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 reports recurring developments for its community banking business as the parent of Bank of the Sierra. Company news centers on quarterly earnings, loan and deposit trends, regulatory capital measures, commercial real estate concentration, service-charge income, bank-owned life insurance income, and funding used in the bank’s mortgage warehouse business line.
The company’s updates also cover regular cash dividends, share repurchase authorizations, and branch-based retail and commercial banking activity across markets in California’s San Joaquin Valley, Central Coast, and surrounding counties. Reported banking services include deposit accounts, real estate and commercial lending, agricultural and consumer loans, an online branch, and specialized mortgage warehouse lending.
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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.