2018 Q1 Form 10-Q Financial Statement

#000143774918008338 Filed on May 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $7.818M $6.765M
YoY Change 15.57% 12.75%
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 $250.0K $270.0K
YoY Change -7.41% 0.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $265.0K $258.0K
YoY Change 2.71% -1.53%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $4.435M $3.271M
YoY Change 35.59% 27.92%
Income Tax $1.155M $1.207M
% Of Pretax Income 26.04% 36.9%
Net Earnings $3.280M $2.064M
YoY Change 58.91% 31.21%
Net Earnings / Revenue 41.95% 30.51%
Basic Earnings Per Share $0.65 $0.42
Diluted Earnings Per Share $0.63 $0.40
COMMON SHARES
Basic Shares Outstanding 5.071M 4.911M
Diluted Shares Outstanding 5.208M 5.164M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $64.69M $51.95M
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 $11.18M $11.63M
YoY Change -3.91% -5.05%
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 $736.8M $663.6M
YoY Change 11.03% 11.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.700M $5.900M
YoY Change 30.51% 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $8.700M $7.500M
YoY Change 16.0% -15.73%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.700M $5.900M
YoY Change 30.51% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $10.30M $10.30M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.30M $10.30M
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.700M $5.900M
Total Long-Term Liabilities $10.30M $10.30M
Total Liabilities $679.5M $613.1M
YoY Change 10.83% 11.4%
SHAREHOLDERS EQUITY
Retained Earnings $53.14M $45.03M
YoY Change 17.99% 19.66%
Common Stock $6.168M
YoY Change -5.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.29M $50.54M
YoY Change
Total Liabilities & Shareholders Equity $736.8M $663.6M
YoY Change 11.03% 11.47%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $3.280M $2.064M
YoY Change 58.91% 31.21%
Depreciation, Depletion And Amortization $250.0K $270.0K
YoY Change -7.41% 0.0%
Cash From Operating Activities $2.893M -$25.00K
YoY Change -11672.0% -103.21%
INVESTING ACTIVITIES
Capital Expenditures $51.00K $118.0K
YoY Change -56.78% -56.13%
Acquisitions
YoY Change
Other Investing Activities -$14.51M -$15.24M
YoY Change -4.79% 109.34%
Cash From Investing Activities -$14.56M -$15.36M
YoY Change -5.2% 103.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.18M 4.689M
YoY Change -338.49% -183.29%
NET CHANGE
Cash From Operating Activities 2.893M -25.00K
Cash From Investing Activities -14.56M -15.36M
Cash From Financing Activities -11.18M 4.689M
Net Change In Cash -22.85M -10.69M
YoY Change 113.68% -13.77%
FREE CASH FLOW
Cash From Operating Activities $2.893M -$25.00K
Capital Expenditures $51.00K $118.0K
Free Cash Flow $2.842M -$143.0K
YoY Change -2087.41% -127.98%

Facts In Submission

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CY2018Q1 us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> </div><div style="display: inline; font-weight: bold;">THE BUSINESS OF PLUMAS BANCORP</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2002,</div> Plumas Bancorp (the "Company") was incorporated as a bank holding company for the purpose of acquiring Plumas Bank (the "Bank") in a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> 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 ("Trust I") for the sole purpose of issuing trust preferred securities on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 26, 2002. </div>The Company formed Plumas Statutory Trust II ("Trust II") for the sole purpose of issuing trust preferred securities on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 28, 2005.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Bank operates <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eleven</div> branches in California, including branches in Alturas, Chester, Fall River Mills, Greenville, Kings Beach, Portola, Quincy, Redding, Susanville, Tahoe City, and Truckee. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December, 2015 </div>the Bank opened a branch in Reno, Nevada; its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> branch outside of California. The Bank&#x2019;s administrative headquarters is in Quincy, California. In addition, the Bank operates a lending office specializing in government-guaranteed lending in Auburn, California, and commercial/agricultural lending offices in Chico, California and Klamath Falls, Oregon. 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.&nbsp;</div></div>
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;">Reclassifications</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Certain reclassifications have been made to prior years&#x2019; balances to conform to the classifications used in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> These reclassifications had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on the Company&#x2019;s consolidated financial position, results of operations or net change in cash and cash equivalents.</div></div></div>
CY2018Q1 us-gaap Proceeds From Life Insurance Policies
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CY2018Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
412000
CY2017Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
75000
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
82000
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
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CY2018Q1 us-gaap Property Plant And Equipment Net
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PropertyPlantAndEquipmentNet
11346000
CY2018Q1 us-gaap Provision For Loan And Lease Losses
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200000
CY2017Q1 us-gaap Provision For Loan And Lease Losses
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200000
CY2017 us-gaap Provision For Loan And Lease Losses
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CY2018Q1 us-gaap Real Estate Owned Valuation Allowance Provision1
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CY2017Q1 us-gaap Real Estate Owned Valuation Allowance Provision1
RealEstateOwnedValuationAllowanceProvision1
9000
CY2018Q1 us-gaap Repayments Of Notes Payable
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CY2017Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
125000
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
53135000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
49855000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
640000
CY2017Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
599000
CY2018Q1 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
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CY2018Q1 us-gaap Share Based Compensation
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CY2017Q1 us-gaap Share Based Compensation
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43000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
351000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
424000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.54
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
57291000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
55700000
CY2018Q1 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
2451000
CY2017Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
2283000
CY2018Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2018Q1 us-gaap Unused Commitments To Extend Credit
UnusedCommitmentsToExtendCredit
108800000
CY2017Q4 us-gaap Unused Commitments To Extend Credit
UnusedCommitmentsToExtendCredit
107400000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5208000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5164000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5071000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4911000

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