$PLBC
PLUMAS BANCORP

2016 Q1 Form 10-Q Financial Statement

#000143774916030712 Filed on May 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $6.000M $5.376M
YoY Change 11.61% 7.26%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $270.0K $330.0K
YoY Change -18.18% 0.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $262.0K $399.0K
YoY Change -34.34% -6.99%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $2.557M $2.016M
YoY Change 26.84% 29.23%
Income Tax $984.0K $801.0K
% Of Pretax Income 38.48% 39.73%
Net Earnings $1.573M $1.215M
YoY Change 29.47% 28.98%
Net Earnings / Revenue 26.22% 22.6%
Basic Earnings Per Share $0.32 $0.25
Diluted Earnings Per Share $0.31 $0.24
COMMON SHARES
Basic Shares Outstanding 4.842M 4.799M
Diluted Shares Outstanding 5.058M 5.047M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $55.80M $48.63M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $12.25M $11.50M
YoY Change 6.51% -6.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $595.3M $553.9M
YoY Change 7.48% 6.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.900M $6.300M
YoY Change -6.35% 6.78%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $8.900M $7.900M
YoY Change 12.66% -13.19%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.900M $6.300M
YoY Change -6.35% 6.78%
LONG-TERM LIABILITIES
Long-Term Debt $10.30M $17.80M
YoY Change -42.13% 1.14%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.30M $17.80M
YoY Change -42.13% 1.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.900M $6.300M
Total Long-Term Liabilities $10.30M $17.80M
Total Liabilities $550.3M $515.7M
YoY Change 6.72% 5.72%
SHAREHOLDERS EQUITY
Retained Earnings $37.64M
YoY Change
Common Stock $6.551M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $44.98M $38.10M
YoY Change
Total Liabilities & Shareholders Equity $595.3M $553.9M
YoY Change 7.48% 6.58%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $1.573M $1.215M
YoY Change 29.47% 28.98%
Depreciation, Depletion And Amortization $270.0K $330.0K
YoY Change -18.18% 0.0%
Cash From Operating Activities $780.0K $1.660M
YoY Change -53.01% -54.77%
INVESTING ACTIVITIES
Capital Expenditures $269.0K $104.0K
YoY Change 158.65% 593.33%
Acquisitions
YoY Change
Other Investing Activities -$7.280M -$11.60M
YoY Change -37.24% 91.42%
Cash From Investing Activities -$7.550M -$11.71M
YoY Change -35.53% 92.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.630M 13.10M
YoY Change -142.98% 383.39%
NET CHANGE
Cash From Operating Activities 780.0K 1.660M
Cash From Investing Activities -7.550M -11.71M
Cash From Financing Activities -5.630M 13.10M
Net Change In Cash -12.40M 3.050M
YoY Change -506.56% 916.67%
FREE CASH FLOW
Cash From Operating Activities $780.0K $1.660M
Capital Expenditures $269.0K $104.0K
Free Cash Flow $511.0K $1.556M
YoY Change -67.16% -57.43%

Facts In Submission

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CY2016Q1 us-gaap Basis Of Accounting
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2</div><div style="display: inline; font-weight: bold;">. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The condensed consolidated financial statements include the accounts of the Company and the accounts of its wholly-owned subsidiary, Plumas Bank. Plumas Statutory Trust I and Plumas Statutory Trust II are not consolidated into the Company&#x2019;s consolidated financial statements and, accordingly, are accounted for under the equity method. In the opinion of management, the unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company&#x2019;s financial position at March 31, 2016 and the results of its operations and its cash flows for the three-month periods ended March 31, 2016 and 2015. Our condensed consolidated balance sheet at December 31, 2015 is derived from audited financial statements. Certain reclassifications have been made to prior period&#x2019;s balances to conform to classifications used in 2016.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (&#x201c;SEC&#x201d;) for interim reporting on Form 10-Q. Accordingly, certain disclosures normally presented in the notes to the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#x201c;GAAP&#x201d;) have been omitted. The Company believes that the disclosures are adequate to make the information not misleading. </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2015 Annual Report to Shareholders on Form 10-K. The results of operations for the three-month period ended March 31, 2016 may not necessarily be indicative of future operating results. In preparing such financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the periods reported. Actual results could differ significantly from those estimates.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Management has determined that because all of the commercial banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. No single customer accounts for more than 10% of the revenues of the Company or the Bank. </div></div></div>
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CY2016Q1 us-gaap Federal Home Loan Bank Stock
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CY2016Q1 us-gaap Fees And Commissions Depositor Accounts
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CY2015Q1 us-gaap Fees And Commissions Depositor Accounts
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5327000
CY2016Q1 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
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CY2016Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
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402641000
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394510000
CY2016Q1 us-gaap Financing Receivable Individually Evaluated For Impairment
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6506000
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6461000
CY2016Q1 us-gaap Financing Receivable Modifications Number Of Contracts2
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0
CY2015Q1 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
0
CY2016Q1 us-gaap Financing Receivable Modifications Recorded Investment
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4595000
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CY2016Q1 us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
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0
CY2015Q1 us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
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CY2016Q1 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
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CY2015Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
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CY2016Q1 us-gaap Financing Receivable Recorded Investment Current
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CY2016Q1 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
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CY2016Q1 us-gaap Financing Receivable Recorded Investment Past Due
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CY2016Q1 us-gaap Foreclosed Assets
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CY2015Q1 us-gaap Gain Loss On Sale Of Investments
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CY2016Q1 us-gaap Gain Loss On Sale Of Loans And Leases
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CY2016Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
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CY2016Q1 us-gaap Held To Maturity Securities
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CY2015Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
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7952000
CY2015 us-gaap Impaired Financing Receivable Average Recorded Investment
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CY2016Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
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29000
CY2015Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
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30000
CY2015 us-gaap Impaired Financing Receivable Interest Income Accrual Method
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119000
CY2016Q1 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
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0
CY2015Q1 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
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CY2016Q1 us-gaap Impaired Financing Receivable Recorded Investment
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855000
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CY2016Q1 us-gaap Impaired Financing Receivable Unpaid Principal Balance
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CY2016Q1 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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3664000
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4115000
CY2016Q1 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
2842000
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
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2346000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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2557000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2016Q1 us-gaap Income Tax Expense Benefit
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CY2015Q1 us-gaap Income Tax Expense Benefit
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CY2016Q1 us-gaap Income Taxes Paid
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CY2015Q1 us-gaap Income Taxes Paid
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CY2015Q1 us-gaap Increase Decrease In Other Accrued Liabilities
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CY2015Q1 us-gaap Interest And Dividend Income Securities
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CY2016Q1 us-gaap Interest And Fee Income Loans And Leases
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CY2015Q1 us-gaap Interest Expense
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CY2016Q1 us-gaap Interest Expense Deposits
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CY2015Q1 us-gaap Interest Expense Deposits
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CY2015Q1 us-gaap Interest Expense Other
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CY2016Q1 us-gaap Interest Expense Subordinated Notes And Debentures
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CY2015Q1 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
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CY2016Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
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CY2015Q1 us-gaap Interest Income Expense After Provision For Loan Loss
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CY2015Q1 us-gaap Interest Income Expense Net
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CY2015Q1 us-gaap Interest Paid
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CY2015Q1 us-gaap Investment Income Amortization Of Premium
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127000
CY2016Q1 us-gaap Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust
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CY2015Q1 us-gaap Loans And Leases Receivable Allowance
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CY2015Q4 us-gaap Loans Receivable Fair Value Disclosure
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CY2016Q1 us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">1</div><div style="display: inline; font-weight: bold;">.</div><div style="display: inline; font-weight: bold;"> GENERAL</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">During 2002, Plumas Bancorp (the &quot;Company&quot;) was incorporated as a bank holding company for the purpose of acquiring Plumas Bank (the &quot;Bank&quot;) in a one bank holding company reorganization. This corporate structure gives the Company and the Bank greater flexibility in terms of operation, expansion and diversification. The Company formed Plumas Statutory Trust I (&quot;Trust I&quot;) for the sole purpose of issuing trust preferred securities on September 26, 2002. The Company formed Plumas Statutory Trust II (&quot;Trust II&quot;) for the sole purpose of issuing trust preferred securities on September 28, 2005.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Bank operates eleven branches in California, including branches in Alturas, Chester, Fall River Mills, Greenville, Kings Beach, Portola, Quincy, Redding, Susanville, Tahoe City, and Truckee. In December, 2015 the Bank opened a Branch in Reno, Nevada; it&#x2019;s first Branch outside of California. The Bank&#x2019;s administrative headquarters is in Quincy, California. In addition, the Bank operates lending offices specializing in government-guaranteed lending in Auburn, California, Scottsdale, Arizona and Seattle, Washington and a commercial/agricultural lending office in Chico, California. The Bank's primary source of revenue is generated from providing loans to customers who are predominately small and middle market businesses and individuals residing in the surrounding areas.</div></div></div>
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CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
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CY2015Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
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CY2016Q1 us-gaap Proceeds From Sale Of Foreclosed Assets
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CY2015Q1 us-gaap Proceeds From Sale Of Foreclosed Assets
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CY2016Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
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CY2015Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
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CY2015Q1 us-gaap Proceeds From Stock Options Exercised
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CY2015Q1 us-gaap Provision For Loan And Lease Losses
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CY2016Q1 us-gaap Real Estate Owned Valuation Allowance Provision1
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CY2015Q1 us-gaap Real Estate Owned Valuation Allowance Provision1
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CY2015Q1 us-gaap Repayments Of Notes Payable
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CY2016Q1 us-gaap Securities Loaned Or Sold Under Agreements To Repurchase Fair Value Disclosure
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CY2016Q1 us-gaap Securities Sold Under Agreements To Repurchase
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CY2016Q1 us-gaap Share Based Compensation
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4842000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4799000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
29000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.55
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
44981000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
42496000
CY2016Q1 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
1964000
CY2015Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
1940000
CY2016Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2016Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
CY2016Q1 us-gaap Unused Commitments To Extend Credit
UnusedCommitmentsToExtendCredit
88917000
CY2015Q4 us-gaap Unused Commitments To Extend Credit
UnusedCommitmentsToExtendCredit
82995000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5058000
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5047000

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