8-K: TriCo Bancshares Appoints Baker Tilly as New Independent Auditor Following Moss Adams Merger

TriCo Bancshares announced the appointment of Baker Tilly US, LLP as its new independent registered public accounting firm, succeeding Moss Adams LLP, due to a merger between Moss Adams and Baker Tilly.

Summary

• TriCo Bancshares (the "Company") was notified on June 3, 2025, that Moss Adams LLP ("Moss Adams"), its independent registered public accounting firm, merged with Baker Tilly US, LLP, effective the same day.
• As a result of the merger, Moss Adams resigned as the Company's auditors.
• The Audit Committee of TriCo Bancshares' Board of Directors approved the appointment of Baker Tilly US, LLP as the successor independent registered public accounting firm.
• Audit reports issued by Moss Adams for the years ended December 31, 2024, and 2023, and for each of the three years in the period ended December 31, 2024, including internal control over financial reporting as of December 31, 2024, did not contain any adverse opinions, disclaimers, qualifications, or modifications.
• There were no disagreements with Moss Adams on accounting principles, financial statement disclosure, or auditing scope/procedure during the years ended December 31, 2024 and 2023, and through June 3, 2025.
• No reportable events requiring disclosure pursuant to Item 304(a)(1)(v) of Regulation S-K occurred.
• Neither the Company nor anyone on its behalf consulted with Baker Tilly regarding accounting principles or audit opinions, or any disagreements or reportable events, prior to their appointment.

Sentiment

Score: 7

Explanation: The sentiment is positive as the auditor change is a result of a merger, not due to any disagreements or issues with the previous auditor. The filing explicitly states a clean audit history and no reportable events, indicating a smooth and administrative transition without negative implications for the company's financial reporting integrity.

Positives

• The transition to the new auditor, Baker Tilly, is a direct result of a merger, indicating a smooth, administrative change rather than a contentious one.
• Moss Adams' audit reports for 2023 and 2024 were unqualified, with no adverse opinions, disclaimers, or modifications, indicating sound financial reporting during their tenure.
• There were no disagreements on accounting principles or practices, financial statement disclosure, or auditing scope/procedure with Moss Adams, suggesting a clean audit history with the previous firm.
• No reportable events were identified, further reinforcing the absence of significant accounting or auditing issues.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the Company's financial performance or strategic outlook, focusing solely on the change in its independent registered public accounting firm.

Management Comments

• The Audit Committee of the Company's Board of Directors approved the appointment of Baker Tilly as the successor to Moss Adams, as the Company's independent registered public accounting firm.

Industry Context

The merger between Moss Adams LLP and Baker Tilly US, LLP reflects a broader trend of consolidation within the accounting and professional services industry, as firms seek to expand their capabilities, geographic reach, and client base. Such mergers often lead to changes in auditor for client companies, as the combined entity takes over engagements.

Corporate Governance

Stakeholder Impact

• Shareholders: The change in auditor is administrative and does not indicate any issues with past financial statements or future reporting integrity, thus maintaining confidence.
• Regulatory Authorities: The company is fulfilling its disclosure obligations regarding the change in certifying accountant, ensuring transparency and compliance.

Next Steps

• Baker Tilly US, LLP will serve as TriCo Bancshares' independent registered public accounting firm for future audits.

Key Dates

Keywords

Auditor Change, SEC Filing, Form 8-K, TriCo Bancshares, Moss Adams, Baker Tilly, Independent Accountant, Financial Reporting, Corporate Governance, Public Accounting Firm