Sierra Bancorp Reports Record Quarterly Earnings
Sierra Bancorp (BSRR) announced a consolidated net income of $11.1 million, or $0.72 per diluted share for Q1 2021, up from $7.8 million, or $0.58 per share in Q1 2020. Key factors include a $4.8 million increase in net interest income and a $1.6 million reduction in loan loss provisions. Return on average assets and equity rose to 1.40% and 12.94% respectively. Total assets increased by 3% to $3.3 billion, while total deposits rose 9% to $2.9 billion.
- Net income increased by $3.3 million or 42.3% year-over-year.
- Net interest income rose by 20%, driven by increased loan volumes.
- Return on average assets improved to 1.40% from 1.23% year-over-year.
- Total deposits grew by $229.3 million, or 9%.
- Total loans decreased by $175.2 million, or 7%, primarily due to seasonal declines.
- Nonperforming assets increased by 11% to 0.42% ratio of nonperforming assets to loans.
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced its unaudited financial results for the quarter ended March 31, 2021. Sierra Bancorp reported consolidated net income of
"Following unprecedented core loan growth in 2020, we are happy to announce record earnings for the first quarter of 2021!" stated Kevin McPhaill, President and CEO. "This could only have been accomplished thanks to the combined efforts from our frontline banking teams, lenders, and corporate staff. They are the keys to our continued success. While there is still uncertainty, it is good to see the economy start to improve. We look forward to the remainder of this year and the opportunities that lie ahead," McPhaill concluded.
Financial Highlights
Quarterly Changes (comparisons to the first quarter of 2020)
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The
$4.8 million , or20% , increase in net interest income is due mostly to a$3.4 million increase in interest income resulting primarily from higher loan volumes partially offset by lower rates. In addition, there was a$1.4 million favorable decline in interest expense due to a higher mix of noninterest bearing deposits and lower rates on the remaining deposits and borrowed funds. -
The provision for loan & lease losses is
$1.6 million lower as a result of higher economic uncertainty being the primary driver for provision in the first quarter of 2020. The lower first quarter of 2021 provision for loan & lease losses was due to net loan recoveries and lower historical loan loss rates used in the calculation for the Allowance for Loan and Lease Losses. -
The
$0.7 million , or12% , favorable increase in noninterest income is due to a$0.4 million favorable change in the annual fair market value adjustment of restricted equity investments, and fluctuations in income on BOLI associated with deferred compensation plans. Customer service charges on deposit accounts were lower in the quarterly comparison, but were partially offset by increases in debit card interchange income. -
The efficiency ratio improved to
56.43% from58.88% despite a14% increase in noninterest expense, or$2.5 million , given our20% improvement in net interest income described above. The largest expense item with an increase was salaries and benefits, with a$1.0 million increase due to lower deferred loan costs and higher bonus expense in the first quarter of 2021 as compared to the same period in 2020. Further detail on remaining expense increases is described below.
Linked Quarter Changes (comparisons to the three months ended December 31, 2020)
-
Net income increased by
$2.1 million , or23% , driven mostly by a$2.0 million decline in the provision for loan and lease losses. -
Noninterest income increased by
$0.8 million , or13% , due mostly to a$0.9 million increase in the fair value of restricted equity investments (this adjustment is typically recorded in the first quarter each year). -
Noninterest expense decreased
$0.5 million , or2% , mostly due to a decrease in professional fees.
Balance Sheet Changes (comparisons to December 31, 2020)
-
Total assets increased by
$105.3 million , or3% , to$3.3 billion primarily due to higher cash balances resulting from deposit increases, and lower loan balances. -
Loan balances declined
$175.2 million , or7% , due primarily to seasonal declines in mortgage warehouse lines of$119.7 million as well as a$33.3 million decline in SBA Paycheck Protection Program (PPP) loans. The remainder of the decline was primarily in construction loans as the Bank continues to supplement its core commercial real estate lending franchise with an increased strategic focus of building our commercial & industrial loans, including owner-occupied CRE loans and small business lending. -
Deposits increased by
$229.3 million , or9% . The growth in deposits came primarily from noninterest bearing or low-cost transaction, and savings accounts, while higher-cost time deposits decreased slightly. -
Other interest bearing liabilities, comprised primarily of overnight FHLB borrowings and fed funds purchased, decreased
$125.5 million due to the significant increase in deposit balances.
Other financial highlights are reflected in the following table.
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FINANCIAL HIGHLIGHTS (Unaudited) |
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(Dollars in thousands, except per share data) |
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As of or For the |
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Three Months Ended |
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3/31/2021 |
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12/31/2020 |
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3/31/2020 |
Net Income |
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$ |
11,078 |
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$ |
8,979 |
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$ |
7,807 |
Diluted Earnings per share |
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$ |
0.72 |
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$ |
0.58 |
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$ |
0.51 |
Return on Average Assets |
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Return on Average Equity |
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Net Interest Margin (Tax-Equivalent) |
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Yield on Average Loans and Leases |
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Cost of Average Total Deposits |
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Efficiency Ratio (Tax-Equivalent)¹ |
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Total Assets |
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$ |
3,326,037 |
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$ |
3,220,742 |
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$ |
2,670,469 |
Loans & Leases Net of Deferred Fees |
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$ |
2,284,751 |
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$ |
2,459,964 |
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$ |
1,800,766 |
Noninterest Demand Deposits |
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$ |
1,020,350 |
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$ |
943,664 |
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$ |
704,700 |
Total Deposits |
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$ |
2,853,892 |
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$ |
2,624,606 |
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$ |
2,179,391 |
Noninterest-bearing Deposits over Total Deposits |
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Shareholders Equity / Total Assets |
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Tangible Common Equity Ratio |
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Book Value per Share |
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$ |
22.58 |
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$ |
22.35 |
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$ |
21.03 |
Tangible Book Value per Share |
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$ |
20.54 |
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$ |
20.29 |
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$ |
18.89 |
INCOME STATEMENT HIGHLIGHTS
Net Interest Income
Net interest income was
For the first quarter of 2021 as compared to the same quarter in 2020, average loan balances increased
Our 2021 net interest income has been primarily impacted by the following:
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A lower initial rate environment precipitated by two interest rate cuts by the Federal Open Market Committee totaling 150 bps in March 2020, negatively impacting our yield on existing adjustable and variable rate portfolio loans and creating a lower initial interest rate for new loan volumes. Given this lower rate environment, the average yield on mortgage warehouse lines declined to
3.22% from3.52% for the first quarter of 2021, as compared to the same quarter in 2020, and from3.31% for the fourth quarter of 2020. -
The Bank continues to support our local small businesses impacted by the COVID-19 pandemic by participating in the latest round of SBA PPP loan originations. SBA PPP loans contributed
$1.7 million to loan interest income for the first quarter of 2021, including loan fee recognition, compared to$1.3 million for fourth quarter of 2020. The increase in income related to SBA PPP loans was primarily due to accelerated fee income resulting from loan forgiveness in the first quarter of 2021. -
Discount accretion on loans from whole-bank acquisitions enhanced our net interest margin by one basis point in the first quarter of 2021 as compared to two basis points in the fourth quarter 2020, and three basis points for first quarter of 2020. On March 31, 2021, the remaining balance of loan discount available to be accreted was
$3.0 million .
Provision for Loan and Lease Losses
The Company recorded a loan and lease loss provision of
The Company was subject to the adoption 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). However, 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. 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 elected in the first quarter of 2020 to postpone implementation in order 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. It was determined that more time was needed to assess the impact of the uncertainty and related actions on the Company's allowance for loan and lease losses under the CECL methodology.
Noninterest Income
Noninterest income increased by
In comparing the first quarter of 2021 to the same period in 2020, the reasons for the variances include a
Service charges on customer deposit account income declined by
Noninterest Expense
Total noninterest expense was down by
Salaries and benefits were
Occupancy expense was relatively flat for the linked quarters but was
Other noninterest expense decreased
The Company's effective tax rate was
As a result of an ongoing COVID-19 pandemic, several of our branch lobbies were closed throughout the pandemic. Many of these lobbies have reopened, but a few remain closed. As a result of a change in customer behaviors brought about by the COVID-19 pandemic along with an efficiency review, the Company has decided to permanently close five branch locations effective June 18, 2021, which are located outside of the Bank’s primary market area. Customers affected by these branch closures have been 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
The
The decrease in loan balances as compared to December 31, 2020 was primarily a result of a
Regarding line utilization, unused commitments, excluding mortgage warehouse and consumer overdraft lines, were
The Company participates in the Small Business Administration's Paycheck Protection Program (PPP) as authorized by the CARES Act. We began accepting and funding loans under this program in April 2020. There were 1,070 loans for
Deposit balances grew by
The Company continues to have substantial liquidity. At March 31, 2021, and December 31, 2020, the Company had the following sources of primary and secondary liquidity ($ in thousands):
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Primary and Secondary Liquidity Sources |
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March 31, 2021 |
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December 31, 2020 |
Cash and Due From Banks |
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$ |
346,211 |
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$ |
71,417 |
Unpledged Investment Securities |
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306,256 |
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311,983 |
Excess Pledged Securities |
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53,840 |
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52,892 |
FHLB Borrowing Availability |
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665,756 |
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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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59,643 |
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58,127 |
Totals |
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$ |
1,736,706 |
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$ |
1,259,823 |
In addition to the primary and secondary sources of liquidity listed above, the Company has also been approved to borrow
Total capital of
Asset Quality
Total nonperforming assets, comprised of non-accrual loans and foreclosed assets, increased by
The Company's allowance for loan and lease losses was
The allowance was
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 March 31, 2021, we had eight loans for five 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, Los Angeles, Ventura, San Luis Obispo, and Santa Barbara. The Bank also maintains an online branch and provides specialized lending services through an agricultural credit center, an SBA center, and a dedicated loan production office in Rocklin, 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 development 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 our borrowers' actual payment performance as loan deferrals related to the COVID-19 pandemic expire, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance, 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, closure or consolidation, 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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(balances in |
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ASSETS |
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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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3/31/2020 |
Cash and Due from Banks |
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$ |
346,211 |
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$ |
71,417 |
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$ |
88,933 |
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$ |
156,611 |
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$ |
106,992 |
Investment Securities |
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552,931 |
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543,974 |
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577,278 |
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599,333 |
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620,154 |
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Real Estate Loans (Non-Agricultural) |
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1,740,109 |
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1,766,018 |
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1,695,918 |
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1,463,235 |
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1,259,448 |
Agricultural Real Estate Loans |
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126,157 |
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129,905 |
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127,963 |
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134,454 |
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141,740 |
Agricultural Production Loans |
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45,476 |
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44,872 |
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45,782 |
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48,516 |
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49,199 |
Commercial & Industrial Loans & Leases |
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183,762 |
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209,048 |
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217,224 |
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221,502 |
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111,990 |
Mortgage Warehouse Lines |
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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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228,608 |
Consumer Loans |
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5,024 |
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5,589 |
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5,897 |
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6,266 |
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7,040 |
Gross Loans & Leases |
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2,288,468 |
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2,463,111 |
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2,380,300 |
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2,212,097 |
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1,798,025 |
Deferred Loan & Lease Fees |
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(3,717) |
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(3,147) |
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(3,078) |
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(2,617) |
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2,741 |
Allowance for Loan & Lease Losses |
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(18,319) |
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(17,738) |
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(15,586) |
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(13,560) |
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(11,453) |
Net Loans & Leases |
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2,266,432 |
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2,442,226 |
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2,361,636 |
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2,195,920 |
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1,789,313 |
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Bank Premises & Equipment |
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26,795 |
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27,505 |
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27,216 |
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27,779 |
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28,425 |
Other Assets |
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133,668 |
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135,620 |
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144,555 |
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130,401 |
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|
125,585 |
Total Assets |
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$ |
3,326,037 |
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$ |
3,220,742 |
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$ |
3,199,618 |
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$ |
3,110,044 |
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$ |
2,670,469 |
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LIABILITIES & CAPITAL |
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Noninterest Demand Deposits |
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$ |
1,020,350 |
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$ |
943,664 |
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$ |
975,750 |
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$ |
949,662 |
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$ |
704,700 |
Interest-Bearing Transaction Accounts |
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|
770,271 |
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668,346 |
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656,922 |
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|
641,815 |
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|
576,014 |
Savings Deposits |
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415,230 |
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|
368,420 |
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|
361,857 |
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|
346,262 |
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|
304,894 |
Money Market Deposits |
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|
136,653 |
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|
131,232 |
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|
126,918 |
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|
125,420 |
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|
113,766 |
Customer Time Deposits |
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|
411,388 |
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|
412,944 |
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|
420,266 |
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|
433,595 |
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|
450,017 |
Wholesale Brokered Deposits |
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100,000 |
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|
100,000 |
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50,000 |
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|
10,000 |
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|
30,000 |
Total Deposits |
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2,853,892 |
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|
2,624,606 |
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2,591,713 |
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2,506,754 |
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2,179,391 |
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Junior Subordinated Debentures |
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35,169 |
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35,124 |
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35,079 |
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35,035 |
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34,990 |
Other Interest-Bearing Liabilities |
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56,527 |
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|
182,038 |
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194,657 |
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204,449 |
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|
103,461 |
Total Deposits & Interest-Bearing Liabilities |
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2,945,588 |
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2,841,768 |
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2,821,449 |
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2,746,238 |
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2,317,842 |
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Other Liabilities |
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32,468 |
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35,078 |
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41,922 |
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36,373 |
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33,168 |
Total Capital |
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347,981 |
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343,896 |
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|
336,247 |
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|
327,433 |
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|
319,459 |
Total Liabilities & Capital |
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$ |
3,326,037 |
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$ |
3,220,742 |
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$ |
3,199,618 |
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$ |
3,110,044 |
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$ |
2,670,469 |
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GOODWILL & INTANGIBLE ASSETS |
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(balances in |
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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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3/31/2020 |
Goodwill |
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$ |
27,357 |
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$ |
27,357 |
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$ |
27,357 |
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$ |
27,357 |
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$ |
27,357 |
Core Deposit Intangible |
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4,038 |
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4,307 |
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4,575 |
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4,844 |
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|
5,112 |
Total Intangible Assets |
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$ |
31,395 |
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$ |
31,664 |
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$ |
31,932 |
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$ |
32,201 |
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$ |
32,469 |
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CREDIT QUALITY |
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(balances in |
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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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|
3/31/2020 |
Non-Accruing Loans |
|
$ |
8,599 |
|
$ |
7,598 |
|
$ |
7,186 |
|
$ |
5,808 |
|
$ |
7,351 |
Foreclosed Assets |
|
|
945 |
|
|
971 |
|
|
2,970 |
|
|
2,893 |
|
|
766 |
Total Nonperforming Assets |
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$ |
9,544 |
|
$ |
8,569 |
|
$ |
10,156 |
|
$ |
8,701 |
|
$ |
8,117 |
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Performing TDR's (not included in NPA's) |
|
$ |
10,596 |
|
$ |
11,382 |
|
$ |
7,708 |
|
$ |
9,192 |
|
$ |
8,188 |
Net Charge Offs |
|
$ |
(331) |
|
$ |
735 |
|
$ |
687 |
|
$ |
363 |
|
$ |
270 |
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Past Due & Still Accruing (30-89) |
|
$ |
2,991 |
|
$ |
1,656 |
|
$ |
7,201 |
|
$ |
2,333 |
|
$ |
4,071 |
Loans deferred under CARES Act |
|
$ |
22,437 |
|
$ |
29,500 |
|
$ |
405,858 |
|
$ |
386,243 |
|
$ |
- |
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|
|
|
|
|
|
|
Non-Performing Loans to Gross Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NPA's to Loans plus Foreclosed Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses to Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECT PERIOD-END STATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|||
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
3/31/2021 |
|
|
12/31/2020 |
|
|
9/30/2020 |
|
|
6/30/2020 |
|
|
3/31/2020 |
Shareholders Equity / Total Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Loans / Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Bearing Deposits / Total Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
(in |
|
|
Qtr Ended: |
||||||
|
|
|
3/31/2021 |
|
|
12/31/2020 |
|
|
3/31/2020 |
Interest Income |
|
$ |
29,458 |
|
$ |
29,762 |
|
$ |
26,051 |
Interest Expense |
|
|
903 |
|
|
930 |
|
|
2,264 |
Net Interest Income |
|
|
28,555 |
|
|
28,832 |
|
|
23,787 |
|
|
|
|
|
|
|
|
|
|
Provision for Loan & Lease Losses |
|
|
250 |
|
|
2,200 |
|
|
1,800 |
Net Interest after Provision |
|
|
28,305 |
|
|
26,632 |
|
|
21,987 |
|
|
|
|
|
|
|
|
|
|
Service Charges |
|
|
2,767 |
|
|
3,013 |
|
|
3,183 |
BOLI Income |
|
|
583 |
|
|
415 |
|
|
38 |
Other Noninterest Income |
|
|
3,480 |
|
|
2,611 |
|
|
2,885 |
Total Noninterest Income |
|
|
6,830 |
|
|
6,039 |
|
|
6,106 |
|
|
|
|
|
|
|
|
|
|
Salaries & Benefits |
|
|
11,151 |
|
|
11,042 |
|
|
10,172 |
Occupancy Expense |
|
|
2,486 |
|
|
2,452 |
|
|
2,327 |
Other Noninterest Expenses |
|
|
6,634 |
|
|
7,263 |
|
|
5,319 |
Total Noninterest Expense |
|
|
20,271 |
|
|
20,757 |
|
|
17,818 |
|
|
|
|
|
|
|
|
|
|
Income Before Taxes |
|
|
14,864 |
|
|
11,914 |
|
|
10,275 |
Provision for Income Taxes |
|
|
3,786 |
|
|
2,935 |
|
|
2,468 |
Net Income |
|
$ |
11,078 |
|
$ |
8,979 |
|
$ |
7,807 |
|
|
|
|
|
|
|
|
|
|
TAX DATA |
|
|
|
|
|
|
|
|
|
Tax-Exempt Muni Income |
|
$ |
1,449 |
|
$ |
1,475 |
|
$ |
1,339 |
Interest Income - Fully Tax Equivalent |
|
$ |
29,843 |
|
$ |
30,154 |
|
$ |
26,407 |
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
Qtr Ended: |
||||||
|
|
|
3/31/2021 |
|
|
12/31/2020 |
|
|
3/31/2020 |
Basic Earnings per Share |
|
|
0.73 |
|
|
|
|
|
0.51 |
Diluted Earnings per Share |
|
|
0.72 |
|
|
|
|
|
0.51 |
Common Dividends |
|
|
0.21 |
|
|
|
|
|
0.20 |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding |
|
|
15,223,010 |
|
|
15,222,044 |
|
|
15,262,252 |
Weighted Average Diluted Shares |
|
|
15,337,710 |
|
|
15,456,984 |
|
|
15,340,017 |
|
|
|
|
|
|
|
|
|
|
Book Value per Basic Share (EOP) |
|
|
22.58 |
|
|
|
|
|
21.03 |
Tangible Book Value per Share (EOP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding (EOP) |
|
|
15,410,763 |
|
|
15,388,423 |
|
|
15,190,038 |
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL RATIOS |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
Qtr Ended: |
||||||
|
|
|
3/31/2021 |
|
|
12/31/2020 |
|
|
3/31/2020 |
Return on Average Equity |
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
|
|
|
|
|
|
|
|
Net Interest Margin (Tax-Equivalent) |
|
|
|
|
|
|
|
|
|
Efficiency Ratio (Tax-Equivalent)¹ |
|
|
|
|
|
|
|
|
|
Net C/O's to Avg Loans (not annualized) |
|
|
(0.01)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES AND RATES |
|
|
|
|
|
|
|
|
||||
(balances in |
|
For the quarter ended |
|
For the quarter ended |
|
For the quarter ended |
||||||
|
|
March 31, 2021 |
|
December 31, 2020 |
|
March 31, 2020 |
||||||
|
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold/interest-earning due from's |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
317,254 |
1,578 |
|
|
338,554 |
1,657 |
|
|
408,591 |
2,460 |
|
Non-taxable |
|
226,838 |
1,449 |
|
|
225,583 |
1,461 |
|
|
195,690 |
1,339 |
|
Total investments |
|
620,596 |
3,046 |
|
|
568,208 |
3,120 |
|
|
641,405 |
3,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases: (3) |
|
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
1,879,359 |
21,391 |
|
|
1,866,418 |
21,629 |
|
|
1,394,911 |
18,722 |
|
Agricultural Production |
|
46,153 |
419 |
|
|
45,143 |
418 |
|
|
48,532 |
583 |
|
Commercial |
|
191,656 |
2,451 |
|
|
213,725 |
2,077 |
|
|
107,696 |
1,097 |
|
Consumer |
|
5,422 |
196 |
|
|
5,873 |
239 |
|
|
7,583 |
368 |
|
Mortgage warehouse lines |
|
242,865 |
1,928 |
|
|
270,401 |
2,250 |
|
|
144,621 |
1,264 |
|
Other |
|
1,588 |
27 |
|
|
1,617 |
29 |
|
|
5,242 |
78 |
|
Total loans and leases |
|
2,367,043 |
26,412 |
|
|
2,403,177 |
26,642 |
|
|
1,708,585 |
22,112 |
|
Total interest earning assets (4) |
|
2,987,639 |
|
|
|
2,971,385 |
|
|
|
2,349,990 |
|
|
Other earning assets |
|
13,275 |
|
|
|
20,092 |
|
|
|
12,841 |
|
|
Non-earning assets |
|
201,114 |
|
|
|
202,996 |
|
|
|
196,906 |
|
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
|
|
|
|
|
|
|
|
|
|
NOW |
|
569,171 |
101 |
|
|
536,127 |
93 |
|
|
456,586 |
122 |
|
Savings accounts |
|
391,091 |
53 |
|
|
366,080 |
52 |
|
|
297,721 |
73 |
|
Money market |
|
136,422 |
30 |
|
|
129,536 |
27 |
|
|
117,249 |
43 |
|
Time Deposits |
|
412,416 |
289 |
|
|
416,069 |
310 |
|
|
460,551 |
1,367 |
|
Wholesale Brokered Deposits |
|
100,000 |
62 |
|
|
53,750 |
28 |
|
|
40,824 |
167 |
|
Total interest bearing deposits |
|
1,739,863 |
608 |
|
|
1,625,279 |
579 |
|
|
1,461,662 |
1,834 |
|
Borrowed funds: |
|
|
|
|
|
|
|
|
|
|
|
|
Junior Subordinated Debentures |
|
35,141 |
247 |
|
|
35,098 |
253 |
|
|
34,962 |
394 |
|
Other Interest-Bearing Liabilities |
|
63,449 |
48 |
|
|
175,025 |
98 |
|
|
33,432 |
36 |
|
Total borrowed funds |
|
98,590 |
295 |
|
|
210,123 |
351 |
|
|
68,394 |
430 |
|
Total interest bearing liabilities |
|
1,838,453 |
903 |
|
|
1,835,402 |
|
|
|
1,530,056 |
2,264 |
|
Demand deposits - Noninterest bearing |
|
977,137 |
|
|
|
979,593 |
|
|
|
678,592 |
|
|
Other liabilities |
|
39,199 |
|
|
|
39,106 |
|
|
|
36,220 |
|
|
Shareholders' equity |
|
347,239 |
|
|
|
340,372 |
|
|
|
314,869 |
|
|
Total liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income/interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense/interest earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(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/20210419005159/en/
FAQ
What were Sierra Bancorp's earnings for Q1 2021?
How did Sierra Bancorp's net interest income change in Q1 2021?
What is the total assets value of Sierra Bancorp as of March 31, 2021?
What was the provision for loan losses for Sierra Bancorp in Q1 2021?
What is BSRR's return on average equity for Q1 2021?
