Sierra Bancorp Reports Strong Financial Results for Q4 2024 and Full Year; Net Income Surges

Sierra Bancorp (NASDAQ: BSRR) has recently disclosed its unaudited financial results for the quarter and year ending December 31, 2024, through a press release issued on January 27, 2025. The parent company of Bank of the Sierra reported consolidated net income of $10.4 million in Q4 2024, showcasing a significant improvement compared to $6.3 million in the same period in 2023. The diluted earnings per share for the quarter stood at $0.72, marking a notable increase of 68% from $0.43 in Q4 2023.

Key highlights of the fourth quarter of 2024 included enhanced performance metrics, with the return on average assets improving to 1.13%, return on average equity increasing to 11.49%, and net interest margin rising to 3.65%. Loan growth was noted at $11.3 million for the quarter, totaling a 2% annualized increase. For the entire year of 2024, loans saw a growth of 12%, amounting to $242.7 million, reaching $2.3 billion. Deposits for the full year saw a $130.4 million increase, totaling $2.9 billion, with noninterest-bearing deposits accounting for 35% of the total deposits.

Sierra Bancorp showcased sturdy capital and liquidity positions, with the Community Bank Leverage Ratio increasing to 11.80% and the consolidated Tangible Common Equity Ratio rising to 9.18% as of December 31, 2024. This robust financial standing was further demonstrated by an increase in the Tangible Book Value (non-GAAP) per share to $23.15 during the quarter.

For the full year 2024, Sierra Bancorp recognized a net income of $40.6 million, translating to $2.82 per diluted share, in comparison to $34.8 million in the same period of 2023. The return on average assets and return on average equity for the year also witnessed improvements.

Kevin McPhaill, CEO and President of Sierra Bancorp, expressed satisfaction with the strong net income growth and performance metrics achieved in 2024 despite challenges faced. He highlighted the continuous efforts to enhance the bank’s services and results while expressing positive anticipation for 2025.

The company’s asset quality was outlined, showcasing a comprehensive overview of nonperforming assets and the allowance for credit losses. Additionally, Sierra Bancorp’s liquidity and capital positions were reported with substantial liquidity evident.

Sierra Bancorp, celebrating its 48th year of operations, remains focused on offering a broad range of retail and commercial banking services through its branches. It continues to maintain a robust financial position and emphasizes community-centric banking practices.

The financial results stand as a testament to Sierra Bancorp’s resilience and prudent financial management amidst the dynamic economic landscape.

The releasing of these numbers depicts Sierra Bancorp’s steady growth and strategic positioning in the banking sector. Investors and stakeholders closely monitor such reports for insights into the company’s financial health and performance in the market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sierra Bancorp’s 8K filing here.

About Sierra Bancorp

Sierra Bancorp operates as the bank holding company for Bank of the Sierra that provides retail and commercial banking services to individuals and businesses in California. It accepts various deposit products, such as checking accounts, savings accounts, money market demand accounts, time deposits, retirement accounts, and sweep accounts.