Written by Gabriel Dillard
Sierra Bancorp, parent company of Bank of the Sierra, announced net income of $6.71 million for the first quarter of 2018, up 47 percent from the previous quarter.
The rise in income was driven by an improvement in net interest income offset by higher non-interest expenses and a $200,000 loan loss provision. Total assets, loans and deposits again increased to record levels during the recently-concluded quarter. Assets totaled $2.374 billion at March 31, representing an increase of $33 million, or 1 percent, for the quarter.
“Banking may be mundane to many, but we are passionate about banking and serving our customers exceptionally well, and our entire team continually strives to differentiate Bank of the Sierra with our ability to execute efficiently,” stated Kevin McPhaill, president and CEO. “This determination drives quality growth, which was particularly evident in the first quarter of 2018 as we achieved record levels in loans, deposits and total assets. Balance sheet growth, along with the reduction in our corporate tax rate, also resulted in a record level of quarterly net income for the Company.”