58
SIERRA BANCORP AND SUBSIDIARY
CONSOLIDATED 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:
Gain on investment of securities
(667)
(6)
(1,762)
Gain on sales of loans
(3)
(129)
(183)
(Gain) loss on disposal of fixed assets
(4)
(15)
30
(Gain) loss on sale of foreclosed assets
(2,253)
223
864
Writedown of foreclosed assets
452
730
3,173
Share-based compensation expense
181
268
487
Provision for loan losses
350
4,350
14,210
Depreciation and amortization
2,107
2,131
2,437
Net amortization on securities premiums and discounts
6,607
8,177
8,500
Decrease (increase) in unearned net loan fees
129
366
(535)
Increase in cash surrender value of life insurance policies
(1,475)
(1,417)
(350)
Proceeds from sales of loans
108
5,459
8,191
Originations of loans held for sale
-
(5,225)
(6,864)
Decrease in interest receivable and other assets
5,884
2,225
610
Increase in other liabilities
3,453
1,514
1,646
Net (increase) decrease in FHLB stock, at cost
(190)
438
670
Deferred income tax (benefit) provision
(1,151)
2,360
(564)
Excess taxbenefit fromequity based compensation
(224)
(280)
(48)
Net cash provided by operating activities
28,544
34,538
38,697
Cash flows from investing activities:
Maturities of securities available for sale
1,620
1,724
1,120
Proceeds from sales/calls of securities available for sale
29,452
4,135
63,776
Purchases of securities available for sale
(150,515)
(160,251)
(150,305)
Principal paydowns on securities available for sale
77,442
95,772
104,752
(Increase) decrease in loans receivable, net
(107,734)
64,868
(163,789)
Purchases of premises and equipment, net
(2,379)
(667)
(3,411)
Proceeds from sales of foreclosed assets
6,854
15,023
15,538
Proceeds from sales of fixed assets
4
-
-
Cash acquired in bank acquisition
514
-
-
Net cash (used in) provided by investing activities
(144,742)
20,604
(132,319)
Cash flows from financing activities:
Increase in deposits
84,244
145
87,766
Increase (decrease) in borrowed funds
16,200
(41,650)
9,530
Increase (decrease) in repurchase agreements
1,277
4,555
(1,618)
Cash dividends paid
(4,775)
(3,680)
(3,385)
Repurchases of common stock
(10,183)
-
-
Stock options exercised
1,300
1,396
63
Excess taxprovision fromequity based compensation
224
280
48
Net cash provided by (used in) financing activities
88,287
(38,954)
92,404
(Decrease) increase in cash and due frombanks
(27,911)
16,188
(1,218)
Cash and cash equivalents, beginning of year
78,006
61,818
63,036
Cash and cash equivalents, end of year
50,095
$
78,006
$
61,818
$
(Continued)
