PORTERVILLE, Calif., Jan. 22 /PRNewswire-FirstCall/ -- Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced that its Board of Directors declared a regular quarterly cash dividend of $0.06 per share, subsequent to the Board's review of the Company's preliminary financial results and capital strength for the quarter and the year ended December 31, 2009. The dividend will be paid on February 15, 2010 to shareholders of record as of February 1, 2010.
"We're pleased to be one of the few publicly-traded community banks in California still paying dividends," commented Jim Holly, President and Chief Executive Officer of Sierra Bancorp. "We expect to report earnings for 2009 that are strong relative to most of our peer banks, but we also recognize the importance of capital conservation and felt it prudent to reduce our quarterly dividend due to continued economic stress and uncertainty, particularly in California," Holly explained.
Sierra Bancorp is the holding company for Bank of the Sierra (www.bankofthesierra.com), which is in its 33rd year of operations and is the largest independent bank headquartered in the South San Joaquin Valley. The Company has $1.3 billion in total assets with 24 branch offices, an agricultural credit center, an SBA center, an online "virtual" branch, and over 400 employees.
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 bank's ability to maintain current dividend payments or increase dividend payouts to shareholder, its ability to continue to generate record 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.
Website Address: www.sierrabancorp.com
SOURCE Sierra Bancorp