Top 10 African countries with the lowest fuel prices in July 2025
However, while low gasoline costs might provide short-term economic gains, they also have long-term consequences that governments must carefully manage.
Low gasoline prices often result in decreased transportation and production expenses for both consumers and enterprises. Public transportation rates tend to fall, making commuting cheaper for employees and students.
Farmers and small-scale merchants gain from lower logistical costs, which can help improve food distribution and stable market prices.
Many African homes rely on fuel-powered generators owing to inconsistent electricity, and cheaper fuel reduces the cost of lighting, cooling, and even running small enterprises from home.
Lower gasoline costs can help to keep inflation under control and promote consumer spending.
Countries such as Kenya, Ghana, and South Africa have all experienced periods where lower fuel costs boosted economic activity.
In Nigeria, recent price decreases at several depots, fueled by greater supply from the Dangote Refinery, have fueled optimism for broader market stability.
The Dangote Refinery is very important to this tale. With a refining capacity of 650,000 barrels per day, it has begun to reshape petroleum distribution in West Africa.
Its most recent step, the construction of 1.6 million barrels of storage capacity in Namibia, is intended to provide low-cost petroleum to Southern African nations such as Botswana, Zambia, and Zimbabwe.
By processing African oil locally and selling the products regionally, the refinery is progressively reducing the continent's reliance on expensive imported refined goods.
With that said, here are the 10 African countries with the lowest fuel prices in July, according to GlobalPetrolPrices.
Compared to the top 10 list last month, fuel prices for Angola, Algeria, Nigeria, Ethiopia, and DRC reduced slightly, while prices for Egypt, Tunisia, and Liberia increased
Fuel prices for Sudan and Libya remained the same.
Top 10 African countries with the lowest fuel prices in July 2025
Rank Country Diesel prices Global rank
1. Libya $0.028 1st
2. Angola $0.327 4th
3. Algeria $0.353 6th
4. Egypt $0.385 7th
5. Nigeria $0.545 13th
6. Sudan $0.700 21st
7. Tunisia $0.871 33rd
8. Ethiopia $0.897 35th
9. Liberia $0.908 36th
10. DRC $1.036 47th
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Sierra Bancorp Reports Improved Financial Results for Second Quarter and First Six Months of 2025
PORTERVILLE, Calif.--(BUSINESS WIRE)--Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced its unaudited financial results for the three- and six-month periods ended June 30, 2025. Sierra Bancorp reported consolidated net income of $10.6 million, or $0.78 per diluted share, for the second quarter of 2025, compared to $10.3 million, or $0.71 per diluted share, in the second quarter of 2024. On a linked quarter (three months ended March 31, 2025) basis, the Company reported an increase of $1.5 million, or 17%, in net income. Section 1.01 Highlights for the second quarter of 2025 (unless otherwise stated): Improved Earnings and Key Ratios Increased Diluted Earnings per Share by $0.13, or 19%, from the prior linked quarter. Higher Return on Average Assets of 1.16%, as compared to 1.02% in the prior linked quarter. Improved Return on Average Equity to 12.08%, as compared to 10.44% in the prior linked quarter. Favorable change of Efficiency Ratio (1) to 59.43%, as compared to 60.62% to the prior linked quarter. Strong Balance Sheet Growth Overall loan growth of $127.9 million, or 22% annualized, to $2.43 billion during the quarter. Mortgage warehouse utilization increased $118.7 million during the quarter. Non-brokered deposits increased by $24.6 million, or 4% annualized, during the quarter. Noninterest-bearing deposits of $1.1 billion at June 30, 2025, represent 36% of total deposits. Uninsured deposits, exclusive of public funds, are approximately 26% of total deposit balances. Solid Capital and Liquidity Increased Tangible Book Value (1) per share by 2%, to $23.98 per share during the quarter. Repurchased 135,641 shares of stock during the quarter. Declared dividend of $0.25 per share, payable on August 14, 2025. Strong regulatory Community Bank Leverage Ratio of 11.75%, at June 30, 2025, for our subsidiary Bank. Tangible Common Equity Ratio (1) of 8.77%, at June 30, 2025, on a consolidated basis. Overall primary and secondary liquidity sources of $2.3 billion at June 30, 2025. _______________________________ (1) See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures." Expand 'If you want to go fast, go alone. If you want to go far, go together.' – African proverb 'Our team continues to provide the best banking service to our customers and communities, even as we face uncertainty and potential economic challenges,' stated Kevin McPhaill, CEO and President. 'The Bank's second quarter results reflect our team's efforts with strong loan and deposit growth. We are proud of our bankers, and we will remain diligent, committed, and conscientious as we work to make each of our communities stronger.' concluded Mr. McPhaill. For the first six months of 2025, the Company recognized net income of $19.7 million, or $1.43 per diluted share, as compared to $19.6 million, or $1.35 per diluted share, for the same period in 2024. The Company's improved financial performance metrics for the first half of 2025 include a net interest margin of 3.71% and an efficiency ratio of 60.02%, as compared to a net interest margin of 3.66% and efficiency ratio of 62.51% for the same period in 2024. Quarterly Income Changes (comparisons to the second quarter of 2024) Net income for the second quarter of 2025 increased $0.4 million, or 4%, to $10.6 million. Net interest income improved $0.5 million and noninterest income increased $0.9 million, or 12%. These favorable changes were partially offset by an increase in the provision for credit losses of $0.3 million, and an increase in noninterest expense of $1.1 million, or 5%. Included in the above $0.9 million increase in noninterest income and $1.1 million increase in noninterest expense was an $0.8 million increase in bank-owned life insurance (BOLI) designed to offset changes to deferred compensation expense. Deferred compensation expense increased $0.7 million in the second quarter of 2025 as compared to the same period in 2024 primarily due to increases in the value of participants accounts as a result of market conditions. Linked Quarter Income Changes (comparisons to the three months ended March 31, 2025) Net income improved by $1.5 million, or 17%, driven mostly by a $0.5 million increase in net interest income, a $0.9 million decrease in the provision for credit losses, and a $1.9 million, or 29%, increase in noninterest income. These three favorable changes were partially offset by a $1.4 million, or 6%, increase in noninterest expense. Included in the above $1.9 million increase in noninterest income and $1.4 million increase in noninterest expense was an $1.5 million increase in bank-owned life insurance (BOLI) designed to offset changes to deferred compensation expense. Deferred compensation expense increased $1.5 million in the second quarter of 2025 as compared to the prior linked quarter primarily due to increases in the value of participants accounts as a result of market conditions. Net interest income increased by $0.5 million, due to an $80.9 million, or 2%, increase in average interest earnings assets. Other changes to noninterest income outside of the abovementioned change in BOLI associated with deferred compensation include a $0.3 million increase in service charge income, due partially to an increase in analysis fees, as well as a $0.2 million increase in death benefits from life insurance. Year-to-Date Income Changes (comparisons to the first six months of 2024) There was a $1.9 million increase in net interest income due mostly to a five basis point increase in net interest margin, as well as a favorable decrease in the tax rate which decreased tax expense by $0.5 million. These favorable increases were mostly offset by higher provision for credit losses. There were offsetting differences to noninterest income and noninterest expense of $1.0 million. Noninterest income decreased $1.0 million, or 6%. There was an $0.8 million net favorable impact from the sale/leaseback and strategic balance sheet restructuring in the first half of 2024 with no like transaction in the first half of 2025. This was fully offset by a $0.8 million increase in death benefits from life insurance. The remaining variance in both noninterest income and noninterest expense is primarily due to offsetting changes in BOLI related to deferred compensation expense, and the related deferred compensation expense itself. Balance Sheet Changes (comparisons to December 31, 2024) Total assets increased 4%, or $156.0 million, to $3.8 billion during the first six months of 2025. Gross loans increased $103.3 million, or 4%, due to a $75.5 million increase in mortgage warehouse loans, a $34.1 million increase in commercial real estate loans, a $6.3 million increase in construction loans and an $8.4 million increase in other commercial loans, partially offset by declines in other categories. Specifically, there was a $11.1 million decrease in residential real estate loans, a $9.6 million decrease in farmland loans, and a $0.4 million reduction in consumer loans. In addition to strong favorable growth in mortgage warehouse, new credit extended, including new fundings on non-mortgage warehouse lines of credit, was $114.5 million year-to-date in 2025 versus $75.3 million year-to-date in 2024. Deposits increased by $82.8 million, or 3%. The growth in deposits came primarily from noninterest bearing demand deposits. There was also a $15.0 million increase in brokered deposits. Overall customer deposits increased $67.8 million. Other interest-bearing liabilities increased $92.0 million; $74.4 million from an increase in overnight borrowings, and $17.6 million from increased customer repurchase balances. Overnight borrowings are used to fund mortgage warehouse line advances. Other financial highlights are reflected in the following table. FINANCIAL HIGHLIGHTS (Dollars in Thousands, Except Per Share Data, Unaudited) As of or for the As of or for the three months ended six months ended 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Net income $ 10,633 $ 9,101 $ 10,263 $ 19,734 $ 19,593 Diluted earnings per share $ 0.78 $ 0.65 $ 0.71 $ 1.43 $ 1.35 Return on average assets 1.16% 1.02% 1.14% 1.09% 1.10% Return on average equity 12.08% 10.44% 11.95% 11.26% 11.52% Net interest margin (tax-equivalent) (1) 3.68% 3.74% 3.69% 3.71% 3.66% Yield on average loans 5.27% 5.26% 5.16% 5.27% 5.03% Yield on investments 4.68% 4.81% 5.58% 4.75% 5.59% Cost of average total deposits 1.30% 1.33% 1.53% 1.31% 1.46% Cost of funds 1.49% 1.46% 1.67% 1.48% 1.62% Efficiency ratio (tax-equivalent) (1) (2) 59.43% 60.62% 59.15% 60.00% 62.45% Total assets $ 3,770,302 $ 3,606,183 $ 3,681,202 $ 3,770,302 $ 3,681,202 Loans net of deferred fees $ 2,434,609 $ 2,306,663 $ 2,234,816 $ 2,434,609 $ 2,234,816 Noninterest demand deposits $ 1,065,742 $ 1,037,990 $ 986,927 $ 1,065,742 $ 986,927 Total deposits $ 2,974,469 $ 2,849,884 $ 2,942,410 $ 2,974,469 $ 2,942,410 Noninterest-bearing deposits over total deposits 35.8% 36.4% 33.5% 35.8% 33.5% Shareholders' equity / total assets 9.43% 9.75% 9.51% 9.43% 9.51% Tangible common equity ratio (2) 8.77% 9.05% 8.81% 8.77% 8.81% Book value per share $ 26.00 $ 25.45 $ 24.19 $ 26.00 $ 24.19 Tangible book value per share (2) $ 23.98 $ 23.44 $ 22.24 $ 23.98 $ 22.24 Community bank leverage ratio (subsidiary bank) 11.75% 12.11% 11.57% 11.75% 11.57% Tangible common equity ratio (subsidiary bank) (2) 10.77% 11.32% 10.60% 10.77% 10.60% Expand (1) Computed on a tax equivalent basis utilizing a federal income tax rate of 21%. (2) See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures". Expand INCOME STATEMENT HIGHLIGHTS Net Interest Income Net interest income was $30.7 million for the second quarter of 2025, a $0.5 million increase, or 2%, over the second quarter of 2024. This increase in net interest income for the quarterly comparison was due primarily to a 23 basis point decrease in interest expense on interest bearing liabilities. For the second quarter of 2025, although the balance of average interest-earning assets was $58.5 million higher, the yield was 20 basis points lower as compared to the same period in 2024. The primary reason for the decrease in yield came from the variable rate investments, in the form of collateralized loan obligations ('CLO'), that had rate resets due to the 100 basis decline in the prime rate in late 2024, and CLO prepayments where the funds could not be reinvested at the original spread or a similar rate. There was a 23 basis point decrease in the cost of interest-bearing liabilities for the same period, which had a greater impact than the lower yields on the interest-earning asset side of the balance sheet. Net interest income for the comparative year-to-date periods increased $1.9 million. As with the quarterly comparison, the decrease in the cost of interest-bearing liabilities was greater than the decrease in yield on interest-bearing assets. There was a $61.7 million, or 2%, increase in average interest-earning asset balances yielding 10 basis points lower for the same period, while average interest-bearing liability balances increased $1.7 million, yielding 20 basis points lower for the same period. The favorable net impact of the mix and rate change was a five basis point increase in our net interest margin for the six months ending June 30, 2025, as compared to the same period in 2024. At June 30, 2025, approximately 31% of the Bank's loan portfolio is scheduled to mature or reprice within twelve months and an additional 10% could reprice within three years. In addition, approximately $359.7 million, or 37%, of the securities portfolio consists of floating rate bonds that reprice quarterly. Interest expense was $12.1 million for the second quarter of 2025, a decrease of $1.3 million, relative to the second quarter of 2024. For the first six months of 2025, compared to the first six months of 2024, interest expense decreased $2.2 million to $23.4 million. The decrease in interest expense for the quarterly comparison is primarily attributable to a $49.8 million average volume decrease in interest-bearing deposit balances and a 31 basis point decrease in interest rates paid on those balances. This positive variance was partially offset by $45.6 million in higher average balances of borrowed funds, combined with an 11 basis point increase in cost. There was a favorable shift in the deposit mix in the second quarter of 2025 as compared to the same period in 2024 with transaction accounts increasing $112.6 million while higher cost time and brokered deposits decreased. Higher cost customer time deposits decreased by $46.6 million, and wholesale brokered deposits decreased by $63.6 million. There was also a $10.5 million decrease in the average balance of savings and money market accounts. For the first half of 2025, as compared to the same period in 2024, customer time deposits and wholesale brokered deposits decreased $38.6 million, and $12.1 million respectively, while borrowed funds increased $5.5 million. Other deposits increased $74.2 million for the year-to-date comparison. Our net interest margin was 3.68% for the second quarter of 2025, as compared to 3.74% for the linked quarter and 3.69% for the second quarter of 2024. The yield of interest-earning assets decreased three basis points for the second quarter of 2025 as compared to the linked quarter, while the cost of interest-bearing liabilities increased three basis points for the same period of comparison. The average balance of interest-earning assets increased $80.9 million for the linked quarter, while the increase in interest-bearing liabilities was $82.0 million for the same period. Although the basis point change in interest-earning assets and interest-bearing liabilities was the same, the decrease had a larger impact on interest-earning assets since those balances are $1.2 billion higher, thus causing a six basis point negative variance on the net interest margin for the linked quarter comparison. Provision for Credit Losses The provision for credit losses on loans was $1.2 million for the second quarter of 2025, as compared to a $0.9 million provision for credit losses related to loans in the second quarter of 2024. There was a year-to-date provision for credit losses on loans of $3.2 million in 2025, as compared to $1.0 million for the same period in 2024. The Company's $0.3 million increase in the provision for credit losses on loans in the second quarter of 2025, as compared to the second quarter of 2024, and the $2.2 million year-to-date increase in the provision for credit losses on loans, compared to the same period in 2024, was primarily due to the impact of $6.3 million in net charge-offs in the first six months of 2025, with $2.9 million in net charge-offs for the first six months of 2024. The increase in net charge-offs in the second quarter of 2025 was primarily related to the $5.3 million prior allowance on an individually evaluated agricultural production loan. There was a benefit for credit losses on unfunded commitments for $0.01 million in the second quarter of 2025, and a $0.1 million provision for the first six months of 2025, as compared to a $0.02 million benefit for credit losses in the second quarter of 2024 and a $0.01 million provision for credit losses in the first six months of 2024. The Company did not record a provision for credit losses on available-for-sale debt securities. Although there were debt securities in an unrealized loss position, the declines in market values were primarily attributable to changes in interest rates and volatility in the financial markets and not a result of an expected credit loss. Noninterest Income Total noninterest income increased by $0.9 million, or 12%, for the quarter ended June 30, 2025, as compared to the same quarter in 2024 and decreased $1.0 million, or 6%, for the comparable year-to-date periods. The quarterly comparison increase primarily resulted from a $0.7 million positive variance in the value of separate account corporate-owned life insurance assets tied to non-qualified deferred compensation plans, and a $0.2 million increase in death benefit on life insurance proceeds, partially offset by lower service charges on deposit accounts. The year-to-date decrease reflects the net impact of the loss on the sale of investment securities in 2024, offset by the gain on the sale/leaseback of bank owned branch locations, with no like transactions in 2025. There was also an unfavorable variance of $0.8 million associated with the decrease in value of separate account corporate-owned life insurance assets tied to non-qualified deferred compensation plans, and a decrease of $0.5 million in service charges on deposits. These unfavorable variances to the year-to-date comparisons were partially offset by a $0.8 million in additional life insurance death benefits. Noninterest Expense Total noninterest expense increased by $1.1 million, or 5%, in the second quarter of 2025, relative to the second quarter of 2024, but favorably declined by $1.0 million, or 2%, in the first six months of 2025, as compared to the first six months of 2024. Salaries and Benefits were $0.5 million, or 4%, higher in the second quarter of 2025, as compared to the second quarter of 2024, and were $0.3 million, or 1%, higher for the first six months of 2025, compared to the same period in 2024. The reason for the increase in the quarterly comparison is due to increased officer bonus costs and group health insurance costs. The increase in the year-over-year comparison is primarily due to the same reasons as with the quarterly comparison but also included an overall increase in officer salary costs and 401(K) company contributions, partially offset by an increase in deferred salary loan costs, due to the hiring of lending and lending support officers. Overall full-time equivalent employees were 494 at June 30, 2025, as compared to 485 at December 31, 2024, and 501 at June 30, 2024. Included in full-time equivalent employees, at June 30, 2025, were 10 summer interns and temporary employees. Occupancy expenses were mostly unchanged for the second quarter, and the first half of 2025 as compared to the same periods in 2024. Other noninterest expense increased $0.6 million, or 8%, for the second quarter 2025, as compared to the second quarter in 2024, and decreased $1.3 million, or 8%, for the first half of 2025, as compared to the same period in 2024. Deferred compensation expense for directors increased $0.7 million for the quarterly comparison but decreased $0.7 million for the year-to-date comparison, which is linked to the changes in life insurance income. For the year-to-date comparison there were also decreases in marketing expenses. The Company's effective tax rate was 25.3% of pre-tax income in the second quarter of 2025, relative to 27.8% in the second quarter of 2024, and 25.5% of pre-tax income for the first half of 2025 relative to 27.1% for the same period in 2024. The decrease in effective tax rate for both the quarterly and year-to-date comparisons is due to the tax credits and tax-exempt income representing a larger percentage of total taxable income. Balance Sheet Summary The $156.0 million, or 4%, increase in total assets during the first half of 2025, is primarily a result of a $103.3 million increase in gross loan balances, a $5.8 million increase in investment securities, and a $29.3 million increase in cash on hand. The increase in gross loan balances as compared to December 31, 2024, was primarily a result of a favorable change of $75.5 million in mortgage warehouse balances, organic increases of $34.1 million in commercial real estate loans, $6.3 million in construction loan balances, and $8.4 million in other commercial loans. Counterbalancing these positive variances were loan paydowns and maturities resulting in net declines in certain categories even with higher loan production. In particular, there was an $11.1 million net decrease in residential real estate loans, and a $9.6 million decrease in farmland loans. As indicated in the loan rollforward table below, new credit extended for the second quarter of 2025 decreased $18.2 million over the linked quarter to $48.1 million and increased $7.8 million over the same period in 2024. We also had $77.2 million in loan paydowns and maturities, a $9.5 million decline in line of credit utilization, offset by an increase of $75.5 million in mortgage warehouse line utilization for the first half of 2025. LOAN ROLLFORWARD (Dollars in Thousands, Unaudited) For the three months ended: For the six months ended: June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Gross loans beginning balance $ 2,306,762 $ 2,331,341 $ 2,156,864 $ 2,331,341 $ 2,090,075 New credit extended 48,147 66,370 40,313 114,517 75,279 Changes in line of credit utilization (1) 2,587 (12,129 ) (10,412 ) (9,542 ) (35,340 ) Change in mortgage warehouse 118,665 (43,169 ) 70,498 75,496 158,060 Pay-downs, maturities, charge-offs and amortization (41,556 ) (35,651 ) (22,735 ) (77,207 ) (53,546 ) Gross loans ending balance $ 2,434,605 $ 2,306,762 $ 2,234,528 2,434,605 2,234,528 Expand (1) Change does not include new balances on lines of credit extended during the respective periods as such balances are included as part of 'New credit extended' line above. Expand Unused commitments, excluding mortgage warehouse and overdraft lines, were $266.0 million at June 30, 2025, compared to $256.9 million at December 31, 2024. Total line utilization, excluding mortgage warehouse and overdraft lines, was 57% at both June 30, 2025, and December 31, 2024. Mortgage warehouse utilization increased to 55% at June 30, 2025, as compared to 51% at December 31, 2024. Total mortgage warehouse commitments increased by $38.5 million and $98.5 million for the three-and-six-month periods ending June 30, 2025, respectively. Deposit balances reflect growth of $82.8 million, or 3%, during the first six months of 2025. Core non-maturity deposits increased by $86.8 million, or 4%, while customer time deposits decreased by $19.0 million, or 4%. Wholesale brokered deposits increased by $15.0 million primarily to fund the growth in mortgage warehouse loans. Overall noninterest-bearing deposits as a percentage of total deposits at June 30, 2025, increased to 35.8%, as compared to 34.8% at December 31, 2024, and 33.5% at June 30, 2024. Other interest-bearing liabilities of $280.9 million on June 30, 2025, consisted of $80.0 million in term FHLB advances, $126.5 million in customer repurchase agreements, and $74.4 million in overnight borrowings. Overall uninsured deposits are estimated to be approximately $751.1 million, or 26% of total deposit balances, excluding public agency deposits that are subject to collateralization through a letter of credit issued by the FHLB. In addition, uninsured deposits of the Bank's customers are eligible for FDIC pass-through insurance if the customer opens an IntraFi Insured Cash Sweep (ICS) account or a reciprocal time deposit through the Certificate of Deposit Account Registry System (CDARS). IntraFi allows for up to $285 million per customer of pass-through FDIC insurance, which would more than cover each of the Bank's deposit customers if such a customer desired to have such pass-through insurance. The Bank maintains a diversified deposit base with no significant customer concentrations and does not bank any cryptocurrency companies. At June 30, 2025, the Company had approximately 118,000 accounts and the 25 largest deposit balance customers had balances of approximately 11% of overall deposits, a 10% increase over the linked quarter. During the second quarter of 2025, there were seasonality fluctuations in the normal course of business, and one new customer addition to the composition of our 25 largest deposit balance customers. Deposit balances for the 25 largest deposit customers increased $41.7 million, or 15%, at June 30, 2025, as compared to the linked quarter. The Company continues to have substantial liquidity which is managed daily. At June 30, 2025, and December 31, 2024, the Company had the following sources of primary and secondary liquidity (Dollars in Thousands): Primary and secondary liquidity sources June 30, 2025 December 31, 2024 Cash and cash equivalents $ 130,012 $ 100,664 Unpledged investment securities 529,292 552,098 Excess pledged securities 253,365 242,519 FHLB borrowing availability 605,571 629,134 Unsecured lines of credit 445,785 479,785 Secured lines of credit 25,000 25,000 Funds available through fed discount window 321,368 298,296 Totals $ 2,310,393 $ 2,327,496 Expand Total capital of $355.7 million at June 30, 2025, reflects a decrease of $1.6 million, relative to year-end 2024. The decrease in equity during the first half of 2025 was due to the addition of $19.7 million in net income, a $2.6 million favorable swing in accumulated other comprehensive income/loss due principally to changes in investment securities' fair value, $18.0 million in share repurchases and $7.0 million in dividends paid. The remaining difference is related to stock options exercised and restricted stock compensation recognized during the first half of 2025. Asset Quality Total nonperforming assets, comprised of nonaccrual loans and foreclosed assets, decreased by $4.7 million to $15.0 million for the first half of 2025. The Company's ratio of nonperforming loans to gross loans decreased to 0.62% at June 30, 2025, from 0.84% at December 31, 2024. The decrease resulted from a decrease in non-accrual loan balances, due to the partial charge-off of one agricultural production loan. All the Company's nonperforming assets are individually evaluated for credit loss quarterly and Management believes the established allowance for credit loss on such loans is appropriate. The allowance for credit losses on loans decreased $5.4 million to $21.7 million as of June 30, 2025, as compared to March 31, 2025, and decreased $3.2 million as compared to December 31, 2024. The decline in the allowance for credit losses on loans for the first six months of 2025 was primarily due to the $5.3 million partial charge-off of one agricultural production loan (reflected in the other commercial category in the table below) which had a $5.3 million allowance for this loan specifically evaluated at the end of the prior quarter. Allowance for Credit Losses on Loans by Category (Dollars in Thousands, Unaudited) As of June 30, 2025 Balance Total Allowance Percent of Portfolio Coverage Ratio (1) Real estate: Residential real estate $ 371,415 $ 1,694 15.26% 0.46% Commercial real estate 1,392,075 17,083 57.17% 1.23% Other construction/land 11,662 252 0.48% 2.16% Farmland 67,967 185 2.79% 0.27% Total real estate 1,843,119 19,214 75.70% 1.04% Other Commercial 186,620 1,907 7.67% 1.02% Mortgage warehouse lines 401,896 451 16.51% 0.11% Consumer loans 2,974 108 0.12% 3.63% Total Loans $ 2,434,609 $ 21,680 100.00% 0.89% Expand As of March 31, 2025 Balance Total Allowance Percent of Portfolio Coverage Ratio (1) Real estate: Residential real estate $ 377,592 $ 1,746 16.37% 0.46% Commercial real estate 1,380,402 17,143 59.85% 1.24% Other construction/land 7,633 145 0.33% 1.90% Farmland 73,206 282 3.17% 0.39% Total real estate 1,838,833 19,316 79.72% 1.05% Other Commercial 181,631 7,255 7.87% 3.99% Mortgage warehouse lines 283,231 339 12.28% 0.12% Consumer loans 2,968 140 0.13% 4.72% Total Loans $ 2,306,663 $ 27,050 100.00% 1.17% Expand As of December 31, 2024 Balance Total Allowance Percent of Portfolio Coverage Ratio (1) Real estate: Residential real estate $ 382,507 $ 1,808 16.41% 0.47% Commercial real estate 1,357,833 17,051 58.24% 1.26% Other construction/land 5,472 92 0.23% 1.68% Farmland 77,547 280 3.33% 0.36% Total real estate 1,823,359 19,231 78.21% 1.05% Other Commercial 178,331 4,829 7.65% 2.71% Mortgage warehouse lines 326,400 398 14.00% 0.12% Consumer loans 3,344 372 0.14% 11.12% Total Loans $ 2,331,434 $ 24,830 100.00% 1.07% Expand (1) Coverage ratio equals allowance for credit losses on loans divided by amortized cost. Expand The allowance as a percentage of gross loans was 0.89%, 1.17%, and 1.07%, at June 30, 2025, March 31, 2025, and December 31, 2024, respectively. Mortgage warehouse lines historically have incurred nominal losses and therefore have a significantly lower reserve than the other categories of loans. The largest increase in loan balances was from mortgage warehouse lines which has the lowest allowance for credit losses on loans at 0.11%. Therefore, at June 30, 2025, approximately $0.5 million of the allowance for credit losses for loans is attributable to mortgage warehouse lines. The allowance as a percentage of gross loans exclusive of mortgage warehouse lines was 1.04% at June 30, 2025, as compared to 1.32% at March 31, 2025, and 1.22% at December 31, 2024. The largest loan segment of commercial real estate continues to maintain a coverage ratio at or above 1.23%. As described above, the significant decline in the coverage ratio for other commercial loans was due to a charge-off of a $5.3 million allowance on a loan individually evaluated for loss. Management's detailed analysis indicates that the Company's allowance for credit losses on loans should be sufficient to cover credit losses for the life of the loans outstanding as of June 30, 2025, but no assurance can be given that the Company will not experience substantial future losses relative to the size of the loan and lease loss allowance. The Company calculates the allowance for credit losses using a combination of quantitative and qualitative factors by call report category. About Sierra Bancorp Sierra Bancorp is the holding Company for Bank of the Sierra ( which is in its 48th year of operations. Bank of the Sierra is a community-centric regional bank, which offers a broad range of retail and commercial banking services through full-service branches located within the counties of Tulare, Kern, Kings, Fresno, Ventura, San Luis Obispo, and Santa Barbara. The Bank also maintains an online branch and provides specialized lending services through an agricultural credit center in Templeton, California. In 2025, Bank of the Sierra was recognized as one of the strongest and top-performing community banks in the country, with a 5-star rating from Bauer Financial. Forward-Looking Statements The statements contained in this release that are not historical facts are forward-looking statements based on Management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and local economies, the impact of changes to economic policies, including tariffs, on inflation or employment; loan portfolio performance, the Company's ability to attract and retain skilled employees, customers' service expectations, the Company's ability to successfully deploy new technology, the success of acquisitions and branch expansion, changes in interest rates, and other factors detailed in the Company's SEC filings, including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recent Form 10‑K and Form 10‑Q. STATEMENT OF CONDITION (Dollars in Thousands, Unaudited) ASSETS 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Cash and due from banks $ 130,012 $ 159,711 $ 100,664 $ 132,797 $ 183,990 Investment securities Available-for-sale, at fair value 668,834 620,288 655,967 706,310 716,787 Held-to-maturity, at amortized cost, net of allowance for credit losses 298,484 302,123 305,514 308,971 312,879 Total investment securities 967,318 922,411 961,481 1,015,281 1,029,666 Real estate loans Residential real estate 370,348 376,533 381,438 388,169 396,819 Commercial real estate 1,394,487 1,382,928 1,360,374 1,338,793 1,316,754 Other construction/land 11,746 7,717 5,458 5,612 5,971 Farmland 67,811 73,061 77,388 80,589 80,807 Total real estate loans 1,844,392 1,840,239 1,824,658 1,813,163 1,800,351 Other commercial 185,404 180,390 177,013 168,236 156,650 Mortgage warehouse lines 401,896 283,231 326,400 335,777 274,059 Consumer loans 2,913 2,902 3,270 3,453 3,468 Gross loans 2,434,605 2,306,762 2,331,341 2,320,629 2,234,528 Deferred loan costs (fees) , net 4 (99 ) 93 396 288 Allowance for credit losses on loans (21,680 ) (27,050 ) (24,830 ) (22,710 ) (21,640 ) Net loans 2,412,929 2,279,613 2,306,604 2,298,315 2,213,176 Bank premises and equipment 15,285 15,338 15,431 15,647 16,007 Other assets 244,758 229,110 230,091 234,114 238,363 Total assets $ 3,770,302 $ 3,606,183 $ 3,614,271 $ 3,696,154 $ 3,681,202 LIABILITIES AND CAPITAL Noninterest demand deposits $ 1,065,742 $ 1,037,990 $ 1,007,208 $ 1,013,743 $ 986,927 Interest-bearing transaction accounts 603,294 598,924 587,753 595,672 537,731 Savings deposits 352,803 355,325 347,387 356,725 368,169 Money market deposits 148,084 143,522 140,793 135,948 136,853 Customer time deposits 514,596 524,173 533,577 550,121 566,132 Wholesale brokered deposits 289,950 189,950 274,950 309,950 346,598 Total deposits 2,974,469 2,849,884 2,891,668 2,962,159 2,942,410 Repurchase agreements 126,509 118,756 108,860 125,534 148,003 Long-term debt 49,438 49,416 49,393 49,371 49,348 Subordinated debentures 35,928 35,883 35,838 35,794 35,749 Other interest-bearing liabilities 154,400 80,000 80,000 80,000 80,000 Total deposits and interest-bearing liabilities 3,340,744 3,133,939 3,165,759 3,252,858 3,255,510 Allowance for credit losses on unfunded loan commitments 810 820 710 640 520 Other liabilities 73,041 119,668 90,500 83,958 75,152 Total capital 355,707 351,756 357,302 358,698 350,020 Total liabilities and capital $ 3,770,302 $ 3,606,183 $ 3,614,271 $ 3,696,154 $ 3,681,202 Expand GOODWILL AND INTANGIBLE ASSETS (Dollars in Thousands, Unaudited) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Goodwill $ 27,357 $ 27,357 $ 27,357 $ 27,357 $ 27,357 Core deposit intangible 294 456 618 780 961 Total intangible assets $ 27,651 $ 27,813 $ 27,975 $ 28,137 $ 28,318 CREDIT QUALITY (Dollars in Thousands, Unaudited) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Nonperforming loans $ 14,981 $ 18,201 $ 19,668 $ 10,348 $ 6,473 Foreclosed assets — — — — — Total nonperforming assets $ 14,981 $ 18,201 $ 19,668 $ 10,348 $ 6,473 Quarterly net charge offs (recoveries) $ 6,580 $ (259 ) $ 215 $ 170 $ 2,421 Past due and still accruing (30-89) $ 3,033 $ 3,057 $ 1,348 $ 211 $ 3,172 Classified loans $ 35,700 $ 37,265 $ 44,464 $ 29,148 $ 28,829 Nonperforming loans / gross loans 0.62% 0.79% 0.84% 0.45% 0.29% NPA's / loans plus foreclosed assets 0.62% 0.79% 0.84% 0.45% 0.29% Allowance for credit losses on loans / gross loans 0.89% 1.17% 1.07% 0.98% 0.97% SELECT PERIOD-END STATISTICS (Unaudited) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Shareholders' equity / total assets 9.43% 9.75% 9.89% 9.70% 9.51% Gross loans / deposits 81.85% 80.94% 80.62% 78.34% 75.94% Noninterest-bearing deposits / total deposits 35.83% 36.42% 34.83% 34.22% 33.54% Expand CONSOLIDATED INCOME STATEMENT (Dollars in Thousands, Unaudited) For the three months ended: For the six months ended: 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Interest income $ 42,717 $ 41,453 $ 43,495 $ 84,170 $ 84,455 Interest expense 12,064 11,341 13,325 23,405 25,568 Net interest income 30,653 30,112 30,170 60,765 58,887 Credit loss expense - loans 1,210 1,961 921 3,171 1,018 Credit loss (benefit) expense - unfunded commitments (10 ) 110 (20 ) 100 10 Net interest income after provision 29,453 28,041 29,269 57,494 57,859 Service charges and fees on deposit accounts 5,855 5,581 6,184 11,436 11,909 Net gain (loss) on sale of securities available-for-sale 1 122 - 124 (2,883 ) Net (loss) gain on sale of fixed assets (19 ) (2 ) - (22 ) 3,799 Increase (decrease) in cash surrender value of life insurance 1,316 (265 ) 523 1,051 1,738 Other income 1,400 1,206 923 2,606 1,656 Total noninterest income 8,553 6,642 7,630 15,195 16,219 Salaries and benefits 12,544 13,003 12,029 25,547 25,226 Occupancy expense 3,142 2,978 3,152 6,120 6,177 Other noninterest expenses 8,081 6,436 7,511 14,517 15,815 Total noninterest expense 23,767 22,417 22,692 46,184 47,218 Income before taxes 14,239 12,266 14,207 26,505 26,860 Provision for income taxes 3,606 3,165 3,944 6,771 7,267 Net income $ 10,633 $ 9,101 $ 10,263 $ 19,734 $ 19,593 TAX DATA Tax-exempt muni income $ 1,577 $ 1,576 $ 1,592 $ 3,153 $ 3,581 Interest income - fully tax equivalent $ 43,136 $ 41,872 $ 43,918 $ 85,008 $ 85,407 Expand PER SHARE DATA (Unaudited) For the three months ended: For the six months ended: 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Basic earnings per share $ 0.78 $ 0.66 $ 0.72 $ 1.44 $ 1.36 Diluted earnings per share $ 0.78 $ 0.65 $ 0.71 $ 1.43 $ 1.35 Common dividends $ 0.25 $ 0.25 $ 0.23 $ 0.50 $ 0.46 Weighted average shares outstanding 13,563,910 13,820,008 14,300,267 13,692,003 14,404,368 Weighted average diluted shares 13,637,252 13,916,341 14,381,426 13,777,006 14,467,477 Book value per basic share (EOP) $ 26.00 $ 25.45 $ 24.19 $ 26.00 $ 24.19 Tangible book value per share (EOP) (1) $ 23.98 $ 23.44 $ 22.24 $ 23.98 $ 22.24 Common shares outstanding (EOP) 13,681,828 13,818,770 14,466,873 13,681,828 14,466,873 Expand (1) See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures". Expand KEY FINANCIAL RATIOS (Unaudited) For the three months ended: For the six months ended: 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Return on average equity 12.08% 10.44 % 11.95% 11.26% 11.52% Return on average assets 1.16% 1.02 % 1.14% 1.09% 1.10% Net interest margin (tax-equivalent) (1) 3.68% 3.74 % 3.69% 3.71% 3.66% Efficiency ratio (tax-equivalent) (1) (2) 59.43% 60.62 % 59.15% 60.00% 62.45% Net charge-offs (recoveries) / average loans (not annualized) 0.27% (0.01 )% 0.11% 0.27% 0.13% Expand (1) Computed on a tax equivalent basis utilizing a federal income tax rate of 21%. (2) See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures". Expand NON-GAAP FINANCIAL MEASURES (Dollars in Thousands, Unaudited) As of: 6/30/2025 3/31/2025 6/30/2024 Total stockholders' equity $ 355,707 $ 351,756 $ 350,020 Less: goodwill and other intangible assets 27,651 27,813 28,318 Tangible common equity $ 328,056 $ 323,943 $ 321,702 Total assets $ 3,770,302 $ 3,606,183 $ 3,681,202 Less: goodwill and other intangible assets 27,651 27,813 28,318 Tangible assets $ 3,742,651 $ 3,578,370 $ 3,652,884 Total stockholders' equity (bank only) $ 430,250 $ 432,518 $ 415,210 Less: goodwill and other intangible assets (bank only) 27,651 27,813 28,318 Tangible common equity (bank only) $ 402,599 $ 404,705 $ 386,892 Total assets (bank only) $ 3,766,071 $ 3,603,679 $ 3,678,508 Less: goodwill and other intangible assets (bank only) 27,651 27,813 28,318 Tangible assets (bank only) $ 3,738,420 $ 3,575,866 $ 3,650,190 Common shares outstanding 13,681,828 13,818,770 14,466,873 Book value per common share (total stockholders' equity / shares outstanding) $ 26.00 $ 25.45 $ 24.19 Tangible book value per common share (tangible common equity / shares outstanding) $ 23.98 $ 23.44 $ 22.24 Equity ratio - GAAP (total stockholders' equity / total assets 9.43% 9.75% 9.51% Tangible common equity ratio (tangible common equity / tangible assets) 8.77% 9.05% 8.81% Tangible common equity ratio (bank only) (tangible common equity / tangible assets) 10.77% 11.32% 10.60% Expand For the three months ended: For the six months ended: Efficiency Ratio: 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Noninterest expense $ 23,767 $ 22,417 $ 22,692 $ 46,184 47,218 Divided by: Net interest income 30,653 30,112 30,170 60,765 58,887 Tax-equivalent interest income adjustments 419 419 423 838 952 Net interest income, adjusted 31,072 30,531 30,593 61,603 59,839 Noninterest income 8,553 6,642 7,630 15,195 16,219 Less gain (loss) on sale of securities 1 122 - 124 (2,883 ) Less (loss) gain on sale of fixed assets (19 ) (2 ) - (22 ) 3,799 Tax-equivalent noninterest income adjustments 350 (70 ) 139 279 462 Noninterest income, adjusted 8,921 6,452 7,769 15,372 15,765 Net interest income plus noninterest income, adjusted $ 39,993 $ 36,982 $ 38,362 $ 76,976 $ 75,604 Efficiency Ratio (tax-equivalent) 59.43% 60.62% 59.15% 60.00% 62.45% Expand NONINTEREST INCOME/EXPENSE (Dollars in Thousands, Unaudited) For the three months ended: For the six months ended June 30, Noninterest income: 6/30/2025 3/31/2025 6/30/2024 2025 2024 Service charges and fees on deposit accounts $ 5,855 $ 5,581 $ 6,184 $ 11,436 $ 11,909 Net gain (loss) on sale of securities available-for-sale 1 122 — 124 (2,883 ) (Loss) gain on sale of fixed assets (19 ) (2 ) — (22 ) 3,799 Bank-owned life insurance 1,316 (265 ) 523 1,051 1,738 Other 1,400 1,206 923 2,606 1,656 Total noninterest income $ 8,553 $ 6,642 $ 7,630 $ 15,195 $ 16,219 As a % of average interest-earning assets (1) 1.01% 0.81% 0.92% 0.91% 0.99% Noninterest expense: Salaries and employee benefits $ 12,544 $ 13,003 $ 12,029 $ 25,547 $ 25,226 Occupancy and equipment costs 3,142 2,978 3,152 6,120 6,177 Advertising and marketing costs 405 348 338 753 680 Data processing costs 1,566 1,498 1,680 3,064 3,189 Deposit services costs 2,118 1,991 2,019 4,109 4,152 Loan services costs Loan processing 113 138 89 251 240 Foreclosed assets (2 ) 4 — 2 - Other operating costs 1,078 928 1,094 2,006 2,021 Professional services costs Legal & accounting services 419 651 714 1,070 1,240 Director's costs 1,257 (134 ) 646 1,123 1,899 Other professional service 711 706 582 1,417 1,582 Stationery & supply costs 132 101 115 233 263 Sundry & tellers 284 205 234 489 549 Total noninterest expense $ 23,767 $ 22,417 $ 22,692 $ 46,184 $ 47,218 As a % of average interest-earning assets (1) 2.81% 2.75% 2.74% 2.78% 2.89% Efficiency ratio (tax-equivalent) (2)(3) 59.43% 60.62% 59.15% 60.00% 62.45% Expand (1) Annualized (2) Computed on a tax equivalent basis utilizing a federal income tax rate of 21%. (3) See reconciliation of non-GAAP financial measures to the corresponding GAAP measurement in "Non-GAAP Financial Measures". Expand AVERAGE BALANCES AND RATES (Dollars in Thousands, Unaudited) For the quarter ended For the quarter ended For the quarter ended June 30, 2025 March 31, 2025 June 30, 2024 Average Balance (1) Income/ Expense Yield/ Rate (2) Average Balance (1) Income/ Expense Yield/ Rate (2) Average Balance (1) Income/ Expense Yield/ Rate (2) Assets Investments: Federal funds sold/interest-earning due from accounts $ 18,122 $ 211 4.67% $ 54,641 $ 590 4.38% $ 43,407 $ 598 5.54% Taxable 770,413 9,295 4.84% 735,197 9,138 5.04% 866,270 12,787 5.94% Non-taxable 196,364 1,577 4.08% 197,558 1,576 4.10% 199,942 1,592 4.05% Total investments 984,899 11,083 4.68% 987,396 11,304 4.81% 1,109,619 14,977 5.58% Loans: (3) Real estate 1,849,725 22,589 4.90% 1,824,428 21,988 4.89% 1,802,190 20,463 4.57% Agricultural production 72,933 915 5.03% 76,316 1,030 5.47% 75,825 1,406 7.46% Commercial 109,407 1,612 5.91% 103,152 1,515 5.96% 77,224 1,174 6.11% Consumer 3,214 64 7.99% 3,286 69 8.52% 3,698 79 8.59% Mortgage warehouse lines 368,592 6,440 7.01% 313,251 5,529 7.16% 261,768 5,382 8.27% Other 2,351 14 2.39% 2,361 18 3.09% 2,291 14 2.46% Total loans 2,406,222 31,634 5.27% 2,322,794 30,149 5.26% 2,222,996 28,518 5.16% Total interest-earning assets (4) 3,391,121 42,717 5.10% 3,310,190 41,453 5.13% 3,332,615 43,495 5.30% Other earning assets 17,062 17,062 17,058 Non-earning assets 280,045 273,926 286,020 Total assets $ 3,688,228 $ 3,601,178 $ 3,635,693 Liabilities and shareholders' equity Interest-bearing deposits: Demand deposits $ 224,649 $ 1,420 2.54% $ 207,774 $ 1,292 2.52% $ 131,510 $ 733 2.24% NOW 375,695 140 0.15% 378,338 119 0.13% 398,001 148 0.15% Savings accounts 354,798 97 0.11% 352,645 90 0.10% 371,961 80 0.09% Money market 146,193 608 1.67% 145,092 571 1.60% 139,507 476 1.37% Time deposits 516,970 4,283 3.32% 531,299 4,412 3.37% 563,526 6,051 4.32% Wholesale brokered deposits 244,401 2,778 4.56% 244,561 2,888 4.79% 307,995 3,544 4.63% Total interest-bearing deposits 1,862,706 9,326 2.01% 1,859,709 9,372 2.04% 1,912,500 11,032 2.32% Borrowed funds: Federal funds purchased 46,214 517 4.49% 183 2 4.43% 181 3 6.67% Repurchase agreements 124,636 79 0.25% 112,361 69 0.25% 131,478 66 0.20% Short term borrowings 24,716 277 4.50% 4,043 45 4.51% 18,550 262 5.68% Long term FHLB Advances 80,000 780 3.91% 80,000 771 3.91% 80,000 777 3.91% Long-term debt 49,424 430 3.49% 49,402 430 3.53% 49,335 430 3.51% Subordinated debentures 35,899 655 7.32% 35,855 652 7.37% 35,723 755 8.50% Total borrowed funds 360,889 2,738 3.04% 281,844 1,969 2.83% 315,267 2,293 2.93% Total interest-bearing liabilities 2,223,595 12,064 2.18% 2,141,553 11,341 2.15% 2,227,767 13,325 2.41% Demand deposits - noninterest-bearing 1,020,374 1,003,322 978,602 Other liabilities 91,191 102,806 83,886 Shareholders' equity 353,068 353,497 345,438 Total liabilities and shareholders' equity $ 3,688,228 $ 3,601,178 $ 3,635,693 Interest income/interest-earning assets 5.10% 5.13% 5.30% Interest expense/interest-earning assets 1.42% 1.39% 1.61% Net interest income and margin (5) $ 30,653 3.68% $ 30,112 3.74% $ 30,170 3.69% Expand (1) Average balances are obtained from the best available daily or monthly data and are net of deferred fees and related direct costs. (2) Yields and net interest margin have been computed on a tax equivalent basis utilizing a 21% effective federal tax rate. (3) Loans are gross of the allowance for possible loan losses. Loan fees have been included in the calculation of interest income. Net loan fees and loan acquisition FMV amortization were $(0.4) million and $(0.3) million for the quarters ended June 30, 2025 and 2024, respectively, and $(0.3) million for the quarter ended March 31, 2025. (4) Non-accrual loans have been included in total loans for purposes of computing total earning assets. (5) Net interest margin represents net interest income as a percentage of average interest-earning assets. Expand AVERAGE BALANCES AND RATES (Dollars in Thousands, Unaudited) For the six months ended For the six months ended June 30, 2025 June 30, 2024 Average Balance (1) Income/ Expense Yield/ Rate (2) Average Balance (1) Income/ Expense Yield/ Rate (2) Assets Investments: Interest-earning due from banks $ 36,281 $ 799 4.44% $ 30,202 $ 839 5.59% Taxable 752,903 18,435 4.94% 879,720 26,090 5.96% Non-taxable 196,957 3,153 4.09% 222,469 3,581 4.10% Total investments 986,141 22,387 4.75% 1,132,391 30,510 5.59% Loans:(3) Real estate $ 1,837,146 $ 44,576 4.89% $ 1,804,187 $ 40,653 4.53% Agricultural 74,615 1,945 5.26% 68,622 2,544 7.46% Commercial 106,296 3,127 5.93% 78,216 2,357 6.06% Consumer 3,250 133 8.25% 3,830 160 8.40% Mortgage warehouse lines 341,075 11,970 7.08% 199,595 8,203 8.26% Other 2,356 32 2.74% 2,312 28 2.44% Total loans 2,364,738 61,783 5.27% 2,156,762 53,945 5.03% Total interest-earning assets (4) 3,350,879 84,170 5.12% 3,289,153 84,455 5.22% Other earning assets 17,062 17,202 Non-earning assets 277,002 278,403 Total assets $ 3,644,943 $ 3,584,758 Liabilities and shareholders' equity Interest-bearing deposits: Demand deposits $ 216,258 $ 2,712 2.53% $ 134,736 $ 1,431 2.14% NOW 377,009 259 0.14% 398,320 232 0.12% Savings accounts 353,727 187 0.11% 374,148 153 0.08% Money market 145,646 1,180 1.63% 138,597 886 1.29% Time deposits 524,095 8,694 3.35% 562,733 12,241 4.37% Brokered deposits 244,480 5,665 4.67% 256,543 5,733 4.49% Total interest-bearing deposits 1,861,215 18,697 2.03% 1,865,077 20,676 2.23% Borrowed funds: Federal funds purchased 23,325 519 4.49% 7,554 247 6.58% Repurchase agreements 118,533 148 0.25% 121,932 106 0.17% Short term borrowings 14,437 323 4.51% 21,549 613 5.72% Long term FHLB Advances 80,000 1,550 3.91% 80,000 1,555 3.91% Long-term debt 49,413 860 3.51% 49,324 861 3.51% Subordinated debentures 35,877 1,308 7.35% 35,700 1,510 8.51% Total borrowed funds 321,585 4,708 2.95% 316,059 4,892 3.11% Total interest-bearing liabilities 2,182,800 23,405 2.16% 2,181,136 25,568 2.36% Demand deposits - noninterest-bearing 1,011,895 984,489 Other liabilities 96,967 77,210 Shareholders' equity 353,281 341,923 Total liabilities and shareholders' equity $ 3,644,943 $ 3,584,758 Interest income/interest-earning assets 5.12% 5.22% Interest expense/interest-earning assets 1.41% 1.56% Net interest income and margin(5) $ 60,765 3.71% $ 58,887 3.66% Expand (1) Average balances are obtained from the best available daily or monthly data and are net of deferred fees and related direct costs. (2) Yields and net interest margin have been computed on a tax equivalent basis utilizing a 21% effective federal tax rate. (3) Loans are gross of the allowance for possible loan losses. Loan fees have been included in the calculation of interest income. Net loan fees and loan acquisition FMV amortization were $(0.7) million and $(0.7) million for the six months ended June 30, 2025, and 2024, respectively. (4) Non-accrual loans have been included in total loans for purposes of computing total earning assets. (5) Net interest margin represents net interest income as a percentage of average interest-earning assets. Expand Category: Financial Source: Sierra Bancorp
Business Insider
39 minutes ago
- Business Insider
Africa's richest man tells Nigerian government to ban fuel imports, but marketers raise concerns about monopoly
Africa's richest man, Aliko Dangote, has called on the Nigerian government to stop the importation of petrol, diesel, and other refined fuel products. He believes the country should prioritise local production under the 'Nigeria First' policy introduced by President Bola Tinubu. But oil marketers and industry groups are pushing back, warning that such a move could lead to monopoly and affect fuel supply and pricing. Africa's richest man, Aliko Dangote, asked the Nigerian government to stop importing petrol and diesel, saying it's hurting local refineries and damaging the economy. He believes the government should support local production and claimed his refinery has already exported over 1.3 billion litres of petrol in less than two months. But fuel marketers strongly disagree, warning that banning imports could create a monopoly and make fuel supply more difficult for Nigerians. Speaking at the Global Commodity Insights Conference in Abuja, hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in partnership with S&P Global Insights, Dangote made it clear that petroleum products should be included in the list of banned imports. He said, 'The Nigeria First policy announced by His Excellency, President Bola Tinubu, should apply to the petroleum product sector and all other sectors.' According to him, local refineries are struggling because of what he called dumping of fuel by importers; bringing in products that are below acceptable standards and cheaper than what local producers can offer. 'And to make matters worse, we are now facing increased dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America,' he said. He also pointed to the influence of Russian crude oil on African markets. 'Due to the price caps on the Russian petroleum products, discounted petroleum products produced in Russia or with discounted Russian crude find their way to Africa, severely undercutting our local production, which is based on full crude pricing. This has created an unlevel playing field in most African countries. Petrol and diesel are sold for about a dollar net of taxes. In Nigeria, due to this unfair competition, this price is just about 60 cents, even cheaper than Saudi Arabia, which produces and refines its own oil. This is due to the fact that we are having too much dumping,' he said. He also addressed the issue of monopoly: 'Let me take this opportunity to address concerns around monopoly and dominance. The reality is that too many people who have the means and the opportunity to contribute meaningfully to our nation's growth choose instead to criticise from the sidelines while investing their wealth abroad.' To show that his refinery is performing well, Dangote shared that Nigeria has already become a net exporter of refined fuel. 'Today, Nigeria has actually become a net exporter of refined products. Before I came on the podium, I asked my people how many tonnes of PMS we have actually exported. From June beginning to date, we have exported about 1 million tonnes of PMS, within the last 50 days,' he said. Marketers push back But oil marketers are not in support of the idea. The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) said banning imports would hurt the industry. Chinedu Ukadike, National Publicity Secretary of IPMAN, said, 'We independent marketers will depart from that request. If the government does that, that means we will not be able to check inflation and monopoly, since it is the only refinery operating in the country now. We should continue to import even as we buy locally.' He disagreed with Dangote's claim that importation hurts local refining. 'Importation won't kill local businesses or refineries; it will strengthen them. It will ensure local refineries step up their game. I don't agree with Dangote on this,' he said. Billy Gillis-Harry, National President of PETROAN, also pushed back on the suggestion. 'I don't agree with Dangote. We are running a free economy. There's no reason why any one company should have an overarching value on the entire industry.' He added, 'Importation is not killing the economy. Importation is stabilising the sources of petroleum products. Importation of all products is useful. However, those that can be produced in Nigeria, like toothpicks, garri, egusi soup, cassava, and others like that, should be banned. But importation of refined petroleum products should not be banned because it helps to ensure that there are multiple sources of energy and replenishment.' What's next for Dangote Last Friday, Dangote stepped down as Chairman of Dangote Cement to focus more on his refinery, petrochemicals, fertiliser business, and government engagement. The billionaire businessman has insisted that his refinery can meet Nigeria's fuel needs. He recently shared that production would rise from 650,000 barrels per day to 700,000 by December.
Business Insider
3 hours ago
- Business Insider
African students studying in U.S. advised against traveling amid Trump's new immigration policy
The Trump administration's revised immigration policy is raising alarm among African students in the United States, following the introduction of stricter visa conditions that could prevent them from leaving the country until after graduation. The Trump administration's revised immigration policy imposes stricter visa conditions on African students in the U.S. Many students and families express concerns about re-entry difficulties during emergencies or holidays. Students are advised to remain in the U.S. until completing their studies to avoid visa complications. Under the new rules, international students on F-1 visas, particularly those from Nigeria, Ghana, Ethiopia, and Cameroon, will now receive single-entry visas valid for only three months. African students who make up a growing share of international enrolments are among the hardest hit. In 2023, over 50,000 students from sub-Saharan Africa studied in the U.S., an 18% jump from the previous year This development has triggered concern among students and families about the implications for travel flexibility during emergencies, holidays, or internships abroad. This means students must enter the U.S. within that period, but once inside, they are permitted to remain for the full duration of their academic program. However, if they leave the U.S. before graduation, they risk being unable to return without undergoing a fresh and potentially delayed visa application process. The new visa framework, introduced by the U.S. State Department and effective from July 8, 2025, significantly tightens restrictions for most nonimmigrant and non-official visa categories. For Nigerian applicants, the policy shift is a sharp break from previous norms that allowed multiple-entry visas valid for up to five years. . With the fall semester approaching, many international students now face added pressure to navigate the evolving U.S. immigration landscape, one that may increasingly require them to choose between staying the course or risking denial of re-entry. Experts clarify new U.S. visa rules, dispel misinformation Business Insider Africa reached out to Sasha Ramani, Head of Corporate Strategy at MPOWER Financing, a U.S.-based lender that supports international students, for clarification following rising concern over the new U.S. visa policy, which has caused anxiety among prospective African students and their families. While the policy change has sparked widespread worry on social media and in the press, Ramani says the practical impact on students' academic plans is minimal. ' Nothing significant should change with regard to their educational plans, ' Ramani said. ' The process of obtaining a student visa remains the same. Once students enter the U.S., they are allowed to stay for the full duration of their studies.' Ramani explained that the new visa regulation mirrors rules long applied to countries like Vietnam and stems from the principle of reciprocity —where the U.S. adjusts visa conditions to reflect how its own citizens are treated abroad. Still, he acknowledged the emotional toll of restricted mobility. ' We recommend that students affected by this policy not leave the U.S. until after graduation, ' he added. ' Admittedly, we understand this may limit their ability to see family or attend to other personal priorities during their studies.' In response, MPOWER is expanding its student support efforts, offering free visa preparation courses, mock interviews with former U.S. visa officers, and tailored webinars to help international students navigate the complexities of the U.S. immigration system. ' Many students rely on agents or online forums that may not always provide accurate guidance,' Ramani noted. ' Our goal is to equip students with clear, expert-backed information so they can make informed decisions and stay focused on their academic goals.' He also stressed that fears of travel bans or blanket disqualifications are misplaced. ' We've spoken with students who incorrectly believe their country is now subject to a travel ban. That's simply not true,' he said. 'What's needed now is clarity—not panic.' Ultimately, affected students are advised to enter the U.S. within the three-month visa validity window and remain there until their studies are completed. While this may limit holiday travel, Ramani notes it could also reduce travel costs and help with long-term budgeting. 'The United States continues to welcome talented international students,' he emphasized. ' And with the right preparation, these recent policy adjustments shouldn't stand in the way of anyone's educational dreams. ' While the new visa policy introduces tighter travel restrictions, it should not discourage African students or aspiring travelers from pursuing their educational goals in the United States.
