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55
SIERRA BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31, 2015, 2014 and 2013
(dollars in thousands, except per share data)
2015
2014
2013
Interest and dividend income
Loans and leases, including fees
51,512
$
44,380
$
44,030
$
Taxable securities
8,192
7,653
4,899
Tax-exempt securities
2,953
2,936
2,737
Dividend income on securities
19
90
17
Federal funds sold and other
31
62
102
Total interest income
62,707
55,121
51,785
Interest expense
Deposits
1,785
2,064
2,455
Short-termborrowings
66
25
19
Long-termborrowings
13
4
33
Subordinated debentures
717
703
714
Total interest expense
2,581
2,796
3,221
Net interest income
60,126
52,325
48,564
Provision for loan and lease losses
-
350
4,350
Net interest income after provision for loan
and lease losses
60,126
51,975
44,214
Non-interest income
Service charges on deposits
9,399
8,275
9,022
Gain on sale of loans
6
3
129
Credit card fees
463
451
462
Checkcard fees
4,234
3,908
3,749
Net gains on sale of securities
available-for-sale
666
667
6
Increase in cash surrender value of life insurance
907
1,278
1,787
Other income
2,040
1,249
1,908
Total non-interest income
17,715
15,831
17,063
Non-interest expense
Salaries and employee benefits
24,871
22,926
21,920
Occupancy and equipment
6,899
6,344
6,274
Acquisition costs
101
2,070
-
Other
18,832
15,035
16,621
Total non-interest expense
50,703
46,375
44,815
Income before income taxes
27,138
21,431
16,462
Provision for income taxes
9,071
6,191
3,093
Net income
18,067
$
15,240
$
13,369
$
Earnings per share
Basic
1.34
$
1.09
$
0.94
$
Diluted
1.33
$
1.08
$
0.94
$
Weighted average shares outstanding, basic
13,460,605
14,001,958
14,155,927
Weighted average shares outstanding, diluted
13,585,110
14,136,486
14,290,150
The accompanying notes are an integral part of these consolidated financial statements.