Sierra Bancorp, the Porterville-based holding company of Bank of the Sierra, reported its earnings were down 10 percent in the second quarter of 2016 from the same time frame last year.
It reported $4.1 million in earnings, or 31 cents per share, for 2016’s second quarter, down from $4.6 million, or 34 cents per share, in the same quarter of 2015.
The company said income was $8.1 million, or 61 cents per share, for the first half of 2016, which is down 2 percent from the first six months of 2015, which brought in $8.3 million, or 61 cents per share.
In early July, Sierra Bancorp acquired Coast National Bank, which added four new locations and an additional loan and deposit base.
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The company cites the earning declines from previous quarters as a response to higher non-interest expenses, including $128,000 in acquisition costs in the second quarter of 2016.
“The coastal market has great potential for additional growth and we are excited to be a part of it,” said Kevin McPhaill, president and CEO of Sierra Bancorp. “Moving into the second half of 2016, we plan to work hard to foster favorable growth trends throughout all of our markets.”