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.
Sierra Bancorp (Nasdaq: BSRR) has announced a quarterly cash dividend of $0.21 per share, marking a 5% increase from the previous quarter. This dividend will be paid on February 12, 2021, to shareholders of record as of January 29, 2021. With this declaration, the company continues its tradition of consistent dividend payments, now totaling 88 consecutive quarterly dividends since 1987. The increase reflects the Board’s confidence in the company's financial performance and capital position.
Sierra Bancorp (NASDAQ: BSRR) has appointed Susan M. Abundis and Julie Castle to its Board of Directors, effective immediately. Both will also serve on the Governance and Nominating Committee; Abundis on the Senior Loan Committee, while Castle will be on the Audit and Risk Committees. Abundis brings 40 years of banking experience, including roles at Bank of the West and Bank of America. Castle has over 35 years of experience, with previous positions at Rabobank and Wells Fargo. CEO Kevin McPhaill expressed enthusiasm for their leadership, aiming to enhance shareholder value.
Sierra Bancorp (Nasdaq: BSRR) reported a third-quarter 2020 net income of $10.4 million ($0.67 per diluted share), up from $9.0 million ($0.58 per diluted share) in Q3 2019. The return on average equity increased to 12.34% from 11.78%, driven by higher net interest income and noninterest income, despite a higher provision for loan losses. Year-to-date net income is $26.5 million, down slightly from $26.7 million in 2019. Total assets grew by 23% to $3.2 billion, with total deposits increasing 20%.
Sierra Bancorp (Nasdaq: BSRR) has declared a quarterly cash dividend of $0.20 per share, effective November 12, 2020, to shareholders of record as of October 30, 2020. This announcement follows the Board's review of financial performance for the quarter ending September 30, 2020. Notably, this marks the Company's 87th consecutive quarterly dividend, showcasing its consistent commitment to returning value to shareholders since 1987. Sierra Bancorp is the parent of Bank of the Sierra, recognized as one of the strongest community banks, rated 5-stars by Bauer Financial.