Sierra Bancorp announced net income of $9.1 million for the first quarter of 2025, resulting in $0.65 per diluted share. Net interest income increased by $1.4 million, or 5.0%, year-over-year to $30.1 million.
The bank's net interest margin expanded by 12 basis points, reaching 3.74%, driven by lower costs on deposits and borrowings and an increased yield on the loan portfolio. Noninterest expense saw a significant reduction, decreasing by $2.1 million, or 9.0%, year-over-year.
Total assets decreased slightly by $8.1 million, or 0.2%, to $3.60 billion at March 31, 2025, compared to December 31, 2024. Total nonperforming assets decreased by $1.5 million, or 7.0%, to $18.2 million, while the Allowance for Credit Losses on loans increased to $27.1 million from $24.8 million.
The bank's leverage ratio stood at 12.11% at March 31, 2025, exceeding the 9.0% requirement for being considered well-capitalized. These results indicate the company's ability to manage funding costs and operational expenses effectively while maintaining strong capital levels.
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