Bank of the Sierra Announces Second Quarter Earnings.PORTERVILLE Porterville, city (1990 pop. 29,563), Tulare co., S central Calif., on the Tule River; founded 1859 on the old Los Angeles–San Francisco stage route, inc. 1902. , Calif.--(BUSINESS WIRE)--July 12, 1999-- 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:BSRR BSRR Birmingham Southern Railroad (Alabama) ) today announced net income of $2.4 million, or $0.24 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, 1999. This compares with net income of $2.3 million, or $0.23 per diluted share, for the prior year's comparable period. Net interest income of $11.0 million for the six months ended June 30, 1999 reflected a 3.8% increase, compared with $10.6 million for the same period in the prior year. "The increase in net interest income for the current six month period was primarily due to a lower level of interest expenses paid," Jim Holly noted. Total assets increased approximately 3.2% to $416 million at June 30, 1999, compared with $403 million at June 30, 1998. Total deposits increased .3% to $354 million at June 30, 1999, compared with $353 million for the six months ended June 30, 1998. The increase during the Second Quarter was due primarily to growth in the Bank's newer Tulare and Hanford offices. Bank of the Sierra's return on average common equity was 13.7% for the six months ended June 30, 1999, compared with 14.5% for the same period in 1998. Return on average assets remained the same period to period, 1.2% for the six months ended June 30, 1999. Delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loans as a percentage of total loans receivable were 1.7% at June 30, 1999, compared with 2.0% at June 30, 1998. Non-performing assets were 1.0% of total assets at June 30, 1999, as compared to 1.0% at June 30, 1998. Bank of the Sierra's loan loss reserves were at 1.1% of net loans at June 30, 1999, a decrease from 1.4% at June 30, 1998. Bank of the Sierra is the largest independent bank headquartered in the South Valley, with Total Assets over $416,000,000. The Bank operates eleven branch offices as well as five real estate centers, three ag credit centers and a bank card center. The Bank will open its twelfth branch, located in Fresno, in Summer 1999. 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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