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 is a California state-chartered bank headquartered in Porterville, California, which opened for business in January 1978 and has become the largest independent bank headquartered in the South San Joaquin Valley. The Bank offers a full range of retail and commercial banking services primarily to communities in Tulare, Kern, Fresno, and Kings Counties, and, in Southern California, the rich agricultural corridor stretching from Santa Paula to Santa Clarita. It currently operates 28 full service branches and an internet branch, and has specialized lending units which include a real estate industries center, an agricultural credit center, and an SBA lending unit. The Bank’s growth has primarily been organic, but includes two acquisitions: Sierra National Bank in 2000, and Santa Clara Valley Bank in 2014.
Company Growth (employees)
Sierra Bancorp Office Locations
Sierra Bancorp Data and Metrics
Sierra Bancorp Financial Metrics
Revenue (Q1, 2017) | 23 m |
Gross profit (Q1, 2017) | 22 m |
Gross profit margin (Q1, 2017), % | 96% |
Net income (Q1, 2017) | 4.6 m |
EBIT (Q1, 2017) | 16.9 m |
Market capitalization (15-Aug-2017) | 366.1 m |
Cash (31-Mar-2017) | 54.3 m |
| USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
|---|---|---|---|---|
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 |
Gross profit | 65.6 m | 68.2 m | 60.1 m | 84.4 m |
Gross profit Margin, % | 95% | 96% | 96% | 96% |
Operating expense total | 44.8 m | 46.4 m | 50.7 m | 58.1 m |
EBIT | 44.2 m | 52 m | 60.1 m | 65.2 m |
EBIT margin, % | 64% | 73% | 96% | 74% |
Interest expense | 3.2 m | 2.8 m | ||
Interest income | 48.6 m | 52.3 m | 60.1 m | 65.2 m |
Pre tax profit | 16.5 m | 21.4 m | 27.1 m | 26.4 m |
Income tax expense | 3.1 m | 6.2 m | 9.1 m | 8.8 m |
Net Income | 13.4 m | 15.2 m | 18.1 m | 17.6 m |
| USD | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 20.3 m | 19.8 m | 20.3 m | 20.5 m | 22.8 m | 23 m | |||
Cost of goods sold | 651 k | 647 k | 718 k | 739 k | 887 k | 1 m | |||
Gross profit | 19.7 m | 19.1 m | 19.6 m | 19.8 m | 21.9 m | 22 m | |||
Gross profit Margin, % | 97% | 97% | 96% | 96% | 96% | 96% | |||
Sales and marketing expense | 6.1 m | 5.9 m | 6.9 m | 6.6 m | 6.9 m | 7.9 m | |||
General and administrative expense | 1.7 m | 1.8 m | 1.8 m | 1.9 m | 2.1 m | 2.3 m | |||
Operating expense total | 7.8 m | 7.7 m | 8.6 m | 8.5 m | 8.9 m | 10.2 m | |||
EBIT | 15 m | 14.9 m | 15.3 m | 15.2 m | 16.9 m | 16.9 m | |||
EBIT margin, % | 74% | 75% | 75% | 74% | 74% | 73% | |||
Pre tax profit | 6.9 m | 6.9 m | 6.1 m | 6.1 m | 5.8 m | 6.3 m | |||
Income tax expense | 2.4 m | 2.4 m | 2.1 m | 2 m | 1.8 m | 1.8 m | |||
Net Income | 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 |
| USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
|---|---|---|---|---|
Cash | 78 m | 50.1 m | 48.6 m | 120.4 m |
PP&E | 20.4 m | 21.9 m | 22 m | 28.9 m |
Goodwill | 5.5 m | 6.9 m | 6.9 m | 8.3 m |
Total Assets | 1.4 b | 1.6 b | 1.8 b | 2 b |
Accounts Payable | 1.7 b | |||
Total Debt | 36.9 m | 32.9 m | 65 m | |
Total Liabilities | 1.8 b | |||
Additional Paid-in Capital | 2.6 m | 2.6 m | 2.7 m | 2.8 m |
Retained Earnings | 112.8 m | 116 m | 122.7 m | 132.2 m |
Total Equity | 181.7 m | 187.1 m | 190.3 m | 205.9 m |
Debt to Equity Ratio | 0.2 x | 0.2 x | 0.3 x | |
Debt to Assets Ratio | 0 x | 0 x | 0 x | |
Financial Leverage | 7.8 x | 8.8 x | 9.4 x | 9.9 x |
| USD | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 |
|---|---|---|---|---|---|---|---|---|---|
Cash | 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 |
PP&E | 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 |
Goodwill | 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 |
Total Assets | 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 |
Accounts Payable | 1.2 b | 1.2 b | 1.4 b | 1.5 b | 1.4 b | 1.5 b | 1.5 b | 1.6 b | 1.7 b |
Additional Paid-in Capital | 2.5 m | 2.5 m | 2.6 m | 2.7 m | 2.7 m | 2.8 m | 2.8 m | 2.8 m | 3.1 m |
Retained Earnings | 115.6 m | 115.7 m | 117.5 m | 117.8 m | 118.8 m | 125.1 m | 127.6 m | 128.7 m | 134.8 m |
Total Equity | 186.9 m | 186.2 m | 188.5 m | 186.1 m | 187.1 m | 194.3 m | 198.3 m | 208.5 m | 210.4 m |
Financial Leverage | 8 x | 8 x | 9.2 x | 9.3 x | 9.2 x | 9.1 x | 9.3 x | 9.5 x | 9.5 x |
| USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
|---|---|---|---|---|
Net Income | 13.4 m | 15.2 m | 18.1 m | 17.6 m |
Depreciation and Amortization | 2.1 m | 2.1 m | 2.3 m | 2.6 m |
Cash From Operating Activities | 34.5 m | 28.5 m | 29.8 m | 17.5 m |
Purchases of PP&E | (160.3 m) | (150.5 m) | (136.5 m) | (138.7 m) |
Cash From Investing Activities | 20.6 m | (144.7 m) | (171.1 m) | (23.3 m) |
Dividends Paid | (3.7 m) | (4.8 m) | (5.7 m) | (6.5 m) |
Cash From Financing Activities | (39 m) | 88.3 m | 139.8 m | 77.6 m |
Interest Paid | 3.3 m | 2.8 m | 2 m | 3.4 m |
Income Taxes Paid | 1.8 m | 6.4 m | 4.9 m |
| USD | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 |
|---|---|---|---|---|---|---|---|---|---|
Net Income | 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 |
Depreciation and Amortization | 1 m | 1.6 m | 561 k | 1.1 m | 1.7 m | 598 k | 1.2 m | 1.9 m | 719 k |
Cash From Operating Activities | 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 |
Purchases of PP&E | (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) |
Cash From Investing Activities | (119.9 m) | (122.2 m) | (99.1 m) | (105.9 m) | (90.1 m) | 22.8 m | (45.5 m) | (25 m) | 4.2 m |
Dividends Paid | (2.3 m) | (3.5 m) | (1.4 m) | (2.7 m) | (4.2 m) | (1.6 m) | (3.2 m) | (4.9 m) | (1.9 m) |
Cash From Financing Activities | 73.9 m | 62.5 m | 99.3 m | 90.7 m | 72.6 m | (33 m) | 39.7 m | 25.4 m | (40 m) |
| USD | Y, 2017 |
|---|---|
Revenue/Employee | 65.4 k |
Financial Leverage | 9.5 x |
