Sierra Bancorp (NASDAQ: BSRR) has made several significant announcements that demonstrate its commitment to creating value for its shareholders. The company's board of directors has approved a new share repurchase program, authorizing the repurchase of up to one million shares of its outstanding common stock. This program replaces and supersedes the prior share repurchase program, and it will be effective from the expiration of the current program on October 31, 2024, through October 31, 2025.
Furthermore, the company's board of directors has declared a regular quarterly cash dividend of $0.24 per share. This dividend, which was approved subsequent to the board’s review of the company’s financial performance and capital for the quarter ended September 30, 2024, will be paid on November 12, 2024, to shareholders of record as of October 31, 2024.
Sierra Bancorp has a strong track record of returning value to its shareholders, having paid regular cash dividends every year since 1987, comprising annual dividends through 1998 and quarterly dividends thereafter. The recently announced dividend marks the company’s 103rd consecutive quarterly cash dividend.
Bank of the Sierra, Sierra Bancorp's subsidiary, has also achieved recognition for its performance. In 2024, the bank was acknowledged as one of the strongest and top-performing community banks in the country, receiving a 5-star rating from Bauer Financial. This recognition reflects the bank's commitment to providing a broad range of retail and commercial banking services through full-service branches and online channels, as well as specialized lending services.
The market has reacted to these announcements by moving the company's shares 1.8% to a price of $29.75. For more information, read the company's full 8-K submission here.
