Business
Sierra Bancorp Announces Earnings Accompanied by Solid Asset and Deposit Growth
Loans & Leases, Net of Fees increased by $408.7 million, or 23% quarter-over-quarter, including $116.2 million in Paycheck Protection Program loans and
About this update from Sierra Bancorp
[{"type":"text","content":"\n\nLoans & Leases, Net of Fees increased by $408.7 million, or 23% quarter-over-quarter, including $116.2 million in Paycheck Protection Program loans and $109.5 million of seasonal increases in mortgage warehouse lines\n\n\nDeposits grew by $327.4 million, or 15% during the second quarter of 2020\n\n\nQuarterly deposit growth was highlighted by a $245.0 million increase in noninterest demand deposits which lowered our quarterly cost of average total deposits to 0.15% as compared to 0.34% in the prior linked quarter\n\n\n PORTERVILLE, Calif.--(BUSINESS WIRE)--\nSierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced its unaudited financial results for the three- and six-month periods ended June 30, 2020. Sierra Bancorp reported consolidated net income of $8.3 million, or $0.54 per diluted share, for the second quarter of 2020, compared to $8.8 million, or $0.57 per diluted share, in the second quarter of 2019. The Company's return on average assets and return on average equity were 1.19% and 10.30%, respectively, in the second quarter of 2020, as compared to 1.39% and 12.27%, respectively, in the second quarter of 2019.\n\n\nFor the first six months of 2020, the Company recognized net income of $16.1 million as compared to $17.7 million for the same period in 2019. The Company's financial performance metrics for the first half of 2020 include an annualized return on average equity of 10.14%, a return on average assets of 1.21%, and diluted earnings per share of $1.05.\n\n\n\"Some people want it to happen, some wish it would happen, others make it happen.\" - Michael Jordan \n\n\n“We are proud of our team’s ability to move quickly during the pandemic so our bank could operate effectively,” stated Kevin McPhaill, President and CEO. “During the second quarter, we elected to participate in the Paycheck Protection Program to help our customers through these challenging times. Also, we experienced exceptional growth in our mortgage warehouse lines and solid organic growth primarily due to our loan production groups in Northern and Southern California. We had strong deposit growth during this period as well. All of these events led to significant asset growth as we reached $3.0 billion in total assets – another record for us! While we know the pandemic continues to evolve and we are in a very dynamic environment, ...