Sierra Bancorp in Porterville, Calif., reported a dip in fourth-quarter earnings that it attributed Monday to bigger losses associated with foreclosed properties.
The $1.29 billion-asset company's quarterly earnings fell 54% from a year earlier, to $1.6 million, or 12 cents a share. Net losses on the disposition of other real estate owned totaled $1.1 million in the quarter, compared to $115,000 a year earlier. Nonperforming assets fell 8% from a year earlier, to $67 million.
For all of 2010, net income fell 17.5%, to $7.4 million.