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Sierra Bancorp (BSRR-0.66%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $10.6 million from $9.9 million in the same quarter the previous year. The increase is attributed to higher net interest income.
Net interest income for the quarter was $30.8 million, a rise from $28.1 million in the previous year, primarily due to a 36 basis point increase in net interest margin.
Interest income on loans increased by $5.1 million, while interest expense decreased by $0.3 million due to a reduction in borrowed funds.
Noninterest income remained flat at $7.8 million, with increases in service charge income offset by decreases in other noninterest income.
Noninterest expense increased slightly to $22.8 million from $22.6 million, with higher occupancy costs offsetting a decrease in salaries and benefits.
Total assets decreased to $3.7 billion from $3.73 billion at the end of 2023, with investment securities declining by $324 million due to strategic bond sales.
Gross loans increased by $230.6 million, driven by higher mortgage warehouse line utilization and increases in commercial real estate and farmland loans.
Deposits grew by $200.9 million to $3.0 billion, with a significant increase in brokered deposits to fund mortgage warehouse lines.
Total shareholders' equity rose to $358.7 million, reflecting net income and changes in other comprehensive income, despite share repurchases and dividends paid.
The company maintains a strong liquidity position with $2.4 billion in available funding sources, representing 82% of total deposits.
The filing also details the company's interest rate risk management strategies and regulatory capital ratios, with the bank opting into the community bank leverage ratio framework.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sierra Bancorp quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.