By Jorge Mercado Thursday, July 25th, 2024

Sierra Bancorp, the parent company of Bank of the Sierra, announced its results for the second quarter of 2024 on July 22, noting that consolidated net income was at $10.3 million for the quarter, up from $10 million in the same quarter a year ago.

Bank of the Sierra is headquartered in Porterville, but has 10 branches in the tri-county area.

In addition to rising net income, Bank of the Sierra also saw its return on average assets and return on average equity at 1.14% and 11.95%, respectively, in the second quarter of 2024.

The bank’s total deposits for the quarter increased by $95.4 million during the second quarter of 2024, while loan growth was at $77.7 million during the quarter.

Non Interest-bearing deposits were at $986.9 million at the end of the quarter, representing 34% of total deposits. Uninsured deposits were approximately 28% of total deposit balances.

“We are excited to share our strong second-quarter results! The solid improvements achieved in the past two quarters demonstrate our balanced commitment to both our communities and shareholders as we complement growth with a focus on balance sheet strategy in a challenging interest rate environment. Our expanding and diversified banking teams continue to strengthen existing customer relationships while also bringing new relationships to the Bank,” Kevin McPhaill, CEO and President, said in a press release. 

Bank of the Sierra stock closed at $28.13 on July 22, with shares up about 23% since the start of the year.