Written by The Business Journal Staff
Sierra Bancorp, parent company of Porterville’s Bank of the Sierra, announced second-quarter net income of $4.08 million, down 10 percent from last year.
The decline is due to higher non-interest expenses, including $128,000 in non-recurring acquisition costs.
For the first six months of the year, Bank of the Sierra had $8.12 million in net income, about 2 percent lower than the same period last year.
“We were pleased to see strong loan growth and stable core deposits during the second quarter of 2016, in response to the assiduous efforts of our bankers,” stated Kevin McPhaill, president and CEO. “Moreover, our combined endeavors in the first half of 2016 led to the completion of our acquisition of Coast National Bank in early July, which furthers the Bank’s coastal expansion by adding four new locations along with a solid loan and deposit base. The coastal market has great potential for additional growth and we are excited to be a part of it.
“Moving into the second half of 2016, we plan to work hard to foster favorable growth trends throughout all of our markets,” he added.
Total assets as of June 30 stood at $1.84 billion, up from $1.73 billion at the same time last year.