Sierra Bancorp Annual Report and 10-K 2014 - page 7

"b;uu- -m1our Ő|_; ľ olr-m‹Ŀő bv - -Ѵb=oumb- 1ourou-ঞom _;-7t†-u|;u;7 bm ou|;uˆbѴѴ;ķ -Ѵb=oumb-ķ -m7 bv - u;]bv|;u;7 0-mh
_oѴ7bm] 1olr-m‹ †m7;u =;7;u-Ѵ 0-mhbm] Ѵ-‰vĺ "b;uu- -m1ourĽv 1ollom v|o1h |u-7;v om |_; " Ѵo0-Ѵ ";Ѵ;1| -uh;|
†m7;u |_; v‹l0oѴ "!!ĺ $_; olr-m‹‰-v =oul;7 rubl-ubѴ‹ |o v;uˆ; -v |_; _oѴ7bm] 1olr-m‹ =ou -mh o= |_; "b;uu- Ő|_; ľ -mhĿőķ
-m7 _-v 0;;m |_; -mhĽv voѴ; v_-u;_oѴ7;u vbm1; †]†v| ƑƏƏƐĺ !;=;u;m1;v _;u;bm |o |_; ľ olr-m‹Ŀ bm1Ѵ†7; "b;uu- -m1our -m7
b|v omѴ‹ 1omvoѴb7-|;7 v†0vb7b-u‹ķ |_; -mhķ †mѴ;vv |_; 1om|;Š| bm7b1-|;v o|_;u‰bv;ĺ $_; olr-m‹Ľv †m1omvoѴb7-|;7 v†0vb7b-ub;v
-u; "b;uu- -rb|-Ѵ $u†v| ķ ‰_b1_ ‰-v =oul;7 bm †m; ƑƏƏѵ voѴ;Ѵ‹ |o =-1bѴb|-|; |_; bvv†-m1; 1-rb|-Ѵ |u†v| r-vvŊ|_uo†]_ v;1†ubঞ;vķ
-m7 "b;uu- "|-|†|ou‹ $u†v| ķ =oul;7 bm -u1_ ƑƏƏƓ =ou |_; v-l; r†urov;ĺ
SIERRA BANCORP
BANK OF THE SIERRA
7
Bank of the Sierra is a California state-chartered bank head-
t†-u|;u;7 bm ou|;uˆbѴѴ;ķ -Ѵb=oumb-ĺ ); o@;u - =†ѴѴ u-m]; o=
u;|-bѴ -m7 1oll;u1b-Ѵ 0-mhbm] v;uˆb1;v rubl-ubѴ‹ bm $†Ѵ-u;ķ
;umķ u;vmoķ -m7 bm]v o†mঞ;v bm ;m|u-Ѵ -Ѵb=oumb-ķ -m7
bm |_; ub1_ -]ub1†Ѵ|†u-Ѵ 1ouub7ou v|u;|1_bm] =uol "-m|- -†Ѵ-
to Santa Clarita in Southern California. The Bank was in-
1ourou-|;7 bm ";r|;l0;u ƐƖƕƕķ -m7 or;m;7 =ou 0†vbm;vv bm
January 1978 as a one-branch bank with $1.5 million in
1-rb|-Ѵ -m7 ;Ѵ;ˆ;m ;lrѴo‹;;vĺ uol |_bv lo7;v| 0;]bmmbm]
‰; _-ˆ; ]uo‰m |o 0; |_; Ѵ-u];v| 0-mh _;-7t†-u|;u;7 bm |_;
"o†|_ "-m o-t†bm (-ѴѴ;‹ķ ‰b|_ lou; |_-m ƓƏƏ ;lrѴo‹;;vķ ƑѶ
=†ѴѴŊv;uˆb1; 0u-m1_ oL1;vķ -m7 oˆ;u ŪƐĺѵ 0bѴѴbom bm -vv;|v -|
;1;l0;u ƒƐķ ƑƏƐƓĺ $_; -mhĽv ]uo‰|_ _-v rubl-ubѴ‹ 0;;m
ou]-mb1ķ 0†| bm1Ѵ†7;v |‰o -1t†bvbঞomvĹ "b;uu- -ঞom-Ѵ -mh
bm ƑƏƏƏķ -m7 "-m|- Ѵ-u- (-ѴѴ;‹ -mh Őľ" ( Ŀő bm ƑƏƐƓĺ );
1omঞm†; |o ;ŠrѴou; 0u-m1_ ;Šr-mvbom rovvb0bѴbঞ;v bm †m7;u-
v;uˆ;7 -u;-v ‰b|_bm o†u 1†uu;m| =oo|rubm|ķ -m7 u;l-bm -Ѵ;u|
=ou ‰_oѴ;Ŋ0-mh -1t†bvbঞom orrou|†mbঞ;v 0o|_ ‰b|_bm -m7
outside of our current market areas.
m -77bঞom |o |_; 0u-m1_ oL1;v mo|;7 -0oˆ;ķ |_; -mh _-v
- u;-Ѵ ;v|-|; bm7†v|ub;v ]uo†rķ -m -]ub1†Ѵ|†u-Ѵ 1u;7b| 7bˆbvbomķ
-m7 -m " Ѵ;m7bm] †mb|ĺ ); -Ѵvo _-ˆ; $ v -| lov| 0u-m1_
Ѵo1-ঞomv -m7 o@vb|; $ v -| vbŠ 7b@;u;m| momŊ0u-m1_ Ѵo1--
ঞomvĺ †u|_;ulou;ķ |_; -mh bv - l;l0;u o= |_; ѴѴrobm|
m;|‰ouhķ ‰_b1_ ruoˆb7;v o†u 1†v|ol;uv ‰b|_ v†u1_-u];Ŋ=u;;
-11;vv |o oˆ;u ƓƒķƏƏƏ $ v -1uovv |_; m-ঞom -m7 -mo|_;u
ƐƑķƏƏƏ $ v bm =ou;b]m 1o†m|ub;vķ -m7 o†u 1†v|ol;uv _-ˆ;
-11;vv |o ;Ѵ;1|uomb1 robm|Ŋo=Ŋv-Ѵ; r-‹l;m| -Ѵ|;um-ঞˆ;v
m-ঞom‰b7; ˆb- |_; †Ѵv; $ m;|‰ouhĺ $o ;mv†u; |_-|
-11o†m| -11;vv ru;=;u;m1;v -u; -77u;vv;7 =ou -ѴѴ 1†v|ol;uvķ
‰; -Ѵvo ruoˆb7; |_; =oѴѴo‰bm] orঞomvĹ -m bm|;um;| 0u-m1_
which provides the ability to open deposit accounts online;
-m omѴbm; 0-mhbm] orঞom ‰b|_ 0bѴѴŊr-‹ -m7 lo0bѴ; 0-mhbm]
1-r-0bѴbঞ;vķ bm1Ѵ†7bm] lo0bѴ; 1_;1h 7;rovb|ĸ - 1†v|ol;u
v;uˆb1; 1;m|;u |_-| bv -11;vvb0Ѵ; 0‹ |oѴѴŊ=u;; |;Ѵ;r_om; 7†ubm]
0†vbm;vv _o†uvĸ -m7 -m -†|ol-|;7 |;Ѵ;r_om; 0-mhbm] v‹v|;l
|_-| bv †v†-ѴѴ‹ -11;vvb0Ѵ; ƑƓ _o†uv - 7-‹ķ v;ˆ;m 7-‹v - ‰;;hĺ
We strive to maintain a broad array of loan and deposit prod-
ucts and services that appeal to a wide variety of consumers
-m7 0†vbm;vv;vķ -m7 ‰; o@;u - l†Ѵঞ|†7; o= o|_;u 0-mhbm]
ruo7†1|v -m7 v;uˆb1;v |o 1olrѴ;l;m| -m7 v†rrou| o†u Ѵ;m7bm]
-m7 7;rovb| ruo7†1|vķ bm1Ѵ†7bm] u;lo|; 7;rovb| 1-r|†u; -m7
automated payroll services for business customers. The
-mhĽv Ѵ;m7bm] -1ঞˆbঞ;v bm1Ѵ†7; u;-Ѵ ;v|-|;ķ 1oll;u1b-Ѵ
Őbm1Ѵ†7bm] vl-ѴѴ 0†vbm;vvőķ -]ub1†Ѵ|†u-Ѵķ -m7 1omv†l;u Ѵo-mvĺ
The bulk of our real estate loans are secured by commercial
ou ruo=;vvbom-Ѵ oL1; ruor;uঞ;v ‰_b1_ -u; ru;7olbm-m|Ѵ‹
o‰m;uŊo11†rb;7ĺ | ;1;l0;u ƒƐķ ƑƏƐƓķ ]uovv Ѵo-mv |o|-Ѵ;7
$971 million.
†u 7;rovb| ruo7†1|v bm1Ѵ†7; 1_;1hbm] -11o†m|vķ v-ˆbm]v
-11o†m|vķ lom;‹ l-uh;| 7;l-m7 -11o†m|vķ ঞl; 7;rovb|vķ
u;ঞu;l;m| -11o†m|vķ -m7 v‰;;r -11o†m|vĺ $_; -mhĽv 7;-
posit accounts are insured by the Federal Deposit Insurance
ourou-ঞom Ő ő †r |o l-Šbl†l bmv†u-0Ѵ; -lo†m|vĺ );
_-ˆ; -Ѵvo 0;;m bm |_; !" m;|‰ouh vbm1; b|v bm1;rঞomķ -m7
|_uo†]_ !" -u; -0Ѵ; |o o@;u =†ѴѴ bmv†u-m1; 1oˆ;u-];
om l†ѴঞŊlbѴѴbom 7oѴѴ-u 7;rovb|v †r |o vr;1bC;7 Ѵblb|vĺ );
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rub1bm]ķ 1omˆ;mb;m| Ѵo1-ঞomvķ 7ubˆ;Ŋ|_uo†]_ 0-mhbm]ķ -m7 |_;
-=ou;l;mঞom;7 -Ѵ|;um-ঞˆ; 7;Ѵbˆ;u‹ 1_-mm;Ѵvķ -m7 ‰; v|ubˆ;
|o u;|-bm o†u 7;rovb| 1†v|ol;uv 0‹ ruoˆb7bm] - 1omvbv|;m|Ѵ‹
_b]_ Ѵ;ˆ;Ѵ o= v;uˆb1;ĺ | ;1;l0;u ƒƐķ ƑƏƐƓķ ‰; _-7 ƖƖķƑƏƏ
7;rovb| -11o†m|v ‰b|_ 0-Ѵ-m1;v |o|-Ѵbm] ŪƐĺƒѵƕ 0bѴѴbomĺ -v;7
om †m; ƒƏķ ƑƏƐƓ l-uh;| v_-u; 7-|- =ou |_; ƑƏ 1bঞ;v
‰b|_bm ‰_b1_ |_; olr-m‹ l-bm|-bmv 0u-m1_;vķ -mh o= |_;
"b;uu- u-mhv C[_‰b|_ ƔĺѶѷ o= |o|-Ѵ 7;rovb|vĺ m $†Ѵ-u; o†m|‹ķ
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m†l0;u o= 0u-m1_ Ѵo1-ঞomv o= -m‹ bm7bˆb7†-Ѵ Cm-m1b-Ѵ bmvঞ-
|†ঞom ŐƐƑķ bm1Ѵ†7bm] o†u omѴbm; 0u-m1_őķ -m7 u-mh Cuv| =ou
7;rovb| l-uh;| v_-u; ‰b|_ ƐѶĺƑѷ o= |o|-Ѵ 7;rovb|vĺ
m v†ll-u‹ķ |_uo†]_ |_; ‹;-uv ‰; _-ˆ; |u-mvbঞom;7 =uol -
vl-ѴѴķ vbm]Ѵ;Ŋ†mb| 0-mh bm|o - l†ѴঞŊ0u-m1_ķ l†ѴঞŊ1oll†mb|‹
or;u-ঞomĺ †u 7;r|_ o= ;Šr;ub;m1;ķ 1ollb|l;m| |o 1oll†-
mb|‹ķ -m7 =o1†v om v_-u;_oѴ7;u u;|†umv 1om|ub0†|; |o - 1†Ѵ|†u;
|_-| bv 0o|_ bmmoˆ-ঞˆ; -m7 1omv;uˆ-ঞˆ;ĺ $_bv _-v -ѴѴo‰;7
†v |o -7-r| rѴ-mv |o -11ollo7-|; vb|†-ঞom-Ѵ 1_-m];vķ |-h;
-7ˆ-m|-]; o= ]uo‰|_ orrou|†mbঞ;vķ -m7 0†bѴ7 - u;r†|-ঞom
-v - v|-0Ѵ;ķ |orŊr;u=oulbm] 0-mhĺ oohbm] =ou‰-u7ķ o†u ub1_
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Ѵbt†b7b|‹ u;vo†u1;v ruoˆb7; bmˆ;v|ouvķ 1†v|ol;uv -m7 v|-@ |_;
ruovr;1| o= ruoѴom];7 v|-0bѴb|‹ -m7 7†u-0bѴb|‹ĺ