Sierra Bancorp Reports Financial Results for Third Quarter and First Nine Months of 2022

About this update from Sierra Bancorp

[{"type":"text","content":" 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, 2022. Sierra Bancorp reported consolidated net income of $9.9 million, or $0.66 per diluted share, for the third quarter of 2022, compared to $10.6 million, or $0.69 per diluted share in the third quarter of 2021. On a linked-quarter basis, the Company increased net income by $0.7 million, or 8%.\n\nFor the first nine months of 2022, the Company recognized net income of $26.5 million, or $1.76 per diluted share, as compared to $33.4 million, or $2.17 per diluted share, for the same period in 2021. The year-over-year change is due primarily to a $4.4 million provision for credit losses in 2022 as compared to a net release of allowance in 2021. The Company’s financial performance metrics for the first nine months of 2022 include an annualized return on average assets and a return on average equity of 1.03% and 10.98%, respectively, compared to 1.36% and 12.60%, respectively, for the same period in 2021.\n\n“If people like you, they’ll listen to you, but if they trust you, they’ll do business with you.” – Zig Ziglar\n\n“Banking is a critical part of our economy, locally and globally,” stated Kevin McPhaill, President and CEO. “At Bank of the Sierra, we understand this importance and are committed to providing financial services and solutions to individuals, businesses and other organizations in our communities throughout the entire economic cycle. With the dedication and drive from our legacy market and new lending teams, we are seeing great traction in obtaining new lending relationships throughout our markets. We are also experiencing solid deposit growth – a hallmark of our bank’s success – while maintaining nearly 39% of our deposit base in non-interest bearing accounts. The bank remains focused on this important part of community banking as our treasury management services and team expand. Looking to the fourth quarter and beyond, we have worked to position the bank for additional growth opportunities – it is an exciting time indeed!” McPhaill concluded.\n\nFinancial Highlights\n\nQuarterly Changes (comparisons to the third quarter of 2021)\n\n\nNet income decreased $0.7 million to $9.9 million. Net interest income was $2.2...

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