Financial Performance - Net income for Q3 2024 was $10.6 million, or $0.74 per diluted share, compared to $0.68 per diluted share in Q3 2023, reflecting a 7% increase in net income [142]. - Noninterest income rose by $1.7 million, or 7%, driven by higher service charges and transaction-based fees [148]. - Total noninterest income for Q3 2024 was $7.789 million, unchanged from Q3 2023, but increased by $1.7 million, or 7%, year-to-date compared to the same period in 2023 [188]. - The effective tax rate for Q3 2024 was 26.4%, compared to 25.8% in Q3 2023, and 26.8% for the first nine months of 2024, compared to 25.3% for the same period in 2023 [197]. - The company recorded a $3.9 million favorable variance in the first nine months of 2024, with a $9.4 million increase in loan balances [177]. Interest Income and Margin - Net interest income increased by $2.7 million, or 10%, to $30.8 million in Q3 2024, driven by a 36 basis point increase in net interest margin [155]. - The net interest margin improved to 3.66% in Q3 2024, up 36 basis points from Q3 2023 [163]. - The net interest margin increased by 27 basis points, driven by a 45 basis point rise in yield on interest-earning assets, partially offset by a 28 basis point increase in interest rates on interest-bearing liabilities [164]. - Total interest-earning assets amounted to $3,389,516 with a yield of 5.31% for the three months ended September 30, 2024, compared to 4.94% for the same period in 2023 [169]. - The company's net interest margin for Q3 2024 was 3.66%, compared to 3.30% in Q3 2023 [176]. Loans and Credit Quality - Gross loans increased by $230.6 million, with significant growth in mortgage warehouse lines and commercial loans, partially offset by a decrease in residential real estate loans [150]. - The provision for credit losses on loans was $1.2 million for Q3 2024, up from $0.1 million in Q3 2023 [182]. - Total nonperforming assets increased by $2.4 million to $10.3 million for the first nine months of 2024, with nonperforming loans as a percentage of total gross loans rising to 0.45% from 0.38% at December 31, 2023 [220]. - The allowance for credit losses on loans was $22.7 million at September 30, 2024, down from $23.5 million at December 31, 2023, representing 0.98% of gross loans [226]. - The largest increase in loan balances was from mortgage warehouse lines, which have the lowest reserve rate in the allowance for credit losses at 0.14% [226]. Assets and Liabilities - Total assets decreased by $33.6 million, or 1.0%, to $3.7 billion as of September 30, 2024, compared to December 31, 2023 [149]. - Total interest-bearing deposits reached $1,945,047 with an average rate of 2.45% for the three months ended September 30, 2024, compared to 1.91% in the same period of 2023 [169]. - Total assets as of September 30, 2024, were $3,621,959, a decrease from $3,713,882 in the previous year [171]. - The company reported a decrease in non-earning assets to $288,975 from $275,883 year-over-year [168]. - Total non-deposit interest-bearing liabilities decreased by $262.1 million due to a balance sheet restructure [243]. Deposits - Deposits totaled $3.0 billion, representing a year-to-date increase of $200.9 million, or 7%, primarily from brokered deposits [151]. - Core non-maturity deposits rose by $31.0 million, or 6%, while customer time deposits decreased by $5.0 million, or 1% [238]. - Wholesale brokered deposits surged by $175.0 million, or 130%, during the first nine months of 2024 [238]. - Overall uninsured deposits were approximately $816.2 million, or 28% of total deposit balances [239]. - The Company's loan-to-deposit ratio was 78% at September 30, 2024, compared to 76% at December 31, 2023 [248]. Capital and Shareholder Equity - Total capital increased by $20.6 million, or 6%, to $358.7 million, supported by net income and changes in accumulated other comprehensive income [153]. - As of September 30, 2024, total shareholders' equity increased to $358.7 million from $338.1 million at the end of 2023, driven by net income of $30.2 million and offset by $10.2 million in dividends and $8.3 million in share repurchases [259]. - The company approved a new share repurchase program in October 2023, authorizing the repurchase of 1,000,000 shares, with 406,809 shares repurchased in the first nine months of 2024 [259]. - The company's Tier 1 Capital to Adjusted Average Assets ratio was 11.70% as of September 30, 2024, compared to 11.29% at the end of 2023, exceeding the minimum requirement of 9.00% [261]. - The company has opted into the community bank leverage ratio framework, maintaining a leverage ratio greater than 9% to meet capital requirements [263]. Risk Management and Sensitivity - For an immediate upward adjustment of 100 basis points in interest rates, net interest income is projected to increase by $3.4 million, or 2.5%, over the next 12 months [256]. - A downward adjustment of 100 basis points in interest rates would result in a decrease of $7.0 million, or 5.2%, in net interest income over the same period [256]. - The company models various interest rate scenarios, indicating less sensitivity to expected changes due to the current inverted rate curve [258]. - The company runs stress scenarios for the unconsolidated bank, focusing on the potential runoff of low-cost deposits which significantly impacts net interest income [258]. - The company experienced a favorable swing of $7.4 million in other comprehensive income due to changes in investment securities' fair value during the first nine months of 2024 [259].

Core Insights - Sierra Bancorp reported revenue of $38.58 million for Q3 2024, a year-over-year increase of 7.6% and a surprise of +0.73% over the Zacks Consensus Estimate of $38.3 million [1] - The EPS for the quarter was $0.74, compared to $0.68 a year ago, with an EPS surprise of +1.37% against the consensus estimate of $0.73 [1] Financial Performance Metrics - Net Interest Margin stood at 3.7%, matching the average estimate from three analysts [1] - Efficiency ratio (tax-equivalent) was 58.4%, slightly better than the average estimate of 59.2% [1] - Total Non-performing loans were reported at $10.35 million, exceeding the average estimate of $6.99 million from two analysts [1] - Net Charge-Offs as a percentage of Average Loans was 0%, better than the estimated 0.2% [1] - Average Interest-Earning Assets totaled $3.39 billion, aligning with the average estimate from two analysts [1] - Total Nonperforming Assets were also $10.35 million, above the average estimate of $6.99 million [1] - Total non-interest income reached $7.79 million, slightly above the average estimate of $7.69 million [1] - Net Interest Income was reported at $30.79 million, compared to the average estimate of $30.96 million [1] Stock Performance - Shares of Sierra Bancorp have returned -8.7% over the past month, contrasting with the Zacks S&P 500 composite's +2.8% change [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [2]

Sierra Bancorp (BSRR) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.68 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.37%. A quarter ago, it was expected that this parent company of Bank of the Sierra would post earnings of $0.61 per share when it actually produced earnings of $0.71, delivering a surprise of 16.39%.Over the last ...

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]

Core Viewpoint - Sierra Bancorp is experiencing positive estimate revisions, indicating strong earnings growth potential, which has led to a significant increase in its stock price over the past month [2][3][4]. Current-Quarter Estimate Revisions - Over the past month, two earnings estimates for Sierra Bancorp have been revised upward, with no negative revisions, resulting in a 5.41% increase in the consensus estimate [2]. - The company is projected to earn $0.73 per share for the current quarter, reflecting a year-over-year increase of 7.35% [7]. - The Zacks Consensus Estimate for the current quarter has risen by 18.15% due to three upward revisions and no negative changes [7]. Current-Year Estimate Revisions - For the full year, the earnings estimate stands at $2.58 per share, which is a 9.32% increase compared to the previous year [8]. Favorable Zacks Rank - Sierra Bancorp has achieved a Zacks Rank of 1 (Strong Buy) due to the favorable estimate revisions, which is a strong indicator for potential stock performance [9]. - Historical data shows that stocks with a Zacks Rank of 1 and 2 significantly outperform the S&P 500 [9]. Stock Performance - Sierra Bancorp shares have increased by 43.5% over the past four weeks, suggesting investor confidence in the company's earnings growth prospects [3][4].

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 ...