54
SIERRA BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
December 31, 2014 and 2013
(dollars in thousands)
2014
2013
ASSETS
Cash and due frombanks
48,405
$
51,342
$
Interest-bearing deposits in banks
1,690
26,664
Cash and cash equivalents
50,095
78,006
Securities available-for-sale
511,883
425,044
Loans held-for-sale
-
105
Loans and leases:
Gross loans and leases
970,653
803,242
Allowance for loan and lease losses
(11,248)
(11,677)
Deferred loan and lease fees, net
1,651
1,522
Net loans and leases
961,056
793,087
Premises and equipment, net
21,853
20,393
Foreclosed assets
3,991
8,185
Goodwill
6,908
5,544
Other intangible assets, net
1,064
-
Company owned life insurance
42,989
39,424
Other assets
37,481
40,461
1,637,320
$
1,410,249
$
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing
390,897
$
365,997
$
Interest bearing
975,798
808,182
Total deposits
1,366,695
1,174,179
Repurchase agreements
7,251
5,974
Short-termborrowings
18,200
-
Long-termborrowings
6,000
-
Subordinated debentures
30,928
30,928
Other liabilities
21,155
17,494
Total liabilities
1,450,229
1,228,575
Commiements and contingent liabilities (Note 12)
Shareholders' equity
Serial Preferred stock, no par value; 10,000,000 shares
authorized; none issued
Common stock, no par value; 24,000,000 shares authorized;
13,689,181 and 14,217,199 shares issued and outstanding
in 2014 and 2013 respectively
64,153
65,780
Additional paid-in capital
2,605
2,648
Retained earnings
116,026
112,817
Accumulated other comprehensive income, net of taxes of
$3,012 in 2014 and $300 in 2013
4,307
429
Total shareholders' equity
187,091
181,674
1,637,320
$
1,410,249
$
The accompanying notes are an integral part of these consolidated financial statements.
