[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) [Second Quarter and First Six Months 2025 Financial Highlights](index=1&type=section&id=Financial%20Highlights) Sierra Bancorp reported improved financial results for Q2 and the first half of 2025, driven by strong loan and deposit growth, an improved net interest margin, and a favorable efficiency ratio Quarterly and Year-to-Date Performance | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $10.6 million | $10.3 million | $19.7 million | $19.6 million | | **Diluted EPS** | $0.78 | $0.71 | $1.43 | $1.35 | Q2 2025 vs. Linked Quarter (Q1 2025) Performance | Metric | Q2 2025 | Q1 2025 | Change | | :--- | :--- | :--- | :--- | | **Net Income** | $10.6 million | $9.1 million | +17% | | **Diluted EPS** | $0.78 | $0.65 | +19% | | **Return on Average Assets** | 1.16% | 1.02% | +14 bps | | **Return on Average Equity** | 12.08% | 10.44% | +164 bps | | **Efficiency Ratio** | 59.43% | 60.62% | Improved | - Overall loan growth was strong at **$127.9 million**, or **22% annualized**, during the second quarter[5](index=5&type=chunk) - The company declared a dividend of **$0.25 per share** and repurchased **135,641 shares** of stock during the quarter[5](index=5&type=chunk) [Detailed Financial Analysis](index=6&type=section&id=Detailed%20Financial%20Analysis) This section provides a detailed breakdown of the company's income statement, balance sheet, asset quality, and capital position, analyzing key changes and drivers of performance [Income Statement Analysis](index=6&type=section&id=Income%20Statement%20Analysis) Net interest income increased year-over-year for both the quarter and six-month period, primarily due to a decrease in the cost of interest-bearing liabilities which offset lower asset yields - Q2 2025 net interest income increased by **$0.5 million (2%)** year-over-year to **$30.7 million**, mainly due to a **23 basis point** decrease in interest expense on interest-bearing liabilities[18](index=18&type=chunk) - The provision for credit losses on loans for H1 2025 was **$3.2 million**, a significant increase from **$1.0 million** in H1 2024, primarily due to **$6.3 million** in net charge-offs, including a **$5.3 million** charge-off on a previously evaluated agricultural loan[24](index=24&type=chunk)[25](index=25&type=chunk) - Noninterest income and expense were impacted by market-driven changes in BOLI assets and deferred compensation, with BOLI income increasing by **$0.8 million** and deferred compensation expense rising by **$0.7 million** in Q2 2025 compared to Q2 2024[12](index=12&type=chunk) - The effective tax rate for Q2 2025 decreased to **25.3%** from **27.8%** in Q2 2024, as tax credits and tax-exempt income formed a larger portion of pre-tax income[33](index=33&type=chunk) [Balance Sheet Analysis](index=10&type=section&id=Balance%20Sheet%20Analysis) Total assets grew **4%** to **$3.8 billion** in the first half of 2025, fueled by a **$103.3 million** increase in gross loans, with deposits also increasing by **$82.8 million** and a favorable shift towards noninterest-bearing deposits Balance Sheet Changes (H1 2025) | Metric | Change in H1 2025 | Balance at 6/30/2025 | | :--- | :--- | :--- | | **Total Assets** | +$156.0 million (+4%) | $3.8 billion | | **Gross Loans** | +$103.3 million (+4%) | $2.43 billion | | **Total Deposits** | +$82.8 million (+3%) | $2.97 billion | - Key drivers of loan growth in H1 2025 were a **$75.5 million** increase in mortgage warehouse loans and a **$34.1 million** increase in commercial real estate loans[12](index=12&type=chunk)[36](index=36&type=chunk) - Noninterest-bearing deposits as a percentage of total deposits increased to **35.8%** at June 30, 2025, up from **34.8%** at year-end 2024[40](index=40&type=chunk) - Uninsured deposits, excluding collateralized public funds, were estimated to be approximately **26%** of total deposit balances[41](index=41&type=chunk) [Asset Quality and Credit Risk](index=12&type=section&id=Asset%20Quality%20and%20Credit%20Risk) Asset quality metrics improved in the first half of 2025, with nonperforming assets decreasing and the allowance for credit losses declining due to a specific agricultural loan charge-off Asset Quality Indicators | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Nonperforming Assets** | $15.0 million | $19.7 million | | **Nonperforming Loans / Gross Loans** | 0.62% | 0.84% | | **Allowance for Credit Losses / Gross Loans** | 0.89% | 1.07% | - The decrease in nonperforming assets was mainly due to the partial charge-off of one agricultural production loan[44](index=44&type=chunk) - The allowance for credit losses on loans decreased by **$3.2 million** in H1 2025, primarily due to the **$5.3 million** charge-off of the agricultural loan which had a corresponding specific allowance in the prior quarter[45](index=45&type=chunk) - Excluding mortgage warehouse loans, which have a low allowance, the allowance for credit losses as a percentage of gross loans was **1.04%** at June 30, 2025[48](index=48&type=chunk) [Liquidity and Capital](index=12&type=section&id=Liquidity%20and%20Capital) The company maintained robust liquidity and capital, with substantial primary and secondary liquidity sources, while regulatory capital ratios remained strong despite a slight capital decrease - Total primary and secondary liquidity sources stood at **$2.31 billion** as of June 30, 2025[43](index=43&type=chunk) Key Capital Ratios (June 30, 2025) | Ratio | Value | | :--- | :--- | | **Community Bank Leverage Ratio (Bank)** | 11.75% | | **Tangible Common Equity Ratio (Consolidated)** | 8.77% | - In H1 2025, total capital decreased by **$1.6 million**, as the **$19.7 million** in net income was offset by **$18.0 million** in share repurchases and **$7.0 million** in dividends[43](index=43&type=chunk) [Financial Statements and Supplementary Data](index=15&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) [Consolidated Financial Statements](index=15&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited Consolidated Statement of Condition (Balance Sheet) and Consolidated Income Statement, providing a detailed view of the company's financial position and performance Statement of Condition (Balance Sheet) Highlights (June 30, 2025) | Category | Amount (in thousands) | | :--- | :--- | | **Total Assets** | **$3,770,302** | | Net Loans | $2,412,929 | | Total Investment Securities | $967,318 | | **Total Liabilities** | **$3,414,595** | | Total Deposits | $2,974,469 | | **Total Capital** | **$355,707** | Consolidated Income Statement Highlights (Three Months Ended June 30, 2025) | Category | Amount (in thousands) | | :--- | :--- | | Net Interest Income | $30,653 | | Credit Loss Expense (Total) | $1,200 | | Noninterest Income | $8,553 | | Noninterest Expense | $23,767 | | **Net Income** | **$10,633** | [Supplementary Financial Data](index=10&type=section&id=Supplementary%20Financial%20Data) This section contains various supplementary tables that provide deeper insights into the company's financial health, including detailed breakdowns of credit quality, loan portfolio activity, allowance for credit losses by loan category, and average balance sheet data with corresponding yields and rates Credit Quality Data (June 30, 2025) | Metric | Amount (in thousands) | | :--- | :--- | | Nonperforming loans | $14,981 | | Total nonperforming assets | $14,981 | | Quarterly net charge offs | $6,580 | | Past due loans (30-89 days) | $3,033 | Loan Rollforward (Three Months Ended June 30, 2025) | Category | Amount (in thousands) | | :--- | :--- | | Beginning Balance | $2,306,762 | | New credit extended | $48,147 | | Change in mortgage warehouse | $118,665 | | Pay-downs, maturities, etc. | ($41,556) | | **Ending Balance** | **$2,434,605** | Allowance for Credit Losses by Loan Category (June 30, 2025) | Loan Category | Balance (in thousands) | Allowance (in thousands) | Coverage Ratio | | :--- | :--- | :--- | :--- | | Commercial Real Estate | $1,392,075 | $17,083 | 1.23% | | Residential Real Estate | $371,415 | $1,694 | 0.46% | | Mortgage Warehouse | $401,896 | $451 | 0.11% | | **Total Loans** | **$2,434,609** | **$21,680** | **0.89%** | [Non-GAAP Financial Measures](index=20&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations for non-GAAP financial measures used in the report to their nearest GAAP equivalents, which management uses to assess the company's performance Reconciliation of Tangible Common Equity (June 30, 2025) | Metric | Amount (in thousands) | | :--- | :--- | | Total stockholders' equity (GAAP) | $355,707 | | Less: goodwill and other intangible assets | $27,651 | | **Tangible common equity (Non-GAAP)** | **$328,056** | Key Non-GAAP Ratios (June 30, 2025) | Ratio | Value | | :--- | :--- | | Tangible book value per common share | $23.98 | | Tangible common equity ratio | 8.77% | | Efficiency Ratio (tax-equivalent) | 59.43% |

Core Viewpoint - The article emphasizes the importance of value investing and highlights Sierra Bancorp (BSRR) as a strong candidate for value investors due to its attractive financial metrics and strong earnings outlook [2][8]. Group 1: Company Overview - Sierra Bancorp (BSRR) currently holds a Zacks Rank 2 (Buy) and has an A grade for Value, indicating it is considered a strong value stock [4]. - The stock has a Forward P/E ratio of 9.99, which is lower than the industry average of 10.59, suggesting it may be undervalued [4]. - BSRR's Forward P/E has fluctuated between 12.25 and 8.27 over the past year, with a median of 10.25 [4]. Group 2: Financial Metrics - BSRR has a P/B ratio of 1.2, which is attractive compared to the industry's average P/B of 1.30. The P/B ratio has ranged from 1.37 to 0.96 in the past year, with a median of 1.16 [5]. - The company has a P/S ratio of 2.12, slightly below the industry average of 2.18, indicating a competitive position in terms of sales valuation [6]. - BSRR's P/CF ratio stands at 9.31, which is favorable compared to the industry's average P/CF of 10.62. This ratio has varied between 11.60 and 7.39 over the past year, with a median of 9.33 [7]. Group 3: Investment Potential - The combination of BSRR's strong financial metrics and positive earnings outlook suggests that the stock is likely undervalued at present, making it an appealing option for value investors [8].

Company Overview - Sierra Bancorp (BSRR) is headquartered in Porterville and has experienced a price change of 5.95% this year [3] - The company currently pays a dividend of $0.25 per share, resulting in a dividend yield of 3.26%, which is higher than the Banks - West industry's yield of 2.86% and the S&P 500's yield of 1.55% [3] Dividend Performance - The current annualized dividend of Sierra Bancorp is $1.00, reflecting a 6.4% increase from the previous year [4] - Over the past 5 years, the company has increased its dividend 3 times year-over-year, with an average annual increase of 3.88% [4] - The current payout ratio is 35%, indicating that the company paid out 35% of its trailing 12-month earnings per share as dividends [4] Earnings Growth and Future Outlook - For the fiscal year, Sierra Bancorp expects solid earnings growth, with the Zacks Consensus Estimate for 2025 at $2.95 per share, representing a year-over-year earnings growth rate of 4.61% [5] - Future dividend growth will depend on earnings growth and the payout ratio [4] Investment Opportunity - Sierra Bancorp presents a compelling investment opportunity as it offers an attractive dividend and has a strong Zacks Rank of 1 (Strong Buy) [6]

Group 1 - Sierra Bancorp (BSRR) has returned 11.5% year-to-date, outperforming the Finance sector average return of 9.9% [4] - The Zacks Rank for Sierra Bancorp is 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] - The Zacks Consensus Estimate for BSRR's full-year earnings has increased by 2.4% over the past quarter, reflecting improving analyst sentiment [3] Group 2 - Sierra Bancorp belongs to the Banks - West industry, which includes 28 companies and is currently ranked 43 in the Zacks Industry Rank [5] - Stocks in the Banks - West industry have gained about 3% year-to-date, indicating that BSRR is performing better than its peers in this specific group [5] - Commonwealth Bank of Australia Sponsored ADR (CMWAY) is another Finance stock that has outperformed the sector with a year-to-date return of 24.2% [4][6]

Core Viewpoint - Sierra Bancorp (BSRR) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on a company's changing earnings picture, which is crucial for predicting near-term stock price movements [2][4]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling actions that affect stock prices [4]. Company Performance and Outlook - The upgrade for Sierra Bancorp indicates a positive outlook for its earnings, suggesting potential buying pressure and an increase in stock price [3][5]. - Analysts have raised their earnings estimates for Sierra Bancorp, with the Zacks Consensus Estimate increasing by 2.3% over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong track record of performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - Sierra Bancorp's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Company Overview - Sierra Bancorp is based in Porterville and operates in the Finance sector, with a year-to-date share price change of 2.97% [3] - The company currently pays a dividend of $0.25 per share, resulting in a dividend yield of 3.36%, which is higher than the Banks - West industry's yield of 3.2% and the S&P 500's yield of 1.58% [3] Dividend Performance - The current annualized dividend of Sierra Bancorp is $1, reflecting a 6.4% increase from the previous year [4] - Over the past five years, the company has increased its dividend three times, achieving an average annual increase of 3.98% [4] - The current payout ratio is 35%, indicating that the company paid out 35% of its trailing 12-month earnings per share as dividends [4] Earnings Outlook - Sierra Bancorp is expected to see earnings growth this fiscal year, with the Zacks Consensus Estimate for 2025 projected at $2.95 per share, representing a year-over-year growth rate of 4.61% [5] Investment Considerations - Sierra Bancorp is viewed as a compelling investment opportunity due to its attractive dividend and strong Zacks Rank of 2 (Buy) [7]

Core Insights - The article emphasizes the importance of value investing as a strategy to identify strong stocks, particularly through fundamental analysis and traditional valuation metrics [2][3] Group 1: Sierra Bancorp (BSRR) - Sierra Bancorp (BSRR) has a Zacks Rank of 2 (Buy) and an A for Value, indicating strong potential as a value stock [4] - BSRR's current P/E ratio is 9.59, which is lower than the industry average of 10.36, suggesting it may be undervalued [4] - The Forward P/E ratio for BSRR has fluctuated between 8.27 and 12.25 over the past year, with a median of 10.20 [4] - BSRR's P/B ratio is 1.15, compared to the industry's average P/B of 1.26, indicating solid valuation [5] - The P/B ratio for BSRR has ranged from 0.88 to 1.37 in the past year, with a median of 1.15 [5] - BSRR's P/S ratio is 2.03, slightly below the industry's average P/S of 2.16, reinforcing its value proposition [6] - The P/CF ratio for BSRR is 8.86, which is lower than the industry average of 10.33, suggesting a favorable cash flow outlook [7] - BSRR's P/CF has varied from 7.13 to 11.60 over the past year, with a median of 9.26 [7] Group 2: FS Bancorp (FSBW) - FS Bancorp (FSBW) also holds a Zacks Rank of 2 (Buy) and an A for Value, making it another attractive value stock [8] - FSBW's P/B ratio is 1.02, which is lower than the industry's average P/B of 1.26, indicating potential undervaluation [8] - Over the past 52 weeks, FSBW's P/B has fluctuated between 0.92 and 1.31, with a median of 1.08 [8] Group 3: Overall Valuation Insights - Both Sierra Bancorp and FS Bancorp exhibit strong value metrics, suggesting they are likely undervalued in the current market [9] - The strength of their earnings outlook further supports the case for these stocks as impressive value investments at this time [9]

Company Overview - Sierra Bancorp's market capitalization is $409 million as of March 5, 2025 [8] - The company repurchased 378,230 shares at an average price of $30 per share YTD in 2025 [8] - The bank has reached $3.6 billion in assets, with 35 offices [12] Financial Performance - The company's Return on Average Assets (ROAA) is 1.12% YTD [19, 28] - Net interest margin improved from 3.31% in Q4 2023 to 3.65% in Q4 2024 [28] - YTD diluted EPS increased from $2.36 in 2023 to $2.82 in 2024 [28] Balance Sheet Repositioning - A sale/leaseback in December 2023 generated a $19.1 million gain [28] - The company sold $250.5 million of low-yielding bonds at a $17.3 million loss [28] Loan Portfolio - Gross loans reached $2.331 billion as of December 31, 2024 [30, 40] - Loan growth YTD was $241.05 million, representing an 11.5% increase [40] - Mortgage warehouse lines totaled $326.4 million, representing 14% of the loan portfolio [40] Deposit Base - Noninterest-bearing deposits represent 33.57% of total deposits, amounting to $1.007 billion as of December 31, 2024 [19, 55]

Part I - Financial Information [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements and accompanying notes for the period ended March 31, 2025 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to $3.61 billion, driven by lower net loans and investments Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total cash & cash equivalents | $159,711 | $100,664 | +$59,047 | | Net loans | $2,279,613 | $2,306,604 | -$26,991 | | Total investment securities | $922,411 | $961,481 | -$39,070 | | **Total assets** | **$3,606,183** | **$3,614,271** | **-$8,088** | | Total deposits | $2,849,884 | $2,891,668 | -$41,784 | | **Total liabilities** | **$3,254,427** | **$3,256,969** | **-$2,542** | | **Total shareholders' equity** | **$351,756** | **$357,302** | **-$5,546** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Net income slightly decreased to $9.1 million due to a higher credit loss provision and lower noninterest income Q1 2025 vs. Q1 2024 Income Statement (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net interest income | $30,112 | $28,717 | +$1,395 | | Credit loss expense - loans | $1,961 | $97 | +$1,864 | | Total noninterest income | $6,642 | $8,589 | -$1,947 | | Total noninterest expense | $22,417 | $24,526 | -$2,109 | | **Net income** | **$9,101** | **$9,330** | **-$229** | | **Earnings per share diluted** | **$0.65** | **$0.64** | **+$0.01** | | Cash dividends per share | $0.25 | $0.23 | +$0.02 | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by $59.0 million, driven by strong operating and investing cash flows Cash Flow Summary for Three Months Ended March 31 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $40,625 | $6,981 | | Net cash provided by investing activities | $67,635 | $220,496 | | Net cash used in financing activities | ($49,213) | ($186,835) | | **Increase in cash and cash equivalents** | **$59,047** | **$40,642** | [Notes to Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(Unaudited)) The notes detail accounting policies, portfolio compositions, and a subsequent loan repayment event - The company operates as a single community banking segment with **total assets of $3.6 billion** and **total deposits of $2.8 billion** at March 31, 2025[21](index=21&type=chunk) - Off-balance-sheet commitments to extend credit **increased to $749.2 million** from $636.4 million at year-end 2024, mainly from unused mortgage warehouse lines[43](index=43&type=chunk) - Subsequent to quarter-end, the company received a **full payment of $6.5 million** on a nonaccrual commercial real estate loan with a carrying amount of $5.9 million[132](index=132&type=chunk) [Management's Discussion & Analysis of Financial Condition & Results of Operations](index=52&type=section&id=Item%202.%20Management's%20Discussion%20%26%20Analysis%20of%20Financial%20Condition%20%26%20Results%20of%20Operations) Management analyzes Q1 2025 performance, balance sheet changes, liquidity, market risk, and capital resources - **Q1 2025 net income was $9.1 million**, a 2% decrease from Q1 2024, driven by higher net interest income offset by a higher provision for credit losses[143](index=143&type=chunk) - **Total assets decreased by $8.1 million (0.2%)** from year-end 2024, due to decreases in gross loans and deposits[146](index=146&type=chunk)[150](index=150&type=chunk) [Earnings Performance](index=56&type=section&id=Earnings%20Performance) Performance was marked by higher net interest income and lower expenses, offset by credit provisions and noninterest income decline [Balance Sheet Analysis](index=67&type=section&id=Balance%20Sheet%20Analysis) The balance sheet saw a slight contraction with decreases in investment securities, loans, and deposits [Liquidity and Market Risk Management](index=80&type=section&id=Liquidity%20and%20Market%20Risk%20Management) The company maintains a strong liquidity position and an asset-sensitive balance sheet Primary and Secondary Liquidity Sources (in thousands) | Source | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $159,711 | $100,664 | | Unpledged investment securities | $522,332 | $552,098 | | FHLB borrowing availability | $633,368 | $629,134 | | Unsecured & Secured lines of credit | $504,785 | $504,785 | | Funds available through fed discount window | $258,130 | $298,296 | | **Total** | **$2,259,374** | **$2,327,496** | Net Interest Income Sensitivity (1-Year Horizon) | Immediate Rate Change (bps) | % Change in NII (Mar 31, 2025) | | :--- | :--- | | +400 | 8.7% | | +200 | 4.5% | | +100 | 2.4% | | -100 | (5.3)% | | -200 | (10.8)% | [Capital Resources](index=85&type=section&id=Capital%20Resources) Shareholders' equity decreased due to share repurchases, though the company remains well-capitalized - The company **repurchased 476,770 shares for $14.2 million** during Q1 2025[146](index=146&type=chunk)[257](index=257&type=chunk) Regulatory Capital Ratios | Ratio | March 31, 2025 | Minimum to be Well Capitalized | | :--- | :--- | :--- | | **Bank of the Sierra** | | | | Tier 1 Leverage Ratio | 12.11% | 9.00% | | **Sierra Bancorp** | | | | Tier 1 Leverage Ratio | 10.84% | N/A | [Quantitative & Qualitative Disclosures about Market Risk](index=87&type=section&id=Item%203.%20Quantitative%20%26%20Qualitative%20Disclosures%20about%20Market%20Risk) This section cross-references market risk disclosures found within the Management's Discussion and Analysis - Information regarding market risk is located in Part I, Item 2, under the 'Liquidity and Market Risk Management' section[264](index=264&type=chunk) [Controls and Procedures](index=87&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and procedures with no significant changes in internal controls - The CEO and CFO concluded that the Company's **disclosure controls and procedures were adequate and effective** as of the report date[265](index=265&type=chunk) - **No significant changes** occurred in the Company's internal controls over financial reporting during the first quarter of 2025[267](index=267&type=chunk) Part II - Other Information [Legal Proceedings](index=87&type=section&id=Item%201.%20-%20Legal%20Proceedings) Current legal proceedings are not expected to have a material adverse effect on the company's financial condition - Management does not believe that current legal actions will have a **material adverse effect** on the Company's financial statements[269](index=269&type=chunk) [Risk Factors](index=89&type=section&id=Item%201A.%20-%20Risk%20Factors) No material changes to risk factors were reported since the last annual report - **No material changes** from the risk factors disclosed in the Company's Form 10-K for the fiscal year ended December 31, 2024, were reported[271](index=271&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=89&type=section&id=Item%202.%20-%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its Q1 2025 share repurchase activities under its publicly announced plan Stock Repurchases - Q1 2025 | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Plan | | :--- | :--- | :--- | :--- | | Jan 2025 | 157,740 | $29.26 | 154,461 | | Feb 2025 | 183,169 | $30.79 | 183,169 | | Mar 2025 | 145,466 | $28.95 | 139,140 | | **Total** | **486,375** | | **476,770** | - As of March 31, 2025, **325,983 shares remained available for repurchase** under the 2024 Share Repurchase Plan, which expires on October 31, 2025[258](index=258&type=chunk)[273](index=273&type=chunk) [Exhibits](index=90&type=section&id=Item%206.%20-%20Exhibits) This section lists all exhibits filed with the report, including required CEO and CFO certifications - Key exhibits filed include **CEO and CFO certifications** (Exhibits 31.1, 31.2, 32) and various employment and compensation plan documents[275](index=275&type=chunk)

Group 1 - Sierra Bancorp reported quarterly earnings of $0.65 per share, missing the Zacks Consensus Estimate of $0.66 per share, and showing a slight increase from $0.64 per share a year ago, resulting in an earnings surprise of -1.52% [1] - The company posted revenues of $36.75 million for the quarter ended March 2025, which was below the Zacks Consensus Estimate by 1.33% and a decrease from $37.31 million year-over-year [2] - Sierra Bancorp shares have declined approximately 9.2% since the beginning of the year, compared to a decline of 6.1% for the S&P 500 [3] Group 2 - The earnings outlook for Sierra Bancorp is uncertain, with current consensus EPS estimates for the upcoming quarter at $0.70 on revenues of $38.15 million, and for the current fiscal year at $2.88 on revenues of $154.15 million [7] - The estimate revisions trend for Sierra Bancorp is currently unfavorable, leading to a Zacks Rank of 4 (Sell), indicating expected underperformance in the near future [6] - The Zacks Industry Rank for Banks - West is in the bottom 33% of over 250 Zacks industries, suggesting that the industry outlook may negatively impact the stock's performance [8]