Sierra Bancorp 8-K, filed Oct 22, 2021
Sierra Bancorp (BSRR)
About this 8-K
Sierra Bancorp filed this 8-K on October 22, 2021, reporting on events of October 21, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
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Item 8.01 Other Events.
On October 22, 2021, Sierra Bancorp (the “Company”) issued a press release announcing that its Board of Directors approved a share repurchase program for up to 1,000,000 shares of outstanding common stock beginning at the end of the current blackout period and continuing until October 31, 2022. The repurchase plan currently in place will be terminated effective immediately. The 1,000,000 shares authorized under the new share repurchase program are inclusive of any shares carried over from the terminated repurchase program. Shares may be purchased in the open market or in privately negotiated transactions and will be executed in compliance with applicable federal and state securities laws and bank regulations, including without limitation, Rules 10b-18 and 10b5-1 promulgated under the Securities Act of 1934, as amended (the “Exchange Act”). The board has also authorized management to enter into the 10b5-1 Plan with a nationally recognized broker following the Company’s blackout period ending and the Company is not otherwise in possession of material non-public information. Repurchases by such broker are to be made in compliance with the Exchange Act.
Within the above referenced press release, the Company also announced that its Board of Directors approved a cash dividend to shareholders. The quarterly cash dividend of twenty-two cents ($0.22) per share of common stock will be payable on November 11, 2021 to shareholders of record at the close of business on October 29, 2021.
The press release issued by the Company in connection with the share repurchase program and dividend is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated into this Item 8.01 by reference.
ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS
(d)Exhibits. The information required to be furnished pursuant to this item is set forth in the Exhibit Index which appears below, immediately before the signatures.
EXHIBIT INDEX
Exhibit No. |
| Description |
99.1 | | |
104 | | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 22, 2021 | SIERRA BANCORP Christopher G. Treece |
FOR IMMEDIATE RELEASE
Date: October 22, 2021
Contact:Kevin McPhaill, President/Chief Executive Officer
Phone:(559) 782-4900 or (888) 454-BANK
Website Address:www.sierrabancorp.com
SIERRA BANCORP ANNOUNCES SHARE REPURCHASE PROGRAM AND DECLARES QUARTERLY CASH DIVIDEND
PORTERVILLE, Calif -- (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.
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Category: Financial
Source: Sierra Bancorp