Sierra Bancorp, a Porterville-based bank with 11 branches in the tri-county region, saw its net income spike more than 40% during the first quarter of 2021 when compared with the same quarter of 2020.
The bank reported a net income of $11.1 million, or 72 cents per diluted share, for the quarter ended March 31. That’s $3.3 million more than the bank reported in net income for the first quarter of 2020, when the bank recorded $7.8 million, or 58 cents per diluted share. Sierra Bancorp attributed the additional income to $4.8 million in net interest income and a $1.6 million year-over-year decrease in the provision for loan and lease losses.
“While there is still uncertainty, it is good to see the economy start to improve,” Kevin McPhaill, the president and CEO of Sierra Bancorp, said in a news release. “We look forward to the remainder of this year and the opportunities that lie ahead.”
The bank said it originated funding for $33.2 million in federal Paycheck Protection Program loans during the first financial quarter of the year, while the U.S. Small Business Administration forgave $52.8 million of PPP loans the bank had already made.