Written by The Business Journal Staff
Sierra Bancorp, parent company of Porterville’s Bank of the Sierra, announced record quarterly income of $7.99 million — a healthy 54-percent increase from the same time last year.
The bump in second quarter income is attributed to improvement in net interest income, a net gain on the sale of other real estate owned property and a lower tax accrual rate.
For the first six months of the year, net income was $14.7 million, up 51 percent from the same period of last year.
“We are excited to see another quarter with strong results, including the highest quarterly net income in the Bank’s history. Assets, loans and deposits also reached record levels because our team continues to work diligently to provide exceptional community banking throughout our markets,” observed Kevin McPhaill, president and CEO. “While these results are great, we feel that it is important to constantly look for opportunities to grow and expand our presence both organically and through additional acquisitions, and we remain optimistic as we look to the remainder of 2018.”
Total assets reached $2.42 billion on June 30, up 17 percent from the second quarter of last year.