By Jorge Mercado Monday, February 10th, 2025

Sierra Bancorp, the parent company of Bank of the Sierra, announced its results for the fourth quarter of 2024 on Jan. 27, noting that consolidated net income was $10.4 million for the quarter, up from $6.3 million in the same quarter a year ago.

This means diluted earnings per share of 72 cents per share increased 68% compared to 43 cents for the same period in 2023.

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

For the year ended 2024, Sierra Bank recognized net income of $40.6 million, or $2.82 per diluted share, as compared to $34.8 million, or $2.36 per diluted share, for the same period in 2023.

For the year, Sierra Bank also had a return on average assets and return on average equity was 1.12% and 11.62%, respectively, as compared to 0.94% and 11.30%, respectively, for the same comparative period in 2023.

For the full year 2024, loans grew 12%, or $242.7 million to $2.3 billion while total deposits increased $130.4 million, or 5%, to $2.9 billion.

“We are proud to announce strong net income growth of over 16% in 2024, accompanied by solid improvements in net interest margin, efficiency ratio, return on average assets, and tangible book value per share!” Kevin McPhaill, CEO and President, said in a press release.

“We overcame a number of obstacles, including a challenging interest rate environment, to cap off one of our best years. Loans continued to grow and deposit relationships were strengthened as our bankers worked hard to focus on retaining and attracting customers. We are very excited about 2025 and will continue to find opportunities to improve our bank and provide consistently strong results.”