Business
Sierra Bancorp Announces Quarterly and Year to Date Earnings
Completed $50.0 million issuance of ten-year fixed-to-floating subordinated debentures at 3.25% during the quarter. Net income for the first nine months of
About this update from Sierra Bancorp
[{"type":"text","content":"\n\nCompleted $50.0 million issuance of ten-year fixed-to-floating subordinated debentures at 3.25% during the quarter.\n\n\nNet income for the first nine months of 2021 increased $6.9 million, or 26%, as compared to the same period in 2020.\n\n\nReturn on average assets for the first nine months of 2021 improved to 1.36%, as compared to 1.26% for the same period in 2020.\n\n\nDeposit growth of $44.7 million, or 2%, during the third quarter of 2021 and $196.0 million, or 7%, for the first nine months of 2021.\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 nine-month periods ended September 30, 2021. Sierra Bancorp reported consolidated net income of $10.6 million, or $0.69 per diluted share, for the third quarter of 2021, compared to $10.4 million, or $0.67 per diluted share in the third quarter of 2020.\n\nFor the first nine months of 2021, the Company recognized net income of $33.4 million, or $2.17 per diluted share, as compared to $26.5 million, or $1.73 per diluted share, for the same period in 2020. The Company’s financial performance metrics for the first nine months of 2021 include an annualized return on average assets and a return on average equity of 1.36% and 12.60%, respectively, compared to 1.26% and 10.90%, respectively, for the same period in 2020.\n\n“The most effective way to do it, is to do it.” Amelia Earhart\n\n“We are proud of our robust earnings in the third quarter, which helped the Bank achieve its strongest net income for a nine-month period in its history,” stated Kevin McPhaill, President and CEO. “Our continued efforts in both core deposit and diversified earning asset generation during 2021 have led to overall balance sheet growth. This success is a result of our banking team’s determination and perseverance. We are excited and ready for opportunities in the fourth quarter and next year!” McPhaill concluded.\n\nFinancial Highlights\n\nQuarterly Changes (comparisons to the third quarter of 2020)\n\n\nNet income increased $0.3 million to $10.6 million, primarily due to a $0.6 million negative provision for loan and lease losses in the third quarter of 2021 as compared to a provision for loan and lease losses of $2.35 million for the same period in 2020. Compared to 2020, this ...