Financial Performance - Consolidated net income for Q3 2024 was $10.6 million, or $0.74 per diluted share, a 3% increase from Q2 2024 [2]. - Year-to-date net income for the first nine months of 2024 reached $30.2 million, up 6% from $28.6 million in the same period of 2023 [7]. - Net income for the three months ended September 30, 2024, was $10,603,000, an increase from $10,263,000 for the previous quarter and $9,885,000 for the same period last year [42]. - Basic earnings per share for the three months ended September 30, 2024, was $0.75, up from $0.72 in the previous quarter and $0.68 a year ago [43]. Income and Revenue - Net interest income for Q3 2024 increased by $2.7 million, or 10%, compared to Q3 2023, totaling $30.8 million [16]. - Noninterest income increased by $1.7 million, or 7%, driven by higher service charges on deposit accounts [11]. - Total noninterest income for the nine months ended September 30, 2024, was $24,009,000, compared to $22,355,000 for the same period last year, reflecting a growth of approximately 7.4% [42]. - Total noninterest income increased by $1.7 million, or 7%, for the year-to-date period ended September 30, 2024, compared to the same period in 2023 [23]. Loans and Deposits - Total loans grew by $86.1 million, or 15% annualized, during Q3 2024, reaching $2.3 billion [4]. - Total deposits increased by $19.7 million, or 3% annualized, during Q3 2024, totaling $3.0 billion [4]. - Deposit balances grew by $200.9 million, or 7%, during the first nine months of 2024, with wholesale brokered deposits increasing by $175.0 million, or 130% [31]. - Gross loans to deposits ratio increased to 78.34% as of September 30, 2024, from 75.94% in the previous quarter, indicating a stronger loan growth relative to deposits [41]. Asset Management - Total assets decreased by $33.6 million, or 1%, during the first nine months of 2024, primarily due to a $323.9 million decrease in investment securities [29]. - Total assets amounted to $3,696,154 as of September 30, 2024, a slight increase from $3,681,202 at June 30, 2024 [39]. - Total assets for Sierra Bancorp as of September 30, 2024, were $3,621,959,000, a decrease from $3,713,882,000 in the previous year [48]. Credit Quality - Nonperforming loans to total gross loans ratio was 0.45%, with total classified loans down $6.4 million year-to-date [3]. - The provision for credit losses was $2.4 million, an increase of $2.2 million primarily due to higher net charge-offs [11]. - Nonperforming loans increased to $10,348,000 as of September 30, 2024, compared to $6,473,000 in the previous quarter and $781,000 a year ago, indicating a significant rise in credit quality concerns [40]. - The allowance for credit losses on loans and leases was $22.7 million at September 30, 2024, down from $23.5 million at December 31, 2023, reflecting a reduction in specific reserves [35]. Capital and Liquidity - Total capital increased by $20.6 million, or 6%, to $358.7 million as of September 30, 2024, driven by $30.2 million in net income and a $7.4 million favorable swing in accumulated other comprehensive income [34]. - The company maintains a strong liquidity position with cash and cash equivalents of $132,797 as of September 30, 2024, up from $78,602 at December 31, 2023 [39]. - The Community Bank Leverage Ratio increased to 11.70% as of September 30, 2024 [5]. - The effective tax rate was 26.4% of pre-tax income in Q3 2024, up from 25.8% in Q3 2023 [28]. Efficiency and Ratios - The efficiency ratio (tax-equivalent) improved to 58.38% for the three months ended September 30, 2024, compared to 59.15% in the previous quarter [44]. - Shareholders' equity to total assets ratio improved to 9.70% as of September 30, 2024, compared to 9.51% in the previous quarter [41]. - The equity ratio (GAAP) improved to 9.70% as of September 30, 2024, compared to 9.51% in June 2024 and 8.26% in September 2023 [45]. Future Outlook - The company anticipates continued growth in interest-earning assets and a stable net interest margin moving forward [49]. - The company continues to face risks related to economic conditions, regulatory changes, and operational challenges as outlined in its forward-looking statements [38]. - The company was recognized as one of the strongest community banks in the country, receiving a 5-star rating from Bauer Financial in 2024 [37].

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Sierra Bancorp (BSRR) . This company, which is in the Zacks Banks - West industry, shows potential for another earnings beat. This parent company of Bank of the Sierra has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the pas ...

It seems to be a wise idea to add the Sierra Bancorp (BSRR) stock to your portfolio now. Supported by decent loan growth and higher interest rates, the company is well-poised for top-line improvement. Also, its robust balance sheet helps sustain efficient capital distribution activities. Analysts seem optimistic regarding BSRR's earnings growth potential. Over the past 60 days, the Zacks Consensus Estimate for its 2024 earnings has been revised 12.7% upward. Thus, the company currently sports a Zacks Rank # ...

Financial Performance - Net income for Q2 2024 was $10.3 million, a 3% increase from Q2 2023, with diluted earnings per share rising to $0.71 from $0.67[125] - Noninterest income increased by $1.6 million, or 11%, mainly from service charges on deposit accounts[129] - Total noninterest income decreased by $0.4 million, or 5%, for Q2 2024 compared to Q2 2023, but increased by $1.6 million, or 11%, year-to-date[164] - The company reported a net gain of $3.8 million on the sale/leaseback of bank-owned branch locations year-to-date[164] Interest Income and Margin - Net interest income increased by $1.9 million, or 7%, driven by a 30 basis points increase in net interest margin[126] - The net interest margin improved to 3.69% for Q2 2024, up 30 basis points from Q2 2023[140] - The company's net interest income for the three months ended June 30, 2024 was $30,170 thousand, reflecting a net interest margin of 3.69%[144] - Total interest-earning assets amounted to $3,332,615 thousand, generating interest income of $43,495 thousand with an average yield of 5.30% for the three months ended June 30, 2024[144] - The average yield on interest-earning due from banks increased to 5.57%, compared to 4.42% in the previous year[148] Loans and Credit Quality - Gross loans increased by $144.5 million, or 7%, with significant growth in mortgage warehouse loans[130] - The provision for credit losses on loans was $1.0 million, an increase of $0.7 million due to higher net charge-offs[128] - The company experienced a $2.9 million net charge-off in the first six months of 2024, compared to only $0.4 million in the same period for 2023[160] - The balance of nonperforming loans at June 30, 2024, primarily consisted of one nonperforming dairy loan classified as farmland, contributing to a decrease in total nonperforming assets by $1.5 million or 19%[191] - Total nonperforming loans decreased to $6.473 million at June 30, 2024, from $7.985 million at December 31, 2023, with a nonperforming loans ratio of 0.29%[193] Assets and Investments - Total assets decreased by $48.6 million, or 1.0%, to $3.7 billion as of June 30, 2024[130] - Investment securities decreased by $309.6 million, or 23.0%, primarily due to strategic securities transactions[130] - The investment portfolio totaled $1.0 billion, or 28% of total assets, at June 30, 2024, down from $1.3 billion, or 36%, at December 31, 2023[174] - Total available for sale securities decreased to $716.8 million, representing 69.61% of total securities as of June 30, 2024, down from $1,019.2 million or 76.10% as of December 31, 2023[177] Deposits and Funding - Deposits increased by $181.2 million, or 7%, primarily from brokered deposits[131] - Brokered deposits surged by $211.6 million, or 157%, during the first half of 2024, primarily to fund increased usage on mortgage warehouse lines[203] - Total deposits increased by $181.2 million, or 7%, to $2.9 billion as of June 30, 2024, compared to December 31, 2023[203] - Noninterest-bearing demand deposits decreased to 33.5% of total deposits at June 30, 2024, down from 36.98% at December 31, 2023[203] Capital and Equity - Total capital increased by $11.9 million, or 4%, to $350.0 million as of June 30, 2024[132] - Total shareholders' equity increased to $350.0 million at June 30, 2024, up from $338.1 million at the end of 2023, driven by net income of $19.6 million[217] - The Tier 1 Capital to Adjusted Average Assets (Leverage Ratio) was 11.60% as of June 30, 2024, compared to 11.29% at the end of 2023, exceeding the required minimum of 9.00%[219] Expenses and Efficiency - Total noninterest expense declined by $0.3 million, or 1%, in Q2 2024 compared to Q2 2023, but increased by $1.3 million, or 3%, year-to-date[167] - Salaries and employee benefits were $12.03 million in Q2 2024, a decrease of $0.1 million, or 1%, compared to Q2 2023[167] - Occupancy expenses increased by $0.7 million in Q2 2024 compared to Q2 2023, attributed to increased rent expenses from sale/leaseback transactions[168] Risk Management and Provisions - The allowance for credit losses on loans was $21.6 million at June 30, 2024, down from $23.5 million at December 31, 2023, representing 0.97% of total loans[193] - The allowance for credit losses on AFS investment securities is maintained at a level considered adequate to measure expected losses, with no unrealized losses attributed to credit deterioration[176] - Management believes that current legal actions are not likely to result in a material adverse effect on the company's financial statements[223] Liquidity - Total primary and secondary liquidity sources amounted to $2.5 billion, representing 86% of total deposits as of June 30, 2024[211] - The Company’s primary liquidity ratio was 23.45% at June 30, 2024, exceeding the internal policy guideline of "greater than 15%"[211] - The Company has sufficient liquidity resources to meet current and anticipated short-term needs, with a cash balance of $15.8 million at the holding company level[211]

Current-Quarter Estimate Revisions In terms of estimate revisions, the trend for the current year also appears quite encouraging for Sierra Bancorp. Over the past month, two estimates have moved higher compared to no negative revisions, helping the consensus estimate increase 5.41%. Sierra Bancorp shares have added 43.5% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earning ...

For the quarter ended June 2024, Sierra Bancorp (BSRR) reported revenue of $37.8 million, up 4.1% over the same period last year. EPS came in at $0.71, compared to $0.67 in the year-ago quarter. The reported revenue represents a surprise of +4.13% over the Zacks Consensus Estimate of $36.3 million. With the consensus EPS estimate being $0.61, the EPS surprise was +16.39%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street e ...

This quarterly report represents an earnings surprise of 16.39%. A quarter ago, it was expected that this parent company of Bank of the Sierra would post earnings of $0.56 per share when it actually produced earnings of $0.64, delivering a surprise of 14.29%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Sierra Bancorp shares have added about 17.3% since th ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Highlights for the second quarter of 2024: ● Improved Earnings o Diluted Earnings per Share increased 11%, or $0.07, from the prior linked quarter. o Increased Return on Average Assets to 1.14%, from 1.06%, in the prior linked quarter. o Higher Return on Average Equity of 11.95%, compared to 11.09%, in the prior linked quarter. o Improved net interest income by $1.5 million, or 5%, as compared to the prior linked quarter. o Net interest margin grew by 7 basis points from t ...

Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. Bottom Line Sierra Bancorp appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. The market expects Sierra Banco ...

Sierra Bancorp (BSRR) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. Individu ...