Sierra Bancorp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sierra Bancorp has filed its 2023 10-K report detailing financial performance and corporate structure.</b>

AI Summary

SIERRA BANCORP (BSRR) filed a Annual Report (10-K) with the SEC on March 22, 2024. Sierra Bancorp filed its 2023 Form 10-K on March 22, 2024. The filing covers the fiscal year ending December 31, 2023. Key financial data points such as retained earnings, additional paid-in capital, and accumulated other comprehensive income are detailed for fiscal years 2020-2023. Information regarding stock option plans, common stock, and restricted stock is provided for various periods up to December 31, 2023. Details on deposit accounts, debit card usage, and various service charges on deposits are included for fiscal years 2022 and 2023.

Why It Matters

For investors and stakeholders tracking SIERRA BANCORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sierra Bancorp's financial health and operational activities for the fiscal year 2023, crucial for investors to assess performance and future outlook. The detailed breakdown of financial statements, stock information, and operational metrics allows stakeholders to understand the company's financial position, capital structure, and revenue streams.

Risk Assessment

Risk Level: medium — SIERRA BANCORP shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations, as indicated by the detailed financial reporting and risk factor disclosures typical in a 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Sierra Bancorp's performance and potential risks in the banking industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-22 — Filing Date (Date filed)
• 174 — Public Document Count (Number of documents in the filing)
• 0001130144 — Central Index Key (Company identifier)

Key Players & Entities

• SIERRA BANCORP (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-22 (date) — Filing date
• 6022 (industry_code) — Standard Industrial Classification
• CA (location) — State of incorporation
• 330937517 (tax_id) — IRS Number
• 5597824900 (phone_number) — Business phone

FAQ

Industry Context

Sierra Bancorp operates within the commercial banking industry, a sector characterized by its sensitivity to interest rate changes, economic conditions, and stringent regulatory requirements.

Regulatory Implications

Commercial banks like Sierra Bancorp are subject to extensive regulation by federal and state authorities, including the Federal Reserve, FDIC, and state banking departments, to ensure financial stability and consumer protection.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the disclosures related to stock-based compensation and equity structure.
3. Examine the sections detailing deposit activities and related fees for insights into revenue generation.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-22: Filing Date — Date Sierra Bancorp submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis, so no comparison to a previous filing is available.

Key Financial Figures

• $16.97 — orted to the registrant on that date of $16.97 per share. Shares of Common Stock held
• $3.7 billion — the Company had consolidated assets of $3.7 billion (including gross loans of $2.1 billion)
• $2.1 billion — $3.7 billion (including gross loans of $2.1 billion), liabilities totaling $3.4 billion (in
• $3.4 billion — of $2.1 billion), liabilities totaling $3.4 billion (including deposits of $2.8 billion), a
• $2.8 billion — ing $3.4 billion (including deposits of $2.8 billion), and shareholders' equity of $338.1 mi
• $338.1 million — 8 billion), and shareholders' equity of $338.1 million. The Company's liabilities include $35.
• $35.7 million — lion. The Company's liabilities include $35.7 million in debt obligations due to its trust su
• $1.5 million — January 1978 as a one-branch bank with $1.5 million in capital. Our growth in the ensuing y
• $82.2 m — rgest segment of our portfolio, totaled $82.2 million, or 59% of net interest plus othe
• $77.7 m — interest plus other income in 2023, and $77.7 million, or 60% of net interest plus othe
• $20 — e Company increased its minimum wage to $20 per hour in an effort to attract and re

Filing Documents

• bsrr-20231231x10k.htm (10-K) — 7018KB
• bsrr-20231231xex21.htm (EX-21) — 4KB
• bsrr-20231231xex23d1.htm (EX-23.1) — 3KB
• bsrr-20231231xex23d2.htm (EX-23.2) — 2KB
• bsrr-20231231xex31d1.htm (EX-31.1) — 8KB
• bsrr-20231231xex31d2.htm (EX-31.2) — 9KB
• bsrr-20231231xex32.htm (EX-32) — 8KB
• bsrr-20231231xex97d1.htm (EX-97.1) — 53KB
• bsrr-20231231x10k006.jpg (GRAPHIC) — 71KB
• bsrr-20231231x10k013.jpg (GRAPHIC) — 5KB
• bsrr-20231231xex23d2g001.jpg (GRAPHIC) — 57KB
• bsrr-20231231xex97d1001.jpg (GRAPHIC) — 7KB
• 0001558370-24-003776.txt (&nbsp;) — 28446KB
• bsrr-20231231.xsd (EX-101.SCH) — 120KB
• bsrr-20231231_cal.xml (EX-101.CAL) — 165KB
• bsrr-20231231_def.xml (EX-101.DEF) — 511KB
• bsrr-20231231_lab.xml (EX-101.LAB) — 1044KB
• bsrr-20231231_pre.xml (EX-101.PRE) — 913KB
• bsrr-20231231x10k_htm.xml (XML) — 7184KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 PART II 30 Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 30 Item 6. Reserved 33 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 62 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 63 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 120 Item 9A.

Controls and Procedures

Controls and Procedures 120 Item 9B. Other Information 121 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 121 PART III 122 Item 10. Directors, Executive Officers and Corporate Governance 122 Item 11.

Executive Compensation

Executive Compensation 122 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 122 Item 13. Certain Relationships and Related Transactions and Director Independence 122 Item 14. Principal Accounting Fees and Services 122 PART IV 123 Item 15. Exhibits and Financial Statement Schedules 123 Item 16. Form 10-K Summary 124

SIGNATURES

SIGNATURES 125 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General The Company Sierra Bancorp (the "Company") is a California corporation headquartered in Porterville, California, and is a registered bank holding company under federal banking laws. The Company was formed to serve as the holding company for Bank of the Sierra (the "Bank"). The Company has been the Bank's sole shareholder since August 2001. The Company exists primarily for the purpose of holding the stock of the Bank and of such other subsidiaries it may acquire or establish. As of December 31, 2023, the Company's only other subsidiaries were Sierra Statutory Trust II, Sierra Capital Trust III, and Coast Bancorp Statutory Trust II, which were formed solely to facilitate the issuance of capital trust pass-through securities ("TRUPS"). Pursuant to the Financial Accounting Standards Board ("FASB") standard on the consolidation of variable interest entities, these trusts are not reflected on a consolidated basis in the financial statements of the Company. References herein to the "Company" include Sierra Bancorp and its consolidated subsidiary, the Bank, unless the context indicates otherwise. At December 31, 2023, the Company had consolidated assets of $3.7 billion (including gross loans of $2.1 billion), liabilities totaling $3.4 billion (including deposits of $2.8 billion), and shareholders' equity of $338.1 million. The Company's liabilities include $35.7 million in debt obligations due to its trust subsidiaries, related to TRUPS issued by those entities. The Bank Bank of the Sierra, a California state-chartered bank headquartered in Porterville, California, offers a wide range of retail and commercial banking services via branch offices located throughout California's South San Joaquin Valley, the Central Coast, Ventura County, and neighboring communities. The Bank was incorporated in September 1977, and opened for business in January 1978 as a one-branch bank with $1.5 million in capital. Our growth in the ensuing years has largely be

View Full Filing

View this 10-K filing on SEC EDGAR