PSUs vest for Trico Bancshares (TCBK) CEO as stock covers tax bill
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Trico Bancshares CEO and President Richard P. Smith reported a routine equity compensation event involving performance stock units (PSUs) and related tax withholding. On June 25, 2026, PSUs converted into 13,271 shares of Common Stock, reflecting a vesting level of 109.36% of the target award based on total stockholder return versus the KBW Regional Banking Index.
To cover tax obligations, 8,511 Common shares were withheld at $53.55 per share, which is a tax-withholding disposition rather than an open-market sale. After these transactions, Smith held 287,747 Common shares directly, along with additional indirect holdings through an ESOP trustee, the ESOP itself, and his spouse.
Positive
- None.
Negative
- None.
Insider Trade Summary
13,271 shares exercised/converted
Mixed
6 txns
Insider
SMITH RICHARD P
Role
CEO & President
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Performance Stock Unit | 13,271 | $0.00 | -- |
| Exercise | Common Stock | 14,513 | $0.00 | -- |
| Tax Withholding | Common Stock | 8,511 | $53.55 | $456K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Performance Stock Unit — 33,848 shares (Direct, null);
Common Stock — 296,258 shares (Direct, null);
Common Stock — 277.066 shares (Indirect, By spouse)
Footnotes (1)
- Vesting of performance-based stock unit (PSU). Each PSU represented the right to receive 0%-150% of the target number based on the Issuers total stockholder return, relative to the KBW Regional Banking Index (based on an initial grant of PSUs which was reported in the original Form 4 for this grant on 6/12/2023). PSUs vested at 109.36% on certification date June 25,2026. Reflects shares withheld to pay toward tax liability.
Key Figures
PSUs vested: 13,271 units/shares
Vesting level: 109.36%
Shares withheld for tax: 8,511 shares
+5 more
8 metrics
PSUs vested
13,271 units/shares
Performance stock units converted into Common Stock on June 25, 2026
Vesting level
109.36%
PSUs vested vs target based on total stockholder return vs KBW Regional Banking Index
Shares withheld for tax
8,511 shares
Common Stock withheld to pay tax liability on June 25, 2026
Tax withholding price
$53.55 per share
Value used for shares withheld toward tax liability
Direct holdings after transaction
287,747 shares
Common Stock directly owned by CEO after reported transactions
ESOP Trustee holdings
1,113,794 shares
Indirect ownership as ESOP Trustee
ESOP indirect holdings
42,972.1500 shares
Indirect ownership by ESOP
Spouse holdings
277.0660 shares
Indirect ownership by spouse
Key Terms
Performance Stock Unit, total stockholder return, KBW Regional Banking Index, ESOP Trustee, +2 more
6 terms
Performance Stock Unit financial
"security_title: "Performance Stock Unit""
A performance stock unit is a type of reward companies give to employees, usually managers, that depends on how well the company performs over time. If the company hits specific goals, the employee earns shares of stock, like earning a prize for reaching certain levels in a game. It motivates employees to work hard because their rewards are tied to the company's success.
total stockholder return financial
"based on the Issuers total stockholder return, relative to the KBW Regional Banking Index"
Total stockholder return is the percentage gain or loss an investor would have experienced over a period from both changes in a stock’s price and any cash payouts such as dividends, assuming those payouts are reinvested in the stock. It matters because it shows the complete financial outcome of owning a share — like measuring both a house’s change in sale value and the rent you collected — and lets investors fairly compare performance across companies and time.
KBW Regional Banking Index financial
"relative to the KBW Regional Banking Index (based on an initial grant of PSUs)"
An index that tracks the stock performance of publicly traded regional banks, providing a single-number view of how that segment of the banking industry is doing. Investors use it like a thermometer or speedometer to gauge the health, momentum and market sentiment for regional banks, to compare individual bank stocks or funds against the sector, and to help make portfolio or risk-allocation decisions.
ESOP Trustee financial
"nature_of_ownership: "ESOP Trustee""
tax liability financial
"Reflects shares withheld to pay toward tax liability."
tax-withholding disposition financial
"transaction_action: "tax-withholding disposition""
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
FAQ
What did TCBK CEO Richard P. Smith report in this Form 4 filing?
Richard P. Smith reported PSU vesting that converted into 13,271 Trico Bancshares common shares and a related tax-withholding transaction where 8,511 shares were withheld, reflecting routine equity compensation activity rather than an open-market stock purchase or sale.
Does this TCBK Form 4 indicate remaining indirect holdings for the CEO?
Yes. The filing shows indirect ownership including 1,113,794 shares as ESOP Trustee, 42,972.15 shares held by the ESOP, and 277.066 shares held by his spouse, in addition to his directly owned 287,747 common shares after the reported transactions.