Sierra Bancorp Q1 net income $9.3M ($0.64/sh), up 7% YoY; NIM improves to 3.62%

SIERRA BANCORP

2024-Q1 EPS reported $0.64

Net income of $9.3M ($0.64 diluted EPS) vs. $8.8M ($0.58) in Q1 2023, a 7% increase.
Net interest margin improved to 3.62% from 3.31% in prior quarter, aided by balance sheet restructuring.
Completed sale of $250.6M in low-yielding bonds; proceeds used to pay down borrowings and fund loan growth.
Loans grew $66.8M (13% annualized); deposits up $85.8M (12% annualized); nonperforming assets low at 0.66%.
Declared $0.23/sh dividend payable May 13, 2024; repurchased 178,937 shares in Q1.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SIERRA BANCORP reported the quarter ended March 31, 2024 results: net income $9.3 million, EPS $0.64 per diluted share.

Period: the quarter ended March 31, 2024
Net income: $9.3 million
EPS: $0.64 per diluted share
Result: reported results

Exact text from the filing

Sierra Bancorp reported consolidated net income of $9.3 million, or $0.64 per diluted share, for the first quarter of 2024

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Source: SEC EDGAR

accession 0001558370-24-005393

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