PORTERVILLE, Calif.,
Oct. 14 /PRNewswire-FirstCall/ --
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra,
today announced its financial results for the quarter and the nine
months ended September 30, 2010.
Net income for the quarter was $887,000, and diluted earnings per share were
$0.08. In comparison, the
Company recorded net income of $106,000 and earnings per share of $0.01 in the third quarter of 2009. The
third quarter of 2010 was effectively a break-even quarter, with
pretax income of $100,000, but a tax
accrual reversal, precipitated by the impact of tax credits on the
low level of pretax income, boosted net income. Net income
for the third quarter was also favorably impacted by a $2.6 million gain on investments, an increase of
$1.6 million from the third quarter
of 2009, and negatively impacted by OREO write-downs of
$3.9 million, an increase of
$3.0 million from the third quarter
of 2009. Sierra Bancorp generated an annualized return on
average equity of 2.49% and a return on average assets of 0.27% for
the third quarter of 2010.
For the first nine months of 2010 net income was $5.8 million, diluted earnings per share were
$0.49, return on average equity was
5.56%, and return on average assets was 0.58%. Notable
balance sheet changes in the first nine months of 2010 include the
following: Core non-maturity deposits grew $39 million, or 6%; customer time deposits were
down by $47 million, or 10%; and
wholesale-sourced brokered deposits declined by $28 million, or 100%. Furthermore,
investment securities and fed funds sold increased $40 million, or 15%, while gross loan and lease
balances dropped $57 million, or 6%,
and cash and balances due from banks dropped by $25 million due primarily to a lower
interest-earning balance maintained at the Federal Reserve Bank.
Also of note, nonperforming assets were up by $5 million, or 7%, during the nine months ended
September 30, 2010, although all of
the net increase was in the first quarter. Our allowance for
loan and lease losses dropped to 2.40% of total loans at
September 30, 2010, from 2.68% at the
end of 2009, due to the charge-off of loans against specific
reserves that had been maintained on certain nonperforming
loans.
"The economy has yet to show material improvement in our market
areas, but our financial performance during the recession, while
generally subdued in comparison to prior years, has typically been
favorable relative to regional peer banks," observed James C. Holly, President and CEO. "Our
return on assets has, in fact, been more than double that of our
regional peer group for the majority of quarters since the
recession began. While our core operating performance
remained strong in the recently-concluded quarter, net income
declined relative to the first two quarters of the year as we
disposed of select nonperforming assets and moved certain other
problem assets closer to resolution. The third quarter
includes a large level of loan charge-offs and write-downs on
impaired loans with specific reserves, a relatively high loan loss
provision, and additional write-downs on OREO properties, although
we were able to partially offset the negative impact with gains on
investment securities," Holly added. "In addition to the
gains taken on the sale of investment securities and solid
investment portfolio performance, other positives for the quarter
include growth in core deposits and a continued strong level of
non-interest income. Furthermore, simultaneous with this
earnings release we are announcing the pricing of a successful
capital raise, which will augment our already-healthy capital
levels," he concluded.
Financial Highlights
Net interest income declined by $299,000, or 2%, for the third quarter of 2010
relative to the third quarter of 2009, and fell $231,000 for the year-to-date comparison.
The drop for the quarter is due to the fact that our net
interest margin was 10 basis points lower. Negative factors
impacting our net interest margin for the quarter include a shift
from average loan balances into lower-yielding investment balances,
an increase in the average OREO balance, and a higher average
balance of other non-earning assets (primarily due to increases in
our prepaid FDIC assessment and net deferred tax asset).
Having a positive impact for the quarterly comparison were
increases in average non-interest bearing demand deposit balances
and average equity (due in large part to our private placement in
August 2009), which reduced our
reliance on interest-bearing liabilities. Net interest
reversals, which totaled $260,000 in
the third quarter of 2010 relative to $355,000 in the third quarter of 2009, also had
an impact on the quarterly comparison.
Net interest income for the first nine months of 2010 dropped by
$231,000 relative to the first nine
months of 2009, due to a $7 million
decline in average interest-earning assets that was partially
offset by a 1 basis point increase in our net interest margin.
The factors outlined for the quarterly comparison also
impacted our year-to-date net interest margin. In addition,
because of the easing of competitive pressures on deposits, the
weighted average cost of interest-bearing liabilities dropped by 52
basis points while our yield on interest-earning assets was only 42
basis points lower. Our current interest rate risk profile
indicates that, all else being equal, we may experience slight net
interest margin compression during the initial phases of an
interest rate hike, since a large volume of variable rate loans
that are currently at rate floors will not likely re-price
immediately. After the initial phases of an interest rate
hike, however, rates on most of those loans lift off of their
floors and we become more asset-sensitive.
The Company's loan loss provision was down $4.1 million, or 39%, in the third quarter of
2010 relative to the third quarter of 2009, and declined
$4.7 million, or 26%, for the
year-to-date comparison. Our loan loss provision in 2010 has
primarily been utilized for reserve replenishment subsequent to
loan charge-offs, and for specific reserves for loans migrating
into impaired status. Net loans charged off totaled
$11.4 million in the third quarter of
2010 relative to only $3.5 million in
the third quarter of 2009, and we experienced net charge offs
totaling $17.2 million in the first
nine months of 2010 relative to $9.7
million for the same period in the prior year.
Charge-offs were relatively high in the third quarter of
2010, because reserves that had been established over time for
specifically-identified losses on certain impaired loans were
determined to be uncollectible and were thus written off.
Some of those impaired loans were sold during the quarter,
some were transferred to OREO, and some remain on our balance sheet
on non-accrual status. Because most of the charge-offs during
the quarter relate to previously-established specific reserves, our
detailed analysis indicates that the Company's $19.8 million allowance for loan and lease losses
as of the end of the third quarter, although $5.0 million lower than at June 30, 2010, is expected to be sufficient to
cover credit losses inherent in loan and lease balances outstanding
as of September 30, 2010.
However, no assurance can be given that we will not
experience substantial future losses relative to the size of the
allowance. Because charge-offs, which mostly reduced specific
reserves, exceeded the provision for the first nine months of 2010,
our allowance for loan and lease losses fell to 2.40% of total
loans at September 30, 2010, from
2.68% at December 31, 2009 and 2.57%
at September 30, 2009.
Service charge income on deposits declined by $70,000, or 2%, in the third quarter of 2010
relative to the third quarter of 2009, and by $33,000, or less than 1%, for the comparative
year-to-date periods. Service charges continue to decline as
a percentage of average transaction account balances due to lower
overdraft activity, since consumers appear to be increasingly
careful in managing their account balances. Regulatory
changes regarding overdrafts on debit card and ATM transactions,
which became fully effective in mid-August
2010, also had a slight negative impact on our service
charge income in the third quarter, although the full quarterly
impact going forward has yet to be determined.
There were no material changes in loan sale and servicing income
for the comparative quarters or year-to-date periods, but we
realized $2.6 million in investment
gains in the third quarter of 2010 pursuant to an investment
portfolio restructuring. The bonds purchased in the
restructuring transaction consist of high-quality, agency-issued
mortgage-backed securities. The restructuring lowered our
annualized portfolio yield by 31 basis points. For the third
quarter of 2009, we realized a $1.0
million gain on the sale of investments.
Other non-interest income declined $46,000, or 3%, for the quarter, but increased by
$166,000, or 5%, for the year-to-date
comparison, primarily due to fluctuations in costs associated with
low-income housing tax credit investments (which are accounted for
as a reduction in income), income from bank-owned life insurance
(BOLI), net losses on the disposition of OREO, and increases in
debit card interchange fees. We adjusted expense accruals for
partnership losses on our tax credit investments subsequent to the
receipt of updated partnership financial statements, which
contributed to a reduction in tax credit investment costs (and an
associated increase in non-interest income) of $41,000 for the third quarter and $586,000 for the first nine months, relative to
the same periods in the prior year. BOLI income fell by
$147,000 for the quarter and by
$304,000 for the year-to-date
comparison, primarily because 2010 gains on BOLI associated with
deferred compensation plans were lower than gains in 2009.
For the third quarter, gains on deferred compensation BOLI
totaled $226,000 in 2010 relative to
$297,000 in 2009, and for the first
nine months, gains were $135,000 in
2010 relative to gains of $377,000 in
2009. Related deferred compensation plan expense accruals
were also lower, as noted below. We also realized a gain on
the exchange of select general-account BOLI policies in the third
quarter of 2009, which added to the decline in income attributable
to BOLI for both the quarter and the year-to-date periods.
Net losses on the disposition of OREO totaled $109,000 and $446,000 in the third quarter and first nine
months of 2010, respectively, relative to only $51,000 and $89,000
in the third quarter and first nine months of 2009. Debit
card interchange fees increased by $131,000 for the quarter and $346,000 for the first nine months due to
increased debit card activity, but associated debit card processing
costs were also up, as noted below.
With regard to non-interest expense, salaries and benefits were
up by $1.0 million, or 29%, for the
third quarter, and increased by $1.5
million, or 11%, for the first nine months of 2010 relative
to the first nine months of 2009. The increase in salaries
and benefits is primarily due to the third quarter 2009 reversal of
approximately $1.6 million that had
been accrued for incentive compensation payments, although
$700,000 was also reversed out of
accrued salaries and benefits in the third quarter of 2010 due to
the drop in net income relative to internal targets. Another
factor impacting the relative level of personnel expense was a drop
in the level of salaries and benefits associated with successful
loan originations, which are deferred pursuant to FASB guidelines.
Since the deferred amount declined due to lower loan
origination activity, this had the effect of increasing salaries
expense by $92,000 for the quarter
and $150,000 year-to-date. The
increase in salaries and benefits can also be attributed, in part,
to severance costs associated with selective staff reductions in
2010, normal annual salary adjustments, the addition of staff for
branches opened in October 2009 and
March 2010, and strategic staff
additions to help address credit issues and position the Company
for future growth opportunities. Having a favorable impact on
the variance in personnel expense was a decline in participant
gains on deferred compensation plans in 2010 relative to 2009,
which caused deferred compensation expense accruals to fall by
$27,000 for the third quarter and by
$89,000 for the first nine months,
although as noted above, deferred compensation expense accruals are
offset by non-taxable gains on BOLI. Occupancy expense
declined by $18,000, or 1%, for the
quarter, due mainly to a drop in depreciation expense and
maintenance/repair costs on furniture and equipment, but increased
by $184,000, or 4%, for the
year-to-date comparison, due primarily to costs associated with our
newer branches and annual rent increases.
Other non-interest expenses increased by $2.8 million, or 52%, for the third quarter of
2010 relative to the third quarter of 2009, and by $3.7 million, or 27%, for the first nine months
of 2010. The largest changes in this category were as
follows: OREO write-downs increased by $3.0 million for the third quarter, to a total of
$3.9 million in 2010, and by
$3.3 million for the first nine
months, to a total of $4.5 million in
2010; foreclosed asset operating expenses increased by $191,000 for the third quarter, to a total of
$256,000 in 2010, and by $555,000 for the first nine months, to a total of
$892,000 in 2010; FDIC costs declined
by $454,000 for the third quarter due
mainly to accrual adjustments in 2009, and fell by $745,000 for the first nine months due to the
aforementioned accrual adjustments and the $595,000 special assessment in the second quarter
of last year; deposit-related costs were up $139,000 for the quarter and $486,000 year-to-date, due to increased expenses
associated with our online checking product, ATM servicing, and
debit card processing; data processing costs increased by
$121,000 for the quarter and
$285,000 year-to-date, due mainly to
increases in internet banking and software maintenance costs; lower
gains on directors deferred compensation plans in 2010 relative to
2009 resulted in a $16,000 drop in
expense accruals for deferred directors' fees for the quarter and a
$156,000 decline for the first nine
months; and, we realized a year-to-date loss of $111,000 in 2010 upon the disposition of
equipment subsequent to the termination of certain operating
leases.
The negative income tax provision for the third quarters of 2010
and 2009 helped boost net income for both quarters. This is
the result of a relatively high level of tax credits, which have a
greater impact than might be expected due to the favorable effect
of tax-exempt interest income and BOLI income on pre-tax income.
Our tax credits stem from investments in low-income housing
tax credit funds, as well as hiring tax credits. The
Company's income tax accrual is also negative for the first nine
months of 2009, in spite of positive pre-tax income, because tax
credits exceeded our tax liability.
Balance sheet changes during the first nine months of 2010
include a drop in total assets of $35
million, or 3%, due to a reduction in cash and balances due
from banks and lower loan balances, partially offset by growth in
investment securities. The drop in cash and balances due from
banks was the result of a $32 million
reduction in interest-bearing balances at the Federal Reserve Bank,
due to a drop in surplus liquidity and the deployment of cash into
longer-term, higher-yielding investments. The reduction in
interest-earning bank balances was partially offset by a
$7 million increase in non-earning
cash and balances due from banks resulting from timing differences
related to cash items (checks) in process of collection.
Investment portfolio balances increased by $40 million, or 15%, due to growth in
agency-issued mortgage-backed securities and municipal bonds.
The unrealized net gain on our investment securities dropped
to $4.6 million at September 30, 2010 from $7.2 million at June 30,
2010, due to the aforementioned gains taken on the sale of
securities during the third quarter.
Gross loan and lease balances were down $57 million, or 6%, in the first nine months of
2010, due to runoff in the normal course of business, transfers to
OREO, and charge-offs, as well as loan payoffs and sales. All
loan categories shown on the summary balance sheet declined except
for SBA loans, which experienced a very small increase. Weak
loan demand from quality borrowers and heightened selectivity on
the part of the Company in a difficult credit environment
contributed to net loan runoff.
The $77 million balance of
nonperforming assets at September 30,
2010 reflects an increase of $5
million, or 7%, since year-end 2009, but represents a slight
decline of $2 million, or 3%,
relative to September 30, 2009.
The increase for the first nine months of 2010 is primarily
due to a higher level of nonperforming loans, which came from the
net addition of $6.3 million in loans
secured by real estate and $415,000
in consumer loans, net of small reductions in nonperforming
commercial loans, direct finance leases and SBA loans.
Foreclosed assets reflect a net increase of $244,000, or 1%, for the first nine months of
2010. All impaired assets are either well-reserved based on
current loss expectations, or are carried at the fair value of the
underlying collateral, net of expected disposition costs. In
addition to nonperforming assets, we had $12.8 million in performing restructured troubled
debt (TDR's) as of September 30,
2010, a drop of $15.3 million,
or 54%, relative to year-end 2009. The drop in performing
TDR's is due to loan balances that were upgraded because they are
well-seasoned and paying interest at market rates, as well as the
placement on non-accrual status of a loan that is still paying
interest as agreed but for which the collection of a portion of
outstanding principal is in doubt. Our allowance for loan and
lease losses fell to $19.8 million at
September 30, 2010, from $23.7 million at the end of 2009. As noted
above, the decline in our loan loss allowance is the result of
charging off specific reserves that were determined to be
uncollectible, for certain impaired collateral-dependent loans.
Total deposits declined by $36
million, or 3%, during the first nine months of 2010.
Non-maturity deposits, however, experienced significant
growth due in part to our aggressive deposit acquisition programs,
with non-interest bearing demand deposits up $12 million, or 5%, NOW deposits up $30 million, or 20%, and savings deposits
increasing $10 million, or 16%.
Money market deposits, however, dropped $13 million, or 8%. Customer-sourced time
deposits also declined by a total of $47
million, or 10%, due primarily to the fact that we have
managed down balances from larger depositors to reduce our exposure
to potential single-customer withdrawals. We also let
$28 million in wholesale-sourced
brokered deposits roll off in the first nine months of 2010.
Due to an increase in capital and a reduction in assets, our
capital ratios continued to strengthen during the first nine months
of 2010, and, as noted above, will increase further in the fourth
quarter with the addition of capital from our current capital
raise.
About Sierra Bancorp
Sierra Bancorp is the holding company for Bank of the Sierra
(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 conducts business from 25 branch offices, an
agricultural credit center, an SBA center, and an online "virtual"
branch, and has 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, including
the "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of the
Company's most recent Form 10-K and Form 10-Q.
CONSOLIDATED INCOME
STATEMENT
|
3-Month
Period Ended:
|
|
9-Month
Period Ended:
|
|
(in $000's,
unaudited)
|
9/30/2010
|
9/30/2009
|
%
Change
|
|
9/30/2010
|
9/30/2009
|
%
Change
|
|
Interest Income
|
$
15,908
|
$
17,024
|
-6.6%
|
|
$
48,471
|
$
52,593
|
-7.8%
|
|
Interest Expense
|
1,886
|
2,703
|
-30.2%
|
|
5,980
|
9,871
|
-39.4%
|
|
Net Interest
Income
|
14,022
|
14,321
|
-2.1%
|
|
42,491
|
42,722
|
-0.5%
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan & Lease
Losses
|
6,380
|
10,474
|
-39.1%
|
|
13,280
|
17,977
|
-26.1%
|
|
Net Int after
Provision
|
7,642
|
3,847
|
98.6%
|
|
29,211
|
24,745
|
18.0%
|
|
|
|
|
|
|
|
|
|
|
Service Charges
|
2,959
|
3,029
|
-2.3%
|
|
8,549
|
8,582
|
-0.4%
|
|
Loan Sale & Servicing
Income
|
29
|
53
|
-45.3%
|
|
76
|
83
|
-8.4%
|
|
Other Non-Interest
Income
|
1,426
|
1,472
|
-3.1%
|
|
3,639
|
3,473
|
4.8%
|
|
Gain (Loss) on
Investments
|
2,639
|
1,004
|
162.8%
|
|
2,639
|
1,099
|
140.1%
|
|
Total Non-Interest
Income
|
7,053
|
5,558
|
26.9%
|
|
14,903
|
13,237
|
12.6%
|
|
|
|
|
|
|
|
|
|
|
Salaries &
Benefits
|
4,582
|
3,543
|
29.3%
|
|
15,511
|
14,033
|
10.5%
|
|
Occupancy Expense
|
1,774
|
1,792
|
-1.0%
|
|
5,332
|
5,148
|
3.6%
|
|
Other Non-Interest
Expenses
|
8,239
|
5,406
|
52.4%
|
|
17,473
|
13,760
|
27.0%
|
|
Total Non-Interest
Expense
|
14,595
|
10,741
|
35.9%
|
|
38,316
|
32,941
|
16.3%
|
|
|
|
|
|
|
|
|
|
|
Income Before
Taxes
|
100
|
(1,336)
|
|
|
5,798
|
5,041
|
|
|
Provision for Income
Taxes
|
(787)
|
(1,442)
|
|
|
27
|
(354)
|
|
|
Net
Income
|
$
887
|
$
106
|
736.8%
|
|
$
5,771
|
$
5,395
|
7.0%
|
|
|
|
|
|
|
|
|
|
|
Tax Data
|
|
|
|
|
|
|
|
|
Tax-Exempt Muni
Income
|
$
695
|
$
637
|
9.1%
|
|
$
2,012
|
$
1,846
|
9.0%
|
|
Tax-Exempt BOLI
Income
|
$
484
|
$
631
|
-23.3%
|
|
$
908
|
$
1,211
|
-25.0%
|
|
Interest Income - Fully Tax
Equiv
|
$
16,282
|
$
17,367
|
-6.2%
|
|
$
49,554
|
$
53,587
|
-7.5%
|
|
|
|
|
|
|
|
|
|
|
Net Charge-Offs
(Recoveries)
|
$
11,420
|
$
3,468
|
229.3%
|
|
$
17,161
|
$
9,707
|
76.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
3-Month
Period Ended:
|
|
9-Month
Period Ended:
|
|
(unaudited)
|
9/30/2010
|
9/30/2009
|
%
Change
|
|
9/30/2010
|
9/30/2009
|
%
Change
|
|
Basic Earnings per
Share
|
$0.08
|
$0.01
|
700.0%
|
|
$0.50
|
$0.54
|
-7.4%
|
|
Diluted Earnings per
Share
|
$0.08
|
$0.01
|
700.0%
|
|
$0.49
|
$0.54
|
-9.3%
|
|
Common Dividends
|
$0.06
|
$0.10
|
-40.0%
|
|
$0.18
|
$0.30
|
-40.0%
|
|
|
|
|
|
|
|
|
|
|
Wtd. Avg. Shares
Outstanding
|
11,650,137
|
10,376,980
|
|
|
11,642,517
|
9,913,159
|
|
|
Wtd. Avg. Diluted
Shares
|
11,738,067
|
10,457,054
|
|
|
11,728,261
|
9,992,984
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Basic Share
(EOP)
|
$11.88
|
$11.38
|
4.4%
|
|
$11.88
|
$11.38
|
4.4%
|
|
Tangible Book Value per Share
(EOP)
|
$11.41
|
$10.90
|
4.7%
|
|
$11.41
|
$10.90
|
4.7%
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding
(EOP)
|
11,650,741
|
11,620,491
|
|
|
11,650,741
|
11,620,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL
RATIOS
|
3-Month
Period Ended:
|
|
|
9-Month
Period Ended:
|
|
|
(unaudited)
|
9/30/2010
|
9/30/2009
|
|
|
9/30/2010
|
9/30/2009
|
|
|
Return on Average
Equity
|
2.49%
|
0.35%
|
|
|
5.56%
|
6.39%
|
|
|
Return on Average
Assets
|
0.27%
|
0.03%
|
|
|
0.58%
|
0.55%
|
|
|
Net Interest Margin
(Tax-Equiv.)
|
4.85%
|
4.95%
|
|
|
4.93%
|
4.92%
|
|
|
Efficiency Ratio
(Tax-Equiv.)
|
76.10%
|
54.81%
|
|
|
67.35%
|
58.21%
|
|
|
Net C/O's to Avg Loans (not
annualized)
|
1.35%
|
0.38%
|
|
|
1.99%
|
1.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES
|
3-Month
Period Ended:
|
|
9-Month
Period Ended:
|
|
(in $000's,
unaudited)
|
9/30/2010
|
9/30/2009
|
%
Change
|
|
9/30/2010
|
9/30/2009
|
%
Change
|
|
Average Assets
|
$ 1,323,858
|
$ 1,294,068
|
2.3%
|
|
$ 1,323,260
|
$ 1,307,120
|
1.2%
|
|
Average Interest-Earning
Assets
|
$ 1,177,251
|
$ 1,175,630
|
0.1%
|
|
$ 1,181,636
|
$ 1,188,646
|
-0.6%
|
|
Average Gross Loans &
Leases
|
$
843,967
|
$
923,513
|
-8.6%
|
|
$
862,591
|
$
934,689
|
-7.7%
|
|
Average Deposits
|
$ 1,100,700
|
$ 1,071,476
|
2.7%
|
|
$ 1,104,263
|
$ 1,084,922
|
1.8%
|
|
Average Equity
|
$
141,385
|
$
118,658
|
19.2%
|
|
$
138,684
|
$
112,900
|
22.8%
|
|
|
|
|
|
|
|
|
|
STATEMENT OF
CONDITION
|
End of
Period:
|
|
|
|
|
|
(in $000's,
unaudited)
|
9/30/2010
|
12/31/2009
|
9/30/2009
|
|
Annual
Chg
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and Due from
Banks
|
$
41,693
|
$
66,234
|
$
33,716
|
|
23.7%
|
|
|
|
Securities and Fed Funds
Sold
|
318,510
|
278,168
|
267,079
|
|
19.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
|
10,114
|
10,136
|
13,466
|
|
-24.9%
|
|
|
|
Commercial &
Industrial
|
112,215
|
132,817
|
139,666
|
|
-19.7%
|
|
|
|
Real Estate
|
637,682
|
667,228
|
678,216
|
|
-6.0%
|
|
|
|
SBA Loans
|
19,022
|
18,626
|
18,979
|
|
0.2%
|
|
|
|
Consumer Loans
|
48,245
|
55,799
|
59,158
|
|
-18.4%
|
|
|
|
Gross Loans &
Leases
|
827,278
|
884,606
|
909,485
|
|
-9.0%
|
|
|
|
Deferred Loan Fees
|
(49)
|
(640)
|
(383)
|
|
-87.2%
|
|
|
|
Loans & Leases
Net of Deferred Fees
|
827,229
|
883,966
|
909,102
|
|
-9.0%
|
|
|
|
Allowance for Loan & Lease
Losses
|
(19,834)
|
(23,715)
|
(23,363)
|
|
-15.1%
|
|
|
|
Net Loans &
Leases
|
807,395
|
860,251
|
885,739
|
|
-8.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Premises &
Equipment
|
20,128
|
20,069
|
19,779
|
|
1.8%
|
|
|
|
Other Assets
|
112,329
|
110,827
|
100,736
|
|
11.5%
|
|
|
|
Total
Assets
|
$
1,300,055
|
$
1,335,549
|
$
1,307,049
|
|
-0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES &
CAPITAL
|
|
|
|
|
|
|
|
|
Demand Deposits
|
$
245,424
|
$
233,204
|
$
227,413
|
|
7.9%
|
|
|
|
NOW Deposits
|
181,771
|
151,821
|
119,610
|
|
52.0%
|
|
|
|
Savings Deposits
|
72,267
|
62,279
|
63,213
|
|
14.3%
|
|
|
|
Money Market Deposits
|
152,296
|
165,097
|
162,975
|
|
-6.6%
|
|
|
|
Customer Time
Deposits
|
437,797
|
485,031
|
461,640
|
|
-5.2%
|
|
|
|
Wholesale Brokered
Deposits
|
-
|
28,000
|
28,000
|
|
-100.0%
|
|
|
|
Total
Deposits
|
1,089,555
|
1,125,432
|
1,062,851
|
|
2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior Subordinated
Debentures
|
30,928
|
30,928
|
30,928
|
|
0.0%
|
|
|
|
Other Interest-Bearing
Liabilities
|
27,260
|
30,000
|
68,844
|
|
-60.4%
|
|
|
|
Total Deposits
& Int.-Bearing Liab.
|
1,147,743
|
1,186,360
|
1,162,623
|
|
-1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities
|
13,843
|
14,709
|
12,161
|
|
13.8%
|
|
|
|
Total Capital
|
138,469
|
134,480
|
132,265
|
|
4.7%
|
|
|
|
Total Liabilities
& Capital
|
$
1,300,055
|
$
1,335,549
|
$
1,307,049
|
|
-0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
DATA
|
End of
Period:
|
|
|
|
|
|
(in $000's,
unaudited)
|
9/30/2010
|
12/31/2009
|
9/30/2009
|
|
Annual
Chg
|
|
|
|
Non-Accruing Loans
|
$
51,464
|
$
46,974
|
$
56,297
|
|
-8.6%
|
|
|
|
Over 90 Days PD and Still
Accruing
|
-
|
-
|
-
|
|
0.0%
|
|
|
|
Foreclosed Assets
|
25,898
|
25,654
|
23,327
|
|
11.0%
|
|
|
|
Total
Non-Performing Assets
|
$
77,362
|
$
72,628
|
$
79,624
|
|
-2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing TDR's (not incl. in
NPA's)
|
$
12,766
|
$
28,024
|
$
10,334
|
|
23.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Perf Loans to Total
Loans
|
6.22%
|
5.31%
|
6.19%
|
|
|
|
|
|
NPA's to Loans plus Foreclosed
Assets
|
9.07%
|
7.98%
|
8.54%
|
|
|
|
|
|
Allowance for Ln Losses to
Loans
|
2.40%
|
2.68%
|
2.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
STATISTICS
|
End of
Period:
|
|
|
|
|
|
(unaudited)
|
9/30/2010
|
12/31/2009
|
9/30/2009
|
|
|
|
|
|
Shareholders Equity / Total
Assets
|
10.7%
|
10.1%
|
10.1%
|
|
|
|
|
|
Loans / Deposits
|
75.9%
|
78.6%
|
85.6%
|
|
|
|
|
|
Non-Int. Bearing Dep. / Total
Dep.
|
22.5%
|
20.7%
|
21.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Sierra Bancorp
Copyright . 14 PR Newswire