Sierra Bancorp Files Q2 2024 10-Q

TL;DR

Sierra Bancorp's Q2 10-Q is in: check retained earnings, paid-in capital, and other comprehensive income for the latest numbers.

AI Summary

Sierra Bancorp filed its 10-Q for the period ending June 30, 2024. The company reported financial results and provided updates on its operations. Key financial figures such as retained earnings, additional paid-in capital, and accumulated other comprehensive income were disclosed for various periods, including June 30, 2024, March 31, 2024, December 31, 2023, and June 30, 2023.

Why It Matters

This filing provides investors with a detailed look at Sierra Bancorp's financial health and performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Numbers

• 15170372 — Retained Earnings (As of June 30, 2024)
• 14466873 — Retained Earnings (As of June 30, 2023)

Key Players & Entities

• Sierra Bancorp (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of the reporting period
• March 31, 2024 (date) — Previous quarter end
• December 31, 2023 (date) — Previous fiscal year end
• June 30, 2023 (date) — Prior year quarter end

FAQ

Filing Documents

• bsrr-20240630x10q.htm (10-Q) — 5197KB
• bsrr-20240630xex31d1.htm (EX-31.1) — 9KB
• bsrr-20240630xex31d2.htm (EX-31.2) — 8KB
• bsrr-20240630xex32.htm (EX-32) — 13KB
• 0001558370-24-010762.txt ( ) — 19970KB
• bsrr-20240630.xsd (EX-101.SCH) — 66KB
• bsrr-20240630_cal.xml (EX-101.CAL) — 100KB
• bsrr-20240630_def.xml (EX-101.DEF) — 350KB
• bsrr-20240630_lab.xml (EX-101.LAB) — 632KB
• bsrr-20240630_pre.xml (EX-101.PRE) — 539KB
• bsrr-20240630x10q_htm.xml (XML) — 5540KB

- 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 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7

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

Item 2. Management's Discussion & Analysis of Financial Condition & Results of Operations 36

Forward-Looking Statements

Forward-Looking Statements 36 Critical Accounting Policies 37 Overview of the Results of Operations and Financial Condition 37 Earnings Performance 39 Net Interest Income and Net Interest Margin 39 Provision for Credit Losses on Loans 44 Noninterest Income and Noninterest Expense 45 Provision for Income Taxes 47 Balance Sheet Analysis 47 Earning Assets 47 Investments 47 Loan Portfolio 49 Nonperforming Assets 51 Allowance for Credit Losses on Loans 51 Off-Balance Sheet Arrangements 52 Other Assets 53 Deposits and Interest-Bearing Liabilities 54 Deposits 54 Other Interest-Bearing Liabilities 54 Noninterest-Bearing Liabilities 55 Liquidity and Market Risk Management 55 Capital Resources 58

Quantitative & Qualitative Disclosures about Market Risk

Item 3. Quantitative & Qualitative Disclosures about Market Risk 59

Controls and Procedures

Item 4. Controls and Procedures 59

- Other Information

Part II - Other Information 59

- Legal Proceedings

Item 1. - Legal Proceedings 59

- Risk Factors

Item 1A. - Risk Factors 59

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. - Unregistered Sales of Equity Securities and Use of Proceeds 60

- Defaults upon Senior Securities

Item 3. - Defaults upon Senior Securities 60

- Mine Safety Disclosures

Item 4. - Mine Safety Disclosures 60

- Other Information

Item 5. - Other Information 60

- Exhibits

Item 6. - Exhibits 61

Signatures

Signatures 63 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

– Financial Statements

Item 1 – Financial Statements SIERRA BANCORP CONSOLIDATED BALANCE SHEETS (dollars in thousands) June 30, 2024 December 31, 2023 ASSETS (unaudited) (audited) Cash and due from banks $ 96,048 $ 73,721 Interest-bearing deposits in banks 87,942 4,881 Total cash & cash equivalents 183,990 78,602 Investment securities Available-for-sale, net of allowance for credit losses of $ 0 and $ 0 716,787 1,019,201 Held-to-maturity, net of allowance for credit losses of $ 16 at both periods 312,879 320,057 Total investment securities 1,029,666 1,339,258 Loans: Gross loans 2,234,528 2,090,075 Deferred loan costs, net 288 309 Allowance for credit losses on loans ( 21,640 ) ( 23,500 ) Net loans 2,213,176 2,066,884 Premises and equipment, net 16,007 16,907 Goodwill 27,357 27,357 Other intangible assets, net 961 1,399 Bank-owned life insurance 53,431 51,572 Other assets 156,614 147,820 Total assets $ 3,681,202 $ 3,729,799 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest-bearing $ 986,927 $ 1,020,772 Interest-bearing 1,955,483 1,740,451 Total deposits 2,942,410 2,761,223 Repurchase agreements 148,003 107,121 Other borrowings 80,000 360,500 Long-term debt 49,348 49,304 Subordinated debentures 35,749 35,660 Allowance for credit losses on unfunded loan commitments 520 510 Other liabilities 75,152 77,384 Total liabilities 3,331,182 3,391,702 Commitments and contingent liabilities (Note 7) Shareholders' equity Common stock, no par value; 24,000,000 shares authorized; 14,466,873 and 15,170,372 shares issued and outstanding at June 30, 2024 unaudited, and December 31, 2023, respectively 107,929 110,446 Additional paid-in capital 5,336 4,581 Retained earnings 267,478 259,050 Accumulated other comprehensive loss, net ( 30,723 ) ( 35,980 ) Total shareholders' equity 350,020 338,097 Total liabilities and shareh

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 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 Company'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 June 30, 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