Sierra Bancorp Declares Quarterly Cash Dividend

Rhea-AI Summary

Sierra Bancorp (Nasdaq: BSRR) has declared a quarterly cash dividend of $0.22 per share, marking a 5% increase from the previous quarter. The dividend, approved by the Board following a review of the Company’s financial performance as of June 30, 2021, is scheduled for payment on August 12, 2021, to shareholders of record by July 30, 2021. This announcement marks the Company’s 90th consecutive quarterly cash dividend, showcasing a long-term commitment to shareholder returns.

Positive

• Quarterly cash dividend increased by $0.01 per share, or 5%.
• Company has paid regular dividends annually since 1987.
• Company recognized as one of the strongest community banks with a 5-star rating from Bauer Financial.

Negative

• Potential risks related to maintaining or increasing future dividend payments.
• Dependence on economic conditions and loan performance post-COVID-19 loan deferrals.

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 $0.22 per share. This represents an increase of $0.01 per share, or 5% relative to the dividend paid last quarter. The dividend was approved subsequent to the Board’s review of the Company’s financial performance and capital for the quarter ended June 30, 2021 and will be paid on August 12, 2021 to shareholders of record as of July 30, 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 90^th consecutive quarterly cash dividend.

Sierra Bancorp is the holding company for Bank of the Sierra (www.bankofthesierra.com), which is in its 44^th 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 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 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20210716005021/en/

FAQ

What is the dividend amount declared by Sierra Bancorp (BSRR)?

Sierra Bancorp has declared a quarterly cash dividend of $0.22 per share.

When will the dividend for Sierra Bancorp (BSRR) be paid?

The dividend will be paid on August 12, 2021.

How long has Sierra Bancorp (BSRR) been paying dividends?

Sierra Bancorp has paid regular cash dividends since 1987.

What was the percentage increase in the dividend announced by Sierra Bancorp (BSRR)?

The dividend was increased by 5% compared to the previous quarter.

What risks does Sierra Bancorp (BSRR) face regarding future dividends?

The company faces risks related to maintaining dividend payments due to economic conditions and loan performance.