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Porterville bank owner's earnings plummet

Published online on Saturday, Oct. 31, 2009

Bee staff
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A sharp increase in allowances for loan and lease losses helped create a large drop in third-quarter earnings for Sierra Bancorp, the Porterville-based parent of Bank of the Sierra.

The company reported net income of $106,000, or 1 cent a share, for the three months ended Sept. 30. That is down 98.2% from the same quarter of 2008, when net income was more than $5.7 million or 60 cents a share.

For the first nine months of 2009, net income is reported at about $5.4 million or 60 cents a share, down from $15.3 million or $1.60 a share for the first three quarters of 2008.


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