Sierra Bancorp Reports First Quarter 2025 Results

April 28, 2025

PORTERVILLE, CALIF. – (BUSINESS WIRE) – Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced its unaudited financial results for the quarter ended March 31, 2025. Sierra Bancorp reported consolidated net income of $9.1 million, or $0.65 per diluted share, for the first quarter of 2025 compared to $9.3 million, or $0.64 per diluted share, in the first quarter of 2024.

Highlights for the First Quarter of 2025 (unless otherwise stated):

• Solid Quarterly Earnings Metrics
  • Diluted Earnings Per Share increased from the same quarter in 2024.
  • Improved Efficiency Ratio ⁽¹⁾ to 60.62% as compared to 65.97% in the same quarter in 2024.
  • Increased Net Interest Margin to 3.74% as compared to 3.65% in the prior linked quarter and 3.62% in the first quarter of 2024.
• Stable Balance Sheet
  • Loan growth, exclusive of change in mortgage warehouse line utilization, of $18.6 million, or 4% annualized.
  • Mortgage warehouse utilization declined $43.2 million during the quarter primarily due to $39 million in paydowns during the final week of the quarter.
  • Reduced higher cost brokered deposits by $85.0 million during the quarter, while all other deposits increased by $43.2 million, or 7% annualized.
  • Noninterest-bearing deposits of $1.0 billion at March 31, 2025, represent 36% of total deposits.
  • Uninsured deposits are approximately 28% of total deposit balances.
• Strong Capital and Liquidity
  • Increased Tangible Book Value ⁽¹⁾ per share by 1% to $23.44 per share during the quarter.
  • Strong regulatory Community Bank Leverage Ratio increased to 12.1% for our subsidiary bank.
  • Repurchased 476,770 shares of stock during the quarter at an average price of $29.71.
  • Declared dividend of $0.25 per share, payable on May 15, 2025.
  • Overall primary and secondary liquidity sources of $2.3 billion at March 31, 2025.

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⁽¹⁾See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in “Non-GAAP Financial Measures.”

“Consistency is the key to achieving and maintaining momentum.” – Darren Hardy

“As we navigate the uncertainty impacting our global and local economy, our banking team has worked diligently to produce consistently solid results,” stated Kevin McPhaill, CEO and President. “These efforts resulted in growth of both commercial and real estate loans, as well as increases in each category of customer transaction deposits in the first quarter of 2025. Net interest margin and efficiency ratio also improved. Our team’s resilience and commitment provide us with optimism as we navigate 2025!” concluded Mr. McPhaill.