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SIERRA BANCORP Parent Company for Bank of the Sierra FOR IMMEDIATE RELEASE Date : Contact : Phone : Website Address : October 25 , 2021 Kevin McPhaill , President / CEO ( 559 ) 782-4900 or ( 888 ) 454 - BANK www.sierrabancorp.com Exhibit 99.1 SIERRA BANCORP ANNOUNCES QUARTERLY AND YEAR TO DATE EARNINGS Company Release - 10/25/2021 . • Completed $ 50.0 million issuance of ten - year fixed - to - floating subordinated debentures at 3.25 % during the quarter . Net income for the first nine months of 2021 increased $ 6.9 million , or 26 % , as compared to the same period in 2020 . Return on average assets for the first nine months of 2021 improved to 1.36 % , as compared to 1.26 % for the same period in 2020 . Deposit growth of $ 44.7 million , or 2 % , during the third quarter of 2021 and $ 196.0 million , or 7 % , for the first nine months of 2021 . PORTERVILLE , Calif― ( BUSINESS WIRE ) – Sierra Bancorp ( Nasdaq : BSRR ) , parent of Bank of the Sierra , today announced its unaudited financial results for the three - and nine - month periods ended September 30 , 2021. Sierra Bancorp reported consolidated net income of $ 10.6 million , or $ 0.69 per diluted share , for the third quarter of 2021 , compared to $ 10.4 million , or $ 0.67 per diluted share in the third quarter of 2020 . For the first nine months of 2021 , the Company recognized net income of $ 33.4 million , or $ 2.17 per diluted share , as compared to $ 26.5 million , or $ 1.73 per diluted share , for the same period in 2020. The Company's financial performance metrics for the first nine months of 2021 include an annualized return on average assets and a return on average equity of 1.36 % and 12.60 % , respectively , compared to 1.26 % and 10.90 % , respectively , for the same period in 2020 . " The most effective way to do it , is to do it . " Amelia Earhart " We are proud of our robust earnings in the third quarter , which helped the Bank achieve its strongest net income for a nine- month period in its history , " stated Kevin McPhaill , President and CEO . “ Our continued efforts in both core deposit and diversified earning asset generation during 2021 have led to overall balance sheet growth . This success is a result of our banking team's determination and perseverance . We are excited and ready for opportunities in the fourth quarter and next year ! " , McPhaill concluded . Financial Highlights Quarterly Changes ( comparisons to the third quarter of 2020 ) • Net income increased $ 0.3 million to $ 10.6 million , primarily due to a $ 0.6 million negative provision for loan and lease losses in the third quarter of 2021 as compared to a provision for loan and lease losses of $ 2.35 million for the same period in 2020. Compared to 2020 , this decrease in provision is attributable to the impact of continued improvements in the overall economy and lower uncertainty , a reduction in historical loss rates , a decline in specific reserves on impaired loans , net loan recoveries in 2021 , a change in the mix of loans , and lower outstanding balances of net loans and leases .