74 / 146
58
SIERRA BANCORP AND SUBSIDIARY
CONSOLIDATED 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:
Gain on investment of securities
(666)
(667)
(6)
Gain on sales of loans
(6)
(3)
(129)
Loss (gain) on disposal of fixed assets
62
(4)
(15)
(Gain) loss on sale of foreclosed assets
(259)
(2,253)
223
Writedown of foreclosed assets
221
452
730
Share-based compensation expense
35
181
268
Provision for loan losses
-
350
4,350
Depreciation and amortization
2,272
2,107
2,131
Net amortization on securities premiums and discounts
6,932
6,607
8,177
Decrease in unearned net loan fees
518
129
366
Increase in cash surrender value of life insurance policies
(1,151)
(1,475)
(1,417)
Proceeds fromsales of loans
323
108
5,459
Originations of loans held for sale
(317)
-
(5,225)
Decrease in interest receivable and other assets
1,219
5,884
2,225
Increase in other liabilities
758
3,453
1,514
Deferred income taxprovision (benefit)
1,629
(1,151)
2,360
Excess taxprovision (benefit) fromequity based compensation
146
(224)
(280)
Net cash provided by operating activities
29,783
28,734
34,100
Cash flows from investing activities:
Maturities of securities available for sale
580
1,620
1,724
Proceeds fromsales/calls of securities available for sale
39,831
29,452
4,135
Purchases of securities available for sale
(136,459)
(150,515)
(160,251)
Principal paydowns on securities available for sale
91,193
77,442
95,772
Net (purchases) redemption of FHLB stock
(504)
(190)
438
(Increase) decrease in loans receivable, net
(165,061)
(107,734)
64,868
Purchases of premises and equipment, net
(2,530)
(2,379)
(667)
Proceeds fromsales of foreclosed assets
1,833
6,854
15,023
Proceeds fromsales of fixed assets
59
4
-
Cash acquired in bank acquisition
-
514
-
Net cash used in investing activities
(171,058)
(144,932)
21,042
Cash flows from financing activities:
Increase in deposits
97,933
84,244
145
Increase (decrease) in borrowed funds
53,100
16,200
(41,650)
Increase in repurchase agreements
2,154
1,277
4,555
Cash dividends paid
(5,662)
(4,775)
(3,680)
Repurchases of common stock
(7,956)
(10,183)
-
Stock options exercised
380
1,300
1,396
Excess tax (benefit) provision fromequity based compensation
(146)
224
280
Net cash provided by financing activities
139,803
88,287
(38,954)
(Decrease) increase in cash and due frombanks
(1,472)
(27,911)
16,188
Cash and cash equivalents, beginning of year
50,095
78,006
61,818
Cash and cash equivalents, end of year
48,623
$
50,095
$
78,006
$
(Continued)