Sierra Bancorp (BSRR, Financial) filed Quarterly Report for the period ended 2010-09-30.
Sierra Bancorp has a market cap of $127.45 million; its shares were traded at around $10.94 with a P/E ratio of 13.67 and P/S ratio of 1.46. The dividend yield of Sierra Bancorp stocks is 2.19%. Sierra Bancorp had an annual average earning growth of 5.3% over the past 10 years.
Net income for the first nine months of 2010 was $5.8 million, an increase of $376,000, or 7%, relative to net income for the first nine months of 2009. Basic and diluted earnings per share were $0.50 and $0.49, respectively, for the first nine months of 2010, compared to $0.54 basic and diluted earnings per share for the first nine months of 2009. The Company realized an annualized return on average equity of 5.56% for the first nine months of 2010 and 6.39% for the first nine months of 2009, and a return on assets for the same periods of 0.58% and 0.55%, respectively. The principal reasons for the net income variance for the comparative nine month periods include the following:
The Companys assets totaled $1.300 billion at September 30, 2010, a drop of 3% relative to total assets of $1.336 billion at December 31, 2009. The most significant characteristics of, and changes in, the Companys balance sheet during the first nine months of 2010 are outlined below:
For the third quarter of 2010 relative to the third quarter of 2009, net interest income declined by $299,000, or 2%. For the first nine months, net interest income declined by $231,000, or 1%. The level of net interest income depends on several factors in combination, including growth in earning assets, yields on earning assets, the cost of interest-bearing liabilities, the relative volume of earning assets and interest-bearing liabilities, and the mix of products which comprise the Companys earning assets, deposits, and other interest-bearing liabilities. Net interest income can also be impacted by the reversal of interest for loans placed on non-accrual, and by the recovery of interest on loans that have been on non-accrual and are either sold or returned to accrual status.
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Sierra Bancorp has a market cap of $127.45 million; its shares were traded at around $10.94 with a P/E ratio of 13.67 and P/S ratio of 1.46. The dividend yield of Sierra Bancorp stocks is 2.19%. Sierra Bancorp had an annual average earning growth of 5.3% over the past 10 years.
Highlight of Business Operations:
Net income for the quarter ended September 30, 2010 was $887,000, compared to net income of $106,000 for the quarter ended September 30, 2009. With pretax income of only $100,000, however, the third quarter of 2010 was essentially a break-even quarter, and we had a pretax loss of $1.3 million in the third quarter of 2009. We had an income tax accrual reversal in both quarters, precipitated by the impact of tax credits on a low level of taxable income or loss. Basic and diluted earnings per share for the third quarter of 2010 were $0.08, compared to $0.01 basic and diluted earnings per share for the third quarter of 2009. The Companys annualized return on average equity was 2.49% and annualized return on average assets was 0.27% for the quarter ended September 30, 2010, compared to a return on equity of 0.35% and return on assets of 0.03% for the quarter ended September 30, 2009. The primary drivers behind the variance in net income are as follows:Net income for the first nine months of 2010 was $5.8 million, an increase of $376,000, or 7%, relative to net income for the first nine months of 2009. Basic and diluted earnings per share were $0.50 and $0.49, respectively, for the first nine months of 2010, compared to $0.54 basic and diluted earnings per share for the first nine months of 2009. The Company realized an annualized return on average equity of 5.56% for the first nine months of 2010 and 6.39% for the first nine months of 2009, and a return on assets for the same periods of 0.58% and 0.55%, respectively. The principal reasons for the net income variance for the comparative nine month periods include the following:
The Companys assets totaled $1.300 billion at September 30, 2010, a drop of 3% relative to total assets of $1.336 billion at December 31, 2009. The most significant characteristics of, and changes in, the Companys balance sheet during the first nine months of 2010 are outlined below:
For the third quarter of 2010 relative to the third quarter of 2009, net interest income declined by $299,000, or 2%. For the first nine months, net interest income declined by $231,000, or 1%. The level of net interest income depends on several factors in combination, including growth in earning assets, yields on earning assets, the cost of interest-bearing liabilities, the relative volume of earning assets and interest-bearing liabilities, and the mix of products which comprise the Companys earning assets, deposits, and other interest-bearing liabilities. Net interest income can also be impacted by the reversal of interest for loans placed on non-accrual, and by the recovery of interest on loans that have been on non-accrual and are either sold or returned to accrual status.
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