Sierra Bancorp Reports Improved Financial Results for Second Quarter and First Six Months of 2025
Section 1.01 Highlights for the second quarter of 2025 (unless otherwise stated):
-
Improved Earnings and Key Ratios
-
Increased Diluted Earnings per Share by
$0.13 19% , from the prior linked quarter. -
Higher Return on Average Assets of
1.16% , as compared to1.02% in the prior linked quarter. -
Improved Return on Average Equity to
12.08% , as compared to10.44% in the prior linked quarter. -
Favorable change of Efficiency Ratio(1) to
59.43% , as compared to60.62% to the prior linked quarter.
-
Increased Diluted Earnings per Share by
-
Strong Balance Sheet Growth
-
Overall loan growth of
$127.9 million 22% annualized, to$2.43 billion -
Mortgage warehouse utilization increased
$118.7 million -
Non-brokered deposits increased by
$24.6 million 4% annualized, during the quarter. -
Noninterest-bearing deposits of
$1.1 billion 36% of total deposits. -
Uninsured deposits, exclusive of public funds, are approximately
26% of total deposit balances.
-
Overall loan growth of
-
Solid Capital and Liquidity
-
Increased Tangible Book Value(1) per share by
2% , to$23.98 - Repurchased 135,641 shares of stock during the quarter.
-
Declared dividend of
$0.25 -
Strong regulatory Community Bank Leverage Ratio of
11.75% , at June 30, 2025, for our subsidiary Bank. -
Tangible Common Equity Ratio(1) of
8.77% , at June 30, 2025, on a consolidated basis. -
Overall primary and secondary liquidity sources of
$2.3 billion
-
Increased Tangible Book Value(1) per share by
| _______________________________ | ||
| (1) | See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures." |
|
“If you want to go fast, go alone. If you want to go far, go together.” – African proverb
“Our team continues to provide the best banking service to our customers and communities, even as we face uncertainty and potential economic challenges,” stated Kevin McPhaill, CEO and President. “The Bank’s second quarter results reflect our team’s efforts with strong loan and deposit growth. We are proud of our bankers, and we will remain diligent, committed, and conscientious as we work to make each of our communities stronger.” concluded Mr. McPhaill.
For the first six months of 2025, the Company recognized net income of
Quarterly Income Changes (comparisons to the second quarter of 2024)
-
Net income for the second quarter of 2025 increased
$0.4 million 4% , to$10.6 million $0.5 million $0.9 million 12% . These favorable changes were partially offset by an increase in the provision for credit losses of$0.3 million $1.1 million 5% . -
Included in the above
$0.9 million $1.1 million $0.8 million $0.7 million
Linked Quarter Income Changes (comparisons to the three months ended March 31, 2025)
-
Net income improved by
$1.5 million 17% , driven mostly by a$0.5 million $0.9 million $1.9 million 29% , increase in noninterest income. These three favorable changes were partially offset by a$1.4 million 6% , increase in noninterest expense. -
Included in the above
$1.9 million $1.4 million $1.5 million $1.5 million -
Net interest income increased by
$0.5 million $80.9 million 2% , increase in average interest earnings assets. -
Other changes to noninterest income outside of the abovementioned change in BOLI associated with deferred compensation include a
$0.3 million $0.2 million
Year-to-Date Income Changes (comparisons to the first six months of 2024)
-
There was a
$1.9 million $0.5 million -
There were offsetting differences to noninterest income and noninterest expense of
$1.0 million -
Noninterest income decreased
$1.0 million 6% . There was an$0.8 million $0.8 million
Balance Sheet Changes (comparisons to December 31, 2024)
-
Total assets increased
4% , or$156.0 million $3.8 billion -
Gross loans increased
$103.3 million 4% , due to a$75.5 million $34.1 million $6.3 million $8.4 million $11.1 million $9.6 million $0.4 million $114.5 million $75.3 million -
Deposits increased by
$82.8 million 3% . The growth in deposits came primarily from noninterest bearing demand deposits. There was also a$15.0 million $67.8 million -
Other interest-bearing liabilities increased
$92.0 million $74.4 million $17.6 million
Other financial highlights are reflected in the following table.
FINANCIAL HIGHLIGHTS |
|||||||||||||||
(Dollars in Thousands, Except Per Share Data, Unaudited) |
|||||||||||||||
|
|
|
As of or for the |
|
|
As of or for the |
|||||||||
|
|
|
three months ended |
|
|
six months ended |
|||||||||
|
|
|
6/30/2025 |
|
|
3/31/2025 |
|
|
6/30/2024 |
|
|
6/30/2025 |
|
|
6/30/2024 |
Net income |
|
$ |
10,633 |
|
$ |
9,101 |
|
$ |
10,263 |
|
$ |
19,734 |
|
$ |
19,593 |
Diluted earnings per share |
|
$ |
0.78 |
|
$ |
0.65 |
|
$ |
0.71 |
|
$ |
1.43 |
|
$ |
1.35 |
Return on average assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax-equivalent) (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on average loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of average total deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (tax-equivalent) (1) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
|
$ |
3,770,302 |
|
$ |
3,606,183 |
|
$ |
3,681,202 |
|
$ |
3,770,302 |
|
$ |
3,681,202 |
Loans net of deferred fees |
|
$ |
2,434,609 |
|
$ |
2,306,663 |
|
$ |
2,234,816 |
|
$ |
2,434,609 |
|
$ |
2,234,816 |
Noninterest demand deposits |
|
$ |
1,065,742 |
|
$ |
1,037,990 |
|
$ |
986,927 |
|
$ |
1,065,742 |
|
$ |
986,927 |
Total deposits |
|
$ |
2,974,469 |
|
$ |
2,849,884 |
|
$ |
2,942,410 |
|
$ |
2,974,469 |
|
$ |
2,942,410 |
Noninterest-bearing deposits over total deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity / total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity ratio (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
26.00 |
|
$ |
25.45 |
|
$ |
24.19 |
|
$ |
26.00 |
|
$ |
24.19 |
Tangible book value per share (2) |
|
$ |
23.98 |
|
$ |
23.44 |
|
$ |
22.24 |
|
$ |
23.98 |
|
$ |
22.24 |
Community bank leverage ratio (subsidiary bank) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity ratio (subsidiary bank) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Computed on a tax equivalent basis utilizing a federal income tax rate of |
|
| (2) | See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures". |
|
INCOME STATEMENT HIGHLIGHTS
Net Interest Income
Net interest income was
For the second quarter of 2025, although the balance of average interest-earning assets was
Net interest income for the comparative year-to-date periods increased
At June 30, 2025, approximately
Interest expense was
Our net interest margin was
Provision for Credit Losses
The provision for credit losses on loans was
There was a benefit for credit losses on unfunded commitments for
The Company did not record a provision for credit losses on available-for-sale debt securities. Although there were debt securities in an unrealized loss position, the declines in market values were primarily attributable to changes in interest rates and volatility in the financial markets and not a result of an expected credit loss.
Noninterest Income
Total noninterest income increased by
Noninterest Expense
Total noninterest expense increased by
Salaries and Benefits were
Occupancy expenses were mostly unchanged for the second quarter, and the first half of 2025 as compared to the same periods in 2024.
Other noninterest expense increased
The Company's effective tax rate was
Balance Sheet Summary
The
The increase in gross loan balances as compared to December 31, 2024, was primarily a result of a favorable change of
As indicated in the loan rollforward table below, new credit extended for the second quarter of 2025 decreased
LOAN ROLLFORWARD |
||||||||||||||||||||
(Dollars in Thousands, Unaudited) |
||||||||||||||||||||
|
|
For the three months ended: |
|
For the six months ended: |
||||||||||||||||
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|||||
Gross loans beginning balance |
|
$ |
2,306,762 |
|
|
$ |
2,331,341 |
|
|
$ |
2,156,864 |
|
|
$ |
2,331,341 |
|
|
$ |
2,090,075 |
|
New credit extended |
|
|
48,147 |
|
|
|
66,370 |
|
|
|
40,313 |
|
|
|
114,517 |
|
|
|
75,279 |
|
Changes in line of credit utilization (1) |
|
|
2,587 |
|
|
|
(12,129 |
) |
|
|
(10,412 |
) |
|
|
(9,542 |
) |
|
|
(35,340 |
) |
Change in mortgage warehouse |
|
|
118,665 |
|
|
|
(43,169 |
) |
|
|
70,498 |
|
|
|
75,496 |
|
|
|
158,060 |
|
Pay-downs, maturities, charge-offs and amortization |
|
|
(41,556 |
) |
|
|
(35,651 |
) |
|
|
(22,735 |
) |
|
|
(77,207 |
) |
|
|
(53,546 |
) |
Gross loans ending balance |
|
$ |
2,434,605 |
|
|
$ |
2,306,762 |
|
|
$ |
2,234,528 |
|
|
|
2,434,605 |
|
|
|
2,234,528 |
|
| (1) | Change does not include new balances on lines of credit extended during the respective periods as such balances are included as part of “New credit extended” line above. |
Unused commitments, excluding mortgage warehouse and overdraft lines, were
Deposit balances reflect growth of
Overall uninsured deposits are estimated to be approximately
The Company continues to have substantial liquidity which is managed daily. At June 30, 2025, and December 31, 2024, the Company had the following sources of primary and secondary liquidity (Dollars in Thousands):
Primary and secondary liquidity sources |
|
|
June 30, 2025 |
|
December 31, 2024 |
|
Cash and cash equivalents |
|
$ |
130,012 |
|
$ |
100,664 |
Unpledged investment securities |
|
|
529,292 |
|
|
552,098 |
Excess pledged securities |
|
|
253,365 |
|
|
242,519 |
FHLB borrowing availability |
|
|
605,571 |
|
|
629,134 |
Unsecured lines of credit |
|
|
445,785 |
|
|
479,785 |
Secured lines of credit |
|
|
25,000 |
|
|
25,000 |
Funds available through fed discount window |
|
|
321,368 |
|
|
298,296 |
Totals |
|
$ |
2,310,393 |
|
$ |
2,327,496 |
Total capital of
Asset Quality
Total nonperforming assets, comprised of nonaccrual loans and foreclosed assets, decreased by
The allowance for credit losses on loans decreased
Allowance for Credit Losses on Loans by Category |
||||||||||
(Dollars in Thousands, Unaudited) |
||||||||||
|
|
As of June 30, 2025 |
||||||||
|
|
|
Balance |
|
|
Total Allowance |
|
Percent of Portfolio |
|
Coverage Ratio (1) |
Real estate: |
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
$ |
371,415 |
|
$ |
1,694 |
|
|
|
|
Commercial real estate |
|
|
1,392,075 |
|
|
17,083 |
|
|
|
|
Other construction/land |
|
|
11,662 |
|
|
252 |
|
|
|
|
Farmland |
|
|
67,967 |
|
|
185 |
|
|
|
|
Total real estate |
|
|
1,843,119 |
|
|
19,214 |
|
|
|
|
Other Commercial |
|
|
186,620 |
|
|
1,907 |
|
|
|
|
Mortgage warehouse lines |
|
|
401,896 |
|
|
451 |
|
|
|
|
Consumer loans |
|
|
2,974 |
|
|
108 |
|
|
|
|
Total Loans |
|
$ |
2,434,609 |
|
$ |
21,680 |
|
|
|
|
|
|
As of March 31, 2025 |
||||||||
|
|
|
Balance |
|
|
Total Allowance |
|
Percent of Portfolio |
|
Coverage Ratio (1) |
Real estate: |
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
$ |
377,592 |
|
$ |
1,746 |
|
|
|
|
Commercial real estate |
|
|
1,380,402 |
|
|
17,143 |
|
|
|
|
Other construction/land |
|
|
7,633 |
|
|
145 |
|
|
|
|
Farmland |
|
|
73,206 |
|
|
282 |
|
|
|
|
Total real estate |
|
|
1,838,833 |
|
|
19,316 |
|
|
|
|
Other Commercial |
|
|
181,631 |
|
|
7,255 |
|
|
|
|
Mortgage warehouse lines |
|
|
283,231 |
|
|
339 |
|
|
|
|
Consumer loans |
|
|
2,968 |
|
|
140 |
|
|
|
|
Total Loans |
|
$ |
2,306,663 |
|
$ |
27,050 |
|
|
|
|
|
|
As of December 31, 2024 |
||||||||
|
|
|
Balance |
|
|
Total Allowance |
|
Percent of Portfolio |
|
Coverage Ratio (1) |
Real estate: |
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
$ |
382,507 |
|
$ |
1,808 |
|
|
|
|
Commercial real estate |
|
|
1,357,833 |
|
|
17,051 |
|
|
|
|
Other construction/land |
|
|
5,472 |
|
|
92 |
|
|
|
|
Farmland |
|
|
77,547 |
|
|
280 |
|
|
|
|
Total real estate |
|
|
1,823,359 |
|
|
19,231 |
|
|
|
|
Other Commercial |
|
|
178,331 |
|
|
4,829 |
|
|
|
|
Mortgage warehouse lines |
|
|
326,400 |
|
|
398 |
|
|
|
|
Consumer loans |
|
|
3,344 |
|
|
372 |
|
|
|
|
Total Loans |
|
$ |
2,331,434 |
|
$ |
24,830 |
|
|
|
|
| (1) | Coverage ratio equals allowance for credit losses on loans divided by amortized cost. |
The allowance as a percentage of gross loans was
The largest loan segment of commercial real estate continues to maintain a coverage ratio at or above
Management's detailed analysis indicates that the Company's allowance for credit losses on loans should be sufficient to cover credit losses for the life of the loans outstanding as of June 30, 2025, but no assurance can be given that the Company will not experience substantial future losses relative to the size of the loan and lease loss allowance. The Company calculates the allowance for credit losses using a combination of quantitative and qualitative factors by call report category.
About Sierra Bancorp
Sierra Bancorp is the holding Company for Bank of the Sierra (www.bankofthesierra.com), which is in its 48th year of operations.
Bank of the Sierra is a community-centric regional bank, which offers a broad range of retail and commercial banking services through full-service branches located within the counties of
Forward-Looking Statements
The statements contained in this release that are not historical facts are forward-looking statements based on Management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and local economies, the impact of changes to economic policies, including tariffs, on inflation or employment; loan portfolio performance, the Company's ability to attract and retain skilled employees, customers' service expectations, the Company's ability to successfully deploy new technology, the success of acquisitions and branch expansion, changes in interest rates, and other factors detailed in the Company's SEC filings, including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recent Form 10‑K and Form 10‑Q.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
STATEMENT OF CONDITION |
||||||||||||||||||||
(Dollars in Thousands, Unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSETS |
|
6/30/2025 |
3/31/2025 |
12/31/2024 |
9/30/2024 |
6/30/2024 |
||||||||||||||
Cash and due from banks |
|
$ |
130,012 |
|
|
$ |
159,711 |
|
|
$ |
100,664 |
|
|
$ |
132,797 |
|
|
$ |
183,990 |
|
Investment securities |
|
|
|
|
|
|
|
|
|
|
||||||||||
Available-for-sale, at fair value |
|
|
668,834 |
|
|
|
620,288 |
|
|
|
655,967 |
|
|
|
706,310 |
|
|
|
716,787 |
|
Held-to-maturity, at amortized cost, net of allowance for credit losses |
|
|
298,484 |
|
|
|
302,123 |
|
|
|
305,514 |
|
|
|
308,971 |
|
|
|
312,879 |
|
Total investment securities |
|
|
967,318 |
|
|
|
922,411 |
|
|
|
961,481 |
|
|
|
1,015,281 |
|
|
|
1,029,666 |
|
Real estate loans |
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential real estate |
|
|
370,348 |
|
|
|
376,533 |
|
|
|
381,438 |
|
|
|
388,169 |
|
|
|
396,819 |
|
Commercial real estate |
|
|
1,394,487 |
|
|
|
1,382,928 |
|
|
|
1,360,374 |
|
|
|
1,338,793 |
|
|
|
1,316,754 |
|
Other construction/land |
|
|
11,746 |
|
|
|
7,717 |
|
|
|
5,458 |
|
|
|
5,612 |
|
|
|
5,971 |
|
Farmland |
|
|
67,811 |
|
|
|
73,061 |
|
|
|
77,388 |
|
|
|
80,589 |
|
|
|
80,807 |
|
Total real estate loans |
|
|
1,844,392 |
|
|
|
1,840,239 |
|
|
|
1,824,658 |
|
|
|
1,813,163 |
|
|
|
1,800,351 |
|
Other commercial |
|
|
185,404 |
|
|
|
180,390 |
|
|
|
177,013 |
|
|
|
168,236 |
|
|
|
156,650 |
|
Mortgage warehouse lines |
|
|
401,896 |
|
|
|
283,231 |
|
|
|
326,400 |
|
|
|
335,777 |
|
|
|
274,059 |
|
Consumer loans |
|
|
2,913 |
|
|
|
2,902 |
|
|
|
3,270 |
|
|
|
3,453 |
|
|
|
3,468 |
|
Gross loans |
|
|
2,434,605 |
|
|
|
2,306,762 |
|
|
|
2,331,341 |
|
|
|
2,320,629 |
|
|
|
2,234,528 |
|
Deferred loan costs (fees) , net |
|
|
4 |
|
|
|
(99 |
) |
|
|
93 |
|
|
|
396 |
|
|
|
288 |
|
Allowance for credit losses on loans |
|
|
(21,680 |
) |
|
|
(27,050 |
) |
|
|
(24,830 |
) |
|
|
(22,710 |
) |
|
|
(21,640 |
) |
Net loans |
|
|
2,412,929 |
|
|
|
2,279,613 |
|
|
|
2,306,604 |
|
|
|
2,298,315 |
|
|
|
2,213,176 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank premises and equipment |
|
|
15,285 |
|
|
|
15,338 |
|
|
|
15,431 |
|
|
|
15,647 |
|
|
|
16,007 |
|
Other assets |
|
|
244,758 |
|
|
|
229,110 |
|
|
|
230,091 |
|
|
|
234,114 |
|
|
|
238,363 |
|
Total assets |
|
$ |
3,770,302 |
|
|
$ |
3,606,183 |
|
|
$ |
3,614,271 |
|
|
$ |
3,696,154 |
|
|
$ |
3,681,202 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND CAPITAL |
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest demand deposits |
|
$ |
1,065,742 |
|
|
$ |
1,037,990 |
|
|
$ |
1,007,208 |
|
|
$ |
1,013,743 |
|
|
$ |
986,927 |
|
Interest-bearing transaction accounts |
|
|
603,294 |
|
|
|
598,924 |
|
|
|
587,753 |
|
|
|
595,672 |
|
|
|
537,731 |
|
Savings deposits |
|
|
352,803 |
|
|
|
355,325 |
|
|
|
347,387 |
|
|
|
356,725 |
|
|
|
368,169 |
|
Money market deposits |
|
|
148,084 |
|
|
|
143,522 |
|
|
|
140,793 |
|
|
|
135,948 |
|
|
|
136,853 |
|
Customer time deposits |
|
|
514,596 |
|
|
|
524,173 |
|
|
|
533,577 |
|
|
|
550,121 |
|
|
|
566,132 |
|
Wholesale brokered deposits |
|
|
289,950 |
|
|
|
189,950 |
|
|
|
274,950 |
|
|
|
309,950 |
|
|
|
346,598 |
|
Total deposits |
|
|
2,974,469 |
|
|
|
2,849,884 |
|
|
|
2,891,668 |
|
|
|
2,962,159 |
|
|
|
2,942,410 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase agreements |
|
|
126,509 |
|
|
|
118,756 |
|
|
|
108,860 |
|
|
|
125,534 |
|
|
|
148,003 |
|
Long-term debt |
|
|
49,438 |
|
|
|
49,416 |
|
|
|
49,393 |
|
|
|
49,371 |
|
|
|
49,348 |
|
Subordinated debentures |
|
|
35,928 |
|
|
|
35,883 |
|
|
|
35,838 |
|
|
|
35,794 |
|
|
|
35,749 |
|
Other interest-bearing liabilities |
|
|
154,400 |
|
|
|
80,000 |
|
|
|
80,000 |
|
|
|
80,000 |
|
|
|
80,000 |
|
Total deposits and interest-bearing liabilities |
|
|
3,340,744 |
|
|
|
3,133,939 |
|
|
|
3,165,759 |
|
|
|
3,252,858 |
|
|
|
3,255,510 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses on unfunded loan commitments |
|
|
810 |
|
|
|
820 |
|
|
|
710 |
|
|
|
640 |
|
|
|
520 |
|
Other liabilities |
|
|
73,041 |
|
|
|
119,668 |
|
|
|
90,500 |
|
|
|
83,958 |
|
|
|
75,152 |
|
Total capital |
|
|
355,707 |
|
|
|
351,756 |
|
|
|
357,302 |
|
|
|
358,698 |
|
|
|
350,020 |
|
Total liabilities and capital |
|
$ |
3,770,302 |
|
|
$ |
3,606,183 |
|
|
$ |
3,614,271 |
|
|
$ |
3,696,154 |
|
|
$ |
3,681,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
GOODWILL AND INTANGIBLE ASSETS |
||||||||||||||||
(Dollars in Thousands, Unaudited) |
||||||||||||||||
|
|
|
6/30/2025 |
|
|
3/31/2025 |
|
|
12/31/2024 |
|
|
9/30/2024 |
|
|
6/30/2024 |
|
Goodwill |
|
$ |
27,357 |
|
$ |
27,357 |
|
|
$ |
27,357 |
|
$ |
27,357 |
|
$ |
27,357 |
Core deposit intangible |
|
|
294 |
|
|
456 |
|
|
|
618 |
|
|
780 |
|
|
961 |
Total intangible assets |
|
$ |
27,651 |
|
$ |
27,813 |
|
|
$ |
27,975 |
|
$ |
28,137 |
|
$ |
28,318 |
|
|
|
|
|
|
|
||||||||||
CREDIT QUALITY |
||||||||||||||||
(Dollars in Thousands, Unaudited) |
||||||||||||||||
|
|
|
6/30/2025 |
|
|
3/31/2025 |
|
|
12/31/2024 |
|
|
9/30/2024 |
|
|
6/30/2024 |
|
Nonperforming loans |
|
$ |
14,981 |
|
$ |
18,201 |
|
|
$ |
19,668 |
|
$ |
10,348 |
|
$ |
6,473 |
Foreclosed assets |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
Total nonperforming assets |
|
$ |
14,981 |
|
$ |
18,201 |
|
|
$ |
19,668 |
|
$ |
10,348 |
|
$ |
6,473 |
|
|
|
|
|
|
|
||||||||||
Quarterly net charge offs (recoveries) |
|
$ |
6,580 |
|
$ |
(259 |
) |
|
$ |
215 |
|
$ |
170 |
|
$ |
2,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due and still accruing (30-89) |
|
$ |
3,033 |
|
$ |
3,057 |
|
|
$ |
1,348 |
|
$ |
211 |
|
$ |
3,172 |
Classified loans |
|
$ |
35,700 |
|
$ |
37,265 |
|
|
$ |
44,464 |
|
$ |
29,148 |
|
$ |
28,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans / gross loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NPA's / loans plus foreclosed assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans / gross loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECT PERIOD-END STATISTICS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
6/30/2025 |
|
|
3/31/2025 |
|
|
12/31/2024 |
|
|
9/30/2024 |
|
|
6/30/2024 |
|
Shareholders' equity / total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans / deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits / total deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
CONSOLIDATED INCOME STATEMENT |
||||||||||||||||||||
(Dollars in Thousands, Unaudited) |
|
For the three months ended: |
|
|
For the six months ended: |
|||||||||||||||
|
|
|
6/30/2025 |
|
|
3/31/2025 |
|
|
6/30/2024 |
|
|
6/30/2025 |
|
|
6/30/2024 |
|||||
Interest income |
|
$ |
42,717 |
|
|
$ |
41,453 |
|
|
$ |
43,495 |
|
|
$ |
84,170 |
|
|
$ |
84,455 |
|
Interest expense |
|
|
12,064 |
|
|
|
11,341 |
|
|
|
13,325 |
|
|
|
23,405 |
|
|
|
25,568 |
|
Net interest income |
|
|
30,653 |
|
|
|
30,112 |
|
|
|
30,170 |
|
|
|
60,765 |
|
|
|
58,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Credit loss expense - loans |
|
|
1,210 |
|
|
|
1,961 |
|
|
|
921 |
|
|
|
3,171 |
|
|
|
1,018 |
|
Credit loss (benefit) expense - unfunded commitments |
|
|
(10 |
) |
|
|
110 |
|
|
|
(20 |
) |
|
|
100 |
|
|
|
10 |
|
Net interest income after provision |
|
|
29,453 |
|
|
|
28,041 |
|
|
|
29,269 |
|
|
|
57,494 |
|
|
|
57,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Service charges and fees on deposit accounts |
|
|
5,855 |
|
|
|
5,581 |
|
|
|
6,184 |
|
|
|
11,436 |
|
|
|
11,909 |
|
Net gain (loss) on sale of securities available-for-sale |
|
|
1 |
|
|
|
122 |
|
|
|
- |
|
|
|
124 |
|
|
|
(2,883 |
) |
Net (loss) gain on sale of fixed assets |
|
|
(19 |
) |
|
|
(2 |
) |
|
|
- |
|
|
|
(22 |
) |
|
|
3,799 |
|
Increase (decrease) in cash surrender value of life insurance |
|
|
1,316 |
|
|
|
(265 |
) |
|
|
523 |
|
|
|
1,051 |
|
|
|
1,738 |
|
Other income |
|
|
1,400 |
|
|
|
1,206 |
|
|
|
923 |
|
|
|
2,606 |
|
|
|
1,656 |
|
Total noninterest income |
|
|
8,553 |
|
|
|
6,642 |
|
|
|
7,630 |
|
|
|
15,195 |
|
|
|
16,219 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries and benefits |
|
|
12,544 |
|
|
|
13,003 |
|
|
|
12,029 |
|
|
|
25,547 |
|
|
|
25,226 |
|
Occupancy expense |
|
|
3,142 |
|
|
|
2,978 |
|
|
|
3,152 |
|
|
|
6,120 |
|
|
|
6,177 |
|
Other noninterest expenses |
|
|
8,081 |
|
|
|
6,436 |
|
|
|
7,511 |
|
|
|
14,517 |
|
|
|
15,815 |
|
Total noninterest expense |
|
|
23,767 |
|
|
|
22,417 |
|
|
|
22,692 |
|
|
|
46,184 |
|
|
|
47,218 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before taxes |
|
|
14,239 |
|
|
|
12,266 |
|
|
|
14,207 |
|
|
|
26,505 |
|
|
|
26,860 |
|
Provision for income taxes |
|
|
3,606 |
|
|
|
3,165 |
|
|
|
3,944 |
|
|
|
6,771 |
|
|
|
7,267 |
|
Net income |
|
$ |
10,633 |
|
|
$ |
9,101 |
|
|
$ |
10,263 |
|
|
$ |
19,734 |
|
|
$ |
19,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
TAX DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tax-exempt muni income |
|
$ |
1,577 |
|
|
$ |
1,576 |
|
|
$ |
1,592 |
|
|
$ |
3,153 |
|
|
$ |
3,581 |
|
Interest income - fully tax equivalent |
$ |
43,136 |
$ |
41,872 |
|
|
$ |
43,918 |
$ |
85,008 |
$ |
85,407 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|||||||||||||||
(Unaudited) |
|
For the three months ended: |
|
|
For the six months ended: |
||||||||||
|
|
|
6/30/2025 |
|
|
3/31/2025 |
|
|
6/30/2024 |
|
|
6/30/2025 |
|
|
6/30/2024 |
Basic earnings per share |
|
$ |
0.78 |
|
$ |
0.66 |
|
$ |
0.72 |
|
$ |
1.44 |
|
$ |
1.36 |
Diluted earnings per share |
|
$ |
0.78 |
|
$ |
0.65 |
|
$ |
0.71 |
|
$ |
1.43 |
|
$ |
1.35 |
Common dividends |
|
$ |
0.25 |
|
$ |
0.25 |
|
$ |
0.23 |
|
$ |
0.50 |
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
13,563,910 |
|
|
13,820,008 |
|
|
14,300,267 |
|
|
13,692,003 |
|
|
14,404,368 |
Weighted average diluted shares |
|
|
13,637,252 |
|
|
13,916,341 |
|
|
14,381,426 |
|
|
13,777,006 |
|
|
14,467,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per basic share (EOP) |
|
$ |
26.00 |
|
$ |
25.45 |
|
$ |
24.19 |
|
$ |
26.00 |
|
$ |
24.19 |
Tangible book value per share (EOP) (1) |
|
$ |
23.98 |
|
$ |
23.44 |
|
$ |
22.24 |
|
$ |
23.98 |
|
$ |
22.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding (EOP) |
|
|
13,681,828 |
|
|
13,818,770 |
|
|
14,466,873 |
|
|
13,681,828 |
|
|
14,466,873 |
| (1) | See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures". |
|
|
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL RATIOS |
|||||||||||
(Unaudited) |
|
For the three months ended: |
|
For the six months ended: |
|||||||
|
|
6/30/2025 |
|
3/31/2025 |
|
6/30/2024 |
|
6/30/2025 |
|
6/30/2024 |
|
Return on average equity |
|
|
|
10.44 |
% |
|
|
|
|
|
|
Return on average assets |
|
|
|
1.02 |
% |
|
|
|
|
|
|
Net interest margin (tax-equivalent) (1) |
|
|
|
3.74 |
% |
|
|
|
|
|
|
Efficiency ratio (tax-equivalent) (1) (2) |
|
|
|
60.62 |
% |
|
|
|
|
|
|
Net charge-offs (recoveries) / average loans (not annualized) |
|
|
|
(0.01 |
)% |
|
|
|
|
|
|
| (1) |
Computed on a tax equivalent basis utilizing a federal income tax rate of |
|
| (2) | See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures". |
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL MEASURES |
|
|
|
|
|
|
|
|
|
(Dollars in Thousands, Unaudited) |
|
As of: |
|||||||
|
|
|
6/30/2025 |
|
|
3/31/2025 |
|
|
6/30/2024 |
Total stockholders' equity |
|
$ |
355,707 |
|
$ |
351,756 |
|
$ |
350,020 |
Less: goodwill and other intangible assets |
|
|
27,651 |
|
|
27,813 |
|
|
28,318 |
Tangible common equity |
|
$ |
328,056 |
|
$ |
323,943 |
|
$ |
321,702 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,770,302 |
|
$ |
3,606,183 |
|
$ |
3,681,202 |
Less: goodwill and other intangible assets |
|
|
27,651 |
|
|
27,813 |
|
|
28,318 |
Tangible assets |
|
$ |
3,742,651 |
|
$ |
3,578,370 |
|
$ |
3,652,884 |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity (bank only) |
|
$ |
430,250 |
|
$ |
432,518 |
|
$ |
415,210 |
Less: goodwill and other intangible assets (bank only) |
|
|
27,651 |
|
|
27,813 |
|
|
28,318 |
Tangible common equity (bank only) |
|
$ |
402,599 |
|
$ |
404,705 |
|
$ |
386,892 |
|
|
|
|
|
|
|
|
|
|
Total assets (bank only) |
|
$ |
3,766,071 |
|
$ |
3,603,679 |
|
$ |
3,678,508 |
Less: goodwill and other intangible assets (bank only) |
|
|
27,651 |
|
|
27,813 |
|
|
28,318 |
Tangible assets (bank only) |
|
$ |
3,738,420 |
|
$ |
3,575,866 |
|
$ |
3,650,190 |
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
13,681,828 |
|
|
13,818,770 |
|
|
14,466,873 |
|
|
|
|
|
|
|
|
|
|
Book value per common share (total stockholders' equity / shares outstanding) |
|
$ |
26.00 |
|
$ |
25.45 |
|
$ |
24.19 |
Tangible book value per common share (tangible common equity / shares outstanding) |
|
$ |
23.98 |
|
$ |
23.44 |
|
$ |
22.24 |
Equity ratio - GAAP (total stockholders' equity / total assets |
|
|
|
|
|
|
|
|
|
Tangible common equity ratio (tangible common equity / tangible assets) |
|
|
|
|
|
|
|
|
|
Tangible common equity ratio (bank only) (tangible common equity / tangible assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
For the three months ended: |
|
For the six months ended: |
||||||||||||||||
Efficiency Ratio: |
|
|
6/30/2025 |
|
|
3/31/2025 |
|
|
6/30/2024 |
|
|
6/30/2025 |
|
|
6/30/2024 |
|||||
Noninterest expense |
|
$ |
23,767 |
|
|
$ |
22,417 |
|
|
$ |
22,692 |
|
|
$ |
46,184 |
|
|
|
47,218 |
|
Divided by: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income |
|
|
30,653 |
|
|
|
30,112 |
|
|
|
30,170 |
|
|
|
60,765 |
|
|
|
58,887 |
|
Tax-equivalent interest income adjustments |
|
|
419 |
|
|
|
419 |
|
|
|
423 |
|
|
|
838 |
|
|
|
952 |
|
Net interest income, adjusted |
|
|
31,072 |
|
|
|
30,531 |
|
|
|
30,593 |
|
|
|
61,603 |
|
|
|
59,839 |
|
Noninterest income |
|
|
8,553 |
|
|
|
6,642 |
|
|
|
7,630 |
|
|
|
15,195 |
|
|
|
16,219 |
|
Less gain (loss) on sale of securities |
|
|
1 |
|
|
|
122 |
|
|
|
- |
|
|
|
124 |
|
|
|
(2,883 |
) |
Less (loss) gain on sale of fixed assets |
|
|
(19 |
) |
|
|
(2 |
) |
|
|
- |
|
|
|
(22 |
) |
|
|
3,799 |
|
Tax-equivalent noninterest income adjustments |
|
|
350 |
|
|
|
(70 |
) |
|
|
139 |
|
|
|
279 |
|
|
|
462 |
|
Noninterest income, adjusted |
|
|
8,921 |
|
|
|
6,452 |
|
|
|
7,769 |
|
|
|
15,372 |
|
|
|
15,765 |
|
Net interest income plus noninterest income, adjusted |
|
$ |
39,993 |
|
|
$ |
36,982 |
|
|
$ |
38,362 |
|
|
$ |
76,976 |
|
|
$ |
75,604 |
|
Efficiency Ratio (tax-equivalent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NONINTEREST INCOME/EXPENSE |
||||||||||||||||||||
(Dollars in Thousands, Unaudited) |
||||||||||||||||||||
|
|
For the three months ended: |
|
For the six months ended June 30, |
||||||||||||||||
Noninterest income: |
|
6/30/2025 |
|
3/31/2025 |
|
6/30/2024 |
|
2025 |
|
2024 |
||||||||||
Service charges and fees on deposit accounts |
|
$ |
5,855 |
|
|
$ |
5,581 |
|
|
$ |
6,184 |
|
|
$ |
11,436 |
|
|
$ |
11,909 |
|
Net gain (loss) on sale of securities available-for-sale |
|
|
1 |
|
|
|
122 |
|
|
|
— |
|
|
|
124 |
|
|
|
(2,883 |
) |
(Loss) gain on sale of fixed assets |
|
|
(19 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
(22 |
) |
|
|
3,799 |
|
Bank-owned life insurance |
|
|
1,316 |
|
|
|
(265 |
) |
|
|
523 |
|
|
|
1,051 |
|
|
|
1,738 |
|
Other |
|
|
1,400 |
|
|
|
1,206 |
|
|
|
923 |
|
|
|
2,606 |
|
|
|
1,656 |
|
Total noninterest income |
|
$ |
8,553 |
|
|
$ |
6,642 |
|
|
$ |
7,630 |
|
|
$ |
15,195 |
|
|
$ |
16,219 |
|
As a % of average interest-earning assets (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
$ |
12,544 |
|
|
$ |
13,003 |
|
|
$ |
12,029 |
|
|
$ |
25,547 |
|
|
$ |
25,226 |
|
Occupancy and equipment costs |
|
|
3,142 |
|
|
|
2,978 |
|
|
|
3,152 |
|
|
|
6,120 |
|
|
|
6,177 |
|
Advertising and marketing costs |
|
|
405 |
|
|
|
348 |
|
|
|
338 |
|
|
|
753 |
|
|
|
680 |
|
Data processing costs |
|
|
1,566 |
|
|
|
1,498 |
|
|
|
1,680 |
|
|
|
3,064 |
|
|
|
3,189 |
|
Deposit services costs |
|
|
2,118 |
|
|
|
1,991 |
|
|
|
2,019 |
|
|
|
4,109 |
|
|
|
4,152 |
|
Loan services costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loan processing |
|
|
113 |
|
|
|
138 |
|
|
|
89 |
|
|
|
251 |
|
|
|
240 |
|
Foreclosed assets |
|
|
(2 |
) |
|
|
4 |
|
|
|
— |
|
|
|
2 |
|
|
|
- |
|
Other operating costs |
|
|
1,078 |
|
|
|
928 |
|
|
|
1,094 |
|
|
|
2,006 |
|
|
|
2,021 |
|
Professional services costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Legal & accounting services |
|
|
419 |
|
|
|
651 |
|
|
|
714 |
|
|
|
1,070 |
|
|
|
1,240 |
|
Director's costs |
|
|
1,257 |
|
|
|
(134 |
) |
|
|
646 |
|
|
|
1,123 |
|
|
|
1,899 |
|
Other professional service |
|
|
711 |
|
|
|
706 |
|
|
|
582 |
|
|
|
1,417 |
|
|
|
1,582 |
|
Stationery & supply costs |
|
|
132 |
|
|
|
101 |
|
|
|
115 |
|
|
|
233 |
|
|
|
263 |
|
Sundry & tellers |
|
|
284 |
|
|
|
205 |
|
|
|
234 |
|
|
|
489 |
|
|
|
549 |
|
Total noninterest expense |
|
$ |
23,767 |
|
|
$ |
22,417 |
|
|
$ |
22,692 |
|
|
$ |
46,184 |
|
|
$ |
47,218 |
|
As a % of average interest-earning assets (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Efficiency ratio (tax-equivalent) (2)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
| (1) | Annualized |
|
| (2) |
Computed on a tax equivalent basis utilizing a federal income tax rate of |
|
| (3) | See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures". |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AVERAGE BALANCES AND RATES |
||||||||||||||||||
(Dollars in Thousands, Unaudited) |
||||||||||||||||||
|
|
For the quarter ended |
|
For the quarter ended |
|
For the quarter ended |
||||||||||||
|
|
June 30, 2025 |
|
March 31, 2025 |
|
June 30, 2024 |
||||||||||||
|
|
Average Balance (1) |
Income/ Expense |
Yield/ Rate (2) |
|
Average Balance (1) |
Income/ Expense |
Yield/ Rate (2) |
|
Average Balance (1) |
Income/ Expense |
Yield/ Rate (2) |
||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal funds sold/interest-earning due from accounts |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable |
|
770,413 |
9,295 |
|
|
735,197 |
9,138 |
|
|
866,270 |
12,787 |
|
||||||
Non-taxable |
|
196,364 |
1,577 |
|
|
197,558 |
1,576 |
|
|
199,942 |
1,592 |
|
||||||
Total investments |
|
984,899 |
11,083 |
|
|
987,396 |
11,304 |
|
|
1,109,619 |
14,977 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans: (3) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Real estate |
|
1,849,725 |
22,589 |
|
|
1,824,428 |
21,988 |
|
|
1,802,190 |
20,463 |
|
||||||
Agricultural production |
|
72,933 |
915 |
|
|
76,316 |
1,030 |
|
|
75,825 |
1,406 |
|
||||||
Commercial |
|
109,407 |
1,612 |
|
|
103,152 |
1,515 |
|
|
77,224 |
1,174 |
|
||||||
Consumer |
|
3,214 |
64 |
|
|
3,286 |
69 |
|
|
3,698 |
79 |
|
||||||
Mortgage warehouse lines |
|
368,592 |
6,440 |
|
|
313,251 |
5,529 |
|
|
261,768 |
5,382 |
|
||||||
Other |
|
2,351 |
14 |
|
|
2,361 |
18 |
|
|
2,291 |
14 |
|
||||||
Total loans |
|
2,406,222 |
31,634 |
|
|
2,322,794 |
30,149 |
|
|
2,222,996 |
28,518 |
|
||||||
Total interest-earning assets (4) |
|
3,391,121 |
42,717 |
|
|
3,310,190 |
41,453 |
|
|
3,332,615 |
43,495 |
|
||||||
Other earning assets |
|
17,062 |
|
|
|
17,062 |
|
|
|
17,058 |
|
|
||||||
Non-earning assets |
|
280,045 |
|
|
|
273,926 |
|
|
|
286,020 |
|
|
||||||
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Demand deposits |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NOW |
|
375,695 |
140 |
|
|
378,338 |
119 |
|
|
398,001 |
148 |
|
||||||
Savings accounts |
|
354,798 |
97 |
|
|
352,645 |
90 |
|
|
371,961 |
80 |
|
||||||
Money market |
|
146,193 |
608 |
|
|
145,092 |
571 |
|
|
139,507 |
476 |
|
||||||
Time deposits |
|
516,970 |
4,283 |
|
|
531,299 |
4,412 |
|
|
563,526 |
6,051 |
|
||||||
Wholesale brokered deposits |
|
244,401 |
2,778 |
|
|
244,561 |
2,888 |
|
|
307,995 |
3,544 |
|
||||||
Total interest-bearing deposits |
|
1,862,706 |
9,326 |
|
|
1,859,709 |
9,372 |
|
|
1,912,500 |
11,032 |
|
||||||
Borrowed funds: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal funds purchased |
|
46,214 |
517 |
|
|
183 |
2 |
|
|
181 |
3 |
|
||||||
Repurchase agreements |
|
124,636 |
79 |
|
|
112,361 |
69 |
|
|
131,478 |
66 |
|
||||||
Short term borrowings |
|
24,716 |
277 |
|
|
4,043 |
45 |
|
|
18,550 |
262 |
|
||||||
Long term FHLB Advances |
|
80,000 |
780 |
|
|
80,000 |
771 |
|
|
80,000 |
777 |
|
||||||
Long-term debt |
|
49,424 |
430 |
|
|
49,402 |
430 |
|
|
49,335 |
430 |
|
||||||
Subordinated debentures |
|
35,899 |
655 |
|
|
35,855 |
652 |
|
|
35,723 |
755 |
|
||||||
Total borrowed funds |
|
360,889 |
2,738 |
|
|
281,844 |
1,969 |
|
|
315,267 |
2,293 |
|
||||||
Total interest-bearing liabilities |
|
2,223,595 |
12,064 |
|
|
2,141,553 |
11,341 |
|
|
2,227,767 |
13,325 |
|
||||||
Demand deposits - noninterest-bearing |
|
1,020,374 |
|
|
|
1,003,322 |
|
|
|
978,602 |
|
|
||||||
Other liabilities |
|
91,191 |
|
|
|
102,806 |
|
|
|
83,886 |
|
|
||||||
Shareholders' equity |
|
353,068 |
|
|
|
353,497 |
|
|
|
345,438 |
|
|
||||||
Total liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest income/interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense/interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income and margin (5) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
||||||||||||||||||
| (1) | Average balances are obtained from the best available daily or monthly data and are net of deferred fees and related direct costs. |
|
(2) |
|
Yields and net interest margin have been computed on a tax equivalent basis utilizing a |
(3) |
|
Loans are gross of the allowance for possible loan losses. Loan fees have been included in the calculation of interest income. Net loan fees and loan acquisition FMV amortization were |
(4) |
|
Non-accrual loans have been included in total loans for purposes of computing total earning assets. |
(5) |
|
Net interest margin represents net interest income as a percentage of average interest-earning assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES AND RATES |
||||||||||||||||
(Dollars in Thousands, Unaudited) |
||||||||||||||||
|
|
For the six months ended |
|
|
For the six months ended |
|||||||||||
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|||||||||||
|
|
Average
|
|
Income/
|
|
Yield/ Rate (2) |
|
Average
|
|
Income/
|
|
Yield/ Rate (2) |
||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest-earning due from banks |
|
$ |
36,281 |
|
$ |
799 |
|
|
|
$ |
30,202 |
|
$ |
839 |
|
|
Taxable |
|
|
752,903 |
|
|
18,435 |
|
|
|
|
879,720 |
|
|
26,090 |
|
|
Non-taxable |
|
|
196,957 |
|
|
3,153 |
|
|
|
|
222,469 |
|
|
3,581 |
|
|
Total investments |
|
|
986,141 |
|
|
22,387 |
|
|
|
|
1,132,391 |
|
|
30,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans:(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Real estate |
|
$ |
1,837,146 |
|
$ |
44,576 |
|
|
|
$ |
1,804,187 |
|
$ |
40,653 |
|
|
Agricultural |
|
|
74,615 |
|
|
1,945 |
|
|
|
|
68,622 |
|
|
2,544 |
|
|
Commercial |
|
|
106,296 |
|
|
3,127 |
|
|
|
|
78,216 |
|
|
2,357 |
|
|
Consumer |
|
|
3,250 |
|
|
133 |
|
|
|
|
3,830 |
|
|
160 |
|
|
Mortgage warehouse lines |
|
|
341,075 |
|
|
11,970 |
|
|
|
|
199,595 |
|
|
8,203 |
|
|
Other |
|
|
2,356 |
|
|
32 |
|
|
|
|
2,312 |
|
|
28 |
|
|
Total loans |
|
|
2,364,738 |
|
|
61,783 |
|
|
|
|
2,156,762 |
|
|
53,945 |
|
|
Total interest-earning assets (4) |
|
|
3,350,879 |
|
|
84,170 |
|
|
|
|
3,289,153 |
|
|
84,455 |
|
|
Other earning assets |
|
|
17,062 |
|
|
|
|
|
|
|
17,202 |
|
|
|
|
|
Non-earning assets |
|
|
277,002 |
|
|
|
|
|
|
|
278,403 |
|
|
|
|
|
Total assets |
|
$ |
3,644,943 |
|
|
|
|
|
|
$ |
3,584,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Demand deposits |
|
$ |
216,258 |
|
$ |
2,712 |
|
|
|
$ |
134,736 |
|
$ |
1,431 |
|
|
NOW |
|
|
377,009 |
|
|
259 |
|
|
|
|
398,320 |
|
|
232 |
|
|
Savings accounts |
|
|
353,727 |
|
|
187 |
|
|
|
|
374,148 |
|
|
153 |
|
|
Money market |
|
|
145,646 |
|
|
1,180 |
|
|
|
|
138,597 |
|
|
886 |
|
|
Time deposits |
|
|
524,095 |
|
|
8,694 |
|
|
|
|
562,733 |
|
|
12,241 |
|
|
Brokered deposits |
|
|
244,480 |
|
|
5,665 |
|
|
|
|
256,543 |
|
|
5,733 |
|
|
Total interest-bearing deposits |
|
|
1,861,215 |
|
|
18,697 |
|
|
|
|
1,865,077 |
|
|
20,676 |
|
|
Borrowed funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Federal funds purchased |
23,325 |
|
|
519 |
|
|
|
7,554 |
|
|
247 |
|
|
|||
Repurchase agreements |
118,533 |
|
|
148 |
|
|
|
121,932 |
|
|
106 |
|
|
|||
Short term borrowings |
|
|
14,437 |
|
|
323 |
|
|
|
|
21,549 |
|
|
613 |
|
|
Long term FHLB Advances |
|
|
80,000 |
|
|
1,550 |
|
|
|
|
80,000 |
|
|
1,555 |
|
|
Long-term debt |
|
|
49,413 |
|
|
860 |
|
|
|
|
49,324 |
|
|
861 |
|
|
Subordinated debentures |
|
|
35,877 |
|
|
1,308 |
|
|
|
|
35,700 |
|
|
1,510 |
|
|
Total borrowed funds |
|
|
321,585 |
|
|
4,708 |
|
|
|
|
316,059 |
|
|
4,892 |
|
|
Total interest-bearing liabilities |
|
|
2,182,800 |
|
|
23,405 |
|
|
|
|
2,181,136 |
|
|
25,568 |
|
|
Demand deposits - noninterest-bearing |
|
|
1,011,895 |
|
|
|
|
|
|
|
984,489 |
|
|
|
|
|
Other liabilities |
|
|
96,967 |
|
|
|
|
|
|
|
77,210 |
|
|
|
|
|
Shareholders' equity |
|
|
353,281 |
|
|
|
|
|
|
|
341,923 |
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
3,644,943 |
|
|
|
|
|
|
$ |
3,584,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income/interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense/interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin(5) |
|
|
|
|
$ |
60,765 |
|
|
|
|
|
|
$ |
58,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) | Average balances are obtained from the best available daily or monthly data and are net of deferred fees and related direct costs. |
|
| (2) |
Yields and net interest margin have been computed on a tax equivalent basis utilizing a |
|
(3) |
|
Loans are gross of the allowance for possible loan losses. Loan fees have been included in the calculation of interest income. Net loan fees and loan acquisition FMV amortization were |
(4) |
|
Non-accrual loans have been included in total loans for purposes of computing total earning assets. |
(5) |
|
Net interest margin represents net interest income as a percentage of average interest-earning assets. |
Category: Financial
Source: Sierra Bancorp
View source version on businesswire.com: https://www.businesswire.com/news/home/20250728647482/en/
Contact: Kevin McPhaill, President/CEO
Phone: (559) 782‑4900 or (888) 454‑BANK
Website Address: www.sierrabancorp.com
Source: Sierra Bancorp
