SIERRA BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
94
10.
INCOME TAXES
The provision for income taxes follows (dollars in thousands):
2014
2013
2012
Federal:
Current
5,738
$
563
$
220
$
Deferred
(1,281)
1,842
(647)
4,457
2,405
(427)
State:
Current
1,604
170
-
Deferred
130
518
83
1,734
688
83
6,191
$
3,093
$
(344)
$
Year Ended December 31,
The components of the net deferred tax asset, included in other assets, are as follows (dollars in
thousands):
2014
2013
Deferred taxassets:
Allowance for loan losses
4,877
$
5,669
$
Foreclosed assets
1,208
1,779
Deferred compensation
4,227
4,112
Accrued reserves
613
594
Non accrual loans
245
1,211
Other than temporary impairment charge
565
576
Credit carryforward
5,676
3,089
Net operating loss carryforward
1,709
-
Other
1,207
153
Total deferred taxassets
20,327
17,183
Deferred tax liabilities:
Premises and equipment
(726)
(589)
Deferred loan costs
(2,442)
(2,254)
Unrealized gain on securities available-for-sale
(3,011)
(299)
Other
(1,338)
(1,755)
Total deferred tax liabilities
(7,517)
(4,897)
Net deferred taxassets
12,810
$
12,286
$
December 31,
