$BSRR
SIERRA BANCORP

2018 Q2 Form 10-Q Financial Statement

#000156459018019260 Filed on August 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $24.88M $19.06M
YoY Change 30.59% 19.59%
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 $1.030M $840.0K
YoY Change 22.62% 27.27%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.083M $1.215M
YoY Change 71.44% 64.41%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.64M $7.813M
YoY Change 36.12% 29.06%
Income Tax $2.643M $2.611M
% Of Pretax Income 24.85% 33.42%
Net Earnings $7.992M $5.202M
YoY Change 53.63% 27.31%
Net Earnings / Revenue 32.12% 27.3%
Basic Earnings Per Share $0.38
Diluted Earnings Per Share $0.52 $0.37
COMMON SHARES
Basic Shares Outstanding 13.83M shares
Diluted Shares Outstanding 14.01M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $85.10M $77.18M
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 $30.18M $28.44M
YoY Change 6.13% 26.68%
Goodwill $27.36M $8.268M
YoY Change 230.88% 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 $2.425B $2.078B
YoY Change 16.72% 12.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $17.20M $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.20M $11.30M
YoY Change 52.21% -20.98%
LONG-TERM LIABILITIES
Long-Term Debt $34.70M $34.50M
YoY Change 0.58% 11.65%
Other Long-Term Liabilities $25.40M $24.20M
YoY Change 4.96% 21.0%
Total Long-Term Liabilities $60.10M $58.70M
YoY Change 2.39% 15.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.20M $11.30M
Total Long-Term Liabilities $60.10M $58.70M
Total Liabilities $2.165B $1.862B
YoY Change 16.29% 13.19%
SHAREHOLDERS EQUITY
Retained Earnings $154.0M
YoY Change
Common Stock $114.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $260.2M $216.1M
YoY Change
Total Liabilities & Shareholders Equity $2.425B $2.078B
YoY Change 16.72% 12.73%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $7.992M $5.202M
YoY Change 53.63% 27.31%
Depreciation, Depletion And Amortization $1.030M $840.0K
YoY Change 22.62% 27.27%
Cash From Operating Activities $3.090M $2.360M
YoY Change 30.93% -46.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.870M -$120.0K
YoY Change 1458.33% -86.36%
Acquisitions
YoY Change
Other Investing Activities -$27.20M -$89.25M
YoY Change -69.52% 32.73%
Cash From Investing Activities -$29.06M -$89.36M
YoY Change -67.48% 31.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 47.57M 71.40M
YoY Change -33.38% -1.9%
NET CHANGE
Cash From Operating Activities 3.090M 2.360M
Cash From Investing Activities -29.06M -89.36M
Cash From Financing Activities 47.57M 71.40M
Net Change In Cash 21.60M -15.60M
YoY Change -238.46% -272.76%
FREE CASH FLOW
Cash From Operating Activities $3.090M $2.360M
Capital Expenditures -$1.870M -$120.0K
Free Cash Flow $4.960M $2.480M
YoY Change 100.0% -52.76%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q2 us-gaap Foreclosed Assets
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CY2018Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2017Q4 us-gaap Available For Sale Securities Debt Securities
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CY2017Q4 us-gaap Short Term Borrowings
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CY2018Q2 us-gaap Junior Subordinated Notes
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CY2017Q4 us-gaap Junior Subordinated Notes
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CY2018Q2 us-gaap Liabilities
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CY2017Q4 us-gaap Liabilities
Liabilities
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CY2018Q2 us-gaap Commitments And Contingencies
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CY2017Q4 us-gaap Commitments And Contingencies
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CY2017Q4 us-gaap Common Stock Value
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CY2017Q4 us-gaap Additional Paid In Capital Common Stock
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CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2018Q2 us-gaap Stockholders Equity
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CY2017Q2 us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
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us-gaap Interest Income Securities Tax Exempt
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CY2018Q2 us-gaap Interest Income Federal Funds Sold And Securities Purchased Under Agreements To Resell
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us-gaap Interest Income Federal Funds Sold And Securities Purchased Under Agreements To Resell
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us-gaap Interest Expense Deposits
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CY2017Q4 us-gaap Other Intangible Assets Net
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Assets
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CY2017Q4 us-gaap Deposits
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dei Trading Symbol
TradingSymbol
BSRR
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Interest Income Securities Taxable
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us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
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CY2018Q2 us-gaap Interest Income Securities Taxable
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us-gaap Noninterest Income Other Operating Income
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us-gaap Noninterest Income
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us-gaap Labor And Related Expense
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us-gaap Occupancy Net
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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us-gaap Net Income Loss
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us-gaap Common Stock Dividends Per Share Cash Paid
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us-gaap Earnings Per Share Diluted
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Dividends Common Stock Cash
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us-gaap Interest Expense Short Term Borrowings
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us-gaap Interest Expense Trust Preferred Securities
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us-gaap Interest Expense
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us-gaap Interest Income Expense Net
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us-gaap Provision For Loan And Lease Losses
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us-gaap Interest Income Expense After Provision For Loan Loss
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CY2017Q2 us-gaap Debt Securities Available For Sale Gain Loss
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us-gaap Debt Securities Available For Sale Gain Loss
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us-gaap Debt Securities Available For Sale Gain Loss
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us-gaap Other Noninterest Expense
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us-gaap Noninterest Expense
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bsrr Book Value Per Share
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us-gaap Profit Loss
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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 Gain Loss On Sale Of Property Plant Equipment
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us-gaap Asset Impairment Charges
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us-gaap Share Based Compensation
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us-gaap Depreciation Depletion And Amortization
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us-gaap Adjustment For Amortization
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us-gaap Adjustment For Amortization
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us-gaap Depreciation Amortization And Accretion Net
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bsrr Increase Decrease In Life Insurance Corporate Or Bank Owned Value
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bsrr Net Amortization Of Partnership Investment
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bsrr Net Amortization Of Partnership Investment
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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31438000
us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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-43267000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Nature Of Operations
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<div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Note 1 &#8211; The Business of Sierra Bancorp</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.&nbsp;&nbsp;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.&nbsp;&nbsp;The Company exists primarily for the purpose of holding the stock of the Bank and of such other subsidiaries it may acquire or establish.&nbsp;&nbsp;As of June 30, 2018, 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;).&nbsp;&nbsp;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.&nbsp;&nbsp;References herein to the &#8220;Company&#8221; include Sierra Bancorp and its consolidated subsidiary, the Bank, unless the context indicates otherwise. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Bank of the Sierra, a California state-chartered bank headquartered in Porterville, California, offers a full range of retail and commercial banking services via branch offices located throughout California&#8217;s South San Joaquin Valley, the Central Coast, Ventura County, and neighboring communities.&nbsp;&nbsp;The Bank was incorporated in September 1977, and opened for business in January 1978 as a one-branch bank with $1.5 million in capital.&nbsp;&nbsp;Our growth in the ensuing years has largely been organic in nature, but includes four whole-bank acquisitions:&nbsp;&nbsp;Sierra National Bank in 2000, Santa Clara Valley Bank in 2014, Coast National Bank in 2016, and Ojai Community Bank in October 2017.&nbsp;&nbsp;Details on our most recent acquisitions are provided in Note 14 to the consolidated financial statements.&nbsp;&nbsp;We also acquired a branch located in Lompoc, California from Community Bank of Santa Maria on May 18, 2018, and plan to open a new branch on Palm Avenue in Fresno in the third quarter of 2018.&nbsp;&nbsp;As of the filing date of this report the Bank operates 39 full service branches and an online branch, and maintains ATMs at all branch locations and seven non-branch locations.&nbsp;&nbsp;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.&nbsp;&nbsp;The Company&#8217;s total assets exceeded $2.4 billion at June 30, 2018, and for the past several years we have claimed the distinction of being the largest bank headquartered in the South San Joaquin Valley.&nbsp;&nbsp;The Bank&#8217;s deposit accounts, which totaled close to $2.1 billion at June 30, 2018, are insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) up to maximum insurable amounts.</p></div>
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bsrr Number Of Acquired Banks
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us-gaap Certain Loans Acquired In Transfer Accounted For As Debt Securities Accretable Yield Accretion
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423000
us-gaap Bank Owned Life Insurance Income
BankOwnedLifeInsuranceIncome
626000

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