Written by Gabriel Dillard
Sierra Bancorp, the Porterville-based parent company of Bank of the Sierra, announced third-quarter net income of $7.07 million, up 23 percent from the same period last year.
The bump in profit is primarily because of improved net interest income and a lower tax accrual rate.
For the first nine months of 2018, Bank of the Sierra reported $21.77 million in net income, up 41 percent for the same period of 2017.
Total assets were $2.46 billion on Sept. 30, up 5 percent for the first nine months of the year.
“We are thrilled to once again achieve record levels of assets, loans, and deposits. It has truly been an exciting year thus far!” exclaimed Kevin McPhaill, president and CEO. “Our banking team is happy with our year-to-date results, and there are even greater possibilities ahead in the final quarter of 2018. We are all working diligently to continue Bank of the Sierra’s success.”