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.” As of February 24, 2023, there were approximately 1,900 shareholders of record of the Company’s common stock. On February 24, 2023, the closing market price was $50.14 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, 2022, the Company paid quarterly dividends of $0.25 per share for Q1 and Q2, increasing to $0.30 per share of cash dividends for Q3 and Q4, equaling a total of $1.20 per share for the year then ended. As of December 31, 2022, there was $157,036,000 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 2022 and 2021.
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 2,000,000 640,198 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 2022:
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, 2022 5,000 $ 45.61 5,000 1,359,802
November 1-30, 2022 — $ — — 1,359,802
December 1-31, 2022 — $ — — 1,359,802
Total 5,000 $ — 5,000 1,359,802
(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.
24 TriCo Bancshares 2022 10-K
Table of Contents
TriCo Bancshares Stock Performance
The following graph presents the cumulative total yearly shareholder return from investing $100 on December 31, 2017, 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 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
TriCo Bancshares 100.00 90.91 112.14 99.99 124.53 151.38
Russell 3000 Index 100.00 92.50 118.90 141.28 175.19 139.32
SNL Western Bank Index 100.00 79.17 96.55 72.25 111.40 86.45
ITEM 6. [RESERVED]