Sierra Bancorp (Nasdaq: BSRR), the parent company of Bank of the Sierra, has announced that its Board of Directors has approved a new share repurchase program. This program authorizes the company to repurchase up to 1,000,000 shares of its outstanding common stock. The repurchases may be executed through open-market or privately negotiated transactions, in compliance with federal and state securities laws. This new program will commence after the current program expires on October 31, 2024, and will continue until October 31, 2025. The timing and amount of repurchases will depend on factors such as price, trading volume, market conditions, and regulatory requirements. Management has also been authorized to engage a nationally recognized broker-dealer to facilitate these repurchases under a 10b5-1 Plan.
Additionally, the Board of Directors declared a regular quarterly cash dividend of $0.24 per share. This decision followed the Board’s review of the company’s financial performance and capital for the quarter ended September 30, 2024. The dividend will be paid on November 12, 2024, to shareholders of record as of October 31, 2024. Including dividends paid by Bank of the Sierra prior to the formation of Sierra Bancorp, the company has paid regular cash dividends every year since 1987. The announcement marks the company’s 103rd consecutive quarterly cash dividend.
About Sierra Bancorp:
Sierra Bancorp is the holding company for Bank of the Sierra, one of the largest independent banks headquartered in California’s South San Joaquin Valley. Bank of the Sierra, now in its 47th year, offers retail and commercial banking services through full-service branches in Tulare, Kern, Kings, Fresno, Ventura, San Luis Obispo, and Santa Barbara counties. The bank also operates an online branch, an agricultural credit center in Templeton, CA, and a loan production office in Roseville, CA. In 2024, Bank of the Sierra was recognized with a 5-star rating from Bauer Financial, marking it as one of the strongest community banks in the U.S.
Forward-Looking Statements:
Certain statements in this release, including those related to future share repurchases and dividends, are forward-looking. These statements are based on current expectations but are subject to risks and uncertainties, such as economic conditions, inflation, interest rates, regulatory changes, cybersecurity risks, and the company’s ability to maintain growth and manage risks. For a full list of risks, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Sierra Bancorp’s most recent Form 10‑K and Form 10‑Q filed with the SEC.
