Company Profile
- Sierra Bancorp (NASDAQ: BSRR) (“the company”) was founded in 1978 and is headquartered in Porterville, CA with $3.7 billion in assets. The company operates a 35-branch network that covers California’s South-Central Valley, Central Coast, and Ventura County. BSRR also has a LPO in Templeton, CA. Through its lead subsidiary, Bank of the Sierra (“the bank”), the company engages in traditional community-centric commercial and retail lending. The bank’s lending activities cover real estate, commercial and industrial, mortgage warehouse, agricultural, and consumer loans.
- The loan portfolio is concentrated in investor CRE (48% of loans), including the multifamily portfolio (6%), as well as owner-occupied CRE at 17% of loans (including C&I), while residential mortgages and agriculture represent 18% and 4% of loans, respectively. Other loans represent 13% of total loans primarily comprised of mortgage warehouse loans.
- The company’s growth strategy has…