Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra,
today announced a strategic securities transaction (“securities
strategy”) and unaudited financial results for the three-and
twelve-month periods ended December 31, 2023. Sierra Bancorp
reported consolidated net income in the fourth quarter of 2023 of
$6.3 million, or $0.43 per diluted share, compared to net income of
$7.1 million, or $0.47 per diluted share, in the fourth quarter of
2022.
For the year ended 2023, the Company recognized net income of
$34.8 million, or $2.36 per diluted share, as compared to $33.7
million, or $2.24 per diluted share, for the same period in 2022.
The Company’s return on average assets and return on average equity
for the year ended 2023 was 0.94% and 11.30%, respectively, as
compared to 0.97% and 10.66%, respectively, for the same
comparative period in 2022.
Highlights for the fourth quarter of 2023 (unless otherwise
stated):
- Strategic Branch Sale/Leaseback followed by a Securities
Strategy to Improve Future Earnings
- Entered into contract to sell 13 branches in two tranches on
December 21, 2023.
- First tranche closed in December 2023 at a gain of $15.3
million.
- Second tranche expected to close in the first quarter of
2024.
- In early January 2024, sold $196.7 million of bonds in a
securities strategy at a $14.5 million loss.
- Bonds sold had a weighted average book yield of 2.61%.
- The $14.5 million securities loss was recognized in 2023 due to
management’s intention at year end to sell such bonds in January
2024.
- Proceeds from bond sale were used to pay down short-term
borrowings at an average rate of 5.52%.
- Steady Earnings
- 2023 Net Income of $34.8 million, up 4% from 2022.
- 2023 Diluted EPS of $2.36 as compared to $2.24 in 2022, an
increase of 6%.
- 2023 ROAE of 11.30% as compared to 10.66% in 2022.
- Solid Asset Quality
- Total Nonperforming Loans at $8.0 million, or 0.38% of total
gross loans.
- Past due loans declined to $0.3 million, the lowest level for
the past two years.
- No foreclosed assets at December 31, 2023.
- Stable Deposits & Liquidity
- Overall primary and secondary liquidity sources increased to
$2.6 billion at December 31, 2023.
- Noninterest-bearing deposits stable at 37% of total
deposits.
- Strong Capital and Solid Asset Growth
- Maintained a diversified investment portfolio designed for
interest rate risk management and liquidity.
- Tangible Book Value per share increased 10% during the quarter
to $20.91 per share at year end.
- Strong regulatory Community Bank Leverage Ratio of 11.29% for
our subsidiary Bank.
- Tangible Common Equity Ratio, a non-GAAP financial measure, of
8.4% on a consolidated basis and 10.3% for our subsidiary
bank.
- Dividend declared of $0.23 per share, payable on February 12,
2024, our 100th consecutive quarterly dividend.
“You have to participate relentlessly in the
manifestation of your own blessings.” – Elizabeth Gilbert
“We are proud to share our fourth quarter results as we wrap up
2023,” stated Kevin McPhaill, CEO and President. “Although last
year presented a number of challenges, we also uncovered several
positive opportunities. As a result, our banking team maintained a
high percentage of noninterest bearing deposits, enhanced our
lending capabilities, and expanded our treasury efforts. In
addition to those ongoing projects, we completed a sale-leaseback
agreement covering several of our branch properties. The $15.3
million gain on this sale-leaseback offset the cost of a $196.7
million securities strategy. Together, these strategies enhanced
capital, and we expect to improve our financial metrics, including
margin, liquidity, and return on average assets and equity.
Accordingly, I believe that our Bank is stronger and better
positioned to take advantage of expansion possibilities, whether
organic or otherwise. We have many reasons to be excited about our
prospects and look forward to the new year and beyond!” concluded
Mr. McPhaill.
Financial Highlights
Quarterly Changes (comparisons to the fourth quarter of
2022)
- Net income for the fourth quarter of 2023 decreased $0.8
million or 12%, to $6.3 million. Net interest income was negatively
impacted by compression in the net interest margin. There was a
favorable change in the credit loss expense on loans and
improvements made in noninterest income, primarily offset by a
realized loss on a securities strategy which identified
available-for-sale securities for sale in January 2024, and higher
noninterest expenses.
- The $1.5 million decrease to net interest income for the fourth
quarter of 2023 was driven by a 32 basis point decrease in net
interest margin. There was a $130.0 million increase in average
interest earning assets with an increased yield of 62 basis points;
however, this was more than offset by a $198.8 million increase in
interest bearing liabilities at 133 bps higher cost.
- Noninterest income for the fourth quarter of 2023 increased
$0.4 million or 5%. This is primarily due to a $15.3 million gain
on the sale of Bank owned branch buildings (subsequently leased
back) partially offset by a $14.5 million realized loss on a
securities strategy which identified bonds for sale in January
2024.
- Noninterest expense for the fourth quarter of 2023 increased by
$2.6 million, or 12%. There was a $1.4 million increase in salaries
and benefits from the hiring of new lending teams and one new
executive officer; additionally, we had severance payments of $0.9
million due a strategic reduction in force on 14 positions
eliminated through efficiencies gained from operational
reorganization and the deployment of new technologies partially
offset by a $0.5 million reduction in bonuses accrued. There was a
$0.4 million increase in occupancy expense for normal contractual
rent increases and one-time stipends paid to employees for home
office expenses, and a $0.8 million increase in other noninterest
expense most notably in FDIC assessments, compliance and legal
costs, and higher fraud losses primarily due to our debit card
conversion from Mastercard to VISA earlier in the year.
Year to-Date Changes (comparisons to the year ended
2022)
- Net income for 2023 increased by $1.2 million, or 4%. There was
an increase of $2.8 million or 3% in net interest income, due
mostly to an overall increase in interest rates. We experienced
higher yields and balances on loans and investment securities,
which were partly offset by higher overall funding costs.
- We experienced a $6.8 million decrease in credit loss expense
on loans, net of taxes due to lower net loan charge-offs in 2023 as
compared to 2022.
- Noninterest income for 2023 decreased by $0.4 million, or 1%.
The same large variances discussed in the quarterly comparison
apply to the year-to-date comparisons along with a $2.8 million
favorable variance in bank-owned life insurance income, $0.4
million positive variance in life insurance proceeds, offset by a
$3.2 million negative variance mostly from the sale of VISA stock
in 2022 with no like sales in 2023.
- Noninterest expense increased $7.9 million, or 9%, due mostly
to a $3.9 million increase in salary and benefits expense for new
lending teams and management staff along with reduction in force
severance payments as discussed in the quarterly comparison, an
unfavorable variance in director’s deferred compensation expense
which is linked to the favorable changes in bank-owned life
insurance income, mentioned above in the discussion of noninterest
income, a $0.8 million increase in FDIC assessment costs and $0.5
million increase in fraud losses primarily due to our debit card
conversion from Mastercard to VISA earlier in the year.
Balance Sheet Changes (comparisons to December 31,
2022)
- Total assets increased by $121.2 million, or 3%, to $3.7
billion, during 2023, due mostly to a $68.2 million increase in
investment securities, a $37.1 million increase in gross loans, and
a $19.0 million increase in operating lease right-of-use assets
from the sale and leaseback of 11 bank-owned branch buildings.
- Investment securities increased $67.5 million, or 5%, to $1.3
billion primarily due to strategic purchases of high-quality AAA,
collateralized loan obligations and government agency securities
during 2023.
- Gross loans increased $37.1 million due to a $50.6 million
increase in mortgage warehouse line utilization, along with a $51.6
million increase in other commercial loans, and an $18.8 million
increase in commercial real estate loans. Organic loan production
for the year ending 2023 was $185.3 million, as compared to $292.2
million for the comparative period in 2022. Loan production was
negatively impacted by $161.4 million in loan maturities,
charge-offs and payoffs, and a decline in credit line utilization
of $37.3 million. Counterbalancing these negative variances, we had
a $50.6 million increase in mortgage warehouse line utilization as
our customers ramped up utilization towards year-end.
- Deposits totaled $2.8 billion at December 31, 2023,
representing a year-to-date decrease of $84.9 million, or 3%. The
decline in deposits came primarily from a $175.1 million decrease
in transaction accounts, an $80.4 million decrease in savings and
money market accounts offset by an increase in customer time
deposit balances of $155.5 million as customers moved their funds
to higher interest-bearing type accounts and a $15.0 million
increase in wholesale brokered deposits.
- Short-term debt increased by $59.5 million during 2023 to
$387.6 million at December 31, 2023. Overnight fed funds increased
by $5.0 million, and short term FHLB advances increased $125.0
million while repurchase agreements decreased $2.0 million and FHLB
overnight borrowings decreased by $68.5 million.
- Long term debt in the form of term FHLB advances increased
$80.0 million while subordinated debentures were relatively
unchanged.
Other financial highlights are reflected in the following
table.
FINANCIAL HIGHLIGHTS
(Dollars in Thousands, Except per
Share Data, Unaudited)
At or For the
At or For the
Three Months Ended
Twelve Months Ended
12/31/2023
9/30/2023
12/31/2022
12/31/2023
12/31/2022
Net income
$
6,290
$
9,885
$
7,113
$
34,844
$
33,659
Diluted earnings per share
$
0.43
$
0.68
$
0.47
$
2.36
$
2.24
Return on average assets
0.67
%
1.04
%
0.79
%
0.94
%
0.97
%
Return on average equity
8.03
%
12.62
%
9.62
%
11.30
%
10.66
%
Net interest margin (tax-equivalent)
(1)
3.31
%
3.30
%
3.63
%
3.37
%
3.47
%
Yield on average loans and leases
4.78
%
4.73
%
4.38
%
4.69
%
4.32
%
Yield on investments
5.35
%
5.25
%
4.40
%
5.09
%
3.07
%
Cost of average total deposits
1.24
%
1.20
%
0.51
%
1.09
%
0.24
%
Efficiency ratio (tax-equivalent)
(1)(2)
67.10
%
61.46
%
57.55
%
63.90
%
60.15
%
Total assets
$
3,729,799
$
3,738,880
$
3,608,590
$
3,729,799
$
3,608,590
Loans & leases net of deferred
fees
$
2,090,384
$
2,100,973
$
2,052,817
$
2,090,384
$
2,052,817
Noninterest demand deposits
$
1,020,772
$
1,059,878
$
1,088,199
$
1,020,772
$
1,088,199
Total deposits
$
2,761,223
$
2,869,720
$
2,846,164
$
2,761,223
$
2,846,164
Noninterest-bearing deposits over total
deposits
37.0
%
36.9
%
38.2
%
37.0
%
38.2
%
Shareholders' equity / total assets
9.1
%
8.3
%
8.4
%
9.1
%
8.4
%
Tangible Common equity ratio (2)
8.4
%
7.5
%
7.7
%
8.4
%
7.7
%
Book value per share
$
22.85
$
21.01
$
20.01
$
22.85
$
20.01
Tangible book value per share (2)
$
20.91
$
19.04
$
18.06
$
20.91
$
18.06
(1)
Computed on a tax equivalent basis
utilizing a federal income tax rate of 21%.
(2)
See reconciliation of non-GAAP financial
measures to the corresponding GAAP measurement in "Non-GAAP
Financial Measures".
INCOME STATEMENT HIGHLIGHTS
Net Interest Income
Net interest income was $27.9 million for the fourth quarter of
2023, a $1.5 million decrease, or 5% over the fourth quarter of
2022, and increased $2.8 million, or 3%, to $112.4 million for the
year ended 2023 relative to the same period in 2022.
For the fourth quarter of 2023, average interest-earning assets
totaled $130.0 million, an increase of 4%, as compared to the
fourth quarter of 2022. The yield on these balances was 62 basis
points higher for the same period due mostly to an increase in
yield of investment securities, as well as loan growth at higher
yields. This increase in yield was offset by a 133 basis point
increase in the cost of our interest-bearing liabilities for the
same period. Although most transaction and savings deposit rates
have not changed, the change in mix of liabilities caused the costs
to increase. This was primarily affected due to average balances of
time deposits and borrowed funds, including overnight
purchases.
Net interest income for the comparative year-to-date periods
increased $2.8 million, or 3%, due to a change in mix of average
interest-earning assets. Investment balances, with an average yield
of 5.09%, increased $140.4 million, while gross average loan
balances yielding 4.69% increased $57.7 million. The overall yield
on the average balances of earning assets was 100 basis points
higher for the comparative periods, offset by a 161 basis point
increase in interest paid on liabilities. The net impact was a 10
basis point decrease in our net interest margin for the year ended
December 31, 2023, as compared to the same period in 2022.
Interest expense was $14.6 million for the fourth quarter of
2023, an increase of $8.3 million, relative to the fourth quarter
of 2022. For the year ended 2023, compared to the same period in
2022, interest expense increased $38.5 million, to $50.7 million.
The increase in interest expense for the quarterly comparison is
attributable to a $198.8 million increase in average
interest-bearing liabilities with a 133 bps increase in cost. The
increase was primarily in higher cost customer time deposits,
wholesale brokered deposits and borrowed funds. Lower or no cost
average transaction and savings accounts decreased $283.0 million
for the quarterly comparison. For the year-to-date comparisons, the
increase is attributable to a shift from lower cost transaction
accounts to higher cost time accounts as well as an increase in
borrowed funds. For the year ended 2023, higher cost customer time
deposits increased $210.2 million, wholesale brokered deposits
increased $88.5 million and borrowed funds increased $216.3
million, while lower cost or no cost deposits decreased $279.6
million.
In early 2024, the Company initiated a strategic securities
transaction by selling $196.7 million of bonds. These securities
were identified as an intent to be sold at December 31, 2023. This
transaction realized a $14.5 million loss in the fourth quarter of
2023, as discussed previously. The average yield on these bonds was
2.61% and the proceeds were used to paydown short-term borrowings
at an average rate of 5.52%. This transaction is expected to
increase our earnings stream beginning in 2024 by increasing net
interest income as interest expense on borrowed funds will be
reduced by more than the reduction in interest income on the
securities sold.
The Company had $1.3 billion in adjustable and variable rate
loans, $570.7 million in floating rate CLOs and $35.7 million in
floating rate trust preferred securities at December 31, 2023, as
compared to $1.3 billion in adjustable and variable rate loans,
$498.4 million in floating rate CLOs and $35.5 million in floating
rate trust preferred securities at December 31, 2022. The next rate
adjustment date on the adjustable-rate loans vary and can be up to
ten years. It is expected that $388.7 million of the Company’s
adjustable and variable rate loans will reprice in the next twelve
months.
Our net interest margin was 3.31% for the fourth quarter of
2023, as compared to 3.30% for the linked quarter and 3.63% for the
fourth quarter of 2022.
Credit Loss Expense
The Company recorded expenses related to credit losses on loans
of $3.6 million in the fourth quarter of 2023 relative to an
expense of $6.5 million in the fourth quarter of 2022, and a
year-to-date credit loss expense on loans of $4.1 million in 2023
as compared to a $10.9 million for the same period in 2022. The
Company's $2.9 million favorable decrease in credit loss expense on
loans in the fourth quarter of 2023 as compared to the fourth
quarter of 2022, and the $6.8 million favorable decrease for the
year ending 2023 compared to the same period in 2022 are primarily
due to the impact of lower net charge-offs during the year ending
2023. The elevated net charge-offs in 2022 were mostly due to two
loan relationships; one dairy loan relationship with total
charge-offs of $8.7 million and a single office building loan
relationship that was sold at a discount due to an increased risk
of default that would have likely led to a prolonged collection
period. In the fourth quarter of 2023, there was a $2.3 million
charge-off related to commercial real estate.
All debt securities in an unrealized loss position were
primarily attributable to changes in interest rates and volatility
in the financial markets and not a result of an expected credit
loss.
Noninterest Income
Total noninterest income reflects increases of $0.4 million or
5%, for the quarter ended December 31, 2023 as compared to the same
quarter in 2022, and decreased of $0.4 million or 1%, for the year
ended December 31, 2023 as compared to the same period in 2022. The
quarterly and year-to-date comparisons were both impacted by
favorable fluctuations in income on bank-owned life insurance
(BOLI) with underlying investments mapped directly to the Company’s
deferred compensation plan. The quarterly and year-to-date
comparisons were also favorably impacted by a $15.3 million gain on
the sale of Bank owned branch buildings (subsequently leased back),
partially offset by realizing a $14.5 million loss on a securities
strategy which identified $196.7 million in available-for-sale
securities to be sold in January 2024. The year-to-date decrease
was also unfavorably impacted by 2022 events that did not recur in
2023, including $3.6 million from gains on the sale of other
assets, and the recovery of prior period legal expenses.
Service charges on customer deposit account income increased
$0.3 million, or 6%, to $6.0 million in the fourth quarter of 2023
as compared to the fourth quarter of 2022. This increase is
primarily due to higher overdraft income, ATM fees, and analysis
income during the comparable periods. This service charge income
was relatively unchanged at $23.1 million for the year ending
December 31, 2023, as compared to the same period in 2022.
Noninterest Expense
Total noninterest expense increased by $2.6 million, or 12%, in
the fourth quarter of 2023 relative to the fourth quarter of 2022,
and increased by $7.9 million, or 9%, for the year ended 2023 as
compared to the same period in 2022.
Salaries and Benefits were $1.4 million, or 12%, higher in the
fourth quarter of 2023 as compared to the fourth quarter of 2022
and $3.9 million, or 8%, higher for the year ended 2023 compared to
the same period in 2022. We had severance payments of $0.9 million
due to a strategic reduction in force on 14 positions eliminated
through efficiencies gained from operational reorganization and the
deployment of new technologies, partially offset by a $0.5 million
reduction in the bonus accrual. Overall full-time equivalent
employees were 485 at December 31, 2023 as compared to 491 at
December 31, 2022. The decrease in FTE was due to the reduction in
force during the fourth quarter of 2023, as several management
positions were eliminated due to operational efficiencies.
Occupancy expenses were $0.4 million higher for both the fourth
quarter of 2023 and year-to-date as compared to the same periods in
2022. The primary reason for increase in the quarterly and
year-to-date comparisons was a one-time payment of $0.2 million for
home office stipends for staff that work remotely and regular rent
escalations.
Other noninterest expense increased $0.8 million, or 12%, for
the fourth quarter 2023 as compared to the fourth quarter in 2022,
and increased $3.5 million, or 12%, for the year ended 2023 as
compared to the same period in 2022. The variance for the fourth
quarter of 2023 compared to the same period in 2022 was primarily
driven by higher FDIC assessment costs, increased marketing costs
associated with a deposit acquisition campaign, higher travel costs
due to our expanded remote work force, and elevated debit card
losses. These increased expenses were partially offset by lower
costs in core processing and internet banking costs. For the
year-over-year comparison, the categories of increase were the same
as with the quarterly comparison, along with a $2.0 million
unfavorable variance in directors deferred compensation expense,
linked to the changes in BOLI income, a $0.6 million increase in
foreclosed asset costs related to the foreclosure and subsequent
sale of one large loan relationship in the first quarter of 2023.
Positive variances for the year-over-year comparison included a
$0.2 million decrease in deposit statement costs and a $0.3 million
decrease in miscellaneous losses due to restitution payments made
to customers in 2022 who were charged nonsufficient funds fees on
representments.
The Company's provision for income taxes was 23.8% of pre-tax
income in the fourth quarter of 2023 relative to 21.1% in the
fourth quarter of 2022, and 25.0% of pre-tax income for the years
ended December 31, 2023 and 2022. The increase in effective tax
rate in the fourth quarter is due to tax credits and tax-exempt
income representing a smaller percentage of total taxable income.
The decline in tax-exempt income is due mostly to tax exempt
municipal securities representing a smaller portion of total
taxable securities.
Balance Sheet Summary
Balance sheet changes for the year ended December 31, 2023
include an increase in total assets of $121.2 million, or 3%,
primarily as a result of a $67.5 million increase in investment
securities, a $37.1 million increase in gross loans, a $19.8
million increase in other assets, net of a $5.6 million decrease in
Bank owned premises and equipment.
The increase in investment securities of $68.2 million in 2023
consisted primarily of increases in AAA tranches of collateralized
loan obligations of $72.3 million and in callable government agency
securities for $51.6 million, partially offset by decreases in
mortgage-backed securities, corporate bonds and state and municipal
bonds.
Gross loan balances increased $37.1 million during the year
ended December 31, 2023. The increase was primarily a result of a
$50.6 million increase in mortgage warehouse utilization, $18.8
million increase in commercial real estate, and a $51.6 million
increase in other commercial loans. Negatively impacting these
positive variances were loan paydowns and maturities resulting in
net declines in many categories even with solid loan production. In
particular there was a $46.1 million decrease in farmland, $12.2
million decrease in other construction and $25.4 million decrease
in residential real estate. Further, SBA PPP loan forgiveness
resulted in a $1.3 million decline in loan balances, included in
the other commercial loan variance noted above.
As indicated in the loan roll forward below, new credit extended
for the fourth quarter of 2023 decreased $40.5 million over the
same period in 2022 and decreased $106.9 million for the
year-to-date comparisons. This decline in organic loan growth is
attributable to extensive competition for quality new loans coupled
with reduced demand in the current elevated rate environment.
Contributing to this negative variance, we did not purchase any
loans during 2023, had $161.4 million in loan paydowns and
maturities, and a $37.3 million decrease in line of credit
utilization. Offsetting a portion of these negative variances we
experienced a $50.6 million increase in mortgage warehouse line
utilization.
LOAN ROLLFORWARD
(Dollars in Thousands, Unaudited)
For the three months
ended:
For the twelve months
ended:
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Gross loans beginning balance
$
2,100,810
$
2,094,391
$
2,020,364
$
2,052,940
$
1,989,726
New credit extended
26,704
68,980
67,170
185,323
292,224
Loan purchases
—
—
—
—
173,082
Changes in line of credit utilization
4,377
(22,517
)
(3,361
)
(37,308
)
(48,562
)
Change in mortgage warehouse
8,415
(3,032
)
18,885
50,561
(35,745
)
Pay-downs, maturities, charge-offs and
amortization (1)
(50,231
)
(37,012
)
(50,118
)
(161,441
)
(317,785
)
Gross loans ending balance
$
2,090,075
$
2,100,810
$
2,052,940
$
2,090,075
$
2,052,940
(1)
Includes $1.6 million from the sale of a
performing loan during the second quarter of 2022.
Unused commitments, excluding mortgage warehouse and overdraft
lines, were $203.6 million at December 31, 2023, compared to $219.7
million at December 31, 2022. Total line utilization, excluding
mortgage warehouse and overdraft lines, was 62% at December 31,
2023 and 59% at December 31, 2022 and was 53% at December 31, 2023
and 32% at December 31, 2022, including mortgage warehouse lines.
Mortgage warehouse utilization increased to 36% at December 31,
2023, as compared to 10% at December 31, 2022. Total mortgage
warehouse availability declined to $204.5 million at December 31,
2023 as compared to $594.6 million at December 31, 2022. With
current industry volumes down due to decreased purchase and
refinance activity we experienced some lenders leaving the Bank and
others decreasing their lines of credit to match their current
volumes.
Deposit balances declined $84.9 million, or 3%, during the year
ended December 31, 2023. Core non-maturity deposits decreased by
$255.4 million, or 11%, while customer time deposits increased by
$155.5 million, or 39%. Although there has been some attrition, our
customers are becoming more rate sensitive in the current higher
rate environment and have moved funds from lower or no cost
transaction accounts into higher cost time deposits. Wholesale
brokered deposits increased by $15.0 million to $135.0 million.
Overall noninterest-bearing deposits as a percent of total deposits
at December 31, 2023, decreased to 37.0%, as compared to 38.2% at
December 31, 2022.
Other interest-bearing liabilities of $467.6 million on December
31, 2023 consisted of $80.0 million in FHLB long term advances,
$107.1 million in customer repurchase agreements, $130.0 million in
overnight fed funds purchased, and $150.5 million in short term and
overnight FHLB advances. Proceeds from the securities strategy,
which involved selling $196.7 million in available-for-sale
securities yielding 2.61% in January 2024 went to paydown a portion
of these borrowed funds with an average rate of 5.52%. Other
interest-bearing liabilities at December 31, 2022 consisted of
$109.2 million in customer repurchase agreements, $125.0 million in
overnight fed funds purchased, and $94.0 million in overnight FHLB
advances.
The Company continues to have substantial liquidity. At December
31, 2023, and December 31, 2022, the Company had the following
sources of primary and secondary liquidity (Dollars in Thousands,
Unaudited):
Primary and Secondary Liquidity
Sources
December 31, 2023
December 31, 2022
Cash and due from banks
$
78,602
$
77,131
Unpledged investment securities
792,965
1,097,164
Excess pledged securities
382,965
43,096
FHLB borrowing availability
586,726
718,842
Unsecured lines of credit
374,785
237,000
Funds available through fed discount
window
392,034
42,278
Totals
$
2,608,077
$
2,215,511
Total capital of $338.1 million at December 31, 2023 reflects an
increase of $34.5 million, or 11%, relative to year-end 2022. The
increase in equity during the year ended December 31, 2023 was
primarily due $34.8 million in net income and a $20.6 million
favorable swing in accumulated other comprehensive income (loss)
partially offset by $13.7 million in dividends paid, and $8.5
million in share repurchases. The remaining difference is related
to stock options exercised and restricted stock activity during the
year.
Asset Quality
Total nonperforming assets, comprised of nonaccrual loans,
decreased by $11.6 million to $8.0 million for the year ended
December 31, 2023. The Company's ratio of nonperforming loans to
gross loans decreased to 0.38% at December 31, 2023 from 0.95% at
December 31, 2022. The decrease resulted from a decrease in
non-accrual loan balances, primarily as a result of the foreclosure
and sale of one loan relationship in the dairy industry consisting
of four separate loans in the first quarter of 2023. At December
31, 2023, nonaccrual loans totaled $8.0 million compared to $19.6
million at December 31, 2022. All the Company's nonperforming
assets are individually evaluated for credit loss quarterly and
management believes the established allowance for credit loss on
such loans is appropriate. The nonaccrual loans at December 31,
2023, are mostly due to a single commercial real estate
relationship of $7.4 million.
The Company's allowance for credit losses on loans was $23.5
million at December 31, 2023, as compared to a balance of $23.1
million at December 31, 2022. The allowance was 1.12% of total
loans at both December 31, 2023 and December 31, 2022. Although the
Company experienced fewer net charge offs during the year, a
specific allowance on one single commercial real estate
relationship was the primary reason for the increase.
Management's detailed analysis indicates that the Company's
allowance for credit losses on loans should be sufficient to cover
credit losses inherent in loan portfolio balances outstanding as of
December 31, 2023, but no assurance can be given that the Company
will not experience substantial future losses relative to the size
of the credit loss allowance on loans.
About Sierra Bancorp
Sierra Bancorp is the holding Company for Bank of the Sierra
(www.bankofthesierra.com), which is in its 47th 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, Ventura, San Luis Obispo, and Santa
Barbara. The Bank also maintains an online branch and provides
specialized lending services through an agricultural credit center
in Templeton, California, and a dedicated loan production office in
Roseville, California. In 2023, 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 BBB+
rating from Kroll.
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, loan portfolio
performance, 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, 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
(Dollars in Thousands, Unaudited)
ASSETS
12/31/2023
9/30/2023
6/30/2023
3/31/2023
12/31/2022
Cash and due from banks
$
78,602
$
88,542
$
103,483
$
83,506
$
77,131
Investment securities
Available-for-sale, at fair value
1,019,201
1,010,377
1,027,538
1,040,920
934,923
Held-to-maturity, at amortized cost, net
of allowance for credit losses
320,057
323,544
328,478
332,728
336,881
Real estate loans
Residential real estate
412,063
418,782
426,608
433,185
437,446
Commercial real estate
1,328,224
1,334,663
1,317,945
1,318,627
1,311,158
Other construction/land
6,256
7,320
16,020
15,653
18,412
Farmland
67,276
90,993
92,728
92,906
113,394
Total real estate loans
1,813,819
1,851,758
1,853,301
1,860,371
1,880,410
Other commercial
156,272
137,407
126,360
101,118
102,967
Mortgage warehouse lines
116,000
107,584
110,617
68,472
65,439
Consumer loans
3,984
4,061
4,113
4,007
4,124
Gross loans
2,090,075
2,100,810
2,094,391
2,033,968
2,052,940
Deferred loan fees
309
163
73
24
(123
)
Allowance for credit losses on loans
(23,500
)
(23,060
)
(23,010
)
(23,090
)
(23,060
)
Net loans
2,066,884
2,077,913
2,071,454
2,010,902
2,029,757
Bank premises & equipment
16,907
21,926
22,072
22,321
22,478
Other assets
228,148
216,578
209,436
203,607
207,420
Total assets
$
3,729,799
$
3,738,880
$
3,762,461
$
3,693,984
$
3,608,590
LIABILITIES & CAPITAL
Noninterest demand deposits
$
1,020,772
$
1,059,878
$
1,066,498
$
1,041,748
$
1,088,199
Interest-bearing transaction accounts
533,947
561,257
584,263
637,549
641,581
Savings deposits
370,806
400,940
415,793
441,758
456,981
Money market deposits
145,591
130,914
124,834
123,162
139,795
Customer time deposits
555,107
551,731
552,371
519,771
399,608
Wholesale brokered deposits
135,000
165,000
175,000
185,000
120,000
Total deposits
2,761,223
2,869,720
2,918,759
2,948,988
2,846,164
Long-term debt
49,304
49,281
49,259
49,236
49,214
Junior subordinated debentures
35,660
35,615
35,570
35,526
35,481
Other interest-bearing liabilities
467,621
411,865
398,922
310,861
328,169
Total deposits & interest-bearing
liabilities
3,313,808
3,366,481
3,402,510
3,344,611
3,259,028
Allowance for credit losses on unfunded
loan commitments
510
600
750
850
840
Other liabilities
77,384
62,940
49,609
41,513
45,140
Total capital
338,097
308,859
309,592
307,010
303,582
Total liabilities & capital
$
3,729,799
$
3,738,880
$
3,762,461
$
3,693,984
$
3,608,590
GOODWILL & INTANGIBLE
ASSETS
(Dollars in Thousands, Unaudited)
12/31/2023
9/30/2023
6/30/2023
3/31/2023
12/31/2022
Goodwill
$
27,357
$
27,357
$
27,357
$
27,357
$
27,357
Core deposit intangible
1,399
1,618
1,837
2,056
2,275
Total intangible assets
$
28,756
$
28,975
$
29,194
$
29,413
$
29,632
CREDIT QUALITY
(Dollars in Thousands, Unaudited)
12/31/2023
9/30/2023
6/30/2023
3/31/2023
12/31/2022
Non-accruing loans
$
7,985
$
781
$
1,141
$
938
$
19,579
Foreclosed assets
-
-
-
-
-
Total nonperforming assets
$
7,985
$
781
$
1,141
$
938
$
19,579
Net charge offs (recoveries)
$
3,619
$
67
$
157
$
220
$
7,268
Past due & still accruing (30-89)
$
255
$
806
$
1,873
$
1,241
$
1,203
Non-performing loans to gross loans
0.38
%
0.04
%
0.05
%
0.05
%
0.95
%
NPA's to loans plus foreclosed assets
0.38
%
0.04
%
0.05
%
0.05
%
0.95
%
Allowance for credit losses on loans to
gross loans
1.12
%
1.10
%
1.10
%
1.14
%
1.12
%
SELECT PERIOD-END STATISTICS
(Unaudited)
12/31/2023
9/30/2023
6/30/2023
3/31/2023
12/31/2022
Shareholders equity / total assets
9.1
%
8.3
%
8.2
%
8.3
%
8.4
%
Gross loans / deposits
75.7
%
73.2
%
71.8
%
69.0
%
72.1
%
Noninterest-bearing deposits / total
deposits
37.0
%
36.9
%
36.5
%
35.3
%
38.2
%
CONSOLIDATED INCOME STATEMENT
(Dollars in Thousands, Unaudited)
For the three months
ended:
For the year ended:
12/31/2023
9/30/2023
12/31/2022
12/31/2023
12/31/2022
Interest income
$
42,443
$
42,384
$
35,603
$
163,121
$
121,819
Interest expense
14,573
14,297
6,240
50,716
12,204
Net interest income
27,870
28,087
29,363
112,405
109,615
Credit loss expense - loans
3,615
117
6,538
4,058
10,898
Credit loss benefit - unfunded
commitments
(90
)
(150
)
(100
)
(330
)
(294
)
Credit loss expense (benefit) - debt
securities held-to-maturity
-
-
45
(47
)
63
Net interest income after credit loss
expense
24,345
28,120
22,880
108,724
98,948
Service charges
5,977
6,055
5,635
23,103
23,100
Gain on sale of investments
-
-
456
396
1,487
Gain (loss) on sale of fixed assets
15,255
1
(2
)
15,270
(8
)
BOLI income (loss)
379
558
255
1,767
(996
)
Realized loss on available for sale
securities
(14,500
)
-
-
(14,500
)
-
Other noninterest income
934
1,148
1,312
4,364
7,187
Total noninterest income
8,045
7,762
7,656
30,400
30,770
Salaries & benefits
13,410
12,623
11,983
50,977
47,053
Occupancy expense
2,909
2,482
2,549
10,160
9,718
Other noninterest expenses
7,817
7,457
6,990
31,523
28,032
Total noninterest expense
24,136
22,562
21,522
92,660
84,803
Income before taxes
8,254
13,320
9,014
46,464
44,915
Provision for income taxes
1,964
3,435
1,901
11,620
11,256
Net income
$
6,290
$
9,885
$
7,113
$
34,844
$
33,659
TAX DATA
Tax-exempt municipal income
$
2,675
$
2,679
$
2,879
$
10,909
$
8,805
Interest income - fully tax equivalent
$
43,154
$
43,096
$
36,368
$
166,021
$
124,160
PER SHARE DATA
(Unaudited)
For the three months
ended:
For the year ended:
12/31/2023
9/30/2023
12/31/2022
12/31/2023
12/31/2022
Basic earnings per share
$
0.43
$
0.68
$
0.47
$
2.37
$
2.25
Diluted earnings per share
$
0.43
$
0.68
$
0.47
$
2.36
$
2.24
Common dividends
$
0.23
$
0.23
$
0.23
$
0.92
$
0.92
Weighted average shares outstanding
14,539,701
14,583,132
14,998,567
14,706,141
14,955,756
Weighted average diluted shares
14,588,027
14,636,477
15,039,973
14,737,870
15,022,755
Book value per basic share (EOP)
$
22.85
$
21.01
$
20.01
$
22.85
$
20.01
Tangible book value per share (EOP)
$
20.91
$
19.04
$
18.06
$
20.91
$
18.06
Common shares outstanding (EOP)
14,793,832
14,702,079
15,170,372
14,793,832
15,170,372
KEY FINANCIAL RATIOS
(Unaudited)
For the three months
ended:
For the year ended:
12/31/2023
9/30/2023
12/31/2022
12/31/2023
12/31/2022
Return on average equity
8.03
%
12.62
%
9.62
%
11.30
%
10.66
%
Return on average assets
0.67
%
1.04
%
0.79
%
0.94
%
0.97
%
Net interest margin (tax-equivalent)
(1)
3.31
%
3.30
%
3.63
%
3.37
%
3.47
%
Efficiency ratio (tax-equivalent)
(1)(2)
67.10
%
61.46
%
57.55
%
63.90
%
60.15
%
Net charge-offs to avg loans (not
annualized)
0.15
%
0.00
%
0.36
%
0.18
%
0.58
%
(1)
Computed on a tax equivalent basis
utilizing a federal income tax rate of 21%.
(2)
See reconciliation of non-GAAP financial
measures to the corresponding GAAP measurement in "Non-GAAP
Financial Measures".
NON-GAAP FINANCIAL MEASURES
(Unaudited)
12/31/2023
9/30/2023
12/31/2022
Total stockholders' equity
$
338,097
$
308,859
$
303,582
Less: goodwill and other intangible
assets
28,756
28,975
29,632
Tangible common equity
$
309,341
$
279,884
$
273,950
Total assets
$
3,729,799
$
3,738,880
$
3,608,590
Less: goodwill and other intangible
assets
28,756
28,975
29,632
Tangible assets
$
3,701,043
$
3,709,905
$
3,578,958
Common shares outstanding
14,793,832
14,702,079
15,085,675
Book value per common share
$
22.85
$
21.01
$
20.12
Tangible book value per common share
$
20.91
$
19.04
$
18.16
Equity ratio - GAAP (total stockholders'
equity / total assets)
9.06
%
8.26
%
8.41
%
Tangible common equity ratio (tangible
common equity / tangible assets)
8.36
%
7.54
%
7.65
%
For the three months
ended:
For the year ended:
Efficiency Ratio:
12/31/2023
9/30/2023
12/31/2022
12/31/2023
12/31/2022
Noninterest expense
$
24,136
$
22,562
$
21,522
$
92,660
$
84,803
Divided by:
Net interest income
27,870
28,087
29,363
112,405
109,615
Tax-equivalent interest income
adjustments
711
712
765
2,900
2,341
Net interest income, adjusted
28,581
28,799
30,128
115,305
111,956
Noninterest income
8,045
7,762
7,656
30,400
30,770
Less gain on sale of securities
-
-
456
396
1,487
Less gain (loss) on sale of fixed
assets
15,255
1
(2
)
15,270
(8
)
Less realized loss on available-for-sale
securities
(14,500
)
(14,500
)
Tax-equivalent noninterest income
adjustments
101
148
68
470
(265
)
Noninterest income, adjusted
7,391
7,909
7,270
29,704
29,026
Net interest income plus noninterest
income, adjusted
$
35,972
$
36,708
$
37,398
$
145,009
$
140,982
Efficiency Ratio (tax-equivalent)
67.10
%
61.46
%
57.55
%
63.90
%
60.15
%
NONINTEREST INCOME/EXPENSE
(Dollars in Thousands, Unaudited)
For three months
ended:
For twelve months
ended:
Noninterest income:
12/31/2023
9/30/2023
12/31/2022
12/31/2023
12/31/2022
Service charges on deposit accounts
$
5,977
6,055
5,635
$
23,103
23,100
Gain on sale of securities
—
—
456
396
1,487
Gain (loss) on sale of fixed assets
15,255
1
(2
)
15,270
(8
)
Bank-owned life insurance
379
558
255
1,767
(996
)
Realized loss on available for sale
securities
(14,500
)
—
—
(14,500
)
—
Other
934
1,148
1,312
4,364
7,187
Total noninterest income
$
8,045
$
7,762
$
7,656
$
30,400
$
30,770
As a % of average interest earning assets
(1)
0.93
%
0.89
%
0.92
%
0.89
%
0.95
%
Noninterest expense:
Salaries and employee benefits
$
13,410
$
12,623
$
11,983
$
50,977
$
47,053
Occupancy costs
2,909
2,482
2,549
10,160
9,718
Advertising and marketing costs
569
723
407
2,215
1,729
Data processing costs
1,397
1,369
1,627
5,831
6,202
Deposit services costs
2,207
2,048
2,380
8,775
9,492
Loan services costs
Loan processing
144
174
124
597
550
Foreclosed assets
—
(60
)
—
665
84
Other operating costs
1,118
765
781
4,362
4,661
Professional services costs
Legal & accounting
615
493
380
2,238
2,133
Director's costs
504
732
416
2,237
113
Other professional service
708
707
476
2,760
1,892
Stationery & supply costs
117
148
172
531
486
Sundry & tellers
438
358
227
1,312
690
Total noninterest expense
$
24,136
$
22,562
$
21,522
$
92,660
$
84,803
As a % of average interest earning assets
(1)
2.80
%
2.58
%
2.59
%
2.71
%
2.63
%
Efficiency ratio (2)(3)
67.10
%
61.46
%
57.55
%
63.90
%
60.15
%
(1)
Annualized.
(2)
Computed on a tax equivalent basis
utilizing a federal income tax rate of 21%
(3)
See reconciliation of non-GAAP financial
measures to the corresponding GAAP measurement in "Non-GAAP
Financial Measures.”
AVERAGE BALANCES AND RATES
(Dollars in Thousands, Unaudited)
For the quarter ended
For the quarter ended
For the quarter ended
December 31, 2023
September 30, 2023
December 31, 2022
Average Balance (1)
Income/ Expense
Yield/ Rate (2)
Average Balance (1)
Income/ Expense
Yield/ Rate (2)
Average Balance (1)
Income/ Expense
Yield/ Rate (2)
Assets
Investments:
Interest-earning due from banks
$
13,661
$
193
5.61
%
$
23,760
$
415
6.93
%
$
5,548
$
52
3.72
%
Taxable
994,814
14,520
5.79
%
1,005,372
14,375
5.67
%
884,020
10,176
4.57
%
Non-taxable
334,836
2,675
4.01
%
345,645
2,679
3.89
%
362,621
2,879
3.99
%
Total investments
1,343,311
17,388
5.35
%
1,374,777
17,469
5.25
%
1,252,189
13,107
4.40
%
Loans and Leases: (3)
Real estate
1,835,890
20,683
4.47
%
1,854,055
20,764
4.44
%
1,865,426
19,916
4.24
%
Agricultural Production
49,052
859
6.95
%
37,096
649
6.94
%
32,125
368
4.54
%
Commercial
97,962
1,533
6.21
%
90,348
1,392
6.11
%
74,370
1,032
5.51
%
Consumer
4,218
85
7.99
%
4,303
87
8.02
%
4,267
92
8.55
%
Mortgage warehouse lines
88,316
1,878
8.44
%
100,549
2,004
7.91
%
60,408
1,069
7.02
%
Other
2,331
17
2.89
%
2,381
19
3.17
%
2,356
19
3.20
%
Total loans and leases
2,077,769
25,055
4.78
%
2,088,732
24,915
4.73
%
2,038,952
22,496
4.38
%
Total interest earning assets (4)
3,421,080
42,443
5.00
%
3,463,509
42,384
4.94
%
3,291,141
35,603
4.38
%
Other earning assets
25,738
17,355
22,411
Non-earning assets
267,451
275,883
259,860
Total assets
$
3,714,269
$
3,756,747
$
3,573,412
Liabilities and shareholders'
equity
Interest bearing deposits:
Demand deposits
$
137,827
$
698
2.01
%
$
141,745
$
413
1.16
%
$
159,206
$
128
0.32
%
NOW
406,970
74
0.07
%
427,278
68
0.06
%
510,776
78
0.06
%
Savings accounts
386,275
73
0.07
%
408,158
69
0.07
%
470,858
69
0.06
%
Money market
144,296
419
1.15
%
127,649
194
0.60
%
142,861
25
0.07
%
Time Deposits
551,287
6,172
4.44
%
557,504
6,514
4.64
%
367,164
2,859
3.09
%
Wholesale Brokered Deposits
150,326
1,407
3.71
%
162,065
1,509
3.69
%
115,652
554
1.90
%
Total interest bearing deposits
1,776,981
8,843
1.97
%
1,824,399
8,767
1.91
%
1,766,517
3,713
0.83
%
Borrowed funds:
Other Interest-Bearing Liabilities
441,442
4,535
4.08
%
413,443
4,339
4.16
%
253,384
1,519
2.38
%
Long-Term Debt
49,290
429
3.45
%
49,268
429
3.45
%
49,201
429
3.46
%
Subordinated Debentures
35,632
766
8.53
%
35,590
762
8.49
%
35,454
579
6.48
%
Total borrowed funds
526,364
5,730
4.32
%
498,301
5,530
4.40
%
338,039
2,527
2.97
%
Total interest bearing liabilities
2,303,345
14,573
2.51
%
2,322,700
14,297
2.44
%
2,104,556
6,240
1.18
%
Demand deposits - Noninterest bearing
1,041,989
1,064,962
1,116,622
Other liabilities
58,255
58,340
58,959
Shareholders' equity
310,680
310,745
293,275
Total liabilities and shareholders'
equity
$
3,714,269
$
3,756,747
$
3,573,412
Interest income/interest earning
assets
5.00
%
4.94
%
4.38
%
Interest expense/interest earning
assets
1.69
%
1.64
%
0.75
%
Net interest income and margin
(5)
$
27,870
3.31
%
$
28,087
3.30
%
$
29,363
3.63
%
(1)
Average balances are obtained from the
best available daily or monthly data and are net of deferred fees
and related direct costs.
(2)
Yields and net interest margin have been
computed on a tax equivalent basis utilizing a 21% effective tax
rate.
(3)
Loans are gross of the allowance for
possible credit losses. Loan fees have been included in the
calculation of interest income. Net loan fees and loan acquisition
FMV amortization were $(0.3) million and $(0.005) million for the
quarters ended December 31, 2023 and 2022, respectively, and $0.3
million for the quarter ended September 30, 2023.
(4)
Non-accrual loans have been included in
total loans for purposes of computing total earning assets.
(5)
Net interest margin represents net
interest income as a percentage of average interest-earning
assets.
AVERAGE BALANCES AND RATES
(Dollars in Thousands, Unaudited)
For the twelve months
ended
For the twelve months
ended
December 31, 2023
December 31, 2022
Average Balance (1)
Income/ Expense
Yield/ Rate (2)
Average Balance (1)
Income/ Expense
Yield/ Rate (2)
Assets
Investments:
Interest-earning due from banks
$
19,527
$
1,054
5.40
%
$
91,420
$
519
0.57
%
Taxable
992,187
54,367
5.48
%
808,750
25,789
3.19
%
Non-taxable
348,551
10,909
3.96
%
319,682
8,805
3.49
%
Total investments
1,360,265
66,330
5.09
%
1,219,852
35,113
3.07
%
Loans and leases:(3)
Real estate
$
1,854,300
$
82,174
4.43
%
$
1,831,874
$
77,708
4.24
%
Agricultural
35,724
2,438
6.82
%
31,565
1,176
3.73
%
Commercial
85,572
5,096
5.96
%
81,798
4,383
5.36
%
Consumer
4,249
348
8.19
%
4,301
638
14.83
%
Mortgage warehouse lines
81,675
6,658
8.15
%
54,606
2,695
4.94
%
Other
2,415
77
3.19
%
2,139
106
4.96
%
Total loans and leases
2,063,935
96,791
4.69
%
2,006,283
86,706
4.32
%
Total interest earning assets (4)
3,424,200
163,121
4.85
%
3,226,135
121,819
3.85
%
Other earning assets
16,850
15,685
Non-earning assets
272,930
243,340
Total assets
$
3,713,980
$
3,485,160
Liabilities and shareholders'
equity
Interest bearing deposits:
Demand deposits
$
143,428
$
1,429
1.00
%
$
195,192
$
485
0.25
%
NOW
442,819
289
0.07
%
532,692
322
0.06
%
Savings accounts
419,834
269
0.06
%
476,128
278
0.06
%
Money market
132,748
710
0.53
%
150,378
95
0.06
%
Time deposits
527,965
23,214
4.40
%
317,806
4,914
0.00
%
Brokered deposits
163,382
5,643
3.45
%
74,917
725
1.55
%
Total interest bearing deposits
1,830,176
31,554
1.72
%
1,747,113
6,819
0.97
%
Borrowed funds:
Other interest-bearing liabilities
374,142
14,561
3.89
%
158,095
2,069
1.31
%
Long-term debt
49,257
1,715
3.49
%
49,172
1,713
3.49
%
Subordinated debentures
35,567
2,886
3.87
%
35,387
1,603
3.87
%
Total borrowed funds
458,966
19,162
4.18
%
242,654
5,385
2.22
%
Total interest bearing liabilities
2,289,142
50,716
2.22
%
1,989,767
12,204
0.61
%
Demand deposits - noninterest bearing
1,057,041
1,121,060
Other liabilities
59,317
58,538
Shareholders' equity
308,480
315,795
Total liabilities and shareholders'
equity
$
3,713,980
$
3,485,160
Interest income/interest earning
assets
4.85
%
3.85
%
Interest expense/interest earning
assets
1.48
%
0.38
%
Net interest income and
margin(5)
$
112,405
3.37
%
$
109,615
3.47
%
(1)
Average balances are obtained from the
best available daily or monthly data and are net of deferred fees
and related direct costs.
(2)
Yields and net interest margin have been
computed on a tax equivalent basis.
(3)
Loans are gross of the allowance for
possible credit losses. Net loan fees have been included in the
calculation of interest income. Net loan fees and loan acquisition
FMV amortization were $(1.0) million and $0.9 million for the years
ended December 31, 2023 and 2022, respectively.
(4)
Non-accrual loans are slotted by loan type
and have been included in total loans for purposes of total
interest earning assets.
(5)
Net interest margin represents net
interest income as a percentage of average interest-earning assets
(tax-equivalent).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240129007539/en/
Kevin McPhaill, President/CEO (559) 782‑4900 or (888) 454‑BANK
www.sierrabancorp.com
Sierra Bancorp (NASDAQ:BSRR)
Historical Stock Chart
From Oct 2024 to Nov 2024
Sierra Bancorp (NASDAQ:BSRR)
Historical Stock Chart
From Nov 2023 to Nov 2024
