| Front Cover | 1 |
| Contents | 2 |
| Company Statements/Branch Locations | 3 |
| CEO's Message | 4 |
| Sierra Bancorp/Bank of the Sierra | 7 |
| Results of Operations | 8 |
| Financial Condition | 11 |
| Board of Directors/Executive Officers | 12 |
| Senior Management Team/Administrative Officers | 13 |
| Form 10-K | 15 |
| Table of Contents | 16 |
| PART I | 17 |
| PART II | 36 |
| Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities | 36 |
| Item 6. Selected Financial Data | 39 |
| Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations | 41 |
| Item 7A. Quantitative and Qualitative Disclosures about Market Risk | 68 |
| Item 8. Financial Statements and Supplementary Data | 68 |
| Item 9. Changes in and Disagreements with Accounts on Accounting and Financial Disclosure | 135 |
| Item 9A. Controls and Procedures | 135 |
| Item 9B. Other Information | 138 |
| PART III | 138 |
| PART IV | 139 |
| Signatures | 141 |