PORTERVILLE, Calif.–(BUSINESS WIRE)–Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced its unaudited financial results for the quarter ended March 31, 2023. Sierra Bancorp reported consolidated net income of $8.8 million, or $0.58 per diluted share, for the first quarter of 2023 compared to $7.4 million, or $0.49 per diluted share, in the first quarter of 2022. The favorable variance in net income came largely from a $3.4 million increase in net interest income. The Company’s return on average assets and return on average equity were 0.97% and 11.53%, respectively, in the first quarter of 2023 as compared to 0.88% and 8.64%, respectively, in the first quarter of 2022.
Highlights for the first quarter of 2023:
Solid Earnings
Net Income of $8.75 million, up 23% versus the fourth quarter of 2022 (the prior linked quarter).
Improved Return on Average Assets to 0.97% from 0.79% in the prior linked quarter.
Increased Return on Average Equity to 11.53% from 9.62%
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