Note 19 - Parent Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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

19. PARENT ONLY CONDENSED FINANCIAL STATEMENTS

CONDENSED BALANCE SHEETS

December 31, 2023 and 2022

	2023			2022
ASSETS
Cash and cash equivalents	$	3,608,000		$	964,000
Investment in bank subsidiary		153,636,000			126,498,000
Interest rate swaps		-			2,002,000
Other assets		256,000			810,000
Total assets	$	157,500,000		$	130,274,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Other liabilities	$	183,000		$	960,000
Borrowings		10,000,000			-
Junior subordinated deferrable interest debentures		-			10,310,000
Total liabilities		10,183,000			11,270,000
Shareholders' equity:
Common stock		28,033,000			27,372,000
Retained earnings		151,748,000			128,388,000
Accumulated other comprehensive income		(32,464,000	)		(36,756,000	)
Total shareholders' equity		147,317,000			119,004,000
Total liabilities and shareholders' equity	$	157,500,000		$	130,274,000

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Years Ended December 31, 2023, 2022 and 2021

	2023			2022			2021
Income:
Dividends declared by bank subsidiary	$	7,500,000		$	4,000,000		$	8,035,000
Gain on termination of swaps		1,707,000			-			-
Earnings from investment in Plumas Statutory Trust I and II		5,000			14,000			9,000
Total income		9,212,000			4,014,000			8,044,000
Expenses:
Interest on junior subordinated deferrable interest debentures		141,000			359,000			348,000
Interest on borrowings		369,000			-			-
Other expenses		523,000			556,000			399,000
Total expenses		1,033,000			915,000			747,000
Income before equity in undistributed income of subsidiary		8,179,000			3,099,000			7,297,000
Equity in undistributed income of subsidiary		21,746,000			23,039,000			13,442,000
Income before income taxes		29,925,000			26,138,000			20,739,000
Income tax (expense) benefit		(149,000	)		306,000			270,000
Net income	$	29,776,000		$	26,444,000		$	21,009,000
Total comprehensive income (loss)	$	34,068,000		$	(11,912,000	)	$	17,864,000

CONDENSED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2023, 2022 and 2021

	2023			2022			2021
Cash flows from operating activities:
Net income	$	29,776,000		$	26,444,000		$	21,009,000
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed income of subsidiary		(21,746,000	)		(23,039,000	)		(13,442,000	)
Stock-based compensation expense		78,000			78,000			52,000
Decrease (increase) in other assets		554,000			(88,000	)		(14,000	)
(Decrease) increase in other liabilities		(185,000	)		(65,000	)		596,000
Net cash provided by operating activities		8,477,000			3,330,000			8,201,000
Cash flows from investing activities:
Cash paid in acquisition		-			-			(4,738,000	)
Cash flows from financing activities:
Cash dividends paid on common stock		(5,862,000	)		(3,737,000	)		(3,081,000	)
Redemption of Trust Preferred Securities		(10,310,000	)		-			-
Increase in other borrowings		10,000,000			-			-
Proceeds from exercise of stock options		339,000			309,000			265,000
Net cash used in financing activities		(5,833,000	)		(3,428,000	)		(2,816,000	)
Increase (decrease) in cash and cash equivalents		2,644,000			(98,000	)		647,000
Cash and cash equivalents at beginning of year		964,000			1,062,000			415,000
Cash and cash equivalents at end of year	$	3,608,000		$	964,000		$	1,062,000