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SIERRA BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
121
24.
PARENT ONLY CONDENSED FINANCIAL STATEMENTS
(Continued)
STATEMENTS OF CASH FLOWS
Years Ended December 31, 2015, 2014 and 2013
(dollars in thousands)
2015
2014
2013
Cash flows fromoperating activities:
Net Income
18,067
$
15,240
$
13,369
$
Adjustments to reconcile net income to net
cash provided by operating activities:
Undistributed net income of subsidiary
(6,249)
(274)
(11,212)
Gain on sale of securities
(506)
(238)
-
Decrease (increase) in other assets
-
325
(75)
Increase (decrease) in other liabilities
96
(71)
106
Taxbenefit fromequity based compensation
-
-
29
Net cash provided for operating activities
11,408
14,982
2,217
Cash flows from investing activities:
Purchases of securities
-
(37)
-
Sales of securities
1,104
402
-
Net cash provided by investing activities
1,104
365
-
Cash flows from financing activities:
Stock options exercised
526
1,075
1,088
Repurchase of common stock
(7,955)
(10,183)
-
Dividends paid
(5,662)
(4,775)
(3,680)
Net cash used in by financing activities
(13,091)
(13,883)
(2,592)
Net decrease (increase) in cash and cash equivalents
(579)
1,464
(375)
Cash and cash equivalents, beginning of year
2,801
1,337
1,712
Cash and cash equivalents, end of year
2,222
$
2,801
$
1,337
$