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Sierra Bancorp Reports Improved Financial Results for Third Quarter and First Nine Months of 2024
PORTERVILLE, Calif.--(BUSINESS WIRE)-- Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced its unaudited financial results for the
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, 2024. Sierra Bancorp reported consolidated net income of $10.6 million, or $0.74 per diluted share, for the third quarter of 2024, an increase of $0.3 million, or 3%, as compared to the second quarter of 2024. In addition, the Company reported consolidated net income of $30.2 million for the first nine months of 2024, an increase of $1.6 million, or 6%, as compared to the same period in 2023. Diluted earnings per share for the nine-month period ended September 30, 2024, increased to $2.09, or 8%, from $1.93 diluted earnings per share for the same period in 2023.\n\nHighlights for the third quarter of 2024:\n\n\nImproved Earnings and Consistently Strong Earnings Metrics\n\n\nDiluted Earnings Per Share increased 4%, or $0.03, from the prior linked quarter.\n\n\nImproved net interest income by $0.6 million, or 2%, as compared to the prior linked quarter.\n\n\nMaintained strong net interest margin of 3.66%, as compared to 3.69% in the prior linked quarter.\n\n\nReturn on Average Assets of 1.14%, which is unchanged from the prior linked quarter.\n\n\nReturn on Average Equity of 11.95%, which is unchanged from the prior linked quarter.\n\n\n\n\nSolid Asset Quality\n\n\nTotal nonperforming loans to total gross loans ratio of 0.45%, with total classified loans down $6.4 million, year-to-date, to $29.1 million.\n\n\nNo foreclosed assets at September 30, 2024.\n\n\nNet charge-offs to total loans during the quarter of 0.01%.\n\n\nRegulatory Commercial Real Estate Concentration Ratio declined to 236.43%, from 241.05%, during the quarter.\n\n\n\n\nGrowth of Loans and Deposits\n\n\nLoan growth of $86.1 million, or 15% annualized, during the quarter, to $2.3 billion.\n\n\nTotal deposits increased by $19.7 million, or 3% annualized, during the quarter, to $3.0 billion.\n\n\nNoninterest-bearing deposits of $1.0 billion at September 30, 2024, represent 34% of total deposits.\n\n\n\n\nSolid Capital and Liquidity\n\n\nIncreased Tangible Book Value (non-GAAP) per share by 3%, during the quarter, to $22.93 per share.\n\n\nRepurchased 48,904 shares of common stock during the quarter.\n\n\nDeclared dividend of $0.24 per share, payable on November 1...