Sierra Bancorp

Financial Services banks commercial banks holding company

Sierra Bancorp is a California corporation, and is a registered bank holding company under federal banking laws. It was formed to serve as the holding company for Bank of the Sierra (the “Bank”), and has been the Bank’s sole shareholder since August 2001. At the present time, Sierra Bancorp’s only other subsidiaries are Sierra Statutory Trust II and Sierra Capital Trust III, which were formed in March 2004 and June 2006, respectively, solely to facilitate the issuance of trust-preferred securities. The Bank offers a full range of retail and commercial banking services primarily to communities in Tulare, Kern, Fresno, Kings Counties and, in Southern California. It currently operates 28 full service branches and an internet branch.

Market capitalization(2018-05-23)

$440.6 M

Total Loans(Q2, 2017)

$1.3 B

Type

Public

Porterville, US

Founded

1977

Size (employees)

400 (est)

Website

sierrabancorp.com

Sierra Bancorp was founded in 1977 and is headquartered in Porterville, US

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Sierra Bancorp Office Locations

Sierra Bancorp has an office in Porterville

Porterville, US (HQ)

86 North Main Street

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Sierra Bancorp Financials and Metrics

Sierra Bancorp Financials

Sierra Bancorp's revenue was reported to be $87.74 m in FY, 2016 which is a 39.9% increase from the previous period.

Summary

USD
Revenue (Q1, 2018)	28.6 m
Gross profit (Q1, 2018)	26.9 m
Gross profit margin (Q1, 2018), %	94%
Net income (Q1, 2018)	6.7 m
EBIT (Q1, 2018)	21.6 m
Market capitalization (23-May-2018)	440.6 m
Closing share price (23-May-2018)	28.9
Cash (31-Mar-2018)	56.2 m
EV	390.1 m

Sierra Bancorp's current market capitalization is $440.6 m.

Income Statement

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Revenue	68.8 m	71 m	62.7 m	87.7 m
Revenue growth, %		3%	(12%)	40%
Cost of goods sold	3.2 m	2.8 m	2.6 m	3.3 m	5.2 m
Gross profit	65.6 m	68.2 m	60.1 m	84.4 m

Quarterly

USD	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q1, 2018
Revenue	20.3 m	19.8 m	20.3 m	20.5 m	22.8 m	23 m	24.4 m	28.6 m
Cost of goods sold	651 k	647 k	718 k	739 k	887 k	1 m	1.2 m	1.7 m
Gross profit	19.7 m	19.1 m	19.6 m	19.8 m	21.9 m	22 m	23.2 m	26.9 m
Gross profit Margin, %	97%	97%	96%	96%	96%	96%	95%	94%

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Balance Sheet

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Cash	78 m	50.1 m	48.6 m	120.4 m	70.1 m
Accounts Receivable
Inventories
PP&E	20.4 m	21.9 m	22 m	28.9 m	29.4 m

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q1, 2018
Cash	48.7 m	45.4 m	44.8 m	37.2 m	40.7 m	45.4 m	45.7 m	42.8 m	51.6 m	56.9 m	54.3 m	64.4 m	56.2 m
PP&E	20.5 m	21.2 m	20.8 m	21 m	21.7 m	22.3 m	22.2 m	22.2 m	22.4 m	28.8 m	29 m	28.4 m	29.1 m
Goodwill	5.5 m	5.5 m	5.5 m	5.5 m	6.9 m	6.9 m	6.9 m	6.9 m	6.9 m	7.9 m	8.3 m	8.3 m	27.4 m
Total Assets	1.4 b	1.5 b	1.5 b	1.5 b	1.7 b	1.7 b	1.7 b	1.8 b	1.8 b	2 b	2 b	2.1 b	2.4 b

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Cash Flow

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Net Income	13.4 m	15.2 m	18.1 m	17.6 m	19.5 m
Depreciation and Amortization	2.1 m	2.1 m	2.3 m	2.6 m	3 m
Inventories
Accounts Payable

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q1, 2018
Net Income	9.5 m	3.8 m	8 m	11.6 m	3.7 m	8.3 m	12.7 m	4 m	8.1 m	12.1 m	4.6 m	9.8 m	6.7 m
Depreciation and Amortization	1.6 m	506 k	1 m	1.6 m	561 k	1.1 m	1.7 m	598 k	1.2 m	1.9 m	719 k	1.5 m	785 k
Cash From Operating Activities	25.2 m	4.8 m	16.8 m	21.4 m	(2.4 m)	11.7 m	16.3 m	5.6 m	10.2 m	16.4 m	8 m	10.8 m	8 m
Purchases of PP&E	(120.4 m)	(41.9 m)	(78.4 m)	(111.4 m)	(44.4 m)	(67.8 m)	(97.9 m)	(38.7 m)	(70.7 m)	(103.3 m)	(59.5 m)	(114.6 m)	(36.8 m)

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Ratios

USD	Y, 2018
EV/EBIT	18.1 x
EV/CFO	48.5 x
Financial Leverage	9.3 x

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Sierra Bancorp Operating Metrics

Sierra Bancorp's Total Loans was reported to be $1.3b in Q2, 2017.

	FY, 2014	Q1, 2015	Q2, 2015	Q3, 2015	FY, 2015	Q1, 2016	Q2, 2016	Q3, 2016	FY, 2016	Q1, 2017	Q2, 2017
Non-performing Loans	$20.68 m	$19.77 m	$17.11 m	$14.88 m	$9.63 m	$7.49 m	$5.94 m	$6.29 m	$6.37 m	$5.93 m	$5.65 m
Total Loans	$970.65 m	$1.07 b	$1.07 b	$1.05 b	$1.13 b	$1.09 b	$1.16 b	$1.26 b	$1.26 b	$1.24 b	$1.30 b