Sierra Bancorp Files Amended 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>Sierra Bancorp has filed an amended 10-K for FY2023, detailing financial statements and operational data.</b>

AI Summary

SIERRA BANCORP (BSRR) filed a Amended Annual Report (10-K/A) with the SEC on March 25, 2024. Sierra Bancorp filed an amended 10-K for the fiscal year ending December 31, 2023. The filing includes data related to various financial statement line items for the years 2023, 2022, 2021, and 2020. Specific financial elements such as Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for multiple fiscal year-ends. Information on Stock Option Plans, including those from 2017, 2007, and 2023, is provided. The filing also references accounting standards updates, deposit accounts, debit card usage, and related fees for the fiscal years 2023 and 2022.

Why It Matters

For investors and stakeholders tracking SIERRA BANCORP, this filing contains several important signals. This amended filing provides updated and comprehensive financial data for Sierra Bancorp, crucial for investors and analysts to assess the company's financial health and performance over multiple periods. The detailed breakdown of equity components, stock option plans, and various liabilities offers insights into the company's capital structure, compensation strategies, and short-term financing activities.

Risk Assessment

Risk Level: medium — SIERRA BANCORP shows moderate risk based on this filing. The filing is an amendment to a 10-K, indicating potential prior inaccuracies or omissions that required correction, which could suggest underlying issues with reporting or internal controls.

Analyst Insight

Investors should review the specific changes made in this amended 10-K to understand the reasons for the amendment and their potential impact on the company's financial standing.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-25 — Filing Date (Date of submission)
• 15170372 — Value (Related to Other Assets)
• 14793832 — Value (Related to Other Assets)

Key Players & Entities

• SIERRA BANCORP (company) — Filer name
• BSRR (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-25 (date) — Filing date
• 86 NORTH MAIN STREET (address) — Business address
• CA (location) — State of incorporation
• 330937517 (identifier) — IRS number
• 6022 (industry_code) — Standard Industrial Classification

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Primary reporting period for the 10-K/A filing.
• 2024-03-25: Filing Date — Date Sierra Bancorp submitted the amended 10-K.

Glossary

10-K/A

An amended annual report filed with the SEC to correct or supplement information in a previously filed 10-K. (Indicates that the company is updating previously submitted annual financial information.)

Retained Earnings

The cumulative earnings of a company that have not been distributed to shareholders as dividends. (Key component of shareholders' equity, reflecting historical profitability.)

Additional Paid-In Capital

The amount shareholders have paid for stock in excess of its par value. (Reflects capital raised from stock issuance beyond the nominal value.)

Accumulated Other Comprehensive Income

The cumulative amount of unrealized gains and losses that have not been reported in net income. (Represents gains/losses not yet recognized in the income statement, affecting equity.)

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-20231231x10ka.htm (10-K/A) — 7039KB
• 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-20231231x10ka006.jpg (GRAPHIC) — 71KB
• bsrr-20231231x10ka013.jpg (GRAPHIC) — 5KB
• bsrr-20231231xex23d2g001.jpg (GRAPHIC) — 57KB
• bsrr-20231231xex97d1001.jpg (GRAPHIC) — 7KB
• 0001558370-24-003809.txt (&nbsp;) — 28471KB
• 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-20231231x10ka_htm.xml (XML) — 7185KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 31 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II 33 Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 33 Item 6. Reserved 36 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 36 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 65 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 124 Item 9A.

Controls and Procedures

Controls and Procedures 124 Item 9B. Other Information 125 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 125 PART III 126 Item 10. Directors, Executive Officers and Corporate Governance 126 Item 11.

Executive Compensation

Executive Compensation 126 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 126 Item 13. Certain Relationships and Related Transactions and Director Independence 126 Item 14. Principal Accounting Fees and Services 126 PART IV 127 Item 15. Exhibits and Financial Statement Schedules 127 Item 16. Form 10-K Summary 128

SIGNATURES

SIGNATURES 129 3 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

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