Sierra Bancorp, the Porterville-based parent company of Bank of the Sierra, will undertake a stock-repurchase program to buy back 500,000 shares of the company’s stock.
The approval of the repurchase program by the company’s board on Friday includes more than 8,000 additional shares authorized under a previous repurchase allotment, the company announced. During the third quarter of 2016, the company has bought back more than 96,000 shares of stock.
The latest repurchase authorization represents about 4 percent of the total issued and outstanding shares in Sierra Bancorp. Kevin McPhaill, Sierra’s president and CEO, said the buyback “is facilitated by our robust capital position.” Sierra Bancorp reported total assets of about $1.8 billion as of June 30.