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PORTERVILLE, CA – Sierra Bancorp (NASDAQ:BSRR), a state commercial bank headquartered in Porterville, California, with a market capitalization of $400 million and a strong financial health rating according to InvestingPro, has announced a change in its certifying accountant. The company’s Audit Committee finalized the dismissal of RSM US LLP as its independent registered public accounting firm and approved the appointment of Forvis Mazars LLP for the fiscal year 2025. The bank, which has maintained dividend payments for 30 consecutive years and achieved a remarkable 57.6% return over the past year, continues to demonstrate strong corporate governance practices.
The decision was made at a meeting on Thursday, where the Audit Committee also confirmed that Forvis Mazars had completed its client acceptance and independence confirmation. This follows a tentative decision made on March 4, 2025, to appoint Forvis Mazars, contingent upon the completion of these procedures.
RSM US LLP had audited Sierra Bancorp’s consolidated financial statements for the years ending December 31, 2023, and December 31, 2024. The reports from RSM did not contain any adverse opinions or disclaimers and were not qualified or modified with respect to audit scope or accounting principles.
Furthermore, there were no reported disagreements or "reportable events" between RSM and Sierra Bancorp during the interim period from January 1, 2025, to March 4, 2025, or for the fiscal years in question. A "reportable event" refers to certain types of significant issues encountered during the audit process.
Sierra Bancorp has included a letter from RSM US LLP addressed to the Securities and Exchange Commission as part of the 8-K filing. This letter pertains to the change in the company’s certifying accountant. Sierra Bancorp has not consulted with Forvis Mazars on any accounting or auditing matters that would require disclosure during the interim period or in the past fiscal years. InvestingPro analysis suggests the company is currently fairly valued, with a P/E ratio of 10.3 and multiple additional metrics available to subscribers.
The change in accounting firms is detailed in an 8-K report filed with the SEC, based on a press release statement from Sierra Bancorp. The company’s common stock, with no par value, is listed on the Nasdaq Global Select Market under the trading symbol BSRR, currently trading at $29.04. Subscribers to InvestingPro can access additional financial health metrics and seven more exclusive ProTips about Sierra Bancorp’s performance and outlook.
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