Bank of the Sierra Announces Second Quarter Earnings; Quarter to Quarter Comparison.Business Editors PORTERVILLE, Calif.--(BUSINESS WIRE)--Aug. 15, 2000 James C. Holly, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bank of the Sierra (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BSRR BSRR Birmingham Southern Railroad (Alabama) ), today announced net income of $2.4 million, or $0.25 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, for the six months ended June 30, 2000. This compares with net income of $2.4 million, or $0.24 per diluted share, for the prior year's second quarter. Net interest income of $12.9 million for the six months ended June 30, 2000 reflected an increase of 17.3% as compared with $11.0 million for the second quarter of 1999. The increase in net interest income for the current three month period was primarily due to greater loan volumes having to do with the recent acquisition of Sierra National Bank, Jim Holly noted. Total assets increased approximately 47% to $606 million at June 30, 2000, compared with $415 million at June 30, 1999. Total deposits increased 56% to $552 million at June 30, 2000, compared with $354 million at June 30, 1999. The increase during the Second Quarter was due primarily to the implementation of new deposit gathering initiatives, along with the deposit growth of our new Kern Kern, river, 155 mi (249 km) long, rising in the S Sierra Nevada Mts., E Calif., and flowing south, then southwest to a reservoir in the extreme southern part of the San Joaquin valley. The river has Isabella Dam as its chief facility. County branches. Bank of the Sierra's return on average common equity was 13.54% for the Second Quarter of the year, as compared to 13.89% for the second quarter of 1999. Return on average assets was .90% for the six months ended June 30, 2000, compared with 1.18% for the second quarter of 1999. Delinquent loans as a percentage of total loans receivable were 1.84% at June 30, 2000, compared with 1.74% at June 30, 1999. Non-performing assets were .61% of total assets at June 30, 2000, as compared to 1.08% at June 30, 1999. Bank of the Sierra's loan loss reserves were at 1.16% of net loans at June 30, 2000, a slight decrease from 1.21% at June 30, 1999. Bank of the Sierra is the largest independent bank headquartered in the South Valley, with Total Assets over $606,000,000. The Bank operates sixteen branch offices as well as five real estate centers, three 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 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 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. . |
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