Sierra Bancorp reports higher net income
Sierra Bancorp, parent company of the Bank of the Sierra, had diluted earnings per share of 41 cents for the third quarter of 2017, the company announced in its earnings report on Oct. 23.
In a news release, the company said it had consolidated net income of $5.7 million for the third quarter of 2017 that reflected an increase of $1.8 million, or 46 percent, from the third quarter of 2016.
The company’s net interest income increased by 9 percent as a result of a higher average balance of interest-earning assets and an improved net interest margin. Non-interest income went up 18 percent because of investment gains totaling $918,000.
For the quarter, Sierra Bancorp’s return on average assets was 1.10 percent and return on average equity was 10.45 percent.
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