Bank of Sierra announces profit, opens new branch

Sierra Bancorp, the Porterville-based parent company of Bank of the Sierra, reported a profit of just over $4 million, or 30 cents per share, for the first quarter of 2016. The company’s earnings statement, issued Monday, noted that net income was 8 percent higher than the $3.7 million, or 27 cents per share, from 2015’s first quarter.

The company attributed the growth in earnings to higher income from interest on loans and an increase in service charges for deposits and commercial account activity.

The bank’s total assets amounted to $1.76 billion as of March 31, up 2 percent from a year earlier. Those assets included net loans and leases of about $1.09 billion, up 3 percent from the first quarter of 2015.

Sierra Bancorp announced Tuesday that it will open its newest Bank of the Sierra branch, the company’s 30th, in Sanger on Monday. The branch is in a remodeled 2,900-square-foot office formerly occupied by Citibank at 1500 Seventh St. in downtown Sanger.

Stock in Sierra Bancorp is traded on Nasdaq under the stock symbol BSRR. The company’s stock closed Tuesday at $18.18 per share, down 1.19 percent from Monday’s closing price.

This story was originally published April 26, 2016 at 5:23 PM with the headline "Bank of Sierra announces profit, opens new branch."