Form 4: Sierra Bancorp Executive Reports Share Transactions

Sierra Bancorp EVP/Chief Banking Officer Michael Olague reported the disposition of shares for tax obligations and forfeiture of unearned performance awards.

Summary

• Michael Olague, EVP/Chief Banking Officer of Sierra Bancorp, reported multiple transactions involving the company's common stock.
• On November 16, 2025, 673 shares were disposed of at a price of $29.38 per share to satisfy tax withholding obligations related to the vesting of previously awarded restricted stock.
• On November 18, 2025, an additional 596 shares were disposed of at $28.59 per share for tax withholding in connection with the vesting of restricted stock.
• Also on November 18, 2025, 2,216 shares were disposed of at $28.59 per share, linked to the vesting of performance awards originally issued on November 18, 2022.
• Of the 1,759 total excess performance shares granted on November 18, 2022, 915 shares were forfeited on November 18, 2025, because the associated performance criteria were not achieved.
• Following these reported transactions, Michael Olague directly beneficially owns 8,809 shares of Sierra Bancorp common stock.

Sentiment

Score: 5

Explanation: The filing reports routine executive compensation-related transactions, including both vesting (positive) and dispositions/forfeitures (neutral to slightly negative in terms of ownership reduction), which are generally expected and do not indicate a significant shift in company outlook.

Positives

• The vesting of previously awarded restricted stock and a portion of performance awards indicates that certain company and individual performance targets were met, leading to the executive earning these shares.

Negatives

• Disposition of 673 shares at $29.38 and 596 shares at $28.59 for tax withholding purposes reduces the executive's direct beneficial ownership.
• Forfeiture of 915 excess performance shares due to the non-achievement of specific performance criteria.

Future Outlook

This Form 4 filing does not contain forward-looking statements or guidance regarding the company's future performance.

Industry Context

This filing is a routine insider transaction report, common across all industries, detailing an executive's stock activity related to compensation and tax obligations. It does not provide broader industry trends or competitive insights.

Stakeholder Impact

• Shareholders: Minor impact as these are routine executive compensation transactions and do not reflect a change in company fundamentals or strategy.
• Employees: No direct impact indicated by this filing.

Key Dates

Keywords

BSRR, Sierra Bancorp, Form 4, Insider Transaction, Executive Compensation, Stock Disposition, Restricted Stock, Performance Awards, Michael Olague