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:
2021 High Low
Fourth quarter $ 47.18 $ 40.39
Third quarter $ 44.04 $ 38.42
Second quarter $ 48.79 $ 42.43
First quarter $ 51.25 $ 35.00
2020
Fourth quarter $ 35.70 $ 24.58
Third quarter $ 30.88 $ 23.43
Second quarter $ 32.80 $ 24.40
First quarter $ 40.81 $ 24.49
As of February 22, 2022, there were approximately 1,690 shareholders of record of the Company’s common stock. On February 22, 2022, the closing market price was $44.03 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. During the calendar year ended December 31, 2021, the Company paid four quarterly $0.25 per share cash dividends for a total of $1.00 per share. As of December 31, 2021, there was $154,466,000 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 2021 and 2020.
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
2/25/2021 2,000,000 63,317 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 2021:
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, 2021 — $ — — 1,936,683
November 1-30, 2021 — $ — — 1,936,683
December 1-31, 2021 — $ — — 1,936,683
Total — $ — — 1,936,683
(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, 2016, 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 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
TriCo Bancshares 100.00 112.24 102.57 126.54 112.82 139.68
Russell 3000 Index 100.00 121.27 114.59 151.25 182.67 231.09
SNL Western Bank Index 100.00 111.50 88.28 107.65 80.56 124.21
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, 2021. 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 78,825 $ 19.28 1,004,737
Total 78,825 $ 19.28 1,004,737
ITEM 6. [RESERVED]
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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.