SIERRA BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
117
21.
PARENT ONLY CONDENSED FINANCIAL STATEMENTS
(Continued)
STATEMENTS OF CASH FLOWS
Years Ended December 31, 2014, 2013 and 2012
(dollars in thousands)
2014
2013
2012
Cash flows fromoperating activities:
Net Income
15,240
$
13,369
$
8,185
$
Adjustments to reconcile net income to net
cash provided by operating activities:
Undistributed net income of subsidiary
(274)
(11,212)
(9,131)
Gain on sale of securities
(238)
-
-
Decrease (increase) in other assets
325
(75)
583
(Decrease) increase in other liabilities
(71)
106
50
Taxbenefit (provision) fromequity based compensation
-
29
(36)
Net provided for (used in) operating activities
14,982
2,217
(349)
Cash flows from investing activities:
Purchases of securities
(37)
-
-
Sales of securities
402
-
-
Net cash provided by investing activities
365
-
-
Cash flows from financing activities:
Stock options exercised
1,075
1,088
51
Repurchase of common stock
(10,183)
-
-
Dividends paid
(4,775)
(3,680)
(3,385)
Net cash used in by financing activities
(13,883)
(2,592)
(3,334)
Net increase (decrease) in cash and cash equivalents
1,464
(375)
(3,683)
Cash and cash equivalents, beginning of year
1,337
1,712
5,395
Cash and cash equivalents, end of year
2,801
$
1,337
$
1,712
$
