Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra,
today announced its unaudited financial results for the three- and
nine-month periods ended September 30, 2018. Sierra Bancorp
reported consolidated net income of $7.071 million for the third
quarter of 2018, for an increase of $1.329 million, or 23%,
relative to the third quarter of 2017. The lift in net income is
primarily the result of improvement in net interest income and a
lower tax accrual rate, partially offset by a $2.450 million loan
loss provision in the third quarter of 2018 and overhead expense
increases that are in part incidental to the Company’s most recent
acquisitions. The Company’s return on average assets was 1.15% in
the third quarter of 2018, return on average equity was 10.66%, and
diluted earnings per share were $0.46.
For the first nine months of 2018 the Company recognized net
income of $21.773 million, which is 41% higher than net income for
the same period in 2017. The Company’s financial performance
metrics for the first nine months of 2018 include an annualized
return on average equity of 11.23%, a return on average assets of
1.22%, and diluted earnings per share of $1.41.
Assets and loans continued on their strong growth trajectory
during the third quarter of 2018. Assets totaled $2.463 billion at
September 30, 2018, representing an increase of $123 million, or
5%, for the first nine months of 2018. The increase in assets
resulted from organic growth in real estate loans and agricultural
production loans, partially offset by a drop in balances
outstanding on mortgage warehouse lines, lower investment balances,
and a reduction in cash and due from banks. Gross loans grew to
$1.695 billion at September 30, 2018, representing increases of $70
million, or 4%, for the third quarter and $137 million, or 9%, for
the first nine months of 2018. Total nonperforming assets increased
by $4 million, or 39%, during the first nine months due to a $10
million purchased loan participation placed on non-accrual status
in the third quarter, net of year-to-date loan charge-offs of $2.5
million and a reduction of over $3 million in foreclosed assets.
Deposits totaled $2.106 billion at September 30, 2018, representing
a year-to-date increase of $118 million, or 6%, including deposits
from our Lompoc branch purchase which totaled $35 million on the
reporting date and $40 million in wholesale brokered deposits added
in the third quarter.
“Enthusiasm is common. Endurance is rare.”–
Angela Duckworth
“We are thrilled to once again achieve record levels of assets,
loans, and deposits. It has truly been an exciting year thus far!”
exclaimed Kevin McPhaill, President and CEO. “Our banking team is
happy with our year-to-date results, and there are even greater
possibilities ahead in the final quarter of 2018. We are all
working diligently to continue Bank of the Sierra’s success,” he
concluded.
Financial Highlights
As noted above, net income increased by $1.329 million, or 23%,
for the third quarter of 2018 relative to the third quarter of
2017, and by $6.277 million, or 41%, for the first nine months of
2018 as compared to the same period in 2017. Significant variances
in the components of pre-tax income and in our provision for income
taxes, including some items of a nonrecurring nature, are noted
below.
Net interest income increased by $5.341 million, or 29%, for the
third quarter, and $15.177 million, or 29%, for the first nine
months due in part to growth in average interest-earning assets
totaling $339 million, or 18%, for the third quarter of 2018 over
the third quarter of 2017, and growth of $326 million, or 18%, for
the first nine months of 2018 over the first nine months of 2017.
Organic growth was a factor in the increase in average earning
assets, but the comparative results were also materially affected
by our acquisition of Ojai Community Bank in the fourth quarter of
2017. The favorable impact of higher interest-earning assets was
enhanced by an increase in our net interest margin totaling 30
basis points for the comparative quarters, and 31 basis points for
the year-to-date period. Our net interest margin improvement
reflects the fact that loan yields have increased more rapidly than
deposit rates as market interest rates have gone up, as well as
strong growth in loans relative to lower-yielding investment
balances resulting from the acquisition. The comparative results
were also impacted by nonrecurring interest items, which typically
include interest income recovered upon the resolution of
nonperforming loans, the reversal of interest income when a loan is
placed on non-accrual status, and accelerated fees or prepayment
penalties recognized for early payoffs. Nonrecurring items added
$33,000 to interest income in the third quarter of 2018, but the
Company experienced net interest reversals of $54,000 in the third
quarter of 2017. The cumulative impact of nonrecurring interest
items for the year-to-date periods was favorable, totaling $261,000
for 2018 as compared to $164,000 for 2017. Moreover, discount
accretion on loans from whole-bank acquisitions enhanced our net
interest margin by approximately eight basis points in the third
quarter of 2018 as compared to three basis points in the third
quarter 2017, and eight basis points for the first nine months of
2018 relative to five basis points in the first nine months of
2017.
The Company recorded a loan loss provision of $2.450 million in
the third quarter of 2018 relative to no provision in the third
quarter of 2017, bringing year-to-date loan loss provisions to
$2.950 million in 2018 and $300,000 for 2017. The 2018 provision
was deemed necessary subsequent to our determination of the
appropriate level for our allowance for loan and lease losses,
taking into consideration overall credit quality, growth in
outstanding loan balances, the aforementioned loan participation
that was placed on non-accrual status, and reserves required for
other specifically identified impaired loan balances.
Total non-interest income reflects declines of $187,000, or 3%,
for the quarterly comparison and $123,000, or 1%, for the
comparative year-to-date results, as increases in service charges
and other non-interest income were more than offset by lower
investment gains. The drop in investment gains in 2018 is from the
impact of $918,000 in nonrecurring gains realized in the third
quarter of 2017 from the sale of an equity investment. Service
charges on deposits were up 10% for the third quarter of 2018 and
11% for the first nine months of 2018 relative to 2017, due largely
to fees earned on deposit accounts added over the past year and fee
increases for certain higher-risk commercial accounts. The
year-to-date comparison also includes the impact of the
reclassification of certain income from other non-interest income
to service charges. BOLI income increased for the third quarter of
2018 but declined for the first nine months of 2018 relative to
2017, due to fluctuations in income on BOLI associated with
deferred compensation plans. Other non-interest income was higher
for both the quarter and year-to-date comparisons despite the
income reclassification noted above. The primary impact was from
higher debit card interchange income, partially offset by higher
pass-through expenses that are associated with low-income housing
tax credit funds and other limited partnerships and which are
netted out of revenue.
Total non-interest expense was up by $2.362 million, or 15%, for
the third quarter of 2018 relative to the third quarter of 2017 and
$6.750 million, or 15%, for the comparative nine-month periods.
Non-recurring acquisition costs included in non-interest expense
totaled $12,000 in the third quarter of 2018 relative to $424,000
in the third quarter of 2017, and $449,000 for the first nine
months of 2018 as compared to $585,000 for the first nine months of
2017. Salaries and benefits increased by $1.336 million, or 18%,
for the third quarter and $4.377 million, or 19%, for the first
nine months, due in large part to ongoing expenses for employees
retained subsequent to our acquisitions, staffing costs for recent
de novo branch offices, salary adjustments in the normal course of
business, costs for non-acquisition related staff additions, and a
sizeable increase in group health insurance costs.
Total occupancy expense increased by $317,000, or 13%, for the
third quarter and $561,000, or 8%, for the first nine months, due
to ongoing occupancy costs associated with a higher number of
branches and a certain level of nonrecurring costs incurred to
outfit de novo branches. Other non-interest expense was up by
$709,000, or 13%, for the third quarter and $1.812 million, or 11%,
for the year-to-date comparison. This line item includes the
nonrecurring acquisition costs noted above, and it also reflects
higher operating costs stemming from more branches, an increase in
amortization expense on core deposit intangibles created pursuant
to our acquisitions, higher debit card processing costs, and other
increases in the normal course of business. For the year-to-date
comparison, the expense increase was partially offset by a $713,000
gain on sale of OREO in the second quarter of 2018.
The Company’s provision for income taxes was 23.5% of pre-tax
income in the third quarter of 2018 relative to 35.5% in the third
quarter of 2017, and 24.1% for the first nine months of 2018 as
compared to 32.7% for the first nine months of 2017. The lower rate
in 2018 is consistent with the reduction in our Federal income tax
rate.
Balance sheet changes during the first nine months of 2018
include an increase in total assets of $123 million, or 5%, due to
strong organic growth in real estate loans and agricultural
production loans that was partially offset by lower investment
balances and a reduction in cash and due from banks. Cash and due
from banks was down $5 million, or 7%, while investment securities
fell by $10 million, or 2%, since some of the cash flow from our
investment portfolio was used to fund loan growth. Gross loans
increased by $137 million, or 9%, due to strong organic growth in
real estate loans in particular. We experienced a decline in
mortgage warehouse loans of $44 million, or 32%, primarily because
the utilization rate on mortgage warehouse lines dropped to 24% at
September 30, 2018 from 34% at December 31, 2017. Consumer loans
were also down by close to $2 million, or 15%. While we have
experienced a higher level of real-estate secured and agricultural
lending activity in recent periods and our pipeline of loans in
process of approval remains relatively robust, no assurance can be
provided with regard to future loan growth as payoffs remain at
relatively high levels and mortgage warehouse loan volumes are
difficult to predict.
Total nonperforming assets, comprised of non-accrual loans and
foreclosed assets, increased by $4 million, or 39%, during the
first nine months of 2018 due to the addition of the previously
noted $10 million nonperforming loan participation, net of the sale
of over $3 million in OREO and reductions resulting from net
charge-offs, loan payoffs and upgrades. The Company’s ratio of
nonperforming assets to loans plus foreclosed assets increased to
0.78% at September 30, 2018 from 0.60% at December 31, 2017. All of
the Company’s impaired assets are periodically reviewed, 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.
The Company’s allowance for loan and lease losses was $9.5
million at September 30, 2018, a slight increase when compared to
the balance at December 31, 2017. The increase came from the
addition of a $2.950 million loan loss provision, less net loan
losses of $2.530 million charged off against the allowance. Because
of growth in our loan portfolio, the allowance fell to 0.56% of
total loans at September 30, 2018 from 0.58% at December 31, 2017.
It should be noted that our need for reserves has been favorably
impacted by acquired loans, which were booked at their fair values
on the acquisition dates and thus did not initially require a loan
loss allowance. Furthermore, loss reserves allocated to mortgage
warehouse loans are relatively low because we have not experienced
any losses in that portfolio segment. 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 September 30, 2018, but no
assurance can be given that the Company will not experience
substantial future losses relative to the size of the
allowance.
Deposit balances reflect growth of $118 million, or 6%, during
the first nine months of 2018, inclusive of acquired Lompoc branch
deposits and the addition of $40 million in wholesale brokered
deposits. Lompoc branch deposits consisted of $32 million in
non-maturity deposits and $6 million in time deposits at May 18,
2018, the acquisition date, with non-maturity deposits declining to
$30 million and time deposits to $5 million at September 30, 2018.
Relatively strong organic growth in non-maturity deposits during
the first half of 2018 was offset in part by runoff in the third
quarter, thus year-to-date results reflect net organic growth of
only $25 million. Junior subordinated debentures increased slightly
from accretion of the discount on trust-preferred securities, and
other non-deposit borrowings were increased by $3 million, or 9%,
during the first nine months of 2018.
Total capital of $263 million at September 30, 2018 reflects an
increase of $7 million, or 3%, relative to year-end 2017 due to
capital from stock options exercised and the addition of net
income, net of dividends paid and an $8.2 million increase in our
accumulated other comprehensive loss. There were no share
repurchases executed by the Company during the first nine months of
2018.
About Sierra Bancorp
Sierra Bancorp is the holding company for Bank of the Sierra
(www.bankofthesierra.com), which is in its 41st year of operations
and is the largest independent bank headquartered in California's
South San Joaquin Valley. Bank of the Sierra is a community-centric
regional bank, which delivers a broad range of retail and
commercial banking services through a network of full-service
branches located in the counties of Tulare, Kern, Kings, Fresno,
Los Angeles, Ventura, San Luis Obispo, and Santa Barbara. The Bank
also maintains a cyber branch, and offers specialized credit
services through Agricultural, SBA, and Real Estate Industries loan
centers. Bank of the Sierra holds a Bauer Financial 5-star rating,
an honor only awarded to the strongest financial institutions in
the country.
Forward-Looking
Statements
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 local 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 acquisitions and branch expansion,
changes in interest rates, loan portfolio performance, 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
(in $000's, unaudited)
Qtr Ended: 3Q18 vs Qtr Ended: 3Q18
vs Nine Months Ended: YTD18 vs
9/30/2018
6/30/2018 2Q18
9/30/2017 3Q17
9/30/2018 9/30/2017 YTD17
Interest Income $26,236 $24,883 +5% $19,832 +32% $74,596
$56,790 +31% Interest Expense 2,460 2,083 +18% 1,397
+76% 6,260 3,631 +72% Net Interest Income 23,776 22,800 +4%
18,435 +29% 68,336 53,159 +29% Provision for Loan &
Lease Losses 2,450 300 +717% - NM 2,950 300 +883% Net
Int after Provision 21,326 22,500 -5% 18,435 +16% 65,386 52,859
+24% Service Charges 3,208 3,027 +6% 2,916 +10% 9,181 8,263
+11% BOLI Income 440 423 +4% 377 +17% 1,066 1,188 -10% Gain (Loss)
on Investments 1 - NM 918 -100% 2 984 -100% Other Non-Interest
Income 2,074 1,979 +5% 1,699 +22% 6,036 5,973 +1%
Total Non-Interest Income 5,723 5,429 +5% 5,910 -3% 16,285 16,408
-1% Salaries & Benefits 8,814 8,997 -2% 7,478 +18%
26,994 22,617 +19% Occupancy Expense 2,685 2,451 +10% 2,368 +13%
7,484 6,923 +8% Other Non-Interest Expenses 6,308 5,846 +8%
5,599 +13% 18,510 16,698 +11% Total Non-Interest Expense
17,807 17,294 +3% 15,445 +15% 52,988 46,238 +15% Income
Before Taxes 9,242 10,635 -13% 8,900 +4% 28,683 23,029 +25%
Provision for Income Taxes 2,171 2,643 -18% 3,158 -31% 6,910
7,533 -8%
Net Income $7,071
$7,992 -12%
$5,742 +23%
$21,773
$15,496 +41%
TAX DATA Tax-Exempt Muni Income
$1,006 $1,018 -1% $1,002 0% $3,040 $2,739 +11% Interest Income -
Fully Tax Equivalent $26,503 $25,154 +5% $20,372 +30% $75,404
$58,265 +29%
NET CHARGE-OFFS $2,123
$155 +1270% $446
+376% $2,530 $1,217 +108% Note:
An "NM" designation indicates that the percentage change is "Not
Meaningful", likely due to the fact that numbers for the
comparative periods are of opposite signs or because the
denominator is zero
PER SHARE DATA
(unaudited) Qtr Ended: 3Q18 vs Qtr
Ended: 3Q18 vs Nine Months Ended: YTD18 vs
9/30/2018 6/30/2018 2Q18
9/30/2017 3Q17
9/30/2018 9/30/2017
YTD17 Basic Earnings per Share $0.46 $0.52 -12% $0.41
+12% $1.43 $1.12 +28% Diluted Earnings per Share $0.46 $0.52
-12% $0.41 +12% $1.41 $1.11 +27% Common Dividends $0.16 $0.16 0%
$0.14 +14% $0.48 $0.42 +14% Wtd. Avg. Shares Outstanding
15,267,587 15,254,575 0% 13,839,111 +10% 15,251,746 13,824,173 +10%
Wtd. Avg. Diluted Shares 15,444,406 15,429,129 0% 14,013,987 +10%
15,428,465 14,010,894 +10% Book Value per Basic Share (EOP)
$17.23 $17.06 +1% $15.83 +9% $17.23 $15.83 +9% Tangible Book Value
per Share (EOP) $15.00 $14.81 +1% $15.05 0% $15.00 $15.05 0%
Common Shares Outstanding (EOP) 15,277,710
15,258,100 0% 13,840,429
+10% 15,277,710 13,840,429 +10%
KEY FINANCIAL RATIOS
(unaudited)
Qtr Ended: Qtr Ended: Nine Months Ended:
9/30/2018 6/30/2018 9/30/2017
9/30/2018 9/30/2017 Return on Average Equity
10.66% 12.44% 10.45% 11.23% 9.70% Return on Average Assets 1.15%
1.34% 1.10% 1.22% 1.02% Net Interest Margin (Tax-Equiv.) 4.27%
4.24% 3.97% 4.24% 3.93% Efficiency Ratio (Tax-Equiv.) 59.59% 60.44%
63.90% 61.82% 65.40% Net C/O's to Avg Loans (not annualized)
0.13% 0.01% 0.03%
0.16% 0.10%
STATEMENT OF CONDITION (balances in
$000's, unaudited)
Sep '18 vs Sep '18 vs
Sep '18 vs ASSETS
9/30/2018
6/30/2018
Jun
'18
12/31/2017
Dec
'17
9/30/2017
Sep
'17
Cash and Due from Banks $65,039 $85,102 -24% $70,137 -7% $54,607
+19% Investment Securities 548,815 559,968 -2% 558,329 -2% 583,200
-6% Real Estate Loans (non-Agricultural) 1,258,191 1,196,841
+5% 1,086,200 +16% 876,067 +44% Agricultural Real Estate Loans
146,485 141,475 +4% 140,516 +4% 145,550 +1% Agricultural Production
Loans 52,265 53,339 -2% 46,796 +12% 49,315 +6% Comm'l &
Industrial Loans & Leases 134,171 127,710 +5% 135,662 -1%
111,365 +20% Mortgage Warehouse Lines 94,348 95,645 -1% 138,020
-32% 119,031 -21% Consumer Loans
9,049
9,334
-3%
10,626
-15%
10,297
-12% Gross Loans & Leases 1,694,509 1,624,344 +4% 1,557,820 +9%
1,311,625 +29% Deferred Loan & Lease Fees
2,603
2,920
-11%
2,774
-6%
2,705
-4% Loans & Leases Net of Deferred Fees 1,697,112 1,627,264 +4%
1,560,594 +9% 1,314,330 +29% Allowance for Loan & Lease Losses
(9,463)
(9,136)
+4%
(9,043)
+5%
(8,784)
+8% Net Loans & Leases 1,687,649 1,618,128 +4% 1,551,551 +9%
1,305,546 +29% Bank Premises & Equipment 29,998 30,182
-1% 29,388 +2% 28,373 +6% Other Assets
131,539
132,063
0%
130,893
0%
106,267
+24%
Total Assets $2,463,040
$2,425,443 +2%
$2,340,298
+5%
$2,077,993 +19%
LIABILITIES &
CAPITAL Non-Interest Demand Deposits $685,941 $674,283 +2%
$635,434 +8% $571,509 +20% Int-Bearing Transaction Accounts 545,442
577,054 -5% 523,590 +4% 496,647 +10% Savings Deposits 299,650
301,322 -1% 283,126 +6% 245,093 +22% Money Market Deposits 137,649
151,736 -9% 171,611 -20% 122,772 +12% Customer Time Deposits
397,371 383,527 +4% 374,625 +6% 343,558 +16% Wholesale Brokered
Deposits
40,000
-
NM
-
NM
-
NM Total Deposits 2,106,053 2,087,922 +1% 1,988,386 +6% 1,779,579
+18% Junior Subordinated Debentures 34,722 34,677 0% 34,588
0% 34,544 +1% Other Interest-Bearing Liabilities
32,622
17,239
+89%
30,050
+9%
20,779
+57% Total Deposits & Int.-Bearing Liabilities 2,173,397
2,139,838 +2% 2,053,024 +6% 1,834,902 +18% Other Liabilities
26,435 25,367 +4% 31,332 -16% 24,008 +10% Total Capital
263,208
260,238
+1%
255,942
+3%
219,083
+20%
Total Liabilities & Capital
$2,463,040 $2,425,443
+2% $2,340,298 +5%
$2,077,993 +19%
Note: An "NM" designation indicates that the percentage
change is "Not Meaningful", likely due to the fact that numbers for
the comparative periods are of opposite signs or because the
denominator is zero
GOODWILL
& INTANGIBLE ASSETS (balances in $000's, unaudited)
Sep '18 vs
Sep '18 vs Sep '18
vs 9/30/2018
6/30/2018 Jun '18
12/31/2017 Dec '17
9/30/2017 Sep '17 Goodwill $27,357
$27,357 0% $27,357 0% $8,268 +231% Core Deposit Intangible
6,724
6,919
-3%
6,234
+8%
2,483
+171%
Total Intangible Assets
$34,081
$34,276
-1%
$33,591
+1%
$10,751
+217%
CREDIT QUALITY (balances in
$000's, unaudited) Sep '18 vs Sep '18 vs Sep
'18 vs 9/30/2018 6/30/2018
Jun '18 12/31/2017
Dec '17 9/30/2017 Sep
'17 Non-Accruing Loans $10,960 $3,093 +254% $3,963 +177% $4,118
+166% Foreclosed Assets
2,212
2,112
+5%
5,481
-60%
2,674
-17%
Total Nonperforming Assets
$13,172
$5,205 +153%
$9,444 +39%
$6,792 +94% Performing TDR's (not incl.
in NPA's) $11,290 $11,981 -6% $12,413 -9% $12,707 -11%
Non-Perf Loans to Gross Loans 0.65% 0.19% 0.25% 0.31% NPA's to
Loans plus Foreclosed Assets 0.78% 0.32% 0.60% 0.52% Allowance for
Ln Losses to Loans 0.56% 0.56%
0.58%
0.67%
SELECT PERIOD-END STATISTICS (unaudited)
9/30/2018 6/30/2018 12/31/2017
9/30/2017
Shareholders Equity / Total Assets 10.7% 10.7% 10.9% 10.5% Gross
Loans / Deposits 80.5% 77.8% 78.3% 73.7% Non-Int. Bearing Dep. /
Total Dep. 32.6% 32.3%
32.0% 32.1%
AVERAGE BALANCE SHEET,
INTEREST INCOME/EXPENSE, & YIELD/RATE
(balances in $000's, unaudited)
For the quarter ended For the quarter ended For the
quarter ended September 30, 2018 June 30, 2018 September 30, 2017
Income/ Income/ Income/ Average Balance
Expense Yield/ Rate Average Balance Expense
Yield/ Rate Average Balance Expense Yield/ Rate
Assets Investments: Federal funds sold/due from time $4,009
$24 2.34% $13,080 $61 1.84% $18,743 $63 1.32% Taxable 421,715 2,382
2.21% 424,446 2,300 2.14% 446,395 2,224 1.95% Non-taxable 140,315
1,006 3.55% 141,224 1,018 3.61% 142,544 1,002
4.23% Total investments 566,039 3,412 2.54% 578,750 3,379 2.49%
607,682 3,289 2.47% Loans and Leases: Real estate 1,387,049
18,904 5.41% 1,325,251 17,800 5.39% 999,692 12,772 5.07%
Agricultural Production 52,761 782 5.88% 53,867 753 5.61% 51,063
651 5.06% Commercial 123,467 1,544 4.96% 124,320 1,489 4.80%
113,166 1,483 5.20% Consumer 9,576 327 13.55% 9,760 297 12.21%
11,046 328 11.78% Mortgage warehouse lines 93,372 1,227 5.21%
89,633 1,126 5.04% 109,547 1,258 4.56% Other 2,635 40 6.02%
2,503 39 6.25% 3,392 51 5.97% Total loans and leases
1,668,860 22,824 5.43% 1,605,334 21,504 5.37%
1,287,906 16,543 5.10% Total interest earning assets
2,234,899 $26,236 4.70% 2,184,084 $24,883 4.62%
1,895,588 $19,832 4.26% Other earning assets 10,496 10,436
8,741 Non-earning assets 202,532 205,446 163,525
Total
assets $2,447,927 $2,399,966 $2,067,854
Liabilities
and shareholders' equity Interest bearing deposits: Demand
deposits $122,543 $94 0.30% $139,546 $109 0.31% $136,304 $106 0.31%
NOW 432,197 120 0.11% 422,619 116 0.11% 376,067 106 0.11% Savings
accounts 303,468 81 0.11% 301,528 80 0.11% 238,824 65 0.11% Money
market 144,975 30 0.08% 153,143 37 0.10% 120,086 24 0.08% Time
Deposits 390,396 1,499 1.52% 380,778 1,252 1.32% 343,564 731 0.84%
Wholesale Brokered Deposits 20,217 99 1.94% 0 0 0.00%
0 0 0.00% Total interest bearing deposits 1,413,796 1,923
0.54% 1,397,614 1,594 0.46% 1,214,845 1,032 0.34% Borrowed funds:
Junior Subordinated Debentures 34,696 451 5.16% 34,651 436 5.05%
34,519 351 4.03% Other Interest-Bearing Liabilities 29,314
86 1.16% 23,719 53 0.90% 9,862 14 0.56% Total
borrowed funds 64,010 537 3.33% 58,370 489 3.36%
44,381 365 3.26% Total interest bearing liabilities
1,477,806 $2,460 0.66% 1,455,984 $2,083 0.57% 1,259,226 $1,397
0.44% Demand deposits - non-interest bearing 678,154 656,486
560,057 Other liabilities 28,853 29,786 30,487 Shareholders' equity
263,114 257,710 218,084
Total liabilities and shareholders'
equity $2,447,927 $2,399,966 $2,067,854 Interest
income/interest earning assets 4.70% 4.62% 4.26% Interest
expense/interest earning assets 0.43%
0.38% 0.29%
Net interest income and margin
$23,776 4.27% $22,800 4.24% $18,435 3.97% NOTE: Where
impacted by non-taxable income, yields and net interest margins
have been computed on a tax equivalent basis utilizing a 21% tax
rate for periods ending after December 31, 2017, and a 35% tax rate
for periods ending on or before December 31, 2017
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181022005161/en/
Sierra BancorpKevin McPhaill, 559-782-4900 or
888-454-BANKPresident/CEOwww.sierrabancorp.com
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