Sierra Bancorp, the Porterville-based parent company of Bank of the Sierra, reported a profit of almost $3.6 million, or 24 cents per share, in the third quarter of 2013. The quarterly figure was more than double the $1.6 million, or 12 cents per share, reported by the bank in the third quarter of 2012.
The higher net income was attributed by bank officials to a reduction in the amount the company set aside for loan losses.
Through the first nine months of 2013, Sierra Bancorp's net income was $9.4 million or 67 cents per share.
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