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SIERRA BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
120
24.
PARENT ONLY CONDENSED FINANCIAL STATEMENTS
(Continued)
STATEMENTS OF INCOME
Years Ended December 31, 2015, 2014 and 2013
(dollars in thousands)
2015
2014
2013
Income:
Dividend fromSubsidiary
12,500
$
15,500
$
3,000
$
Gain on sale of securities
506
238
-
Other operating income
19
80
16
Total Income
13,025
15,818
3,016
Expense
Salaries and employee benefits
365
347
349
Other expenses
1,344
1,195
1,313
Total expenses
1,709
1,542
1,662
Income before income taxes
11,316
14,276
1,354
Income taxbenefit
(502)
(690)
(803)
Income (loss) before equity in undistributed
income of subsidiary
11,818
14,966
2,157
Equity in undistributed income
of subsidiary
6,249
274
11,212
Net income
18,067
$
15,240
$
13,369
$