Sierra Bancorp (BSRR) came out with quarterly earnings of $0.43 per share, missing the Zacks Consensus Estimate of $0.70 per share. This compares to earnings of $0.47 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -38.57%. A quarter ago, it was expected that this parent company of Bank of the Sierra would post earnings of $0.69 per share when it actually produced earnings of $0.68, delivering a surprise of -1.45%.Over the las ...

PORTERVILLE, Calif.--(BUSINESS WIRE)--Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced a strategic securities transaction (“securities strategy”) and unaudited financial results for the three-and twelve-month periods ended December 31, 2023. Sierra Bancorp reported consolidated net income in the fourth quarter of 2023 of $6.3 million, or $0.43 per diluted share, compared to net income of $7.1 million, or $0.47 per diluted share, in the fourth quarter of 2022. For the year ende ...

Sierra Bancorp (BSRR) is expected to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock ...

PORTERVILLE, Calif.--(BUSINESS WIRE)--Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.23 per share. The dividend was approved subsequent to the Board’s review of the Company’s financial performance and capital for the quarter ended December 31, 2023, and will be paid on February 12, 2024, to shareholders of record as of January 31, 2024. Counting dividends paid by Bank of the Sierra prior to the formation ...

Table of Contents SIERRA BANCORP CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (dollars in thousands, except per share data, unaudited) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------|------------------------------|--------------------------------|-------|------------------------------------------|-------------------------------------| ...

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Capital Adequacy and Regulatory Compliance - The Company and the Bank met all capital adequacy requirements as of December 31, 2022, utilizing the Capital Simplification for Qualifying Community Bank Organization[19] - The Company and the Bank qualified as "well capitalized" for regulatory capital purposes as of December 31, 2022[374] - The final rules established a minimum Common Equity Tier 1 capital ratio of 4.5%, with a conservation buffer raising it to 7.0% effective January 1, 2019[372] - The Company is subject to federal regulations that impose capital adequacy requirements, including a minimum Total RBC Ratio of 10% for "well capitalized" institutions[373] Loan Portfolio and Credit Losses - At December 31, 2022, 91.4% of the loan portfolio consisted of real estate loans, with commercial buildings representing approximately 64.7% of all real estate loans[38] - The Company recorded a $10.4 million increase in the allowance for credit losses as of January 1, 2022, due to the adoption of ASU 2016-13[43] - The Company has exposure via loans outstanding to borrowers involved in servicing oil companies totaling $5.3 million as of December 31, 2022[34] - The company's gross loan and lease portfolio was $2.1 billion with an allowance for credit losses of $23.1 million as of December 31, 2022[290] - The allowance for credit losses on loans and leases was $23,060 million in 2022, up from $14,256 million in 2021, representing a significant increase of 62.5%[317] - Provision for credit losses on loans and leases was $10,898,000 in 2022, compared to a benefit of $(3,650,000) in 2021[319] Deposits and Funding - The Bank estimates it had uninsured deposits of $919 million as of December 31, 2022, which may adversely affect funding costs and net income[36] - The Company has a total of $105.9 million in commercial loans and leases, accounting for 5.2% of total loans as of December 31, 2022[41] - Noninterest bearing demand deposit balances increased by $3.7 million, while NOW and interest-bearing demand accounts decreased by $103.0 million, or 14%, in 2022[259] - Total deposits rose to $2,846,164 million in 2022, up from $2,781,572 million in 2021, indicating an increase of about 2.3%[317] - As of December 31, 2022, the total deposits remained unchanged at $2.8 billion compared to December 31, 2021[362] Financial Performance - Net income decreased to $33,659,000 in 2022 from $43,012,000 in 2021, representing a decline of 21.6%[339] - Basic earnings per share for 2022 was $2.25, down from $2.82 in 2021, a decrease of 20.2%[339] - Total interest income for 2022 was $121,819,000, an increase of 7.4% from $113,076,000 in 2021[319] - Noninterest income increased to $30,770,000 in 2022, up from $28,079,000 in 2021, reflecting a growth of 9.6%[339] - Total noninterest expense rose to $84,803,000 in 2022, compared to $83,556,000 in 2021, an increase of 1.5%[339] - Total comprehensive loss income for 2022 was $(34,084,000), compared to a comprehensive income of $35,774,000 in 2021[339] Assets and Liabilities - The company's total assets reached $3,608,590 million in 2022, compared to $3,371,014 million in 2021, marking a growth of approximately 7.0%[317] - The company's total liabilities increased to $3,305,008 million in 2022 from $3,008,520 million in 2021, reflecting a rise of about 9.8%[317] - Shareholders' equity decreased to $303,582 million in 2022 from $362,494 million in 2021, a decline of approximately 16.2%[317] - The balance of shareholders' equity as of December 31, 2022, was $303,582,000[341] Market Position and Competition - The Company ranks second in deposit market share in Tulare County with 18.8% as of June 30, 2022[355] - The Company has experienced significant competition in the banking sector, which may limit its ability to attract and retain customers[35] - The Company has conducted four whole-bank acquisitions since its inception, with the most recent being Ojai Community Bank in October 2017[28] Employee and Community Engagement - The Company increased its minimum wage to $20 per hour on January 1, 2022, to attract and retain skilled employees[389] - The Company actively participates in community events to foster employee integration and well-being, enhancing its corporate values[366] - The Company employs 442 full-time and 46 part-time employees, with a full-time equivalent staffing of 491 as of December 31, 2022[388] Liquidity Management - The primary liquidity ratio was 40% and the net loans to deposits ratio was 72% as of December 31, 2022, exceeding internal policy guidelines of greater than 15% and less than 95% respectively[272] - The company can raise immediate cash for temporary needs by selling unpledged investments or drawing down excess cash in correspondent bank deposit accounts[271] - The company’s liquidity management includes monthly cash flow projections and stress scenarios to ensure adequate liquidity resources[270] Investment Portfolio - As of December 31, 2022, the company's investment portfolio comprised approximately 66% in floating rate or held to maturity securities[269] - The company reported a net investment in held-to-maturity securities of $336,881 million in 2022, with a fair value of $328,011 million[317] - The company is managing potential unrealized losses in its securities portfolio by moving certain securities from available for sale to held to maturity[404]

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