Sierra Bancorp Profit Rises On Lower Loan-Loss Provision

(RTTNews) - Sierra Bancorp (BSRR), parent of Bank of the Sierra, Friday reported first-quarter net income of $3.8 million or $0.26 per share, compared with $2.3 million or $0.16 per share last year.

On average, two analysts polled by Thomson Reuters estimated earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

Results were mainly helped by lower loan-loss provision and recoveries on the sale of foreclosed assets.

Net interest income for the quarter rose 3% to $12.2 million from $11.84 million in the prior year, while non interest income declined about 10% to $3.7 million from 4.1 million.

Analysts projected revenues of $16.6 million for the quarter.

Net interest margin for the quarter improved to 4% from 3.97% a year ago.

Results were largely helped by loan-loss provision that decreased to $150 thousand from $1.6 million a year ago.

Also expenses for the quarter declined 9% to $10.7 million from $11.8 million in the prior year.

Sierra Bancorp stock is trading at $15.88, up $0.33 or 2.14%, on the Nasdaq.