Sierra Bancorp Announces Share Repurchase Program and Declares Quarterly Cash Dividend
October 22 2021 - 8:01AM
Business Wire
Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra,
announced that its Board of Directors has approved a new share
repurchase program authorizing the Company to repurchase up to one
million shares of its outstanding common stock, from time to time,
commencing after the current blackout period ends and continuing
until October 31, 2022. This share repurchase program replaces and
supersedes the prior share repurchase program. Shares may be
repurchased in open-market transactions or privately negotiated
transactions executed in compliance with applicable federal and
state securities laws. The timing of the repurchases and the number
of shares repurchased under the program will depend on a variety of
factors, including price, trading volume, corporate and regulatory
requirements, and market conditions. The Board authorized
Management to enter into a 10b5-1 Plan with a nationally recognized
broker-dealer to facilitate share repurchases. This share
repurchase authorization reflects the Board and management’s
commitment to returning capital to our shareholders to enhance
long-term shareholder value.
The Company also announced that its Board of Directors has
declared a regular quarterly cash dividend of $0.22 per share. The
dividend was approved subsequent to the Board’s review of the
Company’s financial performance and capital for the quarter ended
September 30, 2021, and will be paid on November 11, 2021 to
shareholders of record as of October 29, 2021. Counting dividends
paid by Bank of the Sierra prior to the formation of Sierra
Bancorp, the Company has paid regular cash dividends to
shareholders every year since 1987, comprised of annual dividends
through 1998 and quarterly dividends thereafter. The dividend noted
in today’s announcement marks the Company’s 91st consecutive
quarterly cash dividend.
Sierra Bancorp is the holding company for Bank of the Sierra
(www.bankofthesierra.com), which is in its 44th year of operations
and is the largest independent bank headquartered in the South San
Joaquin Valley. Bank of the Sierra is a community-centric regional
bank, which offers a broad range of retail and commercial banking
services through full-service branches located within the counties
of Tulare, Kern, Kings, Fresno, Ventura, San Luis Obispo and Santa
Barbara. The Bank also maintains an online branch and provides
specialized lending services through an agricultural credit center,
an SBA center, and a loan production office in Roseville,
California. In 2021, Bank of the Sierra was recognized as one of
the strongest banks in the country with a 5-star rating from Bauer
Financial.
Forward-Looking
Statements
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
Company’s ability to maintain dividend payments or increase
dividend payouts to shareholders, the Company’s ability to generate
adequate financial results, our borrowers' actual payment
performance as loan deferrals related to the COVID-19 pandemic
expire, changes to statutes, regulations, or regulatory policies or
practices as a result of, or in response to COVID-19, including the
potential adverse impact of loan modifications and payment
deferrals implemented consistent with recent regulatory guidance,
the health of the national and local economies, the Company's
ability to attract and retain skilled employees, customers' service
expectations, the Company's ability to successfully deploy new
technology, the success of acquisitions and branch expansion,
closure or consolidation, changes in interest rates, loan portfolio
performance, and other factors detailed in the Company's SEC
filings, including the "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations"
sections of the Company's most recent Form 10‑K and Form 10‑Q.
Category: Financial Source: Sierra Bancorp
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version on businesswire.com: https://www.businesswire.com/news/home/20211022005067/en/
Kevin McPhaill, President/Chief Executive Officer (559) 782-4900
or (888) 454-BANK www.sierrabancorp.com
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