By Jorge Mercado Monday, October 21st, 2024

Sierra Bancorp, the parent company of Bank of the Sierra, announced its results for the third quarter of 2024 on Oct. 21, noting that consolidated net income was at $10.6 million for the quarter, up from $9.8 million in the same quarter a year ago.

Bank of the Sierra is headquartered in Porterville but has 11 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 third quarter of 2024.

The bank’s total deposits for the quarter increased by $19.7 million during the third quarter of 2024 to $3 billion, while loan growth was at $86.1 million during the quarter to $2.3 billion.

Non Interest-bearing deposits were at $1 billion at the end of the quarter, representing 34% of total deposits.

“While the current interest rate environment still presents the banking industry with unique challenges, our teams continue to improve profitability and grow loans and deposits. They are consistently finding opportunities to both bring new customers on board and strengthen our existing relationships,” Kevin McPhaill, CEO and President, said in a press release. 

Bank of the Sierra stock closed at $27.72 on Oct. 21, with shares up about 22% since the start of the year.