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Report of Independent Registered Public Accounting Firm
Board of Directors
Sierra Bancorp and Subsidiary
Porterville, California
We have audited the accompanying consolidated balance sheets of Sierra Bancorp and Subsidiary (the “Company”)
as of December 31, 2014 and 2013, and the related consolidated statements of income, comprehensive income,
changes in shareholders' equity and cash flows for each of the three years in the period ended December 31, 2014.
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is
to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Sierra Bancorp and Subsidiary as of December 31, 2014 and 2013, and the results of its
operations, changes in its shareholders' equity, and its cash flows for each of the three years in the period ended
December 31, 2014, in conformity with U.S. generally accepted accounting principles.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), the Company’s internal control over financial reporting as of December 31, 2014, based on criteria
established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission and our report dated March 12, 2015 expressed an unqualified opinion thereon.
/s/ Vavrinek, Trine, Day & Co., LLP
Rancho Cucamonga, California
March 12, 2015
