Business

Sierra Bancorp reports $4.4 million profit in 3rd quarter

Sierra Bancorp, the Porterville-based parent company of Bank of the Sierra, reported a third-quarter profit of $4.41 million, a 24% increase from 2014’s third quarter.

The company’s net earnings amounted to 33 cents per share, compared to $3.55 million, or 25 cents per share, in the third quarter of 2014. In its financial report issued Monday, the company attributed the increase to greater interest income, driven by gains in interest-earning loans and other assets.

Some of that growth was the result of Sierra Bancorp’s acquisition last year of Santa Clara Valley Bank.

The company reported a 20% increase in its net loans and leases over the past year, and total assets amounted to $1.72 billion as of Sept. 30, compared to $1.49 billion a year earlier.

Sierra Bancorp stock is traded on Nasdaq under the stock symbol BSRR. The company’s stock closed Monday at $16.70 per share, up 29 cents, or 1.76 percent, from Friday’s close.

  Comments