BSRR Sierra Bancorp

PORTERVILLE, Calif., April 26 /PRNewswire-FirstCall/ -- The Board of Directors of Sierra Bancorp (NASDAQ:BSRR), parent of Bank of the Sierra, has approved 500,000 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, although that amount was ultimately increased to 750,000 shares through supplemental repurchase amounts authorized by the Board in 2005 and 2006. Since the commencement of the Repurchase Program we have acquired and retired all 750,000 shares previously authorized for repurchase, at a weighted average price of $24.44 per share. 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 our return on equity and earnings per share. It also helps minimize dilution from stock option exercises, and should provide an additional outlet for shareholders interested in selling their shares. Historically, we have repurchased our shares on the open market through one or more of the Company's market makers, but we may also repurchase shares in privately negotiated transactions. Our open market repurchases are structured to conform to the safe harbor provisions of Securities and Exchange Commission Rule 10b-18, which contains restrictions related to the price, timing, and volume of repurchases, among other things. 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 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, or Hope Attenhofer, SVP/Marketing Director, (559) 782-4900 or (888) 454-BANK Web site: http://www.bankofthesierra.com/

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