Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra,
today announced its unaudited financial results for the quarter and
the year ended December 31, 2018. Sierra Bancorp reported
consolidated net income of $7.904 million for the fourth quarter of
2018, for an increase of $3.860 million, or 95%, relative to the
fourth quarter of 2017. The variance in net income was impacted by
the following: a reduced income tax rate in 2018, as well as a
charge in the fourth quarter of 2017 to write down the Company’s
deferred tax asset; a reduction in noninterest expense, resulting
in large part from nonrecurring acquisition costs recorded in the
fourth quarter of 2017 and gains on OREO sales realized in the
fourth quarter of 2018; and, improvement in net interest income
resulting from growth in earning assets. Favorable variances were
partially offset by a $1.400 million loan loss provision in the
fourth quarter of 2018, relative to a provision reversal of $1.440
million in the fourth quarter of 2017. The Company’s return on
average assets was 1.26% in the fourth quarter of 2018, return on
average equity was 11.78%, and diluted earnings per share were
$0.51.
For the year in 2018 Sierra Bancorp recognized net income of
$29.677 million, which is the Company’s highest reported annual
income ever and represents an increase of 52% relative to 2017. The
Company’s financial performance metrics for 2018 include an
annualized return on average equity of 11.37%, a return on average
assets of 1.23%, and diluted earnings per share of $1.92.
Assets totaled $2.523 billion at December 31, 2018, representing
an increase of $182 million, or 8%, for the year. The increase in
assets resulted primarily from organic growth in real estate loans,
partially offset by a drop in balances outstanding on mortgage
warehouse lines. Gross loans grew to $1.732 billion at December 31,
2018, representing increases of $37 million, or 2%, for the fourth
quarter and $174 million, or 11%, for the year. Total nonperforming
assets dropped by over $3 million, or 34%, during 2018 due to a
reduction of $4 million in foreclosed assets, partially offset by
an increase of $1 million in nonperforming loans. The
previously-reported $10 million purchased loan participation which
was placed on non-accrual status in the third quarter was
transferred to foreclosed assets and sold during the fourth
quarter. Deposits totaled $2.116 billion at December 31, 2018,
representing a year-to-date increase of $128 million, or 6%,
including deposits from our Lompoc branch purchase which totaled
$34 million on the reporting date and $50 million in wholesale
brokered deposits added in the second half of the year.
“Grit is more about stamina than intensity.”–
Angela Duckworth
“We are proud of the efforts put forth by our entire banking
team this past year – the Bank’s success is largely the result
of their passion, energy and grit!” exclaimed Kevin McPhaill,
President and CEO. “We are pleased with our financial results for
2018: organic loan growth was robust, core deposits remain a key
strength, and net income was the highest in our Bank’s history,” he
continued. “Our bankers remain engaged, and continue their drive to
achieve even greater success in 2019 and beyond,” concluded
McPhaill.
Financial Highlights
As noted above, net income increased by $3.860 million, or 95%,
for the fourth quarter of 2018 relative to the fourth quarter of
2017, and by $10.138 million, or 52%, for the year in 2018 as
compared to 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 $1.516 million, or 7%, for the
fourth quarter, and $16.693 million, or 22%, for the year due in
part to growth in average interest-earning assets totaling $131
million, or 6%, for the fourth quarter of 2018 over the fourth
quarter of 2017, and growth of $277 million, or 14%, for the year
in 2018 over 2017. In addition to organic growth, the comparative
results for the year were 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 20 basis points for
the comparative annual periods, although there was a slight net
interest margin drop for the quarterly comparison due to a strong
level of net interest recoveries in the fourth quarter of 2017. Our
net interest margin improvement for the year resulted from the
Company’s asset-sensitive interest rate risk position in a rising
rate environment, as well as strong growth in loans relative to
lower-yielding investment balances. 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
only $17,000 to interest income in the fourth quarter of 2018, but
contributed $572,000 in the fourth quarter of 2017. For the year,
nonrecurring items supplemented interest income by $277,000 in 2018
and $736,000 in 2017. Moreover, discount accretion on loans from
whole-bank acquisitions enhanced our net interest margin by
approximately four basis points in the fourth quarter of 2018 as
compared to seven basis points in the fourth quarter 2017, and
seven basis points for the year in 2018 relative to five basis
points in 2017.
The Company recorded a loan loss provision of $1.400 million in
the fourth quarter of 2018 relative to a negative provision of
$1.440 million in the fourth quarter of 2017, bringing our annual
loan loss provision to $4.350 million in 2018 and negative $1.140
million 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, and
reserves required for specifically identified impaired loan
balances (including the loan participation that was placed on
non-accrual status in the third quarter).
Total noninterest income reflects declines of $92,000, or 2%,
for the quarterly comparison and $215,000, or 1%, for the
comparative annual results. Service charges on deposits were up 10%
for the fourth quarter of 2018 and 11% for the year in 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 variance was also enhanced by
about $200,000 from the reclassification of certain income from
other non-interest income to service charges. There were minimal
investment gains in 2018, relative to a loss of $484,000 on the
sale of investments in the fourth quarter of 2017 and a net gain of
$500,000 on the sale of investments for the year in 2017.
Bank-owned life insurance (BOLI) income was down by $928,000 for
the fourth quarter comparison and declined by $1.049 million for
the year in 2018 relative to 2017, due to fluctuations in income on
BOLI associated with deferred compensation plans. Other
non-interest income was slightly higher for both the quarter and
annual comparisons, but includes significant variances in the
following areas: debit card interchange income was substantially
higher for both the quarter and annual periods, as card activity
continues to increase; pass-through expenses associated with
low-income housing tax credit funds and other limited partnerships,
which are netted out of revenue, increased by $1.195 million for
the fourth quarter and $1.600 million for the year, although
$915,000 of the increase represents an expense amortization
adjustment in the fourth quarter of 2018; and, pursuant to FASB ASU
2016-01, we wrote up our investment in Pacific Coast Bankers Bank
by $1.183 million, pursuant to our evaluation of an appraisal of
the shares we acquired in the fourth quarter of 2018. The annual
comparison was also negatively impacted by the income
reclassification noted above.
Total noninterest expense dropped by $2.166 million, or 11%, for
the fourth quarter of 2018 relative to the fourth quarter of 2017,
but increased by $4.583 million, or 7%, for the comparative annual
periods, with the fluctuations due in part to nonrecurring items
such as acquisition costs and OREO costs. The largest component of
noninterest expenses, salaries and benefits, increased by $250,000,
or 3%, for the fourth quarter and $4.627 million, or 15%, for the
year. The quarterly increase resulted primarily from annual
adjustments in the normal course of business, while the annual
increase includes the impact of the Ojai acquisition and a sizeable
increase in group health insurance costs.
Total occupancy expense increased by $144,000, or 5%, for the
fourth quarter and $705,000, or 7%, for the year, 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 noninterest expense was down by $2.560 million, or
33%, for the fourth quarter and $749,000, or 3%, for the year. This
line item includes nonrecurring acquisition costs and OREO
expenses. There were no acquisition costs included in non-interest
expense in the fourth quarter of 2018, relative to $1.641 million
in the fourth quarter of 2017, and acquisition costs totaled
$449,000 for the year in 2018 as compared to $2.225 million for
2017. There were reductions in net OREO expense totaling $400,000
for the fourth quarter and $730,000 for the year. Of note, net
gains on OREO sales, which are included in the OREO expense
category, totaled $690,000 in the fourth quarter and $1.423 million
for the year in 2018. Other factors impacting the variances in
other noninterest expense include 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.
The Company’s provision for income taxes was 27.5% of pre-tax
income in the fourth quarter of 2018 relative to 60% in the fourth
quarter of 2017, and 25.0% for the year in 2018 as compared to
41.1% for 2017. The lower rate in 2018 is primarily the result of
the aforementioned $2.710 million deferred tax asset revaluation
charge in the fourth quarter of 2017, and the reduction in our
Federal income tax rate starting in 2018. The tax accrual rate is
higher in the fourth quarter of 2018 than it might otherwise have
been due to a large net loss on BOLI, since BOLI income is not
taxable.
Balance sheet changes during 2018 include an increase in total
assets of $182 million, or 8%, due primarily to strong organic
growth in real estate loans that was partially offset by a drop in
balances outstanding on mortgage warehouse lines. Gross loans
increased by $174 million, or 11%, including the first quarter bulk
purchase of single-family mortgage loans, which had a balance of
$11 million at the time of purchase. Non-agricultural real estate
loans increased by $216 million, or 20%, due to strong growth in
commercial construction and commercial real estate loans, while
loans secured by farmland increased by $11 million, or 8%, and
agricultural production loans were up by $2 million, or 5%. We
experienced a drop in mortgage warehouse loans of $46 million, or
33%, primarily because the utilization rate on mortgage warehouse
lines dropped to 23% at December 31, 2018 from 34% at December 31,
2017. Commercial loans were also down by over $7 million, or 5%,
and consumer loans declined by close to $2 million, or 17%. While
we have experienced a relatively high level of real-estate secured
lending activity in recent periods, no assurance can be provided
with regard to future loan growth as payoffs remain at high levels,
mortgage warehouse loan volumes are difficult to predict, and the
volume of top-quality lending opportunities appears to be
slowing.
Total nonperforming assets, comprised of non-accrual loans and
foreclosed assets, fell by $3 million, or 34%, during 2018 due to a
net reduction of over $4 million in OREO that was partially offset
by the net addition of $1 million to nonperforming loans balances.
As noted above, during the third quarter of 2018 a $10 million loan
participation was placed on nonaccrual status, net of a $2 million
charge off. The loan was transferred to OREO in the fourth quarter
and was sold soon thereafter, resulting in an additional $400,000
charge against our allowance for loan and lease losses. The
Company’s ratio of nonperforming assets to loans plus foreclosed
assets dropped to 0.36% at December 31, 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 $9.750
million at December 31, 2018, as compared to a balance of $9.043
million at December 31, 2017. The increase came from the addition
of a $4.350 million loan loss provision, less net loan losses of
$3.643 million charged off against the allowance. Because of growth
in our loan portfolio, the allowance fell to 0.56% of total loans
at December 31, 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 December 31, 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 $128 million, or 6%, during
2018, inclusive of deposits in our acquired Lompoc branch totaling
about $34 million at the reporting date, and the addition of $50
million in wholesale brokered deposits. Core non-maturity deposits
fell by close to $8 million during 2018, as a time deposit
promotion in the fourth quarter resulted in some cannibalization of
money market deposits in particular, which were down by $48
million, or 28%. Customer time deposits increased by $86 million,
or 23%, during 2018, due in large part to the promotion. While this
resulted in a higher overall cost of deposits, it is our
expectation that some of those deposits would have left the Bank
without the promotion, which would have had the same impact on
funding costs. Junior subordinated debentures increased slightly
from accretion of the discount on trust-preferred securities, and
other non-deposit borrowings were increased by $42 million, or
141%, during 2018 to support loan growth.
Total capital of $273 million at December 31, 2018 reflects an
increase of $17 million, or 7%, relative to year-end 2017 due to
capital from stock options exercised and the addition of net
income, net of dividends paid and a $4.3 million increase in our
accumulated other comprehensive loss. There were no share
repurchases executed by the Company during 2018.
About Sierra Bancorp
Sierra Bancorp is the holding company for Bank of the Sierra
(www.bankofthesierra.com), which is in its 42nd year of operations
and is the largest independent bank headquartered in the South San
Joaquin Valley. Bank of the Sierra is a community-centric regional
bank, which offers a full range of retail and commercial banking
services through full-service branches located within the counties
of Tulare, Kern, Kings, Fresno, Los Angeles, Ventura, San Luis
Obispo and Santa Barbara. The Bank also maintains an online branch,
and provides specialized lending services through an agricultural
credit center and an SBA center. In 2018, Bank of the Sierra was
recognized as one of the strongest and top-performing community
banks in the country, with a 5-star rating from Bauer Financial and
a Sm-All Star award from Sandler O’Neill.
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: 4Q18 vs
Qtr Ended: 4Q18 vs Year Ended: YTD18 vs
12/31/2018 9/30/2018 3Q18
12/31/2017 4Q17
12/31/2018 12/31/2017
YTD17 Interest Income $27,042 $26,236 +3% $24,134
+12% $101,638 $80,924 +26% Interest Expense 2,984
2,460 +21% 1,592 +87% 9,244 5,223 +77% Net Interest Income
24,058 23,776 +1% 22,542 +7% 92,394 75,701 +22% Provision
for Loan & Lease Losses 1,400 2,450 -43% (1,440) NM
4,350 (1,140) NM Net Int after Provision 22,658 21,326 +6%
23,982 -6% 88,044 76,841 +15% Service Charges 3,258 3,208
+2% 2,967 +10% 12,439 11,230 +11% BOLI Income (475) 440 NM 453 NM
591 1,640 -64% Gain (Loss) on Investments - 1 -100% (484) -100% 2
500 -100% Other Non-Interest Income 2,496 2,074 +20% 2,435
+3% 8,532 8,409 +1% Total Non-Interest Income 5,279 5,723
-8% 5,371 -2% 21,564 21,779 -1% Salaries & Benefits
9,139 8,814 +4% 8,889 +3% 36,133 31,506 +15% Occupancy Expense
2,811 2,685 +5% 2,667 +5% 10,295 9,590 +7% Other Non-Interest
Expenses 5,087 6,308 -19% 7,647 -33% 23,596 24,345
-3% Total Non-Interest Expense 17,037 17,807 -4% 19,203 -11% 70,024
65,441 +7% Income Before Taxes 10,900 9,242 +18% 10,150 +7%
39,584 33,179 +19% Provision for Income Taxes 2,996 2,171
+38% 6,106 -51% 9,907 13,640 -27%
Net Income
$7,904 $7,071 +12%
$4,044 +95%
$29,677 $19,539 +52%
TAX DATA
Tax-Exempt Muni Income $1,019 $1,006 +1% $1,008 +1% $4,060 $3,747
+8% Interest Income - Fully Tax Equivalent $27,313 $26,503 +3%
$24,677 +11% $102,717 $82,942 +24%
NET CHARGE-OFFS /
(RECOVERIES) $1,113 $2,123
-48% $(1,699) NM
$3,643 $(482) NM 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: 4Q18 vs Qtr
Ended: 4Q18 vs Year Ended: YTD18 vs
12/31/2018 9/30/2018 3Q18
12/31/2017 4Q17
12/31/2018 12/31/2017
YTD17 Basic Earnings per Share $0.52 $0.46 +13% $0.27
+93% $1.94 $1.38 +41% Diluted Earnings per Share $0.51 $0.46
+11% $0.26 +96% $1.92 $1.36 +41% Common Dividends $0.16 $0.16 0%
$0.14 +14% $0.64 $0.56 +14% Wtd. Avg. Shares Outstanding
15,290,740 15,267,587 0% 15,204,905 +1% 15,261,794 14,172,196 +8%
Wtd. Avg. Diluted Shares 15,441,145 15,444,406 0% 15,387,218 0%
15,432,120 14,357,782 +7% Book Value per Basic Share (EOP)
$17.84 $17.23 +4% $16.81 +6% $17.84 $16.81 +6% Tangible Book Value
per Share (EOP) $15.63 $15.00 +4% $14.61 +7% $15.63 $14.61 +7%
Common Shares Outstanding (EOP)
15,300,460 15,277,710 0%
15,223,360 +1% 15,300,460
15,223,360 +1%
KEY FINANCIAL RATIOS
(unaudited) Qtr Ended: Qtr
Ended: Year Ended: 12/31/2018
9/30/2018 12/31/2017 12/31/2018
12/31/2017 Return on Average Equity 11.78% 10.66% 6.53%
11.37% 8.82% Return on Average Assets 1.26% 1.15% 0.68% 1.23% 0.93%
Net Interest Margin (Tax-Equiv.) 4.27% 4.27% 4.30% 4.24% 4.04%
Efficiency Ratio (Tax-Equiv.) 57.79% 59.59% 65.80% 60.79% 65.52%
Net C/O's to Avg Loans (not annualized) 0.07%
0.13% -0.11%
0.22% -0.04%
STATEMENT OF CONDITION
(balances in
$000's, unaudited) Dec '18 vs Dec '18 vs
ASSETS 12/31/2018 9/30/2018
Sep '18 12/31/2017
Dec '17 Cash and Due from Banks $74,132 $65,039 +14%
$70,137 +6% Investment Securities 560,479 548,815 +2% 558,329 0%
Real Estate Loans (non-Agricultural) 1,302,389 1,258,191 +4%
1,086,200 +20% Agricultural Real Estate Loans 151,541 146,485 +3%
140,516 +8% Agricultural Production Loans 49,103 52,265 -6% 46,796
+5% Comm'l & Industrial Loans & Leases 128,220 134,171 -4%
135,662 -5% Mortgage Warehouse Lines 91,813 94,348 -3% 138,020 -33%
Consumer Loans
8,862
9,049
-2%
10,626
-17% Gross Loans & Leases 1,731,928 1,694,509 +2% 1,557,820
+11% Deferred Loan & Lease Fees
2,602
2,603
0%
2,774
-6% Loans & Leases Net of Deferred Fees 1,734,530 1,697,112 +2%
1,560,594 +11% Allowance for Loan & Lease Losses
(9,750)
(9,463)
+3%
(9,043)
+8% Net Loans & Leases 1,724,780 1,687,649 +2% 1,551,551 +11%
Bank Premises & Equipment 29,500 29,998 -2% 29,388 0%
Other Assets
133,611
131,539
+2%
130,893
+2%
Total Assets $2,522,502
$2,463,040 +2%
$2,340,298
+8%
LIABILITIES & CAPITAL Non-Interest Demand
Deposits $662,527 $685,941 -3% $635,434 +4% Int-Bearing Transaction
Accounts 535,726 545,442 -2% 523,590 +2% Savings Deposits 283,953
299,650 -5% 283,126 0% Money Market Deposits 123,807 137,649 -10%
171,611 -28% Customer Time Deposits 460,327 397,371 +16% 374,625
+23% Wholesale Brokered Deposits
50,000
40,000
+25%
-
NM Total Deposits 2,116,340 2,106,053 0% 1,988,386 +6%
Junior Subordinated Debentures 34,767 34,722 0% 34,588 +1% Other
Interest-Bearing Liabilities
72,459
32,622
+122%
30,050
+141% Total Deposits & Int.-Bearing Liab. 2,223,566 2,173,397
+2% 2,053,024 +8% Other Liabilities 25,912 26,435 -2% 31,332
-17% Total Capital
273,024
263,208
+4%
255,942
+7%
Total Liabilities & Capital
$2,522,502
$2,463,040 +2%
$2,340,298 +8%
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)
Dec '18 vs
Dec '18 vs 12/31/2018
9/30/2018 Sep '18
12/31/2017 Dec '17 Goodwill $27,357
$27,357 0% $27,357 0% Core Deposit Intangible
6,455
6,724
-4%
6,234
+4%
Total Intangible Assets
$33,812
$34,081
-1%
$33,591
+1%
CREDIT QUALITY (balances in $000's, unaudited)
Dec '18 vs Dec '18 vs 12/31/2018
9/30/2018 Sep '18
12/31/2017 Dec '17 Non-Accruing Loans
$5,156 $10,960 -53% $3,963 +30% Foreclosed Assets
1,082
2,212
-51%
5,481
-80%
Total Nonperforming Assets $6,238
$13,172 -53%
$9,444 -34%
Performing TDR's (not incl. in NPA's) $11,005 $11,290 -3%
$12,413 -11% Non-Perf Loans to Gross Loans 0.30% 0.65% 0.25%
NPA's to Loans plus Foreclosed Assets 0.36% 0.78% 0.60% Allowance
for Ln Losses to Loans 0.56% 0.56%
0.58%
SELECT
PERIOD-END STATISTICS (unaudited) 12/31/2018
9/30/2018 12/31/2017 Shareholders Equity /
Total Assets 10.8% 10.7% 10.9% Gross Loans / Deposits 81.8% 80.5%
78.3% Non-Int. Bearing Dep. / Total Dep. 31.3%
32.6% 32.0%
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
December 31, 2018 September 30, 2018 December 31, 2017 Average
Balance
Income/Expense
Yield/ Rate Average Balance
Income/Expense
Yield/ Rate Average Balance
Income/Expense
Yield/ Rate
Assets Investments: Federal
funds sold/due from time $5,757 $34 2.31% $4,009 $24 2.34% $10,646
$39 1.43% Taxable 420,207 2,529 2.36% 421,715 2,382 2.21% 442,798
2,210 1.95% Non-taxable 138,134 1,019 3.65% 140,315
1,006 3.55% 143,066 1,008 4.24% Total investments 564,098
3,582 2.67% 566,039 3,412 2.54% 596,510 3,257 2.49% Loans
and Leases: Real estate 1,432,447 19,658 5.44% 1,387,049 18,904
5.41% 1,216,894 16,742 5.46% Agricultural Production 51,344 787
6.08% 52,761 782 5.88% 47,802 622 5.16% Commercial 124,181 1,556
4.97% 123,467 1,544 4.96% 131,227 1,693 5.12% Consumer 9,206 334
14.39% 9,576 327 13.55% 11,180 347 12.31% Mortgage warehouse lines
77,749 1,084 5.53% 93,372 1,227 5.21% 124,220 1,437 4.59% Other
2,583 41 6.30% 2,635 40 6.02% 3,196 36 4.47%
Total loans and leases 1,697,510 23,460 5.48% 1,668,860
22,824 5.43% 1,534,519 20,877 5.40% Total interest
earning assets 2,261,608 $27,042 4.79% 2,234,899
$26,236 4.70% 2,131,029 $24,134 4.59% Other earning assets
10,920 10,496 10,121 Non-earning assets 207,838 202,532 205,010
Total assets $2,480,366 $2,447,927 $2,346,160
Liabilities and shareholders' equity Interest bearing
deposits: Demand deposits $98,973 $73 0.29% $122,543 $94 0.30%
$114,564 $89 0.31% NOW 437,982 124 0.11% 432,197 120 0.11% 403,192
115 0.11% Savings accounts 293,314 78 0.11% 303,468 81 0.11%
277,271 72 0.10% Money market 133,541 38 0.11% 144,975 30 0.08%
188,470 88 0.19% Time Deposits 423,886 1,906 1.78% 390,396 1,499
1.52% 368,759 810 0.87% Wholesale Brokered Deposits 46,522
206 1.76% 20,217 99 1.94% 0 0 0.00% Total interest
bearing deposits 1,434,218 2,425 0.67% 1,413,796 1,923 0.54%
1,352,256 1,174 0.34% Borrowed funds: Junior Subordinated
Debentures 34,739 458 5.23% 34,696 451 5.16% 34,562 359 4.12% Other
Interest-Bearing Liabilities 29,222 101 1.37% 29,314
86 1.16% 32,924 59 0.71% Total borrowed funds 63,961
559 3.47% 64,010 537 3.33% 67,486 418 2.46% Total
interest bearing liabilities 1,498,179 $2,984 0.79% 1,477,806
$2,460 0.66% 1,419,742 $1,592 0.44% Demand deposits - non-interest
bearing 685,011 678,154 639,850 Other liabilities 30,983 28,853
40,851 Shareholders' equity 266,193 263,114 245,717
Total
liabilities and shareholders' equity $2,480,366 $2,447,927
$2,346,160 Interest income/interest earning assets 4.79%
4.70% 4.59% Interest expense/interest earning assets
0.52% 0.43% 0.29%
Net interest
income and margin $24,058 4.27% $23,776 4.27% $22,542 4.30%
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/20190122005095/en/
Kevin McPhaill, President/CEO(559) 782-4900 or (888)
454-BANKwww.sierrabancorp.com
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