Bank of the Sierra Announces Third Quarter Earnings Quarter to Quarter Comparison.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)--Oct. 15, 1999-- James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States 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 $1.38 million, or $0.14 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, 1999. This compares with net income of $1.19 million, or $0.12 per diluted share, for the second quarter of the year and $1.12 million for the prior year's third quarter. Net interest income of $5.819 million for the three months ended September 30, 1999 reflected an increase of 4.58% as compared with $5.564 million for the second quarter of the year and $4.998 million for the third quarter of 1998. The increase in net interest income for the current three month period was primarily due to a greater volume of outstanding loans, Jim Holly noted. Total assets increased approximately 5.77% to $440 million at September 30, 1999, as compared with $416 million at June 30, 1999 and $395 million at September 30, 1998. Total deposits increased 8.47% to $384 million at September 30, 1999, compared with $354 million at June 30, 1999 and $343 million at September 30, 1998. The increase during the third quarter was due to increased deposit levels at new branch offices opened over the last year. Bank of the Sierra's return on average common equity was 15.67% for the third quarter of the year, as compared to 13.89% for the second quarter of 1999 and 12.93% for the third quarter of 1998. Return on average assets was 1.29% for the three months ended September 30, 1999, compared with 1.18% for the second quarter of 1999 and 1.09% for the third quarter of 1998. 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 1.28% at September 30, 1999, compared with 1.88% at June 30, 1999 and 1.71% at September 30, 1998. Non-performing assets were 0.74% of total assets at September 30, 1999, as compared to 1.08% at June 30, 1999 and 1.01% at September 30, 1998. Bank of the Sierra's loan loss reserves were at 1.09% of gross loans at September 30, 1999, moderately lower than 1.19% at June 30, 1999 and slightly lower than the 1.36% reported at September 30, 1998. Bank of the Sierra is the largest independent bank headquartered in the South Valley, with Total Assets over $440,000,000. The Bank operates twelve branch offices as well as five real estate centers, three agricultural credit centers and a bank card center. The Bank recently opened its twelfth branch, located in Fresno, in September 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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