2013 Q2 Form 10-Q Financial Statement

#000114420413043449 Filed on August 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $13.09M $13.61M
YoY Change -3.83% -8.94%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $560.0K $600.0K
YoY Change -6.67% -3.23%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $815.0K $1.064M
YoY Change -23.4% -26.72%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $5.130M $3.027M
YoY Change 69.47% 25.34%
Income Tax $1.331M $454.0K
% Of Pretax Income 25.95% 15.0%
Net Earnings $3.799M $2.573M
YoY Change 47.65% 17.81%
Net Earnings / Revenue 29.02% 18.9%
Basic Earnings Per Share $0.27 $0.18
Diluted Earnings Per Share $0.27 $0.18
COMMON SHARES
Basic Shares Outstanding 14.13M shares 14.10M shares
Diluted Shares Outstanding 14.23M shares 14.11M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $66.98M $48.93M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $20.93M $22.09M
YoY Change -5.24% 10.45%
Goodwill $5.544M $5.544M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.378B $1.400B
YoY Change -1.52% 4.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $24.64M
YoY Change -100.0% 516.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.000M $2.900M
YoY Change -31.03% -27.5%
LONG-TERM LIABILITIES
Long-Term Debt $30.90M $35.90M
YoY Change -13.93% -21.79%
Other Long-Term Liabilities $15.30M $14.20M
YoY Change 7.75% -1.39%
Total Long-Term Liabilities $46.20M $50.10M
YoY Change -7.78% -16.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.000M $2.900M
Total Long-Term Liabilities $46.20M $50.10M
Total Liabilities $1.203B $1.227B
YoY Change -1.95% 3.95%
SHAREHOLDERS EQUITY
Retained Earnings $107.6M $101.1M
YoY Change 6.41%
Common Stock $64.86M $64.34M
YoY Change 0.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $175.2M $172.5M
YoY Change
Total Liabilities & Shareholders Equity $1.378B $1.400B
YoY Change -1.52% 4.0%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $3.799M $2.573M
YoY Change 47.65% 17.81%
Depreciation, Depletion And Amortization $560.0K $600.0K
YoY Change -6.67% -3.23%
Cash From Operating Activities $10.41M $10.25M
YoY Change 1.56% 13.38%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K -$1.860M
YoY Change -92.47% -815.38%
Acquisitions
YoY Change
Other Investing Activities $17.45M -$78.70M
YoY Change -122.17% 197.32%
Cash From Investing Activities $17.32M -$80.56M
YoY Change -121.5% 207.25%
FINANCING ACTIVITIES
Cash Dividend Paid $847.4K $846.2K
YoY Change 0.14% 0.71%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.700M 47.50M
YoY Change -118.32% 69.46%
NET CHANGE
Cash From Operating Activities 10.41M 10.25M
Cash From Investing Activities 17.32M -80.56M
Cash From Financing Activities -8.700M 47.50M
Net Change In Cash 19.03M -22.81M
YoY Change -183.43% -310.23%
FREE CASH FLOW
Cash From Operating Activities $10.41M $10.25M
Capital Expenditures -$140.0K -$1.860M
Free Cash Flow $10.55M $12.11M
YoY Change -12.88% 37.93%

Facts In Submission

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<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-STYLE: italic; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; COLOR: windowtext; FONT-SIZE: 10pt"> <strong><u>Note 1&#160;&#150; The Business of Sierra Bancorp</u></strong></div> <div style="clear:both;FONT-STYLE: italic; MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; COLOR: windowtext; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; COLOR: windowtext; FONT-SIZE: 10pt"> Sierra Bancorp (the "Company") is a California corporation headquartered in Porterville, California, and is a registered bank holding company under federal banking laws.&#160; The Company was formed to serve as the holding company for Bank of the Sierra (the "Bank"), and has been the Bank's sole shareholder since August 2001.&#160; The Company exists primarily for the purpose of holding the stock of the Bank and of such other subsidiaries it may acquire or establish.&#160; At the present time, the Company's only other subsidiaries are Sierra Statutory Trust II and Sierra Capital Trust III, which were formed in March 2004 and June 2006, respectively, solely to facilitate the issuance of capital trust pass-through securities (TRUPS).&#160; Pursuant to the Financial Accounting Standards Board's (FASB's) standard on the consolidation of variable interest entities, these trusts are not reflected on a consolidated basis in the financial statements of the Company.&#160; References herein to the "Company" include Sierra Bancorp and its consolidated subsidiary, the Bank, unless the context indicates otherwise.</div> <div style="clear:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; COLOR: windowtext; FONT-SIZE: 10pt"> &#160;</div> <div style="clear:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; COLOR: windowtext; FONT-SIZE: 12pt; mso-style-link: Body Text Char"> <font style="FONT-SIZE: 10pt">The Bank is a California state-chartered bank headquartered in Porterville, California, that offers a full range of retail and commercial banking services primarily to communities in the central and southern regions of the San Joaquin Valley.&#160; Our branch footprint stretches from Fresno on the north to Bakersfield on the south, and on the southern end extends east through the Tehachapi plateau and into the northwestern tip of the Mojave Desert.&#160; The Bank was incorporated in September 1977 and opened for business in January 1978, and in the ensuing years has grown to be the largest independent bank headquartered in the South San Joaquin Valley.&#160; Our growth has primarily been organic, but includes the acquisition of Sierra National Bank in 2000.&#160; We currently operate <font style=" FONT-SIZE: 10pt">25</font> full service branch offices throughout our geographic footprint, as well as an internet branch which provides the ability to open deposit accounts online.&#160; The Bank's most recent branching activity includes a new branch which opened for business in the city of Selma in February 2011, and the relocation of our Clovis branch to a larger facility in a more convenient location in the third quarter of 2012.&#160; In addition to our full-service branches, the Bank has a real estate industries group, an agricultural credit division, an SBA lending unit, and offsite ATM's at <font style=" FONT-SIZE: 10pt">six</font> different non-branch locations.&#160; The Bank's deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to maximum insurable amounts.</font></div> </div>
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