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, 2019. Sierra Bancorp reported
consolidated net income of $9.285 million for the fourth quarter of
2019, representing an increase of $1.381 million, or 17%, relative
to the fourth quarter of 2018. The favorable variance in net income
came largely from the positive impact of a higher average balance
of interest-earning assets and a lower loan loss provision. The
Company’s return on average assets was 1.41% in the fourth quarter
of 2019, return on average equity was 11.97%, and diluted earnings
per share were $0.60.
For the full year in 2019 the Company recognized net income of
$35.961 million, which reflects an increase of 21% relative to net
income in 2018. The Company’s financial performance metrics for the
year include an annualized return on average equity of 12.23%, a
return on average assets of 1.40%, and diluted earnings per share
of $2.33.
Assets totaled $2.594 billion at December 31, 2019, representing
an increase of $71 million, or 3%, for 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 $1.763 billion at December 31, 2019, for
an increase of $31 million, or 2%, for the year. Total
nonperforming assets increased by $299,000, or 5%, during 2019.
Deposits totaled $2.168 billion at December 31, 2019, representing
a year-to-date organic increase of $52 million, or 2%, while
non-deposit borrowings were reduced by $27 million.
“Success comes from knowing that you did your
best to become the best that you are capable of becoming.”
– John Wooden
“As we wrap up the fourth quarter of 2019, we are particularly
pleased with our record breaking net income for both the quarter
and the year,” stated Kevin McPhaill, President and CEO. “This
achievement is especially noteworthy in light of the many headwinds
we encountered including subdued loan growth, compressing margins,
and strong competition for earning assets,” he observed further.
“Looking forward to the coming year, our entire banking team is
committed to the Company’s success by overcoming whatever
challenges lie ahead, seizing new opportunities, and striving to
make Bank of the Sierra the best we can possibly be,” McPhaill
concluded.
Financial Highlights
As noted above, net income increased by $1.381 million, or 17%,
for the fourth quarter of 2019 relative to the fourth quarter of
2018, and by $6.284 million, or 21%, for the year in 2019 as
compared to 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 $764,000, or 3%, for the fourth
quarter of 2019 over the fourth quarter of 2018 and $4.975 million,
or 5%, for the year in 2019 relative to 2018. The increase for the
fourth quarter is due to growth in average interest-earning assets
totaling $141 million, or 6%, partially offset by a 12 basis point
drop in our net interest margin. Organic growth in the average
balance of mortgage warehouse loans and investments contributed to
the increase in average earning assets. However, our net interest
margin was negatively impacted by the following factors: A
declining interest rate environment in 2019, given our
asset-sensitive balance sheet; 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 average rates paid on 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 $152 million, or 7%, in average interest-earning assets that was
partially offset by a five 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, although we have seen a positive impact on the cost of time
deposits both from declining rates during 2019 and the recent
runoff of relatively high-rate deposits acquired in late 2018. The
comparative results were also significantly 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 $515,000 to interest income
in the fourth quarter of 2019, as compared to only $17,000 in the
fourth quarter of 2018. For the year, nonrecurring items
supplemented interest income by $820,000 in 2019 and $277,000 in
2018. Moreover, discount accretion on loans from whole-bank
acquisitions enhanced our net interest margin by five basis points
in the fourth quarter of 2019 as compared to four basis points in
the fourth quarter 2018, and four basis points for the year in 2019
relative to seven basis points in 2018.
The Company recorded a loan loss provision of $500,000 in the
fourth quarter of 2019 relative to a provision of $1.400 million in
the fourth quarter of 2018, and the year-to-date loan loss
provision totaled $2.550 million in 2019 as compared to $4.350
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
reserves set aside for a $2.8 million loan that was placed on
non-accrual status shortly before the end of the third quarter. We
recorded a partial charge-off of $1.2 million on that particular
loan in the fourth quarter of 2019. Our 2018 provision included the
establishment of reserves 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 $567,000, or 11%,
for the quarterly comparison and $1.913 million, or 9% for the
year. The comparative results were significantly impacted by
favorable swings in BOLI income, which was up by $1.042 million for
the fourth quarter and $1.593 million for the comparative
year-to-date periods due to fluctuations in income on BOLI
associated with deferred compensation plans. As noted below, that
income is largely offset by higher deferred compensation expense
accruals. The variances in noninterest income also include higher
deposit service charges and a rising level of debit card
interchange income, as well as an increase of $915,000 resulting
from a nonrecurring charge recorded in the fourth quarter of 2018
to true up expenses associated with low-income housing tax credit
funds, which are netted out of revenue. The year-to-date increase
in noninterest income was also enhanced by a $100,000 nonrecurring
gain in the second quarter of 2019 resulting from the wrap-up of
our investment in a certain low-income housing tax credit fund.
Increases within noninterest income were partially offset by lower
valuation increases recorded on restricted stock pursuant to FASB
ASU 2016-01; we wrote up our investment by only $232,000 in the
second quarter of 2019, as compared to $1.183 million in the fourth
quarter of 2018.
Total noninterest expense increased by $945,000, or 6%, in the
fourth quarter of 2019 relative to the fourth quarter of 2018, and
by $554,000, or 1%, in 2019 as compared to 2018. The comparative
results were significantly impacted by changes in deferred
compensation expense accruals, which are related to BOLI income as
noted above. Those expense accruals, which are included in both
compensation costs and other noninterest expense (directors costs),
totaled $268,000 in the fourth quarter of 2019 as compared to an
accrual reversal of $531,000 in the fourth quarter of 2018, for an
absolute increase of $799,000, and $980,000 for the year in 2019
relative to an accrual reversal of $93,000 in 2018, for an absolute
increase of $1.073 million. Due to selective staff reductions,
compensation costs were slightly lower for the comparative periods
despite increases in deferred compensation accruals, salary
adjustments in the normal course of business, and a year-to-date
increase stemming from a drop in our deferral of loan origination
salaries pursuant to lower loan origination activity. Occupancy
expense also declined by $261,000, or 9%, for the fourth quarter
and $450,000, or 4%, for the year-to-date comparison, due in large
part to lower depreciation expense and maintenance/repair costs on
furniture and equipment. Other noninterest expense, however,
reflects increases of $1.388 million, or 27%, for the quarterly
comparison and $1.159 million, or 5%, for the year. The largest
unfavorable variances within that category include the following:
OREO expense, which was up $430,000 for the fourth quarter and
$765,000 for the year primarily due to large nonrecurring gains on
the sale of OREO in 2018; directors deferred compensation expense
(related to BOLI income), which saw absolute increases of $703,000
for the fourth quarter and $851,000 for the year; and, hiring and
recruiting costs which were $281,000 higher for the fourth quarter
and $413,000 higher for the year. Significant favorable variances
include the offset of the Company’s FDIC assessment for the third
and fourth quarters 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 first quarter of 2020, as well),
and nonrecurring acquisition costs which were down by $427,000 for
the year-to-date comparison. The Company’s provision for income
taxes was 23.8% of pre-tax income in the fourth quarter of 2019
relative to 27.5% in the fourth quarter of 2018, and 24.6% of
pre-tax income for the year in 2019 relative to 25.0% in 2018.
Balance sheet changes during 2019 include an increase in total
assets of $71 million, or 3%, due to growth in mortgage warehouse
loans and investments, partially offset by net runoff in other loan
categories. Gross loans were up by only $31 million, or 2%.
Mortgage warehouse loans grew by $97 million, 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 $44 million, agricultural real estate loans
were down $8 million, agricultural production loans dropped by $1
million, commercial and industrial loans fell by $13 million, and
consumer loans declined by $1 million. While we have 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 fell by almost $4 million, or 3%, since a $9
million operating lease asset booked at the beginning of 2019,
pursuant to our adoption of FASB ASU 2016‑02, was more than 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, and a lower deferred tax asset.
Total nonperforming assets, comprised of non-accrual loans and
foreclosed assets, increased by $299,000, or 5%, during 2019. The
increase resulted from the aforementioned $2.8 million commercial
real estate loan which was placed on nonaccrual status in the third
quarter of 2019, 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 slightly to 0.37%
at December 31, 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 $9.923
million at December 31, 2019, as compared to $9.750 million at
December 31, 2018. The increase resulted from the addition of a
$2.550 million loan loss provision in 2019, less $2.377 million in
net loan balances charged off during the year. As reported above, a
single loan that was placed on non-accrual status in the third
quarter accounts for almost half of the loan loss provision and
about half of the net charge-offs in 2019. With the exception of
the establishment of a reserve for the referenced loan, it should
be noted that our need for reserves in recent periods has benefited
from overall credit quality improvement. It has also been favorably
impacted by loans from whole-bank acquisitions, 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. The allowance was 0.56% of total loans at
December 31, 2019 and 2018. 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, 2019, but no
assurance can be given that the Company will not experience
substantial future losses relative to the size of the allowance.
The Company adopted the provisions of FASB’s ASU 2016-13, Financial
Instruments – Credit Losses (Topic 326): Measurement of Credit
Losses on Financial Instruments, effective for the first quarter of
2020. The adoption of ASU 2016-13 changes the methodology used for
calculating our allowance for loan and lease losses to the Current
Expected Credit Losses (“CECL”) model, which is expected to
increase our allowance by around $12 million.
Deposit balances grew by $52 million, or 2%, during 2019. Core
non-maturity deposits increased by $48 million, or 3%, while
customer time deposits reflect growth of only $4 million, or 1%,
due to the fourth quarter runoff of certain relatively high-rate
time deposits acquired in the latter part of 2018 pursuant to
promotional efforts. Junior subordinated debentures increased
slightly from accretion of the discount on trust-preferred
securities, and other non-deposit borrowings were reduced by $27
million, or 37%. Other liabilities increased by $10 million, or
37%, 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 $309 million at December 31, 2019 reflects an
increase of $36 million, or 13%, 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 $11 million in dividends paid. There were
share repurchases totaling 44,024 shares at a weighted average cost
of $26.58 per share executed by the Company during the fourth
quarter of 2019.
About Sierra Bancorp
Sierra Bancorp is the holding company for Bank of the Sierra
(www.bankofthesierra.com), which is in its 43rd 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)
Dec '19 vs
Dec '19 vs
ASSETS
12/31/2019
9/30/2019
Sep '19
12/31/2018
Dec '18
Cash and Due from Banks
$ 80,077
$ 80,689
-1%
$ 74,132
+8%
Investment Securities
600,799
599,906
0%
560,479
+7%
Real Estate Loans (non-Agricultural)
1,258,081
1,263,136
0%
1,302,389
-3%
Agricultural Real Estate Loans
144,033
144,618
0%
151,541
-5%
Agricultural Production Loans
48,036
49,105
-2%
49,103
-2%
Comm'l & Industrial Loans &
Leases
115,532
115,737
0%
128,220
-10%
Mortgage Warehouse Lines
189,103
216,913
-13%
91,813
+106%
Consumer Loans
7,780
8,151
-5%
8,862
-12%
Gross Loans & Leases
1,762,565
1,797,660
-2%
1,731,928
+2%
Deferred Loan & Lease Fees
2,896
2,946
-2%
2,602
+11%
Loans & Leases Net of Deferred
Fees
1,765,461
1,800,606
-2%
1,734,530
+2%
Allowance for Loan & Lease Losses
(9,923)
(11,200)
-11%
(9,750)
+2%
Net Loans & Leases
1,755,538
1,789,406
-2%
1,724,780
+2%
Bank Premises & Equipment
27,435
27,988
-2%
29,500
-7%
Other Assets
129,970
137,971
-6%
133,611
-3%
Total Assets
$
2,593,819
$
2,635,960
-2%
$
2,522,502
+3%
LIABILITIES & CAPITAL
Noninterest Demand Deposits
$ 690,950
$ 685,528
+1%
$ 662,527
+4%
Int-Bearing Transaction Accounts
549,812
545,100
+1%
535,726
+3%
Savings Deposits
294,317
287,774
+2%
283,953
+4%
Money Market Deposits
118,933
124,553
-5%
123,807
-4%
Customer Time Deposits
464,362
503,252
-8%
460,327
+1%
Wholesale Brokered Deposits
50,000
50,000
0%
50,000
0%
Total Deposits
2,168,374
2,196,207
-1%
2,116,340
+2%
Junior Subordinated Debentures
34,945
34,901
0%
34,767
+1%
Other Interest-Bearing Liabilities
45,711
67,357
-32%
72,459
-37%
Total Deposits & Int.-Bearing
Liab.
2,249,030
2,298,465
-2%
2,223,566
+1%
Other Liabilities
35,504
34,142
+4%
25,912
+37%
Total Capital
309,285
303,353
+2%
273,024
+13%
Total Liabilities & Capital
$
2,593,819
$
2,635,960
-2%
$
2,522,502
+3%
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 '19 vs
Dec '19 vs
12/31/2019
9/30/2019
Sep '19
12/31/2018
Dec '18
Goodwill
$ 27,357
$ 27,357
0%
$ 27,357
0%
Core Deposit Intangible
5,381
5,650
-5%
6,455
-17%
Total Intangible Assets
$
32,738
$
33,007
-1%
$
33,812
-3%
CREDIT QUALITY
(balances in $000's, unaudited)
Dec '19 vs
Dec '19 vs
12/31/2019
9/30/2019
Sep '19
12/31/2018
Dec '18
Non-Accruing Loans
$ 5,737
$ 6,719
-15%
$ 5,156
+11%
Foreclosed Assets
800
762
+5%
1,082
-26%
Total Nonperforming Assets
$
6,537
$
7,481
-13%
$
6,238
+5%
Performing TDR's (not incl. in NPA's)
$ 8,415
$ 9,067
-7%
$ 10,920
-23%
Non-Perf Loans to Gross Loans
0.33%
0.37%
0.30%
NPA's to Loans plus Foreclosed Assets
0.37%
0.42%
0.36%
Allowance for Ln Losses to Loans
0.56%
0.62%
0.56%
SELECT PERIOD-END STATISTICS
(unaudited)
12/31/2019
9/30/2019
12/31/2018
Shareholders Equity / Total Assets
11.9%
11.5%
10.8%
Gross Loans / Deposits
81.3%
81.9%
81.8%
Non-Int. Bearing Dep. / Total Dep.
31.9%
31.2%
31.3%
CONSOLIDATED INCOME STATEMENT
(in $000's, unaudited)
Qtr Ended:
4Q19 vs
Qtr Ended:
4Q19 vs
Year Ended:
YTD19 vs
12/31/2019
9/30/2019
3Q19
12/31/2018
4Q18
12/31/2019
12/31/2018
YTD18
Interest Income
$
27,775
$
27,901
0%
$
27,042
+3%
$
110,947
$
101,638
+9%
Interest Expense
2,953
3,526
-16%
2,984
-1%
13,578
9,244
+47%
Net Interest Income
24,822
24,375
+2%
24,058
+3%
97,369
92,394
+5%
Provision for Loan & Lease Losses
500
1,350
-63%
1,400
-64%
2,550
4,350
-41%
Net Int after Provision
24,322
23,025
+6%
22,658
+7%
94,819
88,044
+8%
Service Charges
3,356
3,292
+2%
3,258
+3%
12,742
12,439
+2%
BOLI Income
567
590
-4%
(475)
NM
2,184
591
+270%
Gain (Loss) on Investments
(227)
-
NM
-
NM
(198)
2
NM
Other Noninterest Income
2,150
1,987
+8%
2,496
-14%
8,749
8,532
+3%
Total Noninterest Income
5,846
5,869
0%
5,279
+11%
23,477
21,564
+9%
Salaries & Benefits
8,957
8,784
+2%
9,139
-2%
35,978
36,133
0%
Occupancy Expense
2,550
2,485
+3%
2,811
-9%
9,845
10,295
-4%
Other Noninterest Expenses
6,475
5,819
+11%
5,087
+27%
24,755
23,596
+5%
Total Noninterest Expense
17,982
17,088
+5%
17,037
+6%
70,578
70,024
+1%
Income Before Taxes
12,186
11,806
+3%
10,900
+12%
47,718
39,584
+21%
Provision for Income Taxes
2,901
2,854
+2%
2,996
-3%
11,757
9,907
+19%
Net Income
$
9,285
$
8,952
+4%
$
7,904
+17%
$
35,961
$
29,677
+21%
TAX DATA
Tax-Exempt Muni Income
$
1,257
$
1,160
+8%
$
1,019
+23%
$
4,534
$
4,060
+12%
Interest Income - Fully Tax Equivalent
$
28,109
$
28,209
0%
$
27,313
+3%
$
112,152
$
102,717
+9%
NET CHARGE-OFFS / (RECOVERIES)
$
1,777
$
33
+5285%
$
1,113
+60%
$
2,377
$
3,643
-35%
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:
4Q19 vs
Qtr Ended:
4Q19 vs
Year Ended:
YTD19 vs
12/31/2019
9/30/2019
3Q19
12/31/2018
4Q18
12/31/2019
12/31/2018
YTD18
Basic Earnings per Share
$0.61
$0.58
+5%
$0.52
+17%
$2.35
$1.94
+21%
Diluted Earnings per Share
$0.60
$0.58
+3%
$0.51
+18%
$2.33
$1.92
+21%
Common Dividends
$0.19
$0.19
0%
$0.16
+19%
$0.74
$0.64
+16%
Wtd. Avg. Shares Outstanding
15,285,413
15,318,580
0%
15,290,740
0%
15,311,113
15,261,794
0%
Wtd. Avg. Diluted Shares
15,393,381
15,434,788
0%
15,441,145
0%
15,437,111
15,432,120
0%
Book Value per Basic Share (EOP)
$20.24
$19.85
+2%
$17.84
+13%
$20.24
$17.84
+13%
Tangible Book Value per Share (EOP)
$18.09
$17.69
+2%
$15.63
+16%
$18.09
$15.63
+16%
Common Shares Outstanding (EOP)
15,284,538
15,284,491
0%
15,300,460
0%
15,284,538
15,300,460
0%
KEY FINANCIAL RATIOS
(unaudited)
Qtr Ended:
Qtr Ended:
Year Ended:
12/31/2019
9/30/2019
12/31/2018
12/31/2019
12/31/2018
Return on Average Equity
11.97%
11.78%
11.78%
12.23%
11.37%
Return on Average Assets
1.41%
1.36%
1.26%
1.40%
1.23%
Net Interest Margin (Tax-Equiv.)
4.15%
4.09%
4.27%
4.19%
4.24%
Efficiency Ratio (Tax-Equiv.)
57.30%
55.64%
57.79%
57.46%
60.79%
Net C/O's to Avg Loans (not
annualized)
0.10%
0.00%
0.07%
0.14%
0.22%
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, 2019
September 30, 2019
December 31, 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's
$ 11,592
$ 49
1.68%
$ 23,447
$ 139
2.35%
$ 5,757
$ 34
2.34%
Taxable
422,813
2,448
2.30%
426,523
2,484
2.31%
420,207
2,529
2.39%
Non-taxable
181,633
1,257
3.48%
169,109
1,160
3.44%
138,134
1,019
3.70%
Total investments
616,038
3,754
2.63%
619,079
3,783
2.62%
564,098
3,582
2.71%
Loans and Leases:
Real estate
1,413,347
19,719
5.54%
1,425,093
19,858
5.53%
1,432,447
19,658
5.44%
Agricultural Production
47,964
647
5.35%
50,394
753
5.93%
51,344
787
6.08%
Commercial
110,760
1,344
4.81%
117,414
1,461
4.94%
124,181
1,556
4.97%
Consumer
8,148
379
18.45%
8,467
354
16.59%
9,206
334
14.39%
Mortgage warehouse lines
203,593
1,883
3.67%
169,786
1,646
3.85%
77,749
1,084
5.53%
Other
2,596
49
7.49%
2,458
46
7.42%
2,583
41
6.30%
Total loans and leases
1,786,408
24,021
5.33%
1,773,612
24,118
5.39%
1,697,510
23,460
5.48%
Total interest earning assets
2,402,446
$ 27,775
4.64%
2,392,691
$ 27,901
4.68%
2,261,608
$ 27,042
4.79%
Other earning assets
21,243
12,743
10,920
Non-earning assets
189,357
199,447
207,838
Total assets
$ 2,613,046
$ 2,604,881
$ 2,480,366
Liabilities and shareholders'
equity
Interest bearing deposits:
Demand deposits
$ 92,132
$ 69
0.30%
$ 115,971
$ 87
0.30%
$ 98,973
$ 73
0.29%
NOW
457,008
131
0.11%
446,974
133
0.12%
437,982
124
0.11%
Savings accounts
291,107
78
0.11%
290,221
79
0.11%
293,314
78
0.11%
Money market
126,211
45
0.14%
120,196
53
0.17%
133,541
38
0.11%
Time Deposits
479,441
1,779
1.47%
499,572
2,367
1.88%
423,886
1,906
1.78%
Wholesale Brokered Deposits
50,761
247
1.93%
44,946
264
2.33%
46,522
206
1.76%
Total interest bearing deposits
1,496,660
2,349
0.62%
1,517,880
2,983
0.78%
1,434,218
2,425
0.67%
Borrowed funds:
Junior Subordinated Debentures
34,919
430
4.89%
34,876
453
5.15%
34,739
458
5.23%
Other Interest-Bearing Liabilities
56,029
174
1.23%
37,092
90
0.96%
29,222
101
1.37%
Total borrowed funds
90,948
604
2.63%
71,968
543
2.99%
63,961
559
3.47%
Total interest bearing liabilities
1,587,608
$ 2,953
0.74%
1,589,848
$ 3,526
0.88%
1,498,179
$ 2,984
0.79%
Demand deposits - Noninterest bearing
679,718
668,139
685,011
Other liabilities
38,038
45,488
30,983
Shareholders' equity
307,682
301,406
266,193
Total liabilities and shareholders'
equity
$ 2,613,046
$ 2,604,881
$ 2,480,366
Interest income/interest earning
assets
4.64%
4.68%
4.79%
Interest expense/interest earning
assets
0.49%
0.59%
0.52%
Net interest income and margin
$ 24,822
4.15%
$ 24,375
4.09%
$ 24,058
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/20200121005141/en/
Kevin McPhaill, President/CEO (559) 782‑4900 or (888) 454‑BANK
www.sierrabancorp.com
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