Sierra Bancorp Stock Price, News & Analysis

Sierra Bancorp (NASDAQ: BSRR) has successfully completed a private placement of $50 million in fixed-to-floating rate subordinated notes due 2031. The notes, rated BBB- by Kroll Bond Rating Agency, will have a fixed interest rate of 3.25% for the first five years, transitioning to a variable rate based on SOFR thereafter. The company intends to utilize the proceeds for general corporate purposes. These notes qualify as Tier 2 capital, enhancing the bank's regulatory position and financial stability.

Kroll Bond Rating Agency (KBRA) has assigned ratings to Sierra Bancorp (NASDAQ: BSRR), with a senior unsecured debt rating of BBB and subordinated debt rating of BBB-. The Bank of the Sierra, its lead subsidiary, received a deposit rating of BBB+ and a short-term debt rating of K3. The Outlook for all long-term ratings is Stable. The ratings reflect the bank's solid earnings history, low credit costs, and favorable deposit mix. Despite growth in the high-risk investor commercial real estate sector, the bank maintains adequate loan loss reserves and a strong management team.

Sierra Bancorp (Nasdaq: BSRR) reported strong financial results for Q2 2021, with net income rising to $11.7 million or $0.76 per diluted share, compared to $8.3 million or $0.54 per share in Q2 2020. Year-to-date net income reached $22.8 million, an increase from $16.1 million in the previous year. Key metrics include a 1.41% return on average assets and 13.11% return on average equity. Despite favorable results, the company anticipates challenges ahead due to low interest rates and competitive pressures.

Sierra Bancorp (Nasdaq: BSRR) has declared a quarterly cash dividend of $0.22 per share, marking a 5% increase from the previous quarter. The dividend, approved by the Board following a review of the Company’s financial performance as of June 30, 2021, is scheduled for payment on August 12, 2021, to shareholders of record by July 30, 2021. This announcement marks the Company’s 90th consecutive quarterly cash dividend, showcasing a long-term commitment to shareholder returns.

Sierra Bancorp (BSRR) announced a consolidated net income of $11.1 million, or $0.72 per diluted share for Q1 2021, up from $7.8 million, or $0.58 per share in Q1 2020. Key factors include a $4.8 million increase in net interest income and a $1.6 million reduction in loan loss provisions. Return on average assets and equity rose to 1.40% and 12.94% respectively. Total assets increased by 3% to $3.3 billion, while total deposits rose 9% to $2.9 billion.

Sierra Bancorp (Nasdaq: BSRR) has declared a quarterly cash dividend of $0.21 per share, payable on May 12, 2021 to shareholders on record as of April 29, 2021. This marks the 89th consecutive quarterly dividend since the company's inception in 1987. The decision reflects favorable financial performance following a review by the Board of Directors. Bank of the Sierra, the largest independent bank in South San Joaquin Valley, continues to thrive in its 44th year of operations.

Sierra Bancorp (Nasdaq: BSRR) reported Q4 2020 net income of $9.0 million, or $0.58 per diluted share, down from $9.3 million, or $0.60 per diluted share, in Q4 2019. The return on average assets decreased to 1.12%, while return on average equity dropped to 10.49%. Net income for the full year was $35.4 million, compared to $36.0 million in 2019. Key factors include a $4.0 million increase in net interest income, a $1.7 million rise in loan loss provisions, and a $2.8 million rise in noninterest expense due to increased salaries and legal costs.

Sierra Bancorp (Nasdaq: BSRR) has announced a quarterly cash dividend of $0.21 per share, marking a 5% increase from the previous quarter. This dividend will be paid on February 12, 2021, to shareholders of record as of January 29, 2021. With this declaration, the company continues its tradition of consistent dividend payments, now totaling 88 consecutive quarterly dividends since 1987. The increase reflects the Board’s confidence in the company's financial performance and capital position.

Sierra Bancorp (NASDAQ: BSRR) has appointed Susan M. Abundis and Julie Castle to its Board of Directors, effective immediately. Both will also serve on the Governance and Nominating Committee; Abundis on the Senior Loan Committee, while Castle will be on the Audit and Risk Committees. Abundis brings 40 years of banking experience, including roles at Bank of the West and Bank of America. Castle has over 35 years of experience, with previous positions at Rabobank and Wells Fargo. CEO Kevin McPhaill expressed enthusiasm for their leadership, aiming to enhance shareholder value.