Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Common Stock Market Prices and Dividends
The Company’s common stock is traded on the Nasdaq under the symbol “TCBK.” The following table shows the high and the low closing sale prices for the common stock for each quarter in the past two years, as reported by Nasdaq:
2020 High Low
Fourth quarter $ 35.70 $ 24.58
Third quarter $ 30.88 $ 23.43
Second quarter $ 32.80 $ 24.40
First quarter $ 40.81 $ 24.49
2019
Fourth quarter $ 41.25 $ 35.05
Third quarter $ 39.06 $ 34.81
Second quarter $ 41.23 $ 37.30
First quarter $ 40.36 $ 33.79
As of February 25, 2021, there were approximately 1,679 shareholders of record of the Company’s common stock. On February 25, 2021, the closing market price was $44.12 per share.
The Company has paid cash dividends on its common stock in every quarter since March 1990, and it is currently the intention of the Board of Directors of the Company to continue payment of cash dividends on a quarterly basis. There is no assurance, however, that any dividends will be paid since they are dependent upon earnings, financial condition and capital requirements of the Company and the Bank. As of December 31, 2020, there was $111,492,000 available for payment of dividends by the Bank to the Company, under applicable laws and regulations. See “Note 27 – Summary of Quarterly Results of Operations (unaudited)” for the quarterly cash dividends paid by the Company in 2020 and 2019.
Issuer Repurchases of Common Stock
The Company has one previously announced stock repurchase plan under which it is currently authorized to purchase shares of its common stock. The table that follows provides additional information regarding this plan.
Announcement Date Total shares approved
for purchase Total shares repurchased
under the plan Expiration date
11/12/2019 1,525,000 858,717 none
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 fourth quarter of 2020:
Period (a) Total number of
shares purchased (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 (1)
October 1-31, 2020 — $ — — 711,138
November 1-30, 2020 17,714 $ 33.58 17,714 693,424
December 1-31, 2020 27,141 $ 34.15 27,141 666,283
Total 44,855 $ 33.92 44,855 666,283
(1) Does not include shares that may be purchased by the Company’s Employee Stock Ownership Plan and pursuant to various other equity incentive plans.
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TriCo Bancshares Stock Performance
The following graph presents the cumulative total yearly shareholder return from investing $100 on December 31, 2015, in each of TriCo common stock, the Russell 3000 Index, and the SNL Western Bank Index. The SNL Western Bank Index compiled by SNL Financial includes banks located in California, Oregon, Washington, Montana, Hawaii and Alaska with market capitalization similar to that of TriCo’s. The amounts shown assume that any dividends were reinvested.
Period Ending
Index 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
TriCo Bancshares 100.00 127.23 143.48 130.42 160.92 143.26
Russell 3000 Index 100.00 112.74 136.56 129.40 169.54 204.95
SNL Western Bank Index 100.00 110.86 123.61 97.86 119.35 88.08
Equity Compensation Plans
The following table shows shares reserved for issuance for outstanding options, stock appreciation rights and warrants granted under our equity compensation plans as of December 31, 2020. All of our equity compensation plans have been approved by shareholders.
Plan category (a) Number of securities to
be issued upon exercise
of outstanding options,
options, warrants and rights (b) Weighted average
exercise price of
outstanding options,
warrants and rights (c) Number of securities remaining available
for issuance under future equity compensation plans
(excluding securities reflected in column (a))
Equity compensation plans not approved by shareholders — $ — —
Equity compensation plans approved by shareholders 128,500 $ 17.72 1,222,011
Total 128,500 $ 17.72 1,222,011
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ITEM 6. SELECTED FINANCIAL DATA
The following selected consolidated financial data are derived from our consolidated financial statements. This data should be read in connection with our consolidated financial statements and the related notes located at Item 8 of this report.
TRICO BANCSHARES
Financial Summary
(In thousands, except per share amounts; unaudited)
Year ended December 31, 2020 2019 2018 2017 2016
Interest income $ 267,184 $ 272,444 $ 228,218 $ 181,402 $ 173,708
Interest expense (9,457) (15,375) (12,872) (6,798) (5,721)
Net interest income 257,727 257,069 215,346 174,604 167,987
(Provision for) benefit from loan losses (42,813) 1,690 (2,583) (89) 5,970
Noninterest income 55,194 53,520 49,061 49,452 44,678
Noninterest expense (182,758) (185,457) (168,472) (146,455) (146,112)
Income before income taxes 87,350 126,822 93,352 77,512 72,523
Provision for income taxes (22,536) (34,750) (25,032) (36,958) (27,712)
Net income $ 64,814 $ 92,072 $ 68,320 $ 40,554 $ 44,811
Share Data
Earnings per share:
Basic $ 2.17 $ 3.02 $ 2.57 $ 1.77 $ 1.96
Diluted $ 2.16 $ 3.00 $ 2.54 $ 1.74 $ 1.94
Per share:
Dividends paid $ 0.88 $ 0.82 $ 0.70 $ 0.66 $ 0.60
Book value at period end $ 31.12 $ 29.70 $ 27.20 $ 22.03 $ 20.87
Tangible book value at period end $ 23.09 $ 21.69 $ 18.97 $ 19.01 $ 17.77
Average common shares outstanding 29,917 30,478 26,593 22,912 22,814
Average diluted common shares outstanding 30,028 30,645 26,880 23,250 23,087
Shares outstanding at period end 29,727 30,524 30,417 22,956 22,868
Financial Ratios
During the period:
Return on average assets 0.91 % 1.43 % 1.24 % 0.89 % 1.02 %
Return on average equity 7.18 % 10.49 % 10.75 % 8.10 % 9.46 %
Net interest margin(1)
3.96 % 4.47 % 4.30 % 4.22 % 4.23 %
Efficiency ratio 58.40 % 59.71 % 63.72 % 65.37 % 68.71 %
Average equity to average assets 12.66 % 13.97 % 11.52 % 10.99 % 10.84 %
Dividend payout ratio 40.58 % 27.15 % 27.24 % 37.30 % 30.60 %
At period end:
Equity to assets 12.11 % 14.01 % 13.02 % 10.62 % 10.57 %
Total capital to risk-adjusted assets 15.20 % 15.10 % 14.40 % 14.07 % 14.65 %
Balance Sheet Data
Total investments $ 1,719,102 $ 1,345,954 $ 1,580,096 $ 1,262,683 $ 1,162,769
Total loans 4,763,127 4,307,366 4,022,014 3,015,165 2,759,593
Total assets 7,639,529 6,471,181 6,352,441 4,761,315 4,517,968
Total non-interest bearing deposits 2,581,517 1,832,665 1,760,580 1,368,218 1,275,745
Total deposits 6,505,934 5,366,994 5,366,466 4,009,131 3,895,560
Total other borrowings 26,914 18,484 15,839 122,166 17,493
Total junior subordinated debt 57,635 57,232 57,042 56,858 56,667
Total shareholders’ equity 925,114 906,570 827,373 505,808 477,347
Total tangible equity (2)
$ 686,409 $ 662,141 $ 577,121 $ 436,323 $ 406,473
(1) Fully taxable equivalent (FTE)
(2) Tangible equity is calculated by subtracting Goodwill and Other intangible assets from Total shareholders’ equity. Management believes that tangible equity is meaningful because it is a measure that the Company and investors commonly use to assess capital adequacy.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.