55
SIERRA BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31, 2014, 2013 and 2012
(dollars in thousands, except per share data)
2014
2013
2012
Interest and dividend income
Loans and leases, including fees
44,380
$
44,030
$
45,765
$
Taxable securities
7,653
4,899
6,280
Tax-exempt securities
2,936
2,737
2,703
Dividend income on securities
90
17
84
Federal funds sold and other
62
102
70
Total interest income
55,121
51,785
54,902
Interest expense
Deposits
2,064
2,455
3,208
Short-termborrowings
25
19
58
Long-termborrowings
4
33
281
Subordinated debentures
703
714
774
Total interest expense
2,796
3,221
4,321
Net interest income
52,325
48,564
50,581
Provision for loan and lease losses
350
4,350
14,210
Net interest income after provision for loan
and lease losses
51,975
44,214
36,371
Non-interest income
Service charges on deposits
8,275
9,022
9,676
Gain on sale of loans
3
129
183
Credit card fees
451
462
390
Checkcard fees
3,908
3,749
2,787
Net gains on sale of securities
available-for-sale
667
6
1,762
Increase in cash surrender value of life insurance
1,278
1,787
1,420
Other income
1,249
1,908
1,908
Total non-interest income
15,831
17,063
18,126
Non-interest expense
Salaries and employee benefits
22,926
21,920
20,734
Occupancy and equipment
6,344
6,274
6,381
Acquisition costs
2,070
-
-
Other
15,035
16,621
19,541
Total non-interest expense
46,375
44,815
46,656
Income before income taxes
21,431
16,462
7,841
Provision for income taxes
6,191
3,093
(344)
Net income
15,240
$
13,369
$
8,185
$
Earnings per share
Basic
1.09
$
0.94
$
0.58
$
Diluted
1.08
$
0.94
$
0.58
$
Weighted average shares outstanding, basic
14,001,958
14,155,927
14,103,805
Weighted average shares outstanding, diluted
14,136,486
14,290,150
14,120,313
The accompanying notes are an integral part of these consolidated financial statements.
