Sierra Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and the Year Ended December 31, 2015
January 25, 2016 at 09:22 pm IST
Share
Sierra Bancorp reported unaudited consolidated earnings results for the fourth quarter and the year ended December 31, 2015. For the quarter, interest income was $16.2 million against $14.5 million last year. Net interest income was $15.5 million against $13.9 million last year. Net interest income after provision was $15.5 million against $13.9 million last year. Income before taxes was $8.1 million against $5.3 million last year. Net income was $5.4 million against $3.7 million last year. Basic and diluted earnings per share were $0.40 against diluted earnings per share of $0.26 last year. Return on average equity was 11.25% against 7.73% last year. Return on average assets was 1.24% against 0.93% last year. The increase in net income over the prior year is the result of substantially higher net interest income driven by higher interest-earning assets and an increase in non-recurring interest income, a growing level of non-interest income, and a reduced loan loss provision, partially offset by a higher tax accrual and, for the annual comparison, higher overhead expense.
For the year, interest income was $62.7 million against $55.1 million last year. Net interest income was $60.1 million against $52.3 million last year. Net interest income after provision was $60.1 million against $52 million last year. Income before taxes was $27.1 million against $21.4 million last year. Net income was $18.1 million against $15.2 million last year. Diluted earnings per share were $1.33 against diluted earnings per share of $1.08 last year. Book value per basic share was $14.36 against $13.67 at December 31, 2014. Tangible book value per basic share was $13.77 against $13.08 at December 31, 2014. Return on average equity was 9.59% against 8.18% last year. Return on average assets was 1.07% against 1.03% last year.
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.