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0

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024

Commission file number: 000-33063

SIERRA BANCORP

(Exact name of Registrant as specified in its charter)

California

33-0937517

(State of Incorporation)

(IRS Employer Identification No)

86 North Main Street, Porterville, California 93257

(Address of principal executive offices)                  (Zip Code)

(559) 782-4900

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading

Symbol(s)

    

Name of each exchange on which registered

Common Stock, no par value

BSRR

The NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes      No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

 

  

Accelerated Filer:

 

Non-accelerated Filer:

 

  

Smaller Reporting Company:

 

Emerging Growth Company:

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section7(a)(2)(B) of the Securities Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of May 1, 2024, the registrant had 14,595,719 shares of common stock outstanding, including 262,420 shares of unvested restricted stock.

FORM 10-Q

Table of Contents

Page

Part I - Financial Information

1

Item 1. Financial Statements (Unaudited)

1

Consolidated Balance Sheets

1

Consolidated Statements of Income

2

Consolidated Statements of Comprehensive Income (Loss)

3

Consolidated Statements of Changes In Shareholders’ Equity

4

Consolidated Statements of Cash Flows

5

Notes to Consolidated Financial Statements (Unaudited)

6

Item 2. Management’s Discussion & Analysis of Financial Condition & Results of Operations

33

Forward-Looking Statements

33

Critical Accounting Policies

34

Overview of the Results of Operations and Financial Condition

34

Earnings Performance

36

Net Interest Income and Net Interest Margin

36

Provision for Credit Losses on Loans

39

Noninterest Income and Noninterest Expense

40

Provision for Income Taxes

41

Balance Sheet Analysis

42

Earning Assets

42

Investments

42

Loan Portfolio

44

Nonperforming Assets

46

Allowance for Credit Losses on Loans

46

Off-Balance Sheet Arrangements

48

Other Assets

48

Deposits and Interest-Bearing Liabilities

49

Deposits

49

Other Interest-Bearing Liabilities

49

Noninterest-Bearing Liabilities

50

Liquidity and Market Risk Management

50

Capital Resources

53

Item 3. Quantitative & Qualitative Disclosures about Market Risk

54

Item 4. Controls and Procedures

54

Part II - Other Information

54

Item 1. - Legal Proceedings

54

Item 1A. - Risk Factors

54

Item 2. - Unregistered Sales of Equity Securities and Use of Proceeds

55

Item 3. - Defaults upon Senior Securities

55

Item 4. - Mine Safety Disclosures

55

Item 5. - Other Information

55

Item 6. - Exhibits

56

Signatures

58

PART I - FINANCIAL INFORMATION

Item 1 – Financial Statements

SIERRA BANCORP

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

    

March 31, 2024

    

December 31, 2023

ASSETS

(unaudited)

(audited)

Cash and due from banks

$

70,908

$

73,721

Interest-bearing deposits in banks

48,336

4,881

Total cash & cash equivalents

119,244

78,602

Investment securities

Available-for-sale, net of zero allowance for credit losses

741,789

1,019,201

Held-to-maturity, net of allowance for credit losses of $16 and $16

316,406

320,057

Total investment securities

1,058,195

1,339,258

Loans:

Gross loans

2,156,864

2,090,075

Deferred loan costs, net

214

309

Allowance for credit losses on loans

(23,140)

(23,500)

Net loans

2,133,938

2,066,884

Premises and equipment, net

16,067

16,907

Goodwill

27,357

27,357

Other intangible assets, net

1,180

1,399

Bank-owned life insurance

52,977

51,572

Other assets

144,114

147,820

Total assets

$

3,553,072

$

3,729,799

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits:

Noninterest-bearing

$

968,996

$

1,020,772

Interest-bearing

1,878,008

1,740,451

Total deposits

2,847,004

2,761,223

Repurchase agreements

121,851

107,121

Other borrowings

80,000

360,500

Long-term debt

49,326

49,304

Subordinated debentures

35,704

35,660

Allowance for credit losses on unfunded loan commitments

540

510

Other liabilities

73,553

77,384

Total liabilities

3,207,978

3,391,702

Commitments and contingent liabilities (Note 7)

Shareholders' equity

Common stock, no par value; 24,000,000 shares authorized; 14,645,298 and 15,170,372 shares issued and outstanding at March 31, 2024, and December 31, 2023, respectively

109,295

110,446

Additional paid-in capital

4,815

4,581

Retained earnings

262,906

259,050

Accumulated other comprehensive loss, net

(31,922)

(35,980)

Total shareholders' equity

345,094

338,097

Total liabilities and shareholders' equity

$

3,553,072

$

3,729,799

The accompanying notes are an integral part of these consolidated financial statements.

1

SIERRA BANCORP

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2024, and 2023

(dollars in thousands, except per share data, unaudited)

Three months ended March 31,

    

2024

    

2023

Interest and dividend income

Loans, including fees

    

$

25,426

  

$

22,550

Taxable securities

13,303

11,986

Tax-exempt securities

1,989

2,813

Federal funds sold and other

243

70

Total interest income

40,961

37,419

Interest expense

Deposits

9,645

5,999

Federal funds purchased and repurchase agreements

286

1,560

Federal Home Loan Bank advances

1,127

632

Long-term debt

431

429

Subordinated debentures

755

667

Total interest expense

12,244

9,287

Net interest income

28,717

28,132

Credit loss expense - loans

97

250

Credit loss expense - unfunded commitments

30

10

Net interest income after provision for credit losses

28,590

27,872

Noninterest income

Service charges and fees on deposit accounts

5,726

5,380

Net (loss) gain on sale of securities available-for-sale

(2,883)

45

Net gain on sale of fixed assets

3,799

14

Increase in cash surrender value of life insurance

1,215

172

Realized gain on available-for-sale securities

66

Other income

666

968

Total noninterest income

8,589

6,579

Noninterest expense

Salaries and employee benefits

13,197

12,816

Occupancy and equipment costs

3,025

2,330

Other

8,304

7,846

Total noninterest expense

24,526

22,992

Income before taxes

12,653

11,459

Provision for income taxes

3,323

2,708

Net income

$

9,330

$

8,751

PER SHARE DATA

Book value

$

23.56

$

20.40

Cash dividends

$

0.23

$

0.23

Earnings per share basic

$

0.64

$

0.58

Earnings per share diluted

$

0.64

$

0.58

Average shares outstanding, basic

14,508,468

14,971,842

Average shares outstanding, diluted

14,553,627

15,002,366

Total shareholders' equity (in thousands)

$

345,094

$

307,010

Shares outstanding

14,645,298

15,050,740

Dividends paid (in thousands)

$

3,396

$

3,495

The accompanying notes are an integral part of these consolidated financial statements.

2

SIERRA BANCORP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2024, and 2023

(dollars in thousands, unaudited)

Three months ended March 31,

    

2024

    

2023

Net income

$

9,330

$

8,751

Other comprehensive gain, before tax:

Unrealized gain on securities:

Unrealized holding gain arising during period

2,877

756

Less: reclassification adjustment for losses (gains) included in net income (1)

2,883

(45)

Other comprehensive gain, before tax

5,760

711

Income tax expense related to items of other comprehensive gain

(1,702)

(210)

Other comprehensive gain, net of tax:

4,058

501

Comprehensive income

$

13,388

$

9,252

(1)Amounts are included in net gains on investment securities available-for-sale on the Consolidated Statements of Income in noninterest income. Income tax expenses associated with the reclassification adjustment for the three months ended March 31, 2024, and 2023, was $0.8 million and $0.01 million, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

3

SIERRA BANCORP

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2024, and 2023

(dollars in thousands, except per share data, unaudited)

Accumulated 

Additional

Other

Common Stock

 Paid In

Retained

Comprehensive

Shareholders'

    

Shares

    

Amount

    

Capital

    

 Earnings

    

Loss

    

 Equity

Balance, December 31, 2022

15,170,372

$

112,928

$

4,148

$

243,082

$

(56,576)

$

303,582

Net income

8,751

8,751

Other comprehensive gain, net of tax

501

501

Restricted stock granted

29,064

Restricted stock surrendered due to employee tax liability

(1,764)

(13)

(23)

(36)

Restricted stock forfeited / cancelled

(514)

Stock based compensation - stock options

20

20

Stock based compensation - restricted stock

393

393

Stock repurchase

(146,418)

(1,088)

(1,592)

(2,680)

Excise tax on stock repurchase

(26)

(26)

Cash dividends - $0.23 per share

(3,495)

(3,495)

Balance, March 31, 2023

15,050,740

$

111,801

$

4,561

$

246,723

$

(56,075)

$

307,010

Balance, December 31, 2023

14,793,832

$

110,446

$

4,581

$

259,050

$

(35,980)

$

338,097

Net income

9,330

9,330

Other comprehensive gain, net of tax

4,058

4,058

Restricted stock granted

36,114

Restricted shares withheld for taxes

(5,062)

(38)

(63)

(101)

Restricted stock forfeited / cancelled

(649)

Restricted stock vested in period

253

(253)

Stock based compensation - stock options

14

14

Stock based compensation - restricted stock

473

473

Stock repurchase

(178,937)

(1,334)

(2,015)

(3,349)

Excise tax on stock repurchase

(32)

(32)

Cash dividends - $0.23 per share

(3,396)

(3,396)

Balance, March 31, 2024

14,645,298

$

109,295

$

4,815

$

262,906

$

(31,922)

$

345,094

The accompanying notes are an integral part of these consolidated financial statements.

4

SIERRA BANCORP

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2024, AND 2023

(dollars in thousands, unaudited)

Three months ended March 31,

    

2024

    

2023

Cash flows from operating activities:

Net income

$

9,330

$

8,751

Adjustments to reconcile net income to net cash provided by operating activities:

Loss (gain) on sales of securities

2,883

(45)

Realized gain on securities transaction

(66)

Gain on disposal of fixed assets

(3,799)

(14)

Stock based compensation expense

487

413

Provision for credit losses on loans

97

250

Depreciation and amortization

534

604

Net amortization on securities premiums and discounts

375

743

Net accretion of premiums/discounts for loans acquired

(55)

(124)

Increase in cash surrender value of life insurance policies

(1,215)

(172)

Amortization of core deposit intangible

219

219

Decrease in interest receivable and other assets

1,220

3,185

Decrease in other liabilities

(3,833)

(3,643)

Deferred income tax benefit

(137)

(119)

Decrease in value of restricted bank equity securities

311

291

Amortization of debt issuance costs

22

22

Net amortization of partnership investment

608

166

Net cash provided by operating activities

6,981

10,527

Cash flows from investing activities:

Maturities and calls of securities available for sale

33,713

21,864

Proceeds from sales of securities available for sale

233,187

14,349

Purchase of securities available for sale

(149,172)

Principal pay downs on securities available for sale

16,733

11,128

Loan originations and payments, net

(67,096)

(422)

Purchases of premises and equipment

(369)

(413)

Proceeds from sale of premises and equipment

4,518

25

Proceeds from sales of foreclosed assets

19,151

Purchase of bank-owned life insurance

(190)

(202)

Proceeds from BOLI death benefit

235

Net cash provided by (used in) investing activities

220,496

(83,457)

Cash flows from financing activities:

Increase in deposits

85,781

102,824

(Decrease) increase in Fed funds purchased

(130,000)

25,000

Decrease in short-term Federal Home Loan Bank advances

(150,500)

(27,200)

Increase (decrease) in customer repurchase agreements

14,730

(15,108)

Cash dividends paid

(3,396)

(3,495)

Repurchases of common stock

(3,450)

(2,716)

Net cash (used in) provided by financing activities

(186,835)

79,305

Increase in cash and cash equivalents

40,642

6,375

Cash and cash equivalents

Beginning of period

78,602

77,131

End of period

$

119,244

$

83,506

Supplemental disclosure of cash flow information:

Interest paid

$

13,276

$

8,511

Supplemental schedule of noncash investing and financing activities:

Real estate acquired through foreclosure

$

$

15,406

The accompanying notes are an integral part of these consolidated financial statements.

5

SIERRA BANCORP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

Note 1 – The Business of Sierra Bancorp

Sierra Bancorp (the “Company”) is a California corporation headquartered in Porterville, California, and is a registered bank holding company under federal banking laws. The Company was formed to serve as the holding company for Bank of the Sierra (the “Bank”) and has been the Bank’s sole shareholder since August 2001. The Company exists primarily for the purpose of holding the stock of the Bank and of such other subsidiaries it may acquire or establish. As of March 31, 2024, the Company’s only other subsidiaries were Sierra Statutory Trust II, Sierra Capital Trust III, and Coast Bancorp Statutory Trust II, which were formed solely to facilitate the issuance of capital trust pass-through securities (“TRUPS”). Pursuant to the Financial Accounting Standards Board (“FASB”) standard on the consolidation of variable interest entities, these trusts are not reflected on a consolidated basis in the Company’s financial statements. References herein to the “Company” include Sierra Bancorp and its consolidated subsidiary, the Bank, unless the context indicates otherwise.

Bank of the Sierra, a California state-chartered bank headquartered in Porterville, California, offers a wide range of retail and commercial banking services via branch offices located throughout California’s South San Joaquin Valley, the Central Coast, Ventura County, the Sacramento area, and neighboring communities. The Bank was incorporated in September 1977, and opened for business in January 1978 as a one-branch bank with $1.5 million in capital. Our growth in the ensuing years has largely been organic in nature but includes four whole-bank acquisitions: Sierra National Bank in 2000, Santa Clara Valley Bank in 2014, Coast National Bank in 2016, and Ojai Community Bank in October 2017. As of the filing date of this report the Bank operates 35 full-service branches and an online branch and maintains ATMs at all but one of our branch locations as well as at seven non-branch locations. Moreover, the Bank has specialized lending units which focus on agricultural borrowers, commercial real estate, and mortgage warehouse lending. In addition, in February 2020 the Bank opened a loan production office which is currently located in Roseville, CA. To support organic growth in the agricultural and commercial lending sectors the Bank opened a loan production office in Templeton, CA in April 2022. The Company had total assets of $3.6 billion at March 31, 2024, and for a number of years we have claimed the distinction of being the largest bank headquartered in the South San Joaquin Valley. The Bank’s deposit accounts, which totaled $2.8 billion at March 31, 2024, are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to maximum insurable amounts.

Note 2 – Basis of Presentation

The accompanying interim unaudited consolidated financial statements have been prepared in a condensed format as allowed under U.S. generally accepted accounting principles (“GAAP”). Therefore, these financial statements do not include all of the information and footnotes required for complete, audited financial statements as presented in the Company’s Annual Report on Form 10-K. The information furnished in these interim statements reflects all adjustments that are, in the opinion of Management, necessary for a fair statement of the results for such periods. Such adjustments can generally be considered as normal and recurring unless otherwise disclosed in this Form 10-Q. In preparing the accompanying financial statements, Management has taken subsequent events into consideration, through May 6, 2024 and recognized them where appropriate. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter, or for the full year. Certain amounts reported for 2023 have been reclassified to be consistent with the reporting for 2024, none of which impacted net income or shareholders’ equity. The interim financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”).

Note 3 – Current Accounting Developments

In March 2023 the FASB issued, ASU No. 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” ASU 2023-02 is intended to improve the accounting and disclosures for investments in tax credit structures. ASU 2023-02 allows entities

6

to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. ASU 2023-02 was effective for the Company on January 1, 2024, and its adoption did not have a significant effect on the Company’s financial statements.

On October 9, 2023, the FASB issued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification of Initiative.” ASU 2023-06 amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The ASU was issued in response to the SEC’s August 2018 final rule that updated and simplified disclosure requirements that the SEC believed were “redundant, duplicative, overlapping, outdated, or superseded.” The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. ASU 2023-06 applies to all reporting entities within the scope of the amended subtopics. Note that some of the amendments introduced by the ASU are technical corrections or clarifications of the FASB’s current disclosure or presentation requirements. The effective date for each amendment of ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will apply the amendments in ASU 2023-06 prospectively after the effective dates. The adoption of this standard is not expected to have a significant effect on the Company’s financial statements.

In November 2023 the FASB issued, ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” ASU 2023-07 expands segment disclosure requirements for public entities to require disclosure of significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 was adopted by the Company on January 1, 2024, and did not have a significant impact on the financial statements.

In December 2023 the FASB issued, ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU 2023-09 also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state, and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. ASU 2023-09 is effective for us on January 1, 2025, though early adoption is permitted. ASU 2023-09 is not expected to have a significant impact on the financial statements.

Note 4 – Share Based Compensation

On March 17, 2023, the Company’s Board of Directors approved and adopted the 2023 Equity Compensation Plan (the “2023 Plan”), which became effective May 24, 2023, the date approved by the Company’s shareholders. The 2023 Plan replaced the Company’s 2017 Stock Incentive Plan (the “2017 Plan”). Options to purchase 191,600 shares granted under the 2017 Plan and options to purchase 130,649 shares that were granted under the 2007 Plan were still outstanding as of March 31, 2024, and remain unaffected by that plan’s expiration. The 2023 Plan provides for the issuance of various types of equity awards, including options, stock appreciation rights, restricted stock awards, restricted share units, performance share awards, dividend equivalents, or any combination thereof. Such awards may be granted to officers and employees as well as non-employee directors, which awards may be granted on such terms and conditions as are established by the Board of Directors or the Compensation Committee in its discretion. The total number of shares of the Company’s authorized but unissued stock reserved for issuance pursuant to awards under the 2023 Plan was initially 360,000 shares, and the number remaining available for grant as of March 31, 2024, was 259,913. The potential dilutive impact of unexercised stock options is discussed below in Note 5, Earnings per Share.

Pursuant to FASB’s standards on stock compensation, the value of each stock option and restricted stock award is reflected in our income state­ment as employee compensation or directors’ expense by amortizing its grant date fair value over the vesting period of the option or award. The Company utilizes a Black-Scholes model to determine grant date fair values for options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards.

7

Forfeitures are reflected in compensation costs as they occur for both types of awards. A pre-tax charge of $0.5 million was reflected in the Company’s income statement during the first quarter of 2024 and $0.4 million during the first quarter of 2023, as expense related to stock options and restricted stock awards.

Restricted Stock Grants

The Company’s Restricted Stock Awards are awards of either time-vested or performance-based shares. The Restricted Stock Awards are non-transferrable shares of common stock and are available to be granted to the Company’s employees and directors. The vesting period of Restricted Stock Awards is determined at the time the awards are issued, and different awards may have different vesting terms or performance measures; provided, however, that no installment of any Restricted Stock Award shall become vested less than one year from the grant date. Restricted Stock Awards are valued utilizing the fair value of the Company’s stock at the grant date. These awards are expensed on a straight-line basis over the vesting period and consider the probability of meeting the performance criteria. There were 36,114 shares granted to employees of the Company during the first three months of 2024.  As of March 31, 2024, there was $3.4 million of unamortized compensation cost related to unvested Restricted Stock Awards granted under the 2017 plan. That cost is expected to be amortized over a weighted average period of 2.3 years.

The Company’s restricted stock award activity for the three months ended March 31, 2024, and 2023 is summarized below (unaudited):

Three months ended March 31,

2024

2023

Shares

Weighted Average Grant-Date Fair Value

Shares

Weighted Average Grant-Date Fair Value

Unvested shares, January 1,

238,179

$

20.30

175,619

$

21.42

Granted

36,114

19.10

29,064

21.50

Vested

(11,224)

22.57

(3,162)

25.30

Forfeited

(649)

23.10

(514)

27.16

Unvested shares, March 31,

262,420

$

20.00

201,007

$

21.35

Stock Option Grants

The Company has issued equity instruments in the form of Incentive Stock Options and Nonqualified Stock Options to certain officers and directors. No options have been granted since 2020, but the Company could elect to issue under the 2023 Plan. The exercise price of each stock option is determined at the time of the grant and may be no less than 100% of the fair market value of such stock at the time the option is granted.

The Company’s stock option activity during the three months ended March 31, 2024, and 2023 are summarized below (dollars in thousands, except per share data, unaudited):

Three months ended March 31,

2024

2023

    

Shares

    

Weighted Average
Exercise Price

Weighted Average Remaining Contractual Term (in years)

    

Aggregate
Intrinsic
Value (1)

    

Shares

    

Weighted Average
Exercise Price

Weighted Average Remaining Contractual Term (in years)

    

Aggregate
Intrinsic
Value (1)

Outstanding at January 1,

343,449

$

25.02

$

447

352,249

$

25.06

$

348

Forfeited/Expired

(11,000)

$

27.43

$

(2,200)

$

27.67

$

Outstanding at March 31,

332,449