| Industries |
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| Asset Management and Custody Banks |
| Fertilizers and Agricultural Chemicals |
| Agricultural Products |
| Construction and Engineering |
| Construction Materials |
| Construction and Farm Machinery and Heavy Trucks |
| Diversified Financial Services |
| Internet Software and Services |
| Internet Retail |
| Exposures |
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| Provide |
| Ease |
| Military |
| Economic |
| Cooperate |
| Event Codes |
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| Grant |
| Yield to order |
| Sports contest |
| Warn |
| Solicit support |
| Demand |
| Agree |
| Reject |
| Vote |
| Wiki | Wiki Summary |
|---|---|
| Management | Management (or managing) is the administration of an organization, whether it is a business, a non-profit organization, or a government body. It is the art and science of managing resources of the business. |
| San Joaquin River | The San Joaquin River (; Spanish: Río San Joaquín) is the longest river of Central California. The 366-mile (589 km) long river starts in the high Sierra Nevada, and flows through the rich agricultural region of the northern San Joaquin Valley before reaching Suisun Bay, San Francisco Bay, and the Pacific Ocean. |
| San Joaquins | The San Joaquins is a passenger train service operated by Amtrak in California's San Joaquin Valley. Seven daily round trips run between its southern terminus at Bakersfield and Stockton, where the route splits to Oakland (five round trips) or Sacramento (two round trips). |
| San Joaquin Valley College | The San Joaquin Valley ( SAN whah-KEEN) is the area of the Central Valley of the U.S. state of California that lies south of the Sacramento–San Joaquin River Delta and is drained by the San Joaquin River. It comprises seven counties of Northern and one of Southern California, including, in the north, all of San Joaquin and Kings counties, most of Stanislaus, Merced, and Fresno counties, and parts of Madera and Tulare counties, along with a majority of Kern County, in Southern California. |
| San Joaquin Valley Railroad | The San Joaquin Valley Railroad (reporting mark SJVR) is one of several short line railroad companies and is part of the Pacific Region Division of Genesee & Wyoming Inc. It operates about 297 miles (478 km) of track primarily on several lines in California's Central Valley/San Joaquin Valley outside Fresno, California and Bakersfield, California. |
| Yoda conditions | In programming jargon, Yoda conditions (also called Yoda notation) is a programming style where the two parts of an expression are reversed from the typical order in a conditional statement. A Yoda condition places the constant portion of the expression on the left side of the conditional statement. |
| Dirichlet conditions | In mathematics, the Dirichlet conditions are sufficient conditions for a real-valued, periodic function f to be equal to the sum of its Fourier series at each point where f is continuous. Moreover, the behavior of the Fourier series at points of discontinuity is determined as well (it is the midpoint of the values of the discontinuity). |
| Twenty-one Conditions | The Twenty-one Conditions, officially the Conditions of Admission to the Communist International, refer to the conditions, most of which were suggested by Vladimir Lenin, to the adhesion of the socialist parties to the Third International (Comintern) created in 1919. The conditions were formally adopted by the Second Congress of the Comintern in 1920. |
| Nervous Conditions | Nervous Conditions is a novel by Zimbabwean author Tsitsi Dangarembga, first published in the United Kingdom in 1988. It was the first book published by a black woman from Zimbabwe in English. |
| Conditions races | Conditions races are horse races in which the weights carried by the runners are laid down by the conditions attached to the race. Weights are allocated according to the sex of the runners, with female runners carrying less weight than males; the age of the runners, with younger horses receiving weight from older runners to allow for relative maturity, referred to as weight for age; and the quality of the runners, with horses that have won certain values of races giving weight to less successful entrants. |
| Wolfe conditions | In the unconstrained minimization problem, the Wolfe conditions are a set of inequalities for performing inexact line search, especially in quasi-Newton methods, first published by Philip Wolfe in 1969.In these methods the idea is to find\n\n \n \n \n \n min\n \n x\n \n \n f\n (\n \n x\n \n )\n \n \n {\displaystyle \min _{x}f(\mathbf {x} )}\n for some smooth \n \n \n \n f\n :\n \n \n R\n \n \n n\n \n \n →\n \n R\n \n \n \n {\displaystyle f\colon \mathbb {R} ^{n}\to \mathbb {R} }\n . Each step often involves approximately solving the subproblem\n\n \n \n \n \n min\n \n α\n \n \n f\n (\n \n \n x\n \n \n k\n \n \n +\n α\n \n \n p\n \n \n k\n \n \n )\n \n \n {\displaystyle \min _{\alpha }f(\mathbf {x} _{k}+\alpha \mathbf {p} _{k})}\n where \n \n \n \n \n \n x\n \n \n k\n \n \n \n \n {\displaystyle \mathbf {x} _{k}}\n is the current best guess, \n \n \n \n \n \n p\n \n \n k\n \n \n ∈\n \n \n R\n \n \n n\n \n \n \n \n {\displaystyle \mathbf {p} _{k}\in \mathbb {R} ^{n}}\n is a search direction, and \n \n \n \n α\n ∈\n \n R\n \n \n \n {\displaystyle \alpha \in \mathbb {R} }\n is the step length. |
| Conditions of Learning | Conditions of Learning, by Robert M. Gagné, was originally published in 1965 by Holt, Rinehart and Winston and describes eight kinds of learning and nine events of instruction. This theory of learning involved two steps. |
| Conditions (album) | Conditions is the debut studio album by Australian rock band The Temper Trap, released in Australia through Liberation Music on 19 June 2009. It was later released in the United Kingdom on 10 August 2009. |
| Chief executive officer | A chief executive officer (CEO), chief administrator officer (CAO), central executive officer (CEO), or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization – especially an independent legal entity such as a company or nonprofit institution. CEOs find roles in a range of organizations, including public and private corporations, non-profit organizations and even some government organizations (notably state-owned enterprises). |
| Recession | In economics, a recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). |
| Lluís Companys | Lluís Companys i Jover (Catalan pronunciation: [ʎuˈis kumˈpaɲs]; 21 June 1882 – 15 October 1940) was a Spanish politician from Catalonia who served as president of Catalonia from 1934 and during the Spanish Civil War.\nCompanys was a lawyer close to labour movement and one of the most prominent leaders of the Republican Left of Catalonia (ERC) political party, founded in 1931. |
| Estadi Olímpic Lluís Companys | Estadi Olímpic Lluís Companys (Catalan pronunciation: [əsˈtaði uˈlimpiɡ ʎuˈis kumˈpaɲs], formerly known as the Estadi Olímpic de Montjuïc and Estadio de Montjuic) is a stadium in Barcelona, Catalonia, Spain. Originally built in 1927 for the 1929 International Exposition in the city (and Barcelona's bid for the 1936 Summer Olympics, which were awarded to Berlin), it was renovated in 1989 to be the main stadium for the 1992 Summer Olympics and 1992 Summer Paralympics. |
| Company | A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. |
| Companys, procés a Catalunya | Companys, procés a Catalunya (Spanish: Companys, proceso a Cataluña) is a 1979 Spanish Catalan drama film directed by Josep Maria Forn, based on the last months of the life of the President of Catalonia, Lluís Companys, in which he shows his detention by the Nazis and his subsequent execution by the Spanish Francoists. It competed in the Un Certain Regard section at the 1979 Cannes Film Festival. |
| List of largest companies in the United States by revenue | This list comprises the largest companies in the United States by revenue as of 2022, according to the Fortune 500 tally of companies. Retail corporation Walmart has been the largest company in the US by revenue since 2014. |
| Mergers and acquisitions | In corporate finance, mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position. |
| Mortgage-backed security | A mortgage-backed security (MBS) is a type of asset-backed security (an 'instrument') which is secured by a mortgage or collection of mortgages. The mortgages are aggregated and sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. |
| Monopolistic competition | Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other, but selling products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes. |
| Cournot competition | Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time. It is named after Antoine Augustin Cournot (1801–1877) who was inspired by observing competition in a spring water duopoly. |
| Climbing competition | A climbing competition (or comp) is usually held indoors on purpose built climbing walls. There are three main types of climbing competition: lead, speed, and bouldering. |
| Competition regulator | A competition regulator is the institution that oversees the functioning of the markets. And the Law in which it takes cognizance of situations having any type of impediments and distortions on the markets and correct them is the competition law (also known as antitrust law). |
| Interspecific competition | Interspecific competition, in ecology, is a form of competition in which individuals of different species compete for the same resources in an ecosystem (e.g. food or living space). |
| Statistical fluctuations | Statistical fluctuations are fluctuations in quantities derived from many identical random processes. They are fundamental and unavoidable. |
| Interest | In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party. |
| Interest rate | An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed. |
| Net interest spread | Net interest spread refers to the difference in borrowing and lending rates of financial institutions (such as banks) in nominal terms. It is considered analogous to the gross margin of non-financial companies. |
| Allowance for Loan and Lease Losses | In banking, the Allowance for Loan and Lease Losses (ALLL), formerly known as the reserve for bad debts, is a calculated reserve that financial institutions establish in relation to the estimated credit risk within the institution's assets. This credit risk represents the charge-offs that will most likely be realized against an institution's operating income as of the financial statement end date. |
| Leaseback | Leaseback, short for "sale-and-leaseback", is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done for fixed assets, notably real estate, as well as for durable and capital goods such as airplanes and trains. |
| CAMELS rating system | The CELS ratings or CAMELS rating is a supervisory rating system originally developed in the U.S. to classify a bank's overall condition. It is applied to every bank and credit union in the U.S. and is also implemented outside the U.S. by various banking supervisory regulators. |
| Board of directors | A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency. \nThe powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws. |
| Executive director | An executive director is a member of a board of directors for an organisation, but the meaning of the term varies between countries.\n\n\n== United States ==\nIn the US, an executive director is a chief executive officer (CEO) or managing director of an organization, company, or corporation. |
| Risk Factors |
|---|
| SIERRA BANCORP ITEM 1A RISK FACTORS Statements and financial discussion and analysis by management contained throughout this report that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 |
| Forward-looking statements involve a number of risks and uncertainties |
| Factors that could cause actual results to differ materially from forward-looking statements herein include, without limitation, the factors set forth below |
| Poor Economic Conditions in Our Market Areas May Cause Us to Suffer Higher Default Rates on Our Loans and Leases |
| A substantial majority of our assets and deposits are generated in the San Joaquin Valley in central California |
| As a result, poor economic conditions in this region could cause us to incur losses associated with higher default rates and decreased collateral values in our loan portfolio |
| The local economy currently appears to be experiencing a moderate expansion, and while the Company expects continued improvement, no assurance can be given that this will occur |
| The San Joaquin Valley has not experienced the same type of growth that has historically occurred in other areas of California, especially those where high-tech industries have taken hold |
| While this fact minimized the negative impact 14 ______________________________________________________________________ [40]Table of Contents of the most recent recession, unemployment levels are still relatively high |
| In the Visalia-Tulare-Porterville Metropolitan Statistical Area (“MSA”), for example, which is our geographic center and the base of our agriculturally oriented communities, the unemployment rate has consistently averaged around 15prca for the past several years |
| While unemployment levels remain relatively high in all of the Company’s markets, in recent years some areas in the south and central San Joaquin Valley have experienced substantial commercial growth |
| The area’s relatively inexpensive real estate and central proximity to both Southern and Northern California have attracted a growing number of warehouse and distribution facilities, as well as manufacturing, health, and other service companies |
| The low cost of housing has also drawn retirees from more expensive areas of California |
| Poor Economic Conditions Affecting the Agricultural Industry Could Have an Adverse Effect on Our Customers and Their Ability to Make Payments to Us |
| The Company’s balance of non-performing assets has been relatively high in years past due in large part to persistent agricultural difficulties |
| Furthermore, a sizable portion of our total loan portfolio consists of loans to borrowers either directly or indirectly involved in the agricultural industry |
| While a great number of our borrowers may not be individually involved in agriculture, many of the jobs in the San Joaquin Valley are ancillary to the regular production, processing, marketing and sales of agricultural commodities |
| The ripple effect of lower commodity prices for milk, nuts, olives, grapes, oranges and tree fruit has a tendency to depress land prices, lower borrower income, and decrease collateral values |
| Weather patterns in particular are of critical importance to row crop, tree fruit, and orange production |
| A degenerative cycle of weather and commodity prices can impact consumer purchasing power, which has the potential to create further unemployment throughout the San Joaquin Valley |
| Global competition is another significant issue affecting the agricultural industry |
| Because of increased global competition and other factors, excess supply and low prices currently characterize the markets for many agricultural products |
| If current agricultural conditions do not improve, our level of non-performing assets could increase |
| Such conditions have affected and may continue to adversely affect our borrower base and, by extension, our business |
| Our loan portfolio is heavily concentrated in real estate loans, particularly commercial real estate |
| At December 31, 2005, 72prca of our loan portfolio consisted of loans secured by real estate |
| Between the end of 2001 and the end of 2005, our loans secured by commercial/professional office properties (including construction and development loans) increased from 40prca to 49prca of total loans, while loans secured by residential properties have decreased from 22prca to 17prca of total loans |
| In the early 1990’s, the entire state of California experienced an economic recession that particularly impacted real estate values and resulted in increases in the level of delinquencies and losses for many financial institutions |
| Much of our market area seems to have been insulated from the significant fluctuations in real estate prices experienced by other parts of California over the past few decades |
| However, over the past few years real estate values in our market areas have escalated at least as rapidly as in other parts of the state, and the collateral for many of our loans could be reduced in value and the ability of some of our borrowers to pay could decline if a real estate recession affects our market areas in the future |
| Similarly, the occurrence of a natural disaster like those California has experienced in the past, including earthquakes, brush fires, and flooding, could impair the value of the collateral we hold for real estate secured loans and negatively impact our results of operations |
| We May Have Difficulty Managing Our Growth |
| Management intends to leverage the Company’s current infrastructure to grow assets, and the addition of new branches has been tentatively planned, although no assurance can be given that this strategy will result in significant growth |
| Our ability to manage growth will depend primarily on our ability to: • monitor and manage expanded operations; • control funding costs and operating expenses; • maintain positive customer relations; and • attract, assimilate and retain qualified personnel |
| If we fail to achieve these objectives in an efficient and timely manner we may experience disruptions in our business plans, and our financial condition and results of operations could be adversely affected |
| 15 ______________________________________________________________________ [41]Table of Contents Our Earnings are Subject to Interest Rate Risk |
| The earnings of most financial institutions depend largely on the relationship between the cost of funds, primarily deposits and borrowings, and the yield on earning assets such as loans and investment securities |
| This relationship, known as the interest rate spread, is subject to fluctuation and is affected by economic, regulatory and competitive factors that influence interest rates, the volume and mix of interest-earning assets and interest-bearing liabilities, and the level of non-performing assets |
| Fluctuations in interest rates affect the demand of customers for our products and services, and the Company is subject to interest rate risk to the degree that our interest-bearing liabilities re-price or mature more slowly or more rapidly or on a different basis than our interest-earning assets |
| Given the current volume, mix, and re-pricing characteristics of the Company’s interest-bearing liabilities and interest-earning assets, our interest rate spread is expected to increase slightly in a rising rate environment, and decrease slightly in a declining interest rate scenario |
| However, there are scenarios where fluctuations in interest rates in either direction could have a negative effect on net income |
| For example, if funding rates rise faster than asset yields in a rising rate environment (ie, if basis compression occurs), or if we do not actively manage certain loan index rates in a declining rate environment, we would be negatively impacted |
| We Operate in a Competitive Market Dominated by Banks and Other Financial Services Providers, Many of Which Have Lower Cost Structures and Offer More Services |
| In California generally, and in our primary service area specifically, branches of major banks dominate the commercial banking industry |
| By virtue of their larger capital base, such institutions have substantially greater lending limits than we do, and perform certain functions for their customers, including trust services and international banking, which we are not equipped to offer directly (but some of which we offer indirectly through correspondent relationships) |
| We also compete with other financial institutions such as savings and loan associations, credit unions, thrift and loan companies, mortgage companies, securities brokerage companies and insurance companies, and with quasi-financial institutions such as money market funds for deposits and loans |
| Financial services like ours are increasingly offered over the Internet on a national and international basis, and we compete with providers of these services as well |
| Ultimately, competition can drive down our interest margins and reduce our profitability |
| It can also make it more difficult for us to continue to increase the size of our loan and deposit portfolios |
| Although Sierra Bancorp’s Common Stock has been listed on the NASDAQ National Market since August 10, 2001 (the effective date of the holding company reorganization) and Bank of the Sierra’s Common Stock was previously listed on the NASDAQ National Market since June 10, 1999, trading in our stock has not been extensive and cannot be characterized as amounting to an active trading market |
| We are careful in our loan underwriting process in order to limit the risk that borrowers might fail to repay; nevertheless, losses can and do occur |
| We create an allowance for estimated loan and lease losses in our accounting records, based on estimates of the following: • industry standards; • historical experience with our loans; • evaluation of economic conditions; • regular reviews of the quality mix and size of the overall loan portfolio; • regular reviews of delinquencies; and • the quality of the collateral underlying our loans |
| We maintain an allowance for loan and lease losses at a level that we believe is adequate to absorb any specifically identified losses as well as any other losses inherent in our loan portfolio |
| However, changes in economic, operating and other conditions, including changes in interest rates, that are beyond our control, may cause our actual loan losses to exceed our current allowance estimates |
| If actual losses exceed the amount reserved, it will have a negative impact on our profitability |
| In addition, the FDIC and the DFI, as part of their supervisory functions, periodically review our allowance for loan and lease losses |
| Such agencies may require us to increase our provision for loan and lease losses or to recognize further losses, based on their judgments, which may be different from those of our management |
| Any increase in the allowance required by the FDIC or the DFI could also hurt our business |
| 16 ______________________________________________________________________ [42]Table of Contents Our Directors and Executive Officers Control a Near-Majority of Our Stock, and Your Interests May Not Always be the Same as Those of the Board and Management |
| As of December 31, 2005, our directors and executive officers, together with their affiliates, beneficially owned approximately 48prca of the Bank’s outstanding voting stock (including vested option shares) |
| As a result, if all of these shareholders were to take a common position, they could most likely control the outcome of most corporate actions, such as: • approval of mergers or other business combinations; • sales of all or substantially all of our assets; • any matters submitted to a vote of our shareholders; • issuance of any additional common stock or other equity securities; • incurrence of debt other than in the ordinary course of business; • the selection and tenure of our Chief Executive Officer; and • payment of dividends on common stock or other equity securities |
| In some situations, the interests of our directors and executive officers may be different from yours |
| However, our Board of Directors and executive officers have a fiduciary duty to act in the best interests of the shareholders, rather than in their own best interests, when considering a proposed business combination or any of these types of matters |
| Provisions in Our Articles of Incorporation Will Delay or Prevent Changes in Control of Our Corporation or Our Management |
| These provisions make it more difficult for another company to acquire us, which could reduce the market price of our common stock and the price that you receive if you sell your shares in the future |
| These provisions include the following: • staggered terms of office for members of the board of directors; • the elimination of cumulative voting in the election of directors; and • the requirement that our Board of Directors consider the potential social and economic effects on our employees, depositors, customers and the communities we serve as well as certain other factors, when evaluating a possible tender offer, merger or other acquisition of the Company |