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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021

Commission file number: 000-33063

SIERRA BANCORP

(Exact name of Registrant as specified in its charter)

California

33-0937517

(State of Incorporation)

(IRS Employer Identification No)

86 North Main Street, Porterville, California 93257

(Address of principal executive offices)                  (Zip Code)

(559) 782-4900

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading

Symbol(s)

    

Name of each exchange on which registered

Common Stock, no par value

BSRR

The NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes      No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

 

  

Accelerated Filer:

 

Non-accelerated Filer:

 

  

Smaller Reporting Company:

 

Emerging Growth Company:

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section7(a)(2)(B) of the Securities Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of May 1, 2021, the registrant had 15,410,763 shares of common stock outstanding, including 167,065 shares of unvested restricted stock.

Table of Contents

FORM 10-Q

Table of Contents

Page

Part I - Financial Information

1

Item 1. Financial Statements (Unaudited)

1

Consolidated Balance Sheets

1

Consolidated Statements of Income

2

Consolidated Statements of Comprehensive Income

3

Consolidated Statements of Changes In Shareholders’ Equity

4

Consolidated Statements of Cash Flows

5

Notes to Consolidated Financial Statements (Unaudited)

6

Item 2. Management’s Discussion & Analysis of Financial Condition & Results of Operations

32

Forward-Looking Statements

32

Critical Accounting Policies

32

Overview of the Results of Operations and Financial Condition

33

Earnings Performance

37

Net Interest Income and Net Interest Margin

37

Provision for Loan and Lease Losses

40

Noninterest Income and Noninterest Expense

42

Provision for Income Taxes

44

Balance Sheet Analysis

44

Earning Assets

44

Investments

44

Loan and Lease Portfolio

45

Nonperforming Assets

47

Allowance for Loan and Lease Losses

48

Off-Balance Sheet Arrangements

51

Other Assets

51

Deposits and Interest Bearing Liabilities

52

Deposits

52

Other Interest Bearing Liabilities

52

Noninterest Bearing Liabilities

53

Liquidity and Market Risk Management

53

Capital Resources

56

Item 3. Qualitative & Quantitative Disclosures about Market Risk

57

Item 4. Controls and Procedures

58

Part II - Other Information

59

Item 1. - Legal Proceedings

59

Item 1A. - Risk Factors

59

Item 2. - Unregistered Sales of Equity Securities and Use of Proceeds

59

Item 3. - Defaults upon Senior Securities

59

Item 4. - Mine Safety Disclosures

59

Item 5. - Other Information

59

Item 6. - Exhibits

60

Signatures

61

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1 – Financial Statements

SIERRA BANCORP

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

    

March 31, 2021

    

December 31, 2020

ASSETS

(unaudited)

(audited)

Cash and due from banks

$

77,845

$

67,908

Interest bearing deposits in banks

268,366

3,509

Total cash & cash equivalents

346,211

71,417

Securities available-for-sale

552,931

543,974

Loans and leases:

Gross loans and leases

2,288,468

2,463,111

Deferred loan and lease fees, net

(3,717)

(3,147)

Allowance for loan and lease losses

(18,319)

(17,738)

Net loans and leases

2,266,432

2,442,226

Foreclosed assets

945

971

Premises and equipment, net

26,795

27,505

Goodwill

27,357

27,357

Other intangible assets, net

4,038

4,307

Bank-owned life insurance

53,255

52,539

Other assets

48,073

50,446

Total assets

$

3,326,037

$

3,220,742

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits:

Noninterest bearing

$

1,020,350

$

943,664

Interest bearing

1,833,542

1,680,942

Total deposits

2,853,892

2,624,606

Repurchase agreements

51,527

39,138

Short-term borrowings

5,000

142,900

Subordinated debentures, net

35,169

35,124

Other liabilities

32,468

35,078

Total liabilities

2,978,056

2,876,846

Commitments and contingent liabilities (Note 7)

Shareholders' equity

Common stock, no par value; 24,000,000 shares authorized; 15,410,763 and 15,388,423 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively

113,453

113,384

Additional paid-in capital

3,961

3,736

Retained earnings

216,218

208,371

Accumulated other comprehensive income, net

14,349

18,405

Total shareholders' equity

347,981

343,896

Total liabilities and shareholders' equity

$

3,326,037

$

3,220,742

The accompanying notes are an integral part of these consolidated financial statements

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Table of Contents

SIERRA BANCORP

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(dollars in thousands, except per share data, unaudited)

Three months ended March 31,

    

2021

    

2020

Interest and dividend income

Loans and leases, including fees

$

26,412

$

22,112

Taxable securities

1,578

2,460

Tax-exempt securities

1,449

1,339

Federal funds sold and other

19

140

Total interest income

29,458

26,051

Interest expense

Deposits

608

1,834

Short-term borrowings

48

36

Subordinated debentures

247

394

Total interest expense

903

2,264

Net interest income

28,555

23,787

Provision for loan losses

250

1,800

Net interest income after provision for loan losses

28,305

21,987

Non-interest income

Service charges on deposits

2,767

3,183

Other income

4,063

2,923

Total noninterest income

6,830

6,106

Noninterest expense

Salaries and employee benefits

11,151

10,172

Occupancy and equipment

2,486

2,327

Other

6,634

5,319

Total noninterest expense

20,271

17,818

Income before taxes

14,864

10,275

Provision for income taxes

3,786

2,468

Net income

$

11,078

$

7,807

PER SHARE DATA

Book value

$

22.58

$

21.03

Cash dividends

$

0.21

$

0.20

Earnings per share basic

$

0.73

$

0.51

Earnings per share diluted

$

0.72

$

0.51

Average shares outstanding, basic

15,223,010

15,262,252

Average shares outstanding, diluted

15,337,710

15,340,017

Total shareholders' equity (in thousands)

$

347,981

$

319,459

Shares outstanding

15,410,763

15,190,038

Dividends paid (in thousands)

$

3,231

$

3,059

The accompanying notes are an integral part of these consolidated financial statements.

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SIERRA BANCORP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(dollars in thousands, unaudited)

Three months ended March 31,

    

2021

    

2020

Net income

$

11,078

$

7,807

Other comprehensive (loss) income, before tax:

Unrealized gains on securities:

Unrealized holding (loss) gain arising during period

(5,759)

10,902

Other comprehensive (loss) income, before tax

(5,759)

10,902

Income tax benefit (expense) related to items of other comprehensive (loss) income, net of tax

1,703

(3,224)

Other comprehensive (loss) income

(4,056)

7,678

Comprehensive income

$

7,022

$

15,485

The accompanying notes are an integral part of these consolidated financial statements.

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SIERRA BANCORP

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(dollars in thousands, except per share data, unaudited)

Accumulated 

Additional

Other

Common Stock

 Paid In

Retained

Comprehensive

Shareholders'

    

Shares

    

Amount

    

Capital

    

 Earnings

    

Income

    

 Equity

Balance, December 31, 2019

15,285,118

$

113,179

$

3,307

$

186,867

$

5,932

$

309,285

Net income

7,807

7,807

Other comprehensive income, net of tax

7,678

7,678

Exercise of stock options

16,970

250

(69)

181

Stock based compensation expense

129

129

Stock repurchase

(112,050)

(829)

(1,733)

(2,562)

Cash dividends - $0.20 per share

(3,059)

(3,059)

Balance, March 31, 2020

15,190,038

$

112,600

$

3,367

$

189,882

$

13,610

$

319,459

Balance, December 31, 2020

15,388,423

$

113,384

$

3,736

$

208,371

$

18,405

$

343,896

Net income

11,078

11,078

Other comprehensive loss, net of tax

(4,056)

(4,056)

Exercise of stock options

4,160

69

(15)

54

Stock based compensation expense

18,180

240

240

Cash dividends - $0.21 per share

(3,231)

(3,231)

Balance, March 31, 2021

15,410,763

$

113,453

$

3,961

$

216,218

$

14,349

$

347,981

The accompanying notes are an integral part of these consolidated financial statements.

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SIERRA BANCORP

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(dollars in thousands, unaudited)

Three months ended March 31,

    

2021

    

2020

Cash flows from operating activities:

Net income

$

11,078

$

7,807

Loss on disposal of fixed assets

4

(Gain) loss on sale on foreclosed assets

(15)

2

Writedowns on foreclosed assets

98

Stock based compensation expense

240

129

Provision for loan losses

250