塞拉银行 2025年季度报告

FORM10-Q QUARTERLY REPORTPURSUANT TO SECTION13 OR 15 (d)OF THESECURITIES EXCHANGE ACT OF1934FOR THE QUARTERLY PERIOD ENDEDJUNE 30, 2025Commission file number:000-33063 SIERRA BANCORP (Exact name of Registrant as specified in its charter) California33-0937517(State of Incorporation)(IRS Employer Identification No)86 North Main Street,Porterville,California93257(Address of principal executive offices)(Zip Code)(559)782-4900(Registrant’s telephone number, including area code)Not Applicable(Former name, former address and former fiscalyear, if changed since last report)Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the Registrant (1)has filed all reports required to be filed bySection13 or 15 (d)of the Securities Exchange Act of 1934 during the preceding 12months (or forsuch shorter period that the Registrant was required to file such reports) and (2)has been subject tosuch filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive DataFile required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter)during the preceding 12months (or for such shorter period that the Registrant was required to submitsuch files).Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitionsof “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. Large Accelerated Filer☐Non-accelerated Filer:☐Emerging GrowthCompany:☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use theextended transition period for complying with any new or revised financial accounting standardsprovided pursuant to Section7(a)(2)(B)of the Securities Act.☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule12b-2 of theExchange Act).Yes☐No☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of thelatest practicable date. As of July30, 2025, the registrant had13,590,273shares of common stock outstanding, including210,385 shares of unvested restricted stock. FORM10-Q Table of Contents Item1. Financial Statements (Unaudited)Consolidated Balance SheetsConsolidated Statements of IncomeConsolidated Statements of Comprehensive IncomeConsolidated Statements of Changes In Shareholders’ EquityConsolidated Statements of Cash FlowsNotesto Consolidated Financial Statements (Unaudited) Item2. Management’s Discussion& Analysis of Financial Condition& Results ofOperations36Forward-Looking Statements36Critical Accounting Policies37Overview of the Results of Operations and Financial Condition37Earnings Performance39Net Interest Income and Net Interest Margin39Provision for Credit Losses on Loans44Noninterest Income and Noninterest Expense45Provision for Income Taxes47Balance Sheet Analysis47Earning Assets47Investments47Loan Portfolio49Nonperforming Assets51Allowance for Credit Losses on Loans51Off-Balance Sheet Arrangements52Other Assets53Deposits and Interest-Bearing Liabilities54Deposits54Other Interest-Bearing Liabilities54Noninterest-Bearing Liabilities55Liquidity and Market Risk Management55Capital Resources58 Item3. Quantitative & Qualitative Disclosures about Market Risk Item4. Controls and Procedures PartII- Other InformationItem1. - Legal ProceedingsItem1A. - Risk FactorsItem2. - Unregistered Sales of Equity Securities and Use of ProceedsItem3. - Defaults upon Senior SecuritiesItem4. - Mine Safety DisclosuresItem5. - Other InformationItem6. - Exhibits 5959596060606061 63 Signatures PARTI- FINANCIAL INFORMATIONItem1– Financial Statements SIERRA BANCORPCONSOLIDATED BALANCE SHEETS(dollars in thousands) SIERRA BANCORPCONSOLIDATED STATEMENTS OF INCOMEFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025, and 2024(dollars in thousands, except per share data, unaudited) SIERRA BANCORPCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025, and 2024(dollars in thousands, unaudited) The accompanying notes are an integral part of these consolidated financial statements. SIERRA BANCORPCONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITYFOR THE THREE MONTHS ENDED JUNE 30, 2025, and 2024(dollars in thousands, except per share data, unaudited) SIERRA BANCORPCONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITYFOR THE SIX MONTHS ENDED JUNE 30, 2025, and 2024(dollars in thousands, except per share data, unaudited) The accompanying notes are an integral part of these consolidated financial statements. SIERRA BANCORPCONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE SIX MONTHS ENDED JUNE 30, 2025, AND 2024(dollars in thousands, unaudited) SIERRA BANCORPNOTESTO CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2025(Unaudited) Note1–