Sierra Bancorp, parent of Bank of the Sierra, recently reported income losses for its quarter and year.
The bank has branches in Santa Barbara County.
Compared to the fourth quarter of 2022, Sierra Bancorp’s net income decreased 26% ($2.5 million), and compared to the year, net income decreased by 22% ($9.4 million), according to the company.
The numbers are unaudited financial results for the three-month and 12-month periods ending Dec. 31.
Although its net income may have decreased, Sierra bancorp’s total assets increased 7% ($237.6 million), and its investment securities increased 31% ($298.5 million).
Kevin McPhaill, President and CEO, summarized the year. “As we exit 2022, we are very proud of the accomplishments made by our banking team. We successfully grew both loans and deposits while navigating a challenging rate environment — not an easy task for most financial institutions.
“As a community bank, we demonstrate our commitment to all our markets every day and are grateful for the positive response from our loyal customers,” he said in a statement. “We look forward to opportunities in the coming year and will continue to work closely with our communities and customers to help us all thrive in 2023 and beyond!”
— Caleb Beeghly