Sierra Bancorp (NASDAQ: BSRR) shares began the week’s last session up slightly. The 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 (1,000,000) shares of its outstanding common stock, from time to time, commencing after the current share repurchase program expires on October 31, 2024, and continuing until October 31, 2025. 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 further authorized Management to enter into a 10b5-1 Plan with a nationally recognized broker-dealer to facilitate share repurchases as appropriate.
The Company also announced that its Board of Directors has declared a regular quarterly cash dividend of $0.24 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,, and will be paid on November 12, to shareholders of record as of October 31.
BSRR shares progressed10 cents to $29.31.
