SIERRA BANCORP 10-Q

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS (c) Stock Repurchases In October 2021 the Board approved the 2021 Share Repurchase Plan by authorizing 1,000,000 shares of common stock for repurchase. In conjunction with this action, the Board terminated the current Share Repurchase Plan which authorized 500,000 shares of common stock for repurchase. There were 268,301 shares remaining for repurchase under the current Share Repurchase Plan. Those remaining shares were rolled into the 2021 Share Repurchase Plan. There have been no stock repurchase transactions since March 2020, however under the new 2021 Share Repurchase Plan the Company plans to commence repurchases of shares in the fourth quarter of 2021. ​ The following table provides information concerning the Company’s stock repurchase transactions during the third quarter of 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Repurchases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 31, 2021 ​ ​ August 31, 2021 ​ ​ September 30, 2021 Total shares repurchased (1) ​ ​ — ​ ​ 12,122 ​ ​ — Average per share price ​ $ N/A ​ $ 24.12 ​ $ N/A Number of shares purchased as part of a publicly announced plan or program ​ ​ — ​ ​ — ​ ​ — Maximum number of shares remaining for purchase under a plan or program ​ ​ 268,301 ​ ​ 268,301 ​ ​ 268,301 (1) These shares relate to the net settlement by employees related to vested, restricted stock awards and do not impact the 268,301 shares available for repurchase under the current repurchase plan. Net settlements represent instances where employees elect to satisfy their income tax liability related to the vesting of restricted stock through the surrender of a proportionate number of the vested shares to the Company ​ ​ ​ ITEM 3: DEFAULTS UPON SENIOR SECURITIES Not applicable ITEM 4: MINE SAFETY DISCLOSURES Not applicable 65 Table of Contents