PORTERVILLE, Calif.,
Jan. 23, 2012 /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,
2011. Sierra Bancorp recognized net income of $7.780 million for the year in 2011, an
improvement of $417,000, or 6%,
relative to net income in 2010. The increase over the prior
year is primarily the result of a reduced loan loss provision and a
drop in overhead expense, which helped offset declining net
interest income, lower deposit service charges, and a lower level
of net gains on investment securities. While the Company's
return on average assets increased slightly for 2011, to 0.59%, its
4.73% return on average equity and $0.55 in diluted earnings per share both
experienced a slight decline relative to 2010 due to a stronger
level of average equity in 2011. For the fourth quarter of
2011 Sierra Bancorp had net income of $1.541
million, an annualized return on average equity of 3.67%,
and a return on average assets of 0.46%. Significant income
statement events during the fourth quarter of 2011 include
$2.529 million in write-downs on
other real estate owned (OREO), and a $1.370
million other-than-temporary impairment (OTTI) charge
against equity investment securities which was offset by
$1.660 million in gains taken on the
sale of mortgage-backed securities.
Notable balance sheet changes in 2011 include the
following: Gross loan balances declined by $47 million, or 6%; investment securities and fed
funds sold increased by $75 million,
or 23%; cash and due from banks increased by $21 million, or 49%; core non-maturity deposits
grew $57 million, or 8% (although
there was a shift from money market deposits into our new
interest-bearing business demand deposit product); customer time
deposits show a decline of $38
million, or 10%; the Company added $15 million in longer-term wholesale-sourced
brokered deposits; and non-deposit borrowings increased by
$6 million. Nonperforming
assets increased by $5 million, or
7%, and performing restructured troubled debt balances increased by
$24 million, or 189%, as we continue
to work with borrowers to resolve potential problem credits in the
manner most beneficial to the Company. The Company's
allowance for loan and lease losses was 2.28% of total loans at
December 31, 2011, a drop from 2.62%
at the end of 2010 primarily because of write-downs on certain
impaired real estate loans against pre-established specific
reserves.
"We were pleased to end 2011 with an increase in net income
relative to the prior year, the first such increase since 2007,"
reported James C. Holly, President
and CEO. "The fourth quarter of 2011 presented sizeable
challenges, namely the OTTI charge on our equity investments, some
large OREO write-downs and an increase in nonperforming
assets. We were fortunately able to offset some of the sting
with investment gains, a lower loan loss provision, and solid
growth in core deposits," Holly noted. "Our performance for
the year also brought the issue of loan growth to the forefront,
and we're fully aware of the impact of declining loan balances on
our net interest margin and net interest income," he added.
"To address this issue we have supplemented our Agricultural
lending group and intensified our Ag lending efforts, hired a
capable manager who is working to increase our mortgage warehouse
lending, and renewed our focus on branch lending, with enhanced
calling plans and prospect reporting to help stimulate additional
local business lending. The fact that outstanding loan
balances did not decline during the fourth quarter is perhaps
evidence that this three-pronged approach is beginning to have an
impact," Holly concluded.
Financial Highlights
Net interest income fell by $754,000, or 6%, for the fourth quarter of 2011
relative to the fourth quarter of 2010, and dropped by $3.225 million, or 6%, for the year ended
December 31, 2011 relative to the
year ended December 31, 2010.
The decline for the quarter is the result of a 39 basis point drop
in the Company's net interest margin, partially offset by a
$35 million increase in average
interest-earning assets. For the comparative years, the
reduced level of net interest income is due to a 31 basis point net
interest margin decline partially offset by a $12 million increase in average interest-earning
assets. Negative factors impacting the Company's net interest
margin in 2011 include a shift from average loan balances into
lower-yielding investment balances, and lower loan yields resulting
from increased competition for quality loans. However, these
negatives were partially offset by a reduced reliance on
interest-bearing liabilities resulting from increases in the
average balances of non-interest bearing demand deposits and
equity, and a shift in average balances from time deposits and
non-deposit borrowings into lower-cost core deposits. Also
impacting the variances in the Company's net interest margin were
interest reversals on loans placed on non-accrual, and interest
recoveries resulting from the favorable resolution of loans that
were removed from non-accrual status. Net interest reversals
totaled $44,000 in the fourth quarter
and $189,000 for the year in 2011,
while there were net interest recoveries of $99,000 in the fourth quarter and net interest
reversals of $566,000 for the year in
2010. 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 $1.000 million, or 29%, in the fourth quarter of
2011 relative to the fourth quarter of 2010, and by $4.680 million, or 28%, for the comparative
years. The loan loss provision has been utilized to provide
specific reserves for impaired loans and to replenish reserves
subsequent to loan charge-offs in 2011. Net loans charged off
totaled $5.609 million in the fourth
quarter and $15.855 million for the
entire year in 2011, while net loans charged off in 2010 totaled
$2.096 million for the fourth quarter
and $19.257 million for year.
The loan loss provision declined despite the increase in net loan
charge-offs for the comparative quarters, because many of the
charge-offs in the fourth quarter of 2011 were against
previously-established specific reserves for certain impaired real
estate loan balances.
Income derived from service charges on deposits declined by
$260,000, or 10%, in the fourth
quarter of 2011 relative to the fourth quarter of 2010, and by
$1.669 million, or 15%, for the
year-over-year comparison. The drop was centered in overdraft
income, with returned item and overdraft charges falling by
$333,000, or 18%, for the fourth
quarter, and by $1.892 million, or
23%, for the year. The drop in overdraft income is a function
of changing regulatory expectations and the associated promulgation
of new guidance, which has led to successive procedural and fee
adjustments at the Bank. Partially offsetting the decline in
overdraft income were increases in fees recently implemented for
higher risk deposit accounts, totaling $166,000 in the fourth quarter and $169,000 for the year in 2011.
There were no material changes in loan sale income for the
comparative periods. However, as noted above, we took an OTTI
charge of $1.370 million on our
equity investment securities and realized a $1.660 million gain on the sale of
mortgage-backed securities in the fourth quarter of 2011, and the
comparative annual results were also impacted by a $2.639 million gain on the sale of investments
realized in the third quarter of 2010. The referenced equity
securities, comprised primarily of investments in five different
financial institutions, were previously carried on the Company's
books at their market values with mark-to-market adjustments
applied directly to equity, the standard accounting convention for
available-for-sale securities. Since the equities were in
continuous unrealized loss positions since mid-2008 and the
near-term prospect of price recovery has become increasingly
uncertain, the Company was required to take the OTTI charge in the
fourth quarter of 2011 by marking those securities to their current
carrying values as a loss through earnings.
Other non-interest income increased by $1.244 million, or 508%, for the quarter, and by
$773,000, or 20%, for the year.
This increase was primarily due a net gain of $118,000 on the sale of OREO in the fourth
quarter of 2011 relative to a net loss of $1.089 million on OREO sales in the fourth
quarter of 2010, and a net loss of only $451,000 on OREO for the year in 2011 relative to
a loss of $1.536 million in
2010. Adding to this were favorable variances in other
non-interest income categories, including debit card interchange
income and merchant fees. Partially offsetting these positive
developments for the year-over-year comparison was a drop in
bank-owned life insurance (BOLI) income of $448,000, resulting mainly from a $92,000 loss on BOLI associated with deferred
compensation plans in 2011 relative to gains of $352,000 in 2010. Income on operating
leases was also lower, dropping by $66,000 for the quarter and $397,000 for the year.
With regard to non-interest expense, salaries and benefits
declined by $449,000, or 8%, for the
fourth quarter of 2011, and by $200,000, or 1%, for the year. The primary
variances in salaries and benefits for the quarterly comparison
were a lower bonus accrual due to the partial reversal of accrued
bonuses in the fourth quarter of 2011, and an increase in the level
of salaries that are directly related to successful loan
originations and are thus deferred and amortized over the life of
the related loans. For the comparative years, the bonus
accrual actually increased in 2011 relative to 2010, as did stock
option expense, but these increases were more than offset by a drop
in regular salaries, an increase in the deferral related to
successful loan originations, and a drop in deferred compensation
expense due to losses on deferred compensation plans in 2011
(related to the reduction in BOLI income discussed above).
Occupancy expense increased by $63,000, or 4%, in the fourth quarter of 2011
compared to the fourth quarter of 2010 due primarily to higher
depreciation charges, but reflects a decline of $282,000, or 4%, for the year due to lower
maintenance/repair costs and cost reductions associated with the
January 2011 closure of a branch with
a relatively costly lease.
Other non-interest expenses increased by $1.902 million, or 39%, for the fourth quarter of
2011 relative to the fourth quarter of 2010, but fell by
$2.493 million, or 11%, for the year
in 2011 relative to 2010. A primary reason for both the
quarterly and annual variances is OREO write-downs. OREO
write-downs were $1.956 million
higher for the quarterly comparison, mainly as the result of a
significant charge against the Company's single largest OREO
property subsequent to the receipt of an updated appraisal in the
fourth quarter of 2011, but write-downs declined by $861,000 on a year-to-date basis due to the
relatively high level recorded in the third quarter of 2010.
OREO operating expenses were also lower for both the quarterly and
annual comparisons, declining by $72,000 for the fourth quarter and by
$427,000 for the year in 2011.
Also included in credit costs is a non-recurring accrual of
$240,000 in the fourth quarter of
2011, for potential expenses related to leases. The Company's
FDIC assessment reflects declines of $208,000 for the fourth quarter and $900,000 for the year in 2011, due to the FDIC's
implementation of a new rate structure in 2011 and as a reflection
of the Company's reduced risk profile. Moreover, deferred
compensation accruals for the Company's directors dropped by
$213,000 for the year in 2011, due to
losses on directors' deferred compensation plans in 2011 relative
to gains in 2010. Also impacting quarterly and annual
variances in other non-interest expenses in 2011 were an increase
in marketing costs, higher debit card processing costs associated
with increased activity, 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.
The Company had a negative provision for income taxes in both
the fourth quarter of 2011 and the fourth quarter of 2010.
The income tax provision represents 7% of pre-tax income for the
entire year in 2011, while a negative provision helped boost net
income for the year in 2010. The negative provision for the
applicable periods is the result of a high level of tax credits
relative to our pre-credit tax liability, as calculated for book
purposes. The higher tax accrual in 2011 is primarily the
result of a drop in tax-exempt BOLI income, and an increase in
taxable income relative to the Company's available tax
credits. 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 year ended December 31, 2011 include an increase in total
assets of $49 million, or 4%, 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 period
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 $75
million increase in investment balances. The increase
in investment balances would have been even higher if not for the
sale of $43 million in
mortgage-backed securities during the fourth quarter of 2011, for a
net gain on sale of $1.660
million. The $21 million
increase in cash and balances due from banks was primarily from an
increase in interest-bearing balances at the Federal Reserve Bank,
due again to excess liquidity.
Gross loan and lease balances declined $47 million, or 6%, during 2011, although the
decline occurred during the first three quarters of the year and
outstanding balances at year-end were about the same as at the end
of the third quarter. Runoff in the normal course of
business, prepayments, transfers to OREO, and charge-offs have
reduced loan balances in recent periods, and weak loan demand from
quality borrowers and aggressive competition have hindered the
Company's ability to counteract that contraction. While real
estate loans and consumer loans reflect significant declines for
the year, the Company experienced growth in agricultural production
loans, which increased by $4 million,
or 27%, commercial loans, which were up by $1 million, or 1%, and SBA loans, which were up
by over $2 million, or 13%.
The $71 million balance of
nonperforming assets at December 31,
2011 reflects an increase of almost $5 million, or 7%, relative to year-end 2010, but
is still well below the peak balance of $80
million reported at September
30, 2009. Foreclosed assets actually dropped by
$5 million during 2011, but there
were three large additions to non-accruing loans during the fourth
quarter that had a significant impact: A $6.4 million dairy loan, an acquisition and
development relationship with $8.2
million in well-secured loans, and a $1.6 million loan on well-located rental
properties that are generating cash flows but which we expect to
acquire as OREO in the near future. 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 $36 million in performing
restructured troubled debt (TDR's) as of the end of 2011, an
increase of $24 million, or 189%,
relative to year-end 2010. The increase is an indication of
the efforts undertaken by the Company to work with borrowers in
order to ensure their continued ability to service their loans.
The Company's allowance for loan and lease losses was
$17.3 million as of December 31, 2011, representing a decline of 18%
for the year due to write-downs on certain impaired real estate
loans against the allowance in the fourth quarter. The
allowance declined to 2.28% of total loans at December 31, 2011 from 2.62% at December 31, 2010. Despite this drop,
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
December 31, 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 $34
million, or 3%, during 2011. Non-maturity deposits
were up $57 million, or 8%, due in
part to aggressive deposit acquisition programs and an intensified
focus on business relationships, and included in that increase were
increases of $48 million, or 19%, in
non-interest bearing demand deposits, and $17 million, or 22%, in savings deposits.
Money market deposits, however, show a decline of $80 million, or 51%, while interest-bearing
transaction accounts increased by $72
million, or 39%. This shift is due to the fact that
the Company introduced a new interest-bearing demand deposit
account for businesses in August
2011, which is included in interest-bearing transaction
accounts along with NOW account balances. The new account
serves the same purpose as the money market deposit sweep program
but is more efficient and does not require costly third-party
facilitation, hence the Company encouraged the transfer of balances
from the money market sweep program into the new account.
Customer time deposits declined $38
million, or 10%, due to the non-renewal of time deposits
managed by the Company's Treasury Department, but during 2011 the
Company added $15 million in
longer-term wholesale-sourced brokered deposits for interest rate
risk management purposes, to create a more defensive posture for
the eventuality of rising interest rates. Other
interest-bearing liabilities increased by $6
million, due mainly to a customer's transfer of balances
from money market deposits into a non-deposit sweep account, but
also from a small increase in overnight borrowings from the Federal
Home Loan Bank in the normal course of the Company's cash
management activities.
Total capital increased by $9
million, or 6%, during the year, to $169 million at December
31, 2011, and risk-based capital ratios continue to
strengthen.
About Sierra Bancorp
Sierra Bancorp is the holding company for Bank of the Sierra
(www.bankofthesierra.com), which is in its 35th 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:
|
|
Year
Ended:
|
(in
$000's, unaudited)
|
12/31/2011
|
12/31/2010
|
%
Change
|
|
12/31/2011
|
12/31/2010
|
%
Change
|
Interest
Income
|
$
14,304
|
$
15,360
|
-6.9%
|
|
$
58,614
|
$
63,831
|
-8.2%
|
Interest
Expense
|
1,367
|
1,669
|
-18.1%
|
|
5,657
|
7,649
|
-26.0%
|
Net Interest
Income
|
12,937
|
13,691
|
-5.5%
|
|
52,957
|
56,182
|
-5.7%
|
|
|
|
|
|
|
|
|
Provision
for Loan & Lease Losses
|
2,400
|
3,400
|
-29.4%
|
|
12,000
|
16,680
|
-28.1%
|
Net Int after Provision
|
10,537
|
10,291
|
2.4%
|
|
40,957
|
39,502
|
3.7%
|
|
|
|
|
|
|
|
|
Service
Charges
|
2,403
|
2,663
|
-9.8%
|
|
9,543
|
11,212
|
-14.9%
|
Loan Sale
Income
|
46
|
46
|
0.0%
|
|
139
|
105
|
32.4%
|
Other
Non-Interest Income
|
1,489
|
245
|
507.8%
|
|
4,674
|
3,901
|
19.8%
|
Gain
(Loss) on Investments
|
290
|
4
|
7150.0%
|
|
290
|
2,643
|
-89.0%
|
Total
Non-Interest Income
|
4,228
|
2,958
|
42.9%
|
|
14,646
|
17,861
|
-18.0%
|
|
|
|
|
|
|
|
|
Salaries
& Benefits
|
4,909
|
5,358
|
-8.4%
|
|
20,669
|
20,869
|
-1.0%
|
Occupancy
Expense
|
1,771
|
1,708
|
3.7%
|
|
6,758
|
7,040
|
-4.0%
|
Other
Non-Interest Expenses
|
6,754
|
4,852
|
39.2%
|
|
19,832
|
22,325
|
-11.2%
|
Total Non-Interest
Expense
|
13,434
|
11,918
|
12.7%
|
|
47,259
|
50,234
|
-5.9%
|
|
|
|
|
|
|
|
|
Income Before Taxes
|
1,331
|
1,331
|
0.0%
|
|
8,344
|
7,129
|
17.0%
|
Provision
for Income Taxes
|
(210)
|
(261)
|
-19.5%
|
|
564
|
(234)
|
-341.0%
|
Net Income
|
$ 1,541
|
$ 1,592
|
-3.2%
|
|
$ 7,780
|
$ 7,363
|
5.7%
|
|
|
|
|
|
|
|
|
TAX
DATA
|
|
|
|
|
|
|
|
Tax-Exempt
Muni Income
|
$
681
|
$
696
|
-2.2%
|
|
$
2,834
|
$
2,709
|
4.6%
|
Tax-Exempt
BOLI Income
|
$
501
|
$
474
|
5.7%
|
|
$
934
|
$
1,382
|
-32.4%
|
Interest
Income - Fully Tax Equiv
|
$
14,671
|
$
15,735
|
-6.8%
|
|
$
60,140
|
$
65,290
|
-7.9%
|
|
|
|
|
|
|
|
|
NET
CHARGE-OFFS (RECOVERIES)
|
$
5,609
|
$
2,096
|
167.6%
|
|
$
15,855
|
$
19,257
|
-17.7%
|
|
|
|
|
|
|
|
|
PER
SHARE DATA
|
3-Month
Period Ended:
|
|
Year
Ended:
|
(unaudited)
|
12/31/2011
|
12/31/2010
|
% Change
|
|
12/31/2011
|
12/31/2010
|
% Change
|
Basic
Earnings per Share
|
$0.11
|
$0.12
|
-8.3%
|
|
$0.55
|
$0.61
|
-9.8%
|
Diluted
Earnings per Share
|
$0.11
|
$0.12
|
-8.3%
|
|
$0.55
|
$0.60
|
-8.3%
|
Common
Dividends
|
$0.06
|
$0.06
|
0.0%
|
|
$0.24
|
$0.24
|
0.0%
|
|
|
|
|
|
|
|
|
Wtd. Avg.
Shares Outstanding
|
14,099,238
|
13,496,092
|
|
|
14,036,667
|
12,109,717
|
|
Wtd. Avg.
Diluted Shares
|
14,112,310
|
13,571,090
|
|
|
14,085,201
|
12,192,345
|
|
|
|
|
|
|
|
|
|
Book Value
per Basic Share (EOP)
|
$11.95
|
$11.42
|
4.6%
|
|
$11.95
|
$11.42
|
4.6%
|
Tangible
Book Value per Share (EOP)
|
$11.56
|
$11.02
|
4.9%
|
|
$11.56
|
$11.02
|
4.9%
|
|
|
|
|
|
|
|
|
Common
Shares Outstanding (EOP)
|
14,101,609
|
13,976,741
|
|
|
14,101,609
|
13,976,741
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL RATIOS
|
3-Month
Period Ended:
|
|
|
Year
Ended:
|
|
(unaudited)
|
12/31/2011
|
12/31/2010
|
|
|
12/31/2011
|
12/31/2010
|
|
Return on
Average Equity
|
3.67%
|
4.08%
|
|
|
4.73%
|
5.16%
|
|
Return on
Average Assets
|
0.46%
|
0.48%
|
|
|
0.59%
|
0.56%
|
|
Net
Interest Margin (Tax-Equiv.)
|
4.43%
|
4.82%
|
|
|
4.59%
|
4.90%
|
|
Efficiency
Ratio (Tax-Equiv.)
|
77.07%
|
68.97%
|
|
|
67.67%
|
66.64%
|
|
Net C/O's
to Avg Loans (not annualized)
|
0.75%
|
0.26%
|
|
|
2.06%
|
2.26%
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES
|
3-Month
Period Ended:
|
|
Year
Ended:
|
(in
$000's, unaudited)
|
12/31/2011
|
12/31/2010
|
%
Change
|
|
12/31/2011
|
12/31/2010
|
%
Change
|
Average
Assets
|
$
1,333,446
|
$
1,306,959
|
2.0%
|
|
$
1,329,550
|
$
1,319,151
|
0.8%
|
Average
Interest-Earning Assets
|
$
1,192,017
|
$
1,157,190
|
3.0%
|
|
$
1,188,082
|
$
1,175,615
|
1.1%
|
Average
Loans & Leases
|
$
752,822
|
$
817,765
|
-7.9%
|
|
$
767,901
|
$
851,292
|
-9.8%
|
Average
Deposits
|
$
1,082,196
|
$
1,073,321
|
0.8%
|
|
$
1,094,358
|
$
1,096,464
|
-0.2%
|
Average
Equity
|
$
166,596
|
$
154,832
|
7.6%
|
|
$
164,508
|
$
142,754
|
15.2%
|
STATEMENT OF CONDITION
|
End of
Period:
|
|
|
|
|
|
(in
$000's, unaudited)
|
12/31/2011
|
12/31/2010
|
$ Change
|
|
% Change
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and
Due from Banks
|
$
63,036
|
$
42,435
|
$
20,601
|
|
48.5%
|
|
|
Securities
and Fed Funds Sold
|
406,471
|
331,940
|
74,531
|
|
22.5%
|
|
|
|
|
|
|
|
|
|
|
Agricultural
|
17,078
|
13,457
|
3,621
|
|
26.9%
|
|
|
Commercial
& Industrial
|
106,151
|
105,002
|
1,149
|
|
1.1%
|
|
|
Real
Estate
|
578,586
|
622,880
|
(44,294)
|
|
-7.1%
|
|
|
SBA
Loans
|
21,006
|
18,616
|
2,390
|
|
12.8%
|
|
|
Consumer
Loans
|
36,124
|
45,585
|
(9,461)
|
|
-20.8%
|
|
|
Gross Loans &
Leases
|
758,945
|
805,540
|
(46,595)
|
|
-5.8%
|
|
|
Deferred
Loan Fees
|
621
|
113
|
508
|
|
449.6%
|
|
|
Loans & Leases Net of Deferred Fees
|
759,566
|
805,653
|
(46,087)
|
|
-5.7%
|
|
|
Allowance
for Loan & Lease Losses
|
(17,283)
|
(21,138)
|
3,855
|
|
-18.2%
|
|
|
Net Loans & Leases
|
742,283
|
784,515
|
(42,232)
|
|
-5.4%
|
|
|
|
|
|
|
|
|
|
|
Bank
Premises & Equipment
|
20,721
|
20,190
|
531
|
|
2.6%
|
|
|
Other
Assets
|
102,894
|
107,491
|
(4,597)
|
|
-4.3%
|
|
|
Total
Assets
|
$ 1,335,405
|
$ 1,286,571
|
$
48,834
|
|
3.8%
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & CAPITAL
|
|
|
|
|
|
|
|
Non-Interest Demand Deposits
|
$
300,045
|
$
251,908
|
$
48,137
|
|
19.1%
|
|
|
Int-Bearing Transaction Accounts
|
255,932
|
184,360
|
71,572
|
|
38.8%
|
|
|
Savings
Deposits
|
91,376
|
74,682
|
16,694
|
|
22.4%
|
|
|
Money
Market Deposits
|
76,396
|
156,170
|
(79,774)
|
|
-51.1%
|
|
|
Customer
Time Deposits
|
347,519
|
385,154
|
(37,635)
|
|
-9.8%
|
|
|
Wholesale
Brokered Deposits
|
15,000
|
-
|
15,000
|
|
|
|
|
Total Deposits
|
1,086,268
|
1,052,274
|
33,994
|
|
3.2%
|
|
|
|
|
|
|
|
|
|
|
Junior
Subordinated Debentures
|
30,928
|
30,928
|
-
|
|
0.0%
|
|
|
Other
Interest-Bearing Liabilities
|
35,157
|
29,650
|
5,507
|
|
18.6%
|
|
|
Total Deposits & Interest-Bearing Liab.
|
1,152,353
|
1,112,852
|
39,501
|
|
3.5%
|
|
|
|
|
|
|
|
|
|
|
Other
Liabilities
|
14,488
|
14,122
|
366
|
|
2.6%
|
|
|
Total
Capital
|
168,564
|
159,597
|
8,967
|
|
5.6%
|
|
|
Total Liabilities &
Capital
|
$ 1,335,405
|
$ 1,286,571
|
$
48,834
|
|
3.8%
|
|
|
|
|
|
|
|
|
|
|
CREDIT
QUALITY DATA
|
End of
Period:
|
|
|
|
|
|
(in
$000's, unaudited)
|
12/31/2011
|
12/31/2010
|
$
Change
|
|
%
Change
|
|
|
Non-Accruing Loans
|
$
56,110
|
$
45,954
|
$
10,156
|
|
22.1%
|
|
|
Foreclosed
Assets
|
15,364
|
20,691
|
(5,327)
|
|
-25.7%
|
|
|
Total Non-Performing
Assets
|
$ 71,474
|
$ 66,645
|
$
4,829
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
|
Performing
TDR's (not incl. in NPA's)
|
$
36,058
|
$
12,465
|
$
23,593
|
|
189.3%
|
|
|
|
|
|
|
|
|
|
|
Non-Perf
Loans to Total Loans
|
7.39%
|
5.70%
|
|
|
|
|
|
NPA's to
Loans plus Foreclosed Assets
|
9.23%
|
8.07%
|
|
|
|
|
|
Allowance
for Ln Losses to Loans
|
2.28%
|
2.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
PERIOD-END STATISTICS
|
End of
Period:
|
|
|
|
|
|
(unaudited)
|
12/31/2011
|
12/31/2010
|
|
|
|
|
|
Shareholders Equity / Total Assets
|
12.6%
|
12.4%
|
|
|
|
|
|
Loans /
Deposits
|
69.9%
|
76.6%
|
|
|
|
|
|
Non-Interest Bearing Dep. / Total Dep.
|
27.6%
|
23.9%
|
|
|
|
|
|
SOURCE Sierra Bancorp