TRUCKEE, Calif. - Earnings at Sierra Tahoe Bancorp, a major West Coast Small Business Administration lender, rose 11% in 1994 to $3 million.
Fourth quarter net income totaled $1,043,000, a gain of $36.000 from the year-earlier period.
"We were pleased with our 1994 results, achieved during a very challenging year for the company," said William T. Fike, president and chief executive. "Our growth reflected higher net interest income, the result of an increase in earning assets, and a lower provision for loan losses, as our credit quality continues to improve.
Mr. Fike said SBA loan volume increased 9% in 1994 to $38.2 million.
Sierra Tahoe is the holding company for Truckee River Bank, and Sierra Bank of Nevada in Reno.