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Local Banks Earn Recognition

Wed, 02 Sep 2009 01:47:00 GMT

Sep. 1--Two Kern County-based banks have landed on an industry newsletter's annual list of strong financial institutions, and two were separately recognized in U.S. Banker, a monthly trade magazine that published a list of the nation's 200 top community banks with assets of $2 billion or less.
Mission Bancorp, based in Bakersfield, ranked No.
Additionally, Sierra Bancorp, based in Porterville, came in 10th.

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Bank of the Sierra Reports 4th Quarter Loss

Tue, 27 Jan 2009 13:49:00 GMT

Jan. 27--Bank of the Sierra, through its holding company, reported a 4th-quarter loss Monday but remained profitable for 2008 as a whole.
The Porterville-based institution, which has a strong Kern County presence, lost $1.9 million, or 19 cents per basic share, on assets of $1.3 billion.
The quarterly loss compares to earnings of $4.9 million a year earlier.

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Brother, Can You Spare a Dime?: Many Valley Banks Are Getting a Piece of the Federal Bank Bailout, While Others Say 'No Thanks.'

Sun, 04 Jan 2009 13:52:00 GMT

Jan. 4--The big-name national banks aren't the only ones lining up on the steps of the U.S. Treasury.
Many of the banks doing business in the central San Joaquin Valley -- including some headquartered here -- are among the hundreds of financial institutions across the country applying for a slice of the $250 billion federal bank bailout.
Through Tuesday, more than 200 publicly and privately owned banks had received approval in the Capital Purchase Program to swap preferred shares of their stock for Treasury Department cash.

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Capital Corp, Parent of Merced's County Bank, Seeking Help From Federal Bailout Fund: The Banking Company Also Needs More Time for Quarterly Report.

Fri, 14 Nov 2008 16:47:00 GMT

Nov. 14--Capital Corp of the West, parent of County Bank, expects to post a $2.7 million loss for its third quarter and plans to apply for help under the $700 billion federal bailout plan, CEO Richard Cupp said Thursday.
"It's a continued weakness in property values across all sectors in the Valley," Cupp said.
Capital Corp is expecting the loans to cost it $7.5 million in the third quarter, which ended Sept. 30, and $22.8 million for the past nine months.

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Sierra Bancorp to Raise $21.3 Million in Private Placement of Common Stock to Institutional Investors

Fri, 28 Aug 2009 00:56:00 GMT

Sierra Bancorp , the bank holding company for Bank of the Sierra, today announced that it has entered into a purchase agreement with select institutional investors pursuant to which it will raise $21.3 million in a private placement of its common stock.[More...]

Sierra Bancorp Reports Quarterly and Year-to-Date Earnings

Mon, 20 Jul 2009 18:48:00 GMT

PORTERVILLE, Calif., July 20 /PRNewswire-FirstCall/ -- Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced its financial results for the quarter and the six months ended June 30, 2009.
Net income for the quarter was $2.6 million, which is 43% lower than net income in the second quarter of 2008.
Notable balance sheet changes from December 31, 2008 to June 30, 2009 include the following: Core deposit balances, defined as all deposits except brokered deposits and time deposits of $100,000 or greater, increased $29 million, or 4%, with most of the increase occurring in the second quarter; wholesale-sourced brokered deposits declined by $68 million, or 58%, while CDARS deposits increased by $27 million, or 24%, and other customer time deposits of $100,000 or greater increased by $26 million, or 14%; and Federal Home Loan Bank (FHLB) borrowings were reduced by over $50 million, or 56%.

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Sierra Bancorp Reports Quarterly and Year-to-Date Earnings

Mon, 20 Jul 2009 10:45:00 GMT

PORTERVILLE, Calif., July 20 /PRNewswire-FirstCall/ -- Sierra Bancorp , parent of Bank of the Sierra, today announced its financial results for the quarter and the six months ended June 30, 2009.
Net income for the quarter was $2.6 million, which is 43% lower than net income in the second quarter of 2008.
Notable balance sheet changes from December 31, 2008 to June 30, 2009 include the following: Core deposit balances, defined as all deposits except brokered deposits and time deposits of $100,000 or greater, increased $29 million, or 4%, with most of the increase occurring in the second quarter; wholesale-sourced brokered deposits declined by $68 million, or 58%, while CDARS deposits increased by $27 million, or 24%, and other customer time deposits of $100,000 or greater increased by $26 million, or 14%; and Federal Home Loan Bank (FHLB) borrowings were reduced by over $50 million, or 56%.

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Sierra Bancorp Declares Quarterly Cash Dividend

Fri, 17 Jul 2009 10:44:00 GMT

Sierra Bancorp , parent of Bank of the Sierra, today announced that its Board of Directors declared a regular quarterly cash dividend of $0.10 per share, subsequent to the Board's review of the Company's preliminary financial results for the second quarter of 2009. The dividend is based on the Company's achievement of financial results consistent with internal projections, and is the same as paid last quarter on a per-share basis. The dividend will be paid on August 14, 2009 to shareholders of record as of July 31, 2009.Sierra Bancorp is the holding company for Bank of the Sierra , which is in its 32nd year of operations and is the largest independent bank headquartered in the South San Joaquin Valley. The Company has $1.3 billion in total assets with 23 branch offices, an agricultural credit center, an SBA center, an online 'virtual' branch, and over 400 employees.The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the bank's ability to maintain current dividend payments or increase dividend payouts to shareholders, its ability to continue to generate record financial results, changes in economic conditions, interest rates and loan portfolio performance, and other factors detailed in the Company's SEC filings. Sierra Bancorp undertakes no responsibility to update or revise any forward-looking statements.Website Address: www.sierrabancorp.com[More...]

Sierra Bancorp Announces Voting Results From 2009 Annual Meeting

Wed, 24 Jun 2009 10:44:00 GMT

Sierra Bancorp , parent of Bank of the Sierra, today announced that the incumbent directors on the Company's 2009 ballot were re-elected by an overwhelming 83% majority of shares voted. Albert L. Berra, Vincent L. Jurkovich, and Gordon T. Woods were all elected to continue to serve as directors of the Company until the 2011 annual meeting of shareholders. Robert H. Tienken, whose name was also on the ballot and received a majority of votes, retired prior to the election date for health reasons and passed away on May 12, 2009. The terms of the following directors, who were re-elected last year, will continue until the 2010 shareholders meeting: Morris A. Tharp, James C. Holly, Robert L. Fields, and Lynda B. Scearcy.[More...]

Sierra Bancorp Ranks 4th Nationally Among Community Banks

Fri, 12 Jun 2009 09:56:00 GMT

Sierra Bancorp today announced it has been ranked as the 4th best performing community bank in the nation with assets over $1 billion, based on three-year average Return on Equity . The rankings were published in U.S. Banker magazine's June 2009 edition as part of an annual listing of the top-performing financial institutions in the country.[More...]

Sierra Bancorp Reports Quarterly Earnings - Apr 20 2009 1:55PM

Mon, 20 Apr 2009 17:50:00 GMT

PORTERVILLE, Calif., April 20 /PRNewswire-FirstCall/ -- Sierra Bancorp , parent of Bank of the Sierra, today announced its financial results for the quarter ended March 31, 2009.
Notable balance sheet changes during the first quarter of 2009 include an increase of $58 million, or 6%, in branch deposit balances, a $24 million decline in wholesale-sourced brokered deposits, a $55 million drop in Federal Home Loan Bank (FHLB) borrowings, a $17 million drop in cash and due from banks, and an increase of $15 million in non-performing assets.
The increase in non-performing assets was due primarily to an $11 million real estate loan that was placed on non-accrual during the quarter, although the loan is well-collateralized based on current appraisals.

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Sierra Bancorp Reports Quarterly Earnings

Mon, 20 Apr 2009 17:38:00 GMT

Sierra Bancorp , parent of Bank of the Sierra, today announced its financial results for the quarter ended March 31, 2009. Net income for the quarter was $2.7 million, resulting in a 10.03% return on average equity and a 0.83% return on average assets, which management expects will compare favorably to peer financial institutions. Net income and diluted earnings per share improved substantially from the fourth quarter of 2008, but declined relative to the year-ago quarter mainly due to a higher loan loss provision and higher non-interest expenses. Notable balance sheet changes during the first quarter of 2009 include an increase of $58 million, or 6%, in branch deposit balances, a $24 million decline in wholesale-sourced brokered deposits, a $55 million drop in Federal Home Loan Bank borrowings, a $17 million drop in cash and due from banks, and an increase of $15 million in non-performing assets. The increase in non-performing assets was due primarily to an $11 million real estate loan that was placed on non-accrual during the quarter, although the loan is well-collateralized based on current appraisals.[More...]

Sierra Bancorp Declares Quarterly Cash Dividend

Fri, 17 Apr 2009 20:53:00 GMT

Sierra Bancorp to Present at the Sandler O'Neill West Coast Financial Services Conference

Wed, 25 Feb 2009 20:13:00 GMT

Sierra Bancorp today announced James C. Holly, President and Chief Executive Officer of Sierra Bancorp, will participate in a panel discussion at the Sandler O'Neill West Coast Financial Services Conference in San Francisco, California on Tuesday, March 3, 2009. Mr. Holly will be part of the Central Valley Banks Panel, scheduled to commence at 10:45 a.m. Pacific Standard Time and lasting for approximately one hour.[More...]