SIERRA BANCORP
For the period ended Jun 30, 2025. Filed Aug 1, 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.
Jun 30, 2025 · Filed Aug 1, 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
| | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|
| · · June 30, 2025 · · December 31, 2024 | ||||||||||
| · Amount · · Percent · · Amount · · Percent | ||||||||||
| Noninterest-bearing demand deposits | | $1,065,742 | | 35.83% | | $1,007,208 | | 34.83% | ||
| Interest-bearing demand deposits | | | 228,430 | | 7.68% | | | 206,766 | | 7.15% |
| NOW | | | 374,864 | | 12.60% | | | 380,987 | | 13.18% |
| Savings | | | 352,803 | | 11.86% | | | 347,387 | | 12.01% |
| Money market | | | 148,084 | | 4.98% | | | 140,793 | | 4.87% |
| Time | | | 514,596 | | 17.30% | | | 533,577 | | 18.45% |
| Brokered deposits | | | 289,950 | | 9.75% | | | 274,950 | | 9.51% |
| Total deposits | | $2,974,469 | | 100.00% | | $2,891,668 | | 100.00% | ||
Deposit balances increased by $82.8 million, or 3%, during the first half of 2025 to $3.0 billion at June 30, 2025. Core non-maturity deposits increased $86.8 million, or 4%, for the first half of 2025, while customer time deposits decreased by $19.0 million. Brokered deposits increased $15.0 million to fund mortgage warehouse lines. Noninterest-bearing deposits as a percent of total deposits increased to 35.8% at June 30, 2025, compared to 34.8% at December 31, 2024, and from 33.5% at June 30, 2024.
Overall uninsured deposits are estimated to be $751.1 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 June 30, 2025, the Company had approximately 118,000 accounts, and the 25 largest deposit balance customers had balances of approximately 11% of overall deposits*.*
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