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SIERRA BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
122
25.
CONDENSED QUARTERLY RESULTS OF OPERATIONS
(UNAUDITED)
The following table sets forth the Company’s unaudited results of operations for the four quarters of 2015
and 2014. In management’s opinion, the results of operations reflect all adjustments (which include only
recurring adjustments) necessary to present fairly the condensed results for such periods (dollars in thousands,
except per share data).
December 31,
September 30,
June 30,
March 31,
Interest income
16,163
$
15,524
$
15,669
$
15,351
$
Interest expense
650
647
651
633
Net interest income
15,513
14,877
15,018
14,718
Provision for loan and
lease losses
-
-
-
-
Non-interest income
4,793
4,261
4,654
4,007
Non-interest expense
12,207
12,285
12,751
13,460
Net income before taxes
8,099
6,853
6,921
5,265
Provision for taxes
2,737
2,443
2,364
1,527
Net income
5,362
$
4,410
$
4,557
$
3,738
$
Diluted earnings per share
.40
$
.33
$
.33
$
.27
$
Cash dividend per share
.11
$
.11
$
.10
$
.10
$
December 31,
September 30,
June 30,
March 31,
Interest income
14,509
$
13,978
$
13,682
$
12,952
$
Interest expense
641
686
732
737
Net interest income
13,868
13,292
12,950
12,215
Provision for loan and
lease losses
-
-
200
150
Non-interest income
4,321
3,785
4,018
3,707
Non-interest expense
12,889
11,750
11,008
10,728
Net income before taxes
5,300
5,327
5,760
5,044
Provision for taxes
1,647
1,776
1,523
1,245
Net income
3,653
$
3,551
$
4,237
$
3,799
$
Diluted earnings per share
.26
$
.25
$
.31
$
.26
$
Cash dividend per share
.09
$
.09
$
.08
$
.08
$
2015 Quarter Ended
2014 Quarter Ended