Sierra Bancorp Authorizes Additional Shares for Repurchase
April 10 2006 - 3:56PM
PR Newswire (US)
PORTERVILLE, Calif., April 10 /PRNewswire-FirstCall/ -- The Board
of Directors of Sierra Bancorp (NASDAQ:BSRR), parent of Bank of the
Sierra, has approved 250,000 additional shares for repurchase under
the Company's stock repurchase program which originally commenced
on July 1, 2003 (the "Repurchase Program"). The Repurchase Program
initially provided that up to 250,000 shares of Sierra Bancorp's
common stock could be purchased by the Company in the open market
from time to time, and that amount was supplemented by another
250,000 shares on May 19, 2005. Since the commencement of the
Repurchase Program we have acquired and retired 421,300 of our own
shares at a weighted average price of $20.78 per share, leaving
78,700 shares available for repurchase prior to the most recent
Board action. Quarterly activity under the Repurchase Program is
disclosed in the Company's quarterly and annual reports filed with
the U.S. Securities and Exchange Commission, which are accessible
on the internet at http://www.sierrabancorp.com/ in the "Investor
Relations - SEC Filings" section. The Repurchase Program is
designed to improve the Company's return on equity and earnings per
share, and should provide an additional outlet for shareholders
interested in selling their shares. Repurchases are made on the
open market through one or more of the Company's market makers, and
are structured to conform to the safe harbor provisions of
Securities and Exchange Commission Rule 10b-18. SEC Rule 10b-18
contains restrictions related to the price, timing, and volume of
repurchases, among other things. Within those parameters, the
Company can accept or reject any specific shares offered based upon
market conditions and any other relevant considerations at the
time. Sierra Bancorp is the holding company for Bank of the Sierra
(http://www.bankofthesierra.com/), which is in its 29th year of
operations and is the largest independent bank headquartered in the
South San Joaquin Valley. The Company has over $1.1 billion in
total assets and currently maintains twenty branch offices, an
agricultural credit center, and an SBA center. In June 2005, Sierra
Bancorp was added to the Russell 2000 index based on relative
growth in market capitalization. In its July 2005 edition, US
Banker magazine ranked Sierra Bancorp as the nation's 8th best
performing publicly-traded community bank based on three-year
average return on equity. 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 bank's ability to maintain current dividend
payments or increase dividend payouts to shareholder, its ability
to continue to generate record financial results, changes in
economic conditions, interest rates and loan portfolio performance,
and other factors detailed in the Company's SEC filings. Sierra
Bancorp undertakes no responsibility to update or revise any
forward-looking statements. DATASOURCE: Sierra Bancorp CONTACT: Ken
Taylor, SVP/CFO, or Hope Attenhofer, VP/Marketing Director, both of
Sierra Bancorp, +1-559-782-4900, or 888-454-BANK Web site:
http://www.bankofthesierra.com/
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