NasdaqGS:TCBK

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. More Details


Snowflake Analysis

Flawless balance sheet average dividend payer.


Similar Companies

Share Price & News

How has TriCo Bancshares's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: TCBK has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.9%

TCBK

-2.5%

US Banks

-1.5%

US Market


1 Year Return

-29.0%

TCBK

-26.7%

US Banks

12.9%

US Market

Return vs Industry: TCBK underperformed the US Banks industry which returned -26.7% over the past year.

Return vs Market: TCBK underperformed the US Market which returned 12.8% over the past year.


Shareholder returns

TCBKIndustryMarket
7 Day-0.9%-2.5%-1.5%
30 Day-6.6%0.7%-1.8%
90 Day-6.3%-2.8%6.6%
1 Year-26.9%-29.0%-24.1%-26.7%15.4%12.9%
3 Year-24.5%-29.4%-15.2%-22.2%39.6%30.2%
5 Year19.8%7.6%23.6%8.4%93.4%71.7%

Price Volatility Vs. Market

How volatile is TriCo Bancshares's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is TriCo Bancshares undervalued compared to its fair value and its price relative to the market?

22.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TCBK ($26.19) is trading below our estimate of fair value ($33.58)

Significantly Below Fair Value: TCBK is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: TCBK is poor value based on its PE Ratio (11.4x) compared to the US Banks industry average (9.7x).

PE vs Market: TCBK is good value based on its PE Ratio (11.4x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: TCBK is poor value based on its PEG Ratio (6.5x)


Price to Book Ratio

PB vs Industry: TCBK's PB Ratio (0.9x) is in line with the US Banks industry average.


Next Steps

Future Growth

How is TriCo Bancshares forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

1.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TCBK's forecast earnings growth (1.8% per year) is below the savings rate (2.2%).

Earnings vs Market: TCBK's earnings (1.8% per year) are forecast to grow slower than the US market (23.1% per year).

High Growth Earnings: TCBK's earnings are forecast to grow, but not significantly.

Revenue vs Market: TCBK's revenue (0.6% per year) is forecast to grow slower than the US market (9.8% per year).

High Growth Revenue: TCBK's revenue (0.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TCBK's Return on Equity is forecast to be low in 3 years time (7.3%).


Next Steps

Past Performance

How has TriCo Bancshares performed over the past 5 years?

18.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TCBK has high quality earnings.

Growing Profit Margin: TCBK's current net profit margins (25%) are lower than last year (28.5%).


Past Earnings Growth Analysis

Earnings Trend: TCBK's earnings have grown by 18.3% per year over the past 5 years.

Accelerating Growth: TCBK's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: TCBK had negative earnings growth (-18.1%) over the past year, making it difficult to compare to the Banks industry average (-3.1%).


Return on Equity

High ROE: TCBK's Return on Equity (7.9%) is considered low.


Next Steps

Financial Health

How is TriCo Bancshares's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: TCBK's Assets to Equity ratio (8.3x) is low.

Allowance for Bad Loans: TCBK has a sufficient allowance for bad loans (370%).

Low Risk Liabilities: 97% of TCBK's liabilities are made up of primarily low risk sources of funding.

Loan Level: TCBK has an appropriate level of Loans to Assets ratio (64%).

Low Risk Deposits: TCBK's Loans to Deposits ratio (76%) is appropriate.

Level of Bad Loans: TCBK has an appropriate level of bad loans (0.4%).


Next Steps

Dividend

What is TriCo Bancshares's current dividend yield, its reliability and sustainability?

3.36%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: TCBK's dividend (3.36%) is higher than the bottom 25% of dividend payers in the US market (1.66%).

High Dividend: TCBK's dividend (3.36%) is low compared to the top 25% of dividend payers in the US market (4.7%).


Stability and Growth of Payments

Stable Dividend: TCBK's dividend payments have been volatile in the past 10 years.

Growing Dividend: TCBK's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (38.2%), TCBK's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: TCBK's dividends in 3 years are forecast to be well covered by earnings (40.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.3yrs

Average management tenure


CEO

Rick Smith (62 yo)

20.83yrs

Tenure

US$4,692,366

Compensation

Mr. Richard P. Smith, also known as Rick, has been the Chief Executive Officer of TriCo Bancshares since November 1999 and also serves as its Chairman since May 2020. Mr. Smith has also been the Chief Exec ...


CEO Compensation Analysis

Compensation vs Market: Rick's total compensation ($USD4.69M) is above average for companies of similar size in the US market ($USD2.96M).

Compensation vs Earnings: Rick's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Richard Smith
Chairman20.83yrsUS$4.69m0.81%
$ 6.3m
Peter Wiese
Executive VP & CFO2.08yrsUS$949.89k0.036%
$ 282.6k
John Fleshood
Executive VP & COO3.75yrsUS$868.70k0.051%
$ 400.8k
Craig Carney
Executive VP & Chief Credit Officer of Tri Counties Bank23.67yrsUS$2.07m0.14%
$ 1.1m
Daniel Bailey
Executive VP & Chief Banking Officer13.33yrsUS$984.62k0.16%
$ 1.3m
Craig Compton
Corporate Secretary & Independent Director31.67yrsUS$164.90k0.53%
$ 4.1m
Jason Cove
Shareholder Relations3.67yrsno datano data
Gregory Gehlmann
Senior VP & General Counsel3.33yrsno data0.017%
$ 131.2k
Michael Murphy
Vice President and Marketing Director6.67yrsno datano data
Glenn Hunter
Senior VP & Chief Human Resource Officer7.17yrsno data0.034%
$ 261.6k
Michael Cushman
Executive Vice President of Strategic Initiatives5.92yrsno datano data
Angela Rudd
Senior VP & Chief Auditor2.67yrsno datano data

6.3yrs

Average Tenure

60yo

Average Age

Experienced Management: TCBK's management team is seasoned and experienced (6.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Richard Smith
Chairman20.83yrsUS$4.69m0.81%
$ 6.3m
Craig Compton
Corporate Secretary & Independent Director31.67yrsUS$164.90k0.53%
$ 4.1m
Donald Amaral
Independent Director17.67yrsUS$163.89k0.042%
$ 323.7k
Kimberley Vogel
Independent Director0.58yrno datano data
Thomas McGraw
Independent Director2.17yrsUS$86.68k1.16%
$ 9.0m
Michael Koehnen
Independent Vice Chairman of the Board10.67yrsUS$174.15k0.35%
$ 2.7m
John S. Hasbrook
Independent Director18.67yrsUS$172.72k0.15%
$ 1.2m
Martin Mariani
Independent Director5.92yrsUS$90.78k0.17%
$ 1.3m
L. Chrysler
Independent Director12.58yrsUS$86.68k0.17%
$ 1.3m
Kirsten Garen
Independent Director0.58yrno datano data
Cory Giese
Lead Independent Director0.33yrUS$86.68k0.024%
$ 190.7k
Margaret Kane
Director0.58yrno datano data

4.0yrs

Average Tenure

62.5yo

Average Age

Experienced Board: TCBK's board of directors are considered experienced (4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: TCBK insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

TriCo Bancshares's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: TriCo Bancshares
  • Ticker: TCBK
  • Exchange: NasdaqGS
  • Founded: 1974
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$779.394m
  • Shares outstanding: 29.76m
  • Website: https://www.tcbk.com

Number of Employees


Location

  • TriCo Bancshares
  • 63 Constitution Drive
  • Chico
  • California
  • 95973
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TCBKNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDApr 1993

Biography

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. It accepts demand, savings, and time deposits. It ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/21 06:04
End of Day Share Price2020/09/18 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.