PORTERVILLE, Calif., Jan. 25 /PRNewswire-FirstCall/ -- Sierra
Bancorp (NASDAQ:BSRR), parent of Bank of the Sierra, today
announced its financial results for the quarter and the year ended
December 31, 2009. Net income for the fourth quarter of 2009 was
$3.5 million, and diluted earnings per share were $0.30. In
comparison, the Company recorded a net loss in the fourth quarter
of 2008 due in large part to a relatively high loan loss provision
necessitated by write-downs on certain acquisition and development
loans. A $10 million drop in the loan loss provision was the
largest difference for the comparative quarters, but a higher level
of net interest income, due to a stronger net interest margin, also
contributed to improvement in pretax income. Comparative results
for the quarter also reflect a 37% increase in total non-interest
expense due to increases in FDIC costs, OREO operating expense, and
other credit-related expenses. Sierra Bancorp generated a return on
average equity of 10.48% and a return on average assets of 1.07%
for the fourth quarter of 2009. Net income was $8.9 million for the
year, while diluted earnings per share were $0.86, return on
average equity was 7.56%, and return on average assets was 0.68%.
In addition to a $28 million increase in capital, which includes
$20.4 million from a private placement of common equity in the
third quarter of 2009, notable balance sheet changes for the year
include the following: Core deposit balances, defined as all
deposits except brokered deposits and time deposits of $100,000 or
greater, increased $109 million, or 17%; wholesale-sourced brokered
deposits declined by $88 million, or 76%, while CDARS deposits
increased by $29 million, or 26%, and other customer time deposits
of $100,000 or greater increased by $13 million, or 7%; the balance
of securities sold under agreement to repurchase declined by $24
million; and Federal Home Loan Bank (FHLB) borrowings were reduced
by $60 million, or 66%. Furthermore, our balance of investment
securities increased $35 million, or 14%, while fed funds sold fell
by $6 million and gross loan and lease balances dropped $62
million, or 7%. Also of note, cash and due from banks increased by
$20 million due to a higher level of interest-earning balances, and
the prepayment of $6 million in FDIC fees in late 2009 is reflected
in the increase in other assets. Nonperforming assets were up by
$36 million, or 96%, for the year, but dropped by $7 million, or
9%, during the fourth quarter. Our allowance for loan and lease
losses increased to 2.68% of total loans at December 31, 2009 from
1.59% at the end of 2008. "We're pleased to have generated a profit
in 2009 despite ongoing credit issues, and this marks our 27th
straight year of positive net earnings," commented James C. Holly,
President and CEO. "To address credit issues and help maintain
profitability going forward, we substantially enhanced our special
assets group and centralized the management of certain problem
credits in late 2009. That change is already adding value as
witnessed by the drop in nonperforming assets during the fourth
quarter. Other positives for the year include robust growth in
customer deposits, strong levels of non-interest income, a
significant reduction in wholesale borrowings and related
improvement in our liquidity position, stout capital levels, and a
solid investment portfolio," Holly noted. "Moreover, there are
signs of improvement in the national economy and real estate values
in our market areas appear to have stabilized, giving cause for
guarded optimism. That being said, California's economy remains
under considerable stress, and the year ahead is likely to be
another challenging year. Resolving credit issues, growing core
deposits and controlling expenses will be key focus areas this
year, and we also plan to ready ourselves for opportunities that
will arise as economic improvement becomes more pronounced. This
should enable us to remain profitable and progressively resume
asset growth, thereby serving the best interest of our loyal
shareholders, customers and employees," Holly concluded. Financial
Highlights Net interest income increased $1.9 million, or 14%, for
the fourth quarter, and $1.4 million, or 2%, for the year in 2009,
relative to 2008. The increase for the quarter can be explained by
a 66 basis point increase in our net interest margin, the impact of
which was partially offset by a $9 million drop in average
interest-earning assets. For the year-over-year comparison, average
interest-earning assets were $24 million higher, although growth
during the past year has been in investments and fed funds sold
while higher-yielding loan balances declined. Our net interest
margin was 2 basis points higher in 2009 than in 2008. Our net
interest margin was significantly impacted by net interest
reversals and recoveries in 2009 and 2008. The variance in our net
interest margin for the comparative quarters would have been
negative 6 basis points, if not for net interest recoveries of
$564,000 in the fourth quarter of 2009 relative to net interest
reversals of $1.6 million in the fourth quarter of 2008. Net
interest reversals for the year totaled only $148,000 in 2009 but
were close to $2 million in 2008, and without those reversals our
net interest margin would have dropped 13 basis points. Our net
interest margin was negatively impacted by increases in average
non-performing assets, which were $56 million higher for the
quarterly comparison and $47 million higher for the year. Those
unfavorable variances were partially offset by a lower cost of
funds, resulting from higher average core deposit balances and the
easing of market pressures on deposit rates. Our current interest
rate risk profile indicates that, all else being equal, if interest
rates were to increase by 100 basis points over the next 12 months,
interest-earning assets would initially re-price more slowly than
interest-bearing liabilities which could have a slight negative
impact on our net interest margin. The more rates rise, however,
the more asset-sensitive we become and the more the initial
negative impact would be offset. If interest rates were to decline,
rates on many of our deposits would hit natural floors of close to
zero while asset yields would continue to decline, compressing our
net interest margin and also creating a negative impact on net
interest income. The Company's loan loss provision was down $10
million, or 74%, in the fourth quarter of 2009 relative to the
fourth quarter of 2008, but was up by $2 million, or 11%, for the
year. The drop for the quarter is due to the exceptional level of
provisioning in the fourth quarter of 2008, resulting from
significant growth in the balance of non-performing assets and a
high level of loan losses. Net loans charged off in the fourth
quarter of 2009 were $3.2 million versus a total of $9.8 million in
the fourth quarter of 2008, while net charge-offs for the year were
$13.0 million in 2009 and $16.6 million in 2008. Much of the
charged-off amount in the fourth quarter of 2008 came from writing
down just six non-accruing acquisition/development and land loans,
due to updated appraisals reflecting steep declines in fair values.
The level of real-estate loan charge-offs declined in 2009, but we
did experience higher levels of unsecured consumer and commercial
loan charge-offs as well as an increase in charge-offs on
agricultural production loans. In addition to reserve replenishment
related to charge-offs, much of our 2009 loan loss provision was
used to enhance specific reserves on nonperforming loans, which
increased to $47 million at the end of 2009 from $30 million at the
end of 2008. Our detailed analysis indicates that as of December
31, 2009, the Company's $23.7 million allowance for loan and lease
losses should be sufficient to cover credit losses inherent in loan
and lease balances outstanding as of that date. However, no
assurance can be given that we will not experience substantial
future losses relative to the size of the allowance. Our allowance
for loan and lease losses was 2.68% of total loans at December 31,
2009, up from 1.59% at year-end 2008. Service charge income on
deposits increased slightly in the fourth quarter of 2009 relative
to the fourth quarter of 2008, and was up by $349,000, or 3%, for
the year-over-year comparison. While the Company's transaction
accounts and associated balances are increasing, service charges
have declined as a percentage of those balances despite increases
in per-transaction fees. Because the decline is centered in
returned item and overdraft fees, the largest component of deposit
service charges, it is our assumption that consumers and businesses
are managing cash more carefully in this difficult economy. The $1
million gain on investments in 2009 primarily represents gains
taken on the sale of $30 million in mortgage-backed securities in
September. We reinvested the proceeds in high-quality agency-issued
mortgage-backed securities, with the overall transaction having a
positive net present value due to interest rate anomalies and the
timing of sales versus purchases. Investment gains in 2008 consist
entirely of gains on called securities. There were no material
changes in loan sale and servicing income, but other non-interest
income increased by $377,000, or 56%, for the quarter, and by
$126,000, or 3%, for the year. The increase for the quarter is
primarily due to a significant increase in income from bank-owned
life insurance (BOLI). The annual increase also includes a
substantially higher level of BOLI income, but much of that
increase was negated by non-recurring income in the first quarter
of 2008. BOLI income increased $503,000 for the quarter and $1.2
million for the year, because of 2009 gains on BOLI associated with
deferred compensation plans relative to losses in 2008, although
associated deferred compensation plan expense accruals were also
higher, as noted below. Additional factors contributing to the
change in other non-interest income for the fourth quarter and the
year include the following: dividends on our $9 million investment
in FHLB stock were suspended for most of 2009, leading to a drop in
income on restricted stock totaling $73,000 for the quarter and
$523,000 for the year; pass-through operating costs associated with
our investment in low-income housing tax credit funds, which are
accounted for as a reduction in income, declined $66,000 for the
quarter but increased by $201,000 for the year; we recognized a
one-time gain of $289,000 in the first quarter of 2008 resulting
from the mandatory redemption of a portion of our Visa shares,
pursuant to Visa's initial public offering in March 2008; we
realized a non-recurring $82,000 gain on the sale of property
adjacent to one of our branches in the first quarter of 2008; and
we received a non-recurring $75,000 contingent final payment in the
first quarter of 2008 related to the outsourcing of our merchant
services function in 2006. With regard to non-interest expense,
salaries and benefits increased by $1.8 million, or 58%, for the
fourth quarter of 2009 and by $2.3 million, or 14%, for the year,
relative to 2008. The relatively large increase in the fourth
quarter is due to the reversal in the fourth quarter of 2008 of
$1.6 million that had been accrued for incentive compensation
payments. A similar reversal was reflected in the third quarter in
2009, so the net impact on the year-over -year comparison was
minimal. The increase in salaries and benefits for the year can be
attributed in part to an $861,000 drop in salaries deferred
pursuant to FAS 91, due to lower loan origination activity.
Furthermore, as noted above, because of participant gains on
deferred compensation plans in 2009 relative to losses in 2008,
deferred compensation expense accruals increased by $300,000 for
the fourth quarter and $768,000 for the year, although deferred
compensation expense accruals are offset by non-taxable gains on
BOLI. Also impacting compensation costs were normal annual salary
adjustments, the addition of staff for branches opened in July and
November of 2008 and October of 2009, and strategic staff additions
in 2009 to help address credit issues and position the Company for
future growth opportunities. Occupancy expense also increased,
rising by $58,000, or 3%, for the fourth quarter and by $441,000,
or 7%, for the year, due primarily to costs associated with our
newer branches and annual rent increases. Other non-interest
expenses rose by $1.2 million, or 36%, for the fourth quarter of
2009 and by $5.5 million, or 44%, for the year, relative to 2008.
The largest increase in this category was in FDIC costs, which were
up $539,000 for the quarter and $2.8 million for the year. The
annual increase includes a $592,000 accrual in the second quarter
of 2009 for an industry-wide special assessment, and the increases
for both the quarter and the year reflect significantly higher
regular assessment rates. Other large changes in non-interest
expenses for the comparative 2009 and 2008 periods include the
following: Marketing expense declined by $216,000 for the quarter
and by $417,000 for the year; lending costs increased by $236,000
for the quarter and $1.5 million for the year, due to foreclosed
asset write-downs, an increase in foreclosed asset operating
expenses, higher demand and foreclosure costs, and higher appraisal
costs; legal costs associated with collections were up $169,000 for
the quarter and $148,000 for the year; deposit-related costs were
up $429,000 for the year, due in large part to a non-recurring
$104,000 EFT processing rebate received in the second quarter of
2008 and one-time incentives totaling $242,000 received in the
first quarter of 2008; and, gains on directors deferred
compensation plans in 2009 relative to losses in 2008 resulted in
increases in expense accruals for deferred directors' fees totaling
$288,000 for the quarter and $796,000 for the year. Our income tax
accrual rate in 2009 was 24.5% for the fourth quarter and 6.8% for
the year. It appears relatively low in comparison to prior years
due to lower taxable income, higher levels of tax-exempt interest
income and BOLI income, and a high level of tax credits relative to
taxable income. Our tax credits stem from investments in low-income
housing tax credit funds, as well as hiring tax credits. Balance
sheet changes during 2009 include an increase in total assets of $8
million, or 1%. All of the net growth in assets came from higher
levels of investment securities and interest-earning bank balances.
Investment portfolio balances increased by $35 million, or 14%, due
to growth in agency-issued mortgage-backed and municipal
securities. As noted earlier, we repositioned our investment
portfolio in September, thereby realizing $1 million in gains but
slightly increasing duration. Interest-earning balances in banks
increased by $27 million, primarily due to year-end balances left
in our Federal Reserve Bank account at higher yields than could be
realized by selling those balances to correspondent banks as fed
funds. Non-earning cash and balances due from banks declined $7
million during the year, partially offsetting the increase in
interest-earning balances, and the balance of fed funds sold
dropped to zero at the end of 2009 from $6 million at year-end
2008. Gross loans and lease balances were down $62 million, or 7%,
for the year. Real estate loan balances dropped $39 million, or 6%,
due to runoff, the charge-off or write-down of uncollectible
balances, and transfers to OREO. Commercial loans were down $10
million, or 7%, and consumer loans declined $8 million, or 12%,
also because of runoff and a relatively high level of charge-offs.
Agricultural production loans dropped $4 million, or 27%, due
mainly to seasonal fluctuations. Weak loan demand from quality
borrowers and heightened selectivity on the part of the Company in
a difficult credit environment contributed to overall loan runoff.
The $73 million balance of non-performing assets at December 31,
2009 reflects an increase of $36 million, or 96%, since year-end
2008, but a drop of $7 million, or 9%, relative to the balance at
the end of the third quarter. The annual increase includes net
increases of $17 million in nonperforming loans and $19 million in
foreclosed assets. The increase in nonperforming loans came from
the net addition of $11 million in loans secured by real estate, $3
million in commercial loans, and $3 million in SBA loans. The drop
in nonperforming assets in the fourth quarter was primarily in real
estate loans, which were down $12 million, although foreclosed
assets increased by $2 million. All impaired assets at December 31,
2009 are carried at the lower of cost or fair market value, and are
well-reserved based on current loss expectations. Our allowance for
loan and lease losses increased to $23.7 million at the end of
2009, from $15.1 million at the end of 2008. Other assets were up
$27 million for the year. The increase includes a $19 million
increase in foreclosed assets, as previously noted, as well as the
$6 million prepayment of FDIC fees. The prepaid asset now on our
books for FDIC fees has a slight negative impact on our net
interest margin since it requires funding, but it will be reduced
over the next three years as actual FDIC assessments are paid.
Total deposits increased by $64 million, or 6%, during 2009, and
core deposit balances, which exclude brokered deposits and time
deposits over $100,000, were up $109 million, or 17%. Customer
deposits, which exclude only wholesale-sourced brokered deposits,
increased by $151 million, or 16%, during the year. Much of the
growth in customer deposits was in time deposits, including a $29
million increase in CDARS deposits and a $45 million increase in
other customer time deposits. Non-maturity deposits also
experienced a healthy increase, with combined NOW/savings balances
up $58 million, or 37%, and money market deposits up $18 million,
or 12%. Customer repos, reflected in other interest-bearing
liabilities, were down $24 million because of the transfer of money
into money market deposits, and we were able to let $60 million in
FHLB borrowings roll off as the result of the increase in deposits
and the overall decline in funding needs. As noted previously, the
Company's private placement in August raised a net $20.4 million in
capital. With the addition of earnings, less dividends paid, and a
$1.7 million increase in accumulated other comprehensive income
resulting from an increase in the market value of our investment
securities, total capital increased by $27.7 million, or 26%,
during 2009. About Sierra Bancorp Sierra Bancorp is the holding
company for Bank of the Sierra (http://www.bankofthesierra.com/),
which is in its 33rd year of operations and is the largest
independent bank headquartered in the South San Joaquin Valley. The
Company has 24 branch offices, an agricultural credit center, an
SBA center, and an online "virtual" branch, with over 400
employees. The statements contained in this release that are not
historical facts are forward-looking statements based on
management's current expectations and beliefs concerning future
developments and their potential effects on the Company. Readers
are cautioned not to unduly rely on forward looking statements.
Actual results may differ from those projected. These
forward-looking statements involve risks and uncertainties
including but not limited to the health of the national and
California economies, the Company's ability to attract and retain
skilled employees, customers' service expectations, the Company's
ability to successfully deploy new technology, the success of
branch expansion, changes in interest rates, loan portfolio
performance, the Company's ability to secure buyers for foreclosed
properties, and other factors detailed in the Company's SEC
filings. CONSOLIDATED INCOME STATEMENT 3-Month Period Ended: (in
$000's, unaudited) 12/31/2009 12/31/2008 % Change Interest Income
$17,553 $17,923 -2.1% Interest Expense 2,306 4,547 -49.3% -----
----- Net Interest Income 15,247 13,376 14.0% Provision for Loan
& Lease Losses 3,597 13,636 -73.6% ----- ------ Net Int after
Provision 11,650 (260) -4580.8% Service Charges 2,970 2,948 0.7%
Loan Sale & Servicing Income 25 13 92.3% Other Non-Interest
Income 1,047 670 56.3% Gain (Loss) on Investments - - 0.0% --- ---
Total Non-Interest Income 4,042 3,631 11.3% Salaries & Benefits
4,930 3,113 58.4% Occupancy Expense 1,801 1,743 3.3% Other
Non-Interest Expenses 4,466 3,295 35.5% ----- ----- Total
Non-Interest Expense 11,197 8,151 37.4% Income Before Taxes 4,495
(4,780) Provision for Income Taxes 962 (2,897) --- ------ Net
(Loss) Income $3,533 $(1,883) ====== ======= TAX DATA Tax-Exempt
Muni Income $630 $591 6.6% Tax-Exempt BOLI Income $350 $(153)
-328.8% Interest Income -Fully Tax Equiv $17,892 $18,241 -1.9% NET
CHARGE-OFFS (RECOVERIES) $3,245 $9,817 -66.9%
---------------------------- ------ ------ ----- CONSOLIDATED
INCOME STATEMENT Year Ended: (in $000's, unaudited) 12/31/2009
12/31/2008 % Change Interest Income $70,146 $77,938 -10.0% Interest
Expense 12,177 21,329 -42.9% ------ ------ Net Interest Income
57,969 56,609 2.4% Provision for Loan & Lease Losses 21,574
19,456 10.9% ------ ------ Net Int after Provision 36,395 37,153
-2.0% Service Charges 11,552 11,203 3.1% Loan Sale & Servicing
Income 108 43 151.2% Other Non-Interest Income 4,520 4,394 2.9%
Gain (Loss) on Investments 1,099 347 216.7% ----- --- Total
Non-Interest Income 17,279 15,987 8.1% Salaries & Benefits
18,963 16,666 13.8% Occupancy Expense 6,949 6,508 6.8% Other
Non-Interest Expenses 18,226 12,685 43.7% ------ ------ Total
Non-Interest Expense 44,138 35,859 23.1% Income Before Taxes 9,536
17,281 -44.8% Provision for Income Taxes 608 3,868 -84.3% --- -----
Net (Loss) Income $8,928 $13,413 -33.4% ====== ======= TAX DATA
Tax-Exempt Muni Income $2,476 $2,368 4.6% Tax-Exempt BOLI Income
$1,561 $408 282.6% Interest Income -Fully Tax Equiv $71,479 $79,213
-9.8% NET CHARGE-OFFS (RECOVERIES) $12,952 $16,639 -22.2%
---------------------------- ------- ------- ----- PER SHARE DATA
3-Month Period Ended: (unaudited) 12/31/2009 12/31/2008 % Change
Basic Earnings per Share $0.30 ($0.19) Diluted Earnings per Share
$0.30 ($0.19) Common Dividends $0.10 $0.17 -41.2% Wtd. Avg. Shares
Outstanding 11,620,491 9,669,519 Wtd. Avg. Diluted Shares
11,662,363 9,799,069 Book Value per Basic Share (EOP) $11.57 $11.04
4.8% Tangible Book Value per Share (EOP) $11.10 $10.47 6.0% Common
Shares Outstanding (EOP) 11,620,491 9,673,291
------------------------- ---------- --------- PER SHARE DATA Year
Ended: (unaudited) 12/31/2009 12/31/2008 % Change Basic Earnings
per Share $0.86 $1.40 -38.6% Diluted Earnings per Share $0.86 $1.37
-37.2% Common Dividends $0.40 $0.68 -41.2% Wtd. Avg. Shares
Outstanding 10,343,502 9,607,184 Wtd. Avg. Diluted Shares
10,415,084 9,779,657 Book Value per Basic Share (EOP) $11.57 $11.04
4.8% Tangible Book Value per Share (EOP) $11.10 $10.47 6.0% Common
Shares Outstanding (EOP) 11,620,491 9,673,291
------------------------- ---------- --------- KEY FINANCIAL RATIOS
3-Month Period Ended: (unaudited) 12/31/2009 12/31/2008 Return on
Average Equity 10.48% -6.90% Return on Average Assets 1.07% -0.57%
Net Interest Margin (Tax- Equiv.) 5.23% 4.57% Efficiency Ratio
(Tax-Equiv.) 56.19% 47.57% Net C/O's to Avg Loans (not annualized)
0.36% 1.04% --------------------------- ---- ---- KEY FINANCIAL
RATIOS Year Ended: (unaudited) 12/31/2009 12/31/2008 Return on
Average Equity 7.56% 12.86% Return on Average Assets 0.68% 1.05%
Net Interest Margin (Tax- Equiv.) 5.00% 4.98% Efficiency Ratio
(Tax-Equiv.) 57.69% 48.73% Net C/O's to Avg Loans (not annualized)
1.40% 1.79% --------------------------- ---- ---- AVERAGE BALANCES
3-Month Period Ended: (in $000's, unaudited) 12/31/2009 12/31/2008
% Change Average Assets $1,310,418 $1,313,869 -0.3% Average
Interest-Earning Assets $1,181,958 $1,190,939 -0.8% Average Gross
Loans & Leases $901,685 $947,318 -4.8% Average Deposits
$1,094,037 $1,011,929 8.1% Average Equity $133,763 $108,590 23.2%
-------------- -------- -------- ---- AVERAGE BALANCES Year Ended:
(in $000's, unaudited) 12/31/2009 12/31/2008 % Change Average
Assets $1,307,951 $1,283,362 1.9% Average Interest-Earning Assets
$1,187,030 $1,163,405 2.0% Average Gross Loans & Leases
$926,326 $931,382 -0.5% Average Deposits $1,087,219 $944,891 15.1%
Average Equity $118,159 $104,269 13.3% -------------- --------
-------- ---- STATEMENT OF CONDITION End of Period: (in $000's,
unaudited) 12/31/2009 12/31/2008 Annual Chg ASSETS Cash and Due
from Banks $66,234 $46,010 44.0% Securities and Fed Funds Sold
278,168 248,913 11.8% Agricultural 9,865 13,542 -27.2% Commercial
& Industrial 132,229 142,674 -7.3% Real Estate 666,894 706,342
-5.6% SBA Loans 18,626 19,463 -4.3% Consumer Loans 56,992 64,619
-11.8% ------ ------ Gross Loans & Leases 884,606 946,640 -6.6%
Deferred Loan Fees (640) (1,365) -53.1% ---- ------ Loans &
Leases Net of Deferred Fees 883,966 945,275 -6.5% Allowance for
Loan & Lease Losses (23,715) (15,094) 57.1% ------- ------- Net
Loans & Leases 860,251 930,181 -7.5% Bank Premises &
Equipment 20,069 19,280 4.1% Other Assets 109,373 81,908 33.5%
------- ------ Total Assets $1,334,095 $1,326,292 0.6% ==========
========== LIABILITIES & CAPITAL Demand Deposits $233,204
$232,168 0.4% NOW / Savings Deposits 214,100 156,322 37.0% Money
Market Deposits 165,097 146,896 12.4% Time Certificates of Deposit
513,031 526,112 -2.5% ------- ------- Total Deposits 1,125,432
1,061,498 6.0% Junior Subordinated Debentures 30,928 30,928 0.0%
Other Interest-Bearing Liabilities 30,000 113,919 -73.7% ------
------- Total Deposits & Int.-Bearing Liab. 1,186,360 1,206,345
-1.7% Other Liabilities 13,255 13,147 0.8% Total Capital 134,480
106,800 25.9% ------- ------- Total Liabilities & Capital
$1,334,095 $1,326,292 0.6% --------------------------- ==========
========== --- CREDIT QUALITY DATA End of Period: (in $000's,
unaudited) 12/31/2009 12/31/2008 Annual Chg Non-Accruing Loans
$46,974 $29,786 57.7% Over 90 Days PD and Still Accruing - 71
-100.0% Foreclosed Assets 25,654 7,127 260.0% ------ ----- Total
Non-Performing Assets $72,628 $36,984 96.4% ======= =======
Non-Perf Loans to Total Loans 5.31% 3.15% Non-Perf Assets to Total
Assets 5.44% 2.79% Allowance for Ln Losses to Loans 2.68% 1.59%
-------------------------- ---- ---- OTHER PERIOD-END STATISTICS
End of Period: (unaudited) 12/31/2009 12/31/2008 Shareholders
Equity /Total Assets 10.1% 8.1% Loans / Deposits 78.6% 89.2%
Non-Int. Bearing Dep. / Total Dep. 20.7% 21.9%
----------------------- ---- ---- DATASOURCE: Sierra Bancorp
CONTACT: Ken Taylor, EVP/CFO, or Kevin McPhaill, EVP/Chief Banking
Officer, both of Sierra Bancorp, +1-559-782-4900, or 1-888-454-BANK
Web Site: http://www.bankofthesierra.com/
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