Note 17 - Parent Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

17. PARENT ONLY CONDENSED FINANCIAL STATEMENTS

CONDENSED BALANCE SHEETS

December 31, 2019

and

2018

	2019		2018
ASSETS
Cash and cash equivalents	$	510,000	$	507,000
Investment in bank subsidiary		93,670,000		76,173,000
Other assets		658,000		602,000
Total assets	$	94,838,000	$	77,282,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Other liabilities	$	23,000	$	40,000
Junior subordinated deferrable interest debentures		10,310,000		10,310,000
Total liabilities		10,333,000		10,350,000
Shareholders' equity:
Common stock		7,312,000		6,944,000
Retained earnings		75,144,000		62,005,000
Accumulated other comprehensive income (loss)		2,049,000		(2,017,000	)
Total shareholders' equity		84,505,000		66,932,000
Total liabilities and shareholders' equity	$	94,838,000	$	77,282,000

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Years Ended

December 31, 2019,

2018

and

2017

	2019		2018		2017
Income:
Dividends declared by bank subsidiary	$	2,800,000	$	2,000,000	$	4,000,000
Earnings from investment in Plumas
Statutory Trusts I and II		16,000		15,000		12,000
Total income		2,816,000		2,015,000		4,012,000
Expenses:
Interest on junior subordinated deferrable interest debentures		531,000		510,000		401,000
Interest on note payable		-		-		28,000
Other expenses		315,000		326,000		251,000
Total expenses		846,000		836,000		680,000
Income before equity in undistributed income of subsidiary		1,970,000		1,179,000		3,332,000
Equity in undistributed income of subsidiary		13,261,000		12,479,000		4,538,000
Income before income taxes		15,231,000		13,658,000		7,870,000
Income tax benefit		281,000		334,000		319,000
Net income	$	15,512,000	$	13,992,000	$	8,189,000
Total comprehensive income	$	19,578,000	$	12,545,000	$	8,685,000

CONDENSED STATEMENTS OF CASH FLOWS

For the Years Ended

December 31, 2019,

2018

and

2017

	2019			2018			2017
Cash flows from operating activities:
Net income	$	15,512,000		$	13,992,000		$	8,189,000
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed income of subsidiary		(13,261,000	)		(12,479,000	)		(4,538,000	)
Stock-based compensation expense		54,000			47,000			37,000
(Increase) decrease in other assets		(56,000	)		51,000			(76,000	)
Decrease (increase) in other liabilities		(17,000	)		25,000			2,000
Net cash provided by operating activities		2,232,000			1,636,000			3,614,000
Cash flows from financing activities:
Cash dividends paid on common stock		(2,373,000	)		(1,842,000	)		(1,398,000	)
Payment on note payable		-			-			(2,375,000	)
Proceeds from exercise of stock options		144,000			330,000			261,000
Net cash used in financing activities		(2,229,000	)		(1,512,000	)		(3,512,000	)
Increase in cash and cash equivalents		3,000			124,000			102,000
Cash and cash equivalents at beginning of year		507,000			383,000			281,000
Cash and cash equivalents at end of year	$	510,000		$	507,000		$	383,000