Sierra Bancorp (BSRR) Reports Q1 EPS of $0.30

Sierra Bancorp (NASDAQ: BSRR) reported Q1 EPS of $0.30, versus $0.34 reported last year.

Total assets were down $32 million, or 2%, during the first three months of 2016. The drop in assets was due to a net decline of $39 million, or 3%, in gross loan balances and a reduction of $5 million, or 9%, in cash balances, partially offset by an increase of $15 million, or 3%, in investment securities. Loan growth was unfavorably impacted by a $27 million drop in outstanding balances on mortgage warehouse lines resulting from lower line utilization, and other loan categories also fell by a combined $12 million. Total nonperforming assets, including nonperforming loans and foreclosed assets, were reduced by $2 million, or 17%, during the first quarter. Total deposits were up $23 million, or 2%, due to a $29 million increase in core non-maturity deposits that was partially offset by a $5 million reduction in time deposits. Non-deposit borrowings were reduced by $55 million in the first quarter of 2016, due to deposit growth and loan runoff.

For earnings history and earnings-related data on Sierra Bancorp (BSRR) click here.

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