PORTERVILLE, Calif.,
Jan. 24, 2011 /PRNewswire/ --
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra,
today announced its financial results for the quarter and the year
ended December 31, 2010. Net
income for the fourth quarter was $1.6
million, and diluted earnings per share were $0.12. This represents an increase relative
to the third quarter of 2010, but is lower than the $3.5 million net income and $0.30 earnings per share recognized in the fourth
quarter of 2009. The decline in fourth quarter net income
relative to the prior year is primarily the result of higher OREO
write-downs and losses on the sale of OREO properties, as well as a
drop in net interest income. Sierra Bancorp had an annualized
return on average equity of 4.08% and a return on average assets of
0.48% for the fourth quarter of 2010.
For the year ended December 31,
2010, net income was $7.4
million, diluted earnings per share were $0.60, return on average equity was 5.16%, and
return on average assets was 0.56%. Notable balance sheet
changes in 2010 include the following: Core non-maturity
deposits grew $55 million, or 9%;
customer time deposits were down by $100
million, or 21%; wholesale-sourced brokered deposits
declined by $28 million, or 100%; and
total capital increased $25 million,
or 19%. Furthermore, investment securities and fed funds sold
increased $54 million, or 19%, while
gross loan and lease balances dropped $79
million, or 9%, and cash and balances due from banks dropped
by $24 million due primarily to a
lower interest-earning balance maintained at the Federal Reserve
Bank. Another significant occurrence during 2010 was the net
reduction of $6 million in
nonperforming assets, representing an 8% decline for the year.
Our allowance for loan and lease losses was 2.62% of total
loans at December 31, 2010, just a
slight decline relative to the ratio at the end of 2009 despite the
charge-off of a significant volume of loan balances against
specific reserves during 2010.
"The fourth quarter of 2010 was very eventful for the Bank,"
commented James C. Holly, President
and CEO. "We closed on a successful capital raise, as
announced previously, completed an FDIC safety and soundness exam,
and, notably, reduced nonperforming assets to their lowest level
since June of 2009 thanks to the diligent efforts of our dedicated
staff," Holly explained. "Despite recent accomplishments, we
expect continued challenges in 2011. The California economy
is still struggling, credit costs remain at elevated levels, the
lending environment is becoming more competitive, and there are new
pressures on non-interest income, including overdraft fees and EFT
interchange fees," he noted further. "We recognize the need
for continued work on decreasing nonperforming assets, and we also
plan to step up efforts to generate additional loan balances and
identify additional sources of non-interest income. That
said, core earnings are strong and net income is still positive,
the Bank is well-capitalized and has ample liquidity, and we remain
committed to the ongoing success of Sierra Bancorp and Bank of the
Sierra," Holly concluded.
Financial Highlights
Net interest income declined by $1.6
million, or 10%, for the fourth quarter, and was down
$1.8 million, or 3%, for the year in
2010, relative to 2009. The drop for the quarter is due to
the fact that average interest-earning assets declined by
$25 million, and our net interest
margin was 41 basis points lower. Net interest recoveries,
which totaled only $99,000 in the
fourth quarter of 2010 relative to $564,000 in the fourth quarter of 2009, account
for 16 basis points of the decline in our net interest margin.
Additional negative factors impacting our net interest margin
for the quarter include a shift from average loan balances into
lower-yielding investment balances, and higher average balances for
non-interest earning cash and due from banks and other non-earning
assets (primarily our net deferred tax asset and prepaid FDIC
assessment). Partially offsetting the negative pressures on
our net interest margin for the quarterly comparison were a shift
from non-deposit borrowings, brokered CD's, and jumbo time deposits
into lower-cost core deposits, and a reduced reliance on
interest-bearing liabilities resulting from increases in the
average balances of non-interest bearing demand deposits and
equity.
Net interest income was also lower for the entire year in 2010
relative to 2009, due to an $11
million drop in average interest-earning assets and a 10
basis point decline in our net interest margin. Our net
interest margin in 2010 relative to 2009 was impacted by most of
the factors outlined for the quarterly comparison, but rather than
net interest recoveries we had net interest reversals of
$566,000 in 2010 and $148,000 in 2009. Despite the recent
steepening of the yield curve and reductions in nonperforming
assets, which would typically be expected to have a favorable
impact on our net interest margin, we expect that our margin could
continue to experience slight contraction due to heightened
competitive pressures on loan yields.
The Company's loan loss provision was down $197,000, or 5%, in the fourth quarter, and
declined by $4.9 million, or 23%, for
the year, in 2010 relative to 2009. Our loan loss provision
in 2010 has primarily been utilized to build general reserves for
performing loans due to higher historical loss factors, provide
specific reserves for loans that migrated into impaired status, and
replenish reserves subsequent to loan charge-offs. Net loans
charged off totaled $2.1 million in
the fourth quarter of 2010 relative to $3.2
million in the fourth quarter of 2009, and we experienced
net charge offs totaling $19.3
million for the year in 2010 relative to $13.0 million in 2009. Charge-offs were
relatively high in 2010 because reserves that had been established
over time for specifically-identified losses on certain impaired
loans were determined to be uncollectible and written off,
primarily during the third quarter.
Income derived from service charges on deposits declined by
$307,000, or 10%, in the fourth
quarter of 2010 relative to the fourth quarter of 2009, and by
$340,000, or 3%, for the comparative
years. Regulatory changes relating to overdrafts on debit
card and ATM transactions became fully effective in mid-August 2010, so the fourth quarter of 2010 is
the first interim period where the full impact of those changes on
income is evident. In addition to regulatory changes,
consumers appear to be increasingly careful in managing their
account balances, which has led to lower levels of overdraft
activity and is also negatively impacting service charge
income.
There were no material changes in loan sale and servicing income
for the comparative quarters or years, but we realized $2.6 million in investment gains in the third
quarter of 2010 pursuant to an investment portfolio restructuring,
which resulted in an increase of $1.5
million, or 140%, in investment gains for the year.
Other non-interest income declined $803,000, or 77%, for the quarter, and dropped by
$636,000, or 14%, for the year,
primarily due to the net impact of 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, losses
related to operating leases, 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 $50,000 for the fourth quarter and $635,000 for the year in 2010, relative to the
prior year. BOLI income increased by $124,000 for the quarter but was $179,000 lower for the year, primarily because of
fluctuations in income on BOLI associated with deferred
compensation plans. Related deferred compensation plan
expense accruals experienced similar variability, as noted below.
Net losses on the disposition of OREO totaled $1.1 million in the fourth quarter of 2010
relative to only $115,000 in the
fourth quarter of 2009, and $1.5
million for the year in 2010 relative to only $204,000 for the year in 2009. Debit card
interchange fees totaled $2.3 million
for 2010, reflecting increases of $133,000 for the fourth quarter and $479,000 for the year due to higher levels of
debit card activity, but associated debit card processing costs
were also up, as noted below.
With regard to non-interest expense, salaries and benefits
increased by $428,000, or 9%, for the
fourth quarter, and by $1.9 million,
or 10%, for the year in 2010 relative to 2009. The increase
in salaries and benefits in the fourth quarter is primarily due to
accruals for incentive compensation payments in 2010, albeit at
reduced levels, as opposed to no accruals for incentive payments in
the fourth quarter of 2009 due to a shortfall in net income
relative to internal targets. Higher incentive compensation
accruals were a factor in the increase for the year, as well, and
the annual change was also impacted by a $178,000 drop in the level of salaries and
benefits associated with successful loan originations, which are
deferred pursuant to FASB guidelines. The increase in
salaries and benefits for the entire year 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. Also
having a small impact on the variance in personnel expense were
fluctuations in participant gains on deferred compensation plans in
2010 relative to 2009, although as noted above, deferred
compensation expense accruals are offset by non-taxable gains on
BOLI. Occupancy expense declined by $93,000, or 5%, for the quarter, due mainly to a
drop in depreciation expense and maintenance/repair costs, but
increased by $91,000, or 1%, for the
year due primarily to costs associated with our newer branches.
Other non-interest expenses increased by $386,000, or 9%, for the fourth quarter of 2010
relative to the fourth quarter of 2009, and by $4.1 million, or 22%, for the year. The
largest changes in this category were as follows: OREO
write-downs increased by $487,000 for
the fourth quarter, and by $3.8
million for the year to a total of $5.0 million in 2010; foreclosed asset operating
expenses did not change materially for the quarter but reflect an
increase of $560,000 for the year, to
a total of $1.1 million in 2010; FDIC
costs declined by $196,000 for the
fourth quarter due to a lower assessment base and accrual
adjustments, and fell by $941,000 for
the year due to the $595,000 special
assessment in the second quarter of last year and a declining
assessment base; deposit-related costs were up by $34,000 for the quarter and $520,000 for the year, due to increased expenses
associated with our online checking product, ATM servicing, debit
card processing, and remote deposit capture; data processing costs
increased by $46,000 for the fourth
quarter and $331,000 for the year,
due mainly to increases in internet banking and software
maintenance costs; directors deferred compensation plan accruals,
related to deferred compensation BOLI income as explained above,
increased by $70,000 for the fourth
quarter but declined by $86,000 for
the year in 2010 relative to 2009; and, we realized losses of
$127,000 in the fourth quarter and
$238,000 for the year in 2010 upon
the disposition of equipment subsequent to the termination of
certain operating leases.
A negative income tax provision helped boost net income for the
fourth quarter and the year in 2010. The negative provision
is the result of a high level of tax credits relative to our tax
liability, which is favorably impacted by tax-exempt interest
income and BOLI income. Our tax credits include those related
to investments in low-income housing tax credit funds, as well as
hiring tax credits.
Material balance sheet changes during the year ended
December 31, 2010 include a drop in
total assets of $49 million, or 4%,
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, resulting
from 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 an
$8 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 $54 million, or 19%, due to growth in
agency-issued mortgage-backed securities and municipal bonds.
Gross loan and lease balances declined $79 million, or 9%, in 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 agricultural
production loans, which increased by $3
million, or 33%. Weak loan demand from quality
borrowers, more aggressive competition, and heightened selectivity
on the part of the Company in a difficult credit environment were
the main factors contributing to net loan runoff.
The $67 million balance of
nonperforming assets at December 31,
2010 reflects a drop of $6
million, or 8%, since year-end 2009. The balance of
nonperforming assets totaled over $77
million at September 30, 2010,
so there was actually a net reduction of close to $11 million in the fourth quarter. The
decrease for the year is due to a $5
million reduction in foreclosed assets, and a $1 million reduction in non-accruing loans.
All remaining 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 $12.5 million in performing restructured troubled
debt (TDR's) as of December 31, 2010,
a drop of almost $16 million, or 56%,
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 was $21.1 million as of December 31, 2010, which represents a drop of
$2.6 million relative to the balance
at December 31, 2009. The net
decline in the allowance is the result of charging off certain
impaired, collateral-dependent loan balances that were determined
to be uncollectible, against previously-established specific
reserves. Even though the allowance for loan and lease losses
declined during 2010, loan balances also fell, so our allowance as
a percentage of total loans dropped by only 6 basis points, to
2.62% at December 31, 2010 from 2.68%
at December 31, 2009. Our
detailed analysis indicates that the Company's allowance for loan
and lease losses should be sufficient to cover credit losses
inherent in loan and lease balances outstanding as of December 31, 2010, although no assurance can be
given that we will not experience substantial future losses
relative to the size of the allowance.
Total deposits declined by $73
million, or 7%, during 2010. Non-maturity deposits,
however, experienced significant growth due in part to our
aggressive deposit acquisition programs, with non-interest bearing
demand deposits up $19 million, or
8%, NOW deposits up $33 million, or
21%, and savings deposits rising $12
million, or 20%. Money market deposits, however,
dropped $9 million, or 5%.
Customer-sourced time deposits also declined by a total of
$100 million, or 21%, because we have
managed down balances from larger depositors to reduce our exposure
to potential single-customer withdrawals, and have not had the need
to aggressively pursue the renewal of certain other time deposits
managed by our Treasury Department. We also let $28 million in wholesale-sourced brokered
deposits roll off in 2010.
Total capital increased by $25
million during the year, to $160
million at December 31, 2010,
due in large part to our registered direct offering that closed in
October and added a net $22 million
to capital. Because capital increased by 19% while
risk-adjusted assets declined, our capital ratios continued their
upward trend during 2010.
About Sierra Bancorp
Sierra Bancorp is the holding company for Bank of the Sierra
(www.bankofthesierra.com), which is in its 34th year of operations
and is the largest independent bank headquartered in the
South San Joaquin Valley.
The Company has 25 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, 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.
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CONSOLIDATED INCOME
STATEMENT
|
3-Month
Period Ended:
|
|
Year
Ended:
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|
(in $000's,
unaudited)
|
12/31/2010
|
12/31/2009
|
%
Change
|
|
12/31/2010
|
12/31/2009
|
%
Change
|
|
Interest Income
|
$
15,360
|
$
17,550
|
-12.5%
|
|
$
63,831
|
$
70,146
|
-9.0%
|
|
Interest Expense
|
1,669
|
2,305
|
-27.6%
|
|
7,649
|
12,177
|
-37.2%
|
|
Net Interest
Income
|
13,691
|
15,245
|
-10.2%
|
|
56,182
|
57,969
|
-3.1%
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan & Lease
Losses
|
3,400
|
3,597
|
-5.5%
|
|
16,680
|
21,574
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-22.7%
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|
Net Int after
Provision
|
10,291
|
11,648
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-11.7%
|
|
39,502
|
36,395
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8.5%
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|
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|
Service Charges
|
2,663
|
2,970
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-10.3%
|
|
11,212
|
11,552
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-2.9%
|
|
Loan Sale & Servicing
Income
|
46
|
25
|
84.0%
|
|
122
|
108
|
13.0%
|
|
Other Non-Interest
Income
|
245
|
1,048
|
-76.6%
|
|
3,884
|
4,520
|
-14.1%
|
|
Gain (Loss) on
Investments
|
4
|
-
|
100.0%
|
|
2,643
|
1,099
|
140.5%
|
|
Total Non-Interest
Income
|
2,958
|
4,043
|
-26.8%
|
|
17,861
|
17,279
|
3.4%
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|
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Salaries &
Benefits
|
5,358
|
4,929
|
8.7%
|
|
20,869
|
18,963
|
10.1%
|
|
Occupancy Expense
|
1,708
|
1,801
|
-5.2%
|
|
7,040
|
6,949
|
1.3%
|
|
Other Non-Interest
Expenses
|
4,852
|
4,466
|
8.6%
|
|
22,325
|
18,226
|
22.5%
|
|
Total Non-Interest
Expense
|
11,918
|
11,196
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6.4%
|
|
50,234
|
44,138
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13.8%
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Income Before
Taxes
|
1,331
|
4,495
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-70.4%
|
|
7,129
|
9,536
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-25.2%
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Provision for Income
Taxes
|
(261)
|
962
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-127.1%
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(234)
|
608
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-138.5%
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Net
Income
|
$
1,592
|
$
3,533
|
-54.9%
|
|
$
7,363
|
$
8,928
|
-17.5%
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TAX DATA
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Tax-Exempt Muni
Income
|
$
696
|
$
630
|
10.5%
|
|
$
2,709
|
$
2,476
|
9.4%
|
|
Tax-Exempt BOLI
Income
|
$
474
|
$
350
|
35.4%
|
|
$
1,382
|
$
1,561
|
-11.5%
|
|
Interest Income - Fully Tax
Equiv
|
$
15,735
|
$
17,889
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-12.0%
|
|
$
65,290
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$
71,479
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-8.7%
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|
|
|
|
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|
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NET CHARGE-OFFS
(RECOVERIES)
|
$
2,097
|
$
3,246
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-35.4%
|
|
$
19,257
|
$
12,953
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48.7%
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PER SHARE DATA
|
3-Month
Period Ended:
|
|
Year
Ended:
|
|
(unaudited)
|
12/31/2010
|
12/31/2009
|
%
Change
|
|
12/31/2010
|
12/31/2009
|
%
Change
|
|
Basic Earnings per
Share
|
$0.12
|
$0.30
|
-60.0%
|
|
$0.61
|
$0.86
|
-29.1%
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Diluted Earnings per
Share
|
$0.12
|
$0.30
|
-60.0%
|
|
$0.60
|
$0.86
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-30.2%
|
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Common Dividends
|
$0.06
|
$0.10
|
-40.0%
|
|
$0.24
|
$0.40
|
-40.0%
|
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|
|
|
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|
|
Wtd. Avg. Shares
Outstanding
|
13,496,092
|
11,620,491
|
|
|
12,109,717
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10,343,502
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|
Wtd. Avg. Diluted
Shares
|
13,571,090
|
11,662,363
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|
12,192,345
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10,415,084
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Book Value per Basic Share
(EOP)
|
$11.42
|
$11.57
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-1.3%
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|
$11.42
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$11.57
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-1.3%
|
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Tangible Book Value per Share
(EOP)
|
$11.02
|
$11.10
|
-0.7%
|
|
$11.02
|
$11.10
|
-0.7%
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|
|
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|
Common Shares Outstanding
(EOP)
|
13,976,741
|
11,620,491
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|
13,976,741
|
11,620,491
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KEY FINANCIAL
RATIOS
|
3-Month
Period Ended:
|
|
|
Year
Ended:
|
|
|
(unaudited)
|
12/31/2010
|
12/31/2009
|
|
|
12/31/2010
|
12/31/2009
|
|
|
Return on Average
Equity
|
4.08%
|
10.48%
|
|
|
5.16%
|
7.56%
|
|
|
Return on Average
Assets
|
0.48%
|
1.07%
|
|
|
0.56%
|
0.68%
|
|
|
Net Interest Margin
(Tax-Equiv.)
|
4.82%
|
5.23%
|
|
|
4.90%
|
5.00%
|
|
|
Efficiency Ratio
(Tax-Equiv.)
|
68.97%
|
56.50%
|
|
|
66.64%
|
57.68%
|
|
|
Net C/O's to Avg Loans (not
annualized)
|
0.26%
|
0.36%
|
|
|
2.26%
|
1.40%
|
|
|
|
|
|
|
|
|
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|
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AVERAGE BALANCES
|
3-Month
Period Ended:
|
|
Year
Ended:
|
|
(in $000's,
unaudited)
|
12/31/2010
|
12/31/2009
|
%
Change
|
|
12/31/2010
|
12/31/2009
|
%
Change
|
|
Average Assets
|
$ 1,306,960
|
$ 1,310,418
|
-0.3%
|
|
$ 1,319,151
|
$ 1,307,951
|
0.9%
|
|
Average Interest-Earning
Assets
|
$ 1,157,091
|
$ 1,181,854
|
-2.1%
|
|
$ 1,175,615
|
$ 1,187,030
|
-1.0%
|
|
Average Loans &
Leases
|
$
817,765
|
$
901,509
|
-9.3%
|
|
$
851,292
|
$
926,326
|
-8.1%
|
|
Average Deposits
|
$ 1,073,321
|
$ 1,094,037
|
-1.9%
|
|
$ 1,096,464
|
$ 1,087,219
|
0.9%
|
|
Average Equity
|
$
154,832
|
$
133,763
|
15.8%
|
|
$
142,754
|
$
118,159
|
20.8%
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF
CONDITION
|
End of
Period:
|
|
|
|
|
|
(in $000's,
unaudited)
|
12/31/2010
|
12/31/2009
|
Annual
Chg
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and Due from
Banks
|
$
42,435
|
$
66,234
|
-35.9%
|
|
|
|
|
|
Securities and Fed Funds
Sold
|
331,940
|
278,168
|
19.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
|
13,457
|
10,136
|
32.8%
|
|
|
|
|
|
Commercial &
Industrial
|
105,002
|
132,817
|
-20.9%
|
|
|
|
|
|
Real Estate
|
622,880
|
667,228
|
-6.6%
|
|
|
|
|
|
SBA Loans
|
18,616
|
18,626
|
-0.1%
|
|
|
|
|
|
Consumer Loans
|
45,585
|
55,799
|
-18.3%
|
|
|
|
|
|
Gross Loans &
Leases
|
805,540
|
884,606
|
-8.9%
|
|
|
|
|
|
Deferred Loan Fees
|
113
|
(640)
|
-117.7%
|
|
|
|
|
|
Loans & Leases
Net of Deferred Fees
|
805,653
|
883,966
|
-8.9%
|
|
|
|
|
|
Allowance for Loan & Lease
Losses
|
(21,138)
|
(23,715)
|
-10.9%
|
|
|
|
|
|
Net Loans &
Leases
|
784,515
|
860,251
|
-8.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Premises &
Equipment
|
20,190
|
20,069
|
0.6%
|
|
|
|
|
|
Other Assets
|
107,491
|
110,827
|
-3.0%
|
|
|
|
|
|
Total
Assets
|
$
1,286,571
|
$
1,335,549
|
-3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES &
CAPITAL
|
|
|
|
|
|
|
|
|
Demand Deposits
|
$
251,908
|
$
233,204
|
8.0%
|
|
|
|
|
|
NOW Deposits
|
184,360
|
151,821
|
21.4%
|
|
|
|
|
|
Savings Deposits
|
74,682
|
62,279
|
19.9%
|
|
|
|
|
|
Money Market Deposits
|
156,170
|
165,097
|
-5.4%
|
|
|
|
|
|
Customer Time
Deposits
|
385,154
|
485,031
|
-20.6%
|
|
|
|
|
|
Wholesale Brokered
Deposits
|
-
|
28,000
|
-100.0%
|
|
|
|
|
|
Total
Deposits
|
1,052,274
|
1,125,432
|
-6.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior Subordinated
Debentures
|
30,928
|
30,928
|
0.0%
|
|
|
|
|
|
Other Interest-Bearing
Liabilities
|
29,650
|
30,000
|
-1.2%
|
|
|
|
|
|
Total Deposits
& Interest-Bearing Liab.
|
1,112,852
|
1,186,360
|
-6.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities
|
14,122
|
14,709
|
-4.0%
|
|
|
|
|
|
Total Capital
|
159,597
|
134,480
|
18.7%
|
|
|
|
|
|
Total Liabilities
& Capital
|
$
1,286,571
|
$
1,335,549
|
-3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
DATA
|
End of
Period:
|
|
|
|
|
|
(in $000's,
unaudited)
|
12/31/2010
|
12/31/2009
|
Annual
Chg
|
|
|
|
|
|
Non-Accruing Loans
|
$
45,954
|
$
46,974
|
-2.2%
|
|
|
|
|
|
Over 90 Days PD and Still
Accruing
|
-
|
-
|
0.0%
|
|
|
|
|
|
Foreclosed Assets
|
20,691
|
25,654
|
-19.3%
|
|
|
|
|
|
Total
Non-Performing Assets
|
$
66,645
|
$
72,628
|
-8.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing TDR's (not incl. in
NPA's)
|
$
12,465
|
$
28,024
|
-55.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Perf Loans to Total
Loans
|
5.70%
|
5.31%
|
|
|
|
|
|
|
NPA's to Loans plus Foreclosed
Assets
|
8.07%
|
7.98%
|
|
|
|
|
|
|
Allowance for Ln Losses to
Loans
|
2.62%
|
2.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
STATISTICS
|
End of
Period:
|
|
|
|
|
|
(unaudited)
|
12/31/2010
|
12/31/2009
|
|
|
|
|
|
|
Shareholders Equity / Total
Assets
|
12.4%
|
10.1%
|
|
|
|
|
|
|
Loans / Deposits
|
76.6%
|
78.6%
|
|
|
|
|
|
|
Non-Interest Bearing Dep. /
Total Dep.
|
23.9%
|
20.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Sierra Bancorp