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Financial Highlights

SIERRA BANCORP (NASDAQ - BSRR)

Trend Analysis--Quarterly (click here for Annual Analysis)

For the definition of a financial field, click on the field name.

Balance Sheet ($000)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Cash and Cash Equivalents	47,949	71,742	(33.16)	61,818	(89.74)
Trading Account Securities	0	0	0.00	0	0.00
Securities Available For Sale	398,755	416,866	(4.34)	380,188	19.53
Securities Held To Maturity	0	0	0.00	0	0.00
Other Securities	6,370	7,649	(16.72)	7,298	(50.86)
Total Securities	405,125	424,515	(4.57)	387,486	18.21
Total Cash and Investment Securities	453,074	496,257	(8.70)	449,304	3.36
Loans Held for Investment, before Reserves	828,428	752,159	10.14	880,951	(23.85)
Loans Held for Sale, before Reserves	789	763	3.41	210	1,102.86
Loans, Gross of Reserve for Losses	829,217	752,922	10.13	881,161	(23.58)
Loan Loss Reserve	13,199	17,408	(24.18)	13,873	(19.43)
Net Loans Receivable	816,018	735,514	10.95	867,288	(23.65)
Goodwill	5,544	5,544	0.00	5,544	0.00
Core Deposit Intangibles	0	0	0.00	0	0.00
Other Intangible Assets	0	0	0.00	0	0.00
Intangible Assets Excluding Goodwill	0	0	0.00	0	0.00
Intangible Assets	5,544	5,544	0.00	5,544	0.00
Mortgage Servicing Rights	0	0	0.00	0	0.00
Purchased Credit Card Rights	0	0	0.00	0	0.00
Other Loan Servicing Rights	0	0	0.00	0	0.00
Loan Servicing Rights	0	0	0.00	0	0.00
Real Estate Owned & Owned by Foreclosure	15,747	15,679	0.43	19,754	(81.14)
Investment in Real Estate Joint Venture	10,095	9,654	4.57	10,316	(8.57)
Other Real Estate Owned	0	0	0.00	0	0.00
Real Estate Owned and Held for Investment	25,842	25,333	2.01	30,070	(56.24)
Deferred Tax Asset	NA	NA	NA	NA	NA
Fixed Assets, net of Accumulated Depreciation	21,346	20,791	2.67	21,830	(8.87)
Accrued Interest Receivable	4,771	5,189	(8.06)	5,095	(25.44)
Prepaid Expenses	3,600	6,200	(41.94)	3,775	(18.54)
Other Assets	17,567	15,017	16.98	16,990	13.58
Total Other Assets	85,884	85,523	0.42	85,697	0.87
Total Assets	1,386,362	1,348,171	2.83	1,437,903	(14.34)
Deposits	1,155,934	1,122,878	2.94	1,174,034	(6.17)
Short-term Borrowings	0	0	0.00	0	0.00
Repurchase Agreements	2,673	5,845	(54.27)	1,419	353.49
Senior Notes Payable	0	0	0.00	0	0.00
FHLB Borrowings	6,600	5,000	32.00	41,650	(336.61)
Other Senior Debt	0	0	0.00	0	0.00
Senior Debt	9,273	10,845	(14.50)	43,069	(313.88)
Subordinated Debt	30,928	30,928	0.00	30,928	0.00
Debt, Senior and Subordinated	40,201	41,773	(3.76)	73,997	(182.69)
Deferred Tax Liability	NA	NA	NA	NA	NA
Accounts Payable and Accrued Expenses	186	288	(35.42)	304	(155.26)
Advance Payment By Borrowers	NA	NA	NA	NA	NA
Deferred Revenue	NA	NA	NA	NA	NA
Bank Drafts Payable	NA	NA	NA	NA	NA
Other Liabilities	14,499	12,987	11.64	15,676	(30.03)
Total Other Liabilities	14,685	13,275	10.62	15,980	(32.42)
Total Liabilities	1,210,820	1,177,926	2.79	1,264,011	(16.83)
Redeemable Preferred Equity	0	0	0.00	0	0.00
Trust Preferred Securities	0	0	0.00	0	0.00
Minority Interest in Equity of Consolidated Subs	0	0	0.00	0	0.00
Other Mezzanine Equity	0	0	0.00	0	0.00
Minority Interest and Mezzanine Equity	0	0	0.00	0	0.00
Liabilities and Mezzanine Equity	1,210,820	1,177,926	2.79	1,264,011	(16.83)
Nonredeemable Preferred Equity	0	0	0.00	0	0.00
Common Equity	175,542	170,245	3.11	173,892	3.80
Total Shareholders' Equity	175,542	170,245	3.11	173,892	3.80
Shares Outstanding (actual)	14,119,679	14,103,209	0.12	14,106,959	0.36

Income Statement ($000)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Interest Income	12,716	13,708	(7.24)	13,389	(20.11)
Interest Expense	874	1,220	(28.36)	973	(40.70)
Net Interest Income	11,842	12,488	(5.17)	12,416	(18.49)
Net Interest Income, Fully Taxable Equivalent	12,161	12,831	(5.22)	12,751	(18.51)
Provision for Loan Losses	1,600	2,750	(41.82)	3,600	(222.22)
Realized Gain on Sale of Securities	6	70	(91.43)	1,601	(398.50)
Nonrecurring Revenue	100	0	NM	0	NM
Nonrecurring Expenses	0	0	0.00	0	0.00
Nonrecurring Items	100	0	NM	0	NM
Trading Account Income	0	0	0.00	0	0.00
Foreign Exchange Income	0	0	0.00	0	0.00
Trust Revenue	0	0	0.00	0	0.00
Service Charges on Deposits	2,072	2,287	(9.40)	2,447	(61.30)
Gain on Sale of Loans (FAS 140)	36	50	(28.00)	44	(72.73)
Insurance Revenue	0	0	0.00	0	0.00
Bank-owned Life Insurance Revenue	507	586	(13.48)	285	311.58
Investment Banking & Securities Brokerage Income	0	0	0.00	0	0.00
Loan Fees & Charges	3	5	(40.00)	1	800.00
Other Revenue	1,879	1,230	52.76	1,682	46.85
Noninterest Income	4,497	4,158	8.15	4,459	3.41
Employee Compensation & Benefits	5,920	5,665	4.50	4,879	85.35
Occupancy and Equipment	1,551	1,489	4.16	1,660	(26.27)
Foreclosure Expense	1,262	1,254	0.64	3,041	(234.00)
Impairment of Goodwill	0	0	0.00	0	0.00
Amortization of Intangibles	0	0	0.00	0	0.00
Amortization of Intangibles & Goodwill Impairment	0	0	0.00	0	0.00
Marketing and Promotion Expense	421	471	(10.62)	448	(24.11)
Professional Fees	1,040	1,013	2.67	841	94.65
Technology and Communication Expense	919	1,122	(18.09)	1,299	(117.01)
Other Expense	1,194	1,152	3.65	1,008	73.81
Noninterest Expense	12,307	12,166	1.16	13,176	(26.38)
Net Income before Taxes	2,538	1,800	41.00	1,700	197.18
Provision for Taxes	204	(79)	NM	(3,98)	NM
Minority Interest Expense	0	0	0.00	0	0.00
Trust Preferred Security Payments	0	0	0.00	0	0.00
Other After-tax Items	0	0	0.00	0	0.00
Minority Interest and Other After-tax Items	0	0	0.00	0	0.00
Net Income before Extraordinary Items	2,334	1,879	24.22	2,098	45.00
Extraordinary Items	0	0	0.00	0	0.00
Net Income	2,334	1,879	24.22	2,098	45.00

Per Share Items ($)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
As Reported Book Value per Share	12.43	12.07	2.98	12.33	3.24
Book Value per Share	12.43	12.07	2.99	12.33	3.43
As Reported Tangible Book Value per Share	12.04	11.68	3.08	11.93	3.69
Tangible Book Value	12.04	11.68	3.10	11.93	3.56
Basic EPS before Extra	0.17	0.13	30.77	0.15	53.33
Basic EPS after Extra	0.17	0.13	30.77	0.15	53.33
Average Basic Shares (actual)	14,113,502	14,101,879	0.08	14,106,560	0.20
Diluted EPS before Extra	0.16	0.13	23.08	0.15	26.67
Diluted EPS after Extra	0.16	0.13	23.08	0.15	26.67
Average Diluted Shares (actual)	14,194,223	14,107,551	0.61	14,145,559	1.38
Dividends Declared	0.0600	0.0600	0.00	0.0600	0.00

Cash Flow ($000)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Cash Flow from Operating	5,871	6,812	(13.81)	9,769	(159.61)
Cash Flow from Investing	32,811	(96,08)	NM	(69,65)	NM
Cash Flow from Financing	(5,25,51)	11,502	NM	13,919	NM
Other Changes in Cash	0	0	0.00	0	0.00
Net Increase in Cash	(1,38,69)	8,706	NM	16,723	NM

Performance Ratios (%)
	2013 Q1	2012 Q1	Y-Y Ch (bp)	2012 Q4	Q-Q Ch (bp)
Reported Return on Average Assets^*	0.68	0.57	11	0.59	9
Reported Return on Average Equity^*	5.42	4.44	98	4.78	64
Reported Net Interest Margin^*	3.97	4.36	(39)	4.02	(5)
Reported Efficiency Ratio	68.62	69.51	(89)	74.07	(5,45)
ROAA	0.67	0.56	11	0.59	8
Core ROAA	0.65	0.55	10	0.30	35
ROAE	5.35	4.41	93	4.81	54
Core ROAE	5.19	4.31	20	2.42	457
Return on Average Common Equity	5.35	4.41	93	4.81	54
Return on Average Tangible Equity	5.52	4.56	96	4.96	56
Net Interest Margin	3.91	4.33	(42)	4.05	(13)
Loans / Deposits	71.67	66.98	468	75.04	(3,37)
Efficiency Ratio	66.30	64.23	207	58.89	741
Recurring Expenses/ Avg Assets	3.99	4.48	(48)	4.75	(75)
Noninterest Income/ Avg Assets	1.29	1.25	4	1.26	3
Noninterest Expense/ Avg Assets	3.54	3.65	(12)	3.73	(19)
Noninterest Income/ Operating Revenue	27.52	24.98	254	26.42	110
Noninterest Expense/ Operating Revenue	75.32	73.09	224	78.08	(2,76)
Compensation/ Average Employees	NA	59	NA	50	NA
Recurring Revenue Growth	(2.22)	0.99	(3,21)	8.49	(10,71)
Net Interest Income Growth	(5.17)	(3.76)	(1,41)	(4.03)	(1,15)
Net Income Growth	24.22	22.89	132	36.15	(11,93)
Profit Margin	14.88	10.39	449	0.59	1,430
EPS Growth	23.08	18.18	490	50.00	(26,92)
Core EPS Growth	22.37	15.35	702	(13.93)	3,630

Balance Sheet Ratios (%)
	2013 Q1	2012 Q1	Y-Y Ch (bp)	2012 Q4	Q-Q Ch (bp)
Asset Growth	(14.34)	3.82	(18,16)	4.10	(18,44)
Loan Growth	(23.65)	(3.65)	(20,00)	15.04	(38,68)
Deposit Growth	(6.17)	13.48	(19,65)	9.84	(16,00)
Debt Growth	NM	NM	NM	(61.58)	NM
Equity Growth	3.80	3.99	(19)	(1.33)	513
Book Value per Share Growth	3.43	3.94	(51)	(1.42)	485
Debt/ Equity (x)	0.23	0.25	(2) (100bp)	0.43	(20) (100bp)
Equity/ Assets	12.66	12.63	3	12.09	57
Tangible Equity/ Tangible Assets	12.31	12.27	4	11.75	56

Deposit Composition ($000)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Transaction Accounts	619,618	580,343	6.77	634,023	(9.09)
Savings Accounts	129,602	106,294	21.93	118,547	37.30
Money Market Accounts	73,743	80,641	(8.55)	71,222	14.16
Savings and MMDA Deposits	203,345	186,935	8.78	189,769	28.62
Retail Time Deposits	106,242	115,118	(7.71)	117,684	(38.89)
Total Jumbo Deposits	226,729	240,482	(5.72)	232,558	(10.03)
Time Deposits	332,971	355,600	(6.36)	350,242	(19.72)
Foreign Deposits	0	0	0.00	0	0.00
Other Deposits	0	0	0.00	0	0.00

Loan Composition ($000)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
1-4 Family Loans	96,141	103,374	(7.00)	99,916	(15.11)
Multifamily Loans	6,288	8,132	(22.68)	5,960	22.01
Commercial Real Estate Loans	366,016	349,939	4.59	347,273	21.59
Commercial & Multifamily Real Estate Loans	372,304	358,071	3.97	353,233	21.60
Real Estate Loans	468,445	461,445	1.52	453,149	13.50
Construction & Development Loans	28,587	47,761	(40.15)	31,176	(33.22)
Home Equity Loans	58,579	65,140	(10.07)	61,464	(18.78)
Credit Card Loans	0	0	0.00	0	0.00
Vehicle Loans	NA	5,424	NA	4,830	NA
Other Consumer Loans	27,042	28,050	(3.59)	24,042	49.91
Consumer Loans	85,621	98,614	(13.18)	90,336	(20.88)
Commercial Loans	240,751	137,945	74.53	300,901	(79.96)
Foreign Loans	0	0	0.00	0	0.00
Other Loans	3,897	5,704	(31.68)	4,233	(31.75)
Unearned Income and Other Adjustments	1,127	690	63.33	1,156	(10.03)
Total Loans and Leases Held for Investment	828,428	752,159	10.14	880,951	(23.85)

Asset Quality ($000)
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Loan Chargeoffs	2,704	2,954	(8.46)	2,926	(30.35)
Recoveries on Loans	430	329	30.70	393	37.66
Net Chargeoffs	2,274	2,625	(13.37)	2,533	(40.90)
Nonaccrual Loans	50,566	49,971	1.19	53,094	(19.05)
Restructured Loans	19,759	37,655	(47.53)	18,652	23.74
Nonperforming Loans	70,325	87,626	(19.74)	71,746	(7.92)
Real Estate Owned and Repossessed Assets, Net	15,747	15,679	0.43	19,754	(81.14)
Nonperforming Assets	86,072	103,305	(16.68)	91,500	(23.73)
Loans 90+ Days Past Due & Still Accruing	0	320	NM	0	0.00
NPAs Plus 90+ Days Delinquent	86,072	103,625	(16.94)	91,500	(23.73)
Reported Nonperforming Assets	66,313	65,650	1.01	72,848	(35.88)

Asset Quality Ratios (%)
	2013 Q1	2012 Q1	Y-Y Ch (bp)	2012 Q4	Q-Q Ch (bp)
Reported Nonperforming Assets/ Assets	NA	4.87	NA	6.36	NA
Nonperforming Loans/ Loans	8.48	11.64	(3,16)	8.14	34
Nonperforming Assets/ Assets	6.21	7.66	(1,45)	6.36	(15)
NPAs+90-day Delinquencies/ Loans & REO	10.19	13.48	(3,30)	10.16	3
NPAs+90-day Delinquencies/ Assets	6.21	7.69	(1,48)	6.36	(15)
Nonperforming Assets/ Equity	49.03	60.68	(11,65)	52.62	(3,59)
NPAs + 90/ Equity and Reserves	45.60	55.22	(9,62)	48.73	(3,13)
Nonperforming Assets/ Loans & REO	10.19	13.44	(3,25)	10.16	3
Loan Loss Reserves/ Gross Loans	1.59	2.31	(72)	1.57	2
Reserves/ Nonperforming Loans	18.77	19.87	(1,10)	19.34	(57)
Loan Loss Reserves/ NPAs	15.33	16.85	(1,52)	15.16	17
Loan Loss Reserves/ NPA+90	15.33	16.80	(1,46)	15.16	17
Loan Loss Reserves/ Assets	0.95	1.29	(34)	0.96	(1)
Net Chargeoffs/ Average Loans	1.12	1.40	(28)	1.22	(9)
Loan Loss Provisions/ Net Chargeoffs	70.36	104.76	(34,40)	142.12	(71,76)

Regulatory Capital Data
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
Regulatory Tangible Capital (OTS Only) ($000)	NA	NA	NA	NA	NA
Tangible Capital Ratio (OTS Only) (%)	NA	NA	NA	NA	NA
Regulatory Core Capital Ratio (OTS Only) (%)	NA	NA	NA	NA	NA
Regulatory Tier 1 (FDIC) or Core (OTS) Capital ($000)	NA	186,085	NA	183,783	NA
Tier 1 Capital Ratio (%)	19.19	20.66	(1,47)	18.11	108
Total Regulatory Capital ($000)	NA	197,428	NA	199,700	NA
Total Risk-based Capital Ratio (%)	20.44	21.92	(1,48)	19.36	108
Total Risk-adjusted Assets ($000)	NA	900,764	NA	1,031,306	NA
Regulatory Leverage Ratio (Banks/BHCs Only) (%)	13.65	14.09	(44)	13.34	31

Supplemental Data
	2013 Q1	2012 Q1	Y-Y Ch (%)	2012 Q4	Q-Q Ch (%)^†
1-4 Family Mortgage Loans Serviced for Others ($000)	0	0	0.00	0	0.00
Loans Serviced for Others ($000)	NA	636	NA	2,596	NA
One Year Cumulative Repricing Gap ($000)	NA	NA	NA	NA	NA
One Year Gap/ Assets (%)	NA	NA	NA	NA	NA
Fair Value of Held to Maturity Securities ($000)	0	0	0.00	0	0.00
Mortgage-backed Securities	310,772	339,023	(8.33)	301,389	12.45
Number of Full-time Equivalent Employees (actual)	NA	384	NA	399	NA
Number of Bank Branches (actual)	25	25	0.00	25	0.00
Number of ATMs (actual)	31	31	0.00	31	0.00


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