,522 $105,680 
Provision for credit losses4,015 4,315 
Loans charged-off(1,275)(1,758)
Recoveries of previously charged-off loans132 170 
Balance, end of period$124,394 $108,407 
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. This forecast data continues to evolve and includes improving shifts in the magnitude of changes for both the unemployment and GDP factors leading up to the balance sheet date. Despite continued declines on a year over year comparative basis, core inflation remains elevated from wage pressures, and higher living costs such as housing, energy and food prices. Management notes the rapid intervals of rate increases by the Federal Reserve may create repricing risk for certain borrowers and continued inversion of the yield curve, creates informed expectations of the US potentially entering a recession within 12 months. While projected cuts in interest rates from the Federal Reserve during 2024 may improve this outlook, the uncertainty associated with the extent and timing of these potential reductions has inhibited a material benefit to forecasted reserve levels. As a result, management continues to believe that certain credit weaknesses are likely present in the overall economy and that it is appropriate to cautiously maintain a reserve level that incorporates such risk factors.
Loans past due 30 days or more decreased by $2.9 million during the quarter ended March 31, 2024, to $16.5 million, as compared to $19.4 million at December 31, 2023. Of the total $16.5 million in loans identified as past due, approximately $4.7 million is less than 90 days past due, the majority of which is well-secured. Non-performing loans were $34.2 million at March 31, 2024, an increase of $2.4 million from $31.9 million as of December 31, 2023, and an increase of $18.2 million from $16.0 million as of March 31, 2023. The increase in non-performing loans as compared to the trailing quarter is concentrated between non-owner occupied commercial real estate and agriculture lending, specifically the result of declines in commodity pricing and therefore, expected revenue available to borrowers from harvest proceeds. Management continues to proactively work with these borrowers to identify actionable and appropriate resolution strategies which are customary for the industries. Of the $34.2 million loans designated as non-performing as of March 31, 2024, approximately $21.3 million are current with respect to payments required under their original loan agreements.
March 31,% of Loans OutstandingDecember 31,% of Loans OutstandingMarch 31% of Loans Outstanding
(dollars in thousands)202420232023
Risk Rating:
Pass$6,616,294 97.3 %$6,603,161 97.2 %$6,232,962 97.0 %
Special Mention108,073 1.6 %103,812 1.5 %125,492 2.0 %
Substandard76,328 1.1 %87,497 1.3 %63,967 1.0 %
Total$6,800,695 $6,794,470 $6,422,421 
Classified loans to total loans1.12 %1.29 %1.00 %
Loans past due 30+ days to total loans0.24 %0.29 %0.12 %
The ratio of classified loans to total loans of 1.12% as of March 31, 2024 decreased 17 basis points from December 31, 2023 and increased 12 basis points from the comparative quarter ended 2023. The improvement in classified loans outstanding was spread amongst several substandard relationships primarily within commercial real estate. As a percentage of total loans outstanding, classified assets remain consistent with volumes experienced prior to the recent quantitative easing cycle spurred by the COVID pandemic, and reflects management's historically conservative approach to credit risk monitoring. The Company's combined criticized loan balances decreased during the quarter by $6.9 million to $184.4 million as of March 31, 2024 and Management believes the associated credit risk has been adequately reserved against.
As of March 31, 2024, other real estate owned consisted of 10 properties with a carrying value of approximately $2.5 million, a decrease of $0.2 million from the trailing quarter ended.
Non-performing assets of $36.7 million at March 31, 2024, represented 0.37% of total assets, a change from the $34.6 million or 0.35% and $19.5 million or 0.20% as of December 31, 2023 and March 31, 2023, respectively.
43
Non-interest Income
The following table summarizes the Company’s non-interest income for the periods indicated (in thousands):
Three months ended
March 31,
(in thousands)20242023$ Change% Change
ATM and interchange fees$6,169 $6,344 $(175)(2.8)%
Service charges on deposit accounts4,663 3,431 1,232 35.9 %
Other service fees1,366 1,166 200 17.2 %
Mortgage banking service fees428 465 (37)(8.0)%
Change in value of mortgage servicing rights11 (209)220 (105.3)%
Total service charges and fees12,637 11,197 1,440 12.9 %
Increase in cash value of life insurance803 802 1 0.1 %
Asset management and commission income1,128 934 194 20.8 %
Gain on sale of loans261 206 55 26.7 %
Lease brokerage income161 98 63 64.3 %
Sale of customer checks312 288 24 8.3 %
Loss on sale of investment securities— (164)164 n/m
Gain (loss) on marketable equity securities(28)42 (70)(166.7)%
Other497 232 265 114.2 %
Total other non-interest income3,134 2,438 696 28.5 %
Total non-interest income$15,771 $13,635 $2,136 15.7 %
Non-interest income increased $2.1 million or 15.7% to $15.8 million during the three months ended March 31, 2024, compared to $13.6 million during the comparative quarter ended March 31, 2023. Service charges on deposit accounts increased by $1.2 million or 35.9% as compared to the equivalent period in 2023 following $0.9 million in waived or reversed fees due to a network outage in the earlier period.

44
Non-interest Expense
The following table summarizes the Company’s non-interest expense for the periods indicated:
Three months ended
March 31,
(in thousands)20242023$ Change% Change
Base salaries, net of deferred loan origination costs$24,020 $23,000 $1,020 4.4 %
Incentive compensation3,257 2,895 362 12.5 %
Benefits and other compensation costs7,027 6,668 359 5.4 %
Total salaries and benefits expense34,304 32,563 1,741 5.3 %
Occupancy3,951 4,160 (209)(5.0)%
Data processing and software5,107 4,032 1,075 26.7 %
Equipment1,356 1,383 (27)(2.0)%
Intangible amortization1,030 1,656 (626)(37.8)%
Advertising762 759 3 0.4 %
ATM and POS network charges1,661 1,709 (48)(2.8)%
Professional fees1,340 1,589 (249)(15.7)%
Telecommunications511 595 (84)(14.1)%
Regulatory assessments and insurance1,251 792 459 58.0 %
Postage308 299 9 3.0 %
Operational losses352 435 (83)(19.1)%
Courier service480 339 141 41.6 %
Gain on sale or acquisition of foreclosed assets(38)— (38)n/m
Loss on disposal of fixed assets5 — 5 n/m
Other miscellaneous expense4,124 3,483 641 18.4 %
Total other non-interest expense22,200 21,231 969 4.6 %
Total non-interest expense$56,504 $53,794 $2,710 5.0 %
Average full time equivalent staff1,1881,219(31)(2.5)%
Non-interest expense increased $2.7 million or 5.0% to $56.5 million during the three months ended March 31, 2024, as compared to $53.8 million for the quarter ended March 31, 2023. Total salaries and benefits expense increased by $1.7 million or 5.3% to $34.3 million, largely from annual compensation adjustments and other routine increases in benefits and compensation. Data processing and software expenses increased by $1.1 million or 26.7% related to ongoing investments in the Company's data management and security infrastructure. Regulatory assessment charges increased $0.5 million or 58.0% following the increase in assessment rates beginning in the second quarter of 2023.
Income Taxes
The Company’s effective tax rate was 26.4% for the quarter and year ended March 31, 2024, as compared to 28.4% for the period ended December 31, 2023. Differences between the Company's effective tax rate and applicable federal and state blended statutory rate of approximately 29.6% are due to the proportion of non-taxable revenues, non-deductible expenses, and benefits from tax credits as compared to the levels of pre-tax earnings.
Financial Condition
For financial reporting purposes, the Company does not separately track the changes in assets and liabilities based on branch location or regional geography. The following is a comparison of the quarterly change in certain assets and liabilities:
Ending balancesMarch 31,December 31,Annualized
 % Change
(dollars in thousands)20242023$ Change
Total assets$9,813,767 $9,910,089 $(96,322)(3.9)%
Total loans6,800,695 6,794,470 6,225 0.4 
Total investments2,221,555 2,305,882 (84,327)(14.6)
Total deposits7,987,658 7,834,038 153,620 7.8 
Total other borrowings392,409 632,582 (240,173)(151.9)
45
Loans outstanding increased by $6.2 million or 0.4% on an annualized basis during the quarter ended March 31, 2024. During the quarter, loan originations/draws totaled approximately $325.5 million while payoffs/repayments of loans totaled $321.3 million, which compares to originations/draws and payoffs/repayments during the trailing quarter ended of $450.0 million and $368.0 million, respectively. While origination volume decreased from the previous quarter, activity levels continue to be lower relative to the comparative period in 2023 due in part to disciplined pricing and underwriting, as well as decreased borrower demand given economic uncertainties. Investment security balances decreased $84.3 million or 14.6% on an annualized basis as the result of net prepayments, and maturities, collectively totaling approximating $66.4 million, in addition to net decreases in the market value of securities of $15.9 million. For the foreseeable future, management intends to utilize cash flows from the investment security portfolio and organic deposit growth to support loan growth or reduce borrowings, thus driving an improved mix of earning assets. Deposit balances increased by $153.6 million or 7.8% annualized during the period, led by growth within time deposits. Proceeds from the call or maturity of investment securities, and growth in deposits, during the quarter supported a net decrease of $240.2 million in short-term borrowings, which totaled $392.4 million at March 31, 2024.
The following is a comparison of the year over year change in certain assets and liabilities:
Ending balancesAs of March 31,% Change
(dollars in thousands)20242023$ Change
Total assets$9,813,767 $9,842,394 $(28,627)(0.3)%
Total loans6,800,695 6,422,421 378,274 5.9 
Total investments2,221,555 2,577,769 (356,214)(13.8)
Total deposits7,987,658 8,025,865 (38,207)(0.5)
Total other borrowings392,409 434,140 (41,731)(9.6)
Loan balances increased as a result of organic activities by approximately $378.3 million or 5.9% during the twelve-month period ending March 31, 2024. Over the same period deposit balances have declined by $38.2 million or 0.5%. The Company has offset these declines through the deployment of excess cash balances, runoff of investment security balances, and proceeds from short-term Federal Home Loan Bank (FHLB) borrowings.
Investment Securities
Investment securities available for sale decreased $84.3 million to $2.1 billion as of March 31, 2024, compared to December 31, 2023. The decrease is attributed to $66.4 million in calls and principal repayments, in addition to $15.9 million in market value declines. There were no sales of investment securities during the three months ended March 31, 2024. Proceeds from the sale of investment securities totaled $24.2 million for the three months ended March 31, 2023, resulting in gross realized losses of $0.2 million. The following table presents the available for sale debt securities portfolio by major type as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
(in thousands)Fair Value%Fair Value%
Debt securities available for sale:
Obligations of U.S. government agencies$1,170,192 56.4 %$1,221,737 56.8 %
Obligations of states and political subdivisions234,177 11.3 %236,375 11.0 %
Corporate bonds5,746 0.3 %5,602 0.3 %
Asset backed securities359,673 17.3 %355,281 16.5 %
Non-agency mortgage backed304,100 14.7 %333,509 15.4 %
Total debt securities available for sale$2,073,888 100.0 %$2,152,504 100.0 %
March 31, 2024December 31, 2023
(in thousands)Amortized
Cost		%Amortized
Cost		%
Debt securities held to maturity:
Obligations of U.S. government and agencies$125,131 97.9 %$130,823 98.0 %
Obligations of states and political subdivisions2,680 2.1 %2,671 2.0 %
Total debt securities held to maturity$127,811 100.0 %$133,494 100.0 %
Investment securities held to maturity decreased $5.7 million to $127.8 million as of March 31, 2024, as compared to December 31, 2023. This decrease is attributable to calls and principal repayments of $5.6 million, and amortization of net purchase premiums of $0.1 million.
46
Loans
The Company focuses its primary lending activities in six principal areas: commercial real estate loans, consumer loans, commercial and industrial loans, construction loans, agriculture production loans and leases. The interest rates charged for the loans made by the Company vary with the degree of risk, the size and duration 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, and local or regional businesses which service a variety of industries. 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:
(in thousands)March 31, 2024December 31, 2023
Commercial real estate$4,443,768 65.4 %$4,394,802 64.7 %
Consumer1,303,757 19.2 %1,313,268 19.3 %
Commercial and industrial549,780 8.1 %586,455 8.6 %
Construction348,981 5.1 %347,198 5.1 %
Agriculture production145,159 2.1 %144,497 2.2 %
Leases9,250 0.1 %8,250 0.1 %
Total loans$6,800,695 100.0 %$6,794,470 100.0 %

Nonperforming Assets
The following tables set forth the amount of the Company’s NPAs 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:
(in thousands)March 31,
2024		December 31,
2023
Performing nonaccrual loans$22,449 $25,380 
Nonperforming nonaccrual loans11,686 6,500 
Total nonaccrual loans34,135 31,880 
Loans 90 days past due and still accruing107 10 
Total nonperforming loans34,242 31,890 
Foreclosed assets2,493 2,705 
Total nonperforming assets$36,735 $34,595 
Nonperforming assets to total assets0.37 %0.35 %
Nonperforming loans to total loans0.50 %0.47 %
Allowance for credit losses to nonperforming loans363 %381 %
47
Changes in nonperforming assets during the three months ended March 31, 2024
(in thousands)Balance at
December 31, 2023		New NPA /
Valuation
Adjustments		Pay-downs
/Sales
/Upgrades
Charge-offs/ (1)
Write-downs
Transfers to
Foreclosed
Assets		Balance at March 31, 2024
Commercial real estate:
CRE non-owner occupied$2,024 2,338 (250)— — $4,112 
CRE owner occupied3,994 — (89)— — 3,905 
Multifamily— — — — — — 
Farmland14,484 — (704)— — 13,780 
Total commercial real estate loans20,502 2,338 (1,043)— — 21,797 
Consumer
SFR 1-4 1st DT liens2,811 2,490 (181)(26)— 5,094 
SFR HELOCs and junior liens3,571 557 (694)(31)— 3,403 
Other105 171 (4)(173)— 99 
Total consumer loans6,487 3,218 (879)(230)— 8,596 
Commercial and industrial2,513 720 (695)(130)— 2,408 
Construction67 9 — — (12)64 
Agriculture production2,321 — (107)(837)— 1,377 
Leases— — — — — — 
Total nonperforming loans31,890 6,285 (2,724)(1,197)(12)34,242 
Foreclosed assets2,705 (223)(1)— 12 2,493 
Total nonperforming assets$34,595 6,062 (2,725)(1,197)— $36,735 
(1) The table above does not include deposit overdraft charge-offs.
Nonperforming assets increased during the three months ended March 31, 2024 by $2.1 million or 6.0% to $36.7 million compared to $34.6 million at December 31, 2023. The increase in nonperforming assets during the first quarter of 2024 was primarily the result of nonperforming loan increases/down-grades, which totaled $6.3 million during the quarter. Management is actively engaged in the collection and recovery efforts for all nonperforming assets and believes that the loan loss reserves associated with these loans is sufficient as of March 31, 2024.
Loan charge-offs during the three months ended March 31, 2024
In the first quarter of 2024, the Company recorded $1.2 million in loan charge-offs and $0.1 million in deposit overdraft charge-offs less $0.1 million in loan recoveries and $0.03 million in deposit overdraft recoveries, which collectively resulted in $1.1 million in net charge-offs.
(in thousands)
The Components of the Allowance for Credit Losses for Loans
The following table sets forth the allowance for credit losses for loans as of the dates indicated:
(in thousands)March 31,
2024		December 31,
2023		March 31,
2023
Allowance for credit losses:
Qualitative and forecast factor allowance$88,526 $84,291 $75,467 
Cohort model allowance reserves34,385 34,139 32,054 
Allowance for individually evaluated loans1,483 3,092 886 
Total allowance for credit losses$124,394 $121,522 $108,407 
Allowance for credit losses for loans / total loans1.83 %1.79 %1.69 %
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 $124.4 million allowance for loan losses at March 31, 2024 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.

48
The following table summarizes the allocation of the allowance for credit losses between loan types and by percentage of the total allowance for credit losses on loans as of the dates indicated:

(in thousands)March 31, 2024December 31, 2023March 31, 2023
Commercial real estate$72,175 58.0 %$68,864 56.7 %$64,937 59.9 %
Consumer27,441 22.1 %27,453 22.6 %24,896 23.0 %
Commercial and industrial11,867 9.5 %12,750 10.5 %12,069 11.1 %
Construction9,162 7.4 %8,856 7.3 %5,655 5.2 %
Agriculture production3,708 2.9 %3,589 2.9 %833 0.7 %
Leases41 0.1 %10 — %17 0.1 %
Total allowance for credit losses$124,394 100.0 %$121,522 100.0 %$108,407 100.0 %
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:
(in thousands)March 31, 2024December 31, 2023March 31, 2023
Commercial real estate1.62 %1.57 %1.49 %
Consumer2.10 %2.09 %2.02 %
Commercial and industrial2.16 %2.17 %2.18 %
Construction2.63 %2.55 %2.50 %
Agriculture production2.55 %2.48 %1.77 %
Leases0.44 %0.12 %0.20 %
Total loans1.83 %1.79 %1.69 %

















49

The following table summarizes the activity in the allowance for credit losses for the periods indicated:
Three months ended
March 31,
(in thousands)20242023
Allowance for credit losses:
Balance at beginning of period$121,522 $105,680 
ACL on PCD loans— — 
Provision for (reversal of) loan losses4,015 4,315 
Loans charged-off:
Commercial real estate:
CRE non-owner occupied— — 
CRE owner occupied— — 
Multifamily— — 
Farmland— — 
Consumer:
SFR 1-4 1st DT liens(26)— 
SFR HELOCs and junior liens(32)(42)
Other(250)(142)
Commercial and industrial(130)(1,574)
Construction— — 
Agriculture production(837)— 
Leases— — 
Total loans charged-off(1,275)(1,758)
Recoveries of previously charged-off loans:
Commercial real estate:
CRE non-owner occupied— — 
CRE owner occupied— — 
Multifamily— — 
Farmland— — 
Consumer:
SFR 1-4 1st DT liens— — 
SFR HELOCs and junior liens4965
Other4051
Commercial and industrial2253
Construction— — 
Agriculture production211
Leases— — 
Total recoveries of previously charged-off loans132 170 
Net recoveries (1,143)(1,588)
Balance at end of period$124,394 $108,407 
Average total loans$6,785,840 $6,413,958 
Ratios (annualized):
Net (charge-offs) recoveries during period to average loans outstanding during period(0.07)%(0.10)%
Provision for credit losses to average loans outstanding during period0.24 %0.27 %

50
Foreclosed Assets, Net of Allowance for Losses
The following table details the components and summarize the activity in foreclosed assets, net of allowances for losses, for the three months ended March 31, 2024:
(in thousands)Balance at
December 31,
2023		SalesValuation
Adjustments		Transfers
from Loans		Balance at March 31, 2024
Land & construction$154 $— $39 $12 $205 
Residential real estate1,673 — (261)— 1,412 
Commercial real estate877 — — — 877 
Total foreclosed assets$2,704 $— $(222)$12 $2,494 
Deposits
During the three months ended March 31, 2024, the Company’s deposits increased by $153.6 million to $8.0 billion at quarter end. There were no brokered deposits included in the deposit balances as of March 31, 2024 and December 31, 2023, respectively.
Off-Balance Sheet Arrangements
See Note 9 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 February 25, 2021 the Board of Directors authorized the repurchase of up to 2,000,000 shares of the Company's common stock (the 2021 Repurchase Plan), which approximated 6.7% 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 2021 Repurchase Plan is subject to change. The Company may repurchase its outstanding shares of common stock from time to time in open market or privately-negotiated transactions, including block trades, or pursuant to 10b5-1 trading plans. The 2021 Repurchase Plan has no expiration date (in accordance with applicable laws and regulations).

During the three months ended March 31, 2024 and 2023, the Company repurchased 99,332 and 150,000 shares with market values of $3.4 million and $7.0 million, respectively. During the quarter ended March 31, 2024, the Company repurchased 99,332 shares of common stock at an average price of $34.31 per share or 97.9% of the book value per share as of March 31, 2024. In addition, the Company’s Tier 1 common equity and tangible capital ratios increased to 12.5% and 8.9%, respectively as of March 31, 2024, compared to 12.2% and 8.8%, respectively, as of December 31, 2023.
Total shareholders' equity increased by $3.4 million during the quarter ended March 31, 2024, as net income of $27.7 million was partially offset by a $11.2 million increase in accumulated other comprehensive losses, and cash dividend payments on common stock of approximately $11.0 million. As a result, the Company’s book value grew to $35.06 per share at March 31, 2024, compared to $32.84 at March 31, 2023. The Company’s tangible book value per share, a non-GAAP measure, calculated by subtracting goodwill and other intangible assets from total shareholders’ equity and dividing that sum by total shares outstanding, was $25.60 per share at March 31, 2024, as compared to $23.22 at March 31, 2023. As noted above, changes in the fair value of available-for-sale investment securities, net of deferred taxes continue to create moderate levels of volatility in tangible book value per share.
Trailing Quarter Balance Sheet Change
March 31, 2024December 31, 2023
RatioMinimum
Regulatory
Requirement		RatioMinimum
Regulatory
Requirement
Total risk based capital15.0 %10.5 %14.7 %10.5 %
Tier I capital13.2 %8.5 %13.0 %8.5 %
Common equity Tier 1 capital12.5 %7.0 %12.3 %7.0 %
Leverage11.0 %4.0 %10.8 %4.0 %
See Note 10 and Note 16 to the condensed consolidated financial statements at Item 1 of Part I of this report for additional information about the Company’s capital resources.

51
As of March 31, 2024, we had an effective shelf registration statement on file with the Securities and Exchange Commission that allows us to issue various types of debt securities, as well as common stock, preferred stock, warrants, depository shares representing fractional interest in shares of preferred stock, purchase contracts and units from time to time in one or more offerings. Each issuance under the shelf registration statement will require the filing of a prospectus supplement identifying the amount and terms of the securities to be issued. The registration statement does not limit the amount of securities that may be issued thereunder. Our ability to issue securities is subject to market conditions and other factors including, in the case of our debt securities, our credit ratings and compliance with current and prospective covenants in credit agreements.

Liquidity
The Company's primary sources of liquidity include the following for the periods indicated:
(dollars in thousands)March 31, 2024December 31, 2023
Borrowing capacity at correspondent banks and FRB$2,882,859 $2,921,525 
Less: borrowings outstanding(367,000)(600,000)
Unpledged available-for-sale investment securities
1,435,990 1,558,506 
Cash held or in transit with FRB
41,541 51,253 
    Total primary liquidity$3,993,390 $3,931,284 
At March 31, 2024, the Company's primary sources of liquidity represented 50% of total deposits and 163% of estimated total uninsured (excluding collateralized municipal deposits and intercompany balances) deposits, respectively. As secondary sources of liquidity, the Company's held-to-maturity investment securities had a fair value of $118.5 million, including approximately $9.3 million in net unrealized losses.
At March 31, 2024, the Company had $200.0 million of short-term fixed rate FHLB borrowings maturing on April 8, 2024. This debt was repaid at maturity. Separately, on April 8, 2024, the Company borrowed four tranches of short-term fixed rate advances totaling $280.0 million from the FHLB as follows:
(in thousands)
Term borrowing at FHLB, fixed rate of 5.61%, payable on June 7, 2024$55,000 
Term borrowing at FHLB, fixed rate of 5.59%, payable on July 8, 202475,000 
Term borrowing at FHLB, fixed rate of 5.46%, payable on October 7, 202475,000 
Term borrowing at FHLB, fixed rate of 5.23%, payable on April, 8, 202575,000 
Total other borrowings$280,000 
The Company’s profitability during the first three months of 2024 generated cash flows from operations of $25.1 million compared to $39.0 million during the first three months of 2023. Net cash from investing activities was $60.0 million for the three months ended March 31, 2024, compared to net cash from investing activities of $115.3 million during the three months ending 2023. Financing activities used $100.9 million during the three months ended March 31, 2024, compared to $151.1 million during the three months ended March 31, 2023.
The changes in contractual obligations of the Company and Bank, to include but not limited to term subordinated debt, operating leases, deferred compensation and supplemental retirement plans as well as off-balance sheet commitments such as unfunded loans and letters of credit. These contractual obligations are otherwise consistent with similar balances or totals as of December 31, 2023.
The Company is dependent upon the payment of cash dividends by the Bank to service its commitments, which have historically included dividends to shareholders, scheduled debt service payments, and general operations. Shareholder dividends are expected to continue subject to the Board’s discretion and management's continuing evaluation of capital levels, earnings, asset quality and other factors. The Company expects that the cash dividends paid by the Bank to the Company will be sufficient to cover the Company's cash flow needs. However, the Company and its ability to generate liquidity through either the issuance of stock or debt, also serves as a potential source of strength for the Bank. Dividends paid by the Company to holders of its common stock used $11.0 million and $10.0 million of cash during the three months ended March 31, 2024 and 2023, respectively. The Company’s liquidity is dependent on dividends received from the Bank. Dividends from the Bank are subject to certain regulatory restrictions.








52
TRICO BANCSHARES—NON-GAAP FINANCIAL MEASURES
(Unaudited. Dollars in thousands)

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this filing contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this filing because it believes that they provide useful and comparative information to assess trends in the Company's core operations reflected in the current quarter's results, and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below:
Three months ended
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
Net interest margin
Acquired loans discount accretion, net:
Amount (included in interest income)$1,332$1,459$1,397
Effect on average loan yield0.08 %0.09 %0.09 %
Effect on net interest margin (FTE)0.06 %0.06 %0.06 %
Net interest margin (FTE)3.68 %3.81 %4.20 %
Net interest margin less effect of acquired loan discount accretion (Non-GAAP)3.62 %3.75 %4.14 %

Three months ended
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
Pre-tax pre-provision return on average assets or equity
Net income (GAAP)$27,749$26,075$35,833
Exclude provision for income taxes9,94910,32513,149
Exclude provision for credit losses4,3055,9904,195
Net income before income tax and provision expense (Non-GAAP)$42,003$42,390$53,177
Average assets (GAAP)$9,855,797$9,879,355$9,878,927
Average equity (GAAP)$1,174,592$1,097,431$1,087,473
Return on average assets (GAAP) (annualized)1.13 %1.05 %1.47 %
Pre-tax pre-provision return on average assets (Non-GAAP) (annualized)1.71 %1.70 %2.18 %
Return on average equity (GAAP) (annualized)9.50 %9.43 %13.36 %
Pre-tax pre-provision return on average equity (Non-GAAP) (annualized)14.38 %15.32 %19.83 %



53
Three months ended
(dollars in thousands)March 31,
2024		December 31,
2023		March 31,
2023
Return on tangible common equity
Average total shareholders' equity$1,174,592$1,097,431$1,087,473
Exclude average goodwill304,442304,442304,442
Exclude average other intangibles10,03711,16015,842
Average tangible common equity (Non-GAAP)$860,113$781,829$767,189
Net income (GAAP)$27,749$26,075$35,833
Exclude amortization of intangible assets, net of tax effect7258571,166
Tangible net income available to common shareholders (Non-GAAP)$28,474$26,932$36,999
Return on average equity (GAAP) (annualized)9.50 %9.43 %13.36 %
Return on average tangible common equity (Non-GAAP)13.31 %13.67 %19.56 %
Three months ended
(dollars in thousands)March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023
Tangible shareholders' equity to tangible assets
Shareholders' equity (GAAP)$1,163,051$1,159,682$1,070,401$1,092,781$1,090,245
Exclude goodwill and other intangible assets, net313,964314,994316,210317,800319,456
Tangible shareholders' equity (Non-GAAP)$849,087$844,688$754,191$774,981$770,789
Total assets (GAAP)$9,813,767$9,910,089$9,897,006$9,853,421$9,842,394
Exclude goodwill and other intangible assets, net313,964314,994316,210317,800319,456
Total tangible assets (Non-GAAP)$9,499,803$9,595,095$9,580,796$9,535,621$9,522,938
Shareholders' equity to total assets (GAAP)11.85 %11.70 %10.82 %11.09 %11.08 %
Tangible shareholders' equity to tangible assets (Non-GAAP)8.94 %8.80 %7.87 %8.13 %8.09 %

Three months ended
(dollars in thousands)March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023
Tangible common shareholders' equity per share
Tangible shareholders' equity (Non-GAAP)$849,087$844,688$754,191$774,981$770,789
Common shares outstanding at end of period33,168,770 33,268,102 33,263,324 33,259,260 33,195,250 
Common shareholders' equity (book value) per share (GAAP)$35.06$34.86$32.18$32.86$32.84
Tangible common shareholders' equity (tangible book value) per share (Non-GAAP)$25.60$25.39$22.67$23.30$23.22









54
Item 3.    Quantitative and Qualitative Disclosures about Market Risk
Based on the changes in interest rates as well as the mix shift of interest earning assets and interest bearing liabilities occurring subsequent to December 31, 2023, the following update of the Company’s assessment of market risk as of March 31, 2024 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, 2023.
As of March 31, 2024, the Company's loan portfolio consisted of approximately $6.8 billion in outstanding principal with a weighted average coupon rate of 5.47%. During the three-month periods ending March 31, 2024, December 31, 2023, and March 31, 2023, the weighted average coupon on loan production in the quarter was 7.78%, 7.54% and 6.91%, respectively. Included in the March 31, 2024 total loans are adjustable rate loans totaling $3.6 billion, of which, $974.1 million are considered floating based on the Wall Street Prime index. In addition, the Company holds certain investment securities with fair values totaling $345.6 million which are subject to repricing on not less than a quarterly basis.
Management funds the acquisition of nearly all of its earning assets through its core deposit gathering activities. As of March 31, 2024, non-interest bearing deposits represented 32.6% of total deposits. Further, during the quarter ended March 31, 2024, the cost of interest bearing deposits were 1.83% and the cost of total deposits were 1.21%. With the intent of stabilizing or increasing net interest income, management intends to continue to deploy its excess liquidity and seek to migrate certain earning assets into higher yielding categories (from investment securities and into loans, for example). However, in situations where deposit balances contract, management may rely upon various borrowing facilities or the use of brokered deposits. Through the first quarter of 2024 and during the entire 2023 year, management did not utilize any brokered deposits. Management did however utilize borrowing lines from the FHLB and expects that such borrowings will be needed through the remainder of the year and into 2025. As the rate paid on these borrowed funds are correlated with short-term interest rates, the costs associated with these borrowings will be correlated with the rate adjustment actions by the Federal Reserve, if any.
As of March 31, 2024 the overnight Federal funds rate, the rate primarily used in these interest rate shock scenarios, was 5.32%. 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 parallel shock scenario over a twelve month period utilizing a interest sensitivity (GAP) analysis based on the Company's specific mix of interest earning assets and interest bearing liabilities as of March 31, 2024.
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)
+300 (shock)(7.6)%(8.0)%
+200 (shock)(5.3)%(5.6)%
+100 (shock)(2.5)%(1.8)%
+    0 (flat)— — 
-100 (shock)0.3 %(2.5)%
-200 (shock)0.2 %(8.3)%
-300 (shock)0.6 %(17.1)%

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, 2024. 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, 2024.
During the three months ended March 31, 2024, 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.
55
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 evaluating an investment in the Company's common stock, investors should consider carefully, among other things, the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024, and in the information contained in this Quarterly Report on Form 10-Q and our other reports and registration statements.
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 at period end (2)
January 1-31, 2024— $— — 1,209,802 
February 1-29, 2024— — — 1,209,802 
March 1-31, 2024— 34.31 99,332 1,110,470 
Total— $34.31 99,332 
(1)Includes shares purchased by the Company’s Employee Stock Ownership Plan in open market purchases and shares tendered by employees pursuant to various other equity incentive plans. See Notes 10 and 11 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 11 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.

Item 5 — Other Information

Rule 10b5-1 Trading Arrangements

During the three months ended March 31, 2024, none of the Company’s directors or officers (as defined in Rule 16a-1(f)) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in item 408 of Regulation S-K) for the purchase or sale of the Company's common stock.
56
Table of Contents
Item 6 – Exhibits
EXHIBIT INDEX
Exhibit 
No.		Exhibit
31.1
Rule 13a-14(a)/15d-14(a) Certification of CEO
31.2
Rule 13a-14(a)/15d-14(a) Certification of CFO
32.1
Section 1350 Certification of CEO
32.2
Section 1350 Certification of CFO
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

57
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 8, 2024/s/ Peter G. Wiese
Peter G. Wiese
Executive Vice President and Chief Financial Officer
(Duly authorized officer and principal financial and chief accounting officer)

58

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