Sierra Bancorp Q3 Net Income Rises

(RTTNews) - Sierra Bancorp (BSRR), the parent of Bank of the Sierra, on Monday posted a rise in its profit for the third quarter of fiscal 2021, with an increase in its non-interest income and positive market cues.

The California-headquartered financial firm reported a net income of $10.60 million or $0.69 per share for September quarter, compared to $10.35 million or $0.67 per share posted for the same quarter last year.

Net interest income of the lender decreased by $1.4 million to $26.71 million, from $28.07 million of last year. Interest expense was $0.9 million for the quarter, a decline of six percent compared to the third quarter of 2020.

The total non-interest income of the lender was reported at $7.53 million, versus $7.10 million, reported for the last fiscal. Non-interest expenses for the period moved up to $20.87 million from $19.30 million of last year.

Meanwhile, Sierra Bancorp recorded a net benefit related to loan and lease loss provision of $0.6 million in the third quarter of 2021, relative to a provision of $2.4 million in the third quarter of 2020.