Sierra Bancorp Celebrates 25th Anniversary with Special Cash Dividend of $0.04 Per Share.

Business Editors

PORTERVILLE, Calif.--(BUSINESS WIRE)--Nov. 24, 2003

Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced that its Board of Directors has declared a special cash dividend of $0.04 per share to commemorate its 25th anniversary. The dividend will be paid on December 11, 2003, to shareholders of record as of December 4, 2003.

"We wanted to do something special to commemorate and celebrate our 25th anniversary," said James C. Holly, President and CEO. "We are delighted to be able to provide a modest bonus dividend for our shareholders, and we view this as our last official act in celebrating our 25th anniversary. Many shareholders have been with us from the beginning, and this dividend is especially for them." Mr. Holly added that any discussion of a 50th anniversary dividend would be premature.

Founded in 1977, the bank opened its first office in January 1978 in Porterville, California with initial capital of $1.5 million. Today, it is the largest bank holding company in the South San Joaquin Valley with assets of $762 million and a $156 million market capitalization. Many of the company's original board members still serve on the board, and Jim Holly has served as its president and CEO since inception. The company has generated record results in 24 of its 25 year history. Year-to-date net income rose 19% to $8.0 million, or $0.80 per diluted share, compared to $6.7 million, or $0.69 per diluted share, in the first nine months of 2002. Sierra Bancorp generated a return on average equity of 19.1% and a return on average assets of 1.50% year-to-date.

Sierra Bancorp is the holding company for Bank of the Sierra, the largest independent bank headquartered in the South San Joaquin Valley. The Bank operates seventeen branch offices, as well as two agricultural credit centers and a bank card center. In 2003, Sierra Bancorp was added to the Russell 2000 Index and US Banker magazine ranked BSRR as the nation's 24th best performing bank over the past three years based on its three-year return on equity. More information about Bank of the Sierra is available on the Bank's web site, www.bankofthesierra.com.

The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the bank's ability to maintain current dividend payments or increase dividend payouts to shareholder and changes in economic conditions, interest rates and loan portfolio performance, and other factors detailed in the Company's SEC filings. Sierra Bancorp undertakes no responsibility to update or revise any forward-looking statements.