100 / 146
SIERRA BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
84
4.
LOANS AND LEASES
(Continued)
Included in loans above are troubled debt restructurings that were classified as impaired. The Company had
$2,231,000 and $2,592,000 in commercial loans, $12,173,000 and $21,302,000 in real estate secured loans
and $1,866,000 and $2,640,000 in consumer loans, which were modified as troubled debt restructurings and
consequently classified as impaired at December 31, 2015 and 2014, respectively.
Additional commitments to existing customers with restructured loans totaled $1,515,000 and $3,584,000
at December 31, 2015 and 2014, respectively.
Interest income recognized on impaired loans was $983,000, $1,056,000, and $1,220,000, for the years
ended December 31, 2015, 2014, and 2013, respectively. There was no interest income recognized on a cash
basis on impaired loans for the years ended December 31, 2015, 2014, and 2013, respectively.
The following is a summary of interest income from non-accrual loans in the portfolio at year-end that was
not recognized (dollars in thousands):
2015
2014
2013
Interest that would have been recorded under
the loans’ original terms
643
$
1,666
$
3,209
$
Less gross interest recorded
188
389
304
Foregone interest
455
$
1,277
$
2,905
$
Years Ended December 31,
Certain loans have been pledged to secure short-term borrowing arrangements (see Note 9). These loans
totaled $555,874,000 and $475,979,000 at December 31, 2015 and 2014, respectively.
Salaries and employee benefits totaling $3,058,000, $2,673,000, and $2,804,000, have been deferred as loan
and lease origination costs to be amortized over the estimated lives of the related loans and leases for the
years ended December 31, 2015, 2014, and 2013, respectively.