Form 4: Trico Bancshares Executive Daniel Bailey Reports Stock Transactions

Daniel Bailey, EVP and Chief Banking Officer of Trico Bancshares, reports the vesting of performance-based stock units and subsequent transactions.

Summary

• On April 9, 2024, Daniel Bailey, EVP and Chief Banking Officer of Trico Bancshares, reported transactions involving common stock and performance stock units (PSUs).
• 2,936 shares were acquired through the vesting of performance-based stock units (PSUs) at a price of $0.
• 1,716 shares were disposed of to cover tax liabilities at a price of $34.49.
• Following these transactions, Bailey directly owns 52,535.41 shares of common stock and indirectly owns 10,008.94 shares through an ESOP.
• The PSUs vested at 105.08% of the target number based on Trico Bancshares' total stockholder return relative to the KBW Regional Banking Index.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a standard disclosure of stock transactions. The vesting of PSUs at over 100% is a slightly positive sign, but the tax withholding is a neutral event.

Positives

• The vesting of performance-based stock units suggests that the company has met certain performance targets related to stockholder return.

Negatives

• The disposal of 1,716 shares to cover tax liabilities reduces Bailey's direct ownership stake in the company.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in the banking industry.

Comparison to Industry Standards

• Executive compensation packages including performance-based stock units are common in the banking industry to align management incentives with shareholder value.
• The vesting of PSUs based on relative total shareholder return compared to the KBW Regional Banking Index is a standard benchmark used in the industry.

Stakeholder Impact

• The vesting of PSUs and subsequent transactions may have a minor impact on shareholders due to the change in ownership.

Key Dates