v3.26.1
Note 20 - Parent Only Condensed Financial Statements
12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

20.

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

 

CONDENSED BALANCE SHEETS

December 31, 2025 and 2024

 

  

2025

  

2024

 

ASSETS

        
         

Cash and cash equivalents

 $9,406,000  $12,261,000 

Investment in bank subsidiary

  272,899,000   180,744,000 

Other assets

  297,000   369,000 

Total assets

 $282,602,000  $193,374,000 
         

LIABILITIES AND SHAREHOLDERS' EQUITY

        

Other liabilities

 $513,000  $474,000 

Borrowings

  21,013,000   15,000,000 

Total liabilities

  21,526,000   15,474,000 
         

Shareholders' equity:

        

Common stock

  75,668,000   29,043,000 

Retained earnings

  195,899,000   174,002,000 

Accumulated other comprehensive loss, net of taxes

  (10,491,000)  (25,145,000)

Total shareholders' equity

  261,076,000   177,900,000 
         

Total liabilities and shareholders' equity

 $282,602,000  $193,374,000 

 

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Years Ended December 31, 2025, 2024 and 2023

 

  

2025

  

2024

  

2023

 

Income:

            

Dividends declared by bank subsidiary

 $26,000,000  $10,000,000  $7,500,000 

Gain on termination of swaps

  -   -   1,707,000 

Earnings from investment in Plumas Statutory Trust I and II

  -   -   5,000 
             

Total income

  26,000,000   10,000,000   9,212,000 
             

Expenses:

            

Interest on junior subordinated deferrable interest debentures

  -   -   141,000 

Interest on borrowings

  1,012,000   641,000   369,000 

Other expenses

  595,000   622,000   523,000 
             

Total expenses

  1,607,000   1,263,000   1,033,000 
             

Income before equity in undistributed income of bank subsidiary

  24,393,000   8,737,000   8,179,000 
             

Equity in undistributed income of bank subsidiary

  4,708,000   19,462,000   21,746,000 
             

Income before income taxes

  29,101,000   28,199,000   29,925,000 

Income tax (expense) benefit

  516,000   420,000   (149,000)

Net income

 $29,617,000  $28,619,000  $29,776,000 
             

Total comprehensive income

 $44,271,000  $35,938,000  $34,068,000 

 

 

CONDENSED STATEMENTS OF CASH FLOWS

 

For the Years Ended December 31, 2025, 2024 and 2023

 

  

2025

  

2024

  

2023

 

Cash flows from operating activities:

            

Net income

 $29,617,000  $28,619,000  $29,776,000 

Adjustments to reconcile net income to net cash provided by operating activities:

            

Equity in undistributed income of bank subsidiary

  (4,708,000)  (19,462,000)  (21,746,000)

Stock-based compensation expense

  80,000   174,000   78,000 

Amortization of discount on borrowings

  142,000   -   - 

(Increase) decrease in other assets

  (56,000)  94,000   554,000 

(Decrease) increase in other liabilities

  (51,000)  85,000   (185,000)

Net cash provided by operating activities

  25,024,000   9,510,000   8,477,000 
             

Cash flows from financing activities:

            

Cash dividends paid on common stock

  (7,720,000)  (6,365,000)  (5,862,000)

Redemption of Trust Preferred Securities

  -   -   (10,310,000)

Decrease in other borrowings

  (5,750,000)  -   - 

Increase in other borrowings

  -   5,000,000   10,000,000 

Proceeds from exercise of stock options

  1,105,000   508,000   339,000 

Net cash used in financing activities

  (12,365,000)  (857,000)  (5,833,000)
             

Cash flows from investing activities:

            

Cash paid in acquisition

  (15,514,000)  -   - 
             

(Decrease) increase in cash and cash equivalents

  (2,855,000)  8,653,000   2,644,000 
             

Cash and cash equivalents at beginning of year

  12,261,000   3,608,000   964,000 
             

Cash and cash equivalents at end of year

 $9,406,000  $12,261,000  $3,608,000