Bank of the Sierra Announces Revised Third and Fourth Quarter Earnings Results.Business Editors PORTERVILLE, Calif.--(BUSINESS WIRE)--Feb. 20, 2001 Bank of the Sierra (Nasdaq:BSRR BSRR Birmingham Southern Railroad (Alabama) ) announced today that it has revised its previously reported third quarter results of operations, and its previously announced fourth quarter results of operations to reflect changes in the Bank of the Sierra's earnings resulting from an accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. error in the accounting subsystem A unit or device that is part of a larger system. For example, a disk subsystem is a part of a computer system. A bus is a part of the computer. A subsystem usually refers to hardware, but it may be used to describe software. for mortgage loans which impacted the Bank's third and fourth quarter operating results. Net income for the quarter ended December 31, 2000 was $1.5 million, a decrease of $0.45 million from the amount previously announced for this period. This compares with net income of $1.9 million for the fourth quarter of 1999. Net income for the quarter ended September 30, 2000 was $1.4 million, a decrease of $0.49 million from the amount previously reported for this period. Net income per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share was $0.16 for the fourth quarter ended December 31, 2000, a decrease of $0.05 per diluted share from the amount previously announced for this period. Net income per diluted share was $0.16 for the quarter ended September 30, 2000, a decrease of $0.05 per diluted share from the amount previously reported for this period. Net interest income before provision for loan losses for the quarter ended December 31, 2000 was $7.6 million, a decrease of $0.98 million from the amount previously reported for this period. This compares with net interest income before provision for loan losses of $6.0 million for the fourth quarter of 1999. Net interest income before provision for loan losses for the quarter ended September 30, 2000 was $7.9 million, a decrease of $0.85 million from the amount previously reported for this period. Bank of the Sierra's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average common equity was 15.26% for the quarter ended December 31, 2000, a decrease of 4.02% from the amount previously announced for this period. This compares with annualized return on average common equity of 20.64% for the quarter ended December 31, 1999. Annualized return on average common equity was 14.34% for the quarter ended September 30, 2000, a decrease of 5.42% from the amount previously reported for this period. Annualized return on average assets was 0.99% for the three months ended December 31, 2000, a decrease of 0.29% from the amount previously announced. This compares with annualized return on average assets of 1.66% for the fourth quarter of 1999. Annualized return on average assets was 0.92% for the three months ended September 30, 2000, a decrease of 0.34% from the amount previously announced. Bank of the Sierra's total assets at December 31, 2000 were $607 million, the same as previously announced. Total assets at September 30, 2000 were $607 million, a decrease of $1 million from the amount previously announced. The Bank's assets increased by 32.5% since December 31, 1999 when total assets were $458 million, which increase in assets resulted primarily from the Bank's acquisition of the former Sierra National Bank and its four branches in May 2000 which acquisition increased the Bank's assets by approximately $87 million. Total deposits increased slightly by 0.96% to $528 million at December 31, 2000 compared with $523 million at September 30, 2000. Total deposits were $386 million at December 31, 1999 representing a 36.79% increase in deposits for the year ended December 31, 2000. For the year ended December 31, 2000, Bank of the Sierra had net income of $5.5 million as compared to $5.6 million for the year ended December 31, 1999. The Bank's return on average assets of $573.2 million for the year ended December 31. 2000 was 0.96%, a decrease of 0.17% from the amount previously announced. This compares to average assets of $420.7 million, or a return on average assets of 1.33% for the year ended December 31, 1999. The Bank's return on average equity for the year ended December 31, 2000 was 14.29%, a decrease of 2.16% from the amount previously announced for this period. This compares to a return on average equity of 16.24% for the year ended December 31, 1999. Bank Of The Sierra has filed an amendment to its Form 10-Q Form 10-Q See 10-Q. with the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. , the Bank's primary federal regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. , for the quarter ended September 30, 2000 which amendment reflects the changes in earnings a set forth above. Bank of the Sierra is the largest independent bank headquartered in the South San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes , with Total Assets over $600,000,000. The Bank operates sixteen branch offices as well as five real estate centers, two agricultural credit centers and a bank card center. More information about Bank of the Sierra is available on the Bank's web site, www.bankofthesierra.com. This press release includes audited Fourth Quarter and revised unaudited Third Quarter financial data concerning the Bank's consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. and statements of income. In addition, it includes audited year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. information for the period ended December 31, 2000. For detailed, audited financial data, the reader should refer to the Bank's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . This press release may include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve inherent risks and uncertainties. Bank of the Sierra cautions readers that a number of important factors could cause actual results to differ materially from those in any forward-looking statements. These factors include economic conditions and competition in the geographic and business areas in which Bank of the Sierra operates, inflation or deflation deflation: see inflation. deflation Contraction in the volume of available money or credit that results in a general decline in prices. A less extreme condition is known as disinflation. , fluctuations in interest rates, legislation and governmental regulation. Additional risk factors are discussed in the Bank's Annual Report on Form 10-K. |
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