þ | QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
California | 75-2987096 | |
(State or Other Jurisdiction of | (I.R.S. Employer Identification No.) | |
Incorporation or Organization) |
35 S. Lindan Avenue, Quincy, California | 95971 | |
(Address of Principal Executive Offices) | (Zip Code) |
September 30, | December 31, | |||||||
2005 | 2004 | |||||||
Assets
|
||||||||
Cash and due from banks
|
$ | 17,870 | $ | 11,444 | ||||
Federal funds sold
|
15,445 | | ||||||
Investment securities (fair value of $95,170 at
September 30, 2005 and $113,390 at December 31, 2004)
|
95,110 | 113,252 | ||||||
Loans, less allowance for loan losses of $3,329 at
September 30, 2005 and $2,762 at December 31, 2004
(Notes 3 and 4)
|
310,984 | 263,891 | ||||||
Premises and equipment, net
|
10,917 | 9,793 | ||||||
Intangible assets, net
|
1,713 | 1,939 | ||||||
Company owned life insurance
|
8,855 | 8,362 | ||||||
Accrued interest receivable and other assets
|
10,278 | 8,665 | ||||||
|
||||||||
Total assets
|
$ | 471,172 | $ | 417,346 | ||||
|
||||||||
|
||||||||
Liabilities and Shareholders Equity
|
||||||||
Deposits:
|
||||||||
Non-interest bearing
|
$ | 138,398 | $ | 108,556 | ||||
Interest bearing
|
286,381 | 270,011 | ||||||
|
||||||||
Total deposits
|
424,779 | 378,567 | ||||||
Federal Home Loan Bank advances
|
| 1,035 | ||||||
Accrued interest payable and other liabilities
|
5,621 | 3,667 | ||||||
Junior subordinated deferrable interest debentures
|
10,310 | 6,186 | ||||||
|
||||||||
Total liabilities
|
440,710 | 389,455 | ||||||
|
||||||||
|
||||||||
Commitments and contingencies (Note 4)
|
| | ||||||
|
||||||||
Shareholders equity (Notes 5 and 8):
|
||||||||
Serial preferred stock, no par value; 10,000,000
shares authorized, none issued
|
| | ||||||
Common stock, no par value; 22,500,000 shares
authorized; issued and outstanding 4,958,752 shares
at September 30, 2005 and 4,901,197 shares at December
31, 2004
|
4,302 | 4,013 | ||||||
Retained earnings
|
27,062 | 24,370 | ||||||
Accumulated other comprehensive loss (Note 6)
|
(902 | ) | (492 | ) | ||||
|
||||||||
Total shareholders equity
|
30,462 | 27,891 | ||||||
|
||||||||
Total liabilities and shareholders equity
|
$ | 471,172 | $ | 417,346 | ||||
|
2
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30 | Ended September 30 | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Interest Income:
|
||||||||||||||||
Interest and fees on loans
|
$ | 5,862 | $ | 4,179 | $ | 16,017 | $ | 11,855 | ||||||||
Interest on investment securities:
|
||||||||||||||||
Taxable
|
640 | 780 | 2,030 | 2,320 | ||||||||||||
Exempt from Federal income taxes
|
133 | 126 | 405 | 308 | ||||||||||||
Interest on Federal funds sold
|
30 | 44 | 34 | 101 | ||||||||||||
Interest on loans held for sale
|
| 19 | 8 | 36 | ||||||||||||
|
||||||||||||||||
Total interest income
|
6,665 | 5,148 | 18,494 | 14,620 | ||||||||||||
|
||||||||||||||||
Interest Expense:
|
||||||||||||||||
Interest on deposits
|
1,107 | 639 | 2,817 | 1,892 | ||||||||||||
Interest on junior subordinated deferrable interest
debentures
|
111 | 77 | 295 | 215 | ||||||||||||
Interest on Federal Home Loan Bank advances
|
44 | | 210 | | ||||||||||||
Other
|
4 | 3 | 9 | 9 | ||||||||||||
|
||||||||||||||||
Total interest expense
|
1,266 | 719 | 3,331 | 2,116 | ||||||||||||
|
||||||||||||||||
Net interest income before provision for loan
losses
|
5,399 | 4,429 | 15,163 | 12,504 | ||||||||||||
Provision for Loan Losses
|
300 | 300 | 900 | 600 | ||||||||||||
|
||||||||||||||||
Net interest income after provision for loan losses
|
5,099 | 4,129 | 14,263 | 11,904 | ||||||||||||
Non-Interest Income:
|
||||||||||||||||
Service charges
|
759 | 789 | 2,223 | 2,205 | ||||||||||||
Gain on sale of loans
|
| | | 49 | ||||||||||||
Gain (loss) on sale of available-for-sale investment
securities, net
|
| 82 | (8 | ) | 229 | |||||||||||
Gain (loss) on sale of other real estate and vehicles, net
|
7 | (19 | ) | (37 | ) | 70 | ||||||||||
Earnings on company owned life insurance policies
|
84 | 108 | 263 | 315 | ||||||||||||
Other
|
349 | 299 | 977 | 747 | ||||||||||||
|
||||||||||||||||
Total non-interest income
|
1,199 | 1,259 | 3,418 | 3,615 | ||||||||||||
|
||||||||||||||||
Non-Interest Expenses:
|
||||||||||||||||
Salaries and employee benefits
|
2,405 | 2,221 | 7,071 | 6,650 | ||||||||||||
Occupancy and equipment
|
775 | 675 | 2,268 | 2,027 | ||||||||||||
Other
|
1,127 | 1,024 | 3,294 | 2,917 | ||||||||||||
|
||||||||||||||||
Total non-interest expenses
|
4,307 | 3,920 | 12,633 | 11,594 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Income before provision for income taxes
|
1,991 | 1,468 | 5,048 | 3,925 | ||||||||||||
Provision for Income Taxes
|
743 | 537 | 1,820 | 1,418 | ||||||||||||
|
||||||||||||||||
Net income
|
$ | 1,248 | $ | 931 | $ | 3,228 | $ | 2,507 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Basic earnings per share (Notes 5 and 8)
|
$ | 0.25 | $ | 0.19 | $ | 0.65 | $ | 0.51 | ||||||||
|
||||||||||||||||
Diluted earnings per share (Notes 5 and 8)
|
$ | 0.24 | $ | 0.19 | $ | 0.64 | $ | 0.50 | ||||||||
|
3
For the Nine Months | ||||||||
Ended September 30, | ||||||||
2005 | 2004 | |||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$ | 3,228 | $ | 2,507 | ||||
Adjustments to reconcile net income to net cash provided by operating
activities:
|
||||||||
Provision for loan losses
|
900 | 600 | ||||||
Decrease in deferred loan origination fees, net
|
(967 | ) | (109 | ) | ||||
Depreciation and amortization
|
1,565 | 1,220 | ||||||
Net loss (gain) on sale of available-for-sale investment securities
|
8 | (229 | ) | |||||
Amortization of investment security premiums
|
541 | 710 | ||||||
Accretion of investment security discounts
|
(52 | ) | (61 | ) | ||||
Net loss on sale of premises and equipment
|
4 | 2 | ||||||
Net loss (gain) on sale of other real estate and vehicles
|
37 | (70 | ) | |||||
Net decrease in loans held for sale
|
| 44 | ||||||
Increase in cash surrender value of life insurance policies
|
(212 | ) | (266 | ) | ||||
(Increase) decrease in accrued interest receivable and other assets
|
(1,383 | ) | 286 | |||||
Increase in accrued interest payable and other liabilities
|
1,954 | 595 | ||||||
Benefit for deferred taxes
|
(22 | ) | (8 | ) | ||||
|
||||||||
Net cash provided by operating activities
|
5,601 | 5,221 | ||||||
|
||||||||
|
||||||||
Cash Flows from Investing Activities:
|
||||||||
Proceeds from matured and called available-for-sale investment securities
|
11,000 | 13,320 | ||||||
Proceeds from matured and called held-to-maturity investment securities
|
1,097 | 1,275 | ||||||
Proceeds from sales of available-for-sale investment securities
|
1,992 | 31,378 | ||||||
Purchases of available-for-sale investment securities
|
| (36,652 | ) | |||||
Purchases of held-to-maturity investment securities
|
| (6,231 | ) | |||||
Proceeds from principal repayments from available-for-sale
government-guaranteed mortgage-backed securities
|
2,780 | 2,029 | ||||||
Proceeds from principal repayments from held-to-maturity
government-guaranteed mortgage-backed securities
|
79 | 49 | ||||||
Net increase in loans
|
(47,167 | ) | (34,067 | ) | ||||
Proceeds from sale of other real estate and vehicles
|
183 | 853 | ||||||
Purchase of company owned life insurance
|
(281 | ) | | |||||
Purchase of premises and equipment
|
(2,467 | ) | (688 | ) | ||||
|
||||||||
Net cash used in investing activities
|
(32,784 | ) | (28,734 | ) | ||||
|
4
For the Nine Months | ||||||||||||||||
Ended September 30, | ||||||||||||||||
2005 | 2004 | |||||||||||||||
Cash Flows from Financing Activities:
|
||||||||||||||||
Net increase in demand, interest bearing and savings deposits
|
$ | 36,718 | $ | 35,822 | ||||||||||||
Net increase in time deposits
|
9,494 | 1,791 | ||||||||||||||
Payment of Federal Home Loan Bank advances
|
(1,035 | ) | | |||||||||||||
Proceeds from issuance of junior subordinated deferrable interest debentures
|
4,124 | | ||||||||||||||
Proceeds from exercise of stock options
|
289 | 67 | ||||||||||||||
Payment of cash dividends
|
(536 | ) | (456 | ) | ||||||||||||
|
||||||||||||||||
Net cash provided by financing activities
|
49,054 | 37,224 | ||||||||||||||
|
||||||||||||||||
Increase in cash and cash equivalents
|
21,871 | 13,711 | ||||||||||||||
Cash and Cash Equivalents at Beginning of Year
|
11,444 | 30,012 | ||||||||||||||
|
||||||||||||||||
Cash and Cash Equivalents at End of Period
|
$ | 33,315 | $ | 43,723 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Supplemental Disclosure of Cash Flow Information:
|
||||||||||||||||
Cash paid during the period for:
|
||||||||||||||||
Interest expense
|
$ | 3,075 | $ | 2,049 | ||||||||||||
Income taxes
|
$ | 730 | $ | 1,485 | ||||||||||||
|
||||||||||||||||
Non-Cash Investing Activities:
|
||||||||||||||||
Real estate and vehicles acquired through foreclosure
|
$ | 141 | $ | 237 | ||||||||||||
Net change in unrealized gain on available-for-sale securities
|
$ | (409 | ) | $ | (386 | ) | ||||||||||
|
||||||||||||||||
Non-Cash Financing Activities:
|
||||||||||||||||
Common stock retired in connection with the exercise of stock options
|
$ | 80 | $ | 176 |
5
6
September 30, | December 31, | |||||||
2005 | 2004 | |||||||
Commercial
|
$ | 43,881 | $ | 42,689 | ||||
Agricultural
|
31,287 | 31,067 | ||||||
Real estate
mortgage
|
108,544 | 102,125 | ||||||
Real estate
construction and land development
|
51,837 | 31,964 | ||||||
Consumer
|
78,057 | 59,068 | ||||||
|
||||||||
|
313,606 | 266,913 | ||||||
Deferred loan costs (fees), net
|
707 | (260 | ) | |||||
Allowance for loan losses
|
(3,329 | ) | (2,762 | ) | ||||
|
||||||||
|
$ | 310,984 | $ | 263,891 | ||||
|
7
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Earnings Per Share:
|
||||||||||||||||
Basic earnings per share
|
$ | 0.25 | $ | 0.19 | $ | 0.65 | $ | 0.51 | ||||||||
Diluted earnings per share
|
$ | 0.24 | $ | 0.19 | $ | 0.64 | $ | 0.50 | ||||||||
Weighted Average Number of
Shares Outstanding:
|
||||||||||||||||
Basic shares
|
4,951,006 | 4,896,606 | 4,938,998 | 4,887,109 | ||||||||||||
Diluted shares
|
5,351,364 | 5,016,544 | 5,355,103 | 5,007,046 |
8
For the Three Months | For the Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Net income as reported
|
$ | 1,248 | $ | 931 | $ | 3,228 | $ | 2,507 | ||||||||
Deduct: Total stock-based compensation
expense determined under the fair value
based method for all awards, net of
related tax effects
|
45 | 23 | 132 | 68 | ||||||||||||
|
||||||||||||||||
Pro forma net income
|
$ | 1,203 | $ | 908 | $ | 3,096 | $ | 2,439 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Basic earnings per share as reported
|
$ | 0.25 | $ | 0.19 | $ | 0.65 | $ | 0.51 | ||||||||
|
||||||||||||||||
Basic earnings per share pro forma
|
$ | 0.24 | $ | 0.18 | $ | 0.63 | $ | 0.49 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Diluted earnings per share as reported
|
$ | 0.24 | $ | 0.19 | $ | 0.64 | $ | 0.50 | ||||||||
|
||||||||||||||||
Diluted earnings per share pro forma
|
$ | 0.24 | $ | 0.18 | $ | 0.62 | $ | 0.49 | ||||||||
|
For the Three Months Ended | ||||||||
September 30, 2005 | September 30, 2004 | |||||||
Weighted average fair value of options granted
|
4.77 | $ | N/A | |||||
Dividend yield
|
1.4 | % | N/A | |||||
Expected volatility
|
13.7 | % | N/A | |||||
Risk-free interest rate
|
4.1 | % | N/A | |||||
Expected option life in years
|
5.0 | N/A |
For the Nine Months Ended | ||||||||
September 30, 2005 | September 30, 2004 | |||||||
Weighted average fair value of options granted
|
4.77 | $ | 4.32 | |||||
Dividend yield
|
1.4 | % | 1.5 | % | ||||
Expected volatility
|
13.7 | % | 15.5 | % | ||||
Risk-free interest rate
|
4.1 | % | 2.8 | % | ||||
Expected option life in years
|
5.0 | 5.0 |
9
10
11
For the Nine Months Ended September 30, 2005 | For the Nine Months Ended September 30, 2004 | |||||||||||||||||||||||
Average Balance | Interest | Yield/ | Average Balance | Interest | Yield/ | |||||||||||||||||||
(in thousands) | (in thousands) | Rate | (in thousands) | (in thousands) | Rate | |||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans (1) (2)
|
$ | 297,526 | $ | 16,025 | 7.20 | % | $ | 225,484 | $ | 11,891 | 7.05 | % | ||||||||||||
Investment securities (1)
|
101,545 | 2,435 | 3.21 | % | 114,,346 | 2,628 | 3.07 | % | ||||||||||||||||
Federal funds sold
|
1,267 | 34 | 3.59 | % | 12,117 | 101 | 1.11 | % | ||||||||||||||||
|
||||||||||||||||||||||||
Total interest-earning assets
|
400,338 | 18,494 | 6.18 | % | 351,947 | 14,620 | 5.55 | % | ||||||||||||||||
|
||||||||||||||||||||||||
Cash and due from banks
|
16,276 | 24,943 | ||||||||||||||||||||||
Other assets
|
26,580 | 25,658 | ||||||||||||||||||||||
|
||||||||||||||||||||||||
Total assets
|
$ | 443,194 | $ | 402,548 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW deposits
|
$ | 44,786 | 62 | 0.19 | % | $ | 43,475 | 43 | 0.13 | % | ||||||||||||||
Money market deposits
|
63,621 | 528 | 1.11 | % | 64,972 | 358 | 0.74 | % | ||||||||||||||||
Savings deposits
|
67,788 | 320 | 0.63 | % | 63,320 | 214 | 0.45 | % | ||||||||||||||||
Time deposits
|
98,044 | 1,907 | 2.60 | % | 93,187 | 1,277 | 1.83 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
9,254 | 210 | 3.03 | % | | | | |||||||||||||||||
Other interest-bearing liabilities
|
237 | 9 | 5.08 | % | 209 | 9 | 5.76 | % | ||||||||||||||||
Junior subordinated debentures
|
6,231 | 295 | 6.33 | % | 6,186 | 215 | 4.65 | % | ||||||||||||||||
|
||||||||||||||||||||||||
Total interest-bearing liabilities
|
289,961 | 3,331 | 1.54 | % | 271,349 | 2,116 | 1.04 | % | ||||||||||||||||
|
||||||||||||||||||||||||
Non-interest bearing deposits
|
120,256 | 101,789 | ||||||||||||||||||||||
Other liabilities
|
4,094 | 2,671 | ||||||||||||||||||||||
Shareholders equity
|
28,883 | 26,739 | ||||||||||||||||||||||
|
||||||||||||||||||||||||
Total liabilities & equity
|
$ | 443,194 | $ | 402,548 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Cost of funding interest-earning assets (3)
|
1.11 | % | 0.80 | % | ||||||||||||||||||||
Net interest income and margin (4)
|
$ | 15,163 | 5.06 | % | $ | 12,504 | 4.75 | % | ||||||||||||||||
|
(1) | Not computed on a tax-equivalent basis. | |
(2) | Loan fees included in loan interest income for the nine-month periods ended September 30, 2005 and 2004 were $148,000 and $340,000, respectively. | |
(3) | Total annualized interest expense divided by the average balance of total earning assets. | |
(4) | Annualized net interest income divided by the average balance of total earning assets. |
12
2005 over 2004 change in net interest income | ||||||||||||||||
for the nine months ended September 30 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Volume (1) | Rate (2) | Mix (3) | Total | |||||||||||||
Interest-earning assets:
|
||||||||||||||||
Loans
|
$ | 3,799 | $ | 254 | $ | 81 | $ | 4,134 | ||||||||
Investment securities
|
(294 | ) | 114 | (13 | ) | (193 | ) | |||||||||
Federal funds sold
|
(90 | ) | 224 | (201 | ) | (67 | ) | |||||||||
|
||||||||||||||||
Total interest income
|
3,415 | 592 | (133 | ) | 3,874 | |||||||||||
|
||||||||||||||||
|
||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||
NOW deposits
|
1 | 17 | 1 | 19 | ||||||||||||
Money market deposits
|
(7 | ) | 181 | (4 | ) | 170 | ||||||||||
Savings deposits
|
15 | 85 | 6 | 106 | ||||||||||||
Time deposits
|
67 | 536 | 27 | 630 | ||||||||||||
FHLB advances
|
| | 210 | 210 | ||||||||||||
Other interest-bearing liabilities
|
1 | (1 | ) | | | |||||||||||
Junior subordinated debentures
|
1 | 78 | 1 | 80 | ||||||||||||
|
||||||||||||||||
Total interest expense
|
78 | 896 | 241 | 1,215 | ||||||||||||
|
||||||||||||||||
Net interest income
|
$ | 3,337 | $ | (304 | ) | $ | (374 | ) | $ | 2,659 | ||||||
|
(1) | The volume change in net interest income represents the change in average balance divided by the previous years rate. | |
(2) | The rate change in net interest income represents the change in rate divided by the previous years average balance. | |
(3) | The mix change in net interest income represents the change in average balance multiplied by the change in rate. |
13
For the Nine Months | ||||||||||||||||
Ended September 30 | Percentage | |||||||||||||||
2005 | 2004 | Dollar Change | Change | |||||||||||||
Service charges on deposit accounts
|
$ | 2,223 | $ | 2,205 | $ | 18 | 0.8 | % | ||||||||
Earnings on life insurance policies
|
263 | 315 | (52 | ) | -16.5 | % | ||||||||||
Merchant processing income
|
252 | 187 | 65 | 34.8 | % | |||||||||||
Investment services income
|
148 | 127 | 21 | 16.5 | % | |||||||||||
Mortgage loan commission and servicing fees
|
130 | 151 | (21 | ) | -13.9 | % | ||||||||||
Customer service fees
|
84 | 95 | (11 | ) | -11.6 | % | ||||||||||
Official check fees
|
78 | 43 | 35 | 81.4 | % | |||||||||||
Federal Home Loan Bank dividends
|
59 | 33 | 26 | 78.8 | % | |||||||||||
Tax refunds
|
58 | | 58 | 100.0 | % | |||||||||||
Safe deposit box and night depository income
|
51 | 46 | 5 | 10.9 | % | |||||||||||
Printed check fee income
|
31 | 15 | 16 | 106.7 | % | |||||||||||
Other deposit account fees
|
29 | 18 | 11 | 61.1 | % | |||||||||||
Gain on sale of loans
|
| 49 | (49 | ) | -100.0 | % | ||||||||||
(Loss) gain on sale of securities
|
(8 | ) | 229 | (237 | ) | -103.5 | % | |||||||||
(Loss) gain on sale of real estate and vehicles
|
(37 | ) | 70 | (107 | ) | 152.9 | % | |||||||||
Other
|
57 | 32 | 25 | 78.1 | % | |||||||||||
|
||||||||||||||||
Total non-interest income
|
$ | 3,418 | $ | 3,615 | $ | (197 | ) | -5.4 | % | |||||||
|
14
For the Nine Months | ||||||||||||||||
Ended September 30 | Percentage | |||||||||||||||
2005 | 2004 | Dollar Change | Change | |||||||||||||
Salaries and employee benefits
|
$ | 7,071 | $ | 6,650 | $ | 421 | 6.3 | % | ||||||||
Occupancy and equipment
|
2,268 | 2,027 | 241 | 11.9 | % | |||||||||||
Professional fees
|
542 | 384 | 158 | 41.1 | % | |||||||||||
Business development
|
364 | 284 | 80 | 28.2 | % | |||||||||||
Advertising and shareholder relations
|
340 | 238 | 102 | 42.9 | % | |||||||||||
Armored car and courier
|
270 | 277 | (7 | ) | -2.5 | % | ||||||||||
Telephone and data communication
|
265 | 256 | 9 | 3.5 | % | |||||||||||
Stationery and supplies
|
253 | 223 | 30 | 13.5 | % | |||||||||||
Director compensation
|
237 | 213 | 24 | 11.3 | % | |||||||||||
Deposit premium amortization
|
226 | 224 | 2 | 0.9 | % | |||||||||||
Outside service fees
|
208 | 176 | 32 | 0.2 | % | |||||||||||
Postage
|
182 | 185 | (3 | ) | -1.6 | % | ||||||||||
Insurance
|
177 | 174 | 3 | 1.7 | % | |||||||||||
Loan and collection expenses
|
79 | 153 | (74 | ) | -48.4 | % | ||||||||||
Other
|
151 | 130 | 21 | 16.2 | % | |||||||||||
|
||||||||||||||||
Total non-interest expense
|
$ | 12,633 | $ | 11,594 | $ | 1,039 | 9.0 | % | ||||||||
|
15
For the Three Months Ended September 30, 2005 | For the Three Months Ended September 30, 2004 | |||||||||||||||||||||||
Average Balance | Interest | Yield/ | Average Balance | Interest | Yield/ | |||||||||||||||||||
(in thousands) | (in thousands) | Rate | (in thousands) | (in thousands) | Rate | |||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans (1) (2)
|
$ | 317,730 | $ | 5,862 | 7.32 | % | $ | 239,912 | $ | 4,198 | 6.94 | % | ||||||||||||
Investment securities (1)
|
96,071 | 773 | 3.19 | % | 113,776 | 906 | 3.16 | % | ||||||||||||||||
Federal funds sold
|
3,207 | 30 | 3.71 | % | 12,172 | 44 | 1.43 | % | ||||||||||||||||
|
||||||||||||||||||||||||
Total interest-earning assets
|
417,008 | 6,665 | 6.34 | % | 365,860 | 5,148 | 5.58 | % | ||||||||||||||||
|
||||||||||||||||||||||||
Cash and due from banks
|
17,675 | 24,675 | ||||||||||||||||||||||
Other assets
|
27,467 | 26,199 | ||||||||||||||||||||||
|
||||||||||||||||||||||||
Total assets
|
$ | 462,150 | $ | 416,734 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW deposits
|
$ | 46,738 | 28 | 0.24 | % | $ | 44,471 | 13 | 0.12 | % | ||||||||||||||
Money market deposits
|
63,707 | 205 | 1.28 | % | 63,720 | 117 | 0.73 | % | ||||||||||||||||
Savings deposits
|
68,519 | 121 | 0.70 | % | 66,322 | 75 | 0.45 | % | ||||||||||||||||
Time deposits
|
102,308 | 753 | 2.92 | % | 93,183 | 434 | 1.85 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
4,935 | 44 | 3.54 | % | | | | |||||||||||||||||
Other interest-bearing liabilities
|
251 | 4 | 6.32 | % | 215 | 3 | 5.54 | % | ||||||||||||||||
Junior subordinated debentures
|
6,320 | 111 | 6.97 | % | 6,186 | 77 | 4.94 | % | ||||||||||||||||
|
||||||||||||||||||||||||
Total interest-bearing liabilities
|
292,778 | 1,266 | 1.72 | % | 274,097 | 719 | 1.04 | % | ||||||||||||||||
|
||||||||||||||||||||||||
Non-interest bearing deposits
|
134,678 | 113,031 | ||||||||||||||||||||||
Other liabilities
|
4,670 | 2,875 | ||||||||||||||||||||||
Shareholders equity
|
30,024 | 26,731 | ||||||||||||||||||||||
|
||||||||||||||||||||||||
Total liabilities & equity
|
$ | 462,150 | $ | 416,734 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Cost of funding interest-earning assets (3)
|
1.20 | % | 078 | % | ||||||||||||||||||||
Net interest income and margin (4)
|
$ | 5,399 | 5.14 | % | $ | 4,429 | 4.80 | % | ||||||||||||||||
|
(1) | Not computed on a tax-equivalent basis. | |
(2) | Loan fees included in loan interest income for the three-month periods ended September 30, 2005 and 2004 were $48 and $96, respectively. | |
(3) |
Total annualized interest expense divided by the average balance of total earning assets.
|
|
(4) | Annualized net interest income divided by the average balance of total earning assets. |
16
2005 over 2004 change in net interest income | ||||||||||||||||
for the three months ended September 30 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Volume (1) | Rate (2) | Mix (3) | Total | |||||||||||||
Interest-earning assets:
|
||||||||||||||||
Loans
|
$ | 1,362 | $ | 228 | $ | 74 | $ | 1,664 | ||||||||
Investment securities
|
(141 | ) | 9 | (1 | ) | (133 | ) | |||||||||
Federal funds sold
|
(33 | ) | 70 | (51 | ) | (14 | ) | |||||||||
|
||||||||||||||||
Total interest income
|
1,188 | 308 | 21 | 1,517 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||
NOW deposits
|
1 | 14 | | 15 | ||||||||||||
Money market deposits
|
| 88 | | 88 | ||||||||||||
Savings deposits
|
2 | 42 | 2 | 46 | ||||||||||||
Time deposits
|
42 | 252 | 25 | 319 | ||||||||||||
FHLB advances
|
| | 44 | 44 | ||||||||||||
Other interest-bearing liabilities
|
1 | | | 1 | ||||||||||||
Junior subordinated debentures
|
2 | 32 | | 34 | ||||||||||||
|
||||||||||||||||
Total interest expense
|
48 | 428 | 71 | 547 | ||||||||||||
|
||||||||||||||||
Net interest income
|
$ | 1,140 | $ | (120 | ) | $ | (50 | ) | $ | 970 | ||||||
|
(1) | The volume change in net interest income represents the change in average balance divided by the previous years rate. | |
(2) | The rate change in net interest income represents the change in rate divided by the previous years average balance. | |
(3) | The mix change in net interest income represents the change in average balance multiplied by the change in rate. |
17
For the Three Months | ||||||||||||||||
Ended September 30 | ||||||||||||||||
(in thousands) | 2005 | 2004 | Dollar Change | Percentage Change | ||||||||||||
Service charges on deposit accounts
|
$ | 759 | $ | 789 | $ | (30 | ) | -3.8 | % | |||||||
Merchant processing income
|
120 | 95 | 25 | 26.3 | % | |||||||||||
Earnings on life insurance policies
|
84 | 108 | (24 | ) | -22.2 | % | ||||||||||
Investment services income
|
46 | 48 | (2 | ) | -4.2 | % | ||||||||||
Mortgage loan commission and servicing fees
|
40 | 36 | 4 | 11.1 | % | |||||||||||
Official check fees
|
32 | 16 | 16 | 100.0 | % | |||||||||||
Customer service fees
|
31 | 29 | 2 | 6.9 | % | |||||||||||
Federal Home Loan Bank dividends
|
21 | 21 | | | % | |||||||||||
Safe deposit box and night depository income
|
15 | 15 | | | % | |||||||||||
Printed check fee income
|
10 | 7 | 3 | 42.9 | % | |||||||||||
Other deposit account fees
|
10 | 5 | 5 | 100.0 | % | |||||||||||
Gain (loss) on sale of real estate and vehicles
|
7 | (19 | ) | 26 | 136.8 | % | ||||||||||
Gain on sale of securities
|
| 82 | (82 | ) | -100.0 | % | ||||||||||
Other
|
24 | 27 | (3 | ) | -11.1 | % | ||||||||||
|
||||||||||||||||
Total non-interest income
|
$ | 1,199 | $ | 1,259 | $ | (60 | ) | -4.8 | % | |||||||
|
18
For the Three Months | ||||||||||||||||
Ended September 30 | ||||||||||||||||
2005 | 2004 | Dollar Change | Percentage Change | |||||||||||||
Salaries and employee benefits
|
$ | 2,405 | $ | 2,221 | $ | 184 | 8.3 | % | ||||||||
Occupancy and equipment
|
775 | 675 | 100 | 14.8 | % | |||||||||||
Professional fees
|
180 | 143 | 37 | 25.9 | % | |||||||||||
Business development
|
126 | 87 | 39 | 44.8 | % | |||||||||||
Advertising and shareholder relations
|
116 | 79 | 37 | 46.8 | % | |||||||||||
Telephone and data communication
|
108 | 88 | 20 | 22.7 | % | |||||||||||
Stationery and supplies
|
93 | 75 | 18 | 24.0 | % | |||||||||||
Armored car and courier
|
82 | 95 | (13 | ) | -13.7 | % | ||||||||||
Director compensation
|
78 | 71 | 7 | 9.9 | % | |||||||||||
Deposit premium amortization
|
75 | 76 | (1 | ) | 1.3 | % | ||||||||||
Outside service fees
|
65 | 55 | 10 | 18.2 | % | |||||||||||
Insurance
|
60 | 58 | 2 | 3.4 | % | |||||||||||
Postage
|
59 | 60 | (1 | ) | -1.7 | % | ||||||||||
Loan and collection expenses
|
34 | 80 | (46 | ) | -57.5 | % | ||||||||||
Other
|
51 | 57 | (6 | ) | -10.5 | % | ||||||||||
|
||||||||||||||||
Total
non-interest expense
|
$ | 4,307 | $ | 3,920 | $ | 387 | 9.9 | % | ||||||||
|
19
For the Nine Months | ||||||||
Ended September 30, | ||||||||
2005 | 2004 | |||||||
Balance at January 1,
|
$ | 2,762 | $ | 2,564 | ||||
|
||||||||
Charge-offs:
|
||||||||
Commercial and agricultural
|
(141 | ) | (95 | ) | ||||
Real estate mortgage
|
| | ||||||
Real estate construction
|
| | ||||||
Consumer
|
(339 | ) | (465 | ) | ||||
|
||||||||
Total charge-offs
|
(480 | ) | (560 | ) | ||||
|
||||||||
Recoveries:
|
||||||||
Commercial and agricultural
|
19 | 7 | ||||||
Real estate mortgage
|
| 1 | ||||||
Real estate construction
|
| | ||||||
Consumer
|
128 | 113 | ||||||
|
||||||||
Total recoveries
|
147 | 121 | ||||||
|
||||||||
Net charge-offs
|
(261 | ) | (439 | ) | ||||
|
||||||||
Provision for loan losses
|
900 | 600 | ||||||
|
||||||||
Balance at June 30,
|
$ | 3,329 | $ | 2,725 | ||||
|
||||||||
Net charge-offs during the nine-month period to average loans
|
0.09 | % | 0.19 | % | ||||
Allowance for loan losses to total loans
|
1.06 | % | 1.08 | % |
20
21
September 30, 2005 | December 31, 2004 | |||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||
Tier 1 Leverage Ratio
|
||||||||||||||||
Plumas Bancorp and Subsidiary
|
$ | 39,534 | 8.6 | % | $ | 32,444 | 7.6 | % | ||||||||
Minimum regulatory requirement
|
17,576 | 4.0 | % | 17,120 | 4.0 | % | ||||||||||
Plumas Bank
|
35,972 | 7.8 | % | 31,982 | 7.5 | % | ||||||||||
Minimum requirement for
Well-Capitalized institution
|
23,005 | 5.0 | % | 21,400 | 5.0 | % | ||||||||||
Minimum regulatory requirement
|
18,404 | 4.0 | % | 17,120 | 4.0 | % | ||||||||||
|
||||||||||||||||
Tier 1 Risk-Based Capital Ratio
|
||||||||||||||||
|
||||||||||||||||
Plumas Bancorp and Subsidiary
|
39,534 | 10.2 | % | 32,444 | 10.1 | % | ||||||||||
Minimum regulatory requirement
|
12,806 | 4.0 | % | 12,858 | 4.0 | % | ||||||||||
Plumas Bank
|
35,972 | 9.3 | % | 31,982 | 10.0 | % | ||||||||||
Minimum requirement for
Well-Capitalized institution
|
23,195 | 6.0 | % | 19,262 | 6.0 | % | ||||||||||
Minimum regulatory requirement
|
15,463 | 4.0 | % | 12,841 | 4.0 | % | ||||||||||
|
||||||||||||||||
Total Risk-Based Capital Ratio
|
||||||||||||||||
|
||||||||||||||||
Plumas Bancorp and Subsidiary
|
42,979 | 11.1 | % | 35,206 | 10.9 | % | ||||||||||
Minimum regulatory requirement
|
25,611 | 8.0 | % | 25,715 | 8.0 | % | ||||||||||
Plumas Bank
|
39,300 | 10.2 | % | 34,744 | 10.8 | % | ||||||||||
Minimum requirement for
Well-Capitalized institution
|
38,658 | 10.0 | % | 32,103 | 10.0 | % | ||||||||||
Minimum regulatory requirement
|
30,926 | 8.0 | % | 25,682 | 8.0 | % |
22
23
24
25
26
27
3.1
Articles of Incorporation as amended of Registrant included as exhibit 3.1 to the
Registrants Form S-4, File No. 333-84534, which is incorporated by reference
herein.
3.2
Bylaws of Registrant included as exhibit 3.2 to the Registrants Form S-4, File
No. 333-84534, which is incorporated by reference herein.
3.3
Amendment of the articles of Incorporation of Registrant
dated November 1, 2002.
3.4
Amendment of the articles of Incorporation of Registrant
dated August 17, 2005.
4
Specimen form of certificate for Plumas Bancorp included as exhibit 4 to the
Registrants Form S-4, File No. 333-84534, which is incorporated by reference
herein.
10.1
Executive Salary Continuation Agreement of Andrew J. Ryback dated August 23, 2005,
is included as Exhibit 10.1 to the Registrants 8-K filed on October 17, 2005,
which is incorporated by this reference herein.
10.2
Split Dollar Agreement of Andrew J. Ryback dated August 23, 2005, is included as
Exhibit 10.2 to the Registrants 8-K filed on October 17, 2005, which is
incorporated by this reference herein.
10.3
Executive Salary Continuation Agreement as amended of William E. Elliott dated
October 13, 1993, is included as Exhibit 10.3 to the Registrants 10-QSB for June
30, 2002, which is incorporated by this reference herein.
10.4
Split Dollar Agreements of William E. Elliott dated January 23, 2002, is included
as Exhibit 10.4 to the Registrants 10-QSB for June 30, 2002, which is
incorporated by this reference herein.
10.6
Executive Salary Continuation Agreement as amended of Douglas N. Biddle dated June
2, 1994, is included as Exhibit 10.6 to the Registrants 10-QSB for June 30, 2002,
which is incorporated by this reference herein.
10.7
Split Dollar Agreements of Douglas N. Biddle dated January 24, 2002, is included
as Exhibit 10.7 to the Registrants 10-QSB for June 30, 2002, which is
incorporated by this reference herein.
10.9
Executive Salary Continuation Agreement as amended of Dennis C. Irvine dated June
2, 1994, is included as Exhibit 10.9 to the Registrants 10-QSB for June 30, 2002,
which is incorporated by this reference herein.
10.10
Split Dollar Agreements of Dennis C. Irvine dated January 24, 2002, is included as
Exhibit 10.10 to the Registrants 10-QSB for June 30, 2002, which is incorporated
by this reference herein.
10.11
First Amendment to Executive Salary Continuation Agreement of Robert T. Herr dated
September 15, 2004, is included as Exhibit 10.11 to the Registrants 8-K filed on
September 17, 2004, which is incorporated by this reference herein.
10.13
Deferred Fee Agreement as amended of Jerry V. Kehr dated August 19, 1998, is
included as Exhibit 10.13 to the Registrants 10-QSB for June 30, 2002, which is
incorporated by this reference herein.
10.14
Amended and Restated Director Retirement Agreement of Jerry V. Kehr dated April
28, 2000, is included as Exhibit 10.14 to the Registrants 10-QSB for June 30,
2002, which is incorporated by this reference herein.
10.15
Consulting Agreement of Jerry V. Kehr dated May 10, 2000, is included as Exhibit
10.15 to the Registrants 10-QSB for June 30, 2002, which is incorporated by this
reference herein.
10.18
Amended and Restated Director Retirement Agreement of Daniel E. West dated May 10,
2000, is included as Exhibit 10.18 to the Registrants 10-QSB for June 30, 2002,
which is incorporated by this reference herein.
10.19
Consulting Agreement of Daniel E. West dated May 10, 2000, is included as Exhibit
10.19 to the Registrants 10-QSB for June 30, 2002, which is incorporated by this
reference herein.
10.20 Split Dollar Agreements of Robert T. Herr dated September 15, 2004, is included as
Exhibit 10.20 to the Registrants 8-K filed on September 17, 2004, which is
incorporated by this reference herein.
10.20
Split Dollar Agreements of Robert T. Herr dated September 15, 2004, is
included as Exhibit 10.20 to the Registrants 8-K filed on September 17, 2004,
which is incorporated by this reference herein.
Table of Contents
10.21
Amended and Restated Director Retirement Agreement of Alvin G. Blickenstaff dated
April 19, 2000, is included as Exhibit 10.21 to the Registrants 10-QSB for June
30, 2002, which is incorporated by this reference herein.
10.22
Consulting Agreement of Alvin G. Blickenstaff dated May 8, 2000, is included as
Exhibit 10.22 to the Registrants 10-QSB for June 30, 2002, which is incorporated
by this reference herein.
10.24
Amended and Restated Director Retirement Agreement of Gerald W. Fletcher dated May
10, 2000, is included as Exhibit 10.24 to the Registrants 10-QSB for June 30,
2002, which is incorporated by this reference herein.
10.25
Consulting Agreement of Gerald W. Fletcher dated May 10, 2000, is included as
Exhibit 10.25 to the Registrants 10-QSB for June 30, 2002, which is incorporated
by this reference herein.
10.27
Amended and Restated Director Retirement Agreement of Arthur C. Grohs dated May 9,
2000, is included as Exhibit 10.27 to the Registrants 10-QSB for June 30, 2002,
which is incorporated by this reference herein.
10.28
Consulting Agreement of Arthur C. Grohs dated May 9, 2000, is included as Exhibit
10.28 to the Registrants 10-QSB for June 30, 2002, which is incorporated by this
reference herein.
10.30
Amended and Restated Director Retirement Agreement of Christine McArthur dated May
12, 2000, is included as Exhibit 10.30 to the Registrants 10-QSB for June 30,
2002, which is incorporated by this reference herein.
10.31
Consulting Agreement of Christine McArthur dated May 12, 2000, is included as
Exhibit 10.31 to the Registrants 10-QSB for June 30, 2002, which is incorporated
by this reference herein.
10.33
Amended and Restated Director Retirement Agreement of Terrance J. Reeson dated
April 19, 2000, is included as Exhibit 10.33 to the Registrants 10-QSB for June
30, 2002, which is incorporated by this reference herein.
10.34
Consulting Agreement of Terrance J. Reeson dated May 10, 2000, is included as
Exhibit 10.34 to the Registrants 10-QSB for June 30, 2002, which is incorporated
by this reference herein.
10.39
Deferred Fee Agreement of Thomas Watson dated March 3, 2001, is included as
Exhibit 10.39 to the Registrants 10-QSB for June 30, 2002, which is incorporated
by this reference herein.
10.40
Form of Indemnification Agreement, is included as Exhibit 10.41 to the
Registrants 10-QSB for June 30, 2002, which is incorporated by this reference
herein.
10.41
2001 Stock Option Plan as amended is included as exhibit 99.1 of the Form S-8
filed July 23, 2002, File No. 333-96957
10.42
1991 Stock Option Plan on Form S-8 filed August 19, 2002, File No. 333-98319
10.43
Plumas Bank 401(k) Profit Sharing Plan as amended is included as exhibit 99.1 of
the Form S-8 filed February 14, 2003, File No. 333-103229
10.44
Executive Salary Continuation Agreement of Robert T. Herr dated June 4, 2002, is
included as Exhibit 10.44 to the Registrants 10-Q for March 31, 2003, which is
incorporated by this reference herein.
10.46
1991 Stock Option Plan as amended.
10.47
Specimen form of Incentive Stock Option Agreement under the 1991 Stock Option Plan.
10.48
Specimen form of Non-Qualified Stock Option Agreement under the 1991 Stock Option
Plan.
10.59
Director Retirement Agreement of Thomas Watson dated May 1, 2003, is included as
Exhibit 10.59 to the Registrants 10-Q for June 30, 2003, which is incorporated by
this reference herein.
10.60
Consulting Agreement of Thomas Watson dated May 1, 2003, is included as Exhibit
10.60 to the Registrants 10-Q for June 30, 2003, which is incorporated by this
reference herein.
10.62
Deferred Fee Agreement of Thomas Watson dated December 23, 2004, is included as
Exhibit 10.62 to the Registrants 8-K filed on January 6, 2005, which is
incorporated by this reference herein.
Table of Contents
10.63
Deferred Fee Agreement of Jerry V. Kehr dated December 24, 2004, is included as
Exhibit 10.63 to the Registrants 8-K filed on January 6, 2005, which is
incorporated by this reference herein.
11
Computation of per share earnings appears in the attached 10-Q under Plumas
Bancorp and Subsidiary Notes to Consolidated Financial Statements as
Footnote 5
Earnings Per Share Computation.
31.1
Rule 13a-14(a) [Section 302] Certification of Principal Financial Officer dated
November 9, 2005.
31.2
Rule 13a-14(a) [Section 302] Certification of Principal Executive Officer dated
November 9, 2005.
32.1
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated
November 9, 2005.
32.2
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated
November 9, 2005.
Table of Contents
28
(Registrant)
1. | They are duly elected and acting President and Secretary, respectively, of said Corporation. | |
2. | The following amendment has been approved by the Board of Directors of said Corporation. | |
3. | Article THREE of the Articles of Incorporation of this Corporation shall be amended to read as follows: |
THREE: AUTHORIZED STOCK | |||
The corporation is authorized to issue two classes of shares of stock: one class of shares to be called Common Stock, the second class of shares to be called Serial Preferred Stock. The total number of shares of stock which the corporation shall have authority to issue is twenty five million (25,000,000) of which fifteen million (15,000,000) shall be Common Stock and ten million (10,000,000) shall be Serial Preferred Stock. | |||
The designations and the powers, preferences and the rights and the qualifications, limitations or restrictions thereof, of each class of stock of the corporation shall be as follows: | |||
(a) Serial Preferred Stock | |||
The Serial Preferred Stock may be issued from time to time in one or more series. The Board of Directors is hereby authorized to fix or alter the rights, preferences, privileges and restrictions granted to or imposed upon any wholly unissued series of preferred shares, and the number of shares constituting any such series and a designation thereof, or any of them; and to increase or decrease the number of shares of any series subsequent to the issue of shares of that series, but not below the number of such series then outstanding. In case the number of shares of any series shall be so decreased, the shares constituting such decrease shall resume the status which they had prior to the adoption of the resolution originally fixing the number of shares of such series. |
(b) Common Stock | |||
After the requirements with respect to preferential dividends upon all classes and series of stock entitled thereto shall have been paid or declared and set apart for payment and after the corporation shall have complied with all requirements, if any, with respect to the setting aside of sums as a sinking fund or for a redemption account of any class of stock, then and not otherwise, the holders of Common Stock shall be entitled to receive such dividends as may be declared from time to time by the Board of Directors. | |||
After distribution in full of the preferential amounts to be distributed to the holders of all classes and series of stock entitled thereto in the event of a voluntary or involuntary liquidation, dissolution or winding up of the corporation, the holders of the Common Stock shall be entitled to receive all the remaining assets of the corporation. | |||
Each holder of Common Stock shall have one (1) vote in respect of each share of such stock held by him, subject, however, to such special voting rights by class as are or may be granted to holders of Serial Preferred Stock. | |||
Upon the amendment of Article THREE to read as herein set forth, every two (2) shares of the issued and outstanding Common Stock of this Corporation is split up and converted into three (3) shares of Common Stock. |
4. | The foregoing amendment was one which may be adopted with approval of the Board of Directors pursuant to Section 902(c) of the California Corporations Code. |
|
/s/ W. E. Elliott | |||
|
||||
|
William E. Elliott | |||
|
President | |||
|
||||
|
/s/Terrance J. Reeson | |||
|
||||
|
Terrance J. Reeson | |||
|
Secretary |
2
|
/s/ W. E. Elliott | |||
|
||||
|
William E. Elliott | |||
|
||||
|
/s/Terrance J. Reeson | |||
|
||||
|
Terrance J. Reeson |
3
1. | They are the President and Secretary, respectively, of Plumas Bancorp. | |
2. | The following amendments to the Articles of Incorporation of Plumas Bancorp have been duly approved by the Board of Directors. | |
3. | Article Three shall be amended to read as follows: |
THREE: AUTHORIZED STOCK | |||
The corporation is authorized to issue two classes of shares of stock: one class of shares to be called Common Stock, the second class of shares to be called Serial Preferred Stock. The total number of shares of stock which the corporation shall have authority to issue is thirty two million five hundred thousand (32,500,000) of which twenty-two million five hundred thousand (22,500,000) shall be Common Stock and ten million (10,000,000) shall be Serial Preferred Stock. | |||
The designations and the powers, preferences and the rights and the qualifications, limitations or restrictions thereof, of each class of stock of the corporation shall be as follows: | |||
(a) Serial Preferred Stock | |||
The Serial Preferred Stock may be issued from time to time in one or more series. The Board of Directors is hereby authorized to fix or alter the rights, preferences, privileges and restrictions granted to or imposed upon any wholly unissued series of preferred shares, and the number of shares constituting any such series and a designation thereof, or any of them; and to increase or decrease the number of shares of any series subsequent to the issue of shares of that series, but not below the number of such series then outstanding. In case the number of shares of any series shall be so decreased, the shares constituting such decrease shall resume the status which they had prior to the adoption of the resolution originally fixing the number of shares of such series. |
(b) Common Stock | |||
After the requirements with respect to preferential dividends upon all classes and series of stock entitled thereto shall have been paid or declared and set apart for payment and after the corporation shall have complied with all requirements, if any, with respect to the setting aside of sums as a sinking fund or for a redemption account of any class of stock, then and not otherwise, the holders of Common Stock shall be entitled to receive such dividends as may be declared from time to time by the Board of Directors. | |||
After distribution in full of the preferential amounts to be distributed to the holders of all classes and series of stock entitled thereto in the event of a voluntary or involuntary liquidation, dissolution or winding up of the corporation, the holders of the Common Stock shall be entitled to receive all the remaining assets of the corporation. | |||
Each holder of Common Stock shall have one (1) vote in respect of each share of such stock held by him, subject, however, to such special voting rights by class as are or may be granted to holders of Serial Preferred Stock. | |||
Upon the amendment of Article THREE to read as herein set forth, every two (2) shares of the issued and outstanding Common Stock of this Corporation is split up and converted into three (3) shares of Common Stock. |
4. | The foregoing amendment was one which may be adopted with approval of the Board of Directors pursuant to Section 902(c) of the California Corporations Code , as the corporation has only Common Stock outstanding. |
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/s/ W. E. Elliott | |||
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William E. Elliott | |||
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President | |||
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/s/Terrance J. Reeson | |||
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Terrance J. Reeson | |||
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Secretary |
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/s/ W. E. Elliott | |||
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William E. Elliott | |||
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/s/Terrance J. Reeson | |||
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Terrance J. Reeson |
3
1. | I have reviewed this Quarter report on Form 10-Q of Plumas Bancorp (the Registrant); | ||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
b. | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
c. | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors: |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and | ||
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: November 9, 2005 | /s/ Andrew Ryback | |||
Andrew J. Ryback, Chief Financial Officer | ||||
1. | I have reviewed this Quarter report on Form 10-Q of Plumas Bancorp (the Registrant); | ||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
b. | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
c. | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors: |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and | ||
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: November 9, 2005 | /s/ D. N. Biddle | |||
Douglas N. Biddle, Chief Executive Officer | ||||
1) | such Quarter Report on Form 10-Q of the Company for the three months ended September 30, 2005, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||
2) | the information contained in such Quarter Report on Form 10-Q of the Company for the three months ended September 30, 2005, fairly presents, in all material respects, the financial condition and results of operations of Plumas Bancorp. |
Date: November 9, 2005 | /s/ Andrew Ryback | |||
Andrew J. Ryback, Chief Financial Officer | ||||
1) | such Quarter Report on Form 10-Q of the Company for the three months ended September 30, 2005, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | ||
2) | the information contained in such Quarter Report on Form 10-Q of the Company for the three months ended September 30, 2005, fairly presents, in all material respects, the financial condition and results of operations of Plumas Bancorp. |
Date: November 9, 2005 | /s/ D. N. Biddle | |||
Douglas N. Biddle, Chief Executive Officer | ||||