published on July 25, 2017 - 9:37 AM
Written by The Business Journal Staff
Share this:
Share

Sierra Bancorp, parent company of Porterville’s Bank of the Sierra, reported second quarter net income of $5.2 million, up 27 percent compared to last year.

For the first six months of 2017, net income was $9.75 million, up 20 percent compared to the same period last year.

Also in the first six months of this year, total assets, loans and deposits reached record levels, “thanks to strong organic growth,” according to a news release.

Total assets were up 2 percent during the first half of the year, ending at $2.1 billion as of June 30.

“We continue our commitment to growth and expansion, and during this past quarter we saw strong organic increases in loans and deposits in addition to striking agreements to acquire Ojai Community Bank and the Woodlake branch of Citizens Business Bank,” stated Kevin McPhaill, president and CEO. “It is our bankers and their drive for excellence that sets us apart; our entire banking team has dedicated themselves to delivering the very best community banking experience for our customers.”


e-Newsletter Signup

Our weekly poll

Should the state ban cities from sharing sales taxes with e-commerce centers?

Loading ... Loading ...