James C. Holly, President & CEO of Sierra Bancorp and its wholly-owned subsidiary, Bank of the Sierra, today announced consolidated net income of $2.5 million, or $0.25 per diluted share, for the quarter ended March 31, 2003.  This is the highest quarterly net income ever achieved by Sierra Bancorp, and represents a 13.1% increase over earnings of $2.2 million, or $0.23 per diluted share, for the first quarter of 2002.   Sierra Bancorp’s return on average assets and return on average equity were 1.46% and 18.76% for the first quarter of 2003, compared to 1.35% and 18.58% for the comparable period in the prior year.  “When viewed together with the results of operations for the past several years, this performance is further evidence of our unswerving efforts to provide the highest return to our shareholders consistent with sound banking practices,” declared Mr. Holly.

Posted: 6/4/03 - CEOCFOinterviews.com
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