Sierra Bancorp - BSRR STOCK NEWS

Sierra Bancorp (Nasdaq: BSRR) reported a consolidated net income of $8.8 million for Q1 2023, up 19% from $7.4 million in Q1 2022. The increase was driven by a $3.4 million boost in net interest income, totaling $28.1 million. The bank's return on average assets improved to 0.97% and return on average equity reached 11.53%. Notably, nonperforming assets plummeted 95% to 0.05% of total gross loans. Deposits grew by 16% annualized, totaling $2.9 billion. Capital ratios remained strong with a Community Bank Leverage Ratio of 10.7%. The board declared a cash dividend of $0.23 per share, marking the 97th consecutive dividend.

On April 21, 2023, Sierra Bancorp (NASDAQ: BSRR) announced a regular quarterly cash dividend of $0.23 per share. This decision follows the Board’s review of the company’s financial performance for the quarter ending March 31, 2023. The dividend will be distributed on May 12, 2023, to shareholders of record as of May 1, 2023. This announcement marks the company's 97th consecutive quarterly cash dividend, with dividends being paid since 1987. Sierra Bancorp is the parent company of Bank of the Sierra, the largest independent bank in the South San Joaquin Valley. The bank has been recognized for its strong performance, earning a 5-star rating from Bauer Financial in 2023.

Sierra Bancorp (BSRR) reported a net income of $7.1 million for Q4 2022, a 26% decrease from $9.6 million in Q4 2021, translating to $0.47 per diluted share. For 2022, net income totaled $33.7 million, down 22% from $43.0 million in 2021. The decline was largely due to a $14.5 million increase in the provision for credit losses. Despite challenges, loans and deposits grew, with total assets increasing by 7% to $3.6 billion. The return on average assets dropped to 0.79%, while return on average equity fell to 9.62%.

Sierra Bancorp (NASDAQ: BSRR) has declared a quarterly cash dividend of $0.23 per share, reflecting the company’s solid financial performance for the quarter ending December 31, 2022. This dividend will be paid on February 13, 2023, to shareholders on record as of January 31, 2023. Notably, this marks the company’s 96th consecutive quarterly dividend, further solidifying its commitment to returning value to shareholders. The Bank of the Sierra has a long history of consistent dividend payments, having paid regular dividends since 1987.

Sierra Bancorp (BSRR) reported a Q3 2022 net income of $9.9 million ($0.66/share), down from $10.6 million ($0.69/share) in Q3 2021. Year-to-date net income reached $26.5 million ($1.76/share), a decrease from $33.4 million ($2.17/share) in 2021, primarily due to a $4.4 million provision for credit losses. The net interest income rose to $28.9 million, driven by a higher interest margin. Total assets increased by 5% to $3.5 billion, with loans up by $30.6 million due to investment in high-quality mortgage pools. Deposits grew by 4% to $2.9 billion, indicating solid community banking performance.

Sierra Bancorp (NASDAQ: BSRR) announced a new share repurchase program, allowing the company to buy back up to 630,000 shares of common stock. This program starts after the current one ends on October 31, 2022, and runs until October 31, 2023. Additionally, the Board declared a quarterly cash dividend of $0.23 per share, to be paid on November 14, 2022, marking the 95th consecutive quarterly dividend. These moves aim to enhance shareholder value and reflect the company’s financial health amidst ongoing market conditions.

Sierra Bancorp (BSRR) reported Q2 2022 net income of $9.2 million ($0.61/share), a decline from $11.7 million ($0.76/share) in Q2 2021 but a 24% increase from Q1 2022. Year-to-date net income is $16.6 million compared to $22.8 million in 2021. Key metrics include a return on average equity of 10.10% and return on average assets of 0.98%. Net interest income fell 2% due to higher interest expenses from subordinated debt and rising rates. Noninterest income rose significantly, mainly from asset sales. The board declared a $0.23 dividend, marking its 94th consecutive payout.