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INVESTOR RELATIONS

Financial Highlights

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD

Cash flows from operating activities

Net income 18,067 17,567 19,539 29,677

Adjustments to reconcile net income to net cash provided by operating activities

Gain on sales of securities (666) (223) (500) (2)
Gain on sale of loans (6) (2) (3) 0
Loss on disposal of fixed assets 62 2 136 16
Gain on sale of foreclosed assets (259) (130) (56) (1,423)
Writedown of foreclosed assets 221 450 95 439
Share-based compensation expense 35 188 476 373
Provision (benefit) for loan losses 0 0 (1,140) 4,350
Depreciation and amortization 2,272 2,584 3,030 3,174
Net amortization on securities premiums and discounts 6,932 7,130 6,749 5,452
Accretion of discounts for loans acquired and net deferred loan fees (277) (1,030) (1,384) (1,647)
Increase in cash surrender value of life insurance policies (1,151) (945) (1,640) (591)
Loss from sales of loans 323 NA NA NA
Originations of loans held for sale (317) NA NA NA
Amortization of core deposit intangible 134 272 508 1,020
Decrease (increase) in interest receivable and other assets 1,085 (3,442) 10,402 (6,106)
(Decrease) increase in other liabilities 758 (621) 4,100 (5,420)
Deferred income tax benefit 1,629 (6,113) (1,130) (308)
Deferred tax benefit from equity based compensation (146) (106) 0 0
Increase in equity securities NA 0 0 (1,183)
Net amortization of partnership investment NA 0 1,497 2,625
Net cash provided by operating activities 28,696 15,581 40,679 30,446

Cash flows from investing activities

Maturities of securities available for sale 580 1,310 2,065 4,285
Proceeds from sales/calls of securities available for sale 39,831 39,568 47,594 12,283
Purchases of securities available for sale (136,459) (138,675) (179,092) (122,818)
Principal paydowns on securities available for sale 91,193 99,181 100,161 92,494
Net purchases of FHLB stock (504) (960) (1,689) (300)
Increase in loans receivable, net (164,266) NA NA NA
Loan originations and payments, net NA (36,761) (76,129) (183,737)
Purchases of premises and equipment, net (2,530) (3,586) (2,141) (3,123)
Proceeds from sales of fixed assets 59 NA NA NA
Proceeds from sales of foreclosed assets 1,833 1,551 443 13,188
Purchase of bank owned life insurance 0 (360) (455) (454)
Proceeds from BOLI death benefit 0 1,739 999 0
Net increase in partnership investment 0 0 (5,000) 0
Net cash from bank acquisition 0 15,653 61,571 (6)
Net cash used in investing activities (170,263) (21,340) (51,673) (188,188)

Cash flows from financing activities

Increase in deposits 97,933 101,805 35,304 127,954
Increase (decrease) in borrowed funds 53,100 (14,800) (67,500) 34,200
Increase (decrease) in repurchase agreements 2,154 (1,311) 56 8,209
Cash dividends paid (5,662) (6,506) (7,935) (9,757)
Repurchases of common stock (7,956) (2,259) 0 0
Stock options exercised 380 543 764 1,131
Excess tax provision from equity based compensation 146 106 0 0
Net cash provided by (used in) financing activities 140,095 77,578 (39,311) 161,737
(Decrease) increase in cash and due from banks (1,472) 71,819 (50,305) 3,995
Cash and cash equivalents, beginning of year 50,095 48,623 120,442 70,137
Cash and cash equivalents, end of year 48,623 120,442 70,137 74,132

Supplemental disclosure of cash flow information

Cash paid during the year for

Interest 2,560 3,396 5,000 8,707
Income taxes 6,390 4,930 7,147 11,300

Non-cash investing activities

Real estate acquired through foreclosure 1,004 902 666 7,805

Change in unrealized net losses on securities available-for-sale

Change in unrealized net losses on securities available-for-sale (2,890) (7,468) (269) (6,156)

Assets acquired (liabilities assumed) in bank acquisition

Cash and cash equivalents 0 18,931 62,374 0
Securities 0 23,363 5,492 0
Federal Home Loan Bank and Federal Reserve Bank stock 0 1,057 0 0
Loans 0 94,264 217,807 0
Premises and equipment 0 5,844 1,342 0
Foreclosed assets 0 0 3,072 0
Core deposit intangibles 0 1,827 3,939 0
Goodwill 0 1,360 19,089 0
Other assets 0 2,504 10,479 0
Deposits 0 (129,038) (257,611) 0
Other liabilities 0 (705) (3,404) 0
Borrowings 0 (2,500) (24,400) 0
Subordinated debentures 0 (3,422) 0 0
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.

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