Sierra Bancorp Declares Quarterly Cash Dividend
April 20 2007 - 1:47PM
PR Newswire (US)
PORTERVILLE, Calif., April 20 /PRNewswire-FirstCall/ -- Sierra
Bancorp (NASDAQ:BSRR), parent of Bank of the Sierra, today
announced that its Board of Directors has declared a regular
quarterly cash dividend of $0.15 per share, which is 15% higher
than the $0.13 quarterly dividend paid a year ago. The dividend
will be paid on May 17, 2007 to shareholders of record as of May 3,
2007. "This level of dividend is consistent with our continued
strong earnings, which exceeded our expectations for the quarter,"
noted James C. Holly, President and CEO. "The approved dividend is
in line with our plans for 2007, and keeps the payout ratio at a
relatively attractive level to reward loyal shareholders," he
added. Sierra Bancorp is the holding company for Bank of the Sierra
(http://www.bankofthesierra.com/), which is in its 30th year of
operations and is the largest independent bank headquartered in the
South San Joaquin Valley. The Company has over $1.2 billion in
total assets and currently maintains 21 branch offices, an
agricultural credit center, and an SBA center. In April 2007,
Sierra Bancorp was ranked as the 10th best performing mid-tier bank
in the nation by U.S. Banker magazine, 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, EVP/CFO, of Hope Attenhofer, SVP/Marketing Director, both
of Sierra Bancorp, +1-559-782-4900 or 1-888-454-BANK Web site:
http://www.bankofthesierra.com/ Web site:
http://www.sierrabancorp.com/
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