TriCo Bancshares freezes SERP benefits for three executives; records $2.6M Q4 charge

TRICO BANCSHARES /

CEO Richard P. Smith receives frozen annual SERP benefit: $785,000 (joint survivor) or $975,000 (single life).
EVP Craig B. Carney frozen at $272,100/year (joint) or $320,000 (single life).
EVP Daniel K. Bailey frozen at $221,700/year (joint) or $255,000 (single life).
Pre-tax charge of approx. $2.6 million in Q4 2022 from the SERP amendments.
Amendments delete variable compensation formula and fix lifetime annuity amounts for the three executives.

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