PORTERVILLE, Calif.,
Oct. 24, 2011 /PRNewswire/ --
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra,
today announced its financial results for the quarter and the nine
months ended September 30, 2011.
Sierra Bancorp recognized net income of $2.526 million and diluted earnings per share of
$0.18 for the quarter, while its
annualized return on average equity was 6.00% and return on average
assets was 0.74%. The financial results for the third quarter
of 2011 represent significant improvement relative to $887,000 in net income and $0.08 earnings per share in the third quarter of
2010, and also reflect an increase in net income over the
immediately preceding quarter. The increase relative to the
third quarter of the prior year is primarily the result of lower
OREO write-downs, a reduced provision for loan and lease losses,
and certain accrual adjustments, which offset lower net interest
income and a drop in investment gains.
For the first nine months of 2011 the Company's net income
totaled $6.239 million, diluted
earnings per share were $0.44, return
on average equity was 5.09%, and return on average assets was
0.63%. Notable balance sheet changes in the first nine months
of 2011 include the following: Loan balances declined by
$47 million, or 6%; investment
securities and fed funds sold increased by $98 million, or 29%; cash and due from banks
increased by $16 million, or 37%;
core non-maturity deposits grew $47
million, or 7% (although there was a shift from money market
deposits into our new interest-bearing business demand deposit
product); customer time deposits show a $21
million, or 5%, decline; the Company added $15 million in longer-term wholesale-sourced
brokered deposits; and non-deposit borrowings also increased by
$15 million. Nonperforming
assets were at approximately the same level as at year-end 2010,
although performing restructured troubled debt balances increased
by $22 million, or 176%, as we
continue to work with borrowers to resolve potential problem
credits in the manner most beneficial to the Company. The
Company's allowance for loan and lease losses was 2.70% of total
loans at September 30, 2011, up from
2.62% at the end of 2010.
"Overall we're pleased with the Company's third quarter
performance, with net interest income increasing slightly relative
to the second quarter of 2011, service charge income holding
steady, and credit-related costs declining," commented James C. Holly, President and CEO.
"However, we could still have a few challenging quarters
ahead of us as we continue to work diligently on improving credit
quality," he added.
Financial Highlights
As noted above, net interest income declined in 2011 relative to
2010. Net interest income fell by $475,000, or 3%, for the third quarter of 2011
relative to the third quarter of 2010, and dropped by $2.471 million, or 6%, for the first nine months
of 2011 relative to the first nine months of 2010. The
decline for the quarter is the result of a 29 basis point drop in
the Company's net interest margin, partially offset by a
$35 million increase in average
interest-earning assets. For the comparative year-to-date
periods, the reduced level of net interest income is due to a 29
basis point net interest margin decline partially offset by a
$6 million increase in average
interest-earning assets. Negative factors impacting the
Company's net interest margin in 2011 include a shift from average
loan balances into lower-yielding investment balances, and lower
loan yields resulting from increased competition for quality loans.
However, these negatives were partially offset by a reduced
reliance on interest-bearing liabilities resulting from increases
in the average balances of non-interest bearing demand deposits and
equity, and a shift in average balances from time deposits and
non-deposit borrowings into lower-cost core deposits. Also
having a favorable impact on the Company's net interest margin was
a lower level of net interest reversals on loans placed on
non-accrual: Net interest reversals totaled $215,000 in the third quarter of 2011 and
$145,000 for the first nine months of
2011, while there were net interest reversals of $260,000 in the third quarter of 2010 and
$665,000 in the first nine months of
2010. Management has concluded that the Company's net
interest margin could continue to experience slight contraction due
to heightened competitive pressures on loan yields, and that effect
will be exacerbated if the negative trend in loan balances is not
reversed.
The Company's loan loss provision was reduced by $3.380 million, or 53%, in the third quarter of
2011 relative to the third quarter of 2010, and by $3.680 million, or 28%, for the comparative
nine-month periods. Thus far in 2011, the loan loss provision
has been utilized to provide specific reserves for impaired loans
and to replenish reserves subsequent to loan charge-offs. Net
loans charged off in 2011 totaled $3.219
million in the third quarter and $10.246 million for the first nine months, while
net loans charged off in 2010 were significantly higher at
$11.420 million for the third quarter
and $17.161 million for the first
nine months.
Income derived from service charges on deposits declined by
$520,000, or 18%, in the third
quarter of 2011 relative to the third quarter of 2010, and by
$1.409 million, or 16%, for the first
nine months of 2011 relative to the same period in the previous
year. The drop was centered in overdraft income, with
returned item and overdraft charges falling by $524,000, or 24%, for the third quarter, and by
$1.559 million, or 25%, for the first
nine months. The drop in overdraft income is a function of
changing regulatory expectations and the associated promulgation of
new guidance, which has led to successive procedural and fee
adjustments at the Bank. There were no material changes in
loan sale and servicing income for the comparative quarters, but we
realized a $2.6 million gain on the
sale of investments in the third quarter of 2010 that was not
repeated in 2011.
Other non-interest income declined by $540,000, or 38%, for the quarter, and by
$465,000, or 13%, for the comparative
year-to-date periods. This decline was primarily due to a
drop in total BOLI income of $681,000
for the comparative quarters and $474,000 for the year-to-date periods, resulting
from losses on bank-owned life insurance (BOLI) associated with
deferred compensation plans in 2011 relative to gains in 2010.
Income on operating leases was also lower and losses on the
sale of OREO properties increased in 2011 relative to 2010, adding
to the unfavorable variance caused by the drop in BOLI income.
Partially offsetting these unfavorable differences were
favorable variances in other non-interest income categories,
including the following: Costs associated with low-income
housing tax credit investments, which are accounted for as a
reduction in income, were lower in the third quarter of 2011 due to
accrual adjustments made in that quarter, although similar
adjustments were made in the second quarter of 2010 so year-to-date
tax-credit costs actually reflect a slight increase; debit card
interchange income was higher; merchant fees increased; and,
aggregate ATM fees also increased due to a higher level of
non-customer usage.
With regard to non-interest expense, salaries and benefits
increased by $267,000, or 6%, for the
third quarter of 2011, and by $249,000, or 2%, for the first nine months, due
in large part to the partial reversal of accrued bonuses in the
third quarter of 2010. Other significant variances in
salaries and benefits include a drop in deferred compensation
expense totaling $326,000 for the
third quarter and $200,000 for the
comparative year-to-date periods due to losses on deferred
compensation plans in 2011 (related to the reduction in BOLI income
discussed above), and an increase in the level of salaries that are
directly related to successful loan originations and are thus
deferred and amortized over the life of the related loans.
Occupancy expense was about the same in the third quarter of
2011 as in the third quarter of 2010, but reflects a decline of
$345,000, or 6%, for the first nine
months of 2011 due to a drop in depreciation expense, lower
maintenance/repair costs, and the January
2011 closure of a branch with a relatively costly lease.
Other non-interest expenses fell by $4.307 million, or 52%, for the third quarter of
2011 relative to the third quarter of 2010, and by $4.395 million, or 25%, for the first nine months
of 2011 relative to the first nine months of 2010. The
principal reason for the decline is a drop in OREO write-downs,
which were $3.509 million lower for
the quarterly comparison and declined by $2.817 million on a year-to-date basis.
OREO operating expense was also lower, declining by
$138,000 for the third quarter and by
$355,000 for the first nine months of
2011. Furthermore, the Company adjusted its FDIC assessment
accrual in the third quarter of 2011 to more accurately reflect
expectations for actual billings for 2011, thereby contributing to
a $526,000 decline in FDIC costs in
the third quarter of 2011 and a $692,000 decline for the first nine months of
2011 relative to like periods in the previous year. Deferred
compensation accruals for the Company's directors also dropped by
$328,000 for the third quarter and
$193,000 for the first nine months of
2011, due to losses on directors' deferred compensation plans in
2011. Also contributing to the decline in other non-interest
expense for the year-to-date period were a decline in deposit
services expense of $163,000 due to
lower costs associated with online-only deposit accounts, and
$181,000 in non-recurring vendor
credits for prior-year overcharges on processing software which
were received in the first quarter of 2011.
The Company's provision for income taxes was 25% of pre-tax
income in the third quarter of 2011 relative to a negative
provision in the third quarter of 2010, and the Company had an 11%
income tax provision for the first nine months of 2011 relative to
a provision of less than 1% of pre-tax income for the first nine
months of 2010. The higher provision rate in 2011 is
primarily the result of a drop in tax-exempt BOLI income, and an
increase in taxable income relative to the Company's available tax
credits. Tax credits include those related to investments in
low-income housing tax credit funds, as well as hiring tax
credits.
Balance sheet changes during the nine months ended September 30, 2011 include an increase in total
assets of $65 million, or 5%, due to
growth in investment securities and an increase in cash and
balances due from banks, partially offset by lower loan balances.
Surplus liquidity was generated during the period from growth
in deposits and loan runoff, and much of that liquidity was
deployed into agency-issued mortgage-backed securities and
municipal bonds, hence the $98
million increase in investment balances. The
$16 million increase in cash and
balances due from banks was primarily from an increase in
interest-bearing balances at the Federal Reserve Bank, due again to
excess liquidity.
Gross loan and lease balances declined $47 million, or 6%, during the nine months ended
September 30, 2011. Runoff in
the normal course of business, prepayments, transfers to OREO, and
charge-offs have reduced loan balances, and weak loan demand from
quality borrowers and aggressive competition have hindered the
Company's ability to counteract this contraction. The only
loan categories shown on the summary balance sheet which grew
during the first nine months of 2011 were agricultural production
loans, which increased by $3 million,
or 20%, and SBA loans, which were up by close to $2 million, or 8%.
The $67 million balance of
nonperforming assets at September 30,
2011 is about the same as the balance at year-end 2010, but
is well below the $77 million balance
reported at September 30, 2010 and
the $80 million balance reported at
September 30, 2009. All of the
Company's impaired assets have been reviewed recently, and are
either well-reserved based on current loss expectations or are
carried at the fair value of the underlying collateral, net of
expected disposition costs. In addition to nonperforming
assets, the Company had $34.4 million
in performing restructured troubled debt (TDR's) as of September 30, 2011, an increase of $22.0 million, or 176%, relative to year-end
2010. The increase is primarily due to the restructuring of
loans associated with two relatively large relationships, in order
to ensure the borrowers' continued ability to service the
loans.
The Company's allowance for loan and lease losses was
$20.5 million as of September 30, 2011. This represents a
slight decline relative to the balance at December 31, 2010, although the allowance
increased to 2.70% of total loans at September 30, 2011 from 2.62% at December 31, 2010 because loan balances are
lower. Management's detailed analysis indicates that the
Company's allowance for loan and lease losses should be sufficient
to cover credit losses inherent in loan and lease balances
outstanding as of September 30, 2011,
although no assurance can be given that the Company will not
experience substantial future losses relative to the size of the
allowance.
Total deposits increased by $41
million, or 4%, during the first nine months of 2011.
Non-maturity deposits were up $47
million, or 7%, due in part to aggressive deposit
acquisition programs, and included in that increase were increases
of $35 million, or 14%, in
non-interest bearing demand deposits, and $17 million, or 22%, in savings deposits.
Money market deposits, however, show a decline of
$78 million, or 50%, for the first
nine months of 2011, while interest-bearing transaction accounts
increased by $74 million, or 40%.
This shift is due to the fact that the Company introduced a
new interest-bearing demand deposit account for businesses in
August 2011, which is included in
interest-bearing transaction accounts along with NOW account
balances. The new account serves the same purpose as the
money market deposit sweep program but is more efficient and does
not require third-party facilitation, hence the Company encouraged
the transfer of balances from the money market sweep program into
the new account. Customer time deposits declined $21 million, or 5%, due to the non-renewal of
time deposits managed by the Company's Treasury Department.
The Company added $15 million
in longer-term wholesale-sourced brokered deposits for interest
rate risk management purposes, in order to create a more defensive
posture for the eventuality of rising interest rates.
Short-term Federal Home Loan Bank borrowings also increased
by $10 million during the first nine
months of the year, and other borrowings increased by $5 million subsequent to a customer's transfer of
balances from money market deposits into a non-deposit sweep
account.
Total capital increased by $9
million, or 5%, during the first nine months of the year, to
$168 million at September 30, 2011, and risk-based capital ratios
continue to improve.
About Sierra Bancorp
Sierra Bancorp is the holding company for Bank of the Sierra
(www.bankofthesierra.com), which is in its 34th year of operations
and is the largest independent bank headquartered in the
South San Joaquin Valley.
The Company has 25 branch offices, an agricultural credit
center, an SBA center, and an online "virtual" branch, with over
400 employees.
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 California economies,
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 branch
expansion, changes in interest rates, loan portfolio performance,
the Company's ability to secure buyers for foreclosed properties,
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.
CONSOLIDATED INCOME
STATEMENT
|
3-Month
Period Ended:
|
|
9-Month
Period Ended:
|
|
(in $000's,
unaudited)
|
9/30/2011
|
9/30/2010
|
%
Change
|
|
9/30/2011
|
9/30/2010
|
%
Change
|
|
Interest Income
|
$
14,939
|
$
15,908
|
-6.1%
|
|
$
44,310
|
$
48,471
|
-8.6%
|
|
Interest Expense
|
1,392
|
1,886
|
-26.2%
|
|
4,290
|
5,980
|
-28.3%
|
|
Net Interest
Income
|
13,547
|
14,022
|
-3.4%
|
|
40,020
|
42,491
|
-5.8%
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan & Lease
Losses
|
3,000
|
6,380
|
-53.0%
|
|
9,600
|
13,280
|
-27.7%
|
|
Net Int after
Provision
|
10,547
|
7,642
|
38.0%
|
|
30,420
|
29,211
|
4.1%
|
|
|
|
|
|
|
|
|
|
|
Service Charges
|
2,439
|
2,959
|
-17.6%
|
|
7,140
|
8,549
|
-16.5%
|
|
Loan Sale & Servicing
Income
|
44
|
29
|
51.7%
|
|
104
|
76
|
36.8%
|
|
Other Non-Interest
Income
|
886
|
1,426
|
-37.9%
|
|
3,174
|
3,639
|
-12.8%
|
|
Gain (Loss) on
Investments
|
-
|
2,639
|
-100.0%
|
|
-
|
2,639
|
-100.0%
|
|
Total Non-Interest
Income
|
3,369
|
7,053
|
-52.2%
|
|
10,418
|
14,903
|
-30.1%
|
|
|
|
|
|
|
|
|
|
|
Salaries &
Benefits
|
4,849
|
4,582
|
5.8%
|
|
15,760
|
15,511
|
1.6%
|
|
Occupancy Expense
|
1,787
|
1,774
|
0.7%
|
|
4,987
|
5,332
|
-6.5%
|
|
Other Non-Interest
Expenses
|
3,932
|
8,239
|
-52.3%
|
|
13,078
|
17,473
|
-25.2%
|
|
Total Non-Interest
Expense
|
10,568
|
14,595
|
-27.6%
|
|
33,825
|
38,316
|
-11.7%
|
|
|
|
|
|
|
|
|
|
|
Income Before
Taxes
|
3,348
|
100
|
3248.0%
|
|
7,013
|
5,798
|
21.0%
|
|
Provision for Income
Taxes
|
822
|
(787)
|
-204.4%
|
|
774
|
27
|
2766.7%
|
|
Net
Income
|
$
2,526
|
$
887
|
184.8%
|
|
$
6,239
|
$
5,771
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
Tax Data
|
|
|
|
|
|
|
|
|
Tax-Exempt Muni
Income
|
$
716
|
$
695
|
3.0%
|
|
$
2,153
|
$
2,012
|
7.0%
|
|
Tax-Exempt BOLI
Income
|
$
(197)
|
$
484
|
-140.7%
|
|
$
433
|
$
908
|
-52.3%
|
|
Interest Income - Fully Tax
Equiv
|
$
15,325
|
$
16,282
|
-5.9%
|
|
$
45,469
|
$
49,554
|
-8.2%
|
|
|
|
|
|
|
|
|
|
|
Net Charge-Offs
(Recoveries)
|
$
3,219
|
$
11,420
|
-71.8%
|
|
$
10,246
|
$
17,161
|
-40.3%
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
3-Month
Period Ended:
|
|
9-Month
Period Ended:
|
|
(unaudited)
|
9/30/2011
|
9/30/2010
|
%
Change
|
|
9/30/2011
|
9/30/2010
|
%
Change
|
|
Basic Earnings per
Share
|
$0.18
|
$0.08
|
125.0%
|
|
$0.45
|
$0.50
|
-10.0%
|
|
Diluted Earnings per
Share
|
$0.18
|
$0.08
|
125.0%
|
|
$0.44
|
$0.49
|
-10.2%
|
|
Common Dividends
|
$0.06
|
$0.06
|
0.0%
|
|
$0.18
|
$0.18
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
Wtd. Avg. Shares
Outstanding
|
14,051,614
|
11,650,137
|
|
|
14,015,583
|
11,642,517
|
|
|
Wtd. Avg. Diluted
Shares
|
14,097,368
|
11,738,067
|
|
|
14,081,936
|
11,728,261
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per Basic Share
(EOP)
|
$11.97
|
$11.88
|
0.8%
|
|
$11.97
|
$11.88
|
0.8%
|
|
Tangible Book Value per Share
(EOP)
|
$11.58
|
$11.41
|
1.5%
|
|
$11.58
|
$11.41
|
1.5%
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding
(EOP)
|
14,062,259
|
11,650,741
|
|
|
14,062,259
|
11,650,741
|
|
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL
RATIOS
|
3-Month
Period Ended:
|
|
|
9-Month
Period Ended:
|
|
|
(unaudited)
|
9/30/2011
|
9/30/2010
|
|
|
9/30/2011
|
9/30/2010
|
|
|
Return on Average
Equity
|
6.00%
|
2.49%
|
|
|
5.09%
|
5.56%
|
|
|
Return on Average
Assets
|
0.74%
|
0.27%
|
|
|
0.63%
|
0.58%
|
|
|
Net Interest Margin
(Tax-Equiv.)
|
4.56%
|
4.85%
|
|
|
4.64%
|
4.93%
|
|
|
Efficiency Ratio
(Tax-Equiv.)
|
60.50%
|
76.10%
|
|
|
64.54%
|
67.35%
|
|
|
Net C/O's to Avg Loans (not
annualized)
|
0.42%
|
1.35%
|
|
|
1.33%
|
1.99%
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES
|
3-Month
Period Ended:
|
|
9-Month
Period Ended:
|
|
(in $000's,
unaudited)
|
9/30/2011
|
9/30/2010
|
%
Change
|
|
9/30/2011
|
9/30/2010
|
%
Change
|
|
Average Assets
|
$ 1,351,361
|
$ 1,323,857
|
2.1%
|
|
$ 1,328,227
|
$ 1,323,260
|
0.4%
|
|
Average Interest-Earning
Assets
|
$ 1,211,897
|
$ 1,177,251
|
2.9%
|
|
$ 1,187,511
|
$ 1,181,636
|
0.5%
|
|
Average Loans &
Leases
|
$
759,512
|
$
843,967
|
-10.0%
|
|
$
772,979
|
$
862,591
|
-10.4%
|
|
Average Deposits
|
$ 1,115,966
|
$ 1,100,700
|
1.4%
|
|
$ 1,098,457
|
$ 1,104,263
|
-0.5%
|
|
Average Equity
|
$
167,165
|
$
141,384
|
18.2%
|
|
$
163,805
|
$
138,684
|
18.1%
|
|
|
|
|
|
|
|
|
|
STATEMENT OF
CONDITION
|
End of
Period:
|
|
|
|
|
|
(in $000's,
unaudited)
|
9/30/2011
|
12/31/2010
|
9/30/2010
|
|
Annual
Chg
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and Due from
Banks
|
$
58,305
|
$
42,435
|
$
41,693
|
|
39.8%
|
|
|
|
Securities and Fed Funds
Sold
|
429,828
|
331,940
|
318,510
|
|
34.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
|
16,122
|
13,457
|
10,214
|
|
57.8%
|
|
|
|
Commercial &
Industrial
|
100,378
|
105,002
|
111,459
|
|
-9.9%
|
|
|
|
Real Estate
|
583,292
|
622,880
|
638,876
|
|
-8.7%
|
|
|
|
SBA Loans
|
20,141
|
18,616
|
19,022
|
|
5.9%
|
|
|
|
Consumer Loans
|
38,706
|
45,585
|
47,707
|
|
-18.9%
|
|
|
|
Gross Loans &
Leases
|
758,639
|
805,540
|
827,278
|
|
-8.3%
|
|
|
|
Deferred Loan Fees
|
403
|
113
|
(49)
|
|
-922.4%
|
|
|
|
Loans & Leases
Net of Deferred Fees
|
759,042
|
805,653
|
827,229
|
|
-8.2%
|
|
|
|
Allowance for Loan & Lease
Losses
|
(20,492)
|
(21,138)
|
(19,834)
|
|
3.3%
|
|
|
|
Net Loans &
Leases
|
738,550
|
784,515
|
807,395
|
|
-8.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Premises &
Equipment
|
19,455
|
20,190
|
20,128
|
|
-3.3%
|
|
|
|
Other Assets
|
105,104
|
107,491
|
112,329
|
|
-6.4%
|
|
|
|
Total
Assets
|
$ 1,351,242
|
$ 1,286,571
|
$ 1,300,055
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES &
CAPITAL
|
|
|
|
|
|
|
|
|
Non-Interest Demand
Deposits
|
$ 286,474
|
$ 251,908
|
$ 245,424
|
|
16.7%
|
|
|
|
Int-Bearing Transaction
Accounts
|
258,213
|
184,360
|
181,771
|
|
42.1%
|
|
|
|
Savings Deposits
|
91,339
|
74,682
|
72,266
|
|
26.4%
|
|
|
|
Money Market Deposits
|
78,180
|
156,170
|
152,296
|
|
-48.7%
|
|
|
|
Customer Time
Deposits
|
364,413
|
385,154
|
437,798
|
|
-16.8%
|
|
|
|
Wholesale Brokered
Deposits
|
15,000
|
-
|
-
|
|
|
|
|
|
Total
Deposits
|
1,093,619
|
1,052,274
|
1,089,555
|
|
0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior Subordinated
Debentures
|
30,928
|
30,928
|
30,928
|
|
0.0%
|
|
|
|
Other Interest-Bearing
Liabilities
|
44,633
|
29,650
|
27,260
|
|
63.7%
|
|
|
|
Total Deposits
& Int.-Bearing Liab.
|
1,169,180
|
1,112,852
|
1,147,743
|
|
1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities
|
13,737
|
14,122
|
13,843
|
|
-0.8%
|
|
|
|
Total Capital
|
168,325
|
159,597
|
138,469
|
|
21.6%
|
|
|
|
Total Liabilities
& Capital
|
$ 1,351,242
|
$ 1,286,571
|
$ 1,300,055
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
DATA
|
End of
Period:
|
|
|
|
|
|
(in $000's,
unaudited)
|
9/30/2011
|
12/31/2010
|
9/30/2010
|
|
Annual
Chg
|
|
|
|
Non-Accruing Loans
|
$
48,544
|
$
45,954
|
$
51,464
|
|
-5.7%
|
|
|
|
Foreclosed Assets
|
18,185
|
20,691
|
25,898
|
|
-29.8%
|
|
|
|
Total
Non-Performing Assets
|
$
66,729
|
$
66,645
|
$
77,362
|
|
-13.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing TDR's (not incl. in
NPA's)
|
$
34,426
|
$
12,465
|
$
12,042
|
|
185.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Perf Loans to Total
Loans
|
6.40%
|
5.70%
|
6.22%
|
|
|
|
|
|
NPA's to Loans plus Foreclosed
Assets
|
8.59%
|
8.07%
|
9.07%
|
|
|
|
|
|
Allowance for Ln Losses to
Loans
|
2.70%
|
2.62%
|
2.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER PERIOD-END
STATISTICS
|
End of
Period:
|
|
|
|
|
|
(unaudited)
|
9/30/2011
|
12/31/2010
|
9/30/2010
|
|
|
|
|
|
Shareholders Equity / Total
Assets
|
12.5%
|
12.4%
|
10.7%
|
|
|
|
|
|
Loans / Deposits
|
69.4%
|
76.6%
|
75.9%
|
|
|
|
|
|
Non-Int. Bearing Dep. / Total
Dep.
|
26.2%
|
23.9%
|
22.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Sierra Bancorp