SIERRA BANCORP

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

About this filing

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, 2024 · Filed Nov 7, 2024

BSRR$42.14+0.5%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024, AND 2023


· · · Nine months ended September 30,
	2024		2023
Cash flows from operating activities:
Net income		$30,196		$28,555
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) on sales of securities		2,810		(396)
Realized gain on securities transaction		(66)		—
Gain on disposal of fixed assets		(3,799)		(15)
Stock-based compensation expense		1,385		1,240
Provision for credit losses on loans		2,258		444
Benefit for credit losses on held-to-maturity securities		(1)		(47)
Depreciation and amortization		1,581		1,787
Net amortization on securities premiums and discounts		822		2,199
Net accretion of premiums/discounts for loans acquired		(152)		(232)
Increase in cash surrender value of life insurance policies		(2,278)		(1,388)
Amortization of core deposit intangible		619		657
Increase in interest receivable and other assets		(8,690)		(1,880)
Decrease in other liabilities		8,830		14,105
Deferred income tax benefit		(425)		(347)
Decrease in value of restricted bank equity securities		293		291
Amortization of debt issuance costs		67		67
Net amortization of partnership investment		1,556		453
Net cash provided by operating activities		35,006		45,493
Cash flows from investing activities:
Maturities and calls of securities available-for-sale		82,070		65,581
Proceeds from sales of securities available-for-sale		233,187		25,676
Purchases of securities available-for-sale		(109,481)		(197,153)
Principal pay downs on securities available-for-sale		125,150		34,445
Net purchases of FHLB stock		—		(1,929)
Loan originations and payments, net		(236,269)		(67,519)
Purchases of premises and equipment		(905)		(1,112)
Proceeds from sale of premises and equipment		4,517		26
Proceeds from sales of foreclosed assets		2,732		19,151
Purchase of bank-owned life insurance		(491)		(99)
Investments in variable interest entities		(2,196)		(1,626)
Proceeds from bank -owned life insurance death benefit		341		2,324
Net cash provided by (used in) investing activities		98,655		(122,235)
Cash flows from financing activities:
Increase in deposits		200,936		23,556
(Decrease) increase in Fed funds purchased		(130,000)		10,000
Decrease (increase) in short-term Federal Home Loan Bank advances		(150,500)		8,000
Proceeds from long-term Federal Home Loan Bank advances and other debt		—		80,000
Increase (decrease) in customer repurchase agreements		18,413		(14,304)
Cash dividends paid		(10,179)		(10,361)
Repurchases of common stock		(8,640)		(8,738)
Stock options exercised		504		—
Net cash (used in) provided by financing activities		(79,466)		88,153

Increase in cash and cash equivalents		54,195		11,411
Cash and cash equivalents
Beginning of period		78,602		77,131
End of period		$132,797		$88,542
Supplemental disclosure of cash flow information:
Interest paid		$37,173		$33,993
Income taxes paid		$7,871		$7,455
Supplemental schedule of noncash investing and financing activities:
Real estate acquired through foreclosure		$2,732		$15,406

SIERRA BANCORP

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.