published on January 23, 2017 - 2:27 PM
Written by The Business Journal Staff
Sierra Bancorp, parent of Bank of the Sierra, announced net income of $17.56 million for 2016, down about 3 percent compared to the prior year due to non-recurring costs of acquiring Coast Bancorp of San Luis Obispo County.

 

For the fourth quarter of 2016, net income was $5.51 million, up 40 percent compared to the first quarter of 2015.

Sierra Bancorp also capped 2016 by hitting $2.03 billion in total assets.

“In the fourth quarter of 2016 we exceeded the $2 billion benchmark for total assets, and realized strong organic growth in both loans and deposits due in large part to the efforts of our bankers throughout all of our communities,” stated Kevin McPhaill, president and CEO.  “Our success has been engendered by focusing on business development, providing a high level of traditional community bank service, and executing as promised. It is great to see the results of our repeated hard work in the form of quality growth, both in the existing portfolio as well as through acquisition,”   

“While we are proud of our accomplishments this past year, we will do our best to create additional opportunities and continue our ‘habit of excellence’ in 2017,” concluded McPhaill.


e-Newsletter Signup

Our Weekly Poll

Do you agree with Gov. Newsom's tax rebate inflation relief plan?
167 votes

Central Valley Biz Blogs

Popup Click Me!!!