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, 2019. Sierra Bancorp
reported consolidated net income of $8.952 million for the third
quarter of 2019, representing an increase of $1.881 million, or
27%, relative to the third quarter of 2018. The favorable variance
in net income came from the positive impact of a higher average
balance of interest-earning assets, an increase in noninterest
income, reduced overhead expenses, and a lower loan loss provision.
The Company’s return on average assets was 1.36% in the third
quarter of 2019, return on average equity was 11.78%, and diluted
earnings per share were $0.58.
For the first nine months of 2019 the Company recognized net
income of $26.676 million, which reflects an increase of 23%
relative to the same period in 2018. The Company’s financial
performance metrics for the year-to-date period include an
annualized return on average equity of 12.33%, a return on average
assets of 1.40%, and diluted earnings per share of $1.73.
Assets totaled $2.636 billion at September 30, 2019,
representing an increase of $113 million, or 4%, for the first nine
months of the year. The increase in assets resulted from a higher
level of outstanding balances on mortgage warehouse lines and
growth in investment securities, partially offset by runoff in real
estate loans and commercial loans. Gross loans grew to $1.798
billion at September 30, 2019, for an increase of $66 million, or
4%, for the first nine months of the year. Total nonperforming
assets increased by over $1 million, or 20%, during the first nine
months of 2019 due to the downgrade of a $2.8 million loan in the
third quarter. Deposits totaled $2.196 billion at September 30,
2019, representing a year-to-date organic increase of $80 million,
or 4%, while non-deposit borrowings were reduced by $5 million.
“I’ve always believed that if you put in the
work, the results will come. I don’t do things half-heartedly.
Because I know if I do, then I can expect half-hearted results.” –
Michael Jordan
“We are pleased to report strong earnings for the third quarter
along with solid organic deposit growth for the year-to-date
period. Moreover, while real estate and commercial loan growth
remain challenging for us, we were able to increase total loans by
boosting utilization on mortgage warehouse lines,” stated Kevin
McPhaill, President and CEO. “Our team throughout the Bank is
focused on business development and process improvement, which is
most immediately evident in an improved efficiency ratio and solid
earnings,” he noted further. “While it appears that near-term loan
growth may be subdued, at best, I believe that our hard work and
dedication should contribute to sound results for the remainder of
the year and provide a solid foundation for future growth,”
McPhaill concluded.
Financial Highlights
As noted above, net income increased by $1.881 million, or 27%,
for the third quarter of 2019 relative to the third quarter of
2018, and by $4.903 million, or 23%, for the first nine 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 $599,000, or 3%, for the third
quarter of 2019 over the third quarter of 2018 and $4.211 million,
or 6%, for the first nine months of 2019 relative to the same
period in 2018. The increase for the third quarter is due to growth
in average interest-earning assets totaling $158 million, or 7%,
partially offset by an 18 basis point drop in our net interest
margin. Organic growth in the average balances of mortgage
warehouse loans, real estate loans and investments contributed to
the increase in average earning assets. However, our net interest
margin was negatively impacted by the following factors: A shift in
our earning asset mix into lower-yielding loans and investments;
aggressive pricing instituted on mortgage warehouse lines to
encourage increased line utilization; higher rates paid on time
deposits and brokered deposits; and, a shift in the mix of our
interest-bearing liabilities toward higher-cost funding sources.
The improvement in net interest income for the comparative
year-to-date periods resulted from an increase of $156 million, or
7%, in average interest-earning assets that was partially offset by
a four basis point decline in our net interest margin. As noted,
our net interest margin has been unfavorably impacted in recent
periods by market factors and competitive forces. Moreover,
discount accretion on loans from whole-bank acquisitions enhanced
our net interest margin by three basis points in the third quarter
of 2019 as compared to eight basis points in the third quarter
2018, and four basis points for the first nine months of 2019
relative to eight basis points in the first nine months of
2018.
The Company recorded a loan loss provision of $1.350 million in
the third quarter of 2019 relative to a provision of $2.450 million
in the third quarter of 2018, and the year-to-date loan loss
provision totaled $2.050 million in 2019 as compared to $2.950
million 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, including close
to $900,000 set aside for a $2.8 million loan that was placed on
non-accrual status shortly before the end of the third quarter. The
reserves for that particular loan include approximately $500,000
for past-due property taxes that the Company will be required to
pay should it ultimately foreclose on the office building securing
the loan. Our year-to-date 2018 provision included the
establishment of a $1.9 million reserve for a $10 million loan
participation that was placed on non-accrual status during the
third quarter of 2018.
Total noninterest income reflects increases of $146,000, or 3%,
for the quarterly comparison and $1.346 million, or 8% for the
year-to-date period. The comparative results include higher deposit
service charges and an increase in debit card interchange income.
Those increases were augmented by favorable swings in BOLI income,
which was up by $150,000, or 34%, for the third quarter and
$551,000, or 52%, for the comparative year-to-date periods due to
fluctuations in income on BOLI associated with deferred
compensation plans. The year-to-date increase in noninterest income
was also enhanced by nonrecurring gains recorded in the second
quarter of 2019, including $232,000 from the write up of certain
restricted stock pursuant to a periodic assessment of its market
value, and $100,000 from the wrap-up of a low-income housing tax
credit fund investment. The increases within noninterest income
were partially offset by a $278,000 valuation reduction recorded on
a limited partnership investment in the third quarter of 2019.
Total noninterest expense was reduced by $719,000, or 4%, in the
third quarter of 2019 relative to the third quarter of 2018, and by
$391,000, or 1%, in the first nine months of 2019 as compared to
the first nine months of 2018. Compensation costs were roughly the
same for the respective comparative periods, as selective staff
reductions offset increases stemming from a drop in our deferral of
loan origination salaries, pursuant to lower loan origination
activity, and salary adjustments in the normal course of business.
However, occupancy expense declined by $200,000, or 7%, for the
third quarter and $188,000, or 3%, for the year-to-date comparison.
Other noninterest expense also reflects reductions of $489,000, or
8%, for the quarterly comparison and $230,000, or 1%, for the first
nine months. The variances within that category include the offset
of the Company’s FDIC assessment for the third quarter of 2019
resulting from the application of small-bank assessment credits
provided by the FDIC. It is expected that the Company’s assessment
credit will entirely offset its quarterly FDIC assessments in the
fourth quarter of 2019 and the first quarter of 2020, as well. The
variances also include a $72,000 reduction in net OREO expense for
the quarter, and an increase of $335,000 in OREO expense for the
first nine months. The reduction for the quarter resulted from
gains recorded on the sale of OREO in the third quarter of 2019,
while the increase for the first nine months was driven by a
sizeable nonrecurring OREO gain that helped offset expenses in the
second quarter of 2018. Furthermore, the year-to-date variance was
favorably impacted by nonrecurring acquisition costs totaling
$449,000 in the first nine months of 2018. The year-to-date
variance was also affected by a $148,000 increase in deferred
compensation expense for directors, which is linked to the increase
in BOLI income. There were several other expense reductions across
a number of categories, for both the quarter and first nine months.
The Company’s provision for income taxes was 24.2% of pre-tax
income in the third quarter of 2019 relative to 23.5% in the third
quarter of 2018, and 24.9% of pre-tax income for the first nine
months of 2019 relative to 24.1% for the same period in 2018.
Balance sheet changes during the first nine months of 2019
include an increase in total assets of $113 million, or 4%, due to
growth in mortgage warehouse loans and investments, partially
offset by real estate and commercial loan runoff. Gross loans were
up by $66 million, or 4%, due to an increase of $125 million in
mortgage warehouse loans, which were up as the result of 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 $39 million, agricultural loans are down $7 million,
commercial and industrial loans fell by $12 million, and consumer
loans declined slightly. While we have recently implemented process
improvements and pricing adjustments to help stimulate loan growth,
no assurance can be provided with regard to future growth for the
following reasons: 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 has declined, and competition remains
intense. Other assets increased by $4 million, or 3%, due to $9
million in operating lease assets booked at the beginning of 2019
pursuant to our adoption of FASB ASU 2016‑02, partially 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, increased by $1.2 million, or 20%, during the
first nine months of 2019. The increase resulted from the
aforementioned $2.8 million commercial real estate loan which was
placed on nonaccrual status in the third quarter, partially offset
by the impact of net loan charge-offs and our continued efforts to
sell OREO and resolve nonperforming loan balances. The Company’s
ratio of nonperforming assets to loans plus foreclosed assets
increased to 0.42% at September 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 $11.200
million at September 30, 2019, as compared to $9.750 million at
December 31, 2018. The increase resulted from the addition of a
$2.050 million loan loss provision in the first nine months of
2019, less $600,000 in net loan balances charged off during the
period. Because the percentage increase in the allowance exceeded
the rate of loan growth for the period, the allowance increased to
0.62% of total loans at September 30, 2019 from 0.56% at December
31, 2018. With the exception of the establishment of a reserve for
the large loan that was placed on nonaccrual status in the third
quarter, it should be noted that our need for reserves in recent
periods has benefitted from overall credit quality improvement. It
has also 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, as well as a
relatively low level of loss reserves allocated to mortgage
warehouse loans resulting from the fact that 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,
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 $80 million, or 4%, during
the first nine months of 2019. Core non-maturity deposits increased
by $37 million, or 2%, while customer time deposits increased by
$43 million, or 9%. Junior subordinated debentures increased
slightly from accretion of the discount on trust-preferred
securities, and other non-deposit borrowings were reduced by $5
million, or 7%. Other liabilities increased by $8 million, or 32%,
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 $303 million at September 30, 2019 reflects an
increase of $30 million, or 11%, relative to year-end 2018 due to
capital from the addition of net income, a $13 million favorable
swing in accumulated other comprehensive income/loss, and stock
options exercised, net of $8.4 million in dividends paid. There
were share repurchases totaling 54,579 shares at a weighted average
cost of $25.16 per share executed by the Company during the third
quarter 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 2019, 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.
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)
Sep '19 vs
Sep '19 vs
Sep '19 vs
ASSETS
9/30/2019
6/30/2019
Jun
'19
12/31/2018
Dec
'18
9/30/2018
Sep
'18
Cash and Due from Banks
$
80,689
$
67,790
+19%
$
74,132
+9%
$
65,039
+24%
Investment Securities
599,906
577,266
+4%
560,479
+7%
548,815
+9%
Real Estate Loans (non-Agricultural)
1,263,136
1,285,557
-2%
1,302,389
-3%
1,258,191
0%
Agricultural Real Estate Loans
144,618
152,619
-5%
151,541
-5%
146,485
-1%
Agricultural Production Loans
49,105
51,509
-5%
49,103
0%
52,265
-6%
Comm'l & Industrial Loans &
Leases
115,737
124,974
-7%
128,220
-10%
134,171
-14%
Mortgage Warehouse Lines
216,913
154,954
+40%
91,813
+136%
94,348
+130%
Consumer Loans
8,151
8,286
-2%
8,862
-8%
9,049
-10%
Gross Loans & Leases
1,797,660
1,777,899
+1%
1,731,928
+4%
1,694,509
+6%
Deferred Loan & Lease Fees
2,946
2,831
+4%
2,602
+13%
2,603
+13%
Loans & Leases Net of Deferred
Fees
1,800,606
1,780,730
+1%
1,734,530
+4%
1,697,112
+6%
Allowance for Loan & Lease Losses
(11,200
)
(9,883
)
+13%
(9,750
)
+15%
(9,463
)
+18%
Net Loans & Leases
1,789,406
1,770,847
+1%
1,724,780
+4%
1,687,649
+6%
Bank Premises & Equipment
27,988
28,385
-1%
29,500
-5%
29,998
-7%
Other Assets
137,971
132,744
+4%
133,611
+3%
131,539
+5%
Total Assets
$
2,635,960
$
2,577,032
+2%
$
2,522,502
+4%
$
2,463,040
+7%
LIABILITIES & CAPITAL
Noninterest Demand Deposits
$
685,528
$
658,900
+4%
$
662,527
+3%
$
685,941
0%
Int-Bearing Transaction Accounts
545,100
570,762
-4%
535,726
+2%
545,442
0%
Savings Deposits
287,774
289,872
-1%
283,953
+1%
299,650
-4%
Money Market Deposits
124,553
117,010
+6%
123,807
+1%
137,649
-10%
Customer Time Deposits
503,252
492,554
+2%
460,327
+9%
397,371
+27%
Wholesale Brokered Deposits
50,000
50,000
0%
50,000
0%
40,000
+25%
Total Deposits
2,196,207
2,179,098
+1%
2,116,340
+4%
2,106,053
+4%
Junior Subordinated Debentures
34,901
34,856
0%
34,767
0%
34,722
+1%
Other Interest-Bearing Liabilities
67,357
32,667
+106%
72,459
-7%
32,622
+106%
Total Deposits & Int.-Bearing
Liabilities
2,298,465
2,246,621
+2%
2,223,566
+3%
2,173,397
+6%
Other Liabilities
34,142
33,559
+2%
25,912
+32%
26,435
+29%
Total Capital
303,353
296,852
+2%
273,024
+11%
263,208
+15%
Total Liabilities & Capital
$
2,635,960
$
2,577,032
+2%
$
2,522,502
+4%
$
2,463,040
+7%
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 '19 vs
Sep '19 vs
Sep '19 vs
9/30/2019
6/30/2019
Jun '19
12/31/2018
Dec '18
9/30/2018
Sep '18
Goodwill
$ 27,357
$ 27,357
0%
$ 27,357
0%
$ 27,357
0%
Core Deposit Intangible
5,650
5,918
-5%
6,455
-12%
6,724
-16%
Total Intangible Assets
$
33,007
$
33,275
-1%
$
33,812
-2%
$
34,081
-3%
CREDIT QUALITY
(balances in $000's, unaudited)
Sep '19 vs
Sep '19 vs
Sep '19 vs
9/30/2019
6/30/2019
Jun '19
12/31/2018
Dec '18
9/30/2018
Sep '18
Non-Accruing Loans
$ 6,719
$ 4,120
+63%
$ 5,156
+30%
$ 10,960
-39%
Foreclosed Assets
762
770
-1%
1,082
-30%
2,212
-66%
Total Nonperforming Assets
$
7,481
$
4,890
+53%
$
6,238
+20%
$
13,172
-43%
Performing TDR's (not incl. in NPA's)
$ 9,067
$ 9,246
-2%
$ 10,920
-17%
$ 11,290
-20%
Non-Perf Loans to Gross Loans
0.37%
0.23%
0.30%
0.65%
NPA's to Loans plus Foreclosed Assets
0.42%
0.27%
0.36%
0.78%
Allowance for Ln Losses to Loans
0.62%
0.56%
0.56%
0.56%
SELECT PERIOD-END STATISTICS
(unaudited)
9/30/2019
6/30/2019
12/31/2018
9/30/2018
Shareholders Equity / Total Assets
11.5%
11.5%
10.8%
10.7%
Gross Loans / Deposits
81.9%
81.6%
81.8%
80.5%
Non-Int. Bearing Dep. / Total Dep.
31.2%
30.2%
31.3%
32.6%
CONSOLIDATED INCOME STATEMENT
(in $000's, unaudited)
Qtr Ended:
3Q19 vs
Qtr Ended:
3Q19 vs
Nine Months Ended:
YTD19 vs
9/30/2019
6/30/2019
2Q19
9/30/2018
3Q18
9/30/2019
9/30/2018
YTD18
Interest Income
$
27,901
$
27,788
0%
$
26,236
+6%
$
83,172
$
74,596
+11%
Interest Expense
3,526
3,589
-2%
2,460
+43%
10,625
6,260
+70%
Net Interest Income
24,375
24,199
+1%
23,776
+3%
72,547
68,336
+6%
Provision for Loan & Lease Losses
1,350
400
+238%
2,450
-45%
2,050
2,950
-31%
Net Int after Provision
23,025
23,799
-3%
21,326
+8%
70,497
65,386
+8%
Service Charges
3,292
3,151
+4%
3,208
+3%
9,386
9,181
+2%
BOLI Income
590
127
+365%
440
+34%
1,617
1,066
+52%
Gain (Loss) on Investments
-
22
-100%
1
-100%
29
2
+1350%
Other Noninterest Income
1,987
2,555
-22%
2,074
-4%
6,599
6,036
+9%
Total Noninterest Income
5,869
5,855
0%
5,723
+3%
17,631
16,285
+8%
Salaries & Benefits
8,784
8,994
-2%
8,814
0%
27,021
26,994
0%
Occupancy Expense
2,485
2,450
+1%
2,685
-7%
7,296
7,484
-3%
Other Noninterest Expenses
5,819
6,212
-6%
6,308
-8%
18,280
18,510
-1%
Total Noninterest Expense
17,088
17,656
-3%
17,807
-4%
52,597
52,988
-1%
Income Before Taxes
11,806
11,998
-2%
9,242
+28%
35,531
28,683
+24%
Provision for Income Taxes
2,854
3,169
-10%
2,171
+31%
8,855
6,910
+28%
Net Income
$
8,952
$
8,829
+1%
$
7,071
+27%
$
26,676
$
21,773
+23%
TAX DATA
Tax-Exempt Muni Income
$
1,160
$
1,072
+8%
$
1,006
+15%
$
3,276
$
3,040
+8%
Interest Income - Fully Tax Equivalent
$
28,209
$
28,073
0%
$
26,503
+6%
$
84,043
$
75,404
+11%
NET CHARGE-OFFS
$
33
$
(45)
NM
$
2,123
-98%
$
600
$
2,530
-76%
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:
3Q19 vs
Qtr Ended:
3Q19 vs
Nine Months Ended:
YTD19 vs
9/30/2019
6/30/2019
2Q19
9/30/2018
3Q18
9/30/2019
9/30/2018
YTD18
Basic Earnings per Share
$0.58
$0.58
0%
$0.46
+26%
$1.74
$1.43
+22%
Diluted Earnings per Share
$0.58
$0.57
+2%
$0.46
+26%
$1.73
$1.41
+23%
Common Dividends
$0.19
$0.18
+6%
$0.16
+19%
$0.55
$0.48
+15%
Wtd. Avg. Shares Outstanding
15,318,580
15,329,907
0%
15,267,587
0%
15,320,041
15,251,746
0%
Wtd. Avg. Diluted Shares
15,434,788
15,458,320
0%
15,444,406
0%
15,449,340
15,428,465
0%
Book Value per Basic Share (EOP)
$19.85
$19.36
+3%
$17.23
+15%
$19.85
$17.23
+15%
Tangible Book Value per Share (EOP)
$17.69
$17.19
+3%
$15.00
+18%
$17.69
$15.00
+18%
Common Shares Outstanding (EOP)
15,284,491
15,332,550
0%
15,277,710
0%
15,284,491
15,277,710
0%
KEY FINANCIAL RATIOS
(unaudited)
Qtr Ended:
Qtr Ended:
Nine Months Ended:
9/30/2019
6/30/2019
9/30/2018
9/30/2019
9/30/2018
Return on Average Equity
11.78%
12.27%
10.66%
12.33%
11.23%
Return on Average Assets
1.36%
1.39%
1.15%
1.40%
1.22%
Net Interest Margin (Tax-Equiv.)
4.09%
4.21%
4.27%
4.20%
4.24%
Efficiency Ratio (Tax-Equiv.)
55.64%
58.17%
59.59%
57.51%
61.82%
Net C/O's to Avg Loans (not
annualized)
0.00%
0.00%
0.13%
0.03%
0.16%
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, 2019
June 30, 2019
September 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
$
23,447
$
139
2.35
%
$
18,795
$
115
2.45
%
$
4,009
$
24
2.38
%
Taxable
426,523
2,484
2.31
%
425,498
2,591
2.44
%
421,715
2,382
2.24
%
Non-taxable
169,109
1,160
3.44
%
149,555
1,072
3.64
%
140,315
1,006
3.60
%
Total investments
619,079
3,783
2.62
%
593,848
3,778
2.74
%
566,039
3,412
2.58
%
Loans and Leases:
Real estate
1,425,093
19,858
5.53
%
1,459,871
20,098
5.52
%
1,387,049
18,904
5.41
%
Agricultural Production
50,394
753
5.93
%
51,285
793
6.20
%
52,761
782
5.88
%
Commercial
117,414
1,461
4.94
%
120,081
1,537
5.13
%
123,467
1,544
4.96
%
Consumer
8,467
354
16.59
%
8,661
292
13.52
%
9,576
327
13.55
%
Mortgage warehouse lines
169,786
1,646
3.85
%
98,249
1,239
5.06
%
93,372
1,227
5.21
%
Other
2,458
46
7.42
%
3,426
51
5.97
%
2,635
40
6.02
%
Total loans and leases
1,773,612
24,118
5.39
%
1,741,573
24,010
5.53
%
1,668,860
22,824
5.43
%
Total interest earning assets
2,392,691
$
27,901
4.68
%
2,335,421
$
27,788
4.82
%
2,234,899
$
26,236
4.70
%
Other earning assets
12,743
12,505
10,496
Non-earning assets
199,447
204,491
202,532
Total assets
$
2,604,881
$
2,552,417
$
2,447,927
Liabilities and shareholders'
equity
Interest bearing deposits:
Demand deposits
$
115,971
$
87
0.30
%
$
120,018
$
88
0.29
%
$
122,543
$
94
0.30
%
NOW
446,974
133
0.12
%
437,040
134
0.12
%
432,197
120
0.11
%
Savings accounts
290,221
79
0.11
%
289,767
77
0.11
%
303,468
81
0.11
%
Money market
120,196
53
0.17
%
123,482
43
0.14
%
144,975
30
0.08
%
Time Deposits
499,572
2,367
1.88
%
489,486
2,467
2.02
%
390,396
1,499
1.52
%
Wholesale Brokered Deposits
44,946
264
2.33
%
47,890
284
2.38
%
20,217
99
1.94
%
Total interest bearing deposits
1,517,880
2,983
0.78
%
1,507,683
3,093
0.82
%
1,413,796
1,923
0.54
%
Borrowed funds:
Junior Subordinated Debentures
34,876
453
5.15
%
34,830
470
5.41
%
34,696
451
5.16
%
Other Interest-Bearing Liabilities
37,092
90
0.96
%
22,546
26
0.46
%
29,314
86
1.16
%
Total borrowed funds
71,968
543
2.99
%
57,376
496
3.47
%
64,010
537
3.33
%
Total interest bearing liabilities
1,589,848
$
3,526
0.88
%
1,565,059
$
3,589
0.92
%
1,477,806
$
2,460
0.66
%
Demand deposits - Noninterest bearing
668,139
655,136
678,154
Other liabilities
45,488
43,550
28,853
Shareholders' equity
301,406
288,672
263,114
Total liabilities and shareholders'
equity
$
2,604,881
$
2,552,417
$
2,447,927
Interest income/interest earning
assets
4.68
%
4.82
%
4.70
%
Interest expense/interest earning
assets
0.59
%
0.61
%
0.43
%
Net interest income and margin
$
24,375
4.09
%
$
24,199
4.21
%
$
23,776
4.27
%
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/20191021005112/en/
Kevin McPhaill,
President/CEO (559)
782‑4900 or (888) 454‑BANK www.sierrabancorp.com
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