$BSRR
SIERRA BANCORP

2016 Q4 Form 10-Q Financial Statement

#000114420416132126 Filed on November 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $18.75M $17.79M $15.52M
YoY Change 15.97% 14.62% 11.06%
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 $870.0K $690.0K $570.0K
YoY Change 22.54% 21.05% 7.55%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $980.0K $887.0K $647.0K
YoY Change 50.77% 37.09% -5.69%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $8.406M $5.777M $6.853M
YoY Change 3.79% -15.7% 28.65%
Income Tax $2.889M $1.848M $2.443M
% Of Pretax Income 34.37% 31.99% 35.65%
Net Earnings $5.517M $3.929M $4.410M
YoY Change 2.89% -10.91% 24.19%
Net Earnings / Revenue 29.43% 22.08% 28.41%
Basic Earnings Per Share $0.28 $0.33
Diluted Earnings Per Share $0.40 $0.28 $0.33
COMMON SHARES
Basic Shares Outstanding 13.79M shares 13.79M 13.36M shares
Diluted Shares Outstanding 13.90M 13.48M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $120.4M $65.44M $48.99M
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 $28.89M $28.78M $22.18M
YoY Change 31.39% 29.78% 5.7%
Goodwill $8.268M $7.932M
YoY Change 19.69%
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 $2.033B $1.973B $1.717B
YoY Change 13.16% 14.91% 15.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $65.00M $71.60M $41.50M
YoY Change -13.68% 72.53% 85.35%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.100M $9.300M $10.10M
YoY Change -13.83% -7.92% 40.28%
LONG-TERM LIABILITIES
Long-Term Debt $34.40M $34.40M $32.90M
YoY Change 4.56% 4.56% 6.47%
Other Long-Term Liabilities $24.00M $15.60M $16.40M
YoY Change 0.42% -4.88% -15.03%
Total Long-Term Liabilities $58.40M $50.00M $49.30M
YoY Change 2.82% 1.42% -1.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.100M $9.300M $10.10M
Total Long-Term Liabilities $58.40M $50.00M $49.30M
Total Liabilities $1.827B $1.765B $1.530B
YoY Change 13.75% 15.33% 17.45%
SHAREHOLDERS EQUITY
Retained Earnings $132.2M $128.7M $118.8M
YoY Change 7.73% 8.34%
Common Stock $75.46M $72.37M $62.32M
YoY Change 20.92% 16.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $205.9M $208.5M $187.1M
YoY Change
Total Liabilities & Shareholders Equity $2.033B $1.973B $1.717B
YoY Change 13.16% 14.91% 15.32%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $5.517M $3.929M $4.410M
YoY Change 2.89% -10.91% 24.19%
Depreciation, Depletion And Amortization $870.0K $690.0K $570.0K
YoY Change 22.54% 21.05% 7.55%
Cash From Operating Activities -$8.680M $14.41M $4.560M
YoY Change -170.06% 216.01% -0.44%
INVESTING ACTIVITIES
Capital Expenditures $430.0K -$2.120M -$470.0K
YoY Change -210.26% 351.06% -34.72%
Acquisitions
YoY Change
Other Investing Activities $11.17M $14.39M $16.30M
YoY Change -114.0% -11.72% -1165.36%
Cash From Investing Activities $11.60M $12.27M $15.84M
YoY Change -114.46% -22.54% -804.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 52.09M -14.29M -18.09M
YoY Change -22.77% -21.01% 57.58%
NET CHANGE
Cash From Operating Activities -8.680M 14.41M 4.560M
Cash From Investing Activities 11.60M 12.27M 15.84M
Cash From Financing Activities 52.09M -14.29M -18.09M
Net Change In Cash 55.01M 12.39M 2.310M
YoY Change -15380.56% 436.36% -125.25%
FREE CASH FLOW
Cash From Operating Activities -$8.680M $14.41M $4.560M
Capital Expenditures $430.0K -$2.120M -$470.0K
Free Cash Flow -$9.110M $16.53M $5.030M
YoY Change -171.28% 228.63% -5.09%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Gain Loss On Sale Of Loans And Leases
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Asset Impairment Charges
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Proceeds From Sale Of Productive Assets
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56000 USD
us-gaap Life Insurance Corporate Or Bank Owned Change In Value
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us-gaap Life Insurance Corporate Or Bank Owned Change In Value
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us-gaap Payments To Acquire Federal Home Loan Bank Stock
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2500000 USD
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us-gaap Income Taxes Paid
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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108000 USD
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CY2015Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
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CY2015Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
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CY2016Q3 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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CY2015 us-gaap Financing Receivable Allowance For Credit Losses Recovery
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CY2015Q4 bsrr Financing Receivable Allowance For Credit Losses General Reserves
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CY2015Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
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25521000 USD
CY2015Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
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dei Document Type
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dei Amendment Flag
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dei Document Period End Date
DocumentPeriodEndDate
2016-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Entity Registrant Name
EntityRegistrantName
SIERRA BANCORP
dei Entity Central Index Key
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0001130144
dei Current Fiscal Year End Date
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dei Entity Filer Category
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dei Trading Symbol
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BSRR
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CY2015Q4 us-gaap Assets
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CY2016Q3 us-gaap Commitments And Contingencies
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CY2015Q4 us-gaap Commitments And Contingencies
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CY2016Q3 us-gaap Liabilities And Stockholders Equity
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CY2016Q3 us-gaap Common Stock Shares Issued
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CY2015Q4 us-gaap Common Stock Shares Outstanding
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CY2016Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
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CY2016Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
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CY2016Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
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us-gaap Increase Decrease In Loans Held For Sale
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us-gaap Increase Decrease In Loans Held For Sale
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us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
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us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
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us-gaap Cash Acquired From Acquisition
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us-gaap Proceeds From Issuance Of Subordinated Long Term Debt
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CY2016Q3 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
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CY2016Q3 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
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171000 USD
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407000 USD
CY2016Q3 bsrr Federal Fund Purchased And Repurchase Agreements
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9270000 USD
CY2015Q4 bsrr Federal Fund Purchased And Repurchase Agreements
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129038000 USD
bsrr Noncash Or Part Noncash Acquisition Cash And Cash Equivalents
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CY2016Q3 us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period Contractually Required Payments Receivable At Acquisition
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95641000 USD
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680000 USD
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1436000 USD
CY2015Q4 us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period Cash Flows Expected To Be Collected At Acquisition
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95641000 USD
CY2016Q3 bsrr Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period Interest Component Of Cash Flows Expected To Be Collected At Acquisition
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CY2015Q4 bsrr Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period Interest Component Of Cash Flows Expected To Be Collected At Acquisition
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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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="center"></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><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></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"> <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"> <b><i>&#160;</i></b></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 September 30, 2016, the Company&#8217;s only other subsidiaries were Sierra Statutory Trust II, Sierra Capital Trust III, and Coast Bancorp Statutory Trust II, which were formed 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"> Bank of the Sierra is a California state-chartered bank also headquartered in Porterville, California. The Bank 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 been largely organic, but also 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, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Acquisition</font>, for details on the acquisition of Coast Bancorp [&#8220;Coast&#8221;], the holding company for Coast National Bank, by Sierra Bancorp). With our latest acquisition the Bank now operates <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">33</font> full-service branches and a loan production office, and offers a full range of retail and commercial banking services in <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> California&#8217;s</font> 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 14 to the financial statements, Recent Developments, for details on the branch acquisition). Furthermore, we have 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, as well as a proposed de novo branch in Pismo Beach, California, although the timing for that branch opening remains uncertain. 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 close to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.0</font> billion in total assets as of September 30, 2016, 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>
CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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181000 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
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us-gaap Proceeds From Sale Of Other Assets1
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982000 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
11000 USD
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
14000 USD

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