SIERRA BANCORP

Listed Company

BSRRCIK 0001130144NasdaqAcceleratedState Commercial BanksCaliforniaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$42.33M

Total Assets

$3.83B

Equity

$364.86M

Shares Out

13.19M

Op. Cash Flow

$33.70M

Business

SIERRA BANCORP is a bank holding company that exists primarily to own and manage its banking subsidiary, Bank of the Sierra. It provides retail and commercial banking services, focusing on lending and deposit products including real estate, commercial, mortgage warehouse, agricultural, consumer loans, and a suite of deposit accounts and payment services. Key business units include full-service branch operations, specialized lending divisions (Commercial and Industrial, Mortgage Warehouse, Real Estate), and trust subsidiaries for capital issuance. The Company distributes services through 35+ branches, ATMs, online and mobile banking, telephone support, and ATM networks across California’s South San Joaquin Valley, Central Coast, Ventura County and neighboring communities.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	128	114	97	87	99
Taxable securities	36	49	54	26	7
Tax-exempt securities	6	7	11	9	6
Federal funds sold and other	1	3	1	519,000	370,000
Total interest income	171	172	163	122	113
Deposits	36	43	32	7	2
Federal funds purchased and repurchase agreements	2	462,000	5	1	—
Federal Home Loan Bank advances	4	4	9	1	—
Long-term debt	2	2	2	2	468,000
Subordinated debentures	3	3	3	2	979,000
Total interest expense	47	52	51	—	—
Net interest income	125	120	112	110	109
Credit loss expense - loans	6	5	4	11	−4
Credit loss (benefit) expense - unfunded commitments	—	200,000	−330,000	—	—
Credit loss (benefit) expense - debt securities held-to-maturity	—	−1,000	−47,000	63,000	—
Net interest income after credit loss expense	119	115	109	99	113
Net (loss) gain on sale of securities available-for-sale	120,000	−3	396,000	1	—
Net (loss) gain on sale of fixed assets	−52,000	4	15	−8,000	180,000
Increase in cash surrender value of life insurance	3	3	2	−996,000	3
Realized gain (loss) on available-for-sale securities	—	66,000	−15	1	11,000
Other income	4	4	4	7	3
Total noninterest income	31	32	30	31	28
Salaries and employee benefits	51	50	51	47	42
Occupancy and equipment	13	12	10	10	10
Other	29	30	32	28	31
Total noninterest expense	93	93	93	85	84
Income before taxes	56	54	46	45	57
Provision for income taxes	14	13	12	11	14
Net income	42	41	35	34	43
Earnings per share, basic (in dollars per share)	3.14	2.84	2.37	2.25	2.82
Earnings per share, diluted (in dollars per share)	3.11	2.82	2.36	2.24	2.8
Weighted average shares outstanding, basic (in shares)	13	14	15	15	15
Weighted average shares outstanding, diluted (in shares)	14	14	15	15	15

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	71	80	74	73	63
Interest-bearing deposits in banks	64	21	5	4	194
Total cash & cash equivalents	136	101	79	77	258
Available-for-sale, net of allowance for credit losses of zero	625	656	1,019	935	—
Held-to-maturity, net of allowance for credit losses of $15 and $15	291	306	320	337	—
Total investment securities	916	961	1,339	1,272	—
Gross loans	2,547	2,331	2,090	2,053	—
Deferred loan (fees) costs, net	−35,000	93,000	—	—	—
Allowance for credit losses on loans	−21	−25	−24	−23	−14
Net loans	2,525	2,307	2,067	2,030	—
Foreclosed assets	2	—	—	—	93,000
Premises and equipment, net	15	15	17	22	24
Goodwill	27	27	27	27	27
Other intangible assets, net	52,000	618,000	1	2	3
Bank-owned life insurance	69	53	52	52	54
Other assets	139	149	148	126	58
Total assets	3,829	3,614	3,730	3,609	3,371
Noninterest bearing	996	1,007	1,021	1,088	1,085
Interest-bearing	1,881	1,884	1,740	1,758	1,697
Total deposits	2,876	2,892	2,761	2,846	2,782
Repurchase agreements	131	109	107	109	107
Other borrowings	303	80	361	219	—
Long-term debt, net	49	49	49	49	49
Subordinated debentures, net	36	36	36	35	35
Allowance for credit losses on unfunded loan commitments	710,000	710,000	510,000	840,000	203,000
Other liabilities	68	91	77	45	35
Total liabilities	3,464	3,257	3,392	3,305	3,009
Commitments and contingent liabilities (Note 14)	—	—	—	—	—
Serial Preferred stock, no par value; 10,000,000 shares authorized; none issued; Common stock, no par value; 24,000,000 shares authorized; 13,273,788 and 14,223,046 shares issued and outstanding , at December 31, 2025 and 2024, respectively	103	109	110	113	113
Additional paid-in capital	5	5	5	4	4
Retained earnings	280	275	259	243	234
Accumulated other comprehensive loss	−23	−31	−36	−57	11
Total shareholders' equity	365	357	338	304	362
Total liabilities and shareholders' equity	3,829	3,614	3,730	3,609	3,371

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	42	41	35	34	43
(Gain) loss on sales of securities	−120,000	3	−396,000	−1	−11,000
Stock based compensation expense	2	2	2	1	995,000
Depreciation and amortization	2	2	2	3	3
Net (accretion) amortization on securities premiums and discounts	−720,000	1	3	—	—
Accretion of discounts for loans acquired and net deferred loan fees	−206,000	−170,000	−311,000	−279,000	−411,000
Increase in cash surrender value of life insurance policies	−3	−3	−2	996,000	−3
Amortization of core deposit intangible	600,000	800,000	900,000	1	1
Decrease (increase) in interest receivable and other assets	4	−9	−21	−29	6
(Decrease) increase in other liabilities	−23	13	32	9	2
Deferred income tax (benefit) provision	−105,000	4	−2	311,000	85,000
Decrease in equity securities	—	293,000	291,000	332,000	−3
Net amortization of partnership investment	3	2	661,000	451,000	746,000
Net cash provided by operating activities	34	57	53	34	53
Maturities and calls of debt securities available-for-sale	55	100	70	11	10
Proceeds from sales of debt securities available-for-sale	3	233	26	46	100,000
Purchases of debt securities available-for-sale	−378	−151	−197	−526	−568
Principal paydowns on debt securities available-for-sale	362	183	28	73	113
Maturities and calls of debt securities held-to-maturity	475,000	170,000	795,000	—	—
Principal paydowns on debt securities held-to-maturity	15	15	17	—	—
Purchases of FHLB stock	—	—	−2	−336,000	—
Loan (originations) and payments, net	−226	−247	−60	−76	473
Purchases of premises and equipment	−2	−1	−1	−1	−371,000
Proceeds from sales of premises and equipment	32,000	4	20	—	—
Proceeds from sales of foreclosed assets	—	3	19	10,000	950,000
Purchase of separate account life insurance	−166,000	−273,000	−125,000	−24,000	−39,000
Purchase of split dollar life insurance	−15	—	—	—	—
Liquidation of bank-owned life insurance	—	—	165,000	23,000	—
Proceeds from bank-owned life insurance death benefit	2	1	2	1	984,000
Amortization of debt issuance costs	90,000	89,000	90,000	73,000	—
Net increase in partnership investment	—	—	−7	−8	−10
Net cash (used in) provided by investing activities	−183	141	−84	−481	21
(Decrease) increase in deposits	−15	130	−85	65	157
Increase (decrease) in fed funds purchased	210	−130	5	125	−100
Increase (decrease) in short-term borrowed funds	13	−151	57	—	—
Proceeds from long-term Federal Home Loan Bank advances and other debt	—	—	80	—	—
Increase (decrease) in repurchase agreements	22	2	−2	2	68
Cash dividends paid	−14	−14	−14	−14	−13
Repurchases of common stock	−32	−16	−9	−5	−5
Stock options exercised	854,000	1	—	314,000	281,000
Net cash provided by (used in) financing activities	185	−176	32	267	113
Increase in cash and due from banks	35	22	1	−180	186
Interest	50	49	49	11	4
Income taxes	10	9	10	13	14
Real estate acquired through foreclosure	2	3	15	0	93,000
Operating right-of-use asset from branch facilities sale leaseback transaction	—	4	18	0	—
Operating lease liability from branch facilities sale leaseback transaction	—	3	14	0	—
Right-of-use assets obtained in exchange for new lease liabilities (excluding sale/leaseback)	1	849,000	3	—	—

Filings

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