PORTERVILLE, Calif.,
July 25, 2011 /PRNewswire/ --
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra,
today announced its financial results for the quarter and the six
months ended June 30, 2011.
Sierra Bancorp recognized net income of $2.184 million and diluted earnings per share of
$0.16 for the quarter, while its
annualized return on average equity was 5.36% and return on average
assets was 0.65%. The financial results for the second
quarter of 2011 reflect an improvement relative to the immediately
preceding quarter, but represent a decline relative to the
$2.544 million in net income and
$0.22 earnings per share in the
second quarter of the prior year. The decline relative to the
prior year is primarily the result of a drop in net interest
income, a reduced level of deposit service charges, and an increase
in write-downs on foreclosed assets, partially offset by a reduced
loan loss provision and a lower income tax accrual.
For the first six months of 2011 the Company's net income
totaled $3.713 million, diluted
earnings per share were $0.26, return
on average equity was 4.62%, and return on average assets was
0.57%. Notable balance sheet changes in the first half of
2011 include the following: Loan balances declined by
$33 million, or 4%; investments and
fed funds sold increased by $71
million, or 21%; cash and due from banks increased by
$26 million, or 61%; core
non-maturity deposits grew $33
million, or 5%; the Company added $15
million in longer-term wholesale-sourced brokered deposits;
and non-deposit borrowings dropped by $11
million, or 18%. Sierra Bancorp experienced a slight
drop in nonperforming assets relative to year-end 2010, and a
significant decline relative to the end of the first quarter of
2011 due to the sale of a large nonperforming asset, although there
was also a charge-off of about $1.4
million associated with that transaction. The
Company's allowance for loan and lease losses was 2.68% of total
loans at June 30, 2011, up from 2.62%
at the end of 2010.
"We continue to believe that the economic recovery, particularly
in our market areas, will be slow and protracted, and property
values are not likely to increase anytime soon," commented
James C. Holly, President and CEO.
"That said, Sierra Bancorp's second quarter results came in
very close to internal expectations, with the notable exception of
a continued decline in loan balances," noted Holly. "The
resolution of nonperforming loans often equates to a reduction in
loan balances, which makes it difficult to gain traction with net
loan growth. However, the rate of decline in outstanding loan
balances slowed somewhat in the second quarter of 2011, and we're
optimistic that a sustained increase in loan origination activity
will help offset the displacement of classified and nonperforming
balances and contribute to an upswing in loan balances later this
year," Holly explained further. He also noted a large drop in
deposit service charge income, stating, "The drop in service
charges is a function of changing regulatory expectations and the
associated promulgation of new guidance, which has led to
successive procedural adjustments at the Bank. It's our hope
that service charges in the second quarter represent sustainable
levels, but we implemented additional changes at the beginning of
the third quarter that could reduce fee income even further.
The infamous Durbin Amendment could also diminish our EFT
interchange income when it becomes effective in October of this
year, although the potential dollar impact is difficult to
predict."
Financial Highlights
As noted above, lower net interest income was a major factor in
the drop in net income in 2011. Net interest income declined
by $671,000, or 5%, for the second
quarter of 2011 relative to the second quarter of 2010, and dropped
by $1.996 million, or 7%, for the
first half of 2011 relative to the first half of 2010. The
decline for the quarter is the result of a 27 basis point drop in
the Company's net interest margin, partially offset by a
$15 million increase in average
interest-earning assets. For the comparative year-to-date
periods, the reduced level of net interest income is due to a 29
basis point net interest margin decline and a $9 million drop in average interest-earning
assets. Negative factors impacting the Company's net interest
margin in 2011 include lower loan yields resulting from increased
competition for quality loans, and a shift from average loan
balances into lower-yielding investment balances. However,
these negatives were partially offset by net interest recoveries on
non-accruing loans that were resolved in 2011, relative to net
interest reversals on loans placed on non-accrual in 2010:
Net interest recoveries totaled $97,000 in the second quarter of 2011 and
$71,000 for the first six months of
2011, while there were net interest reversals of $120,000 in the second quarter of 2010 and
$405,000 in the first half of 2010.
Also having a favorable impact on the Company's net interest
margin were a shift in average balances from non-deposit borrowings
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. Management has concluded that the
Company's net interest margin could continue to experience slight
contraction due to heightened competitive pressures on loan yields,
and that effect will be exacerbated if the negative trend in loan
balances is not reversed.
The Company's loan loss provision was reduced by $500,000, or 14%, in the second quarter of 2011
relative to the second quarter of 2010, and by $300,000, or 4%, for the comparative six-month
periods. Thus far in 2011, the loan loss provision has been
utilized to provide specific reserves for impaired loans and to
replenish reserves subsequent to loan charge-offs. Net loans
charged off in 2011 totaled $3.8
million in the second quarter and $7.0 million for the first six months, including
the $1.4 million charge-off
associated with the resolution of a single non-accruing loan, as
referenced above. Net loans charged off in 2010 totaled
$2.7 million for the second quarter
and $5.7 million for the first six
months.
Income derived from service charges on deposits declined by
$441,000, or 15%, in the second
quarter of 2011 relative to the second quarter of 2010, and by
$889,000, or 16%, for the first six
months of 2011 relative to the same period in the previous year.
The drop was centered in overdraft income, with returned item
and overdraft charges falling by $539,000, or 25%, for the second quarter, and by
$1.034 million, or 25%, for the first
half. There were no material changes in loan sale and
servicing income for the comparative quarters, and no gains or
losses on investments. Other non-interest income declined by
$73,000, or 7%, for the quarter, but
increased by $74,000, or 3%, for the
half. Significant increases within this category include a
higher level of debit card interchange income, higher merchant
fees, an increase in income on bank-owned life insurance associated
with deferred compensation plans, and gains on leased equipment
subsequent to the termination of leases relative to losses in the
prior year. Unfavorable variances in other non-interest
income include a higher level of costs associated with low-income
housing tax credit investments (which are accounted for as a
reduction in income).
With regard to non-interest expense, salaries and benefits
increased by only $50,000, or 1%, for
the quarter, and fell slightly for the first six months despite the
addition of staff for newer branches and increases in deferred
compensation expense of $120,000 and
$126,000 for the quarter and the
half, respectively. Occupancy expense declined by
$194,000, or 11%, for the quarter,
and by $359,000, or 10%, for the
half, due mainly to a drop in depreciation expense, lower
maintenance/repair costs, and the January
2011 closure of a branch with a relatively costly lease.
Other non-interest expenses increased by $151,000, or 3%, for the second quarter of 2011
relative to the second quarter of 2010, but declined by
$86,000, or 1%, for the first half of
2011 relative to the first half of 2010. Increases in this
category include higher write-downs on foreclosed assets, which
totaled $847,000 in the second
quarter of 2011 relative to $346,000
in the second quarter of 2010, and $1.305
million for the first half of 2011 relative to $613,000 in the first half of 2010.
Deferred compensation accruals for the Company's directors
also increased by $123,000 for the
quarter and $135,000 for the half,
due to an increase in earnings on directors' deferred compensation
plans. These expense increases were partially offset by lower
FDIC assessment accruals, which declined by $140,000 for the quarter and $167,000 for the first half, a drop in marketing
costs, which were down $61,000 for
the quarter and $161,000 for the half
due to the timing of payments, a decline in deposit services
expense of $100,000 for the quarter
and $147,000 for the half due to
lower costs associated with online-only deposit accounts, and
$181,000 in non-recurring vendor
credits for prior-year overcharges on processing software which
were received in the first quarter of 2011 and thus impacted the
year-to-date variance.
The Company's provision for income taxes was only 9.6% of
pre-tax income in the second quarter of 2011 relative to 18.2% in
the second quarter of 2010, and the Company had a negative income
tax provision for the first half of 2011 relative to a provision of
14.3% of pre-tax income for the first half of 2010. The lower
provision in 2011 is primarily the result of the Company's level of
tax credits relative to its tax liability, and the favorable impact
of tax-exempt interest income and BOLI income on that tax
liability. Tax credits include those related to investments
in low-income housing tax credit funds, as well as hiring tax
credits.
Balance sheet changes during the six months ended June 30, 2011 include an increase in total assets
of $59 million, or 5%, due to growth
in investment securities and an increase in cash and balances due
from banks, partially offset by lower loan balances. Surplus
liquidity was generated during the quarter from growth in deposits
and loan runoff, and much of that liquidity was deployed into
agency-issued mortgage-backed securities and municipal bonds, hence
the $71 million increase in
investment balances. The $26
million increase in cash and balances due from banks was
primarily from a $17 million increase
in interest-bearing balances at the Federal Reserve Bank, due again
to excess liquidity, but the Company also experienced an increase
in vault cash due to a higher level of cash activity in its
branches.
Gross loan and lease balances declined $33 million, or 4%, in the first six months of
2011. As an indication that the rate of runoff might be
slowing, however, all but $4 million
of the first half decline in loan balances occurred in the first
three months of the year. Runoff in the normal course of
business, prepayments, transfers to OREO, and charge-offs have
reduced loan balances, and weak loan demand from quality borrowers
and aggressive competition have hindered the Company's ability to
counteract this contraction. The only loan categories shown
on the summary balance sheet which grew during the first half of
2011 were agricultural production loans, which increased by
$2 million, or 15%, and SBA loans,
which were up by $802,000, or 4%.
The $65 million balance of
nonperforming assets at June 30, 2011
reflects a decline of $1 million, or
2%, since year-end 2010, and is well below its peak of $78 million reached a year earlier. All of
the Company's impaired assets have been reviewed recently, and 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, the Company had $14.3 million
in performing restructured troubled debt (TDR's) as of June 30, 2011, an increase of $1.9 million, or 15%, relative to year-end 2010.
Approximately $552,000 of the
increase is the result of the Company's early adoption of new
accounting guidance clarifying rules for the classification of a
loan as "TDR".
The Company's allowance for loan and lease losses was
$20.7 million as of June 30, 2011. This represents a slight
decline relative to the balance at December
31, 2010, although the allowance increased to 2.68% of total
loans at June 30, 2011 from 2.62% at
December 31, 2010 because loan
balances fell during the first half of the year. Management's
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 June 30, 2011, although no assurance can be given
that the Company will not experience substantial future losses
relative to the size of the allowance.
Total deposits increased by $64
million, or 6%, during the first six months of 2011.
Most of the Company's non-maturity deposit categories
experienced significant growth due in part to aggressive deposit
acquisition programs, with non-interest bearing demand deposits up
$22 million, or 9%, savings deposits
rising $11 million, or 14%, and money
market deposits up $6 million, or 4%.
NOW deposits, however, dropped by $6
million, or 3%, due to runoff in online-only accounts
subsequent to interest rate adjustments. The Company added
$15 million in longer-term
wholesale-sourced brokered deposits for interest rate risk
management purposes, in order to create a more defensive posture
for the eventuality of rising interest rates. The Company
reduced Federal Home Loan Bank borrowings by $15 million during the first six months of the
year, but other borrowings increased by $4
million subsequent to a customer's transfer of $4 million from money market deposits into a
non-deposit sweep account.
Total capital increased by $6
million, or 4%, during the first half of the year, to
$165 million at June 30, 2011. The Company's total
risk-based capital ratio was 21.02% at June
30, 2011, while its tier one risk-based capital ratio was
19.75% and its tier one leverage ratio was 13.75%.
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.
CONSOLIDATED INCOME
STATEMENT
|
3-Month
Period Ended:
|
|
6-Month
Period Ended:
|
|
(in $000's,
unaudited)
|
6/30/2011
|
6/30/2010
|
%
Change
|
|
6/30/2011
|
6/30/2010
|
%
Change
|
|
Interest Income
|
$
14,949
|
$
16,216
|
-7.8%
|
|
$
29,371
|
$
32,563
|
-9.8%
|
|
Interest Expense
|
1,452
|
2,048
|
-29.1%
|
|
2,898
|
4,094
|
-29.2%
|
|
Net Interest
Income
|
13,497
|
14,168
|
-4.7%
|
|
26,473
|
28,469
|
-7.0%
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan & Lease
Losses
|
3,000
|
3,500
|
-14.3%
|
|
6,600
|
6,900
|
-4.3%
|
|
Net Int after
Provision
|
10,497
|
10,668
|
-1.6%
|
|
19,873
|
21,569
|
-7.9%
|
|
|
|
|
|
|
|
|
|
|
Service Charges
|
2,446
|
2,887
|
-15.3%
|
|
4,701
|
5,590
|
-15.9%
|
|
Loan Sale & Servicing
Income
|
11
|
13
|
-15.4%
|
|
60
|
46
|
30.4%
|
|
Other Non-Interest
Income
|
1,016
|
1,089
|
-6.7%
|
|
2,288
|
2,214
|
3.3%
|
|
Gain (Loss) on
Investments
|
-
|
-
|
0.0%
|
|
-
|
-
|
0.0%
|
|
Total Non-Interest
Income
|
3,473
|
3,989
|
-12.9%
|
|
7,049
|
7,850
|
-10.2%
|
|
|
|
|
|
|
|
|
|
|
Salaries &
Benefits
|
5,201
|
5,151
|
1.0%
|
|
10,911
|
10,930
|
-0.2%
|
|
Occupancy Expense
|
1,625
|
1,819
|
-10.7%
|
|
3,200
|
3,559
|
-10.1%
|
|
Other Non-Interest
Expenses
|
4,729
|
4,578
|
3.3%
|
|
9,146
|
9,232
|
-0.9%
|
|
Total Non-Interest
Expense
|
11,555
|
11,548
|
0.1%
|
|
23,257
|
23,721
|
-2.0%
|
|
|
|
|
|
|
|
|
|
|
Income Before
Taxes
|
2,415
|
3,109
|
-22.3%
|
|
3,665
|
5,698
|
-35.7%
|
|
Provision for Income
Taxes
|
231
|
565
|
-59.1%
|
|
(48)
|
814
|
-105.9%
|
|
Net
Income
|
$
2,184
|
$
2,544
|
-14.2%
|
|
$
3,713
|
$
4,884
|
-24.0%
|
|
|
|
|
|
|
|
|
|
|
Tax Data
|
|
|
|
|
|
|
|
|
Tax-Exempt Muni
Income
|
$
721
|
$
673
|
7.1%
|
|
$
1,437
|
$
1,318
|
9.0%
|
|
Tax-Exempt BOLI
Income
|
$
257
|
$
53
|
384.9%
|
|
$
630
|
$
423
|
48.9%
|
|
Interest Income - Fully Tax
Equiv
|
$
15,337
|
$
16,578
|
-7.5%
|
|
$
30,145
|
$
33,273
|
-9.4%
|
|
|
|
|
|
|
|
|
|
|
Net Charge-Offs
(Recoveries)
|
$
3,753
|
$
2,722
|
37.9%
|
|
$
7,027
|
$
5,741
|
22.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
3-Month
Period Ended:
|
|
6-Month
Period Ended:
|
|
(unaudited)
|
6/30/2011
|
6/30/2010
|
%
Change
|
|
6/30/2011
|
6/30/2010
|
%
Change
|
|
Basic Earnings per
Share
|
$0.16
|
$0.22
|
-27.3%
|
|
$0.27
|
$0.42
|
-35.7%
|
|
Diluted Earnings per
Share
|
$0.16
|
$0.22
|
-27.3%
|
|
$0.26
|
$0.42
|
-38.1%
|
|
Common Dividends
|
$0.06
|
$0.06
|
0.0%
|
|
$0.12
|
$0.12
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
Wtd. Avg. Shares
Outstanding
|
14,012,574
|
11,646,409
|
|
|
13,997,264
|
11,638,638
|
|
|
Wtd. Avg. Diluted
Shares
|
14,084,997
|
11,749,546
|
|
|
14,072,974
|
11,723,566
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Basic Share
(EOP)
|
$11.78
|
$12.00
|
-1.8%
|
|
$11.78
|
$12.00
|
-1.8%
|
|
Tangible Book Value per Share
(EOP)
|
$11.38
|
$11.52
|
-1.2%
|
|
$11.38
|
$11.52
|
-1.2%
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding
(EOP)
|
14,046,666
|
11,649,441
|
|
|
14,046,666
|
11,649,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL
RATIOS
|
3-Month
Period Ended:
|
|
|
6-Month
Period Ended:
|
|
|
(unaudited)
|
6/30/2011
|
6/30/2010
|
|
|
6/30/2011
|
6/30/2010
|
|
|
Return on Average
Equity
|
5.36%
|
7.36%
|
|
|
4.62%
|
7.17%
|
|
|
Return on Average
Assets
|
0.65%
|
0.77%
|
|
|
0.57%
|
0.74%
|
|
|
Net Interest Margin
(Tax-Equiv.)
|
4.65%
|
4.92%
|
|
|
4.68%
|
4.97%
|
|
|
Efficiency Ratio
(Tax-Equiv.)
|
65.03%
|
61.16%
|
|
|
66.56%
|
62.91%
|
|
|
Net C/O's to Avg Loans (not
annualized)
|
0.48%
|
0.31%
|
|
|
0.90%
|
0.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES
|
3-Month
Period Ended:
|
|
6-Month
Period Ended:
|
|
(in $000's,
unaudited)
|
6/30/2011
|
6/30/2010
|
%
Change
|
|
6/30/2011
|
6/30/2010
|
%
Change
|
|
Average Assets
|
$ 1,339,509
|
$ 1,324,927
|
1.1%
|
|
$ 1,316,470
|
$ 1,322,956
|
-0.5%
|
|
Average Interest-Earning
Assets
|
$ 1,198,609
|
$ 1,183,931
|
1.2%
|
|
$ 1,174,846
|
$ 1,183,920
|
-0.8%
|
|
Average Gross Loans &
Leases
|
$
774,008
|
$
869,909
|
-11.0%
|
|
$
779,824
|
$
872,058
|
-10.6%
|
|
Average Deposits
|
$ 1,113,009
|
$ 1,099,297
|
1.2%
|
|
$ 1,089,559
|
$ 1,106,073
|
-1.5%
|
|
Average Equity
|
$
163,375
|
$
138,572
|
17.9%
|
|
$
162,097
|
$
137,311
|
18.1%
|
|
|
|
|
|
|
|
|
|
STATEMENT OF
CONDITION
|
End of
Period:
|
|
|
|
(in $000's,
unaudited)
|
6/30/2011
|
12/31/2010
|
6/30/2010
|
|
Annual
Chg
|
|
ASSETS
|
|
|
|
|
|
|
Cash and Due from
Banks
|
$
68,367
|
$
42,435
|
$
47,819
|
|
43.0%
|
|
Securities and Fed Funds
Sold
|
402,736
|
331,940
|
307,146
|
|
31.1%
|
|
|
|
|
|
|
|
|
Agricultural
|
15,476
|
13,457
|
10,325
|
|
49.9%
|
|
Commercial &
Industrial
|
100,608
|
105,002
|
122,352
|
|
-17.8%
|
|
Real Estate
|
596,010
|
622,880
|
665,664
|
|
-10.5%
|
|
SBA Loans
|
19,418
|
18,616
|
17,630
|
|
10.1%
|
|
Consumer Loans
|
41,039
|
45,585
|
50,729
|
|
-19.1%
|
|
Gross Loans &
Leases
|
772,551
|
805,540
|
866,700
|
|
-10.9%
|
|
Deferred Loan Fees
|
229
|
113
|
(310)
|
|
-173.9%
|
|
Loans & Leases
Net of Deferred Fees
|
772,780
|
805,653
|
866,390
|
|
-10.8%
|
|
Allowance for Loan & Lease
Losses
|
(20,711)
|
(21,138)
|
(24,874)
|
|
-16.7%
|
|
Net Loans &
Leases
|
752,069
|
784,515
|
841,516
|
|
-10.6%
|
|
|
|
|
|
|
|
|
Bank Premises &
Equipment
|
20,033
|
20,190
|
19,941
|
|
0.5%
|
|
Other Assets
|
102,694
|
107,491
|
111,884
|
|
-8.2%
|
|
Total
Assets
|
$
1,345,899
|
$
1,286,571
|
$
1,328,306
|
|
1.3%
|
|
|
|
|
|
|
|
|
LIABILITIES &
CAPITAL
|
|
|
|
|
|
|
Demand Deposits
|
$
273,684
|
$
251,908
|
$
247,102
|
|
10.8%
|
|
NOW Deposits
|
178,768
|
184,360
|
182,255
|
|
-1.9%
|
|
Savings Deposits
|
85,400
|
74,682
|
71,473
|
|
19.5%
|
|
Money Market Deposits
|
162,102
|
156,170
|
165,104
|
|
-1.8%
|
|
Customer Time
Deposits
|
401,212
|
385,154
|
410,668
|
|
-2.3%
|
|
Wholesale Brokered
Deposits
|
15,000
|
-
|
15,000
|
|
0.0%
|
|
Total
Deposits
|
1,116,166
|
1,052,274
|
1,091,602
|
|
2.3%
|
|
|
|
|
|
|
|
|
Junior Subordinated
Debentures
|
30,928
|
30,928
|
30,928
|
|
0.0%
|
|
Other Interest-Bearing
Liabilities
|
18,980
|
29,650
|
51,900
|
|
-63.4%
|
|
Total Deposits
& Int.-Bearing Liab.
|
1,166,074
|
1,112,852
|
1,174,430
|
|
-0.7%
|
|
|
|
|
|
|
|
|
Other Liabilities
|
14,413
|
14,122
|
14,125
|
|
2.0%
|
|
Total Capital
|
165,412
|
159,597
|
139,751
|
|
18.4%
|
|
Total Liabilities
& Capital
|
$
1,345,899
|
$
1,286,571
|
$
1,328,306
|
|
1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
DATA
|
End of
Period:
|
|
|
|
(in $000's,
unaudited)
|
6/30/2011
|
12/31/2010
|
6/30/2010
|
|
Annual
Chg
|
|
Non-Accruing Loans
|
$
47,179
|
$
45,954
|
$
52,004
|
|
-9.3%
|
|
Foreclosed Assets
|
18,231
|
20,691
|
25,957
|
|
-29.8%
|
|
Total
Non-Performing Assets
|
$
65,410
|
$
66,645
|
$
77,961
|
|
-16.1%
|
|
|
|
|
|
|
|
|
Performing TDR's (not incl. in
NPA's)
|
$
14,328
|
$
12,465
|
$
17,972
|
|
-20.3%
|
|
|
|
|
|
|
|
|
Non-Perf Loans to Total
Loans
|
6.11%
|
5.70%
|
6.00%
|
|
|
|
NPA's to Loans plus Foreclosed
Assets
|
8.27%
|
8.07%
|
8.73%
|
|
|
|
Allowance for Ln Losses to
Loans
|
2.68%
|
2.62%
|
2.87%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
STATISTICS
|
End of
Period:
|
|
|
|
(unaudited)
|
6/30/2011
|
12/31/2010
|
6/30/2010
|
|
|
|
Shareholders Equity / Total
Assets
|
12.3%
|
12.4%
|
10.5%
|
|
|
|
Loans / Deposits
|
69.2%
|
76.6%
|
79.4%
|
|
|
|
Non-Int. Bearing Dep. /
Total Dep.
|
24.5%
|
23.9%
|
22.6%
|
|
|
|
|
|
|
|
|
|
SOURCE Sierra Bancorp