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On May 21, 2025, Sierra Bancorp (NASDAQ:BSRR), a state commercial bank headquartered in Porterville, California with a market capitalization of $374 million, conducted its annual meeting of shareholders. According to InvestingPro data, the bank maintains a solid 3.6% dividend yield and has consistently paid dividends for 30 consecutive years. During the event, shareholders cast their votes on several key matters, including the election of directors, the ratification of the company’s independent auditor, and an advisory vote on executive compensation.
A significant 80.95% of the outstanding shares were represented at the meeting, with no opposition to the management’s nominees for directorship. All nominees were elected, with the votes for each director exceeding 91% of the votes cast. The board members elected are to serve as Class II directors for a two-year term. InvestingPro analysis reveals management’s commitment to shareholder value, with active share buyback programs and a favorable P/E ratio of 9.5.
Forvis Mazars, LLP was ratified as the company’s independent registered public accounting firm for the year 2025, with an overwhelming 99.15% of votes in favor. The advisory vote on executive compensation was also approved, with 96.62% of votes cast in support.
The meeting’s outcomes reflect strong shareholder support for the current management and strategic direction of Sierra Bancorp. The company, which is traded on the NASDAQ Global Select Market under the ticker symbol BSRR, maintains a transparent relationship with its shareholders, as evidenced by the detailed reporting and high level of participation in the voting process. The bank’s overall financial health is rated as GOOD by InvestingPro, with four analysts recently revising earnings estimates upward for the upcoming period.
This report is based on a press release statement and provides an overview of the key decisions made during Sierra Bancorp’s annual meeting, in compliance with the Securities and Exchange Act of 1934.
In other recent news, Sierra Bancorp announced a change in its certifying accountant. The company’s Audit Committee dismissed RSM US LLP and appointed Forvis Mazars LLP as the independent registered public accounting firm for the fiscal year 2025. This decision was confirmed following the completion of client acceptance and independence confirmation by Forvis Mazars. RSM US LLP had previously audited Sierra Bancorp’s consolidated financial statements for the years ending December 31, 2023, and December 31, 2024, without any adverse opinions or significant disagreements. The change was formalized in an 8-K report filed with the Securities and Exchange Commission. Sierra Bancorp also included a letter from RSM US LLP to the SEC regarding the change in accounting firms. The company has not consulted with Forvis Mazars on any accounting or auditing matters requiring disclosure during the interim period or in past fiscal years. This development follows a tentative decision made earlier in March 2025, contingent upon Forvis Mazars completing necessary procedures.
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