Bank of the Sierra Announces Third Quarter Earnings - Quarter to Quarter Comparison -.Business Editors PORTERVILLE, Calif.--(BUSINESS WIRE)--Oct. 30, 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: BSRR BSRR Birmingham Southern Railroad (Alabama) ), today announced net income of $1.93 million, or $0.19 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 three months ended September 30, 2000. This compares with net income of $1.26 million, or $0.13 per diluted share, for the second quarter of the year and $1.38 million for the prior year's third quarter. Net interest income of $8.73 million for the three months ended September 30, 2000 reflected an increase of 27.1% as compared with $6.87 million for the second quarter of the year and $5.82 million for the third quarter of 1999. The increase in net interest income for the current three month period was primarily due to a greater volume of earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin after the second quarter acquisition of the former Sierra National Bank, Jim Holly noted. Total assets increased approximately .2% to $608 million at September 30, 2000, as compared with $607 million at June 30, 2000 and $440 million at September 30, 1999. Total deposits decreased 5.3% to $523 million at September 30, 2000, compared with $552 million at June 30, 2000 and $384 million at September 30, 1999. The modest growth in total assets during the third quarter is part of the Bank's overall capital plan for the year 2000, in light of the recent acquisition of the four branch 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 system. Changes in deposit volumes between the second and third quarters are not due to loss of customers due to the acquisition, but rather U.S. government repatriation Repatriation The process of converting a foreign currency into the currency of one's own country. Notes: If you are American, converting British Pounds back to U.S. dollars is an example of repatriation. of water district funds, coupled with the utilization of deposits for a construction project recently undertaken by a large commercial customer, Mr. Holly said. Bank of the Sierra's return on average common equity was 19.76% for the third quarter of the year, as compared to 13.54% for the second quarter of 2000 and 15.70% for the third quarter of 1999. Return on average assets was 1.26% for the three months ended September 30, 2000, compared with .93% for the second quarter of 2000 and 1.27% for the third quarter of 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 1.10% at September 30, 2000, compared with 1.84% at June 30, 2000 and 1.28% at September 30, 1999. Non-performing assets were 0.42% of total assets at September 30, 2000, as compared to 0.61% at June 30, 2000 and 0.74% at September 30, 1999. Bank of the Sierra's loan loss reserves were at 1.24% of gross loans at September 30, 2000, moderately higher than 1.15% at June 30, 2000 and 1.09% reported at September 30, 1999. Since December 31, 1999, the Bank's assets have grown from $458 million to $608 million at the end of the third quarter, September 30, 2000, an increase of about 32.8%. For the year ended December 31, 1999, the Bank's return on average assets was 1.33% and its return on average equity was 16.24%, as compared to 1.07% and 15.33%, respectively, for the year to date period ended September 30, 2000. Bank of the Sierra is the largest independent bank headquartered in the South Valley, 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 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 or 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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