Written by The Business Journal Staff
Sierra Bancorp, parent company of Bank of the Sierra in Porterville, reported record net income of $11.1 million for the first quarter of 2021.
That marks a 42% increase over the same quarter of 2020, and is also up by $2.1 million from the previous quarter.
The net income boost is attributed to a $4.8 million increase in net interest income and a $1.6 million decrease in the prevision for loan and lease losses.
“Following unprecedented core loan growth in 2020, we are happy to announce record earnings for the first quarter of 2021!” stated Kevin McPhaill, president and CEO. “This could only have been accomplished thanks to the combined efforts from our frontline banking teams, lenders, and corporate staff. They are the keys to our continued success. While there is still uncertainty, it is good to see the economy start to improve. We look forward to the remainder of this year and the opportunities that lie ahead.”
Total assets for the Central Valley’s largest community bank were $3.26 billion, compared to $2.67 billion on the same date last year.