Sierra Bancorp Announces Record Quarterly and Year to Date Earnings
Sierra Bancorp (Nasdaq: BSRR) reported strong financial results for Q2 2021, with net income rising to $11.7 million or $0.76 per diluted share, compared to $8.3 million or $0.54 per share in Q2 2020. Year-to-date net income reached $22.8 million, an increase from $16.1 million in the previous year. Key metrics include a 1.41% return on average assets and 13.11% return on average equity. Despite favorable results, the company anticipates challenges ahead due to low interest rates and competitive pressures.
- Net income increased by $3.4 million year-over-year in Q2.
- Net interest income rose by $3.0 million or 13% compared to Q2 2020.
- Total deposits grew by $151.3 million, a 6% increase in the first half of 2021.
- Expectations of headwinds in the second half of 2021 due to low interest rates.
- Gross loans decreased by $318.3 million mainly from reduced mortgage warehouse utilization.
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced its unaudited financial results for the three- and six-month periods ended June 30, 2021. Sierra Bancorp reported consolidated net income of
For the first six months of 2021, the Company recognized net income of
“We are pleased to report another quarter of record earnings!” stated Kevin McPhaill, President and CEO. “Our strong results in the second quarter of 2021 are thanks to the continued hard work and persistence of our banking team. While we anticipate headwinds during the second half of this year due to historically low interest rates and competitive pressures, our core earnings engine remains strong, and our team is committed to meeting these challenges. We will continue to look for additional opportunities and we are excited about the future of Bank of the Sierra!” McPhaill concluded.
Financial Highlights
Quarterly Changes (comparisons to the second quarter of 2020)
-
The change in quarterly net income was primarily due to a
$2.1 million negative provision for loan and lease losses. This significant decrease is attributable to the impact of continued improvements in the overall economy, lower historical loss rates, net recoveries during the past two quarters, and a$272.7 million decrease in average balances of net loans and leases. -
Net interest income increased
$3.0 million , or13% , due primarily to increases in average loan balances and a lower cost of funds.
Year to-Date Changes (comparisons to the first six-months of 2020)
-
Net income increased by
$6.7 million due mostly to a$1.9 million negative provision for loan and lease losses, attributed to the same reasons as noted above in the quarterly comparison. -
Net interest income increased by
$7.8 million , or16% , as declines in loan yields were offset by higher balances and lower interest expense. -
The above year-to-date increases were partially offset by an increase in noninterest expense of
$4.7 million , or13% , due mostly to a$2.1 million increase in salaries and benefits,$1.4 million in professional services, and$0.8 million in data processing expenses.
Balance Sheet Changes (comparisons to December 31, 2020)
-
Total assets increased to
$3.3 billion , representing an increase of$51.3 million , or2% , during the first half of the year. -
Cash and due from banks increased
424% to$373.9 million during the first six months of the year due mostly to higher deposit balances coupled with lower loan balances. -
Gross loans declined
$318.3 million due predominantly to a$157.3 million decline in mortgage warehouse line utilization, a$100 million decline in real estate loans mostly due to lower commercial real estate balances, and a$58.4 million decrease in commercial and industrial loans, which was mostly PPP loan forgiveness. -
Deposits totaled
$2.8 billion at June 30, 2021, representing a year-to-date increase of$151.3 million , or6% . The growth in deposits came primarily from core transaction and savings accounts, while higher-cost time deposits decreased.
Other financial highlights are reflected in the following table.
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FINANCIAL HIGHLIGHTS |
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(Dollars in Thousands, Except Per Share Data, Unaudited) |
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As of or for the |
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As of or for the |
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three months ended |
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six months ended |
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6/30/2021 |
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3/31/2021 |
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6/30/2020 |
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6/30/2021 |
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6/30/2020 |
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Net income |
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$ |
11,708 |
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$ |
11,078 |
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$ |
8,303 |
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$ |
22,786 |
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$ |
16,110 |
|
Diluted earnings per share |
|
$ |
0.76 |
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$ |
0.72 |
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$ |
0.54 |
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$ |
1.48 |
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$ |
1.05 |
|
Return on average assets |
|
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1.42 |
% |
|
|
1.40 |
% |
|
|
1.19 |
% |
|
|
1.41 |
% |
|
|
1.21 |
% |
Return on average equity |
|
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13.29 |
% |
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12.94 |
% |
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10.30 |
% |
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13.11 |
% |
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10.14 |
% |
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Net interest margin (tax-equivalent) |
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3.60 |
% |
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3.93 |
% |
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3.81 |
% |
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|
3.76 |
% |
|
|
3.97 |
% |
Yield on average loans and leases |
|
|
4.57 |
% |
|
|
4.53 |
% |
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4.56 |
% |
|
|
4.55 |
% |
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|
4.86 |
% |
Cost of average total deposits |
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0.09 |
% |
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0.09 |
% |
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0.15 |
% |
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0.09 |
% |
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0.24 |
% |
Efficiency ratio (tax-equivalent)¹ |
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58.79 |
% |
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56.43 |
% |
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57.78 |
% |
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57.57 |
% |
|
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58.33 |
% |
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Total assets |
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$ |
3,272,048 |
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$ |
3,326,037 |
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$ |
3,110,044 |
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$ |
3,272,048 |
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$ |
3,110,044 |
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Loans & leases net of deferred fees |
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$ |
2,140,961 |
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$ |
2,284,751 |
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$ |
2,209,480 |
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$ |
2,140,961 |
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$ |
2,209,480 |
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Noninterest demand deposits |
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$ |
1,073,833 |
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$ |
1,020,350 |
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$ |
949,662 |
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$ |
1,073,833 |
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$ |
949,662 |
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Total deposits |
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$ |
2,775,914 |
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$ |
2,853,892 |
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$ |
2,506,754 |
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$ |
2,775,914 |
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$ |
2,506,754 |
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Noninterest-bearing deposits over total deposits |
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38.7 |
% |
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35.8 |
% |
|
|
37.9 |
% |
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|
38.7 |
% |
|
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37.9 |
% |
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Shareholders equity / total assets |
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10.9 |
% |
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10.5 |
% |
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10.5 |
% |
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10.9 |
% |
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10.5 |
% |
Tangible common equity ratio |
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10.1 |
% |
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9.6 |
% |
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9.6 |
% |
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10.1 |
% |
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9.6 |
% |
Book value per share |
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$ |
23.21 |
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$ |
22.58 |
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$ |
21.55 |
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$ |
23.21 |
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$ |
21.55 |
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Tangible book value per share |
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$ |
21.19 |
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$ |
20.54 |
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$ |
19.43 |
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$ |
21.19 |
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$ |
19.43 |
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(1) Noninterest expense as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities |
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INCOME STATEMENT HIGHLIGHTS
Net Interest Income
Net interest income was
For the second quarter of 2021, growth in average interest-earning assets totaled
Net interest income for the comparative year-to-date periods increased due to a
Loan income during the second quarter of 2021 included
Interest expense was
Our net interest margin was primarily impacted by the additional liquidity from significant deposit growth in 2021 coupled with lower loan balances. This additional liquidity was mostly deployed in overnight funding at an average rate of 11 basis points for the second quarter and six-months ending June 30, 2021. Discount accretion on loans from whole-bank acquisitions enhanced our net interest margin by two basis points in the second quarter of 2021 compared to one basis point in the second quarter of 2020, and by two basis points for the first half of 2021 and for the same period in 2020. On June 30, 2021, the remaining balance of loan discount available to be accreted was
Provision for Loan and Lease Losses
The Company recorded a net benefit related to loan and lease loss provision of
The Company was subject to the adoption in the first quarter of 2020 of the Current Expected Credit Loss ("CECL") accounting method under Financial Accounting Standards Board (FASB) Accounting Standards Update 2016-03 and related amendments, Financial Instruments – Credit Losses (Topic 326). Prior to the close of the first quarter of 2020, the Company elected under Section 4014 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to defer the implementation of CECL until the earlier of when the national emergency related to the outbreak of COVID-19 ends or December 31, 2020. Later in 2020, the Consolidated Appropriations Act, 2021 extended the deferral of implementation of CECL to the earlier of the first day of the fiscal year, beginning after the national emergency terminates or January 1, 2022. The Company’s decision to defer the adoption of CECL was done primarily to provide additional time to assess better the impact of the COVID-19 pandemic on the expected lifetime credit losses. At the time the decision was made, there was a significant change in economic uncertainty on the local, regional, and national levels as a result of local and state stay-at-home orders, as well as relief measures provided at a national, state, and local level. Further, the Company has taken actions to serve our communities during the pandemic, including permitting short-term payment deferrals to current customers, as well as originating bridge loans and SBA PPP loans.
Noninterest Income
Total noninterest income decreased by
Service charges on customer deposit account income increased by
Noninterest Expense
Total noninterest expense increased by
Salaries and Benefits were
Occupancy expenses were
Other noninterest expense increased
The Company's provision for income taxes was
As a result of the COVID-19 pandemic, several of our branch lobbies were fully or partially closed throughout the pandemic. All of these branch lobbies have reopened, except for five locations that the Company decided to permanently close in June 2021. This decision to close these branches was made as a result of a change in customer behaviors brought about by the COVID-19 pandemic along with an efficiency review. All of the five closed locations were located outside of the Bank’s primary market area. Customers affected by these branch closures were notified. Many of our customers have found an added convenience and ease of transacting business through online and mobile banking services which precipitated our decision to close locations where in-person transaction volumes no longer warranted a traditional brick-and-mortar branch. The acceleration of amortization of leasehold improvements for these locations increased depreciation expense by
Balance Sheet Summary
Balance sheet changes during the first half of 2021 include an increase in total assets of
The decrease in gross loan balances as compared to December 31, 2020 was primarily a result of a
Unused commitments, excluding mortgage warehouse and consumer overdraft lines, were
The Company participated in the SBA PPP as authorized by the CARES Act. We began accepting and funding loans under this program in April 2020. There were 943 loans for
Deposit balances reflect growth of
The Company continues to have substantial liquidity. At June 30, 2021, and December 31, 2020, the Company had the following sources of primary and secondary liquidity (Dollars in Thousands):
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Primary and secondary liquidity sources |
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June 30, 2021 |
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December 31, 2020 |
Cash and cash equivalents |
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$ |
373,902 |
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$ |
71,417 |
Unpledged investment securities |
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482,039 |
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311,983 |
Excess pledged securities |
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44,262 |
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52,892 |
FHLB borrowing availability |
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662,641 |
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535,404 |
Unsecured lines of credit |
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305,000 |
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|
230,000 |
Funds available through fed discount window |
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|
62,897 |
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|
58,127 |
Totals |
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$ |
1,930,741 |
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$ |
1,259,823 |
Total capital of
Asset Quality
Total nonperforming assets, comprised of nonaccrual loans and foreclosed assets, decreased by
The Company's allowance for loan and lease losses was
The
Management's detailed analysis indicates that the Company's allowance for loan and lease losses should be sufficient to cover credit losses inherent in loan and lease balances outstanding as of June 30, 2021, but no assurance can be given that the Company will not experience substantial future losses relative to the size of the loan and lease loss allowance.
The Company provided loan modification deferrals to customers under Section 4013 of the CARES Act, which are not treated as troubled debt restructured loans. As of June 30, 2021, we had three remaining loans for two customer relationships totaling
About Sierra Bancorp
Sierra Bancorp is the holding company for Bank of the Sierra (www.bankofthesierra.com), which is in its 44th 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, an SBA center and a dedicated loan production office in Roseville, California. In 2021, 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.
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STATEMENT OF CONDITION |
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(Dollars in Thousands, Unaudited) |
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ASSETS |
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6/30/2021 |
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3/31/2021 |
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12/31/2020 |
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9/30/2020 |
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6/30/2020 |
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Cash and due from banks |
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$ |
373,902 |
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$ |
346,211 |
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$ |
71,417 |
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$ |
88,933 |
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$ |
156,611 |
|
Investment securities |
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|
607,474 |
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|
|
552,931 |
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|
|
543,974 |
|
|
|
577,278 |
|
|
|
599,333 |
|
Real estate loans |
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1-4 family residential construction |
|
|
37,165 |
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|
|
36,818 |
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|
|
48,565 |
|
|
|
75,532 |
|
|
|
89,225 |
|
Other construction/land |
|
|
27,682 |
|
|
|
50,433 |
|
|
|
71,980 |
|
|
|
83,797 |
|
|
|
90,545 |
|
1-4 family - closed-end |
|
|
106,599 |
|
|
|
126,949 |
|
|
|
139,836 |
|
|
|
162,022 |
|
|
|
178,071 |
|
Equity lines |
|
|
33,334 |
|
|
|
36,276 |
|
|
|
38,075 |
|
|
|
38,620 |
|
|
|
44,318 |
|
Multi-family residential |
|
|
58,230 |
|
|
|
58,324 |
|
|
|
61,865 |
|
|
|
61,740 |
|
|
|
55,921 |
|
Commercial real estate - owner occupied |
|
|
359,021 |
|
|
|
359,777 |
|
|
|
343,199 |
|
|
|
328,832 |
|
|
|
313,863 |
|
Commercial real estate - non-owner occupied |
|
|
1,048,153 |
|
|
|
1,071,532 |
|
|
|
1,062,498 |
|
|
|
945,374 |
|
|
|
691,292 |
|
Farmland |
|
|
125,783 |
|
|
|
126,157 |
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|
|
129,905 |
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|
127,964 |
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|
|
134,454 |
|
Total real estate loans |
|
|
1,795,967 |
|
|
|
1,866,266 |
|
|
|
1,895,923 |
|
|
|
1,823,881 |
|
|
|
1,597,689 |
|
Agricultural production loans |
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|
42,952 |
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|
45,476 |
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|
44,872 |
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|
45,782 |
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|
48,516 |
|
Commercial and industrial |
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|
150,632 |
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|
183,762 |
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|
209,048 |
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|
217,224 |
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|
221,502 |
|
Mortgage warehouse lines |
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|
150,351 |
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|
187,940 |
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|
307,679 |
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|
287,516 |
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|
338,124 |
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Consumer loans |
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|
4,894 |
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|
|
5,024 |
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|
|
5,589 |
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|
|
5,897 |
|
|
|
6,266 |
|
Gross loans and leases |
|
|
2,144,796 |
|
|
|
2,288,468 |
|
|
|
2,463,111 |
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|
|
2,380,300 |
|
|
|
2,212,097 |
|
Deferred loan and lease fees |
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|
(3,835 |
) |
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|
(3,717 |
) |
|
|
(3,147 |
) |
|
|
(3,078 |
) |
|
|
(2,617 |
) |
Allowance for loan and lease losses |
|
|
(16,421 |
) |
|
|
(18,319 |
) |
|
|
(17,738 |
) |
|
|
(15,586 |
) |
|
|
(13,560 |
) |
Net loans and leases |
|
|
2,124,540 |
|
|
|
2,266,432 |
|
|
|
2,442,226 |
|
|
|
2,361,636 |
|
|
|
2,195,920 |
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Bank premises and equipment |
|
|
25,949 |
|
|
|
26,795 |
|
|
|
27,505 |
|
|
|
27,216 |
|
|
|
27,779 |
|
Other assets |
|
|
140,183 |
|
|
|
133,668 |
|
|
|
135,620 |
|
|
|
144,555 |
|
|
|
130,401 |
|
Total assets |
|
$ |
3,272,048 |
|
|
$ |
3,326,037 |
|
|
$ |
3,220,742 |
|
|
$ |
3,199,618 |
|
|
$ |
3,110,044 |
|
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LIABILITIES AND CAPITAL |
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Noninterest demand deposits |
|
$ |
1,073,833 |
|
|
$ |
1,020,350 |
|
|
$ |
943,664 |
|
|
$ |
975,750 |
|
|
$ |
949,662 |
|
Interest-bearing transaction accounts |
|
|
752,137 |
|
|
|
770,271 |
|
|
|
668,346 |
|
|
|
656,922 |
|
|
|
641,815 |
|
Savings deposits |
|
|
435,076 |
|
|
|
415,230 |
|
|
|
368,420 |
|
|
|
361,857 |
|
|
|
346,262 |
|
Money market deposits |
|
|
133,977 |
|
|
|
136,653 |
|
|
|
131,232 |
|
|
|
126,918 |
|
|
|
125,420 |
|
Customer time deposits |
|
|
295,891 |
|
|
|
411,388 |
|
|
|
412,944 |
|
|
|
420,266 |
|
|
|
433,595 |
|
Wholesale brokered deposits |
|
|
85,000 |
|
|
|
100,000 |
|
|
|
100,000 |
|
|
|
50,000 |
|
|
|
10,000 |
|
Total deposits |
|
|
2,775,914 |
|
|
|
2,853,892 |
|
|
|
2,624,606 |
|
|
|
2,591,713 |
|
|
|
2,506,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Junior subordinated debentures |
|
|
35,213 |
|
|
|
35,169 |
|
|
|
35,124 |
|
|
|
35,079 |
|
|
|
35,035 |
|
Other interest-bearing liabilities |
|
|
70,535 |
|
|
|
56,527 |
|
|
|
182,038 |
|
|
|
194,657 |
|
|
|
204,449 |
|
Total deposits and interest-bearing liabilities |
|
|
2,881,662 |
|
|
|
2,945,588 |
|
|
|
2,841,768 |
|
|
|
2,821,449 |
|
|
|
2,746,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other liabilities |
|
|
32,657 |
|
|
|
32,468 |
|
|
|
35,078 |
|
|
|
41,922 |
|
|
|
36,373 |
|
Total capital |
|
|
357,729 |
|
|
|
347,981 |
|
|
|
343,896 |
|
|
|
336,247 |
|
|
|
327,433 |
|
Total liabilities and capital |
|
$ |
3,272,048 |
|
|
$ |
3,326,037 |
|
|
$ |
3,220,742 |
|
|
$ |
3,199,618 |
|
|
$ |
3,110,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
GOODWILL AND INTANGIBLE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Dollars in Thousands, Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
6/30/2021 |
|
|
3/31/2021 |
|
|
12/31/2020 |
|
|
9/30/2020 |
|
|
6/30/2020 |
|||||
Goodwill |
|
$ |
27,357 |
|
|
$ |
27,357 |
|
|
$ |
27,357 |
|
|
$ |
27,357 |
|
|
$ |
27,357 |
|
Core deposit intangible |
|
|
3,780 |
|
|
|
4,038 |
|
|
|
4,307 |
|
|
|
4,575 |
|
|
|
4,844 |
|
Total intangible assets |
|
$ |
31,137 |
|
|
$ |
31,395 |
|
|
$ |
31,664 |
|
|
$ |
31,932 |
|
|
$ |
32,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
CREDIT QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Dollars in Thousands, Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
6/30/2021 |
|
|
3/31/2021 |
|
|
12/31/2020 |
|
|
9/30/2020 |
|
|
6/30/2020 |
|||||
Non-accruing loans |
|
$ |
7,276 |
|
|
$ |
8,599 |
|
|
$ |
7,598 |
|
|
$ |
7,186 |
|
|
$ |
5,808 |
|
Foreclosed assets |
|
|
774 |
|
|
|
945 |
|
|
|
971 |
|
|
|
2,970 |
|
|
|
2,893 |
|
Total nonperforming assets |
|
$ |
8,050 |
|
|
$ |
9,544 |
|
|
$ |
8,569 |
|
|
$ |
10,156 |
|
|
$ |
8,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Performing TDR's (not included in NPA's) |
|
$ |
10,774 |
|
|
$ |
10,596 |
|
|
$ |
11,382 |
|
|
$ |
7,708 |
|
|
$ |
9,192 |
|
Net (recoveries) / charge offs |
|
$ |
(533 |
) |
|
$ |
(331 |
) |
|
$ |
735 |
|
|
$ |
687 |
|
|
$ |
363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Past due & still accruing (30-89) |
|
$ |
3,197 |
|
|
$ |
2,991 |
|
|
$ |
1,656 |
|
|
$ |
7,201 |
|
|
$ |
2,333 |
|
Loans deferred under CARES Act |
|
$ |
10,411 |
|
|
$ |
22,437 |
|
|
$ |
29,500 |
|
|
$ |
405,858 |
|
|
$ |
386,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing loans to gross loans |
|
|
0.34 |
% |
|
|
0.38 |
% |
|
|
0.31 |
% |
|
|
0.30 |
% |
|
|
0.26 |
% |
NPA's to loans plus foreclosed assets |
|
|
0.38 |
% |
|
|
0.42 |
% |
|
|
0.35 |
% |
|
|
0.43 |
% |
|
|
0.39 |
% |
Allowance for loan and lease losses to loans |
|
|
0.77 |
% |
|
|
0.80 |
% |
|
|
0.72 |
% |
|
|
0.65 |
% |
|
|
0.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SELECT PERIOD-END STATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
6/30/2021 |
|
|
3/31/2021 |
|
|
12/31/2020 |
|
|
9/30/2020 |
|
|
6/30/2020 |
|||||
Shareholders equity / total assets |
|
|
10.9 |
% |
|
|
10.5 |
% |
|
|
10.7 |
% |
|
|
10.5 |
% |
|
|
10.5 |
% |
Gross loans / deposits |
|
|
77.3 |
% |
|
|
80.2 |
% |
|
|
93.8 |
% |
|
|
91.8 |
% |
|
|
88.2 |
% |
Non-interest bearing deposits / total deposits |
|
|
38.7 |
% |
|
|
35.8 |
% |
|
|
36.0 |
% |
|
|
37.6 |
% |
|
|
37.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
CONSOLIDATED INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(Dollars in Thousands, Unaudited) |
|
|
For the three months ended: |
|
|
For the six months ended: |
|||||||||||
|
|
|
6/30/2021 |
|
|
3/31/2021 |
|
|
6/30/2020 |
|
|
6/30/2021 |
|
|
6/30/2020 |
||
Interest income |
|
$ |
28,092 |
|
|
$ |
29,458 |
|
$ |
25,385 |
|
$ |
57,550 |
|
|
$ |
51,437 |
Interest expense |
|
|
903 |
|
|
|
903 |
|
|
1,243 |
|
|
1,806 |
|
|
|
3,508 |
Net interest income |
|
|
27,189 |
|
|
|
28,555 |
|
|
24,142 |
|
|
55,744 |
|
|
|
47,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(Benefit) / provision for loan and lease losses |
|
|
(2,100 |
) |
|
|
250 |
|
|
2,200 |
|
|
(1,850 |
) |
|
|
4,000 |
Net interest income after provision |
|
|
29,289 |
|
|
|
28,305 |
|
|
21,942 |
|
|
57,594 |
|
|
|
43,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Service charges |
|
|
2,725 |
|
|
|
2,767 |
|
|
2,618 |
|
|
5,491 |
|
|
|
5,802 |
BOLI income |
|
|
814 |
|
|
|
583 |
|
|
649 |
|
|
1,397 |
|
|
|
687 |
Other noninterest income |
|
|
3,073 |
|
|
|
3,480 |
|
|
3,243 |
|
|
6,554 |
|
|
|
6,128 |
Total noninterest income |
|
|
6,612 |
|
|
|
6,830 |
|
|
6,900 |
|
|
13,442 |
|
|
|
13,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Salaries and benefits |
|
|
10,425 |
|
|
|
11,151 |
|
|
9,266 |
|
|
21,576 |
|
|
|
19,438 |
Occupancy expense |
|
|
2,626 |
|
|
|
2,486 |
|
|
2,504 |
|
|
5,112 |
|
|
|
4,832 |
Other noninterest expenses |
|
|
7,184 |
|
|
|
6,634 |
|
|
6,263 |
|
|
13,818 |
|
|
|
11,581 |
Total noninterest expense |
|
|
20,235 |
|
|
|
20,271 |
|
|
18,033 |
|
|
40,506 |
|
|
|
35,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Income before taxes |
|
|
15,666 |
|
|
|
14,864 |
|
|
10,809 |
|
|
30,530 |
|
|
|
21,085 |
Provision for income taxes |
|
|
3,958 |
|
|
|
3,786 |
|
|
2,506 |
|
|
7,744 |
|
|
|
4,975 |
Net income |
|
$ |
11,708 |
|
|
$ |
11,078 |
|
$ |
8,303 |
|
$ |
22,786 |
|
|
$ |
16,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
TAX DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Tax-exempt muni income |
|
$ |
1,517 |
|
|
$ |
1,449 |
|
$ |
1,440 |
|
$ |
2,967 |
|
|
$ |
2,778 |
Interest income - fully tax equivalent |
|
$ |
28,495 |
|
|
$ |
29,843 |
|
$ |
25,768 |
|
$ |
58,339 |
|
|
$ |
52,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Unaudited) |
|
|
For the three months ended: |
|
|
For the six months ended: |
||||||||||||||
|
|
|
6/30/2021 |
|
|
3/31/2021 |
|
|
6/30/2020 |
|
|
6/30/2021 |
|
|
6/30/2020 |
|||||
Basic earnings per share |
|
$ |
0.77 |
|
|
$ |
0.73 |
|
|
$ |
0.55 |
|
|
$ |
1.49 |
|
|
$ |
1.06 |
|
Diluted earnings per share |
|
$ |
0.76 |
|
|
$ |
0.72 |
|
|
$ |
0.54 |
|
|
$ |
1.48 |
|
|
$ |
1.05 |
|
Common dividends |
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.20 |
|
|
$ |
0.42 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average shares outstanding |
|
|
15,243,698 |
|
|
|
15,223,010 |
|
|
|
15,191,823 |
|
|
|
15,242,451 |
|
|
|
15,226,748 |
|
Weighted average diluted shares |
|
|
15,375,825 |
|
|
|
15,337,710 |
|
|
|
15,237,655 |
|
|
|
15,365,966 |
|
|
|
15,288,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Book value per basic share (EOP) |
|
$ |
23.21 |
|
|
$ |
22.58 |
|
|
$ |
21.55 |
|
|
$ |
23.21 |
|
|
$ |
21.55 |
|
Tangible book value per share (EOP) |
|
$ |
21.19 |
|
|
$ |
20.54 |
|
|
$ |
19.43 |
|
|
$ |
21.19 |
|
|
$ |
19.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common shares outstanding (EOP) |
|
|
15,410,763 |
|
|
|
15,410,763 |
|
|
|
15,192,838 |
|
|
|
15,410,763 |
|
|
|
15,192,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
KEY FINANCIAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Unaudited) |
|
|
For the three months ended: |
|
|
For the six months ended: |
||||||||||||||
|
|
|
6/30/2021 |
|
|
3/31/2021 |
|
|
6/30/2020 |
|
|
6/30/2021 |
|
|
6/30/2020 |
|||||
Return on average equity |
|
|
13.29 |
% |
|
|
12.94 |
% |
|
|
10.30 |
% |
|
|
13.11 |
% |
|
|
10.14 |
% |
Return on average assets |
|
|
1.42 |
% |
|
|
1.40 |
% |
|
|
1.19 |
% |
|
|
1.41 |
% |
|
|
1.21 |
% |
Net interest margin (tax-equivalent) |
|
|
3.60 |
% |
|
|
3.93 |
% |
|
|
3.81 |
% |
|
|
3.76 |
% |
|
|
3.97 |
% |
Efficiency ratio (tax-equivalent)¹ |
|
|
58.79 |
% |
|
|
56.43 |
% |
|
|
57.78 |
% |
|
|
57.57 |
% |
|
|
58.33 |
% |
Net (recoveries) charge offs to avg loans (not annualized) |
|
|
(0.01 |
)% |
|
|
(0.01 |
)% |
|
|
0.00 |
% |
|
|
(0.02 |
)% |
|
|
0.02 |
% |
(1) Noninterest expense as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NONINTEREST INCOME/EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Dollars in Thousands, Unaudited) |
|
|
|
|
|
|||||||||||||||
|
|
|
For the three months ended: |
|
|
For the six months ended: |
||||||||||||||
Noninterest income: |
|
|
6/30/2021 |
|
|
3/31/2021 |
|
|
6/30/2020 |
|
|
6/30/2021 |
|
6/30/2020 |
||||||
Service charges on deposit accounts |
|
$ |
2,725 |
|
|
$ |
2,767 |
|
|
$ |
2,618 |
|
|
$ |
5,491 |
|
|
$ |
5,802 |
|
Other service charges and fees |
|
|
3,050 |
|
|
|
2,560 |
|
|
|
2,503 |
|
|
|
5,611 |
|
|
|
4,907 |
|
Net gains on sale of securities available-for-sale |
|
|
— |
|
|
|
— |
|
|
|
390 |
|
|
|
— |
|
|
|
390 |
|
Bank-owned life insurance |
|
|
814 |
|
|
|
583 |
|
|
|
649 |
|
|
|
1,397 |
|
|
|
687 |
|
Other |
|
|
23 |
|
|
|
920 |
|
|
|
740 |
|
|
|
943 |
|
|
|
1,221 |
|
Total noninterest income |
|
$ |
6,612 |
|
|
$ |
6,830 |
|
|
$ |
6,900 |
|
|
$ |
13,442 |
|
|
$ |
13,007 |
|
As a % of average interest earning assets (1) |
|
|
0.86 |
% |
|
|
0.93 |
% |
|
|
1.07 |
% |
|
|
0.89 |
% |
|
|
1.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
$ |
10,425 |
|
|
$ |
11,151 |
|
|
$ |
9,266 |
|
|
$ |
21,576 |
|
|
$ |
19,438 |
|
Occupancy costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Furniture & equipment |
|
|
453 |
|
|
|
452 |
|
|
|
619 |
|
|
|
905 |
|
|
|
1,084 |
|
Premises |
|
|
2,173 |
|
|
|
2,034 |
|
|
|
1,885 |
|
|
|
4,207 |
|
|
|
3,748 |
|
Advertising and marketing costs |
|
|
292 |
|
|
|
321 |
|
|
|
425 |
|
|
|
612 |
|
|
|
1,026 |
|
Data processing costs |
|
|
1,513 |
|
|
|
1,426 |
|
|
|
1,045 |
|
|
|
2,939 |
|
|
|
2,187 |
|
Deposit services costs |
|
|
2,282 |
|
|
|
2,068 |
|
|
|
2,229 |
|
|
|
4,350 |
|
|
|
4,025 |
|
Loan services costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan processing |
|
|
65 |
|
|
|
169 |
|
|
|
191 |
|
|
|
234 |
|
|
|
362 |
|
Foreclosed assets |
|
|
(10 |
) |
|
|
107 |
|
|
|
62 |
|
|
|
98 |
|
|
|
68 |
|
Other operating costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Telephone & data communications |
|
|
668 |
|
|
|
380 |
|
|
|
467 |
|
|
|
1,048 |
|
|
|
835 |
|
Postage & mail |
|
|
109 |
|
|
|
84 |
|
|
|
106 |
|
|
|
193 |
|
|
|
174 |
|
Other |
|
|
337 |
|
|
|
462 |
|
|
|
365 |
|
|
|
799 |
|
|
|
751 |
|
Professional services costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Legal & accounting |
|
|
682 |
|
|
|
442 |
|
|
|
357 |
|
|
|
1,125 |
|
|
|
685 |
|
Other professional service |
|
|
1,004 |
|
|
|
897 |
|
|
|
701 |
|
|
|
1,899 |
|
|
|
947 |
|
Stationery & supply costs |
|
|
73 |
|
|
|
78 |
|
|
|
131 |
|
|
|
151 |
|
|
|
246 |
|
Sundry & tellers |
|
|
169 |
|
|
|
200 |
|
|
|
184 |
|
|
|
370 |
|
|
|
275 |
|
Total noninterest expense |
|
$ |
20,235 |
|
|
$ |
20,271 |
|
|
$ |
18,033 |
|
|
$ |
40,506 |
|
|
$ |
35,851 |
|
As a % of average interest earning assets (1) |
|
|
2.64 |
% |
|
|
2.75 |
% |
|
|
2.80 |
% |
|
|
2.68 |
% |
|
|
2.94 |
% |
Efficiency ratio (2)(3) |
|
|
58.79 |
% |
|
|
56.43 |
% |
|
|
57.78 |
% |
|
|
57.58 |
% |
|
|
58.33 |
% |
(1) Annualized |
(2) Tax equivalent |
(3) Noninterest expense as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities and bank owned life insurance income. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
AVERAGE BALANCES AND RATES |
|
|
|
|
|
|
|
|
|||||||||||||
(Dollars in Thousands, Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
For the quarter ended |
|
For the quarter ended |
|
For the quarter ended |
|||||||||||||||
|
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|||||||||||||||
|
|
Average
|
Income
|
Yield/
|
|
Average
|
Income/
|
Yield/
|
|
Average
|
Income/
|
Yield/
|
|||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-earning due from banks |
|
$ |
308,453 |
$ |
85 |
0.11 |
% |
|
$ |
76,504 |
$ |
19 |
0.10 |
% |
|
$ |
53,209 |
$ |
12 |
0.09 |
% |
Taxable |
|
|
340,690 |
|
1,573 |
1.85 |
% |
|
|
317,254 |
|
1,578 |
2.02 |
% |
|
|
403,517 |
|
2,250 |
2.24 |
% |
Non-taxable |
|
|
243,461 |
|
1,517 |
3.16 |
% |
|
|
226,838 |
|
1,449 |
3.28 |
% |
|
|
216,746 |
|
1,440 |
3.38 |
% |
Total investments |
|
|
892,604 |
|
3,175 |
1.61 |
% |
|
|
620,596 |
|
3,046 |
2.24 |
% |
|
|
673,472 |
|
3,702 |
2.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans and leases: (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate |
|
|
1,825,600 |
|
21,015 |
4.62 |
% |
|
|
1,879,359 |
|
21,391 |
4.62 |
% |
|
|
1,477,380 |
|
18,355 |
5.00 |
% |
Agricultural production |
|
|
43,959 |
|
408 |
3.72 |
% |
|
|
46,153 |
|
419 |
3.68 |
% |
|
|
47,806 |
|
452 |
3.80 |
% |
Commercial |
|
|
166,554 |
|
2,124 |
5.12 |
% |
|
|
191,656 |
|
2,451 |
5.19 |
% |
|
|
170,876 |
|
1,080 |
2.54 |
% |
Consumer |
|
|
4,978 |
|
193 |
15.55 |
% |
|
|
5,422 |
|
196 |
14.66 |
% |
|
|
6,667 |
|
225 |
13.57 |
% |
Mortgage warehouse lines |
|
|
142,348 |
|
1,151 |
3.24 |
% |
|
|
242,865 |
|
1,928 |
3.22 |
% |
|
|
206,669 |
|
1,532 |
2.98 |
% |
Other |
|
|
1,460 |
|
26 |
7.14 |
% |
|
|
1,588 |
|
27 |
6.90 |
% |
|
|
2,811 |
|
39 |
5.58 |
% |
Total loans and leases |
|
|
2,184,899 |
|
24,917 |
4.57 |
% |
|
|
2,367,043 |
|
26,412 |
4.53 |
% |
|
|
1,912,209 |
|
21,683 |
4.56 |
% |
Total interest earning assets (4) |
|
|
3,077,503 |
$ |
28,092 |
3.71 |
% |
|
|
2,987,639 |
$ |
29,458 |
4.05 |
% |
|
|
2,585,681 |
$ |
25,385 |
4.01 |
% |
Other earning assets |
|
|
15,438 |
|
|
|
|
13,275 |
|
|
|
|
13,190 |
|
|
||||||
Non-earning assets |
|
|
209,218 |
|
|
|
|
201,114 |
|
|
|
|
207,623 |
|
|
||||||
Total assets |
|
$ |
3,302,159 |
|
|
|
$ |
3,202,028 |
|
|
|
$ |
2,806,494 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Demand deposits |
|
$ |
161,871 |
$ |
91 |
0.23 |
% |
|
$ |
130,763 |
$ |
73 |
0.23 |
% |
|
$ |
134,159 |
$ |
71 |
0.21 |
% |
NOW |
|
|
601,339 |
|
116 |
0.08 |
% |
|
|
569,171 |
|
101 |
0.07 |
% |
|
|
481,679 |
|
83 |
0.07 |
% |
Savings accounts |
|
|
424,512 |
|
59 |
0.06 |
% |
|
|
391,091 |
|
53 |
0.05 |
% |
|
|
327,833 |
|
46 |
0.06 |
% |
Money market |
|
|
139,336 |
|
30 |
0.09 |
% |
|
|
136,422 |
|
30 |
0.09 |
% |
|
|
125,594 |
|
31 |
0.10 |
% |
Time deposits |
|
|
337,270 |
|
262 |
0.30 |
% |
|
|
412,416 |
|
289 |
0.29 |
% |
|
|
442,762 |
|
625 |
0.57 |
% |
Wholesale brokered deposits |
|
|
92,418 |
|
61 |
0.26 |
% |
|
|
100,000 |
|
62 |
0.25 |
% |
|
|
19,890 |
|
37 |
0.75 |
% |
Total interest bearing deposits |
|
|
1,756,746 |
|
619 |
0.14 |
% |
|
|
1,739,863 |
|
608 |
0.14 |
% |
|
|
1,531,917 |
|
893 |
0.23 |
% |
Borrowed funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Junior subordinated debentures |
|
|
35,185 |
|
245 |
2.79 |
% |
|
|
35,141 |
|
247 |
2.85 |
% |
|
|
35,009 |
|
311 |
3.57 |
% |
Other interest-bearing liabilities |
|
|
61,186 |
|
39 |
0.26 |
% |
|
|
63,449 |
|
48 |
0.31 |
% |
|
|
45,936 |
|
39 |
0.34 |
% |
Total borrowed funds |
|
|
96,371 |
|
284 |
1.18 |
% |
|
|
98,590 |
|
295 |
1.21 |
% |
|
|
80,945 |
|
350 |
1.74 |
% |
Total interest bearing liabilities |
|
|
1,853,117 |
|
903 |
0.20 |
% |
|
|
1,838,453 |
$ |
903 |
0.20 |
% |
|
|
1,612,862 |
|
1,243 |
0.31 |
% |
Demand deposits - noninterest bearing |
|
|
1,052,494 |
|
|
|
|
977,137 |
|
|
|
|
830,333 |
|
|
||||||
Other liabilities |
|
|
43,095 |
|
|
|
|
39,199 |
|
|
|
|
39,155 |
|
|
||||||
Shareholders' equity |
|
|
353,453 |
|
|
|
|
347,239 |
|
|
|
|
324,144 |
|
|
||||||
Total liabilities and shareholders' equity |
|
$ |
3,302,159 |
|
|
|
$ |
3,202,028 |
|
|
|
$ |
2,806,494 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest income/interest earning assets |
|
|
|
3.71 |
% |
|
|
|
4.05 |
% |
|
|
|
4.01 |
% |
||||||
Interest expense/interest earning assets |
|
|
|
0.11 |
% |
|
|
|
0.12 |
% |
|
|
|
0.20 |
% |
||||||
Net interest income and margin (5) |
|
|
$ |
27,189 |
3.60 |
% |
|
|
$ |
28,555 |
3.93 |
% |
|
|
$ |
24,142 |
3.81 |
% |
|||
|
|||||||||||||||||||||
(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 |
(3) Loans are gross of the allowance for possible loan losses. Loan fees have been included in the calculation of interest income. Net loan fees and loan acquisition FMV amortization were |
(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 six months ended |
|
|
For the six months ended |
|||||||||||||
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|||||||||||||
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest-earning due from banks |
|
$ |
193,120 |
|
$ |
104 |
|
0.11 |
% |
|
$ |
45,166 |
|
$ |
153 |
|
0.68 |
% |
Taxable |
|
|
329,029 |
|
|
3,150 |
|
1.93 |
% |
|
|
406,054 |
|
|
4,710 |
|
2.33 |
% |
Non-taxable |
|
|
235,204 |
|
|
2,967 |
|
3.22 |
% |
|
|
206,218 |
|
|
2,778 |
|
3.42 |
% |
Total investments |
|
|
757,353 |
|
|
6,221 |
|
1.87 |
% |
|
|
657,438 |
|
|
7,641 |
|
2.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Loans and leases:(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Real estate |
|
|
1,852,330 |
|
|
42,407 |
|
4.62 |
% |
|
|
1,436,145 |
|
|
37,079 |
|
5.19 |
% |
Agricultural |
|
|
45,050 |
|
|
827 |
|
3.70 |
% |
|
|
48,169 |
|
|
1,035 |
|
4.32 |
% |
Commercial |
|
|
179,036 |
|
|
4,575 |
|
5.15 |
% |
|
|
139,287 |
|
|
2,176 |
|
3.14 |
% |
Consumer |
|
|
5,199 |
|
|
389 |
|
15.09 |
% |
|
|
7,124 |
|
|
593 |
|
16.74 |
% |
Mortgage warehouse lines |
|
|
192,329 |
|
|
3,078 |
|
3.23 |
% |
|
|
175,645 |
|
|
2,797 |
|
3.20 |
% |
Other |
|
|
1,523 |
|
|
53 |
|
7.02 |
% |
|
|
4,027 |
|
|
116 |
|
5.79 |
% |
Total loans and leases |
|
|
2,275,467 |
|
|
51,329 |
|
4.55 |
% |
|
|
1,810,397 |
|
|
43,796 |
|
4.86 |
% |
Total interest earning assets (4) |
|
|
3,032,820 |
|
|
57,550 |
|
3.88 |
% |
|
|
2,467,835 |
|
|
51,437 |
|
4.25 |
% |
Other earning assets |
|
|
14,363 |
|
|
|
|
|
|
|
13,015 |
|
|
|
|
|
||
Non-earning assets |
|
|
205,187 |
|
|
|
|
|
|
|
202,265 |
|
|
|
|
|
||
Total assets |
|
$ |
3,252,370 |
|
|
|
|
|
|
$ |
2,683,115 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Demand deposits |
|
$ |
146,403 |
|
$ |
164 |
|
0.23 |
% |
|
$ |
111,445 |
|
$ |
134 |
|
0.24 |
% |
NOW |
|
|
585,344 |
|
|
217 |
|
0.07 |
% |
|
|
469,133 |
|
|
205 |
|
0.09 |
% |
Savings accounts |
|
|
407,894 |
|
|
112 |
|
0.06 |
% |
|
|
312,777 |
|
|
119 |
|
0.08 |
% |
Money market |
|
|
137,887 |
|
|
60 |
|
0.09 |
% |
|
|
121,421 |
|
|
74 |
|
0.12 |
% |
Time deposites |
|
|
374,636 |
|
|
551 |
|
0.30 |
% |
|
|
451,656 |
|
|
1,991 |
|
0.89 |
% |
Brokered deposits |
|
|
96,188 |
|
|
123 |
|
0.26 |
% |
|
|
30,357 |
|
|
204 |
|
1.35 |
% |
Total interest bearing deposits |
|
|
1,748,352 |
|
|
1,227 |
|
0.14 |
% |
|
|
1,496,789 |
|
|
2,727 |
|
0.37 |
% |
Borrowed funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Junior subordinated debentures |
|
|
35,164 |
|
|
493 |
|
2.83 |
% |
|
|
34,986 |
|
|
706 |
|
4.06 |
% |
Other interest-bearing liabilities |
|
|
62,312 |
|
|
86 |
|
0.28 |
% |
|
|
39,684 |
|
|
75 |
|
0.38 |
% |
Total borrowed funds |
|
|
97,476 |
|
|
579 |
|
1.20 |
% |
|
|
74,670 |
|
|
781 |
|
2.10 |
% |
Total interest bearing liabilities |
|
|
1,845,828 |
|
|
1,806 |
|
0.20 |
% |
|
|
1,571,459 |
|
|
3,508 |
|
0.45 |
% |
Demand deposits - noninterest bearing |
|
|
1,015,023 |
|
|
|
|
|
|
|
754,463 |
|
|
|
|
|
||
Other liabilities |
|
|
41,156 |
|
|
|
|
|
|
|
37,687 |
|
|
|
|
|
||
Shareholders' equity |
|
|
350,363 |
|
|
|
|
|
|
|
319,506 |
|
|
|
|
|
||
Total liabilities and shareholders' equity |
|
$ |
3,252,370 |
|
|
|
|
|
|
$ |
2,683,115 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest income/interest earning assets |
|
|
|
|
|
|
|
3.88 |
% |
|
|
|
|
|
|
|
4.25 |
% |
Interest expense/interest earning assets |
|
|
|
|
|
|
|
0.12 |
% |
|
|
|
|
|
|
|
0.28 |
% |
Net interest income and margin(5) |
|
|
|
|
$ |
55,744 |
|
3.76 |
% |
|
|
|
|
$ |
47,929 |
|
3.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(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 |
(3) Loans are gross of the allowance for possible loan losses. Loan fees have been included in the calculation of interest income. Net loan fees and loan acquisition FMV amortization were |
(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. |
Category: Financial
Source: Sierra Bancorp
View source version on businesswire.com: https://www.businesswire.com/news/home/20210719005097/en/
FAQ
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