Sierra Bancorp Reports Improved Financial Results for Second Quarter and First Six Months of 2023

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 six-month periods ended June 30, 2023. Sierra Bancorp reported consolidated net income of $9.9 million, or $0.67 per diluted share, for the second quarter of 2023, compared to $9.2 million, or $0.61 per diluted share, in the second quarter of 2022. On a linked-quarter (three months ended March 31, 2023) basis, the Company increased diluted earnings per share by $0.09, or 15%.\n\n\nHighlights for the second quarter of 2023:\n\n\n\nImproved Earnings\n\n\nNet Income of $9.9 million, up 13% versus the first quarter of 2023 (the prior linked quarter)\n\n\n\nIncreased Return on Average Assets to 1.07% from 0.97% in the prior linked quarter\n\n\n\nHigher Return on Average Equity of 13.06% compared to 11.53% in the prior linked quarter\n\n\n\nImproved net interest income by $0.2 million as compared to the prior linked quarter\n\n\n\n\n\n\n\nSolid Asset Quality\n\n\nTotal Nonperforming Loans of $1.1 million, or 0.05% of total gross loans\n\n\n\nNo foreclosed assets at June 30, 2023\n\n\n\nNet Charge-offs remained low at $0.2 million\n\n\n\nStable Allowance for Credit Losses on loans of $23.0 million\n\n\n\n\n\n\n\nStable Deposits & Liquidity\n\n\nOverall primary and secondary liquidity sources increased slightly to $2.59 billion at June 30, 2023\n\n\n\nTotal deposits declined by 1% during the quarter, but increased by $72.6 million, or 3% year-to-date\n\n\n\nNoninterest-bearing deposits increased by $24.8 million and represent 37% of total deposits\n\n\n\nUninsured deposits declined from 30% to 27% of total deposit balances during the quarter\n\n\n\n\n\n\n\nStrong Capital and Solid Asset Growth\n\n\nRecord level of Total Assets at $3.76 billion, up 2% from prior linked quarter and 4% year-to-date\n\n\n\nMaintained a diversified investment portfolio designed for interest rate risk management and liquidity\n\n\n\nTotal Loans grew by $60.4 million, or 3% during the quarter\n\n\n\nRepurchased 235,148 shares of stock during the quarter\n\n\n\nTangible Book Value per share increased by 3% to $18.93 per share at June 30, 2023\n\n\n\nStrong regulatory Community Bank Leverage Ratio of 10.86% for our subsidiary Bank\n\n\n\nTangible Common Equity Ratio of 7.5% on a consolidated basi...

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