Bank of the Sierra Announces a 26.9% Increase in Second Quarter Earnings -- Quarter to Quarter Comparison --.Business Editors PORTERVILLE, Calif.--(BUSINESS WIRE)--July 24, 2001 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 consolidated net income of $1.60 million, or $0.17 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 June 30, 2001. This compares with net income of $1.26 million, or $0.13 per diluted share, for the second quarter of the previous year. The increase in earnings for the comparable period is 26.9%. Year to date earnings for the six months ending 6-30-00 was $2.7 million, or $0.29 per diluted share, compared to earnings of $2.4 million, or $0.26 per diluted share, for the six months ending 6-30-00 which represents a 12% increase. Total assets were reduced slightly to $590 million at June 30, 2001 from $599 million at March 31, 2001, as part of the Bank's overall growth and capital plans for the year 2001. At June 30, 2000 total Bank assets were $607 million, reflecting a reduction of less than 3% over the past year. "We have been continuing to strengthen our balance sheet and improve our capital ratios over the past year," Holly said. "The continued rate reductions by the Fed have placed more pressure on the Bank's net interest margin, and will require us to operate more efficiently with our expanded branch network," he concluded. Cash earnings per share, defined as earnings before amortization of intangibles, for the second quarter of 2001 and the comparable period of 2000 were $1.7 million and $1.3 million, respectively, or $0.18 and $0.14 per share. 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 assets and return on average equity were 1.07% and 15.26% for the second quarter of 2001 as compared to .93% and 13.54%, respectively, for the second quarter of 2000. The Bank's allowance for loan losses stood at $5.4 million, or 1.30% of outstanding gross loans at June 30, 2001, as compared to $4.7 million and 1.15% of such loans at the end of the second quarter 2000. Non-performing assets totaled $7.2 million at June 30, 2001 as compared to $3.7 million at June 30, 2000. "Asset quality continues to be one of our concerns in the Bank," Holly noted, "in light of significant changes in the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). economy." The Bank's capital at June 30, 2001 was $4.33 million as compared to $38.0 million at June 30, 2000. Book value and tangible book value per share totaled $4.66 and $4.07 at June 30, 2001, while the Bank's risk based capital ratio was 9.68% as of the same date. 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 $589,000,000. 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 unaudited 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 which may differ somewhat from audited annual statements filed with the Bank's regulators and licensing entities. 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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