Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra,
today announced its unaudited financial results for the three- and
six-month periods ended June 30, 2019. Sierra Bancorp reported
consolidated net income of $8.829 million for the second quarter of
2019, representing an increase of $837,000, or 10%, relative to the
second quarter of 2018. The favorable variance in net income came
largely from the positive impact of a higher average balance of
interest-earning assets, but also includes an increase in
noninterest income. The Company’s return on average assets was
1.39% in the second quarter of 2019, return on average equity was
12.27%, and diluted earnings per share were $0.57.
For the first six months of 2019 the Company recognized net
income of $17.724 million, which reflects an increase of 21%
relative to the same period in 2018. The Company’s financial
performance metrics for the first half of 2019 include an
annualized return on average equity of 12.62%, a return on average
assets of 1.41%, and diluted earnings per share of $1.15.
Assets totaled $2.577 billion at June 30, 2019, representing an
increase of $55 million, or 2%, for the first half of the year. The
increase in assets resulted primarily from an increase in
outstanding balances on mortgage warehouse lines and growth in
investment securities, partially offset by a drop in
non-agricultural real estate loans. Gross loans grew to $1.778
billion at June 30, 2019, for an increase of $46 million, or 3%,
for the first six months of the year. Total nonperforming assets
dropped by over $1 million, or 22%, during the first half of 2019.
Deposits totaled $2.179 billion at June 30, 2019, representing a
year-to-date organic increase of $63 million, or 3%, while
non-deposit borrowings were reduced by $40 million.
“I have been up against tough competition
all my life. I wouldn't know how to get along without it.” – Walt
Disney
“We are proud of our results for the second quarter of 2019,
which reflect robust net income and a respectable efficiency
ratio,” stated Kevin McPhaill, President and CEO. “Deposit growth
was also solid, but loan growth was challenging during this past
quarter as we saw increasing competition on rates and loan
structure. Our bankers are up to the challenge and they remain
focused on loan growth and consistent credit quality,” he noted
further. “We are optimistic about the remainder of the year and
look forward to continued growth while keeping an eye on
efficiency,” McPhaill concluded.
Financial Highlights
As noted above, net income increased by $837,000, or 10%, for
the second quarter of 2019 relative to the second quarter of 2018,
and by $3.022 million, or 21%, for the first six months of 2019 as
compared to the same period in 2018. 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 $1.399 million, or 6%, for the
second quarter of 2019 over the second quarter of 2018 and $3.612
million, or 8%, for the first six months of 2019 relative to the
same period in 2018. The increase for the second quarter is due to
growth in average interest-earning assets totaling $151 million, or
7%, partially offset by a three basis point drop in our net
interest margin. Organic growth in the average balance of real
estate loans was the main factor impacting the increase in average
earning assets, and our net interest margin fell for the quarterly
comparison because the cost of interest-bearing liabilities
increased more than the yield on interest-earning assets. The
improvement in net interest income for the comparative year-to-date
periods resulted from an increase of $155 million, or 7%, in
average interest-earning assets and a 3 basis point increase in our
net interest margin. Our net interest margin has been impacted in
recent periods by market factors and competitive forces as well as
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 $65,000 to interest income
in the second quarter of 2019 relative to $126,000 in the second
quarter of 2018, and $272,000 to interest income in the first half
of 2019 as compared to $228,000 in the first half of 2018.
Moreover, discount accretion on loans from whole-bank acquisitions
enhanced our net interest margin by five basis points in the second
quarter of 2019 as compared to 11 basis points in the second
quarter 2018, and four basis points for the first six months of
2019 relative to eight basis points in the first six months of
2018.
The Company recorded a loan loss provision of $400,000 in the
second quarter of 2019 relative to a provision of $300,000 in the
second quarter of 2018, and the year-to-date loan loss provision
totaled $700,000 in 2019 as compared to $500,000 in 2018. The 2019
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.
Total noninterest income reflects increases of $426,000, or 8%,
for the quarterly comparison and $1.199 million, or 11% for the
year-to-date period. The quarterly comparison includes a $232,000
nonrecurring gain resulting from the write up of certain restricted
stock pursuant to a periodic assessment of its market value, and a
$100,000 nonrecurring gain from the wrap-up of a low-income housing
tax credit fund investment. It also reflects higher service charges
on deposits and an increase in debit card interchange income. Those
increases were partially offset by a $294,000 unfavorable swing in
bank-owned life insurance (BOLI) income, resulting from
fluctuations in income on BOLI associated with deferred
compensation plans. The main difference between the quarterly and
year-to-date variances in noninterest income came in BOLI income,
which reflects an increase of $408,000 for the year-to-date period
rather than a decline, again due to significant fluctuations in
deferred compensation BOLI income.
Total noninterest expense increased by $362,000, or 2%, in the
second quarter of 2019 relative to the second quarter of 2018, and
by $328,000, or 1%, in the first six months of 2019 as compared to
the first six months of 2018. Compensation costs and occupancy
expenses were roughly the same for the respective comparative
periods, but other noninterest expense increased by $366,000, or
6%, for the quarterly comparison and $259,000, or 2%, for the first
half. The variances in other noninterest expense include increases
in net OREO expense totaling $615,000 for the quarter and $407,000
for the first six months, largely driven by nonrecurring OREO gains
that helped offset expenses in 2018, and the offsetting impact of
lower nonrecurring acquisition costs in 2019. Acquisition costs
were minimal in 2019, but totaled $151,000 in the second quarter of
2018 and $437,000 in the first half of 2018. The variances were
also affected by fluctuations in deferred compensation expense for
directors, which is linked to the changes in BOLI income. The
absolute decline in directors’ deferred compensation costs totaled
$198,000 for the quarterly comparison, but the year-to-date
comparison reflects an increase of $156,000. The Company’s
provision for income taxes was 26.4% of pre-tax income in the
second quarter of 2019 relative to 24.9% in the second quarter of
2018, and 25.3% of pre-tax income for the first half of 2019
relative to 24.4% for the same period in 2018.
Balance sheet changes during the first half of 2019 include an
increase in total assets of $55 million, or 2%, due to growth in
mortgage warehouse loans and investment securities, partially
offset by real estate loan runoff and a lower level of cash and due
from banks. Gross loans were up by $46 million, or 3%, including
increases of $63 million in mortgage warehouse loans and $3 million
in combined agricultural loans. Mortgage warehouse loan balances
increased due to market factors favorably impacting mortgage
origination and refinancing activity, heightened business
development efforts, and pricing adjustments. Non-agricultural real
estate loans, on the other hand, declined by $17 million, since a
sizeable drop in residential real estate loans was only partially
offset by growth in commercial real estate loans. Commercial and
industrial loans also fell by $3 million, and consumer loans
declined slightly. No assurance can be provided with regard to
future loan growth as loan payoffs have occurred at relatively high
levels in recent periods, mortgage warehouse loan volumes are
difficult to predict, the number of lending opportunities which
meet our credit criteria continues to decline, and competition has
increased. Other assets did not change materially, since the
increase resulting from operating lease assets booked at the
beginning of 2019, pursuant to our adoption of FASB’s ASU 2016‑02,
was largely offset by our first quarter 2019 collection of a
receivable established at the end of 2018 for expected proceeds
from the sale of a large foreclosed property.
Total nonperforming assets, comprised of non-accrual loans and
foreclosed assets, fell by $1.348 million, or 22%, during the first
half of 2019 due to the impact of net loan charge-offs, as well as
our continued efforts to sell OREO and resolve nonperforming loan
balances. The Company’s ratio of nonperforming assets to loans plus
foreclosed assets dropped to 0.27% at June 30, 2019 from 0.36% at
December 31, 2018. 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 $9.883
million at June 30, 2019, as compared to a balance of $9.750
million at December 31, 2018. The slight increase resulted from the
addition of a $700,000 loan loss provision in the first half of
2019, less $567,000 in net loan balances charged off during the
period. Because the increase in the allowance was proportionate to
growth in our loan portfolio, the allowance was 0.56% of total
loans at both June 30, 2019 and December 31, 2018. It should be
noted that our need for reserves in recent periods 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 June 30,
2019, 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 $63 million, or 3%, during
the first six months of 2019. Core non-maturity deposits increased
by $31 million, or 2%, while customer time deposits increased by
$32 million, or 7%. Junior subordinated debentures increased
slightly from accretion of the discount on trust-preferred
securities, and other non-deposit borrowings were reduced by $40
million, or 55%. Other liabilities increased by $8 million, or 30%,
due in large part to a liability for future operating lease
payments that was set up in conjunction with the operating lease
asset noted above.
Total capital of $297 million at June 30, 2019 reflects an
increase of $24 million, or 9%, relative to year-end 2018 due to
capital from the addition of net income, an $11 million favorable
swing in accumulated other comprehensive income/loss, and stock
options exercised, net of $5.5 million in dividends paid. There
were no share repurchases executed by the Company during the first
six months of 2019.
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 broad 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.
STATEMENT OF
CONDITION
(balances in $000's,
unaudited)
Jun '19
vs
Jun '19
vs
Jun '19
vs
ASSETS
6/30/2019
3/31/2019
Mar
'19
12/31/2018
Dec
'18
6/30/2018
Jun
'18
Cash and Due from Banks
$ 67,790
$ 68,063
0%
$ 74,132
-9%
$ 85,102
-20%
Investment Securities
577,266
563,628
+2%
560,479
+3%
559,968
+3%
Real Estate Loans (non-Agricultural)
1,285,557
1,318,740
-3%
1,302,389
-1%
1,196,841
+7%
Agricultural Real Estate Loans
152,619
155,110
-2%
151,541
+1%
141,475
+8%
Agricultural Production Loans
51,509
52,086
-1%
49,103
+5%
53,339
-3%
Comm'l & Industrial Loans &
Leases
124,974
125,679
-1%
128,220
-3%
127,710
-2%
Mortgage Warehouse Lines
154,954
91,118
+70%
91,813
+69%
95,645
+62%
Consumer Loans
8,286
8,256
0%
8,862
-6%
9,334
-11%
Gross Loans & Leases
1,777,899
1,750,989
+2%
1,731,928
+3%
1,624,344
+9%
Deferred Loan & Lease Fees
2,831
2,787
+2%
2,602
+9%
2,920
-3%
Loans & Leases Net of Deferred
Fees
1,780,730
1,753,776
+2%
1,734,530
+3%
1,627,264
+9%
Allowance for Loan & Lease Losses
(9,883)
(9,438)
+5%
(9,750)
+1%
(9,136)
+8%
Net Loans & Leases
1,770,847
1,744,338
+2%
1,724,780
+3%
1,618,128
+9%
Bank Premises & Equipment
28,385
28,855
-2%
29,500
-4%
30,182
-6%
Other Assets
132,744
134,203
-1%
133,611
-1%
132,063
+1%
Total Assets
$
2,577,032
$
2,539,087
+1%
$
2,522,502
+2%
$
2,425,443
+6%
LIABILITIES &
CAPITAL
Noninterest Demand Deposits
$ 658,900
$ 658,524
0%
$ 662,527
-1%
$ 674,283
-2%
Int-Bearing Transaction Accounts
570,763
556,628
+3%
535,726
+7%
577,054
-1%
Savings Deposits
289,872
291,875
-1%
283,953
+2%
301,322
-4%
Money Market Deposits
117,010
120,697
-3%
123,807
-5%
151,736
-23%
Customer Time Deposits
492,553
483,024
+2%
460,327
+7%
383,527
+28%
Wholesale Brokered Deposits
50,000
50,000
0%
50,000
0%
-
NM
Total Deposits
2,179,098
2,160,748
+1%
2,116,340
+3%
2,087,922
+4%
Junior Subordinated Debentures
34,856
34,811
0%
34,767
0%
34,677
+1%
Other Interest-Bearing Liabilities
32,667
19,360
+69%
72,459
-55%
17,239
+89%
Total Deposits & Int.-Bearing
Liabilities
2,246,621
2,214,919
+1%
2,223,566
+1%
2,139,838
+5%
Other Liabilities
33,559
40,100
-16%
25,912
+30%
25,367
+32%
Total Capital
296,852
284,068
+5%
273,024
+9%
260,238
+14%
Total Liabilities &
Capital
$
2,577,032
$
2,539,087
+1%
$
2,522,502
+2%
$
2,425,443
+6%
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)
Jun '19
vs
Jun '19
vs
Jun '19
vs
6/30/2019
3/31/2019
Mar '19
12/31/2018
Dec '18
6/30/2018
Jun '18
Goodwill
$ 27,357
$ 27,357
0%
$ 27,357
0%
$ 27,357
0%
Core Deposit Intangible
5,918
6,187
-4%
6,455
-8%
6,919
-14%
Total Intangible
Assets
$
33,275
$
33,544
-1%
$
33,812
-2%
$
34,276
-3%
CREDIT QUALITY
(balances in $000's,
unaudited)
Jun '19
vs
Jun '19
vs
Jun '19
vs
6/30/2019
3/31/2019
Mar '19
12/31/2018
Dec '18
6/30/2018
Jun '18
Non-Accruing Loans
$ 4,120
$ 4,568
-10%
$ 5,156
-20%
$ 3,093
+33%
Foreclosed Assets
770
806
-4%
1,082
-29%
2,112
-64%
Total Nonperforming
Assets
$
4,890
$
5,374
-9%
$
6,238
-22%
$
5,205
-6%
Performing TDR's (not incl. in NPA's)
$ 9,246
$ 10,750
-14%
$ 10,920
-15%
$ 11,981
-23%
Non-Perf Loans to Gross Loans
0.23%
0.26%
0.30%
0.19%
NPA's to Loans plus Foreclosed Assets
0.27%
0.31%
0.36%
0.32%
Allowance for Ln Losses to Loans
0.56%
0.54%
0.56%
0.56%
SELECT PERIOD-END
STATISTICS
(unaudited)
6/30/2019
3/31/2019
12/31/2018
6/30/2018
Shareholders Equity / Total Assets
11.5%
11.2%
10.8%
10.7%
Gross Loans / Deposits
81.6%
81.0%
81.8%
77.8%
Non-Int. Bearing Dep. / Total Dep.
30.2%
30.5%
31.3%
32.3%
CONSOLIDATED INCOME STATEMENT
(in $000's, unaudited)
Qtr Ended:
2Q19 vs
Qtr Ended:
2Q19 vs
Six Months Ended:
YTD19 vs
6/30/2019
3/31/2019
1Q19
6/30/2018
2Q18
6/30/2019
6/30/2018
YTD18
Interest Income
$
27,788
$
27,483
+1%
$
24,883
+12%
$
55,271
$
48,360
+14%
Interest Expense
3,589
3,510
+2%
2,083
+72%
7,099
3,800
+87%
Net Interest Income
24,199
23,973
+1%
22,800
+6%
48,172
44,560
+8%
Provision for Loan & Lease Losses
400
300
+33%
300
+33%
700
500
+40%
Net Int after Provision
23,799
23,673
+1%
22,500
+6%
47,472
44,060
+8%
Service Charges
3,151
2,943
+7%
3,027
+4%
6,094
5,974
+2%
BOLI Income
127
900
-86%
423
-70%
1,027
626
+64%
Gain (Loss) on Investments
22
6
+267%
-
NM
28
-
NM
Other Noninterest Income
2,555
2,057
+24%
1,979
+29%
4,613
3,963
+16%
Total Noninterest Income
5,855
5,906
-1%
5,429
+8%
11,762
10,563
+11%
Salaries & Benefits
8,994
9,243
-3%
8,997
0%
18,237
18,180
0%
Occupancy Expense
2,450
2,361
+4%
2,451
0%
4,811
4,799
0%
Other Noninterest Expenses
6,212
6,248
-1%
5,846
+6%
12,461
12,202
+2%
Total Noninterest Expense
17,656
17,852
-1%
17,294
+2%
35,509
35,181
+1%
Income Before Taxes
11,998
11,727
+2%
10,635
+13%
23,725
19,442
+22%
Provision for Income Taxes
3,169
2,832
+12%
2,643
+20%
6,001
4,740
+27%
Net Income
$
8,829
$
8,895
-1%
$
7,992
+10%
$
17,724
$
14,702
+21%
TAX DATA
Tax-Exempt Muni Income
$
1,072
$
1,045
+3%
$
1,018
+5%
$
2,117
$
2,034
+4%
Interest Income - Fully Tax Equivalent
$
28,073
$
27,761
+1%
$
25,154
+12%
$
55,834
$
48,901
+14%
NET CHARGE-OFFS
$
(45)
$
612
NM
$
155
NM
$
567
$
407
+39%
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:
2Q19 vs
Qtr Ended:
2Q19 vs
Six Months Ended:
YTD19 vs
6/30/2019
3/31/2019
1Q19
6/30/2018
2Q18
6/30/2019
6/30/2018
YTD18
Basic Earnings per Share
$0.58
$0.58
0%
$0.52
+12%
$1.16
$0.96
+21%
Diluted Earnings per Share
$0.57
$0.58
-2%
$0.52
+10%
$1.15
$0.95
+21%
Common Dividends
$0.18
$0.18
0%
$0.16
+13%
$0.36
$0.32
+13%
Wtd. Avg. Shares Outstanding
15,329,907
15,311,154
0%
15,254,575
0%
15,320,784
15,243,697
+1%
Wtd. Avg. Diluted Shares
15,458,320
15,447,747
0%
15,429,129
0%
15,453,212
15,420,886
0%
Book Value per Basic Share (EOP)
$19.36
$18.53
+4%
$17.06
+13%
$19.36
$17.06
+13%
Tangible Book Value per Share (EOP)
$17.19
$16.34
+5%
$14.81
+16%
$17.19
$14.81
+16%
Common Shares Outstanding (EOP)
15,332,550
15,328,030
0%
15,258,100
0%
15,332,550
15,258,100
0%
KEY FINANCIAL RATIOS
(unaudited)
Qtr Ended:
Qtr Ended:
Six Months Ended:
6/30/2019
3/31/2019
6/30/2018
6/30/2019
6/30/2018
Return on Average Equity
12.27%
12.99%
12.44%
12.62%
11.53%
Return on Average Assets
1.39%
1.44%
1.34%
1.41%
1.25%
Net Interest Margin (Tax-Equiv.)
4.21%
4.30%
4.24%
4.25%
4.22%
Efficiency Ratio (Tax-Equiv.)
58.17%
58.74%
60.44%
58.46%
63.01%
Net C/O's to Avg Loans (not
annualized)
0.00%
0.04%
0.01%
0.03%
0.03%
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
June 30, 2019
March 31, 2019
June 30, 2018
Average Balance
Income/ Expense
Yield/ Rate
Average Balance
Income/ Expense
Yield/ Rate
Average Balance
Income/ Expense
Yield/ Rate
Assets
Investments:
Federal funds sold/int-earning due from
banks
$ 18,795
$ 115
2.45%
$ 11,469
$ 73
2.58%
$ 13,080
$ 61
1.87%
Taxable
425,498
2,591
2.44%
418,901
2,617
2.53%
424,446
2,300
2.17%
Non-taxable
149,555
1,072
3.64%
142,329
1,045
3.77%
141,224
1,018
3.66%
Total investments
593,848
3,778
2.74%
572,699
3,735
2.84%
578,750
3,379
2.53%
Loans and Leases:
Real estate
1,459,871
20,099
5.52%
1,464,275
20,100
5.57%
1,325,251
17,800
5.39%
Agricultural Production
51,285
793
6.20%
50,550
780
6.26%
53,867
753
5.61%
Commercial
120,081
1,536
5.13%
122,597
1,577
5.22%
124,320
1,489
4.80%
Consumer
8,661
292
13.52%
8,718
315
14.65%
9,760
297
12.21%
Mortgage warehouse lines
98,249
1,239
5.06%
63,120
927
5.96%
89,633
1,126
5.04%
Other
3,426
51
5.97%
3,107
49
6.40%
2,503
39
6.25%
Total loans and leases
1,741,573
24,010
5.53%
1,712,367
23,748
5.62%
1,605,334
21,504
5.37%
Total interest earning assets
2,335,421
$ 27,788
4.82%
2,285,066
$ 27,483
4.93%
2,184,084
$ 24,883
4.62%
Other earning assets
21,712
21,176
10,436
Non-earning assets
195,284
200,115
205,446
Total assets
$ 2,552,417
$ 2,506,357
$ 2,399,966
Liabilities and shareholders'
equity
Interest bearing deposits:
Demand deposits
$ 120,018
$ 88
0.29%
$ 99,252
$ 72
0.29%
$ 139,546
$ 109
0.31%
NOW
437,040
134
0.12%
437,209
126
0.12%
422,619
116
0.11%
Savings accounts
289,767
77
0.11%
287,773
75
0.11%
301,528
80
0.11%
Money market
123,482
43
0.14%
128,686
41
0.13%
153,143
37
0.10%
Time Deposits
489,485
2,467
2.02%
472,296
2,316
1.99%
380,778
1,252
1.32%
Wholesale Brokered Deposits
47,890
284
2.38%
50,000
325
2.64%
0
0
0.00%
Total interest bearing deposits
1,507,682
3,093
0.82%
1,475,216
2,955
0.81%
1,397,614
1,594
0.46%
Borrowed funds:
Junior Subordinated Debentures
34,830
470
5.41%
34,784
483
5.63%
34,651
436
5.05%
Other Interest-Bearing Liabilities
22,547
26
0.46%
26,521
72
1.10%
23,719
53
0.90%
Total borrowed funds
57,377
496
3.47%
61,305
555
3.67%
58,370
489
3.36%
Total interest bearing liabilities
1,565,059
$ 3,589
0.92%
1,536,521
$ 3,510
0.93%
1,455,984
$ 2,083
0.57%
Demand deposits - Noninterest bearing
655,136
652,910
656,486
Other liabilities
43,550
39,150
29,786
Shareholders' equity
288,672
277,776
257,710
Total liabilities and shareholders'
equity
$ 2,552,417
$ 2,506,357
$ 2,399,966
Interest income/interest earning
assets
4.82%
4.93%
4.62%
Interest expense/interest earning
assets
0.61%
0.63%
0.38%
Net interest income and margin
$ 24,199
4.21%
$ 23,973
4.30%
$ 22,800
4.24%
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190722005106/en/
Kevin McPhaill, President/CEO (559) 782‑4900 or (888) 454‑BANK
www.sierrabancorp.com
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