$BSRR

SIERRA BANCORP

CIK:0001130144|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income
Loans, including fees	$ 31,184	$ 31,634	$ 62,553	$ 61,783
Taxable securities	7,965	9,295	15,957	18,435
Tax-exempt securities	1,678	1,577	3,302	3,153
Federal funds sold and other	112	211	323	799
Total interest income	40,939	42,717	82,135	84,170
Interest expense
Deposits	7,861	9,326	16,184	18,697
Federal funds purchased and repurchase agreements	1,250	596	1,727	667
Federal Home Loan Bank advances	389	1,057	1,155	1,873
Long-term debt	430	430	861	860
Subordinated debentures	597	655	1,188	1,308
Total interest expense	10,527	12,064	21,115	23,405
Net interest income	30,412	30,653	61,020	60,765
Credit loss expense - loans	2,283	1,210	2,360	3,171
Credit loss (benefit) expense - unfunded commitments	(90)	(10)	(140)	100
Credit loss (benefit) - debt securities held-to-maturity			(1)
Net interest income after credit loss expense	28,219	29,453	58,801	57,494
Noninterest income
Service charges and fees on deposit accounts	5,987	5,855	11,660	11,436
Net gain on sale of securities available-for-sale		1		124
Net gain (loss) on sale of fixed assets		(19)	360	(22)
Increase in cash surrender value of life insurance	416	343	835	581
Earnings on separate account life insurance	1,386	973	1,006	470
Other income	781	1,400	2,678	2,606
Total noninterest income	8,570	8,553	16,539	15,195
Noninterest expense
Salaries and benefits	12,548	12,544	25,247	25,547
Occupancy and equipment	3,204	3,142	6,289	6,120
Other	7,758	8,081	13,798	14,517
Total noninterest expense	23,510	23,767	45,334	46,184
Income before taxes	13,279	14,239	30,006	26,505
Provision for income taxes	3,360	3,606	7,567	6,771
Net income	$ 9,919	$ 10,633	$ 22,439	$ 19,734
PER SHARE DATA
Earnings per share basic (in dollars per share)	$ 0.77	$ 0.78	$ 1.74	$ 1.44
Earnings per share diluted (in dollars per share)	$ 0.77	$ 0.78	$ 1.72	$ 1.43
Average shares outstanding, basic (in shares)	12,848,133	13,563,910	12,917,542	13,692,003
Average shares outstanding, diluted (in shares)	12,959,127	13,637,252	13,027,893	13,777,006

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 22,439	$ 19,734
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of securities		(124)
(Gain) loss on disposal of fixed assets	(360)	22
Stock based compensation expense	985	1,041
Provision for credit losses on loans	2,360	3,171
(Benefit) provision for credit losses on held-to-maturity securities	(1)
(Benefit) provision for credit losses on unfunded commitments	(140)	100
Depreciation and amortization	981	1,050
Net accretion on securities premiums and discounts	(754)	(153)
Net accretion of premiums/discounts for loans acquired	(7)	(149)
(Increase) decrease in cash surrender value of life insurance policies	(1,841)	(1,051)
Amortization of core deposit intangible	52	324
Increase in interest receivable and other assets	(234)	(2,689)
Decrease in other liabilities	(8,893)	(17,587)
Deferred income tax benefit (provision)	1,361	(338)
Increase in value of restricted bank equity securities	(602)
Excise tax on stock repurchases	(281)	(111)
Amortization of debt issuance costs	45	45
Net amortization of variable interest entities	1,437	1,480
Net cash provided by operating activities	16,547	4,765
Cash flows from investing activities:
Maturities and calls of debt securities available-for-sale	23,264	11,000
Purchases of debt securities available-for-sale	(45,665)	(247,255)
Principal paydowns on debt securities available-for-sale	34,879	226,894
Maturities and calls of debt securities held-to-maturity	840
Principal paydowns on debt securities held-to-maturity	7,422	7,487
Net purchases of FHLB stock	(324)
Loan (originations) and payments, net	90,552	(109,347)
Purchases of premises and equipment	(129)	(836)
Proceeds from sale of premises and equipment	518
Proceeds from sales of foreclosed assets	1,565
Purchase of bank-owned life insurance	(47)	(127)
Purchase of split dollar life insurance		(15,000)
Liquidation of bank-owned life insurance	182
Capital contributions to partnership investments	(1,558)
Proceeds from BOLI death benefit	909	1,645
Net cash provided by (used in) investing activities	112,408	(125,539)
Cash flows from financing activities:
Increase in deposits	54,555	82,801
(Decrease) increase in Fed funds purchased	(90,000)	40,000
Decrease (increase) in short-term Federal Home Loan Bank advances	(12,700)	34,400
Repayments on Federal Home Loan Bank advances and other debt	(45,000)
(Decrease) increase in customer repurchase agreements	(8,489)	17,649
Cash dividends paid	(6,832)	(6,963)
Repurchase of common stock, net	(14,908)	(18,276)
Stock options exercised	1,486	511
Net cash (used in) provided by financing activities	(121,888)	150,122
Increase in cash and cash equivalents	7,067	29,348
Cash and cash equivalents, Beginning of period	135,628	100,664
Cash and cash equivalents, End of period	142,695	130,012
Supplemental disclosure of cash flow information:
Interest paid	24,332	26,210
Income taxes paid	6,730	8,483
Supplemental schedule of noncash investing and financing activities:
Loans provided for sales of real estate owned	1,000
Right-of-use assets obtained in exchange for new lease liabilities	$ 573	$ 180

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 107,583	$ 71,414
Interest-bearing deposits in banks	35,112	64,214
Total cash & cash equivalents	142,695	135,628
Available-for-sale, net of zero allowance for credit losses	611,822	625,330
Held-to-maturity, net of allowance for credit losses of $14 and $15	282,880	290,811
Total investment securities	894,702	916,141
Loans, net:
Gross loans	2,456,206	2,546,880
Deferred loan costs, net	(146)	(35)
Allowance for credit losses	(23,600)	(21,480)
Net loans	2,432,460	2,525,365
Foreclosed assets		1,565
Premises and equipment, net	14,053	14,974
Goodwill	27,357	27,357
Other intangible assets, net		52
Bank-owned life insurance	70,080	69,283
Other assets	139,264	138,914
Total assets	3,720,611	3,829,279
Deposits:
Noninterest-bearing	1,026,320	995,623
Interest-bearing	1,904,671	1,880,813
Total deposits	2,930,991	2,876,436
Repurchase agreements	122,364	130,853
Other borrowings	155,000	302,700
Long-term debt	49,528	49,483
Subordinated debentures	36,106	36,017
Allowance for credit losses on unfunded loan commitments	570	710
Other liabilities	59,155	68,217
Total liabilities	3,353,714	3,464,416
Commitments and contingent liabilities (Note 7)
Shareholders' equity
Common stock, no par value; 24,000,000 shares authorized; 12,963,397 and 13,273,788 shares issued and outstanding at June 30, 2026, and December 31, 2025, respectively	102,604	103,394
Additional paid-in capital	4,583	4,642
Retained earnings	283,908	280,001
Accumulated other comprehensive loss, net	(24,198)	(23,174)
Total shareholders' equity	366,897	364,863
Total liabilities and shareholders' equity	$ 3,720,611	$ 3,829,279