Sierra Bancorp, the Porterville-based parent company of Bank of the Sierra, reported Monday that it realized a profit of $3.9 million, or 28 cents per share, in the third quarter of 2016. That was down 11 percent from the net income of $4.4 million, or 33 cents per share, from 2015’s third quarter.
The company attributed the decline to almost $1.7 million in one-time costs related to Sierra Bancorp’s $13.5 million acquisition earlier this year of San Luis Obispo-based Coast Bancorp. The acquisition did provide Sierra Bancorp with a $94 million boost to its loan balances, $31 million in investments and an additional $129 million in deposits.
The earnings report follows Friday’s declaration of a 12-cents-per-share cash dividend by Sierra Bancorp’s board of directors based on the company’s financial performance for the third quarter. The dividend will be paid Nov. 17 to shareholders of record as of Nov. 3.
Sierra’s board also announced plans to open a branch next year in Pismo Beach. It represents a move by the company to expand its footprint on the coast following the Coast Bancorp acquisition. Coast Bancorp’s Coast National Bank had three branches in San Luis Obispo, Paso Robles and Arroyo Grande and a loan office in Atascadero that all became Bank of the Sierra offices after the sale closed.
Sierra Bancorp stock trades on Nasdaq under the symbol BSRR. The company’s stock closed at $18.05 per share Monday afternoon, down 1.31 percent from Friday’s close.