Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra,
today announced unaudited financial results for the three-and
twelve-month periods ended December 31, 2024. Sierra Bancorp
reported consolidated net income in the fourth quarter of 2024 of
$10.4 million, or $0.72 per diluted share, compared to net income
of $6.3 million, or $0.43 per diluted share, in the fourth quarter
of 2023, and $10.6 million, or $0.74 per diluted share, in the
third quarter of 2024.
Highlights for the fourth quarter of 2024 (unless otherwise
stated):
- Strong Quarterly Earnings Metrics
- Return on average assets improved to 1.13%, as compared to
0.67% for the same period in 2023.
- Return on average equity increased to 11.49%, as compared to
8.03% for the same period in 2023.
- Net interest margin rose to 3.65%, as compared to 3.31% for the
same period in 2023.
- Efficiency ratio improved to 59.7% as compared to 67.1% for the
same period in 2023.
- Diluted earnings per share of $0.72 increased 68% compared to
$0.43 for the same period in 2023.
- Balance Sheet Growth
- Loan growth of $11.3 million, or 2% annualized, during the
quarter.
- For the full year 2024, loans grew 12%, or $242.7 million to
$2.3 billion.
- For the full year 2024, total deposits increased $130.4
million, or 5%, to $2.9 billion.
- Noninterest-bearing deposits of $1.0 billion at December 31,
2024, represent 35% of total deposits.
- Solid Capital and Liquidity
- Increased Tangible Book Value (non-GAAP) per share, during the
quarter, to $23.15 per share.
- Repurchased 229,850 shares of common stock during the quarter
at an average price of $29.38, with an additional 112,896 shares
repurchased through January 23, 2025.
- In January 2025, increased dividend by one cent to $0.25 per
share, our 104th consecutive quarterly dividend.
- Regulatory Community Bank Leverage Ratio increased to 11.80% at
December 31, 2024, for our subsidiary Bank.
- Consolidated Tangible Common Equity Ratio (non-GAAP) increased
to 9.18% at December 31, 2024.
- Overall primary and secondary liquidity sources of $2.3 billion
at December 31, 2024.
For the year ended 2024, the Company recognized net income of
$40.6 million, or $2.82 per diluted share, as compared to $34.8
million, or $2.36 per diluted share, for the same period in 2023.
The Company’s return on average assets and return on average equity
for the year ended 2024 was 1.12% and 11.62%, respectively, as
compared to 0.94% and 11.30%, respectively, for the same
comparative period in 2023.
“Confidence doesn’t come out of nowhere. It’s a
result of something…hours and days and weeks and years of constant
work and dedication.” – Roger Staubach
“We are proud to announce strong net income growth of over 16%
in 2024, accompanied by solid improvements in net interest margin,
efficiency ratio, return on average assets, and tangible book value
per share!” expressed Kevin McPhaill, CEO and President. “We
overcame a number of obstacles, including a challenging interest
rate environment, to cap off one of our best years. Loans continued
to grow and deposit relationships were strengthened as our bankers
worked hard to focus on retaining and attracting customers. We are
very excited about 2025 and will continue to find opportunities to
improve our bank and provide consistently strong results,”
concluded Mr. McPhaill.
Financial Highlights
Quarterly Changes (comparisons to the fourth quarter of
2023)
- Quarterly net income at $10.4 million, a 65% increase,
primarily attributable to $2.5 million in higher net interest
income, a $1.1 million decrease in the provision for credit losses,
and a $1.3 million decline in noninterest expenses.
- The $2.5 million net interest income increase was primarily
driven by a 34 basis point increase in net interest margin
partially offset by lower earning assets due to a strategic balance
sheet restructuring in early 2024. Although average assets were
down during 2024, the mix shifted favorably with a $237 million
increase in loan balances during 2024 due primarily to mortgage
warehouse loan growth. The favorable increase in interest income
was enhanced by a $1.8 million decline in overall interest expense
in the fourth quarter of compared to the same quarter in 2023, due
to the reduction in other borrowings facilitated by the balance
sheet restructuring in the fourth quarter of 2023.
- Noninterest income for the fourth quarter of 2024 declined by
$0.5 million or 7%. This was primarily due to a net $0.8 million
increase from the combination of a nonrecurring fourth quarter 2023
gain on a sale/leaseback on Bank-owned branch buildings, and a
realized loss on a securities restructuring strategy.
- Noninterest expense experienced a $1.3 million positive
variance in the fourth quarter over the same quarter in 2023. While
salary and benefit costs decreased due to a strategic internal
reorganization in the fourth quarter of 2023, this favorable
variance was offset by an increase in occupancy costs, due to the
sale/leaseback of certain branches, also in the fourth quarter of
2023. Improved expenses in nearly every category of noninterest
expense were due to operational efficiencies gained from various
initiatives implemented in 2024.
Year to-Date Changes (comparisons to the year ended
2023)
- Net income increased $5.7 million, or 16%, to $40.6 million.
This robust net income growth was primarily driven by an increase
of $7.6 million, or 7% in net interest income, due mostly to an
overall increase in interest rates on earning assets partially
offset by a $1.1 million increase in the provision for credit
losses and higher interest expense. In addition, there were
positive variances related to an increase in service charge income,
partially offset by a rise in occupancy expenses from the
sale/leaseback of branch buildings in late 2023.
- The provision for credit losses was $4.8 million, an increase
of $1.1 million, primarily due to an increase in individual
reserves, partially offset by a decrease in net charge-offs for the
year ending 2024.
- Noninterest income increased by $1.1 million, or 4%. In
addition to the net gain from the sale/leaseback mostly offset by a
loss on securities sale as described above, service charge income
on deposit accounts was $1.1 million higher, due to increases in
the following categories: ATM Visa income, analysis fees, and other
transaction-based fees.
- Noninterest expense increased 0.2%, or $0.2 million during
2024. The $2.2 million increase in occupancy costs, due to higher
rent and property tax payments following the sale/leaseback
transaction of Bank owned branch buildings in late 2023, was
partially offset by efficiencies elsewhere. Among the expense
declines was $0.6 million in salaries and benefits, mostly from an
operational reorganization in 2023. Other noninterest expense
improved favorably by $1.3 million overall due mostly to lower
costs for most categories.
Balance Sheet Changes (comparisons to December 31,
2023)
- Total assets decreased by $115.5 million, or 3%, to $3.6
billion during 2024, due primarily to the strategic restructuring
of our lower-yielding bond portfolio in the first quarter of 2024,
partially offset by increases in loan balances.
- Gross loans increased $241.3 million, or 12%, due to a $210.4
million increase in mortgage warehouse line utilization, a $32.2
million increase in commercial real estate loans, a $10.1 million
increase in farmland loans, and a $20.7 million increase in other
commercial loans. This favorable growth was partially offset by a
$30.6 million decrease in residential real estate loans, and
smaller declines in construction and consumer loans.
- Deposits totaled $2.9 billion at December 31, 2024,
representing a year-to-date increase of $130.4 million, or 5%. The
growth in deposits came mostly from a $140.0 million increase in
brokered deposits to fund growth in mortgage warehouse lines, and a
$40.2 million increase in transaction accounts offset by smaller
declines in customer non-transaction accounts.
- Other interest-bearing liabilities decreased $278.8 million
from a reduction in overnight borrowings facilitated by the
strategic balance sheet restructuring in the first quarter of 2024,
and a drop in FHLB advances, as we utilized brokered deposits not
only to fund mortgage warehouse lines, but to pay down more costly
FHLB lines of credit.
Other financial highlights are reflected in the following
table.
FINANCIAL HIGHLIGHTS
(Dollars in Thousands, Except per Share
Data, Unaudited)
At or For the
At or For the
Three Months Ended
Twelve Months Ended
12/31/2024
9/30/2024
12/31/2023
12/31/2024
12/31/2023
Net income
$
10,364
$
10,603
$
6,290
$
40,560
$
34,844
Diluted earnings per share
$
0.72
$
0.74
$
0.43
$
2.82
$
2.36
Return on average assets
1.13
%
1.14
%
0.67
%
1.12
%
0.94
%
Return on average equity
11.49
%
11.95
%
8.03
%
11.62
%
11.30
%
Net interest margin (tax-equivalent)
(1)
3.65
%
3.66
%
3.31
%
3.66
%
3.37
%
Yield on average loans
5.20
%
5.25
%
4.78
%
5.13
%
4.69
%
Yield on investments
5.03
%
5.42
%
5.35
%
5.40
%
5.09
%
Cost of average total deposits
1.46
%
1.62
%
1.24
%
1.50
%
1.09
%
Cost of funds
1.59
%
1.72
%
1.73
%
1.64
%
1.52
%
Efficiency ratio (tax-equivalent)
(1)(2)
59.74
%
58.38
%
67.10
%
60.76
%
63.90
%
Total assets
$
3,614,271
$
3,696,154
$
3,729,799
$
3,614,271
$
3,729,799
Loans & leases net of deferred
fees
$
2,331,434
$
2,321,025
$
2,090,384
$
2,331,434
$
2,090,384
Noninterest demand deposits
$
1,007,208
$
1,013,743
$
1,020,772
$
1,007,208
$
1,020,772
Total deposits
$
2,891,668
$
2,962,159
$
2,761,223
$
2,891,668
$
2,761,223
Noninterest-bearing deposits over total
deposits
34.8
%
34.2
%
37.0
%
34.8
%
37.0
%
Shareholders' equity / total assets
9.89
%
9.70
%
9.06
%
9.89
%
9.06
%
Tangible Common equity ratio (2)
9.18
%
9.01
%
8.36
%
9.18
%
8.36
%
Book value per share
$
25.12
$
24.88
$
22.85
$
25.12
$
22.85
Tangible book value per share (2)
$
23.15
$
22.93
$
20.91
$
23.15
$
20.91
Community bank leverage ratio (subsidiary
bank)
11.80
%
11.70
%
11.29
%
11.80
%
11.29
%
Tangible common equity ratio (subsidiary
bank) (2)
11.07
%
10.90
%
10.30
%
11.07
%
10.30
%
(1)
Computed on a tax equivalent basis
utilizing a federal income tax rate of 21%.
(2)
See reconciliation of non-GAAP financial
measures to the corresponding GAAP measurement in "Non-GAAP
Financial Measures."
INCOME STATEMENT HIGHLIGHTS
Net Interest Income
Net interest income was $30.4 million for the fourth quarter of
2024, a $2.5 million increase, or 9% over the fourth quarter of
2023, and increased $7.6 million, or 7%, to $120.0 million for the
year ended 2024, relative to the same period in 2023.
For the fourth quarter of 2024, the yield on earning assets was
16 basis points higher as compared to the same period in 2023,
which more than offset the lower average interest-earning assets of
$66.6 million. The increase in yield was mostly due to an increase
in real estate loan yields, combined with an increase in
higher-yielding mortgage warehouse loans overall and as a
percentage of loans. Further, there was a favorable 22 basis point
decrease in the cost of our interest-bearing liabilities for the
same period. The favorable decline in funding costs was due to a
significant reduction in short-term borrowings as a result of the
strategic balance sheet restructuring in late 2023, and early
2024.
Net interest income for the comparative year-to-date periods
increased $7.6 million, or 7%, due to the sale of lower-yielding
investments in the first quarter of 2024, as part of the overall
strategic balance sheet restructuring. This sale allowed the
Company to also reduce higher cost funding. There was a $161.5
million, or 8%, increase in average loan and lease balances with
yields 44 basis points higher for the same period, while average
investment balances decreased $254.9 million, or 19%, with yields
31 basis points higher for the same period. Average
interest-bearing liabilities decreased $86.7 million, or 4%, mostly
in borrowed funds. The cost of interest-bearing liabilities was 72
basis points higher for the comparative periods, due to an increase
in higher cost brokered deposits used to fund the growth in
mortgage warehouse utilization. The favorable net impact of the mix
and rate change was a 29 basis point increase in our net interest
margin for the year ended December 31, 2024, as compared to the
same period in 2023.
Our net interest margin was 3.65% for the fourth quarter of
2024, one basis point lower than the linked quarter, and 34 basis
points higher than the fourth quarter of 2023. The yield of
interest-earning assets increased 16 basis points for the fourth
quarter of 2024, as compared to the same quarter for 2023, and the
cost of interest-bearing liabilities decreased 22 basis points
compared to the same period in 2023. Favorable shifts in both
yields and costs led to an overall 34 basis point increase in net
interest margin in the fourth quarter of 2024, compared to the same
period in 2023. Compared to the prior linked quarter, the yield on
taxable investments declined as a portion of these investments are
floating rate and the index rate declined during the quarter. This
unfavorable decline in yield on investments was mostly offset by a
23 basis point decline in deposit costs as certificates of deposits
rolled into lower rates throughout the quarter.
Credit Loss Expense
The Company recorded a $2.3 million and $4.6 million credit loss
expense related to loans in the fourth quarter and year-to-date
2024, as compared to $3.6 million and $4.1 million, respectively,
for the same periods in 2023. For the prior linked quarter, the
credit loss expense related to loans increased $1.1 million. The
impact of net lower charge-offs, along with a favorable improvement
in underlying economic forecasts used as part of our allowance for
credit losses model, and offset by an unfavorable increase in the
allowance for credit losses on loans individually evaluated,
accounts for the changes in all periods presented.
Credit loss expense on unfunded commitments was $0.1 million in
the fourth quarter of 2024, as compared to a benefit of $0.1
million in the same quarter in 2023. For the full year 2024, the
Company recorded $0.2 million in credit loss expense on unfunded
commitments compared to a $0.3 million benefit for 2023. The reason
for the increase in both the quarterly and year-to-date comparisons
is due to an increase in the balance of unfunded commitments
combined with an increase in the reserve rate utilized in the
calculation of the reserves.
All debt securities in an unrealized loss position were
primarily attributable to changes in interest rates and volatility
in the financial markets and not a result of an expected credit
loss.
Noninterest Income
Total noninterest income reflects a $0.5 million decline, or 7%,
for the quarter ended December 31, 2024, as compared to the same
quarter in 2023. Such decline is mostly due to a net benefit
recorded in the fourth quarter of 2023 related to the combination
of the sale/leaseback of Bank owned buildings, mostly offset by a
realized loss related to securities for a net favorable benefit
recorded of $0.8 million. Having the favorable net gain in 2023,
with no similar transaction in 2024, resulted in a $0.8 million
decline for the comparable periods. This was partially offset by
favorable increases in service charges and other areas of
noninterest income. For the full year 2024, noninterest income
increased $1.1 million, or 4%, compared to 2023. Similar to the
change in fourth quarter noninterest income described above, there
was a $0.8 million net favorable difference between sale/leaseback
gain net of investment portfolio realized losses in 2023 as
compared to a $1.1 million net favorable difference for a second
sale/leaseback transaction in early 2024. This resulted in a $0.3
million increase overall year-over-year for these two combined
items. This was supplemented by a $1.1 million increase in service
charges and a $0.9 million increase in bank-owned life income.
These two favorable improvements were partially offset by a $0.8
million decline in other noninterest income items.
The favorable year-to-date change in Bank Owned Life Insurance
(BOLI) income is offset by similar increases to the Company’s
deferred compensation plan.
Service charge income increases are due mostly to favorable
improvements in analysis fee income, greater ATM fees, an increase
in overdraft income and higher income related to money-service
business customers.
Noninterest Expense
There was a favorable variance of total noninterest expense of
$1.3 million, or 5%, in the fourth quarter of 2024, relative to the
fourth quarter of 2023. For the full year of 2024, noninterest
expense increased by $0.2 million, or 0.2%, for the year ended
2024, as compared to the same period in 2023.
Salaries and Benefits were $0.7 million, or 5%, lower in the
fourth quarter of 2024, as compared to the fourth quarter of 2023,
and $0.6 million, or 1%, lower for the year ended 2024, compared to
the same period in 2023. The Company made strategic decisions in
2023 that created operational efficiencies and reduced noninterest
expenses. Full-time equivalent employees decreased by four to 485
full-time equivalent employees at December 31, 2024, as compared to
489 at December 31, 2023.
Occupancy expenses were $0.3 million higher for the fourth
quarter of 2024, and $2.2 million higher year-to-date as compared
to the same periods in 2023. The reason for the increases in both
comparisons was due to increased rent expense from the
sale/leaseback transactions in the fourth quarter of 2023 and first
quarter of 2024.
Other noninterest expense decreased $0.9 million for the fourth
quarter 2024, and $1.3 million for the year ended 2024, as compared
to the same periods in 2023. The positive variances for the fourth
quarter of 2024, compared to the same period in 2023, were in
marketing costs, due to a change in the Company marketing strategy,
and in travel and legal expenses. For the year-over-year
comparison, the categories of variance were the same as with the
quarterly comparison, except for an unfavorable variance in
directors’ deferred compensation expense and loan origination
software, to better serve our customers and create operational
efficiencies in the near term. This was partially offset by
favorable variances in debit card processing and ATM network costs,
from a branding change to VISA from Mastercard last year, and the
subsequent costs in 2023 related to that change.
The Company's provision for income taxes was 17.7% of pre-tax
income in the fourth quarter of 2024, relative to 23.8% in the
fourth quarter of 2023, and 24.7% of pre-tax income for the year
ended December 31, 2024, as compared to 25.0% for the year ended
2023. The decrease in effective tax rate in the fourth quarter was
due to an increase in the net benefit from low-income housing tax
credit investments.
Balance Sheet Summary
The $115.5 million, or 3%, decrease in total assets during the
year ended 2024, was mostly a result of the strategic balance sheet
restructuring, mostly offset by loan growth in 2024. Investment
securities declined $377.8 million, primarily from the sale of
bonds from the strategic securities transaction, as well as other
maturities and calls of investment securities. The decreases in
investment securities were partially offset by a $241.3 million
increase in gross loans, and a $22.1 million increase in cash on
hand.
The $241.3 million increase in gross loan balances, as compared
to December 31, 2023, was a result of organic growth led by $210.4
million of growth of mortgage warehouse outstandings. The remaining
growth came from a $32.2 million increase in commercial real estate
loans, a $20.7 million increase in other commercial loans, and a
$10.1 million increase in farmland loans, partially offset by a
$30.6 million decline in residential real estate loans. Despite the
uncertainty in the direction of market interest rates during 2025,
the Company plans to expand its customer base in the mortgage
warehouse sector to facilitate growth in 2025.
As indicated in the loan roll forward below, new credit extended
(excluding mortgage warehouse) for the fourth quarter of 2024 of
$79.9 million represented an $18.7 million increase compared to the
prior linked quarter, and $53.2 million relative to the same period
in 2023. New credit extended (excluding mortgage warehouse)
increased $31.1 million in 2024 as compared to 2023. This increase
in organic loan growth was attributable to new loan teams hired in
recent years that are now gaining momentum.
LOAN ROLLFORWARD
(Dollars in Thousands, Unaudited)
For the three months
ended:
For the twelve months
ended:
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Gross loans beginning balance
$
2,320,629
$
2,234,528
$
2,100,810
$
2,090,075
$
2,052,940
New credit extended
79,934
61,239
26,704
216,452
185,323
Changes in line of credit utilization
(19,664
)
11,572
4,377
(43,432
)
(37,308
)
Change in mortgage warehouse
(9,376
)
61,718
8,415
210,402
50,561
Pay-downs, maturities, charge-offs and
amortization
(40,182
)
(48,428
)
(50,231
)
(142,156
)
(161,441
)
Gross loans ending balance
$
2,331,341
$
2,320,629
$
2,090,075
$
2,331,341
$
2,090,075
Unused commitments, excluding mortgage warehouse and overdraft
lines, were $256.9 million at December 31, 2024, compared to $203.6
million at December 31, 2023. Total line utilization, excluding
mortgage warehouse and overdraft lines, was 57% at December 31,
2024, and 62% at December 31, 2023. Including mortgage warehouse
utilization, overall utilization was 51% at December 31, 2024, as
compared to 53% at December 31, 2023. Mortgage warehouse
utilization increased to 51% at December 31, 2024, as compared to
36% at December 31, 2023. Due to new customer growth, total
mortgage warehouse availability increased to $311.6 million at
December 31, 2024, as compared to $204.5 million at December 31,
2023. The Bank increased the number of mortgage warehouse customers
by 60% in 2024. This has facilitated an increase in outstanding
balances in 2024 by $210.4 million, or 181%, to $324.6 million at
December 31, 2024.
Deposit balances reflect growth of $130.4 million, or 5%, during
the year ended 2024. Core non-maturity deposits increased by $12.0
million, or 1%, while customer time deposits decreased by $21.5
million, or 4%. Wholesale brokered deposits increased by $140.0
million, or 104%. As stated previously, the increase in brokered
deposits was primarily to fund increases in mortgage warehouse
lines. Overall noninterest-bearing deposits as a percent of total
deposits at December 31, 2024, decreased to 34.8%, as compared to
37.0% at December 31, 2023. Other interest-bearing liabilities of
$188.9 million on December 31, 2024, consist of $108.9 million in
customer repurchase agreements and $80.0 million of term FHLB
borrowings, as compared to $107.1 million in customer repurchase
agreements, and $205.0 million of term FHLB borrowings on December
31, 2023.
Overall uninsured deposits are estimated to be approximately
$815.5 million, or 28% of total deposit balances, excluding public
agency deposits that are subject to collateralization through a
letter of credit issued by the FHLB. In addition, uninsured
deposits of the Bank’s customers are eligible for FDIC pass-through
insurance if the customer opens an IntraFi Insured Cash Sweep (ICS)
account or a reciprocal time deposit through the Certificate of
Deposit Account Registry System (CDARS). IntraFi allows for up to
$265 million per customer of pass-through FDIC insurance, which
would more than cover each of the Bank’s deposit customers if such
customer desired to have such pass-through insurance. The Bank
maintains a diversified deposit base with no significant customer
concentrations and does not bank any cryptocurrency companies. At
December 31, 2024, the Company had approximately 119,000 accounts,
and the 25 largest deposit balance customers had balances of
approximately 10% of overall deposits. During the fourth quarter of
2024, except for seasonality fluctuations in the normal course of
business, there has been no material change in the composition of
our 25 largest deposit balance customers.
The Company continues to have substantial liquidity. At December
31, 2024, and December 31, 2023, the Company had the following
sources of primary and secondary liquidity (dollars in thousands,
unaudited):
Primary and Secondary Liquidity
Sources
December 31, 2024
December 31, 2023
Cash and cash equivalents
$
100,664
$
78,602
Unpledged investment securities
552,098
792,965
Excess pledged securities
242,519
382,965
FHLB borrowing availability
629,134
586,726
Unsecured lines of credit
504,785
374,785
Funds available through fed discount
window
298,296
392,034
Totals
$
2,327,496
$
2,608,077
Total capital of $357.3 million at December 31, 2024, reflects
an increase of $19.2 million, or 6%, relative to year-end 2023. The
increase in equity during the year ended December 31, 2024, was
primarily due $40.6 million in net income and a $4.7 million
favorable swing in accumulated other comprehensive income (loss)
partially offset by $13.6 million in dividends paid, and $15.0
million in share repurchases. The remaining difference was related
to stock options exercised and restricted stock activity during the
year.
Asset Quality
Total nonperforming assets, comprised of nonaccrual loans,
increased by $11.7 million to $19.7 million for the year ended
December 31, 2024. The Company's ratio of nonperforming loans to
gross loans increased to 0.84% at December 31, 2024, from 0.38% at
December 31, 2023. This unfavorable change in asset quality
resulted from an increase in non-accrual loan balances, primarily
as a result of one agricultural loan relationship. All the
Company's nonperforming assets are individually evaluated for
credit loss quarterly and management believes the established
allowance for credit loss on such loans was appropriate. The
nonaccrual loans at December 31, 2024, are mostly due to an
operating line of credit collateralized with receivables from wine
grape production and other assets with a balance of $16.3 million
at December 31, 2024, and a current balance of $14.1 million, due
to principal paydowns made by the customer during the month of
January 2025.
The Company's allowance for credit losses on loans was $24.8
million at December 31, 2024, as compared to a balance of $23.5
million at December 31, 2023. The allowance was 1.07% of total
loans at December 31, 2024, and 1.12% of total loans at December
31, 2023. The Company experienced fewer net charge offs during the
year, offset by a specific allowance on a single agricultural
credit relationship.
Management's detailed analysis indicates that the Company's
allowance for credit losses on loans should be sufficient to cover
credit losses inherent in loan portfolio balances outstanding as of
December 31, 2024, but no assurance can be given that the Company
will not experience substantial future losses relative to the size
of the credit loss allowance on loans. Based upon the Company’s
preliminary analysis we have identified approximately five
residential real estate secured loans in the Los Angeles wildfire
area and are unaware of any property damage at the date of this
release. The total allowance for credit losses on loans of $24.8
million at December 31, 2024, included $0.4 million of allowance
related to $326.4 million of mortgage warehouse lines.
About Sierra Bancorp
Sierra Bancorp is the holding Company for Bank of the Sierra
(www.bankofthesierra.com), which is in its 48th year of operations
and is the largest independent bank headquartered in the South San
Joaquin Valley. Bank of the Sierra is a community-centric regional
bank, which offers a broad range of retail and commercial banking
services through full-service branches located within the counties
of Tulare, Kern, Kings, Fresno, Ventura, San Luis Obispo, and Santa
Barbara. The Bank also maintains an online branch and provides
specialized lending services through an agricultural credit center
in Templeton, California. In 2024, Bank of the Sierra was
recognized as one of the strongest and top-performing community
banks in the country, with a 5-star rating from Bauer
Financial.
Forward-Looking Statements
The statements contained in this release that are not historical
facts are forward-looking statements based on management's current
expectations and beliefs concerning future developments and their
potential effects on the Company. Readers are cautioned not to
unduly rely on forward looking statements. Actual results may
differ from those projected. These forward-looking statements
involve risks and uncertainties including but not limited to the
health of the national and local economies, loan portfolio
performance, the Company's ability to attract and retain skilled
employees, customers' service expectations, the Company's ability
to successfully deploy new technology, the success of acquisitions
and branch expansion, changes in interest rates, and other factors
detailed in the Company's SEC filings, including the "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" sections of the Company's most recent
Form 10‑K and Form 10‑Q.
STATEMENT OF CONDITION
(Dollars in Thousands, Unaudited)
ASSETS
12/31/2024
9/30/2024
6/30/2024
3/31/2024
12/31/2023
Cash and due from banks
$
100,664
$
132,797
$
183,990
$
119,244
$
78,602
Investment securities
Available-for-sale, at fair value
655,967
706,310
716,787
741,789
1,019,201
Held-to-maturity, at amortized cost, net
of allowance for credit losses
305,514
308,971
312,879
316,406
320,057
Total investment securities
961,481
1,015,281
1,029,666
1,058,195
1,339,258
Real estate loans
Residential real estate
381,438
388,169
396,819
406,443
412,063
Commercial real estate
1,360,374
1,338,793
1,316,754
1,327,482
1,328,224
Other construction/land
5,458
5,612
5,971
6,115
6,256
Farmland
77,388
80,589
80,807
66,133
67,276
Total real estate loans
1,824,658
1,813,163
1,800,351
1,806,173
1,813,819
Other commercial
177,013
168,236
156,650
143,448
156,272
Mortgage warehouse lines
326,400
335,777
274,059
203,561
116,000
Consumer loans
3,270
3,453
3,468
3,682
3,984
Gross loans
2,331,341
2,320,629
2,234,528
2,156,864
2,090,075
Deferred loan fees
93
396
288
214
309
Allowance for credit losses on loans
(24,830
)
(22,710
)
(21,640
)
(23,140
)
(23,500
)
Net loans
2,306,604
2,298,315
2,213,176
2,133,938
2,066,884
Bank premises & equipment
15,431
15,647
16,007
16,067
16,907
Other assets
230,091
234,114
238,363
225,628
228,148
Total assets
$
3,614,271
$
3,696,154
$
3,681,202
$
3,553,072
$
3,729,799
LIABILITIES & CAPITAL
Noninterest demand deposits
$
1,007,208
$
1,013,743
$
986,927
$
968,996
$
1,020,772
Interest-bearing transaction accounts
587,753
595,672
537,731
532,791
533,947
Savings deposits
347,387
356,725
368,169
378,057
370,806
Money market deposits
140,793
135,948
136,853
134,533
145,591
Customer time deposits
533,577
550,121
566,132
560,979
555,107
Wholesale brokered deposits
274,950
309,950
346,598
271,648
135,000
Total deposits
2,891,668
2,962,159
2,942,410
2,847,004
2,761,223
Long-term debt
49,393
49,371
49,348
49,326
49,304
Junior subordinated debentures
35,838
35,794
35,749
35,704
35,660
Other interest-bearing liabilities
188,860
205,534
228,003
201,851
467,621
Total deposits & interest-bearing
liabilities
3,165,759
3,252,858
3,255,510
3,133,885
3,313,808
Allowance for credit losses on unfunded
loan commitments
710
640
520
540
510
Other liabilities
90,500
83,958
75,152
73,553
77,384
Total capital
357,302
358,698
350,020
345,094
338,097
Total liabilities & capital
$
3,614,271
$
3,696,154
$
3,681,202
$
3,553,072
$
3,729,799
GOODWILL & INTANGIBLE
ASSETS
(Dollars in Thousands, Unaudited)
12/31/2024
9/30/2024
6/30/2024
3/31/2024
12/31/2023
Goodwill
$
27,357
$
27,357
$
27,357
$
27,357
$
27,357
Core deposit intangible
618
780
961
1,180
1,399
Total intangible assets
$
27,975
$
28,137
$
28,318
$
28,537
$
28,756
CREDIT QUALITY
(Dollars in Thousands, Unaudited)
12/31/2024
9/30/2024
6/30/2024
3/31/2024
12/31/2023
Non-accruing loans
$
19,668
$
10,348
$
6,473
$
14,188
$
7,985
Foreclosed assets
-
-
-
-
-
Total nonperforming assets
$
19,668
$
10,348
$
6,473
$
14,188
$
7,985
Quarterly net charge offs
$
215
$
170
$
2,421
$
457
$
3,175
Past due & still accruing (30-89)
$
1,348
$
211
$
3,172
$
1,563
$
255
Classified loans
$
44,464
$
29,148
$
28,829
$
34,100
$
35,577
Non-performing loans to gross loans
0.84
%
0.45
%
0.29
%
0.66
%
0.38
%
NPA's to loans plus foreclosed assets
0.84
%
0.45
%
0.29
%
0.66
%
0.38
%
Allowance for credit losses on loans to
gross loans
1.07
%
0.98
%
0.97
%
1.07
%
1.12
%
SELECT PERIOD-END STATISTICS
(Unaudited)
12/31/2024
9/30/2024
6/30/2024
3/31/2024
12/31/2023
Shareholders equity / total assets
9.89
%
9.70
%
9.51
%
9.71
%
9.06
%
Gross loans / deposits
80.62
%
78.34
%
75.94
%
75.76
%
75.69
%
Noninterest-bearing deposits / total
deposits
34.83
%
34.22
%
33.54
%
34.04
%
36.97
%
Core non-maturity deposits
2,083,141
2,102,088
2,029,680
2,014,377
2,071,116
CONSOLIDATED INCOME STATEMENT
(Dollars in Thousands, Unaudited)
For the three months
ended:
For the year ended:
12/31/2024
9/30/2024
12/31/2023
12/31/2024
12/31/2023
Interest income
$
43,095
$
44,798
$
42,443
$
172,348
$
163,121
Interest expense
12,742
14,008
14,573
52,319
50,716
Net interest income
30,353
30,790
27,870
120,029
112,405
Credit loss (benefit) expense - loans
2,335
1,240
3,615
4,593
4,058
Credit loss expense (benefit) - unfunded
commitments
70
120
(90
)
200
(330
)
Credit loss benefit - debt securities
held-to-maturity
-
(1
)
-
(1
)
(47
)
Net interest income after credit loss
expense
27,948
29,431
24,345
115,237
108,724
Service charges and fees on deposit
accounts
6,059
6,205
5,977
24,173
23,103
Gain (loss) on sale of investments
129
73
-
(2,681
)
396
(Loss) gain on sale of fixed assets
(16
)
-
15,255
3,783
15,270
BOLI income
372
540
379
2,650
1,767
Realized (loss) gain on available for sale
securities
-
-
(14,500
)
66
(14,500
)
Other noninterest income
968
971
934
3,530
4,364
Total noninterest income
7,512
7,789
8,045
31,521
30,400
Salaries & benefits
12,749
12,363
13,410
50,338
50,977
Occupancy expense
3,201
2,995
2,909
12,374
10,160
Other noninterest expenses
6,912
7,452
7,817
30,178
31,523
Total noninterest expense
22,862
22,810
24,136
92,890
92,660
Income before taxes
12,598
14,410
8,254
53,868
46,464
Provision for income taxes
2,234
3,807
1,964
13,308
11,620
Net income
$
10,364
$
10,603
$
6,290
$
40,560
$
34,844
TAX DATA
Tax-exempt municipal income
$
1,579
$
1,584
$
2,675
$
6,743
$
10,909
Interest income - fully tax equivalent
$
43,515
$
45,219
$
43,154
$
174,140
$
166,021
PER SHARE DATA
(Unaudited)
For the three months
ended:
For the year ended:
12/31/2024
9/30/2024
12/31/2023
12/31/2024
12/31/2023
Basic earnings per share
$
0.73
$
0.75
$
0.43
$
2.84
$
2.37
Diluted earnings per share
$
0.72
$
0.74
$
0.43
$
2.82
$
2.36
Common dividends
$
0.24
$
0.24
$
0.23
$
0.94
$
0.92
Weighted average shares outstanding
14,169,467
14,188,051
14,539,701
14,284,401
14,706,141
Weighted average diluted shares
14,299,618
14,335,706
14,588,027
14,396,021
14,737,870
Book value per basic share (EOP)
$
25.12
$
24.88
$
22.85
$
25.12
$
22.85
Tangible book value per share (EOP)
$
23.15
$
22.93
$
20.91
$
23.15
$
20.91
Common shares outstanding (EOP)
14,226,512
14,414,561
14,793,832
14,226,512
14,793,832
KEY FINANCIAL RATIOS
(Unaudited)
For the three months
ended:
For the year ended:
12/31/2024
9/30/2024
12/31/2023
12/31/2024
12/31/2023
Return on average equity
11.49
%
11.95
%
8.03
%
11.62
%
11.30
%
Return on average assets
1.13
%
1.14
%
0.67
%
1.12
%
0.94
%
Net interest margin (tax-equivalent)
(1)
3.65
%
3.66
%
3.31
%
3.66
%
3.37
%
Efficiency ratio (tax-equivalent)
(1)(2)
59.74
%
58.38
%
67.10
%
60.76
%
63.90
%
Net charge-offs to avg loans (not
annualized)
0.01
%
0.01
%
0.15
%
0.15
%
0.18
%
(1)
Computed on a tax equivalent basis
utilizing a federal income tax rate of 21%.
(2)
See reconciliation of non-GAAP financial
measures to the corresponding GAAP measurement in "Non-GAAP
Financial Measures."
NON-GAAP FINANCIAL MEASURES
(Unaudited)
12/31/2024
9/30/2024
12/31/2023
Total stockholders' equity
$
357,302
$
358,698
$
338,097
Less: goodwill and other intangible
assets
27,975
28,137
28,756
Tangible common equity
$
329,327
$
330,561
$
309,341
Total assets
$
3,614,271
$
3,696,154
$
3,729,799
Less: goodwill and other intangible
assets
27,975
28,137
28,756
Tangible assets
$
3,586,296
$
3,668,017
$
3,701,043
Total stockholders' equity (bank only)
$
424,363
$
427,762
$
409,862
Less: goodwill and other intangible assets
(bank only)
27,975
28,137
28,756
Tangible common equity (bank only)
$
396,388
$
399,625
$
381,106
Total assets (bank only)
$
3,607,133
$
3,693,553
$
3,727,280
Less: goodwill and other intangible assets
(bank only)
27,975
28,137
28,756
Tangible assets (bank only)
$
3,579,158
$
3,665,416
$
3,698,524
Common shares outstanding
14,226,512
14,414,561
14,793,832
Book value per common share
$
25.12
$
24.88
$
22.85
Tangible book value per common share
$
23.15
$
22.93
$
20.91
Equity ratio - GAAP (total stockholders'
equity / total assets)
9.89
%
9.70
%
9.06
%
Tangible common equity ratio (tangible
common equity / tangible assets)
9.18
%
9.01
%
8.36
%
Tangible common equity ratio (bank only)
(tangible common equity / tangible assets)
11.07
%
10.90
%
10.30
%
For the three months
ended:
For the year ended:
Efficiency Ratio:
12/31/2024
9/30/2024
12/31/2023
12/31/2024
12/31/2023
Noninterest expense
$
22,862
$
22,810
$
24,136
$
92,890
$
92,660
Divided by:
Net interest income
30,353
30,790
27,870
120,029
112,405
Tax-equivalent interest income
adjustments
420
421
711
1,792
2,900
Net interest income, adjusted
30,773
31,211
28,581
121,821
115,305
Noninterest income
7,512
7,789
8,045
31,521
30,400
Less gain (loss) on sale of securities
129
73
-
(2,681
)
396
Less (loss) gain on sale of fixed
assets
(16
)
-
15,255
3,783
15,270
Less realized (loss) gain on
available-for-sale securities
-
(14,500
)
66
(14,500
)
Tax-equivalent noninterest income
adjustments
99
144
101
704
470
Noninterest income, adjusted
7,498
7,860
7,391
31,057
29,704
Net interest income plus noninterest
income, adjusted
$
38,271
$
39,071
$
35,972
$
152,879
$
145,009
Efficiency Ratio (tax-equivalent)
59.74
%
58.38
%
67.10
%
60.76
%
63.90
%
NONINTEREST INCOME/EXPENSE
(Dollars in Thousands, Unaudited)
For three months
ended:
For twelve months
ended:
Noninterest income:
12/31/2024
9/30/2024
12/31/2023
12/31/2024
12/31/2023
Service charges on deposit accounts
$
6,059
6,205
5,977
$
24,173
23,103
Gain (loss) on sale of securities
129
73
—
(2,681
)
396
(Loss) gain on sale of fixed assets
(16
)
—
15,255
3,783
15,270
Bank-owned life insurance
372
540
379
2,650
1,767
Realized (loss) gain on available for sale
securities
—
—
(14,500
)
66
(14,500
)
Other
968
971
934
3,530
4,364
Total noninterest income
$
7,512
$
7,789
$
8,045
$
31,521
$
30,400
As a % of average interest earning assets
(1)
0.89
%
0.91
%
0.93
%
0.95
%
0.89
%
Noninterest expense:
Salaries and employee benefits
$
12,749
$
12,363
$
13,410
$
50,338
$
50,977
Occupancy costs
3,201
2,995
2,909
12,374
10,160
Advertising and marketing costs
361
381
569
1,422
2,215
Data processing costs
1,458
1,555
1,397
6,202
5,831
Deposit services costs
2,115
2,150
2,207
8,417
8,775
Loan services costs
Loan processing
104
184
144
529
597
Foreclosed assets
—
—
—
—
665
Other operating costs
836
959
1,118
3,816
4,362
Professional services costs
Legal & accounting
266
547
615
2,243
2,238
Director's costs
572
501
504
2,973
2,237
Other professional service
719
775
708
2,883
2,760
Stationery & supply costs
100
120
117
483
531
Sundry & tellers
381
280
438
1,210
1,312
Total noninterest expense
$
22,862
$
22,810
$
24,136
$
92,890
$
92,660
As a % of average interest earning assets
(1)
2.71
%
2.68
%
2.80
%
2.79
%
2.71
%
Efficiency ratio (2)(3)
59.74
%
58.38
%
67.10
%
60.76
%
63.90
%
(1)
Annualized.
(2)
Computed on a tax equivalent basis
utilizing a federal income tax rate of 21%.
(3)
See reconciliation of non-GAAP financial
measures to the corresponding GAAP measurement in "Non-GAAP
Financial Measures.”
AVERAGE BALANCES AND RATES
(Dollars in Thousands, Unaudited)
For the quarter ended
For the quarter ended
For the quarter ended
December 31, 2024
September 30, 2024
December 31, 2023
Average Balance (1)
Income/ Expense
Yield/ Rate (2)
Average Balance (1)
Income/ Expense
Yield/ Rate (2)
Average Balance (1)
Income/ Expense
Yield/ Rate (2)
Assets
Investments:
Interest-earning due from banks
$
49,680
$
594
4.74
%
$
88,509
$
1,225
5.51
%
$
13,661
$
193
5.61
%
Taxable
791,332
10,600
5.31
%
830,054
11,991
5.75
%
994,814
14,520
5.79
%
Non-taxable
198,600
1,579
3.99
%
199,261
1,584
4.00
%
334,836
2,675
4.01
%
Total investments
1,039,612
12,773
5.03
%
1,117,824
14,800
5.42
%
1,343,311
17,388
5.35
%
Loans: (3)
Real estate
1,811,939
21,413
4.69
%
1,804,099
21,054
4.64
%
1,835,890
20,683
4.47
%
Agricultural Production
82,347
1,326
6.39
%
81,501
1,520
7.42
%
49,052
859
6.95
%
Commercial
85,779
1,244
5.75
%
76,633
1,101
5.72
%
97,962
1,533
6.21
%
Consumer
3,402
89
10.38
%
3,558
78
8.72
%
4,218
85
7.99
%
Mortgage warehouse lines
328,838
6,227
7.51
%
303,463
6,227
8.16
%
88,316
1,878
8.44
%
Other
2,595
22
3.36
%
2,438
18
2.94
%
2,331
17
2.89
%
Total loans
2,314,900
30,321
5.20
%
2,271,692
29,998
5.25
%
2,077,769
25,055
4.78
%
Total interest earning assets (4)
3,354,512
43,094
5.16
%
3,389,516
44,798
5.31
%
3,421,080
42,443
5.00
%
Other earning assets
44,910
17,062
25,738
Non-earning assets
258,710
288,975
267,451
Total assets
$
3,658,132
$
3,695,553
$
3,714,269
Liabilities and shareholders'
equity
Interest bearing deposits:
Demand deposits
$
202,940
$
1,348
2.64
%
$
169,602
$
1,170
2.74
%
$
137,827
$
698
2.01
%
NOW
382,649
118
0.12
%
393,328
161
0.16
%
406,970
74
0.07
%
Savings accounts
353,807
90
0.10
%
359,921
93
0.10
%
386,275
73
0.07
%
Money market
144,812
643
1.76
%
132,804
542
1.62
%
144,296
419
1.15
%
Time Deposits
538,441
4,979
3.68
%
562,251
6,010
4.25
%
551,287
6,172
4.44
%
Wholesale Brokered Deposits
289,678
3,520
4.82
%
327,141
4,004
4.87
%
150,326
1,407
3.71
%
Total interest bearing deposits
1,912,327
10,698
2.22
%
1,945,047
11,980
2.45
%
1,776,981
8,843
1.97
%
Borrowed funds:
Federal funds purchased
165
2
4.81
%
168
2
4.74
%
133,339
1,840
5.47
%
Repurchase agreements
118,327
45
0.15
%
133,280
60
0.18
%
95,005
46
0.19
%
Short term borrowings
7,238
72
3.95
%
1
0
0.00
%
133,098
1,861
5.55
%
Long term FHLB Advances
80,000
786
3.90
%
80,000
786
3.91
%
80,000
788
3.91
%
Long term debt
49,380
430
3.45
%
49,357
429
3.46
%
49,290
429
3.45
%
Subordinated debentures
35,812
708
7.84
%
35,767
751
8.35
%
35,632
766
8.53
%
Total borrowed funds
290,922
2,043
2.79
%
298,573
2,028
2.70
%
526,364
5,730
4.32
%
Total interest bearing liabilities
2,203,249
12,741
2.29
%
2,243,620
14,008
2.48
%
2,303,345
14,573
2.51
%
Demand deposits - Noninterest bearing
993,827
995,326
1,041,989
Other liabilities
102,296
103,571
58,255
Shareholders' equity
358,760
353,036
310,680
Total liabilities and shareholders'
equity
$
3,658,132
$
3,695,553
$
3,714,269
Interest income/interest earning
assets
5.16
%
5.31
%
5.00
%
Interest expense/interest earning
assets
1.51
%
1.65
%
1.69
%
Net interest income and margin
(5)
$
30,353
3.65
%
$
30,790
3.66
%
$
27,870
3.31
%
(1)
Average balances are obtained from the
best available daily or monthly data and are net of deferred fees
and related direct costs.
(2)
Yields and net interest margin have been
computed on a tax equivalent basis utilizing a 21% effective tax
rate.
(3)
Loans are gross of the allowance for
possible credit losses. Loan fees have been included in the
calculation of interest income. Net loan fees and loan acquisition
FMV amortization were $(0.4) million and $(0.3) million for the
quarters ended December 31, 2024 and 2023, respectively, and $(0.4)
million for the quarter ended September 30, 2024.
(4)
Non-accrual loans have been included in
total loans for purposes of computing total earning assets.
(5)
Net interest margin represents net
interest income as a percentage of average interest-earning
assets.
AVERAGE BALANCES AND RATES
(Dollars in Thousands, Unaudited)
For the twelve months
ended
For the twelve months
ended
December 31, 2024
December 31, 2023
Average Balance (1)
Income/ Expense
Yield/ Rate (2)
Average Balance (1)
Income/ Expense
Yield/ Rate (2)
Assets
Investments:
Interest-earning due from banks
$
49,754
$
2,659
5.33
%
$
19,527
$
1,054
5.40
%
Taxable
845,018
48,682
5.75
%
992,187
54,367
5.48
%
Non-taxable
210,636
6,743
4.05
%
348,551
10,909
3.96
%
Total investments
1,105,408
58,084
5.40
%
1,360,265
66,330
5.09
%
Loans:(3)
Real estate
$
1,806,114
$
83,120
4.60
%
$
1,854,300
$
82,174
4.43
%
Agricultural
75,309
5,390
7.16
%
35,724
2,438
6.82
%
Commercial
79,719
4,702
5.90
%
85,572
5,096
5.96
%
Consumer
3,654
326
8.92
%
4,249
348
8.19
%
Mortgage warehouse lines
258,191
20,658
8.00
%
81,675
6,658
8.15
%
Other
2,415
68
2.82
%
2,415
77
3.19
%
Total loans
2,225,402
114,264
5.13
%
2,063,935
96,791
4.69
%
Total interest earning assets (4)
3,330,810
172,348
5.23
%
3,424,200
163,121
4.85
%
Other earning assets
17,131
16,850
Non-earning assets
283,111
272,930
Total assets
$
3,631,052
$
3,713,980
Liabilities and shareholders'
equity
Interest bearing deposits:
Demand deposits
$
160,644
$
3,950
2.46
%
$
143,428
$
1,429
1.00
%
NOW
393,126
512
0.13
%
442,819
289
0.07
%
Savings accounts
365,459
336
0.09
%
419,834
269
0.06
%
Money market
138,703
2,071
1.49
%
132,748
710
0.53
%
Time deposits
556,506
23,229
4.17
%
527,965
23,214
4.40
%
Brokered deposits
282,618
13,257
4.69
%
163,382
5,643
3.45
%
Total interest bearing deposits
1,897,056
43,355
2.29
%
1,830,176
31,554
1.72
%
Borrowed funds:
Federal funds purchased
3,840
211
6.56
%
94,815
4,975
5.25
%
Repurchase agreements
123,878
685
0.17
%
90,294
245
0.27
%
Short term borrowings
12,535
3,126
5.46
%
130,622
7,059
5.40
%
Long term FHLB Advances
80,000
1,721
3.91
%
58,411
2,282
3.91
%
Long term debt
49,346
2,969
3.49
%
49,257
1,715
3.48
%
Subordinated debentures
35,745
8,964
8.31
%
35,567
2,886
8.11
%
Total borrowed funds
305,344
17,676
2.94
%
458,966
19,162
4.18
%
Total interest bearing liabilities
2,202,400
61,031
2.38
%
2,289,142
50,716
2.22
%
Demand deposits - noninterest bearing
989,561
1,057,041
Other liabilities
90,142
59,317
Shareholders' equity
348,949
308,480
Total liabilities and shareholders'
equity
$
3,631,052
$
3,713,980
Interest income/interest earning
assets
5.23
%
4.85
%
Interest expense/interest earning
assets
1.57
%
1.48
%
Net interest income and
margin(5)
$
120,029
3.66
%
$
112,405
3.37
%
(1)
Average balances are obtained from the
best available daily or monthly data and are net of deferred fees
and related direct costs.
(2)
Yields and net interest margin have been
computed on a tax equivalent basis.
(3)
Loans are gross of the allowance for
possible credit losses. Net loan fees have been included in the
calculation of interest income. Net loan fees and loan acquisition
FMV amortization were $(1.4) million and $(1.0) million for the
years ended December 31, 2024 and 2022, respectively.
(4)
Non-accrual loans are slotted by loan type
and have been included in total loans for purposes of total
interest earning assets.
(5)
Net interest margin represents net
interest income as a percentage of average interest-earning assets
(tax-equivalent).
Category: Financial Source: Sierra Bancorp
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250127852022/en/
Kevin McPhaill, President/CEO (559) 782‑4900 or (888) 454‑BANK
www.sierrabancorp.com
Sierra Bancorp (NASDAQ:BSRR)
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