Peter Wiese
About Peter Wiese
Executive Vice President and Chief Financial Officer of TriCo Bancshares (Tri Counties Bank) since 2018; age 50; Certified Public Accountant licensed in California. Prior to TriCo, he was a partner at Crowe LLP (2011–Apr 2018) specializing in financial services, after >20 years in public accounting . Company performance under his finance leadership: 2024 net income $114.9M vs $117.4M in 2023; net revenues $395.8M (−5.3% YoY); net interest margin 3.71% (vs 3.96%); efficiency ratio 59.14% (vs 55.77%); 5‑year TSR +23% vs +11% for KBW Regional Banking Index, with maintained strong capital and liquidity and a 10% dividend increase in 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| TriCo Bancshares | EVP & Chief Financial Officer | 2018–present | Led liquidity and capital management in a volatile rate environment; strengthened balance sheet and investment portfolio; advanced strategic partnerships (basis for 2024 STI upward adjustment) |
| TriCo Bancshares | Consultant | Jun–Aug 2018 | Supported transition into CFO role and finance function continuity |
| Crowe LLP | Partner (Financial Services) | 2011–Apr 2018 | Advised banks on audit/financial reporting and controls; deep sector expertise |
External Roles
No public-company directorships or external board roles disclosed; professional credential: Certified Public Accountant (California) .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base salary (actual paid) ($) | 494,615 | 510,962 | 523,038 |
- 2024 base salary set at $526,000 (up 2.1% YoY; effective Mar 25, 2024) .
- 2024 perquisites and benefits:
- ESOP contribution: $13,800
- 401(k) match: $6,900
- Personal use of club memberships: $11,956
- Life insurance benefits: $1,242
- Other (HSA/transport): $1,500
- Total other compensation: $35,398
Performance Compensation
Annual Cash Incentive (STI) – Plan Design and Results (2024)
| Metric | Weighting | Threshold (50%) | Target (100%) | Maximum (200%) | Actual 2024 | Payout % |
|---|---|---|---|---|---|---|
| ROATCE | 30% | 9.9% | 11.6% | 13.3% | 13.3% | 114.5% |
| PPNR / Avg Assets | 30% | 1.5% | 1.6% | 1.8% | 1.7% | 100.5% |
| Efficiency Ratio | 20% | 63.4% | 59.0% | 54.6% | 59.1% | 99.8% |
| NPAs / Avg Assets | 20% | 1.3% | 1.0% | 0.8% | 0.5% | 200.0% |
- Wiese’s 2024 STI: Final payout $465,365, equal to 88.9% of base salary (target 55%; corporate completion 150% plus a 6% discretion uplift) .
Long-Term Incentive (LTI) – Equity Mix, Grants, and PSU Mechanics
- LTI mix for NEOs: 50% time-based RSUs / 50% performance-based PSUs; Wiese 2024 LTI target = 75% of base salary .
- PSU metric: Total Shareholder Return (TSR) vs KBW Nasdaq Regional Banking Index (KRX); payout 0–150% with linear ±2% per 1% TSR delta; threshold −25% TSR vs KRX → 50% payout; maximum +25% → 150% payout .
- Historical PSU outcome: 2021 grant vested at 105.08% based on TCBK TSR outperforming KRX by +2.54% over the 3‑year period to Mar 25, 2024 .
| Award | Grant date | Target shares | Fair value per share | Valuation method | Vesting |
|---|---|---|---|---|---|
| RSUs | Mar 1, 2024 | 5,530 | $33.07 | Nasdaq close on grant | 3 equal annual installments: Mar 1, 2025/2026/2027 |
| PSUs | Mar 1, 2024 | 5,530 | $20.86 | Monte Carlo TSR model | Cliff vest at 3 years based on TSR vs KRX |
Equity Ownership & Alignment
Beneficial Ownership and Composition
| Metric | Value |
|---|---|
| Total beneficial ownership (shares) | 46,669 |
| Ownership % of outstanding | <1% |
| RSUs vesting within 60 days (included in beneficial total) | 1,158 |
| ESOP shares allocated | 1,761 |
| Parent trust shares (trustee) | 2,700 |
| Shares outstanding (Nov 7, 2025) | 32,511,648 |
Unvested Awards and Vesting Schedule (as of 12/31/2024)
Note: PSU counts/values below reflect maximum payout disclosure per SEC rules .
| Award | Shares | Vesting date(s) | Market/payout value at 12/31/2024 ($) |
|---|---|---|---|
| RSUs | 1,149 | May 27, 2025 | 50,211 |
| RSUs | 1,438 | Oct 21, 2025 | 62,841 |
| PSUs (max) | 3,652 | Oct 21, 2025 (performance) | 159,592 |
| RSUs | 4,046 | Jun 12, 2025 & Jun 12, 2026 | 176,810 |
| PSUs (max) | 5,147 | Jun 12, 2026 (performance) | 224,924 |
| RSUs | 5,717 | Mar 1, 2025/2026/2027 | 249,833 |
| PSUs (max) | 6,564 | Mar 1, 2027 (performance) | 286,847 |
Alignment Policies
- Stock ownership guidelines: EVP minimum = 2.0x base salary; executives must retain ≥50% of vested shares (after tax) until compliant; all covered executives met guidelines as of Dec 31, 2024 .
- No hedging, short sales, or pledging/margin of company stock by executives .
- 2024 Equity Plan best practices: minimum vesting generally ≥1 year; 12‑month holding on half of after‑tax shares post-vest/exercise; no discounted options or repricing; clawback provisions; no dividends prior to vest .
Employment Terms
- Role/tenure: EVP & CFO since 2018; CPA (California) .
- Change‑of‑Control (double trigger): If CoC and termination without cause or resignation for “good reason” within 24 months, severance equals 2x base salary + 2x most recent annual bonus target + pro‑rated target bonus for year of termination + up to 18 months COBRA reimbursement; “net best” 280G cutback applies; distributions comply with Section 409A .
- Estimated CoC payout (as of 12/31/2024): $1,943,926 total, comprised of $1,630,600 severance pay and $313,326 equity vesting acceleration (assumes no COBRA reimbursements; PSUs accelerated per plan terms) .
- Clawback: Nasdaq‑mandated clawback policy adopted (Oct 2023) and embedded in equity plans .
- Say‑on‑Pay: 2024 approval >97%; ≥95% since 2017 .
Investment Implications
- Pay-for-performance alignment: Heavy variable pay (STI + 50% PSUs) tied to ROATCE, PPNR/Assets, efficiency, asset quality and TSR vs KRX; strong shareholder support (>97% Say‑on‑Pay) indicates low compensation controversy risk .
- Retention risk: Double‑trigger CoC protection and meaningful unvested RSUs/PSUs reduce near‑term departure risk; Wiese is not a SERP participant, modestly lowering long‑dated retention entitlements vs certain peers .
- Trading signals: Multiple RSU tranches vest in 2025–2027 and PSUs in 2025/2026/2027 may create episodic supply; mitigants include ownership guidelines (≥50% after‑tax retention until compliant) and 12‑month holding on half of after‑tax shares under the 2024 Plan .
- Execution focus: CFO’s 2024 STI uplift attributed to liquidity, capital, and investment portfolio management amidst an inverted curve; continued TSR‑linked PSU design incentivizes relative outperformance vs regional banks .