Sierra Bancorp Declares Quarterly Cash Dividend
January 18 2008 - 2:29PM
PR Newswire (US)
PORTERVILLE, Calif., Jan. 18 /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 $0.17 per share, which represents a 13%
increase relative to the $0.15 quarterly dividend paid a year ago.
The dividend will be paid on February 12, 2008 to shareholders of
record as of January 29, 2008. "A high level of core profitability
and continued strong capital levels easily justify the increase in
our quarterly dividend as a tangible return to our shareholders,"
stated James C. Holly, President and CEO. "While mindful of the
potential challenges that lay ahead for most community banks, we
can't overlook the stellar financial performance of Sierra Bancorp
in 2007," he added. Sierra Bancorp is the holding company for Bank
of the Sierra (http://www.bankofthesierra.com/), which is in its
31st 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, an SBA center, and an
online "virtual" branch. In January 2008, Sierra Bancorp was
recognized as the 2nd best performing mid-tier bank in the nation
and the 6th bank overall by U.S. Banker magazine, based on 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 Kevin McPhaill, EVP-Chief Banking Officer, both
of Sierra Bancorp, +1-559-782-4900 or 1-888-454-BANK Web site:
http://www.bankofthesierra.com/ http://www.sierrabancorp.com/
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