$BSRR
SIERRA BANCORP

2016 Q2 Form 10-Q Financial Statement

#000114420416116726 Filed on August 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $15.93M $15.67M
YoY Change 1.69% 14.52%
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 $660.0K $560.0K
YoY Change 17.86% 5.66%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $739.0K $651.0K
YoY Change 13.52% -11.07%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $6.054M $6.921M
YoY Change -12.53% 20.16%
Income Tax $1.968M $2.364M
% Of Pretax Income 32.51% 34.16%
Net Earnings $4.086M $4.557M
YoY Change -10.34% 7.55%
Net Earnings / Revenue 25.64% 29.08%
Basic Earnings Per Share $0.31 $0.34
Diluted Earnings Per Share $0.31 $0.33
COMMON SHARES
Basic Shares Outstanding 13.28M shares 13.56M shares
Diluted Shares Outstanding 13.39M shares 13.69M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $53.04M $46.69M
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 $22.45M $22.30M
YoY Change 0.69% 7.22%
Goodwill $6.908M $6.908M
YoY Change 0.0% 24.6%
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 $1.843B $1.734B
YoY Change 6.3% 15.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $93.70M $11.70M
YoY Change 700.85% 50.97%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.30M $11.30M
YoY Change 26.55% 85.25%
LONG-TERM LIABILITIES
Long-Term Debt $30.90M $32.90M
YoY Change -6.08% 6.47%
Other Long-Term Liabilities $20.00M $20.50M
YoY Change -2.44% 1.49%
Total Long-Term Liabilities $50.90M $53.40M
YoY Change -4.68% 4.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.30M $11.30M
Total Long-Term Liabilities $50.90M $53.40M
Total Liabilities $1.645B $1.548B
YoY Change 6.26% 18.07%
SHAREHOLDERS EQUITY
Retained Earnings $127.6M $117.8M
YoY Change 8.34% 1.93%
Common Stock $62.83M $63.03M
YoY Change -0.33% -3.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $198.3M $186.1M
YoY Change
Total Liabilities & Shareholders Equity $1.843B $1.734B
YoY Change 6.3% 15.76%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $4.086M $4.557M
YoY Change -10.34% 7.55%
Depreciation, Depletion And Amortization $660.0K $560.0K
YoY Change 17.86% 5.66%
Cash From Operating Activities $4.370M $14.11M
YoY Change -69.03% 15.37%
INVESTING ACTIVITIES
Capital Expenditures -$880.0K -$1.250M
YoY Change -29.6% 635.29%
Acquisitions
YoY Change
Other Investing Activities -$67.24M -$5.530M
YoY Change 1115.91% -91.59%
Cash From Investing Activities -$68.12M -$6.780M
YoY Change 904.72% -89.72%
FINANCING ACTIVITIES
Cash Dividend Paid $1.362M
YoY Change 19.66%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 72.78M -8.550M
YoY Change -951.23% -128.14%
NET CHANGE
Cash From Operating Activities 4.370M 14.11M
Cash From Investing Activities -68.12M -6.780M
Cash From Financing Activities 72.78M -8.550M
Net Change In Cash 9.030M -1.220M
YoY Change -840.16% -94.77%
FREE CASH FLOW
Cash From Operating Activities $4.370M $14.11M
Capital Expenditures -$880.0K -$1.250M
Free Cash Flow $5.250M $15.36M
YoY Change -65.82% 23.87%

Facts In Submission

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us-gaap Life Insurance Corporate Or Bank Owned Change In Value
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us-gaap Available For Sale Securities Gross Realized Gains
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us-gaap Available For Sale Securities Gross Realized Losses
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bsrr Payments For Proceeds From Sale And Maturity Of Marketable Securities
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CY2015Q2 us-gaap Available For Sale Securities Gross Realized Gains
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CY2016Q2 us-gaap Available For Sale Securities Gross Realized Losses
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CY2015Q2 us-gaap Available For Sale Securities Gross Realized Losses
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CY2016Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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146000 USD
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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307000 USD
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bsrr Financing Receivable Average Investment Nonaccrual Loans
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us-gaap Certain Loans Acquired In Transfer Accounted For As Debt Securities Accretable Yield Accretion
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us-gaap Impaired Financing Receivable Average Recorded Investment
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CY2015Q4 bsrr Impaired Financing Receivable With No Related Allowance
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CY2016Q2 bsrr Percentage Of Impaired Loans With Appraisal
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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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us-gaap Financing Receivable Allowance For Credit Losses Recovery
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us-gaap Provision For Loan Lease And Other Losses
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CY2016Q2 us-gaap Financing Receivable Allowance For Credit Losses
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us-gaap Nature Of Operations
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i><u>Note 1 &#150; The Business of Sierra Bancorp</u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> Sierra Bancorp (the &#8220;Company&#8221;) is a California corporation headquartered in Porterville, California, and is a registered bank holding company under federal banking laws. The Company was formed to serve as the holding company for Bank of the Sierra (the &#8220;Bank&#8221;), and has been the Bank&#8217;s sole shareholder since August 2001. The Company exists primarily for the purpose of holding the stock of the Bank and of such other subsidiaries it may acquire or establish. As of June 30, 2016, the Company&#8217;s only other subsidiaries were 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 (&#8220;TRUPS&#8221;). Pursuant to the Financial Accounting Standards Board (&#8220;FASB&#8221;) standard on the consolidation of variable interest entities, these trusts are not reflected on a consolidated basis in the Company&#8217;s financial statements. References herein to the &#8220;Company&#8221; include Sierra Bancorp and its consolidated subsidiary, the Bank, unless the context indicates otherwise.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> The Bank is a California state-chartered bank headquartered in Porterville, California. Bank of the Sierra was incorporated in September 1977, and opened for business in January 1978 as a one-branch bank with $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.5</font> million in capital and eleven employees. Our growth in the ensuing years has primarily been organic, but includes three whole-bank acquisitions: Sierra National Bank in the year 2000, Santa Clara Valley Bank in 2014, and Coast National Bank in July of 2016 (see Note 13 to the financial statements, Recent Developments, for details on the Coast acquisition). With our latest acquisition the Bank now operates 33 full-service branches and a loan production office, and offers a full range of retail and commercial banking services in California's South Central Valley and neighboring communities, the Central Coast, and select Southern California locations including Ventura County and the Santa Clarita Valley. Our most recent branching activity occurred in the second quarter of 2016, with the opening of a de novo branch in Sanger, California and the purchase of a competitor bank&#8217;s Porterville branch which was consolidated into our main office (see Note 13 to the financial statements, Recent Developments, for details on the branch acquisition). We have also received regulatory approvals for another branch in Bakersfield, California, which is under construction and should be ready to commence operations by the first quarter of 2017. In addition to our stand-alone offices the Bank has specialized lending units which include a real estate industries center, an agricultural credit center, and an SBA lending unit. We also have ATMs at all branch locations and offsite ATMs at six different non-branch locations. We were well over $1.8 billion in assets as of June 30, 2016, even without consideration of the assets gained via the Coast National Bank acquisition, and for the past several years have claimed the distinction of being the largest bank headquartered in the South San Joaquin Valley. The Bank&#8217;s deposit accounts are insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) up to maximum insurable amounts.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q2 us-gaap Assets
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CY2015Q4 us-gaap Assets
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us-gaap Noninterest Expense
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61000 USD
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129000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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51000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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136000 USD
us-gaap Gain Loss On Investments
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us-gaap Gain Loss On Investments
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us-gaap Proceeds From Sale Of Loans Held For Sale
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0 USD
us-gaap Proceeds From Sale Of Loans Held For Sale
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0 USD
us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
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399000 USD
us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
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504000 USD
bsrr Increase In Fed Funds Purchased
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4100000 USD
bsrr Increase In Fed Funds Purchased
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0 USD
CY2016Q2 bsrr Branch Offices
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33 pure
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1999000 USD
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1105000 USD
bsrr Financing Receivable Modifications Post Modification Recorded Investment During Period
FinancingReceivableModificationsPostModificationRecordedInvestmentDuringPeriod
2581000 USD
bsrr Financing Receivable Modifications Post Modification Recorded Investment During Period
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1464000 USD
CY2016Q2 bsrr Financing Receivable Modifications Pre Modification Recorded Investment During Period
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1999000 USD
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CY2016Q2 bsrr Financing Receivable Modifications Reserve
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169000 USD
CY2015Q2 bsrr Financing Receivable Modifications Pre Modification Recorded Investment During Period
FinancingReceivableModificationsPreModificationRecordedInvestmentDuringPeriod
1105000 USD
CY2015Q2 bsrr Increase Decrease In Financing Receivable Modification
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148000 USD
CY2015Q2 bsrr Financing Receivable Modifications Reserve
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176000 USD
bsrr Financing Receivable Modifications Pre Modification Recorded Investment During Period
FinancingReceivableModificationsPreModificationRecordedInvestmentDuringPeriod
2581000 USD
bsrr Increase Decrease In Financing Receivable Modification
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75000 USD
bsrr Financing Receivable Modifications Reserve
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188000 USD
bsrr Financing Receivable Modifications Pre Modification Recorded Investment During Period
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1464000 USD
bsrr Increase Decrease In Financing Receivable Modification
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133000 USD
bsrr Financing Receivable Modifications Reserve
FinancingReceivableModificationsReserve
251000 USD
CY2016Q2 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
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22957000 USD
CY2016Q2 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
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20737000 USD
CY2016Q2 us-gaap Impaired Financing Receivable Related Allowance
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3327000 USD
us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
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23681000 USD
us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
710000 USD
CY2016Q2 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
4020000 USD
CY2016Q2 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
3306000 USD
CY2016Q2 bsrr Impaired Financing Receivable With No Related Allowance Related Allowance
ImpairedFinancingReceivableWithNoRelatedAllowanceRelatedAllowance
0 USD
us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
5049000 USD
us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
14000 USD
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
20974000 USD
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
18792000 USD
CY2015Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
3915000 USD
CY2015 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
19865000 USD
CY2015 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
831000 USD
CY2015Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
7261000 USD
CY2015Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
6729000 USD
CY2015Q4 bsrr Impaired Financing Receivable With No Related Allowance Related Allowance
ImpairedFinancingReceivableWithNoRelatedAllowanceRelatedAllowance
0 USD
CY2015 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
7956000 USD
CY2015 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
152000 USD
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
13404812 shares
CY2015Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
12000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
11000 USD
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
113015 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
126115 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
115761 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
126417 shares
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
169300 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
171700 shares
CY2016Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9490000 USD
CY2016Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
695000 USD
CY2015Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6610000 USD
CY2015Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2180000 USD
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
336000 USD
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
359000 USD
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
1687000 USD
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
493000 USD
us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Accretion
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion
70000 USD
us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Accretion
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion
526000 USD
CY2016Q2 bsrr Financing Receivable Allowance For Credit Losses Specific Reserves
FinancingReceivableAllowanceForCreditLossesSpecificReserves
3327000 USD
CY2016Q2 bsrr Financing Receivable Allowance For Credit Losses General Reserves
FinancingReceivableAllowanceForCreditLossesGeneralReserves
6715000 USD

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