Sierra Bancorp (BSRR) announced that its board of directors has declared a regular quarterly cash dividend of 26c per share. This represents an increase of 1c per share, or 4%, relative to the dividend paid last quarter. The dividend was approved subsequent to the board’s review of the company’s financial performance and capital for the quarter ended December 31, 2025, and will be paid on February 17 to shareholders of record as of February 9. Published first on TheFly – the ultimate source for real-time, ...

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 developments 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 the health of the national and local economies, loan portfolio per ...

Financial Performance - Sierra Bancorp declared a regular quarterly cash dividend of $0.26 per share, marking a 4% increase from the previous quarter's dividend of $0.25 per share [1] - The dividend will be paid on February 17, 2026, to shareholders of record as of February 9, 2026 [1] - The company has paid regular cash dividends every year since 1987, with the current announcement representing the 108th consecutive quarterly cash dividend [1] Company Overview - Sierra Bancorp is the parent company of Bank of the Sierra, which is one of the largest independent banks in the South San Joaquin Valley [2] - Bank of the Sierra offers a wide range of retail and commercial banking services through full-service branches in several counties, including Tulare, Kern, Kings, Fresno, Ventura, San Luis Obispo, and Santa Barbara [2] - In 2025, Bank of the Sierra was recognized as one of the strongest community banks in the country, receiving a 5-star rating from Bauer Financial [2]

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Financial Performance - Net income for the three months ended September 30, 2025, was $9,699 thousand, down from $10,603 thousand in 2024, a decrease of 8.5%[12] - Comprehensive income for the three months ended September 30, 2025, increased to $13,194 thousand, compared to $12,751 thousand in 2024, reflecting a growth of 3.5%[16] - For the nine months ended September 30, 2025, net income was $29,433 thousand, down from $30,196 thousand in 2024, indicating a decline of 2.5%[16] - Net income for Q3 2025 was $9.7 million, or $0.72 per diluted share, compared to $10.6 million, or $0.74 per diluted share in Q3 2024[150] - Net income for the nine months ended September 30, 2025, was $29,433 million, a decrease of 2.5% from $30,196 million in 2024[25] Asset and Loan Growth - Total assets increased to $3,709,377 thousand as of September 30, 2025, up from $3,614,271 thousand at December 31, 2024, representing a growth of 2.6%[9][11] - Net loans rose to $2,466,608 thousand, an increase of 6.9% from $2,306,604 thousand at the end of 2024[9] - The total number of common shares outstanding decreased from 14,414,561 as of September 30, 2024, to 13,482,458 as of September 30, 2025, reflecting a reduction of approximately 6.5%[21] - The company's net loans reached $2.47 billion as of September 30, 2025, an increase from $2.31 billion at the end of 2024[95] - Total past due loans amounted to $14,193,000 as of September 30, 2025, compared to $4,706,000 on December 31, 2024, indicating a significant increase in past due loans[101] Income and Expense Analysis - Net interest income for the three months ended September 30, 2025, was $31,968 thousand, compared to $30,790 thousand for the same period in 2024, reflecting a year-over-year increase of 3.8%[12] - Noninterest income increased to $8,058 thousand for the three months ended September 30, 2025, compared to $7,789 thousand in 2024, marking a growth of 3.4%[12] - The provision for credit losses on loans was $3,709 thousand for the three months ended September 30, 2025, compared to $1,240 thousand in 2024, indicating an increase in credit loss expenses[12] - The provision for credit losses was $3.7 million for Q3 2025, an increase of $2.3 million, mainly due to individual reserves related to a single agricultural production property[154] - Total noninterest income increased by $0.3 million, or 3%, for Q3 2025 compared to Q3 2024, but decreased by $0.8 million, or 3%, year-to-date[190] Shareholder Returns - Book value per share increased to $26.71 as of September 30, 2025, compared to $24.88 in 2024, reflecting an increase of 7.3%[12] - Cash dividends per share increased to $0.25 for the three months ended September 30, 2025, compared to $0.24 in 2024, a rise of 4.2%[12] - Cash dividends declared were $0.25 per share for the three months ended September 30, 2025, compared to $0.24 per share in 2024, reflecting a 4.2% increase[19] - The company repurchased $1,462 thousand worth of stock during the three months ended September 30, 2025, compared to $371 thousand in the same period of 2024, indicating a significant increase in stock repurchase activity[19] Credit Quality and Losses - The total allowance for credit losses (ACL) on the loan portfolio was $25.2 million as of September 30, 2025, compared to $24.8 million at December 31, 2024[95] - Nonaccrual loans totaled $10,189,000 as of September 30, 2025, compared to $5,128,000 on December 31, 2024, representing a 98.5% increase[97] - The company did not recognize any interest on nonaccrual loans during the three or nine months ended September 30, 2025, and would have recognized an additional $0.9 million in interest income had those loans not been designated as nonaccrual[97] - The company recognized charge-offs of $280, recoveries of $71, and a provision for credit losses of $3.71 million for the quarter ended September 30, 2025[123] Investment Portfolio - The total fair value of investment securities available-for-sale is $596,933,000, with a significant portion ($595,701,000) derived from observable inputs[63] - The total available-for-sale securities amounted to $608.003 million, with unrealized losses of $13.894 million[72] - The amortized cost of held-to-maturity securities was $294.526 million, with an estimated fair value of $285.531 million, reflecting an allowance for credit losses of $15 thousand[76] - The company reported an unrealized loss of $24.7 million on securities transferred from available-for-sale to held-to-maturity as of September 30, 2025[73] Operational Metrics - The average interest rate on loans increased to 5.30% for the nine months ended September 30, 2025, compared to 5.11% in the prior year[172] - The overall investment portfolio had a tax-equivalent yield of 4.73% at September 30, 2025, with an average life of 6.01 years[181] - Demand deposits increased to $228.2 million, with an interest expense of $4.3 million, yielding 2.54%[172] - The total interest-bearing liabilities decreased to $2,197.3 million, with an interest expense of $35.4 million, yielding 2.15%[172]

Core Insights - Sierra Bancorp reported revenue of $40.03 million for Q3 2025, a year-over-year increase of 3.8% and a surprise of +2.11% compared to the Zacks Consensus Estimate of $39.2 million [1] - The company's EPS for the quarter was $0.72, down from $0.74 a year ago, with an EPS surprise of -8.86% against the consensus estimate of $0.79 [1] Financial Performance Metrics - Net Interest Margin was reported at 3.8%, slightly above the three-analyst average estimate of 3.7% [4] - The Efficiency Ratio (tax-equivalent) was 58.1%, compared to the estimated 58.2% by three analysts [4] - Net Charge-Offs as a percentage of Average Loans were 0%, better than the average estimate of 0.1% [4] - Average Interest-Earning Assets totaled $3.4 billion, below the average estimate of $3.51 billion [4] - Total Non-performing Loans were $14.01 million, compared to the average estimate of $15.74 million [4] - Total Nonperforming Assets were $15.85 million, slightly above the average estimate of $15.74 million [4] - Total Non-interest Income was $8.06 million, exceeding the average estimate of $7.41 million [4] - Net Interest Income was reported at $31.97 million, above the average estimate of $31.78 million [4] Stock Performance - Shares of Sierra Bancorp have returned -7.9% over the past month, while the Zacks S&P 500 composite has increased by +2.5% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - Sierra Bancorp reported quarterly earnings of $0.72 per share, missing the Zacks Consensus Estimate of $0.79 per share, and showing a decrease from $0.74 per share a year ago, resulting in an earnings surprise of -8.86% [1] - The company posted revenues of $40.03 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.11% and increasing from $38.58 million year-over-year [2] - The stock has underperformed the market, losing about 5.6% since the beginning of the year compared to the S&P 500's gain of 15.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.79 on revenues of $39.45 million, and for the current fiscal year, it is $3.02 on revenues of $154.95 million [7] - The estimate revisions trend for Sierra Bancorp was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Zacks Industry Rank for Banks - West is currently in the top 17% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8] - Another company in the same industry, Hope Bancorp, is expected to report quarterly earnings of $0.26 per share, reflecting a year-over-year change of +23.8%, with revenues anticipated to be $139.15 million, up 19.3% from the previous year [9][10]

Financial Performance - Consolidated net income for Q3 2025 was $9.7 million, a decrease of $0.9 million, or 9%, compared to Q2 2025[2] - For the first nine months of 2025, consolidated net income was $29.4 million, down $0.8 million, or 3%, from the same period in 2024[2] - Diluted earnings per share for the first nine months of 2025 increased to $2.15, up 3% from $2.09 in the same period in 2024[2] - Net income for the nine months ended September 30, 2025, was $29,433,000, compared to $30,196,000 for the same period last year[60] - Net income for the three months ended September 30, 2025, is $9,699,000, a decrease from $10,633,000 for the previous quarter and $10,603,000 for the same quarter last year[65] Loan and Deposit Activity - Total gross loans increased by $57.2 million, or 9% annualized, to $2.5 billion during the quarter[5] - Customer deposits rose by $13.3 million, or 2% annualized, to $2.7 billion, despite a $41.7 million decline in total deposits due to a reduction in higher-cost brokered deposits[5] - Gross loans ending balance was $2,491.8 million as of September 30, 2025, reflecting an increase from $2,434.6 million at June 30, 2025[37] - Deposit balances grew by $41.1 million, or 1%, during the first nine months of 2025, with core non-maturity deposits increasing by $138.4 million, or 7%[39] - Total deposits decreased to $2,932,760 thousand as of September 30, 2025, from $2,974,469 thousand at June 30, 2025[56] Interest Income and Margin - Net interest income increased by $1.3 million, or 4%, in Q3 2025 compared to the prior linked quarter, driven by a net interest margin increase to 3.78%[5] - For Q3 2025, net interest income increased by $3.1 million, or 3%, primarily due to a decrease of 25 basis points in the cost of funds and an increase in average interest-earning assets by $43.5 million[20] - The company's net interest margin was 3.78% for Q3 2025, up from 3.66% in Q3 2024[23] - Total interest-earning assets for the quarter ended September 30, 2025, were $3,396,714 thousand, with a net interest income of $31,968 thousand, resulting in a net interest margin of 3.78%[70] - The net interest margin for the nine months ended September 30, 2025, was 3.73%, with a net interest income of $92,734 thousand[70] Credit Quality - Nonperforming loans to total gross loans ratio improved to 0.56%, down from 0.62% in the prior linked quarter[5] - The provision for credit losses was $7.0 million, an increase of $4.6 million compared to the prior year-to-date period[7] - The provision for credit losses on loans was $3.7 million for Q3 2025, compared to $1.2 million in Q3 2024, with a year-to-date provision of $6.9 million in 2025 versus $2.3 million in 2024[24] - Total nonperforming assets decreased by $3.8 million to $15.8 million for the first nine months of 2025, with a nonperforming loans to gross loans ratio of 0.56% as of September 30, 2025, down from 0.84% at December 31, 2024[44] - Nonperforming loans decreased to $14,006,000 from $14,981,000 in the previous quarter, indicating improved credit quality[58] Capital and Equity - Total capital increased by $2.8 million, or 1%, to $360.1 million at September 30, 2025, due to $29.4 million in net income[41] - Total stockholders' equity as of September 30, 2025, is $360,083,000, an increase from $355,707,000 as of June 30, 2025, and $358,698,000 as of September 30, 2024[64] - Tangible common equity increased to $332,594,000 as of September 30, 2025, compared to $328,056,000 as of June 30, 2025, and $330,561,000 as of September 30, 2024[64] Efficiency and Expenses - The efficiency ratio (tax-equivalent) improved to 58.05% for the three months ended September 30, 2025, compared to 59.43% in the previous quarter[62] - Total noninterest expense for the three months ended September 30, 2025, is $23,635,000, a slight decrease from $23,767,000 in the previous quarter and an increase from $22,810,000 in the same quarter last year[65] Other Financial Metrics - The effective tax rate decreased to 23.6% of pre-tax income in Q3 2025, down from 26.4% in Q3 2024[33] - The allowance for credit losses on loans and leases increased to $25.2 million at September 30, 2025, compared to $21.7 million at June 30, 2025, primarily due to a $3.5 million increase in specific reserves for an impaired agricultural production loan[46] - The allowance for credit losses as a percentage of gross loans, excluding mortgage warehouse lines, was 1.21% at September 30, 2025, compared to 1.04% at June 30, 2025[49] - Book value per common share increased to $26.70 as of September 30, 2025, from $26.00 as of June 30, 2025, and $24.88 as of September 30, 2024[64]

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Core Points - Sierra Bancorp has announced a new share repurchase program allowing the repurchase of up to 1,000,000 shares of its common stock, effective after the current program expires on October 31, 2025, and continuing until October 31, 2026 [1] - The company declared a quarterly cash dividend of $0.25 per share, marking its 107th consecutive quarterly cash dividend, to be paid on November 14, 2025 [2] Company Overview - Sierra Bancorp is the parent company of Bank of the Sierra, which has been operating for 48 years and is one of the largest independent banks in the South San Joaquin Valley [3] - Bank of the Sierra offers a wide range of retail and commercial banking services through full-service branches across several counties in California and maintains an online branch [3] - In 2025, Bank of the Sierra was recognized as one of the strongest community banks in the country, receiving a 5-star rating from Bauer Financial [3]