Sierra Bancorp (BSRR) has reported 12.76 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $4.55 million, or $0.32 a share in the quarter, compared with $4.04 million, or $0.30 a share for the same period last year.

Revenue during the quarter grew 12.27 percent to $22.02 million from $19.61 million in the previous year period. Net interest income for the quarter rose 10.24 percent over the prior year period to $16.88 million. Non-interest income for the quarter rose 19.54 percent over the last year period to $5.13 million.

Net interest margin contracted 6 basis points to 3.90 percent in the quarter from 3.96 percent in the last year period. Efficiency ratio for the quarter deteriorated to 69.21 percent from 66.93 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

"Our bankers continue to focus on tangible results throughout all of our markets, with a commitment to provide our customers the very best banking experience possible," stated Kevin McPhaill, president and chief executive officer. "While a market-driven reduction in mortgage warehouse balances resulted in a drop in total assets during the first quarter, it was the exceptional commitment of our team that led to strong organic growth in real estate and agricultural loans as well as a solid increase in core deposits,” he added. "As a dynamic, growing community bank we recognize the importance of continuing to leverage our capital and enhance value for our shareholders, customers, employees and communities. This is a vision that has guided our actions for nearly four decades and continues to direct us today," concluded McPhaill.

Deposits stood at $1,720.42 million as on Mar. 31, 2017, up 15.61 percent compared with $1,488.09 million on Mar. 31, 2016.

Loans to deposits ratio was 71.80 percent for the quarter, down from 73.50 percent for the previous year quarter.

Noninterest-bearing deposit liabilities were $504.25 million or 29.31 percent of total deposits on Mar. 31, 2017, compared with $432 million or 29.03 percent of total deposits on Mar. 31, 2016.

Investments stood at $551.26 million as on Mar. 31, 2017, up 5.48 percent or $28.65 million from year-ago. Shareholders equity was at $210.42 million as on Mar. 31, 2017.

Return on average assets moved up 1 basis points to 0.94 percent in the quarter from 0.93 percent in the last year period. At the same time, return on average equity increased 44 basis points to 8.85 percent in the quarter from 8.41 percent in the last year period.

Nonperforming assets moved down 23.71 percent or $2.52 million to $8.09 million on Mar. 31, 2017 from $10.61 million on Mar. 31, 2016.

Equity to assets ratio was 10.50 percent for the quarter, down from 11 percent for the previous year quarter. Book value per share was $15.21 for the quarter, up 3.89 percent or $0.57 compared to $14.64 for the same period last year.