TriCo Bancshares Declares Quarterly Dividend and Announces 2021 Share Repurchase Program
March 01 2021 - 5:00PM
Business Wire
The Board of Directors of TriCo Bancshares (NASDAQ: TCBK) (the
“Company”), parent company of Tri Counties Bank, declared a
quarterly cash dividend of $0.25 (twenty-five cents) per share on
its common stock, on February 25, 2021. This represents an increase
of 13.6% or $0.03 (three cents) per share as compared to the $0.22
per share dividend paid in December 2020. The current dividend is
payable on March 26, 2021 to holders of record on March 12,
2021.
In addition, the Board approved the authorization to repurchase
up to 2,000,000 shares of the Company’s common stock, no par value
per share which approximates 6.7% of the currently outstanding
common shares. The Company’s 2021 Share Repurchase Program will
replace the current 2019 Share Repurchase Program which has been
terminated.
Peter Wiese, EVP and Chief Financial Officer, commented: “The
Company has a 28 year long history of rewarding shareholders with
cash dividends and we are pleased to announce that this marks our
113th consecutive quarterly payment. While the Company, like many
other financial companies in recent weeks, has experienced
considerable growth in its share price and therefore has reduced
the volume of actual share repurchases, this expansion of our share
repurchase program provides us with an on-going capital management
tool."
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 program is subject to change.
Based on the closing price of the Company's stock on February 26,
2021 of $43.07, the repurchase of all shares authorized under the
2021 Share Repurchase Program would represent approximately $86.1
million in value. During the year ended December 31, 2020, the
Company repurchased approximately 859,000 shares at an average
price of $30.66 or $26.3 million in value.
The Company presently expects to repurchase outstanding shares
from time-to-time (i) to generally offset the dilutive impact of
employee stock-based compensation plans, including option exercises
and restricted unit vesting, and (ii) to reduce share count via
share repurchases as and when attractive opportunities arise. The
amount and timing of future repurchases may vary depending on
applicable legal requirements, market conditions and the Company's
financial performance and capital planning considerations. The
repurchase program does not include specific price targets; may be
executed through open market purchases, privately negotiated
transactions, plans created in accordance with Rule 10b5-1, or as
otherwise permitted; and may be suspended under certain conditions.
Any repurchased shares will be retired.
Established in 1975, Tri Counties Bank is a wholly-owned
subsidiary of TriCo Bancshares (NASDAQ: TCBK) headquartered in
Chico, California, providing a unique brand of customer Service
with Solutions available in traditional stand-alone and
in-store bank branches in communities throughout Northern and
Central California. Tri Counties Bank provides an extensive and
competitive breadth of consumer, small business and commercial
banking financial services, along with convenient around-the-clock
ATM, online and mobile banking access. Brokerage services are
provided by Tri Counties Advisors through affiliation with Raymond
James Financial Services, Inc. Visit www.TriCountiesBank.com to learn more.
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Peter G. Wiese Executive Vice President & CFO (530)
898-0300
TriCo Bancshares (NASDAQ:TCBK)
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