Sierra Bancorp : Investor Presentation February 2023

SIERRA BANCORP

Investor Presentation

JANNEY WEST COAST CEO FORUM

SCOTTSDALE, ARIZONA

FEBRUARY 1-2, 2023

SAFE HARBOR STATEMENT

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of

1995. These statements are based on the current beliefs and expectations of Sierra Bancorp's management and are:

• subject to contingencies & uncertainties
• not a guarantee of future performance
• based on assumptions that may change
• not to be unduly relied on

Actual results may differ from those set forth in the forward-looking statements. Factors that could cause Sierra Bancorp's

actual results to differ materially from those described in the forward-looking statements include:

• changes to current interest rates, including changes to the steepness of current inverted yield curve
• the health of national and local economies including the impact of inflation and the current labor market
• loan portfolio performance including growth, prepayment speeds, credit quality and level of nonperforming assets, and yields
• impact of the recently implemented ASC 326 - Current Expected Credit Losses
• changes to the collateral values supporting nonperforming assets that could result in recognition of charge-offs or direct write down of foreclosed assets
• changes to statutes, regulations, interpretations or practices
• changes or updates to generally accepted accounting principles
• liquidity risks, including the ability to effectively manage and retain low interest-bearing accounts in a continued elevated rate environment
• continued economic uncertainty related to the pandemic and any national, local, or regulatory responses to the pandemic
• the outcome of any existing or future legal action
• the Company's ability to maintain and grow its core deposits
• the Company's ability to successfully deploy new technology and products
• the Company's ability to attract and retain skilled employees

For more detail on these and other risks, please see Sierra Bancorp's Annual Report on Form 10-K for the year ended

December 31, 2021 and Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022, June 30, 2022 and September 30, 2022 which have been filed with the Securities and Exchange Commission and are available on Sierra Bancorp's

website (https://sierrabancorp.com), and on the Securities and Exchange Commission's website (www.sec.gov). Sierra Bancorp does not undertake to update any forward-looking statements.

INTRODUCTION

SIERRA BANCORP KEY METRICS

Sierra Bancorp (NASDAQ: BSRR)
Recent Stock Price1:	$21.79
Price/TTM Earning1:	9.68x
Price/Tangible Book Value1:	1.21x
Most recent quarterly dividend2:	$0.23
Dividend Yield1,2:	4.22%
Market Capitalization1:	$330.6MM

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1. Stock data and metrics as of close of trading on January 23, 2023
2. Dividend announced on January 20, 2023, to be paid on February 13, 2023 to shareholders of record as of January 31, 2023. This dividend marked the Company's 95th consecutive quarterly cash dividend.

COMPANY BACKGROUND

Bank of the Sierra opened in Porterville, CA in 1978 as a single-branch bank with $1.5 million in capital

Sierra Bancorp was formed as the holding company for the Bank in 2001

Bank has reached $3.6 billion in assets, with 35 offices, plus loan production offices in Roseville and Templeton, CA

Two most recent whole-bank acquisitions: Coast National Bank (2016) and Ojai Community Bank (2017)

Bank of the Sierra has maintained its reputation as a service-oriented and customer-focused community bank