Porterville-based Sierra Bancorp, the holding company of Bank of the Sierra, reported sizable increases in its profits for both the fourth quarter and full year of 2013.
In the fourth quarter, the bank's net income was $3,869,000, or 27 cents per share. That's a jump of 84% from the $2,098,000, or 15 cents per share, reported for the final quarter of 2012.
For the entire year, the bank's profit was $13,369,000, or 94 cents per share. That was an increase of more than 60% from the 2012 figures of $8,185,000, or 58 cents per share.
The year-over-year improvement was attributed to lower provisions for loan losses and lower costs connected with foreclosed assets.
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