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, 2023

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, 2023, the registrant had 15,045,639 shares of common stock outstanding, including 201,007 shares of unvested restricted stock.

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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				32
		Forward-Looking Statements			32
		Critical Accounting Policies			33
		Overview of the Results of Operations and Financial Condition			34
		Earnings Performance			35
			Net Interest Income and Net Interest Margin		35
			Provision for Credit Losses on Loans		38
			Noninterest Income and Noninterest Expense		39
			Provision for Income Taxes		40
		Balance Sheet Analysis			41
			Earning Assets		41
				Investments	41
				Loan Portfolio	43
				Nonperforming Assets	45
				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	50
			Noninterest Bearing Liabilities		50
		Liquidity and Market Risk Management			50
		Capital Resources			54

	Item 3. Quantitative & Qualitative Disclosures about Market Risk				55

	Item 4. Controls and Procedures				55

Part II - Other Information					56
	Item 1. - Legal Proceedings				56
	Item 1A. - Risk Factors				56
	Item 2. - Unregistered Sales of Equity Securities and Use of Proceeds				57
	Item 3. - Defaults upon Senior Securities				57
	Item 4. - Mine Safety Disclosures				57
	Item 5. - Other Information				57
	Item 6. - Exhibits				58

Signatures					59

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PART I - FINANCIAL INFORMATION

Item 1 – Financial Statements

SIERRA BANCORP

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)


	March 31, 2023		December 31, 2022
ASSETS	(unaudited)		(audited)
Cash and due from banks	$	81,694	$	72,803
Interest bearing deposits in banks		1,812		4,328
Total cash & cash equivalents		83,506		77,131
Investment securities
Available-for-sale, net of zero allowance for credit losses at March 31, 2023 and December 31, 2022		1,040,920		934,923

Held-to-maturity, (fair value of $325,607 at March 31, 2023 and $328,011 at December 31, 2022)		332,791		336,944
Allowance for credit losses on held-to-maturity securities		(63)		(63)
Net, investment securities held-to-maturity		332,728		336,881

Loans:
Gross loans		2,033,968		2,052,940
Deferred loan costs (fees), net		24		(123)
Allowance for credit losses on loans		(23,090)		(23,060)
Net loans		2,010,902		2,029,757
Premises and equipment, net		22,321		22,478
Goodwill		27,357		27,357
Other intangible assets, net		2,056		2,275
Bank-owned life insurance		52,308		52,169
Other assets		121,886		125,619
Total assets	$	3,693,984	$	3,608,590

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest bearing	$	1,041,748	$	1,088,199
Interest bearing		1,907,240		1,757,965
Total deposits		2,948,988		2,846,164
Repurchase agreements		94,061		109,169
Other borrowings		216,800		219,000
Long-term debt		49,236		49,214
Subordinated debentures		35,526		35,481
Allowance for credit losses on unfunded loan commitments		850		840
Other liabilities		41,513		45,140
Total liabilities		3,386,974		3,305,008

Commitments and contingent liabilities (Note 7)

Shareholders' equity
Common stock, no par value; 24,000,000 shares authorized; 15,050,740 and 15,170,372 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively		111,801		112,928
Additional paid-in capital		4,561		4,148
Retained earnings		246,723		243,082
Accumulated other comprehensive (loss) income, net		(56,075)		(56,576)
Total shareholders' equity		307,010		303,582
Total liabilities and shareholders' equity	$	3,693,984	$	3,608,590

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

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SIERRA BANCORP

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

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


	Three months ended March 31,
	2023		2022
Interest and dividend income
Loans, including fees	$	22,550	$	20,772
Taxable securities		11,986		3,490
Tax-exempt securities		2,813		1,726
Federal funds sold and other		70		93
Total interest income		37,419		26,081
Interest expense
Deposits		5,999		560
Short-term borrowings		2,158		82
Subordinated debentures		1,130		683
Total interest expense		9,287		1,325
Net interest income		28,132		24,756
Provision for credit losses		260		506
Net interest income after provision for credit losses		27,872		24,250
Noninterest income
Service charges and fees on deposit accounts		5,380		5,548
Net gains on sale of securities available-for-sale		45		1,032
Increase (decrease) in cash surrender value of life insurance		172		(645)
Other income		982		128
Total noninterest income		6,579		6,063
Noninterest expense
Salaries and employee benefits		12,816		11,805
Occupancy and equipment costs		2,330		2,294
Other		7,846		6,074
Total noninterest expense		22,992		20,173
Income before taxes		11,459		10,140
Provision for income taxes		2,708		2,733
Net income	$	8,751	$	7,407

PER SHARE DATA
Earnings per share basic	$	0.58	$	0.49
Earnings per share diluted	$	0.58	$	0.49

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

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SIERRA BANCORP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

(dollars in thousands, unaudited)


	Three months ended March 31,
	2023		2022
Net income	$	8,751	$	7,407
Other comprehensive gain (loss), before tax:
Unrealized gain (loss) on securities:
Unrealized holding gain (loss) arising during period		756		(39,962)
Less: reclassification adjustment for gains included in net income ⁽¹⁾		(45)		(1,032)
Other comprehensive gain (loss), before tax		711		(40,994)
Income tax expense (benefit) related to items of other comprehensive gain (loss), net of tax		(210)		12,119
Other comprehensive gain (loss), net of tax:		501		(28,875)
Comprehensive income (loss)	$	9,252	$	(21,468)

(1)

Amounts are included in net gains on investment securities available-for-sale on the Consolidated Statements of Income in noninterest income. Income tax expense associated with the reclassification adjustment for the three months ended March 31, 2023 and 2022 were $13 thousand and $305 thousand, respectively.

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

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SIERRA BANCORP

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

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


								Accumulated
				Additional				Other
	Common Stock			Paid In		Retained		Comprehensive		Shareholders'
	Shares	Amount		Capital		Earnings		Income (Loss)		Equity
Balance, December 31, 2021	15,270,010	$	113,007	$	3,910	$	234,410	$	11,167	$	362,494
Cumulative effect of change in accounting principle (Note 3)	—		$—		$—		($7,315)		$—		(7,315)
Net income	—		—		—		7,407		—		7,407
Other comprehensive loss, net of tax	—		—		—		—		(28,875)		(28,875)
Restricted stock surrendered due to employee tax liability	(1,196)		(9)		—		(23)		—		(32)
Restricted stock forfeited / cancelled	(220)		—		—		—		—		—
Stock based compensation - stock options	—		—		30		—		—		30
Stock based compensation - restricted stock	—		—		341		—		—		341
Stock repurchase	(182,562)		(1,325)		—		(3,526)		—		(4,851)
Cash dividends - $0.23 per share	—		—		—		(3,508)		—		(3,508)
Balance, March 31, 2022	15,086,032	$	111,673	$	4,281	$	227,445	$	(17,708)	$	325,691

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 income, 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

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

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SIERRA BANCORP

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

(dollars in thousands, unaudited)


		Three months ended March 31,
	2023		2022
Cash flows from operating activities:
Net income	$	8,751	$	7,407
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of securities		(45)		(1,032)
(Gain) loss on disposal of fixed assets		(14)		6
Gain on sale on foreclosed assets		—		(5)
Stock based compensation expense		413		371
Provision for credit losses on loans		250		600
Depreciation and amortization		604		636
Net amortization on securities premiums and discounts		743		1,177
Net (accretion) amortization of premiums/discounts for loans acquired		(124)		36
(Increase) decrease in cash surrender value of life insurance policies		(172)		645
Amortization of core deposit intangible		219		253
Decrease (increase) in interest receivable and other assets		3,185		(1,419)
Decrease in other liabilities		(3,617)		(537)
Deferred income tax (benefit) provision		(119)		811
Decrease in value of restricted bank equity securities		291		332
Excise tax on stock options purchased		(26)		—
Amortization of debt issuance costs		22		10
Net amortization of partnership investment		166		113
Net cash provided by operating activities		10,527		9,404
Cash flows from investing activities:
Maturities and calls of securities available for sale		21,864		2,373
Proceeds from sales of securities available for sale		14,349		26,408
Purchases of securities available for sale		(149,172)		(145,327)
Principal pay downs on securities available for sale		11,128		23,688
Loan originations and payments, net		(422)		3,914
Purchases of premises and equipment		(413)		(265)
Proceeds from sale of premises and equipment		25		—
Proceeds from sales of foreclosed assets		19,151		5
Purchase of bank-owned life insurance		(202)		(8)
Liquidation of bank-owned life insurance		—		11
Proceeds from BOLI death benefit		235		—
Net cash used in investing activities		(83,457)		(89,201)
Cash flows from financing activities:
Increase in deposits		102,824		83,371
Decrease in borrowed funds		(27,200)		—
Increase in Fed funds purchased		25,000		—
(Decrease) increase in customer repurchase agreements		(15,108)		823
Cash dividends paid		(3,495)		(3,508)
Repurchases of common stock		(2,716)		(4,883)
Net cash provided by financing activities		79,305		75,803

Increase (decrease) in cash and cash equivalents		6,375		(3,994)
Cash and cash equivalents
Beginning of period		77,131		257,528
End of period	$	83,506	$	253,534
Supplemental disclosure of cash flow information:
Interest paid	$	8,511	$	1,730
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.

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SIERRA BANCORP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2022

(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, 2023, 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 lending sector the Bank also opened a loan production office in Templeton, CA in April 2022. The Company had total assets of $3.7 billion at March 31, 2023, 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 $2.9 billion at March 31, 2023, 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 5, 2023 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 2022 have been reclassified to be consistent with the reporting for 2023, 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, 2022, as filed with the Securities and Exchange Commission (the “SEC”).

Note 3 – Current Accounting Developments

In September 2016 the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which eliminates the probable initial recognition threshold for credit losses in current U.S. GAAP, and instead requires an organization to record an estimate of expected credit losses over the

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contractual term for financial assets carried at amortized cost (generally loans and held-to-maturity investment securities) in addition to certain off balance-sheet credit exposure. Under the current expected credit losses (“CECL”) methodology expected credit losses for financial assets are estimated over the contractual life of the financial asset, adjusted for expected prepayments, considering historical experience, current conditions, and reasonable and supportable forecasts. Additionally, under CECL the accounting for credit losses on available-for-sale debt securities is addressed through an allowance for credit losses which is a change from legacy GAAP which previously required the direct write-down of securities through the other-than-temporary impairment approach. The Company implemented CECL on January 1, 2022, using the modified retrospective approach to estimate lifetime expected losses on financial assets measured at amortized cost in addition to certain off balance sheet credit exposures. The January 1, 2022, increase in the Company’s allowance for credit losses, of $9.5 million on loans and $0.9 million in off balance sheet credit exposures, net of the impact of deferred taxes, was reflected in a transition adjustment of $7.3 million to retained earnings. There was no cumulative effect adjustment related to our available-for-sale investment portfolio upon adoption and the Company had no securities designated as held-to-maturity as of January 1, 2022.

For available-for-sale debt securities in an unrealized loss position for which management has an intent to sell the security or considers it more likely-than-not that the security in question will be sold prior to a recovery of its amortized cost basis, the security will be written down to fair value through a direct charge to income. For the remainder of available sale debt securities in an unrealized loss position, which don’t meet the previously outlined criteria, management evaluates whether the decline in fair value is a reflection of credit deterioration or other factors. In performing this evaluation, management considers the extent which fair value has fallen below amortized cost, changes in ratings by rating agencies, and other information indicating a deterioration in repayment capacity of either the underlying issuer or the borrowers providing repayment capacity in a securitization. If management’s evaluation indicates that a credit loss exists then a present value of the expected cash flows is calculated and compared to the amortized cost basis of the security in question and to the degree that the amortized cost basis exceeds the present value an allowance for credit loss (“ACL”) is established, with the caveat that the maximum amount of the reserve on any individual security is the difference between the fair value and amortized cost balance of the security in question. Any unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income.

On April 1, 2022 the Company transferred $162.1 million of Agency, Mortgaged-Backed and Municipal securities from available-for-sale to held-to maturity. On October 1, 2022, a similar transfer of $198.3 million securities from available for sale to held-to-maturity was completed. Because of the implicit and explicit guarantees of the Federal Government on the Agency and Mortgage-Backed securities there is no expectation of future losses on any of these securities. The Bank’s municipal bonds moved to the held-to-maturity designation all have credit ratings considered investment grade or equivalent. A discounted-cash-flow reserve calculation was performed upon the transfer of these securities into the held-to-maturity designation and is updated on a quarterly basis. As of March 31, 2023, an allowance for credit losses of $0.06 million had been established on the Bank’s held-to-maturity portfolio which remained unchanged from December 31, 2022.

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 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 will be effective for the Company on January 1, 2024, though early adoption is permitted, and its adoption is not expected to have a significant effect on the Company’s financial statements.

Note 4 – Share Based Compensation

On March 16, 2017, the Company’s Board of Directors approved and adopted the 2017 Stock Incentive Plan (the “2017 Plan”), which became effective May 24, 2017, the date approved by the Company’s shareholders. The 2017 Plan replaced the Company’s 2007 Stock Incentive Plan (the “2007 Plan”), which expired by its own terms on March 15, 2017. Options to purchase 134,449 shares that were granted under the 2007 Plan were still outstanding as of March 31,

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2023 and remain unaffected by that plan’s expiration. The 2017 Plan provides for the issuance of both “incentive” and “nonqualified” stock options to officers and employees, and of “nonqualified” stock options to non-employee directors and consultants of the Company. The 2017 Plan also provides for the issuance of restricted stock awards to these same classes of eligible participants. The total number of shares of the Company’s authorized but unissued stock reserved for issuance pursuant to awards under the 2017 Plan was initially 850,000 shares, and the number remaining available for grant as of March 31, 2023 was 356,420. Options to purchase 402,726 shares granted under the 2017 Plan were outstanding as of March 31, 2023. 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. Forfeitures are reflected in compensation costs as they occur for both types of awards. A pre-tax charge of $0.4 million was reflected in the Company’s income statement during the first quarter of 2023 and $0.4 million was charged during the first quarter of 2022, 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 29,064 shares granted to employees of the Company during the first three months of 2023. As of March 31, 2023, there was $3.1 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, 2023 and 2022 is summarized below (unaudited):


	Three months ended March 31,
	2023			2022
	Shares		Weighted Average Grant-Date Fair Value	Shares		Weighted Average Grant-Date Fair Value
Unvested shares, January 1,	175,619	$	21.42	165,131	$	21.72
Granted	29,064		21.50	—		—
Vested	(3,162)		25.30	(3,162)		25.30
Forfeited	(514)