Sierra Bancorp (BSRR) in Porterville, Calif., is resuming repurchases of its common stock.
The $1.4 billion-asset company said Friday that it has reactivated its buyback program, while increasing the number of shares eligible for repurchase to 5% of outstanding common stock.
The repurchase plan was authorized in July 2003 and has no expiration date, according to Sierra's latest quarterly filing with the Securities and Exchange Commission.
"Given our strong capital position and positive outlook, we feel that the time has come to recommence stock repurchase activities as a tax-efficient way to enhance shareholder value," James Holly, Sierra’s chief executive, said in a press release.
