published on July 25, 2016 - 9:13 PM
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.

Bank of the Sierra recently closed its $13.5 million acquisition of Coast Bancorp in San Luis Obispo.

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.


e-Newsletter Signup

Our weekly poll

Should employers reimburse their workers at home for utility (electricity/water) costs?

Loading ... Loading ...

Central Valley Biz Blogs

Popup
shares

3/5

Article views

remaining

Sign up icon

To continue website access to

TheBusinessJournal.com

please create a FREE account OR login here.

1/5

Article views

remaining

SKIP THE POP-UPS
For only $59 for one 1-year you will receive the Print edition along with EVERYTHING The Business Journal has to offer digitally, PLUS you will have unlimited 24- hour a day access to view articles at

TheBusinessJournal.com

Use Promo Code

*New Subscribers Only

Digital and Print

XX Days Remaining

until you can view 5 more free articles

Sign up icon

Want access? Subscribe now & save $20 OFF.

Use Promo Code

WEBSUB20

* NEW SUBSCRIBERS ONLY