Sierra Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Sierra Bancorp's Q1 2024 10-Q filing details financial performance and capital structure.</b>

AI Summary

SIERRA BANCORP (BSRR) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Sierra Bancorp filed its 10-Q report for the quarter ended March 31, 2024. The filing includes financial data for various periods, including Q1 2024, Q4 2023, and Q1 2023. Key financial statement components like Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for multiple dates. Information on Common Stock, Stock Option Plans (2017, 2007, 2023), and Restricted Stock is provided. Details on deposit accounts, debit card usage, returned item/overdraft fees, and other service charges on deposits are presented for Q1 2024 and other periods.

Why It Matters

For investors and stakeholders tracking SIERRA BANCORP, this filing contains several important signals. The filing provides a comprehensive overview of Sierra Bancorp's financial position and operational results for the first quarter of 2024, allowing investors to assess performance trends. Specific data points on revenue streams, capital accounts, and debt instruments offer insights into the bank's financial health and risk exposure.

Risk Assessment

Risk Level: medium — SIERRA BANCORP shows moderate risk based on this filing. The filing is a standard 10-Q, which provides detailed financial information but does not inherently signal significant positive or negative developments beyond what is typical for quarterly reporting.

Analyst Insight

Review the detailed financial statements and segment data within the 10-Q to understand revenue drivers and expense management for Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-06 — Filing Date (FILED AS OF DATE)
• 6022 — Standard Industrial Classification (SIC Code for Commercial Banks)
• CA — State of Incorporation (State of Incorporation)
• 1231 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• SIERRA BANCORP (company) — FILER
• BSRR (company) — Ticker Symbol
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-06 (date) — FILED AS OF DATE
• 86 NORTH MAIN STREET (address) — BUSINESS ADDRESS
• PORTERVILLE (location) — BUSINESS ADDRESS CITY
• CA (location) — BUSINESS ADDRESS STATE
• 93257 (postal_code) — BUSINESS ADDRESS ZIP

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during the quarter.)

Retained Earnings

The cumulative amount of net income of a corporation that has not been distributed to its shareholders as dividends. (Indicates the company's ability to reinvest profits back into the business.)

Additional Paid-In Capital

The amount of capital contributed by investors in excess of the par value of the stock. (Reflects investor confidence and the market value of the company's stock.)

Filing Documents

• bsrr-20240331x10q.htm (10-Q) — 4399KB
• bsrr-20240331xex31d1.htm (EX-31.1) — 9KB
• bsrr-20240331xex31d2.htm (EX-31.2) — 8KB
• bsrr-20240331xex32.htm (EX-32) — 13KB
• 0001558370-24-006762.txt (&nbsp;) — 18547KB
• bsrr-20240331.xsd (EX-101.SCH) — 66KB
• bsrr-20240331_cal.xml (EX-101.CAL) — 98KB
• bsrr-20240331_def.xml (EX-101.DEF) — 357KB
• bsrr-20240331_lab.xml (EX-101.LAB) — 633KB
• bsrr-20240331_pre.xml (EX-101.PRE) — 544KB
• bsrr-20240331x10q_htm.xml (XML) — 5232KB

- Financial Information

Part I - Financial Information 1

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Income 2 Consolidated Statements of Comprehensive Income (Loss) 3 Consolidated Statements of Changes In Shareholders' Equity 4 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 6

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

Item 2. Management's Discussion & Analysis of Financial Condition & Results of Operations 33

Forward-Looking Statements

Forward-Looking Statements 33 Critical Accounting Policies 34 Overview of the Results of Operations and Financial Condition 34 Earnings Performance 36 Net Interest Income and Net Interest Margin 36 Provision for Credit Losses on Loans 39 Noninterest Income and Noninterest Expense 40 Provision for Income Taxes 41 Balance Sheet Analysis 42 Earning Assets 42 Investments 42 Loan Portfolio 44 Nonperforming Assets 46 Allowance for Credit Losses on Loans 46 Off-Balance Sheet Arrangements 48 Other Assets 48 Deposits and Interest-Bearing Liabilities 49 Deposits 49 Other Interest-Bearing Liabilities 49 Noninterest-Bearing Liabilities 50 Liquidity and Market Risk Management 50 Capital Resources 53

Quantitative & Qualitative Disclosures about Market Risk

Item 3. Quantitative & Qualitative Disclosures about Market Risk 54

Controls and Procedures

Item 4. Controls and Procedures 54

- Other Information

Part II - Other Information 54

- Legal Proceedings

Item 1. - Legal Proceedings 54

- Risk Factors

Item 1A. - Risk Factors 54

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. - Unregistered Sales of Equity Securities and Use of Proceeds 55

- Defaults upon Senior Securities

Item 3. - Defaults upon Senior Securities 55

- Mine Safety Disclosures

Item 4. - Mine Safety Disclosures 55

- Other Information

Item 5. - Other Information 55

- Exhibits

Item 6. - Exhibits 56

Signatures

Signatures 58 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

– Financial Statements

Item 1 – Financial Statements SIERRA BANCORP CONSOLIDATED BALANCE SHEETS (dollars in thousands) March 31, 2024 December 31, 2023 ASSETS (unaudited) (audited) Cash and due from banks $ 70,908 $ 73,721 Interest-bearing deposits in banks 48,336 4,881 Total cash & cash equivalents 119,244 78,602 Investment securities Available-for-sale, net of zero allowance for credit losses 741,789 1,019,201 Held-to-maturity, net of allowance for credit losses of $ 16 and $ 16 316,406 320,057 Total investment securities 1,058,195 1,339,258 Loans: Gross loans 2,156,864 2,090,075 Deferred loan costs, net 214 309 Allowance for credit losses on loans ( 23,140 ) ( 23,500 ) Net loans 2,133,938 2,066,884 Premises and equipment, net 16,067 16,907 Goodwill 27,357 27,357 Other intangible assets, net 1,180 1,399 Bank-owned life insurance 52,977 51,572 Other assets 144,114 147,820 Total assets $ 3,553,072 $ 3,729,799 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest-bearing $ 968,996 $ 1,020,772 Interest-bearing 1,878,008 1,740,451 Total deposits 2,847,004 2,761,223 Repurchase agreements 121,851 107,121 Other borrowings 80,000 360,500 Long-term debt 49,326 49,304 Subordinated debentures 35,704 35,660 Allowance for credit losses on unfunded loan commitments 540 510 Other liabilities 73,553 77,384 Total liabilities 3,207,978 3,391,702 Commitments and contingent liabilities (Note 7) Shareholders' equity Common stock, no par value; 24,000,000 shares authorized; 14,645,298 and 15,170,372 shares issued and outstanding at March 31, 2024, and December 31, 2023, respectively 109,295 110,446 Additional paid-in capital 4,815 4,581 Retained earnings 262,906 259,050 Accumulated other comprehensive loss, net ( 31,922 ) ( 35,980 ) Total shareholders' equity 345,094 338,097 Total liabilities and shareholders' equity $ 3,5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) Note 1 – The Business of Sierra Bancorp 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") and 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 March 31, 2024, 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 Company's financial statements. References herein to the "Company" include Sierra Bancorp and its consolidated subsidiary, the Bank, unless the context indicates otherwise. 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, the Sacramento area, 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 been organic in nature but includes four whole-bank acquisitions: Sierra National Bank in 2000, Santa Clara Valley Bank in 2014, Coast National Bank in 2016, and Ojai Community Bank in October 2017. As of the filing date of this report the Bank operates 35 full-service branches and an online branch and

View Full Filing

View this 10-Q filing on SEC EDGAR