Porterville-based Sierra Bancorp will buy back about 500,000 shares of the company’s stock. The repurchase comes following the completion last month of a yearlong program to buy back about 700,000 shares in the company.
The parent company of Bank of the Sierra is traded on Nasdaq under the stock symbol BSRR. Over the past year, the stock price has ranged from a low of $14.66 per share to $18 per share. On Monday, when the company announced the buyback, the stock closed at $16.81. Sierra Bancorp has about 13.7 million shares outstanding, and the stock buyback represents just short of 4% of that.
In a statement, Sierra Bancorp CEO Kevin McPhaill described a stock repurchase as a way to improve shareholder value and earnings per share, “and our strong capital position and improved financial performance in recent periods enable us to continue” the buybacks. Bank of the Sierra is the largest bank headquartered in the central San Joaquin Valley, with 28 branches and more than $1.6 billion in assets.