Why Sierra Bancorp Stock Zoomed 12% Higher This Week
California-based lender Sierra Bancorp (NASDAQ: BSRR) had a fine stretch on the stock exchange over the past five trading days, thanks largely to rather encouraging quarterly fundamentals. According to data compiled by S&P Global Market Intelligence, the regional bank saw a more than 12% improvement in its share price over the course of the trading week.
Sierra's second quarter saw the bank earn $37.8 million in revenue, which was 4% higher on a year-over year basis. That was on the back of a nearly 7% improvement in net loans, and incremental growth in deposits. On the bottom line, the company's net income also crept north. It rose by 3% to hit nearly $10.3 million, or $0.71 per share.
In its earnings release, Sierra quoted CEO Kevin McPhaill as saying that "Our expanding and diversified banking teams continue to strengthen existing customer relationships while also bringing new relationships to the Bank."
Source Fool.com
