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Sierra Bancorp (NASDAQ: BSRR) is a prominent bank holding company based in California. Founded in 1977, it operates as the parent company of Bank of the Sierra, the largest community bank headquartered in California's heartland. Over the decades, Sierra Bancorp has expanded its market reach to include Tulare, Kern, Kings, Fresno, Los Angeles, San Luis Obispo, Santa Barbara, and Ventura counties.
Offering a broad spectrum of retail and commercial banking services, Sierra Bancorp caters to both individuals and businesses. Their extensive range of deposit products includes checking accounts, savings accounts, money market demand accounts, time deposits, retirement accounts, and sweep accounts. On the lending side, they provide diverse options such as real estate loans, commercial loans (including small business), mortgage warehouse loans, agricultural loans, consumer loans, commercial construction loans, along with multifamily and agricultural credit facilities.
Sierra Bancorp's financial strength is rooted in sound banking practices, which have led to remarkable growth throughout its history. As a member of the FDIC, the company ensures adherence to stringent regulatory standards, commanding trust and reliability in the banking sector.
Latest Achievements and Projects:
- Continued expansion into new counties, bolstering their presence in California's financial landscape.
- Introduction of advanced online and mobile banking services to enhance customer convenience.
- Strong financial performance with robust lending activities supporting local businesses and communities.
For stockholders and potential investors, Sierra Bancorp represents a steadfast institution with a proven track record of growth and community service.
Sierra Bancorp (BSRR) reported strong financial results for Q4 2024, with net income of $10.4 million ($0.72 per diluted share), up from $6.3 million ($0.43 per diluted share) in Q4 2023. For the full year 2024, net income reached $40.6 million ($2.82 per diluted share), a 16% increase from 2023's $34.8 million.
Key performance metrics showed significant improvement: Return on average assets rose to 1.13% (from 0.67%), return on average equity increased to 11.49% (from 8.03%), and net interest margin improved to 3.65% (from 3.31%). The bank's loan portfolio grew by $242.7 million (12%) to $2.3 billion in 2024, while total deposits increased by $130.4 million (5%) to $2.9 billion.
The bank maintained strong capital positions with a Community Bank Leverage Ratio of 11.80% and increased its quarterly dividend to $0.25 per share. During Q4, the company repurchased 229,850 shares at an average price of $29.38, with an additional 112,896 shares repurchased through January 23, 2025.
Sierra Bancorp (BSRR) has announced a 4% increase in its quarterly cash dividend to $0.25 per share, up $0.01 from the previous quarter. The dividend will be paid on February 14, 2025, to shareholders of record as of January 31, 2025.
This marks the company's 104th consecutive quarterly cash dividend, continuing a tradition of regular dividend payments that began in 1987. The dividend increase was approved following the Board's review of the company's financial performance and capital position for the quarter ended December 31, 2024.
Bank of the Sierra, the company's subsidiary, operates in its 48th year as one of the largest independent banks in the South San Joaquin Valley, serving multiple California counties through full-service branches and specialized lending services. The bank received a 5-star rating from Bauer Financial in 2024, recognizing it as one of the strongest community banks in the country.
Sierra Bancorp (Nasdaq: BSRR) announced its unaudited financial results for Q3 and the first nine months of 2024. The company reported a Q3 net income of $10.6 million, up 3% from the previous quarter. For the first nine months, net income rose to $30.2 million, a 6% increase from 2023. Diluted EPS for Q3 was $0.74, and $2.09 for the nine-month period, up 8% from last year. Key highlights include:
- Net interest income improved by $0.6 million QoQ.
- Loan growth of $86.1 million and deposit growth of $19.7 million in Q3.
- Asset quality remained strong with a nonperforming loans ratio of 0.45%.
- Tangible book value per share increased by 3% to $22.93.
- Return on average assets and equity remained stable at 1.14% and 11.95%, respectively.
Despite a challenging interest rate environment, Sierra Bancorp's strategic initiatives and operational efficiencies have driven consistent profitability and growth.
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, has announced a new share repurchase program and declared a quarterly cash dividend. The Board of Directors has approved the repurchase of up to 1,000,000 shares of outstanding common stock, effective from November 1, 2024, to October 31, 2025. This program replaces the current one expiring on October 31, 2024.
Additionally, a regular quarterly cash dividend of $0.24 per share has been declared, payable on November 12, 2024, to shareholders of record as of October 31, 2024. This marks the company's 103rd consecutive quarterly cash dividend. Sierra Bancorp has consistently paid dividends since 1987, transitioning from annual to quarterly payments in 1998.
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, announced improved financial results for Q2 and H1 2024.
Net income for Q2 2024 reached $10.3 million, or $0.71 per share, up from $9.9 million, or $0.67 per share, in Q2 2023. Year-to-date net income was $19.6 million, a 5% increase from $18.7 million in the first half of 2023.
Key metrics improved: Return on Average Assets (1.14%), Return on Average Equity (11.95%), and Net Interest Margin (3.69%). Total assets grew by $128.1 million to $3.7 billion. Loans and deposits saw annualized growth of 14% and 13%, respectively.
Highlights include: Decline in nonperforming loans to 0.29%, increase in tangible book value to $22.24 per share, and stock repurchase of 178,168 shares. The quarterly dividend was raised to $0.24 per share.
Challenges include increased provisions for credit losses and higher occupancy costs. Despite these, strategic initiatives and asset quality improvements bolster optimism for continued growth.
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, has announced a 4% increase in its quarterly cash dividend to $0.24 per share. The dividend will be paid on August 15, 2024, to shareholders of record as of July 31, 2024. This marks the company's 102nd consecutive quarterly cash dividend since 1998, with a history of regular dividends dating back to 1987.
Bank of the Sierra, in its 47th year of operations, is the largest independent bank in the South San Joaquin Valley. It offers retail and commercial banking services through branches in seven California counties and maintains an online presence. In 2024, the bank received a 5-star rating from Bauer Financial, recognizing it as one of the strongest community banks in the country.
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