Sierra Bancorp (NASDAQ: BSRR) (“the company”) was founded in 1978 and is headquartered in Porterville, CA with $3.8 billion in assets. The company operates a 35-branch network that covers California’s South-Central Valley, Central Coast, Ventura and Los Angeles Counties. BSRR also has an 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 company’s growth strategy has largely been organic though includes three small whole bank acquisitions (most recent in 2017) which collectively increased total assets by ~18%. Looking ahead, the company is open to opportunistic M&A to build scale within its existing or adjacent footprint.
The loan portfolio is concentrated in investor CRE (45% of loans), including the…
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