Sierra Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 22, 2018 at 06:31 pm IST
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Sierra Bancorp announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the fourth quarter, the company reported interest income of $24,134,000 compared to $18,745,000 a year ago. Net interest income was $22,542,000 compared to $17,765,000 a year ago. Income before taxes was $10,150,000 compared to $8,406,000 a year ago. Net income was $4,044,000 or $0.26 per diluted share compared to $5,517,000 or $0.40 per diluted share a year ago. Return on average Equity was 6.53% compared to 10.52% a year ago. Return on average Assets was 0.68% compared to 1.12% a year ago.
For the year, the company reported interest income of $80,924,000 compared to $68,505,000 a year ago. Net interest income was $75,701,000 compared to $65,182,000 a year ago. Income before taxes was $33,179,000 compared to $26,367,000 a year ago. Net income was $19,539,000 or $1.36 per diluted share compared to $17,567,000 or $01.29 per diluted share a year ago. Return on average Equity was 8.82% compared to 8.71% a year ago. Return on average Assets was 0.93% compared to 0.95% a year ago. Tangible book value per share was $14.61 against $14.14 a year ago. Book value per share was $16.81 against $14.94 a year ago.
Sierra Bancorp is a bank holding company for Bank of the Sierra (the Bank). The Bank is a California state-chartered bank, which offers a range of retail and commercial banking services via branch offices located throughout Californiaâs South San Joaquin Valley, the Central Coast, Ventura County, and neighboring communities. It provides multiple account access options to meet both new and existing customer needs: an online account opening platform; online banking with bill-pay and mobile banking capabilities; online lending solutions for consumers and small businesses; a customer service center, and an automated telephone banking system. Its lending activities cover real estate, commercial (including small business), mortgage warehouse, agricultural, and consumer loans. It offers a range of deposit products and services for individuals and businesses, including checking accounts, savings accounts, money market demand accounts, time deposits, retirement accounts, and sweep accounts.