Sierra Bancorp Declares Quarterly Cash Dividend

Rhea-AI Summary

Sierra Bancorp (NASDAQ: BSRR) has declared a regular quarterly cash dividend of $0.23 per share following a review of its financial performance for the quarter ending March 31, 2022. This dividend will be distributed on May 12, 2022, to shareholders on record as of May 2, 2022. This marks the company's 93rd consecutive quarterly cash dividend, highlighting its commitment to returning value to shareholders since 1987.

Positive

• Declared quarterly cash dividend of $0.23 per share.
• 93rd consecutive quarterly cash dividend.
• Demonstrates strong financial performance and commitment to shareholders.

Negative

• Risks associated with maintaining dividend payments amid economic uncertainties.
• Potential adverse impacts due to COVID-19 related loan modifications.

PORTERVILLE, Calif.--(BUSINESS WIRE)-- Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.23 per share. The dividend was approved subsequent to the Board’s review of the Company’s financial performance and capital for the quarter ended March 31, 2022, and will be paid on May 12, 2022 to shareholders of record as of May 2, 2022. 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 93^rd consecutive quarterly cash dividend.

Sierra Bancorp is the holding company for Bank of the Sierra (www.bankofthesierra.com), which is in its 45^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 loan center, and loan two production offices; located in Northern California in Roseville and the California Central Coast in Templeton. In 2022, 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20220422005066/en/

Kevin McPhaill, President/Chief Executive Officer

(559) 782-4900 or (888) 454-BANK

www.sierrabancorp.com

Source: Sierra Bancorp

FAQ

What is the dividend amount declared by Sierra Bancorp?

Sierra Bancorp has declared a dividend of $0.23 per share.

When will the dividend for BSRR be paid?

The dividend will be paid on May 12, 2022.

What date is the record for shareholders to receive the BSRR dividend?

Shareholders of record as of May 2, 2022, will receive the dividend.

How long has Sierra Bancorp been paying dividends?

Sierra Bancorp has paid regular cash dividends annually since 1987.

How many consecutive quarterly dividends has BSRR paid?

Sierra Bancorp has paid 93 consecutive quarterly dividends.