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:
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|
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(in $000's,
unaudited)
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End of Period:
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|
|
6/30/2010
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12/31/2009
|
6/30/2009
|
|
|
Performing TDR's (not incl. in
NPA's)
|
$15,307
|
$28,024
|
$ -
|
|
|
|
|
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The corrected balance of performing TDR's as of the respective
reporting dates is as follows:
|
|
|
(in $000's,
unaudited)
|
End of Period:
|
|
|
6/30/2010
|
12/31/2009
|
6/30/2009
|
|
|
Performing TDR's (not incl. in
NPA's)
|
$17,972
|
$28,024
|
$2,003
|
|
|
|
|
|
|
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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