Sierra Bancorp Declares Quarterly Cash Dividend

Rhea-AI Summary

Sierra Bancorp (Nasdaq: BSRR) has declared a quarterly cash dividend of $0.20 per share, effective November 12, 2020, to shareholders of record as of October 30, 2020. This announcement follows the Board's review of financial performance for the quarter ending September 30, 2020. Notably, this marks the Company's 87th consecutive quarterly dividend, showcasing its consistent commitment to returning value to shareholders since 1987. Sierra Bancorp is the parent of Bank of the Sierra, recognized as one of the strongest community banks, rated 5-stars by Bauer Financial.

Positive

• Quarterly cash dividend declared at $0.20 per share, showing commitment to shareholder returns.
• Company has paid dividends consistently since 1987.
• Recognition as one of the strongest community banks with a 5-star rating.

Negative

• Risks associated with sustaining dividend payments amid changing economic conditions.

PORTERVILLE, Calif.--(BUSINESS WIRE)--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 $0.20 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, 2020 and will be paid on November 12, 2020 to shareholders of record as of October 30, 2020. 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 87^th consecutive quarterly cash dividend.

Sierra Bancorp is the holding company for Bank of the Sierra (www.bankofthesierra.com), which is in its 43^rd 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, Los Angeles, 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 Rocklin, California. In 2020, Bank of the Sierra was recognized as one of the strongest and top-performing community 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 current dividend payments or increase dividend payouts to shareholders, the Company’s ability to generate adequate 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.

Category: Financial

Source: Sierra Bancorp