PORTERVILLE, Calif., July 22, 2016 /PRNewswire/ -- 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 $0.12 per share, the same as the dividend paid last quarter but 9% higher than the per-share dividend paid a year ago. The dividend was approved subsequent to the Board's review of the Company's financial performance and capital strength for the quarter ended June 30, 2016. It will be paid on August 18, 2016 to shareholders of record as of August 4, 2016. Including 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 from 1987 through 1998 and quarterly dividends since then. The dividend noted in today's announcement marks the Company's 70th consecutive regular quarterly cash dividend.
Sierra Bancorp is the holding company for Bank of the Sierra (www.bankofthesierra.com), which is in its 39th year of operations and is the largest independent bank headquartered in the South San Joaquin Valley. On July 8, 2016, the Company acquired Coast Bancorp and merged Coast National Bank into Bank of the Sierra, thereby expanding its coverage to the communities of San Luis Obispo, Arroyo Grande, Paso Robles and Atascadero, California. Subsequent to the merger the Company has close to $2 billion in assets, and conducts business through 33 full-service branches, a loan production office, an online branch, a real estate industries center, an agricultural credit center, and an SBA center.
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 current dividend payments or increase dividend payouts to shareholders, the Company's ability to generate adequate financial results, changes in economic conditions, interest rates and loan portfolio performance, and other factors detailed in the Company's SEC filings. Sierra Bancorp undertakes no responsibility to update or revise any forward-looking statements.
SOURCE Sierra Bancorp