Bank of the Sierra reports drop in income
Sierra Bancorp, a Porterville-based banking company with nine branches in the Tri-Counties, reported its net income dropped more than 30% for the first quarter of 2022, compared with the same quarter a year ago.
Net income was $7.4 million, or 49 cents per diluted share, for the quarter ended March 31, compared with $11.1 million, or 72 cents per diluted share, for the same quarter last year. The “unfavorable variance” in net income came largely from a $3.8 million decrease in net interest income, according to the earnings statement the company released April 25.
Return on average assets and return on average equity were 0.88% and 8.64%, respectively, in the first quarter of 2022, compared with 1.4% and 12.94%, respectively, for the same quarter in 2021.
The company added new agricultural, commercial real estate and mortgage warehouse experts to its lending team over the past few months, Kevin McPhaill, the president and CEO of Sierra Bancorp, said in a news release.
“This has created a higher level of energy and excitement as we look to grow these segments of our loan portfolio,” McPhaill said. “In addition to our new lenders, new loan opportunities have increased throughout our branches as our bankers diligently work with existing and new customers throughout our markets.”
Sierra Bancorp has two branches in Santa Barbara County, three in San Luis Obispo County and four in Ventura County. It is the holding company and sole shareholder of Bank of the Sierra.