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what it is
Sierra Bancorp runs a California bank that takes deposits, makes loans, and sells banking services to local people and businesses.
how it gets paid
Last year Sierra Bancorp made $171M in revenue. Commercial real estate loans was the main engine at $58M, or 34% of sales.
why growth slowed
Revenue fell ~0.6% last year to ~$171M FY. Ignore a ~$128M “quarter” on that base—it would exceed the whole year; use ~$43M per quarter (~FY/4) unless the filing says otherwise.
what just happened
Latest quarter roughly ~$43M revenue (order-of-magnitude quarter of ~$171M FY) and ~$2.15 EPS—confirm in the 10-Q.
At a glance
B+ balance sheet — decent shape, but not bulletproof
90/100 earnings predictability — you can trust these numbers
12.2x trailing p/e — the market's not buying it — or you found a deal
3.1% dividend yield — cash in your pocket every quarter
$2.82 fy2024 eps est
xvary composite: 59/100 — below average
What they do
Sierra Bancorp runs a California bank that takes deposits, makes loans, and sells banking services to local people and businesses.
Local banking is sticky. Sierra Bancorp had 446 employees, so it sells proximity, not scale. Your payroll, bill pay, and loan files do not move as easily as an app, which helps keep deposits in place while bigger banks fight on price.
How they make money
$171M
annual revenue · their business grew -0.6% last year
Commercial real estate loans
$58M
+3.0%
Commercial and industrial loans
$42M
+5.0%
Retail deposits and service fees
$22M
+4.0%
Consumer loans
$18M
2.0%
Mortgage banking and servicing
$19M
+7.0%
Other banking income
$12M
0.0%
The products that matter
commercial property lending
Commercial real estate loans
core lending activity
This is part of the $136M net interest income engine. If property cash flows hold up, this book earns its keep. If they do not, reserve needs show up fast.
income driver
deposit gathering
Retail banking & deposits
$2.8B deposits
This $2.8B funding base is what lets the bank make loans without relying too heavily on expensive outside funding. In human-speak: deposits are the raw material.
funding base
specialized local lending
Agricultural lending
central valley exposure
This business ties the bank to California farming communities. It helps with customer stickiness, but it also means your bet stays local because 100% of operations are in one state.
niche exposure
Key numbers
$171M
annual revenue
~$171M FY implies ~$40–45M per quarter on average—a $128M quarter would not foot.
12.2x
trailing p/e
You are paying 12.2 years of earnings. That is a normal bank price, not a fire sale.
3.1%
dividend yield
Your cash return is 3.1% before the stock does anything.
$85M
long-term debt
Debt is 16% of capital. That is manageable, but not invisible.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 70 / 100
- long-term debt $85M (16% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BSRR right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter ~$43M revenue (FY ~$171M ÷ 4, rescaled) and ~$2.15 EPS—verify in the filing.
Drop triple-digit vs. prior year tags paired with a $128M quarter; that quarter figure contradicted ~$171M FY. If your feed still shows huge vs. prior year %, map it to the same fiscal period.
~$43M
quarter revenue (est.)
$2.15
eps
n/a
n/a
the number that mattered
The ~$171M FY path matters more than a mis-scaled $128M quarter print. Anchor to four quarters that sum to FY.
source: company earnings report, 2026
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What could go wrong
The top risk here is California concentration inside a spread-based banking model. This bank lives or dies on one state, one deposit base, and one core profit engine.
high
All roads lead back to California
All operations and lending are in California. If that economy weakens, there is no second geography to offset it. You own 100% local exposure.
A local downturn hits the same franchise that supports its $2.8B deposit base.
high
Net interest margin is the whole movie
About $136M of revenue comes from net interest income. If deposit costs rise or loan yields fall, the core engine slows fast.
A 0.25% margin compression would cut annual net interest income by about $7M.
med
Fee income is already moving the wrong way
Non-interest income was $35M and fell 18% from last year. When your secondary revenue line is shrinking, the bank gets even more dependent on spread income.
That leaves only one major revenue line doing the heavy lifting.
med
Commercial property stress would show up quickly
Commercial real estate loans are a primary lending activity. If property values or tenant cash flows weaken, loss provisions rise and investors stop caring how cheap the p/e looked.
This is the part of the book most likely to turn a quiet bank into a noisy one.
The cleanest way to frame it: one state, $2.8B of deposits, and about $136M of spread income drive most of the story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings date
Q1 2026 earnings report
Estimated report date is April 27, 2026. Watch whether the $0.97 EPS quarter looks repeatable or turns out to be one clean quarter doing a lot of public relations work.
margin
Net interest income trend
Net interest income was $136M last year. If that line flattens while funding costs rise, the valuation argument gets thinner fast.
capital return
Actual repurchases, not just authorization
The board approved up to 1M shares. The useful question is whether management uses the program while the stock trades at 12.2x earnings.
credit
Commercial real estate credit quality
Commercial real estate is a core lending activity. If credit cracks show up there, the market will stop treating this as a sleepy income stock.
Analyst rankings
earnings predictability
90 / 100
In human-speak, the bank usually behaves like a bank should. Fewer surprises. Less drama.
risk rank
3
That is middle of the pack on safety. You are not reaching for a disaster, but you are not hiding in a fortress either.
balance sheet
B+
Good enough to support the dividend and lending book. Not good enough to make local credit risk disappear.
source: institutional data
Institutional activity
institutional ownership data for BSRR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$35
current price
n/a
target midpoint · n/a from current
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