Written by The Business Journal Staff
Sierra Bancorp, parent company of Porterville’s Bank of the Sierra, announced net income of $5.74 million for the third quarter, up 46 percent compared to the year before.
For the first nine months of the year, Bank of the Sierra reported $15.49 million, up 29 percent from the same period last year.
It was a busy quarter for Bank of the Sierra, which has been in expansion and acquisition mode.
“The third quarter was quite eventful for Bank of the Sierra, as we prepared for the acquisitions of Ojai Community Bank and the Woodlake branch while remaining focused on organic growth throughout our footprint,” stated Kevin McPhaill, president and CEO. “The Ojai Community Bank acquisition was successfully completed on October 1st, and we expect that the Woodlake branch acquisition will be finalized during the first part of November,” he added.
“We experienced a market-driven dip in mortgage warehouse loan balances but have achieved strong growth in real estate loans thus far in 2017, and as we near the end of our fortieth year of operation we continue to set record levels for total loan balances and deposit relationships,” McPhaill noted further. He concluded by proclaiming, “We are proud of our team’s dedication to growth and to the community banking experience, as well as the results they have achieved by working together!”
Total assets and loans remained at record levels at the Sept. 30 end of the quarter thanks to continued organic growth, according to a news release. Total assets ended the third quarter of 2017 at $2.078 billion, the same as at the end of the second quarter, but they reflect an increase of $45 million, or 2 percent, for the first nine months of the year.