SIERRA BANCORP
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
BSRR$42.14+0.5%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows
FOR THE THREE MONTHS ENDED MARCH 31, 2024, AND 2023
| | | | | | | |
|---|---|---|---|---|---|---|
| · · · Three months ended March 31, | ||||||
| | 2024 | 2023 | ||||
| Cash flows from operating activities: | | | | | | |
| Net income | | $9,330 | | $8,751 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |
| Loss (gain) on sales of securities | | | 2,883 | | | (45) |
| Realized gain on securities transaction | | | (66) | | | — |
| Gain on disposal of fixed assets | | | (3,799) | | | (14) |
| Stock based compensation expense | | | 487 | | | 413 |
| Provision for credit losses on loans | | | 97 | | | 250 |
| Depreciation and amortization | | | 534 | | | 604 |
| Net amortization on securities premiums and discounts | | | 375 | | | 743 |
| Net accretion of premiums/discounts for loans acquired | | | (55) | | | (124) |
| Increase in cash surrender value of life insurance policies | | | (1,215) | | | (172) |
| Amortization of core deposit intangible | | | 219 | | | 219 |
| Decrease in interest receivable and other assets | | | 1,220 | | | 3,185 |
| Decrease in other liabilities | | | (3,833) | | | (3,643) |
| Deferred income tax benefit | | | (137) | | | (119) |
| Decrease in value of restricted bank equity securities | | | 311 | | | 291 |
| Amortization of debt issuance costs | | | 22 | | | 22 |
| Net amortization of partnership investment | | | 608 | | | 166 |
| Net cash provided by operating activities | | | 6,981 | | | 10,527 |
| Cash flows from investing activities: | | | | | | |
| Maturities and calls of securities available for sale | | | 33,713 | | | 21,864 |
| Proceeds from sales of securities available for sale | | | 233,187 | | | 14,349 |
| Purchase of securities available for sale | | | — | | | (149,172) |
| Principal pay downs on securities available for sale | | | 16,733 | | | 11,128 |
| Loan originations and payments, net | | | (67,096) | | | (422) |
| Purchases of premises and equipment | | | (369) | | | (413) |
| Proceeds from sale of premises and equipment | | | 4,518 | | | 25 |
| Proceeds from sales of foreclosed assets | | | — | | | 19,151 |
| Purchase of bank-owned life insurance | | | (190) | | | (202) |
| Proceeds from BOLI death benefit | | | — | | | 235 |
| Net cash provided by (used in) investing activities | | | 220,496 | | | (83,457) |
| Cash flows from financing activities: | | | | | | |
| Increase in deposits | | | 85,781 | | | 102,824 |
| (Decrease) increase in Fed funds purchased | | | (130,000) | | | 25,000 |
| Decrease in short-term Federal Home Loan Bank advances | | | (150,500) | | | (27,200) |
| Increase (decrease) in customer repurchase agreements | | | 14,730 | | | (15,108) |
| Cash dividends paid | | | (3,396) | | | (3,495) |
| Repurchases of common stock | | | (3,450) | | | (2,716) |
| Net cash (used in) provided by financing activities | | | (186,835) | | | 79,305 |
| | | | | | | |
| Increase in cash and cash equivalents | | | 40,642 | | | 6,375 |
| Cash and cash equivalents | | | | | | |
| Beginning of period | | | 78,602 | | | 77,131 |
| End of period | | $119,244 | | $83,506 | ||
| Supplemental disclosure of cash flow information: | | | | | | |
| Interest paid | | $13,276 | | $8,511 | ||
| Supplemental schedule of noncash investing and financing activities: | | | | | | |
| Real estate acquired through foreclosure | | $— | | $15,406 | ||
SIERRA BANCORP
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