PORTERVILLE, Calif. (AP) — PORTERVILLE, Calif. (AP) — Sierra Bancorp (BSRR) on Monday reported first-quarter net income of $12.5 million.
The Porterville, California-based bank said it had earnings of 96 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 82 cents per share.
The parent company of Bank of the Sierra posted revenue of $49.2 million in the period. Its revenue net of interest expense was $38.6 million, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $39.6 million.
Sierra Bancorp shares have increased 11% since the beginning of the year. The stock has increased 38% in the last 12 months.
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