SIERRA BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
118
22.
CONDENSED QUARTERLY RESULTS OF OPERATIONS
(UNAUDITED)
The following table sets forth the Company’s unaudited results of operations for the four quarters of 2014
and 2013. In management’s opinion, the results of operations reflect all adjustments (which include only
recurring adjustments) necessary to present fairly the condensed results for such periods (dollars in
thousands, except per share data).
December 31,
September 30,
June 30,
March 31,
Interest income
14,509
$
13,978
$
13,682
$
12,952
$
Interest expense
641
686
732
737
Net interest income
13,868
13,292
12,950
12,215
Provision for loan and
lease losses
-
-
200
150
Non-interest income
4,321
3,785
4,018
3,707
Non-interest expense
12,889
11,750
11,008
10,728
Net income before taxes
5,300
5,327
5,760
5,044
Provision for taxes
1,647
1,776
1,523
1,245
Net income
3,653
$
3,551
$
4,237
$
3,799
$
Diluted earnings per share
.26
$
.25
$
.31
$
.26
$
Cash dividend per share
.09
$
.09
$
.08
$
.08
$
December 31,
September 30,
June 30,
March 31,
Interest income
13,188
$
12,791
$
13,090
$
12,716
$
Interest expense
743
790
815
873
Net interest income
12,445
12,001
12,275
11,843
Provision for loan and
lease losses
1,500
800
450
1,600
Non-interest income
4,607
4,319
4,022
4,115
Non-interest expense
10,788
11,490
10,717
11,820
Net income before taxes
4,764
4,030
5,130
2,538
Provision for taxes
895
663
1,331
204
Net income
3,869
$
3,367
$
3,799
$
2,334
$
Diluted earnings per share
.27
$
.23
$
.27
$
.16
$
Cash dividend per share
.07
$
.07
$
.06
$
.06
$
2014 Quarter Ended
2013 Quarter Ended
