Sierra Bancorp Reports Quarterly and Year-to-Date Earnings

PORTERVILLE, Calif., July 21 /PRNewswire-FirstCall/ -- Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced its financial results for the quarter and half ended June 30, 2008. Sierra Bancorp generated a 17.8% return on average equity and a 1.4% return on average assets for the quarter, due in large part to solid growth in core non-interest income and well-controlled operating expenses. A relatively strong increase in core deposits during the quarter also contributed to profitability. These favorable results were achieved despite a relatively large loan loss provision and interest reversals necessitated by an increase in non-performing assets. Net income for the second quarter of 2008 was $4.6 million, compared to $6.1 million in the same quarter a year ago. Diluted earnings per share fell 22%, to $0.47... [read full story]