Welcome to our dedicated page for Sierra Bancorp news (Ticker: BSRR), a resource for investors and traders seeking the latest updates and insights on Sierra Bancorp stock.
Sierra Bancorp (NASDAQ: BSRR) is a prominent bank holding company based in California. Founded in 1977, it operates as the parent company of Bank of the Sierra, the largest community bank headquartered in California's heartland. Over the decades, Sierra Bancorp has expanded its market reach to include Tulare, Kern, Kings, Fresno, Los Angeles, San Luis Obispo, Santa Barbara, and Ventura counties.
Offering a broad spectrum of retail and commercial banking services, Sierra Bancorp caters to both individuals and businesses. Their extensive range of deposit products includes checking accounts, savings accounts, money market demand accounts, time deposits, retirement accounts, and sweep accounts. On the lending side, they provide diverse options such as real estate loans, commercial loans (including small business), mortgage warehouse loans, agricultural loans, consumer loans, commercial construction loans, along with multifamily and agricultural credit facilities.
Sierra Bancorp's financial strength is rooted in sound banking practices, which have led to remarkable growth throughout its history. As a member of the FDIC, the company ensures adherence to stringent regulatory standards, commanding trust and reliability in the banking sector.
Latest Achievements and Projects:
- Continued expansion into new counties, bolstering their presence in California's financial landscape.
- Introduction of advanced online and mobile banking services to enhance customer convenience.
- Strong financial performance with robust lending activities supporting local businesses and communities.
For stockholders and potential investors, Sierra Bancorp represents a steadfast institution with a proven track record of growth and community service.
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.
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