2018 Q3 Form 10-Q Financial Statement

#000143774918019798 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $8.843M $7.401M
YoY Change 19.48% 16.0%
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 $260.0K $260.0K
YoY Change 0.0% -3.7%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $292.0K $253.0K
YoY Change 15.42% -0.39%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $5.107M $3.999M
YoY Change 27.71% 24.58%
Income Tax $1.411M $1.551M
% Of Pretax Income 27.63% 38.78%
Net Earnings $3.696M $2.448M
YoY Change 50.98% 25.09%
Net Earnings / Revenue 41.8% 33.08%
Basic Earnings Per Share $0.72 $0.48
Diluted Earnings Per Share $0.71 $0.47
COMMON SHARES
Basic Shares Outstanding 5.122M 5.048M
Diluted Shares Outstanding 5.225M 5.192M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $35.26M $101.5M
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 $13.75M $11.27M
YoY Change 21.99% -5.46%
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 $770.7M $731.0M
YoY Change 5.43% 11.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.000M $6.600M
YoY Change 6.06% 3.13%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $8.200M $8.700M
YoY Change -5.75% -18.69%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.000M $6.600M
YoY Change 6.06% 3.13%
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 $7.000M $6.600M
Total Long-Term Liabilities $10.30M $10.30M
Total Liabilities $708.4M $675.5M
YoY Change 4.87% 10.95%
SHAREHOLDERS EQUITY
Retained Earnings $59.36M $49.33M
YoY Change 20.32% 19.08%
Common Stock $6.854M $6.350M
YoY Change 7.94% 9.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.37M $55.56M
YoY Change
Total Liabilities & Shareholders Equity $770.7M $731.0M
YoY Change 5.43% 11.25%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $3.696M $2.448M
YoY Change 50.98% 25.09%
Depreciation, Depletion And Amortization $260.0K $260.0K
YoY Change 0.0% -3.7%
Cash From Operating Activities $7.140M $3.460M
YoY Change 106.36% 19.72%
INVESTING ACTIVITIES
Capital Expenditures -$180.0K -$50.00K
YoY Change 260.0% -37.5%
Acquisitions
YoY Change
Other Investing Activities -$27.68M -$8.870M
YoY Change 212.06% -49.89%
Cash From Investing Activities -$27.85M -$8.920M
YoY Change 212.22% -49.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.290M 38.15M
YoY Change -91.38% -25.15%
NET CHANGE
Cash From Operating Activities 7.140M 3.460M
Cash From Investing Activities -27.85M -8.920M
Cash From Financing Activities 3.290M 38.15M
Net Change In Cash -17.42M 32.69M
YoY Change -153.29% -9.4%
FREE CASH FLOW
Cash From Operating Activities $7.140M $3.460M
Capital Expenditures -$180.0K -$50.00K
Free Cash Flow $7.320M $3.510M
YoY Change 108.55% 18.18%

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CY2017Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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us-gaap Interest And Dividend Income Securities
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us-gaap Interest And Dividend Income Securities
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us-gaap Interest Expense Medium Term Notes
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us-gaap Interest Income Expense After Provision For Loan Loss
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CY2017Q4 us-gaap Liabilities
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us-gaap Loans And Leases Receivable Impaired Interest Lost On Nonaccrual Loans
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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>
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CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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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="display: inline; font-family: times new roman; font-size: 10pt"><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:justify;"><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;">2018.</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></div></div></div>
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
338000
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
11349000
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
9387000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
4157000
CY2018Q3 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
8210000
CY2017Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
10074000
us-gaap Share Based Compensation
ShareBasedCompensation
148000
us-gaap Share Based Compensation
ShareBasedCompensation
122000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1261000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
674000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
4221000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
4157000
CY2018Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
4221000
CY2017Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0
us-gaap Proceeds From Sale Of Foreclosed Assets
ProceedsFromSaleOfForeclosedAssets
400000
us-gaap Proceeds From Sale Of Foreclosed Assets
ProceedsFromSaleOfForeclosedAssets
171000
us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
37327000
us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
31435000
us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
568000
us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
83000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
291000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
226000
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13748000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11346000
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
800000
CY2018Q3 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
300000
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
600000
CY2017Q3 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
200000
CY2017 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
600000
us-gaap Real Estate Owned Valuation Allowance Provision1
RealEstateOwnedValuationAllowanceProvision1
38000
us-gaap Real Estate Owned Valuation Allowance Provision1
RealEstateOwnedValuationAllowanceProvision1
106000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2375000
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
59357000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
49855000
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
628000
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
617000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1919000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1841000
us-gaap Stock Issued1
StockIssued1
us-gaap Stock Issued1
StockIssued1
787000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
62366000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
55700000
CY2018Q3 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
2997000
CY2017Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
2283000
CY2018Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2018Q3 us-gaap Unused Commitments To Extend Credit
UnusedCommitmentsToExtendCredit
131200000
CY2017Q4 us-gaap Unused Commitments To Extend Credit
UnusedCommitmentsToExtendCredit
107400000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5225000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5192000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5219000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5181000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5122000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5048000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5100000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4987000

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