Sierra Bancorp Q2 EPS Misses Slightly, But H1 Profit Jumps 20% on Margin Expansion
BSRR sits 58% above its 52-week low of $26.49.
Summary
Sierra Bancorp reported Q2 net income of $9.9M, or $0.77 per share, down from $10.6M a year ago, missing the prior-year quarter by a penny. The dip was driven by a $2.5M specific reserve on a single agricultural loan and $0.5M in severance costs from an executive restructuring. For the first half, net income rose 14% to $22.4M, with EPS up 20% to $1.72, supported by a four-basis-point expansion in net interest margin to 3.75% and an efficiency ratio improvement to 57.7%. Deposits grew $54.6M from year-end, and the cost of deposits fell to 1.11%. Tangible book value per share climbed to $26.19. CEO Kevin McPhaill highlighted a significant loan pipeline surge and expects net loan growth in the second half. The results follow a strong Q1 and a recent dividend increase to $0.27 per share.
At the time of this announcement, BSRR was trading at $41.88 on NASDAQ in the Finance sector, with a market capitalization of approximately $547.8M. The 52-week trading range was $26.49 to $43.13. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: BusinessWire.