Written by The Business Journal Staff
Sierra Bancorp announced a “favorable” increase on its balance sheets for the first quarter of 2019.
The parent company of Bank of the Sierra reported $8.895 million in income the period ending on March 31, according to a press release. This represents a 33% increase compared to the first quarter of 2018.
The Porterville-based bank attributes the growth to gains in the average balance of interest-earning assets, net interest margin improvement and profits from its life insurance.
“With strong growth in deposits, quality growth in loans, and a solid level of net income, the company’s first quarter results demonstrate our ability to succeed in an increasingly competitive environment,” said Kevin McPhaill, president and CEO of Sierra Bancorp.
Of $2.539 billion in total assets, average assets garnered returns of 1.44%. Average equity netted returns upwards of 12.99%, the release went on to state.
Gross loans grew to $1.751 billion for the quarter, increasing by $19 million. Total nonperforming assets dropping by $864,000, or 14%. Deposits totaled $2.161 billion, representing a year-to-date “organic increase” of $44 million, which is a 2% increase of total deposits.
In a separate release, the bank announced it would pay offered quarterly dividends of $.18 a share to stakeholders. This marks the company’s 81st consecutive quarterly cash dividend.
The bank, in its 42nd year of operations, maintains a presence in Tulare, Kern, Kings, Fresno, Los Angeles, Ventura, San Luis Obispo and Santa Barbara counties.