Sierra Bancorp (NASDAQ: BSRR) ends COO role, expands CFO duties

Rhea-AI Filing Summary

Sierra Bancorp reported executive leadership changes following an organizational realignment. On April 17, 2026, the Company terminated the employment of William J. Wade II, Executive Vice President & Chief Operations Officer, with severance consistent with his July 7, 2025 employment agreement, including 12 months of salary and 12 months of health premium reimbursement, contingent on a release and waiver.

Following this change, Christopher Treece, age 57 and Executive Vice President & Chief Financial Officer since January 2020, also became Chief Operations Officer. The Board approved an amendment raising his base salary by $25,000 to $466,000 per year, effective April 17, 2026. The Company also appointed Marc Wolfe, age 35, as Principal Accounting Officer. Wolfe, who joined in September 2015 and became Senior Vice President and Corporate Controller on January 1, 2026, has no disclosed family relationships or related party transactions with the Company.

Insights

Corporate governance analyst

Sierra Bancorp consolidates finance and operations leadership while adding a dedicated principal accounting officer.

The Company terminated its Executive Vice President & Chief Operations Officer and reassigned operational duties to the long-tenured CFO. This concentrates financial and operational oversight in one executive, supported by a newly designated Principal Accounting Officer with an internal track record in accounting and reporting.

The CFO’s annual base salary increased to $466,000, reflecting the expanded responsibilities. The appointment of an experienced internal candidate as Principal Accounting Officer may support continuity in financial reporting. Actual impact on execution and controls will depend on how the combined role and new accounting leadership function over time.

8-K Event Classification

2 items: 5.02, 9.01

2 items

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Severance salary period: 12 months’ salary Health premium reimbursement period: 12 months CFO base salary increase: $25,000 per year +5 more

8 metrics

Severance salary period 12 months’ salary Termination benefits for William J. Wade II under July 7, 2025 agreement

Health premium reimbursement period 12 months Health insurance premium reimbursement for Wade following termination

CFO base salary increase $25,000 per year Increment to Christopher Treece’s base salary upon becoming COO

CFO new base salary $466,000 per year Base salary for Christopher Treece as CFO & COO effective April 17, 2026

Age of Christopher Treece 57 years Age of Executive Vice President, CFO & COO

Age of Marc Wolfe 35 years Age of newly appointed Principal Accounting Officer

Wolfe promotion to SVP & Controller January 1, 2026 Date Marc Wolfe became Senior Vice President and Corporate Controller

Wolfe start at Company September 2015 Marc Wolfe’s initial employment date with Sierra Bancorp

Key Terms

organizational realignment, employment agreement, Principal Accounting Officer, related party transactions, +1 more

5 terms

organizational realignment financial

"terminated the employment of William J. Wade II ... as part of an organizational realignment"

employment agreement financial

"in accordance with his employment agreement dated July 7, 2025, Mr. Wade is entitled to severance"

Principal Accounting Officer financial

"On April 17, 2026, Marc Wolfe was appointed Principal Accounting Officer of the Company."

The Principal Accounting Officer is the person responsible for making sure a company's financial records are accurate and follow the rules. They play a key role in preparing financial reports that show how well the company is doing. This helps investors, managers, and regulators trust the company's financial information.

related party transactions financial

"There are no related party transactions between the Company and Mr. Wolfe."

Transactions between a company and people or entities that have close ties to it—such as executives, board members, major shareholders, family members, or related companies—where the parties are not independent. These deals matter to investors because they can create conflicts of interest or hide favorable terms that distort a company’s true profits and risks; think of it like a business buying or selling to a family member instead of using the open market, which can lead to biased prices or undisclosed obligations.

release and waiver agreement financial

"Mr. Wade must sign a release and waiver agreement in favor of the Company"

Understanding 8-K Material Events →

0001130144false00011301442026-04-202026-04-20

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 20, 2026

SIERRA BANCORP

(Exact name of registrant as specified in its charter)

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California	000-33063	33-0937517
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

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86 North Main Street, Porterville, CA 93257
(Address of principal executive offices)	(Zip code)

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(559) 782-4900

(Registrant’s telephone number including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	​	Trading Symbol(s)	​	Name of each exchange on which registered
Common Stock, no par value	​	BSRR	​	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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On April 17, 2026, Registrant and its wholly owned subsidiary, Bank of the Sierra (collectively, the “Company”), terminated the employment of William J. Wade II, Executive Vice President & Chief Operations Officer, as part of an organizational realignment. In connection with the termination and in accordance with his employment agreement dated July 7, 2025, Mr. Wade is entitled to severance of a payment equal to twelve (12) months’ salary and reimbursement for health insurance premiums for a period of twelve (12) months.  As a condition to receiving this severance, Mr. Wade must sign a release and waiver agreement in favor of the Company, the form of which was attached to his employment agreement, within 21 days of employment termination.

In connection with Mr. Wade’s termination, Christopher Treece, age 57, Executive Vice President & Chief Financial Officer will also assume the role of Chief Operations Officer. Mr. Treece has served as Executive Vice President and Chief Financial Officer of the Company since January 2020.  The Board of Directors of the Company approved an amendment to the employment agreement of Mr. Treece to reflect his new role and adjusted compensation of an increase of base salary by $25,000 per year to $466,000 per year as a result of his appointment as Chief Operations Officer. The amendment was signed and became effective on April 17, 2026.

On April 17, 2026, Marc Wolfe was appointed Principal Accounting Officer of the Company.  Mr. Wolfe, currently 35 years old, holds both a Bachelor of Business Administration and a Master of Business Administration from National University. Mr. Wolfe has been with the Company since September 2015, serving in roles of increasing responsibility within accounting and finance, including Assistant Controller and Financial Reporting Officer. On January 1, 2026, Mr. Wolfe was promoted to Senior Vice President and Corporate Controller. 

There are no arrangements or undertakings pursuant to which Mr. Wolfe was selected as Principal Accounting Officer. There are no family relationships among any of the Company’s directors or executive officers and Mr. Wolfe. There are no related party transactions between the Company and Mr. Wolfe.

Item 9.01financial Statements and Exhibits

(d)Exhibits. The information furnished pursuant to this item is set forth in the Exhibit Index, which appears below immediately before the signatures.

EXHIBIT INDEX

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Exhibit No.	​ ​ ​	Description
10.1	​	Second amendment to employment agreement effective as of April 17, 2026 for Christopher G. Treece, Chief Financial Officer & Chief Operating Officer
104	​	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​	SIERRA BANCORP
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Dated: April 20, 2026	By:	/s/ Christopher G. Treece
​	​	Christopher G. Treece
​	​	Executive Vice President &
​	​	Chief Financial Officer

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FAQ

What leadership changes did Sierra Bancorp (BSRR) announce in this 8-K?

Sierra Bancorp announced the termination of Executive Vice President & Chief Operations Officer William J. Wade II and reassigned the Chief Operations Officer role to Executive Vice President & Chief Financial Officer Christopher Treece. It also appointed Senior Vice President and Corporate Controller Marc Wolfe as Principal Accounting Officer.

What severance is William J. Wade II entitled to from Sierra Bancorp (BSRR)?

William J. Wade II is entitled to severance equal to 12 months of salary and reimbursement of health insurance premiums for 12 months, under his July 7, 2025 employment agreement, provided he signs a release and waiver agreement in favor of the Company within 21 days of termination.

How did Sierra Bancorp (BSRR) change Christopher Treece’s compensation?

Sierra Bancorp’s Board amended Christopher Treece’s employment agreement when he assumed the additional role of Chief Operations Officer, increasing his base salary by $25,000 per year to $466,000 per year. The amendment was signed and became effective on April 17, 2026, matching his expanded responsibilities.

Who is Marc Wolfe and what is his new role at Sierra Bancorp (BSRR)?

Marc Wolfe, age 35, was appointed Principal Accounting Officer. He joined Sierra Bancorp in September 2015 and advanced through accounting and finance roles, including Assistant Controller, Financial Reporting Officer, and, from January 1, 2026, Senior Vice President and Corporate Controller, before this new appointment.

Are there any related party or family relationships involving Marc Wolfe at Sierra Bancorp (BSRR)?

The Company states there are no arrangements or undertakings pursuant to which Marc Wolfe was selected as Principal Accounting Officer, no family relationships between him and any directors or executive officers, and no related party transactions between Sierra Bancorp and Mr. Wolfe disclosed in this filing.

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 21.3 KB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 14.9 KB
• EX-101 EX-101.PRE 9.6 KB