2020 Q1 Form 10-Q Financial Statement

#000143774920009545 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $9.599M $9.826M
YoY Change -2.31% 25.68%
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 $350.0K $360.0K $290.0K
YoY Change -2.78% 44.0% 16.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $378.0K $440.0K
YoY Change -14.09% 66.04%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $4.560M $5.267M $4.870M
YoY Change -13.42% 18.76% 19.66%
Income Tax $1.244M $1.449M $1.300M
% Of Pretax Income 27.28% 27.51% 26.69%
Net Earnings $3.316M $3.818M $3.570M
YoY Change -13.15% 16.4% 213.16%
Net Earnings / Revenue 34.55% 38.86%
Basic Earnings Per Share $0.64 $0.74
Diluted Earnings Per Share $0.63 $0.73 $683.9K
COMMON SHARES
Basic Shares Outstanding 5.171M 5.144M
Diluted Shares Outstanding 5.231M 5.225M

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $58.06M $44.75M $46.69M
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 $14.77M $14.22M $14.29M
YoY Change 3.87% 27.28% 25.92%
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 $879.6M $831.4M $824.4M
YoY Change 5.8% 12.84% 10.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.800M $8.500M $7.500M
YoY Change -8.24% 10.39% 11.94%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $8.400M $8.900M $13.10M
YoY Change -5.62% 2.3% 29.7%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.800M $8.500M $7.500M
YoY Change -8.24% 10.39% 11.94%
LONG-TERM LIABILITIES
Long-Term Debt $10.30M $10.30M $10.30M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.30M $10.30M $10.30M
YoY Change 0.0% 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.800M $8.500M $7.500M
Total Long-Term Liabilities $10.30M $10.30M $10.30M
Total Liabilities $789.3M $758.7M $757.5M
YoY Change 4.04% 11.65% 9.82%
SHAREHOLDERS EQUITY
Retained Earnings $78.46M $65.82M $62.01M
YoY Change 19.2% 23.88% 24.37%
Common Stock $7.425M $7.070M $6.944M
YoY Change 5.02% 8.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $90.23M $72.71M $66.93M
YoY Change
Total Liabilities & Shareholders Equity $879.6M $831.4M $824.4M
YoY Change 5.8% 12.84% 10.59%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $3.316M $3.818M $3.570M
YoY Change -13.15% 16.4% 213.16%
Depreciation, Depletion And Amortization $350.0K $360.0K $290.0K
YoY Change -2.78% 44.0% 16.0%
Cash From Operating Activities $7.143M $6.906M $3.190M
YoY Change 3.43% 138.71% 14.34%
INVESTING ACTIVITIES
Capital Expenditures $410.0K $202.0K -$790.0K
YoY Change 102.97% 296.08% 163.33%
Acquisitions
YoY Change
Other Investing Activities -$3.580M -$8.920M -$38.65M
YoY Change -59.87% -38.53% 26.27%
Cash From Investing Activities -$3.994M -$9.125M -$39.45M
YoY Change -56.23% -37.32% 27.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $7.967M 286.0K 47.69M
YoY Change 2685.66% -102.56% 237.75%
NET CHANGE
Cash From Operating Activities $7.143M 6.906M 3.190M
Cash From Investing Activities -$3.994M -9.125M -39.45M
Cash From Financing Activities $7.967M 286.0K 47.69M
Net Change In Cash $11.12M -1.933M 11.43M
YoY Change -675.06% -91.54% -181.64%
FREE CASH FLOW
Cash From Operating Activities $7.143M $6.906M $3.190M
Capital Expenditures $410.0K $202.0K -$790.0K
Free Cash Flow $6.733M $6.704M $3.980M
YoY Change 0.43% 135.89% 28.8%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div> </div><div style="display: inline; font-weight: bold;">THE BUSINESS OF PLUMAS BANCORP</div></div> <div style=" margin: 0pt 0pt 0pt 36pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">During <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">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: inherit;"> 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: inherit;"> September 28, 2005.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Bank operates <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> December 2015 </div>the Bank opened a branch in Reno, Nevada; its <div style="display: inline; font-style: italic; font: inherit;">first</div> branch outside of California and in <div style="display: inline; font-style: italic; font: inherit;">2018</div> the Bank purchased a branch located in Carson City, Nevada. 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.</div></div>
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