SIERRA BANCORP
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
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Deposits
Deposits represent a key balance sheet category impacting the Company’s profitability metrics. Deposits provide liquidity to fund growth in earning assets, and the Company’s net interest margin is improved to the extent that growth in deposits is concentrated in less volatile and typically less costly non-maturity accounts, such as demand deposit accounts, NOW accounts, savings accounts, and money market demand accounts. Information concerning average balances and rates paid by deposit type is included in the Average Balances and Rates tables appearing above, in the section titled “Net Interest Income and Net Interest Margin.” A distribution of the Company’s deposits by type, showing the period-end balance and percentage of total deposits, is presented as of the dates indicated in the following table.
Deposit Distribution
| | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|
| · · September 30, 2025 · · December 31, 2024 | ||||||||||
| · Amount · · Percent · · Amount · · Percent | ||||||||||
| Noninterest-bearing demand deposits | | $1,072,927 | | 36.57% | | $1,007,208 | | 34.83% | ||
| Interest-bearing demand deposits | | | 267,349 | | 9.12% | | | 206,766 | | 7.15% |
| NOW | | | 367,930 | | 12.55% | | | 380,987 | | 13.18% |
| Savings | | | 357,107 | | 12.18% | | | 347,387 | | 12.01% |
| Money market | | | 156,255 | | 5.33% | | | 140,793 | | 4.87% |
| Time | | | 476,242 | | 16.24% | | | 533,577 | | 18.45% |
| Brokered deposits | | | 234,950 | | 8.01% | | | 274,950 | | 9.51% |
| Total deposits | | $2,932,760 | | 100.00% | | $2,891,668 | | 100.00% | ||
Deposit balances reflect growth of $41.1 million, or 1%, during the first nine months of 2025. Core non-maturity deposits increased by $138.4 million, or 7%, while customer time deposits decreased by $57.3 million, or 11%. Wholesale brokered deposits decreased by $40.0 million, or 15%. Overall noninterest-bearing deposits as a percentage of total deposits at September 30, 2025, increased to 36.6%, as compared to 34.8% at December 31, 2024.
Overall uninsured deposits are estimated to be $748.1 million, or 26% of total deposit balances, excluding public agency deposits that are subject to collateralization through a letter of credit issued by the FHLB. In addition, uninsured deposits of the bank’s customers are eligible for FDIC pass-through insurance if the customer opens an IntraFi Insured Cash Sweep account or a reciprocal time deposit through the Certificate of Deposit Account Registry System (CDARS). IntraFi allows for up to $285 million of combined pass-through FDIC insurance which would more than cover each of the Bank’s deposit customers if a customer desired to have such pass-through insurance. The Bank maintains a diversified deposit base with no significant customer concentrations and does not bank any cryptocurrency companies. At September 30, 2025, the
Company had approximately 117,000 accounts, and the 25 largest deposit balance customers had balances of approximately 11% of overall deposits*.*
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