Sierra Bancorp Reports Second Quarter Earnings - Correction

PORTERVILLE, Calif., July 20 /PRNewswire-FirstCall/ -- Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, has corrected the "Performing TDR" numbers disclosed in its earnings release dated July 19, 2010.  If the Bank grants a concession to a borrower in financial difficulty, the loan falls into the category of a troubled debt restructure (TDR).  TDR's are deemed to be impaired loans, and are further classified as either nonperforming or performing loans depending on their accrual status.  Performing TDR's are those on which we are still accruing interest.  

The balance of performing TDR's as of the respective reporting dates was originally disclosed as follows:

The corrected balance of performing TDR's as of the respective reporting dates is as follows:

The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company.  Readers are cautioned not to unduly rely on forward looking statements.  Actual results may differ from those projected.  These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and California economies, the Company's ability to attract and retain skilled employees, customers' service expectations, the Company's ability to successfully deploy new technology, the success of branch expansion, changes in interest rates, loan portfolio performance, the Company's ability to secure buyers for foreclosed properties, and other factors detailed in the Company's SEC filings.

Website Address:  www.sierrabancorp.com

SOURCE Sierra Bancorp

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED