Sierra Bancorp Reports Year End 2024 Results and Quarterly Earnings

January 27, 2025

Porterville, Calif. – (Business Wire) – Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced unaudited financial results for the three-and twelve-month periods ended December 31, 2024. Sierra Bancorp reported consolidated net income in the fourth quarter of 2024 of $10.4 million, or $0.72 per diluted share, compared to net income of $6.3 million, or $0.43 per diluted share, in the fourth quarter of 2023, and $10.6 million, or $0.74 per diluted share, in the third quarter of 2024.

Highlights for the fourth quarter of 2024 (unless otherwise stated):

Strong Quarterly Earnings Metrics
Return on average assets improved to 1.13%, as compared to 0.67% for the same period in 2023.
Return on average equity increased to 11.49%, as compared to 8.03% for the same period in 2023.
Net interest margin rose to 3.65%, as compared to 3.31% for the same period in 2023.
Efficiency ratio improved to 59.7% as compared to 67.1% for the same period in 2023.
Diluted earnings per share of $0.72 increased 68% compared to $0.43 for the same period in 2023.

Balance Sheet Growth
Loan growth of $11.3 million, or 2% annualized, during the quarter.
For the full year 2024, loans grew 12%, or $242.7 million to $2.3 billion.
For the full year 2024, total deposits increased $130.4 million, or 5%, to $2.9 billion.
Noninterest-bearing deposits of $1.0 billion at December 31, 2024, represent 35% of total deposits.

Solid Capital and Liquidity
Increased Tangible Book Value (non-GAAP) per share, during the quarter, to $23.15 per share.
Repurchased 229,850 shares of common stock during the quarter at an average price of $29.38, with an additional 112,896 shares repurchased through January 23, 2025.
In January 2025, increased dividend by one cent to $0.25 per share, our 104th consecutive quarterly dividend.
Regulatory Community Bank Leverage Ratio increased to 11.80% at December 31, 2024, for our subsidiary Bank.
Consolidated Tangible Common Equity Ratio (non-GAAP) increased to 9.18% at December 31, 2024.
Overall primary and secondary liquidity sources of $2.3 billion at December 31, 2024.
For the year ended 2024, the Company recognized net income of $40.6 million, or $2.82 per diluted share, as compared to $34.8 million, or $2.36 per diluted share, for the same period in 2023. The Company’s return on average assets and return on average equity for the year ended 2024 was 1.12% and 11.62%, respectively, as compared to 0.94% and 11.30%, respectively, for the same comparative period in 2023.

“Confidence doesn’t come out of nowhere. It’s a result of something…hours and days and weeks and years of constant work and dedication.”
– Roger Staubach

“We are proud to announce strong net income growth of over 16% in 2024, accompanied by solid improvements in net interest margin, efficiency ratio, return on average assets, and tangible book value per share!” expressed Kevin McPhaill, CEO and President. “We overcame a number of obstacles, including a challenging interest rate environment, to cap off one of our best years. Loans continued to grow and deposit relationships were strengthened as our bankers worked hard to focus on retaining and attracting customers. We are very excited about 2025 and will continue to find opportunities to improve our bank and provide consistently strong results,” concluded Mr. McPhaill.