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…
Log in or Sign up for free access to this report.
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.