Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank,
today announced earnings during the second quarter of 2022 of $5.7
million or $0.97 per share, an increase of $1.2 million from $4.5
million or $0.86 per share during the second quarter of 2021.
Diluted earnings per share increased to $0.96 per share during the
three months ended June 30, 2022 up from $0.85 per share during the
quarter ended June 30, 2021.
For the six months ended June 30, 2022, the
Company reported net income of $11.4 million or $1.95 per share, an
increase of $2.5 million from $8.9 million or $1.72 per share
earned during the six months ended June 30, 2021. Earnings per
diluted share increased to $1.93 during the six months ended June
30, 2022 up $0.24 from $1.69 during the first six months of
2021. Earnings during 2022 set a record for any six month
period in the Company’s history.
Return on average assets was 1.40% during the
current quarter, down from 1.45% during the second quarter of
2021. Return on average equity increased to 19.0% for the
three months ended June 30, 2022, up from 17.2% during the second
quarter of 2021. Return on average assets was 1.41% during
the six months ended June 30, 2022, down from 1.50% during the
first half of 2021. Return on average equity increased to
18.3% for the six months ended June 30, 2022, up from 17.4% during
the first half of 2021.
Balance Sheet
Highlights June 30, 2022 compared to June 30,
2021
-
Total assets increased by $353 million, or 28%, to $1.6
billion.
-
Cash and due from banks increased by $73 million, or 30%, to $318
million.
-
Gross Loans increased by $137 million, or 19%, to $862
million.
-
Investment securities increased by $116 million, or 47%, to $365
million.
-
Total deposits increased by $341 million, or 30%, to $1.5
billion.
-
Total equity increased by $9.4 million, or 9%, to $116
million.
President’s Comments
Andrew J. Ryback, director, president and chief
executive officer of Plumas Bancorp and Plumas Bank stated, “The
second quarter of 2022 resulted in strong earnings with the Fed
rate increases improving returns on our investment and lending
portfolios.”
Ryback continued, “July 1st marked the one-year
anniversary of our acquisition of Bank of Feather River. The
addition of Yuba City to our footprint has expanded our ag lending
portfolio and resulted in increased profits.”
Ryback concluded, “As we build our technological
and geographical presence, we remain committed to our communities
because Plumas Bank is HERE. For Good.”
Loans, Deposits, Investments and
Cash
Mostly related to our acquisition of Feather
River Bancorp (FRB) on July 1, 2021, gross loans, excluding loans
held for sale, increased by $137 million, or 19%, from $725 million
at June 30, 2021, to $862 million at June 30, 2022. Increases in
loans included $94 million in commercial real estate loans, $59
million in agricultural loans, $31 million in construction loans
and $6 million in residential real estate loans; these items were
partially offset by a decrease of $51 million in commercial loans
and $2 million in all other loan categories. Excluding PPP loan
activity, commercial loans would have increased by $29 million. PPP
loans totaled $8 million at June 30, 2022, and $88 million at June
30, 2021. Unamortized loan fees net of unamortized loan costs on
PPP loans totaled $279 thousand at June 30, 2022.
Beginning in 2020 we instituted a loan
forbearance program to assist borrowers with managing cash flows
disrupted due to COVID-19; we ended this program in the fourth
quarter of 2021 and there are no loan balances on deferral related
to this program at June 30, 2022.
On June 30, 2022, approximately 78% of the
Company's loan portfolio was comprised of variable rate loans. The
rates of interest charged on variable rate loans are set at
specific increments in relation to the Company's lending rate or
other indexes such as the published prime interest rate or U.S.
Treasury rates and vary with changes in these indexes. The
frequency in which variable rate loans reprice can vary from one
day to several years. Loans indexed to the prime interest rate were
approximately 23% of the Company’s loan portfolio; these loans
reprice within one day to three months of a change in the prime
rate.
Total deposits increased by $341 million from
$1.1 billion at June 30, 2021, to $1.5 billion at June 30,
2022. Deposits at our Yuba City, California branch, which was
acquired from FRB, totaled $150 million at June 30, 2022. Excluding
these deposits, we attribute much of this increase to Pandemic
related economic stimulus, a more cautious consumer, and continued
growth in our customer base. The increase in deposits includes
increases of $163 million in demand deposits, $104 million in
savings accounts, $55 million in money market accounts, and $19
million in time deposits. At June 30, 2022, 52% of the
Company’s deposits were in the form of non-interest bearing demand
deposits. The Company has no brokered deposits.
Total investment securities increased by $116
million from $249 million at June 30, 2021, to $365 million at June
30, 2022. Excluding the effect of a $42 million increase in
unrealized loss on investment securities, our investment security
portfolio would have grown by $158 million. The Bank’s investment
security portfolio consists of debt securities issued by the US
Government, US Government agencies, US Government sponsored
agencies and municipalities. Cash and due from banks increased by
$73 million from $244 million at June 30, 2021, to $317 million at
June 30, 2022.
Asset Quality
Nonperforming assets (which are comprised of
nonperforming loans, other real estate owned (“OREO”) and
repossessed vehicle holdings) at June 30, 2022 were $2.0 million,
down from $7.3 million at June 30, 2021. Nonperforming assets as a
percentage of total assets decreased to 0.12% at June 30, 2022 down
from 0.58% at June 30, 2021. OREO decreased by $155 thousand from
$524 thousand at June 30, 2021 to $369 thousand at June 30,
2022. Nonperforming loans were $1.6 million at June 30, 2022
and $6.8 million at June 30, 2021. Nonperforming loans as a
percentage of total loans decreased to 0.18% at June 30, 2022, down
from 0.94% at June 30, 2021.
The provision for loan losses increased from
$625 thousand during the first half of 2021 to $700 thousand during
the current period. Net charge-offs totaled $133 thousand and $399
thousand during the six months ended June 30, 2022 and 2021,
respectively. The allowance for loan losses totaled $10.9 million
at June 30, 2022 and $10.1 million at June 30, 2021. The allowance
for loan losses as a percentage of total loans decreased from 1.40%
at June 30, 2021 to 1.27% at June 30, 2022. The decrease in
allowance as a percentage of total loans mostly relates to
the loans acquired in the purchase of FRB. Excluding
PPP loans, the allowance for loan losses as a percentage of total
loans at June 30, 2022 and 2021 was 1.28% and 1.59%,
respectively.
Shareholders’ Equity
Total shareholders’ equity increased by $9.4
million from $106.8 million at June 30, 2021, to $116.2 million at
June 30, 2022. The $9.4 million includes earnings during the
twelve-month period totaling $23.5 million, common stock issued in
the acquisition of FRB totaling $18.7 million and stock option
activity totaling $0.5 million. These items were partially offset
by the payment of cash dividends totaling $3.5 million and a
decrease in accumulated other comprehensive income of $29.8
million. The decrease in accumulated other comprehensive
income resulted from an increase in the unrealized loss on our
investment portfolio, net of tax of $30.6 million partially offset
by an increase in the value of our interest rate swaps.
Net Interest Income and Net Interest Margin
Net interest income was $13.4 million for the
three months ended June 30, 2022, an increase of $3.5 million from
the same period in 2021. The increase in net interest income
includes an increase of $3.5 million in interest income slightly
offset by an increase of $37 thousand in interest expense. Interest
and fees on loans, including loans held for sale, increased by $2.0
million as a decline of $447 thousand in fees net of costs on PPP
loans was offset by growth in the loan portfolio and an increase in
yield on the portfolio. During the current quarter we
recorded amortization of loan fees net of loan costs on PPP loans
totaling $389 thousand. This compares to $836 thousand during the
second quarter of 2021. This includes normal amortization on
our PPP portfolio and the effect of PPP loan forgiveness.
Including loans held for sale, average loan
balances increased by $112 million, while the average yield on
these loans increased by 30 basis points from 4.91% during the
second quarter of 2021 to 5.21% during the current quarter. The
increase in loan yield includes the effect of an increase in market
rates during 2022 and an increase in the rate earned on loans tied
to the prime interest rate partially offset by a decline in PPP fee
income as described above. The average prime interest rate
increased from 3.25% during the second quarter of 2021 to 3.94%
during the current quarter.
Interest on investment securities increased by
$896 thousand from the second quarter of 2021, related to an
increase in average investment securities of $112 million to $337
million and an increase in yield on the investment portfolio from
1.86% during the second quarter of 2021 to 2.31% during the current
quarter. Interest on cash balances increased by $609 thousand
related to both an increase in the rate paid on these balances and
an increase in average cash balances. The rate paid on cash
balances increased from 0.10% during the second quarter of 2021 to
0.84% during the current quarter mostly related to an increase in
the rate paid on balances held at the Federal Reserve Bank.
The average rate paid on Federal Reserve balances was 0.11% during
the second quarter of 2021 and 0.84% during the current quarter.
Average interest earning assets during the three
months ended June 30, 2022 totaled $1.5 billion, an increase of
$336 million from the same period in 2021. The average yield
on interest earning assets increased by 16 basis points to
3.65%. Net interest margin for the three months ended June
30, 2022 increased 17 basis points to 3.57%, up from 3.40% for the
same period in 2021.
Net interest income for the six months ended
June 30, 2022 was $25.4 million, an increase of $5.0 million from
the $20.4 million earned during the same period in 2021. Interest
income increased by $5.1 million. Included in interest income
during the current six month period were PPP fees net of costs of
$1.0 million, a decrease of $1.5 million from $2.5 million during
the six months ended June 30, 2021. The average yield on loans,
including loans held for sale, decreased by 8 basis points from
5.21% during the first six months of 2021 to 5.13% during the
current period.
Average interest earning assets during the
current six month period totaled $1.5 billion, an increase of $376
million from the same period in 2021. This increase in
average interest earning assets consisted of increases of $124
million in average loan balances, $117 million in average
investment securities and $135 million in average cash balances.
The average yield on interest earning assets declined by 24 basis
points to 3.47% related to a decline in loan yield and a reduction
in loans as a percentage of interest earning assets. Interest
expense increased by $83 thousand. Net interest margin for the six
months ended June 30, 2022 decreased 23 basis points to 3.39%, down
from 3.62% for the same period in 2021.
Non-Interest Income/Expense
Non-interest income increased by $784 thousand
to $2.7 million during the current quarter from $1.9 million during
the three months ended June 30, 2021. The largest component of this
increase was an increase in gain on sale of SBA loans of $634
thousand. We did not sell SBA loans during the second and third
quarters of 2021 resulting in an inventory of loans held for sale
of $31.3 million at December 31, 2021. During the current
quarter we sold $14.1 million in guaranteed portions of SBA loans
and ended the quarter with loans held for sale totaling $4.6
million.
During the six months ended June 30, 2022,
non-interest income totaled $6.3 million, an increase of $2.1
million from $4.2 million during the six months ended June 30,
2021. The largest component of this increase was an increase in
gain on sale of loans of $1.7 million. During the six months ended
June 30, 2022 we sold $38.2 million in guaranteed portions of SBA
loans. This compares to sales of $7.4 million during the six
months ended June 30, 2021.
During the three months ended June 30, 2022,
total non-interest expense increased by $2.7 million from $5.3
million during the second quarter of 2021 to $8.0 million during
the current quarter. The largest component of this increase was an
increase in salary and benefit expense of $2.0 million. Occupancy
and equipment costs increased by $207 thousand of which $163
thousand relates to the Yuba City branch.
During the three months ended June 30, 2021 the
Company qualified for the Employee Retention Credit (ERC). The ERC
was made available under the Coronavirus Aid, Relief, and Economic
Security Act and modified and extended under the Taxpayer Certainty
and Disaster Tax Relief Act of 2020. We recorded an ERC of
$1.1 million during the second quarter of 2021 as a reduction of
salary and benefit expense. The other two largest increases
in salary and benefit expense were $625 thousand in salary expense
and $266 thousand in bonus expense. The increase in salary expense
includes the effect of the acquisition of Bank of Feather River as
well as other additions to personnel and merit and promotional
increases. Full time equivalent employees increased by 22 to 172 at
June 30, 2022. The increase in bonus expense is consistent with the
increase in income during the comparable quarters.
During the six months ended June 30, 2022
non-interest expense increased by $4.1 million. The largest
components of this increase were $2.6 million in salary and benefit
expense, $454 thousand in occupancy and equipment costs, $313
thousand in outside service fees and $210 thousand in deposit
insurance expense. The increase in occupancy and equipment
expense includes $313 thousand related to our Yuba City
branch. The largest components of the increase in outside
service fees were $103 thousand in debit card and ATM processing
costs, $89 thousand in human resources administration and payroll
processing and $51 thousand in online banking expense.
Plumas Bancorp is headquartered in Reno,
Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank,
which was founded in 1980. Plumas Bank is a full-service
community bank headquartered in Quincy, California. The bank
operates fourteen branches: twelve located in the California
counties of Lassen, Modoc, Nevada, Placer, Plumas, Shasta and
Sutter and two branches located in Nevada in the counties of Carson
City and Washoe. The bank also operates three loan production
offices located in the California Counties of Butte and Placer and
Klamath Falls, Oregon. Plumas Bank offers a wide range of financial
and investment services to consumers and businesses and has
received nationwide Preferred Lender status with the United States
Small Business Administration. For more information on Plumas
Bancorp and Plumas Bank, please visit our website at
www.plumasbank.com.
This news release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Exchange Act of 1934,
as amended and Plumas Bancorp intends for such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Future events are difficult to
predict, and the expectations described above are necessarily
subject to risk and uncertainty that may cause actual results to
differ materially and adversely.
Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They often include the words "believe," "expect,"
"anticipate," "intend," "plan," "estimate," or words of similar
meaning, or future or conditional verbs such as "will," "would,"
"should," "could," or "may." These forward-looking statements are
not guarantees of future performance, nor should they be relied
upon as representing management's views as of any subsequent date.
Forward-looking statements involve significant risks and
uncertainties, and actual results may differ materially from those
presented, either expressed or implied, in this news release.
Factors that might cause such differences include, but are not
limited to: the Company's ability to successfully execute its
business plans and achieve its objectives; changes in general
economic and financial market conditions, either nationally or
locally in areas in which the Company conducts its operations;
changes in interest rates; continuing consolidation in the
financial services industry; new litigation or changes in existing
litigation; increased competitive challenges and expanding product
and pricing pressures among financial institutions; legislation or
regulatory changes which adversely affect the Company's operations
or business; loss of key personnel; and changes in accounting
policies or procedures as may be required by the Financial
Accounting Standards Board or other regulatory agencies.
Contact: Jamie HuynhInvestor Relations Plumas Bancorp5525
Kietzke Lane Ste. 100Reno, NV 89511775.786.0907
x8908investorrelations@plumasbank.com
PLUMAS
BANCORP |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
As of June 30, |
|
|
|
|
|
2022 |
|
2021 |
|
Dollar Change |
|
Percentage Change |
ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
$ |
317,657 |
|
$ |
244,456 |
|
$ |
73,201 |
|
29.9% |
Investment
securities |
365,189 |
|
248,824 |
|
116,365 |
|
46.8% |
Loans, net
of allowance for loan losses |
853,427 |
|
713,676 |
|
139,751 |
|
19.6% |
Loans held
for sale |
4,646 |
|
11,472 |
|
(6,826) |
|
(59.5)% |
Premises and
equipment, net |
18,212 |
|
13,594 |
|
4,618 |
|
34.0% |
Bank owned
life insurance |
16,031 |
|
13,701 |
|
2,330 |
|
17.0% |
Real estate
acquired through foreclosure |
369 |
|
524 |
|
(155) |
|
(29.6)% |
Goodwill |
5,502 |
|
- |
|
5,502 |
|
100.0% |
Accrued
interest receivable and other assets |
39,593 |
|
21,688 |
|
17,905 |
|
82.6% |
Total assets |
$ |
1,620,626 |
|
$ |
1,267,935 |
|
$ |
352,691 |
|
27.8% |
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
Deposits |
$ |
1,472,602 |
|
$ |
1,131,757 |
|
$ |
340,845 |
|
30.1% |
Accrued
interest payable and other liabilities |
21,556 |
|
19,078 |
|
2,478 |
|
13.0% |
Junior
subordinated deferrable interest debentures |
10,310 |
|
10,310 |
|
- |
|
0.0% |
Total liabilities |
1,504,468 |
|
1,161,145 |
|
343,323 |
|
29.6% |
Common
stock |
27,133 |
|
7,937 |
|
19,196 |
|
241.9% |
Retained
earnings |
115,212 |
|
95,228 |
|
19,984 |
|
21.0% |
Accumulated
other comprehensive (loss) income, net |
(26,187) |
|
3,625 |
|
(29,812) |
|
(822.4)% |
Shareholders’ equity |
116,158 |
|
106,790 |
|
9,368 |
|
8.8% |
Total liabilities and shareholders’ equity |
$ |
1,620,626 |
|
$ |
1,267,935 |
|
$ |
352,691 |
|
27.8% |
|
PLUMAS
BANCORP |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
(In thousands,
except per share data) |
(Unaudited) |
|
FOR THE THREE MONTHS ENDED JUNE 30, |
2022 |
|
2021 |
|
Dollar Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
Interest
income |
$ |
13,717 |
|
$ |
10,183 |
|
$ |
3,534 |
|
34.7% |
Interest
expense |
289 |
|
252 |
|
37 |
|
14.7% |
Net interest income before provision for loan losses |
13,428 |
|
9,931 |
|
3,497 |
|
35.2% |
Provision
for loan losses |
400 |
|
250 |
|
150 |
|
60.0% |
Net interest income after provision for loan losses |
13,028 |
|
9,681 |
|
3,347 |
|
34.6% |
Non-interest
income |
2,664 |
|
1,880 |
|
784 |
|
41.7% |
Non-interest
expense |
8,033 |
|
5,332 |
|
2,701 |
|
50.7% |
Income before income taxes |
7,659 |
|
6,229 |
|
1,430 |
|
23.0% |
Provision
for income taxes |
1,979 |
|
1,742 |
|
237 |
|
13.6% |
Net income |
$ |
5,680 |
|
$ |
4,487 |
|
$ |
1,193 |
|
26.6% |
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.97 |
|
$ |
0.86 |
|
$ |
0.11 |
|
12.8% |
Diluted
earnings per share |
$ |
0.96 |
|
$ |
0.85 |
|
$ |
0.11 |
|
12.9% |
|
PLUMAS
BANCORP |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
(In thousands,
except per share data) |
(Unaudited) |
|
FOR THE SIX MONTHS ENDED JUNE 30, |
2022 |
|
2021 |
|
DollarChange |
|
PercentageChange |
|
|
|
|
|
|
|
|
Interest
income |
$ |
26,033 |
|
$ |
20,917 |
|
$ |
5,116 |
|
24.5% |
Interest
expense |
590 |
|
507 |
|
83 |
|
16.4% |
Net interest income before provision for loan losses |
25,443 |
|
20,410 |
|
5,033 |
|
24.7% |
Provision
for loan losses |
700 |
|
625 |
|
75 |
|
12.0% |
Net interest income after provision for loan losses |
24,743 |
|
19,785 |
|
4,958 |
|
25.1% |
Non-interest
income |
6,314 |
|
4,230 |
|
2,084 |
|
49.3% |
Non-interest
expense |
15,707 |
|
11,624 |
|
4,083 |
|
35.1% |
Income before income taxes |
15,350 |
|
12,391 |
|
2,959 |
|
23.9% |
Provision
for income taxes |
3,953 |
|
3,463 |
|
490 |
|
14.1% |
Net income |
$ |
11,397 |
|
$ |
8,928 |
|
$ |
2,469 |
|
27.7% |
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
1.95 |
|
$ |
1.72 |
|
$ |
0.23 |
|
13.4% |
Diluted
earnings per share |
$ |
1.93 |
|
$ |
1.69 |
|
$ |
0.24 |
|
14.2% |
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands, except per share data) |
(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
6/30/2022 |
|
3/31/2022 |
|
6/30/2021 |
|
6/30/2022 |
|
6/30/2021 |
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.97 |
|
|
$ |
0.98 |
|
|
$ |
0.86 |
|
|
$ |
1.95 |
|
|
$ |
1.72 |
|
Diluted earnings per
share |
$ |
0.96 |
|
|
$ |
0.97 |
|
|
$ |
0.85 |
|
|
$ |
1.93 |
|
|
$ |
1.69 |
|
Weighted average shares
outstanding |
5,843 |
|
|
5,824 |
|
|
5,197 |
|
|
5,834 |
|
|
5,192 |
|
Weighted average diluted shares
outstanding |
5,909 |
|
|
5,920 |
|
|
5,280 |
|
|
5,913 |
|
|
5,272 |
|
Cash dividends paid per share
1 |
$ |
0.16 |
|
|
$ |
0.16 |
|
|
$ |
0.14 |
|
|
$ |
0.32 |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS
(annualized for the three months) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
1.40 |
% |
|
1.42 |
% |
|
1.45 |
% |
|
1.41 |
% |
|
1.50 |
% |
Return on average equity |
19.0 |
% |
|
17.6 |
% |
|
17.2 |
% |
|
18.3 |
% |
|
17.4 |
% |
Yield on earning assets |
3.65 |
% |
|
3.29 |
% |
|
3.49 |
% |
|
3.47 |
% |
|
3.71 |
% |
Rate paid on interest-bearing
liabilities |
0.16 |
% |
|
0.17 |
% |
|
0.19 |
% |
|
0.16 |
% |
|
0.19 |
% |
Net interest margin |
3.58 |
% |
|
3.21 |
% |
|
3.40 |
% |
|
3.39 |
% |
|
3.62 |
% |
Noninterest income to average
assets |
0.66 |
% |
|
0.91 |
% |
|
0.61 |
% |
|
0.78 |
% |
|
0.71 |
% |
Noninterest expense to average
assets |
1.98 |
% |
|
1.90 |
% |
|
1.73 |
% |
|
1.94 |
% |
|
1.95 |
% |
Efficiency ratio 2 |
49.9 |
% |
|
49.0 |
% |
|
45.1 |
% |
|
49.5 |
% |
|
47.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2022 |
|
3/31/2022 |
|
6/30/2021 |
|
12/31/2021 |
|
12/31/2020 |
CREDIT QUALITY RATIOS AND DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
$ |
10,919 |
|
|
$ |
10,402 |
|
|
$ |
10,128 |
|
|
$ |
10,352 |
|
|
$ |
9,902 |
|
Allowance for loan losses as a
percentage of total loans |
1.27 |
% |
|
1.24 |
% |
|
1.40 |
% |
|
1.23 |
% |
|
1.40 |
% |
Allowance for loan losses as a
percentage of total loans - excluding PPP loans |
1.28 |
% |
|
1.27 |
% |
|
1.59 |
% |
|
1.29 |
% |
|
1.55 |
% |
Nonperforming loans |
$ |
1,551 |
|
|
$ |
4,733 |
|
|
$ |
6,817 |
|
|
$ |
4,863 |
|
|
$ |
2,536 |
|
Nonperforming assets |
$ |
1,960 |
|
|
$ |
5,243 |
|
|
$ |
7,348 |
|
|
$ |
5,397 |
|
|
$ |
2,970 |
|
Nonperforming loans as a
percentage of total loans |
0.18 |
% |
|
0.56 |
% |
|
0.94 |
% |
|
0.58 |
% |
|
0.36 |
% |
Nonperforming assets as a
percentage of total assets |
0.12 |
% |
|
0.32 |
% |
|
0.58 |
% |
|
0.33 |
% |
|
0.27 |
% |
Year-to-date net charge-offs |
$ |
133 |
|
|
$ |
250 |
|
|
$ |
399 |
|
|
$ |
675 |
|
|
$ |
516 |
|
Year-to-date net charge-offs as a
percentage of average loans (annualized) |
0.03 |
% |
|
0.12 |
% |
|
0.11 |
% |
|
0.09 |
% |
|
0.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND OTHER DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at end
of period |
5,845 |
|
|
5,837 |
|
|
5,199 |
|
|
5,817 |
|
|
5,182 |
|
Shareholders' equity |
$ |
116,158 |
|
|
$ |
123,073 |
|
|
$ |
106,790 |
|
|
$ |
134,082 |
|
|
$ |
100,154 |
|
Book value per common share |
$ |
19.87 |
|
|
$ |
21.08 |
|
|
$ |
20.54 |
|
|
$ |
23.05 |
|
|
$ |
19.33 |
|
Tangible common
equity3 |
$ |
109,287 |
|
|
$ |
116,130 |
|
|
$ |
106,151 |
|
|
$ |
127,067 |
|
|
$ |
99,432 |
|
Tangible book value per common
share4 |
$ |
18.70 |
|
|
$ |
19.90 |
|
|
$ |
20.42 |
|
|
$ |
21.84 |
|
|
$ |
19.19 |
|
Tangible common equity to total
assets |
6.7 |
% |
|
7.2 |
% |
|
8.4 |
% |
|
7.9 |
% |
|
8.9 |
% |
Gross loans to deposits |
58.5 |
% |
|
57.1 |
% |
|
65.0 |
% |
|
58.3 |
% |
|
72.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS BANK REGULATORY CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
8.7 |
% |
|
8.5 |
% |
|
9.0 |
% |
|
8.4 |
% |
|
9.2 |
% |
Common Equity Tier 1
Ratio |
14.4 |
% |
|
14.8 |
% |
|
15.0 |
% |
|
14.4 |
% |
|
14.2 |
% |
Tier 1 Risk-Based Capital
Ratio |
14.4 |
% |
|
14.8 |
% |
|
15.0 |
% |
|
14.4 |
% |
|
14.2 |
% |
Total Risk-Based Capital
Ratio |
15.5 |
% |
|
16.0 |
% |
|
16.2 |
% |
|
15.5 |
% |
|
15.4 |
% |
|
(1) The Company
paid a quarterly cash dividend of 16 cents per share on
Febuary 15, 2022 and May 16, 2022 and a quarterly cash dividend of
14 cents per share on February 15, 2021, May 17, 2021, August 16,
2021 and November 15, 2021. |
(2) Efficiency
ratio is defined as noninterest expense divided by total revenue
(net interest income and total noninterest
income). |
(3) Tangible
common equity is defined as common equity less goodwill and core
deposit
intangibles. |
(4) Tangible
common book value per share is defined as tangible common equity
divided by common shares
outstanding. |
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands) |
(Unaudited) |
|
The
following table presents for the three-month periods indicated the
distribution of consolidated average assests, liabilites and
shareholders' equity. |
|
|
For the Three Months Ended |
|
For the Three Months Ended |
|
6/30/2022 |
|
6/30/2021 |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
$ |
846,358 |
|
$ |
10,992 |
|
5.21 |
% |
|
$ |
734,662 |
|
$ |
8,972 |
|
4.90 |
% |
Loans held for sale |
8,600 |
|
123 |
|
5.74 |
% |
|
7,964 |
|
114 |
|
5.74 |
% |
Investment securities |
238,477 |
|
1,315 |
|
2.21 |
% |
|
154,664 |
|
650 |
|
1.69 |
% |
Non-taxable investment securities (1) |
98,552 |
|
626 |
|
2.55 |
% |
|
70,586 |
|
395 |
|
2.24 |
% |
Interest-bearing deposits |
314,289 |
|
661 |
|
0.84 |
% |
|
202,365 |
|
52 |
|
0.10 |
% |
Total interest-earning assets |
1,506,276 |
|
13,717 |
|
3.65 |
% |
|
1,170,241 |
|
10,183 |
|
3.49 |
% |
Cash and due from banks |
48,852 |
|
|
|
|
|
|
29,517 |
|
|
|
|
|
Other assets |
68,522 |
|
|
|
|
|
|
37,658 |
|
|
|
|
|
Total assets |
$ |
1,623,650 |
|
|
|
|
|
|
$ |
1,237,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
255,088 |
|
56 |
|
0.09 |
% |
|
197,020 |
|
59 |
|
0.12 |
% |
Savings deposits |
396,868 |
|
85 |
|
0.09 |
% |
|
281,828 |
|
70 |
|
0.10 |
% |
Time deposits |
61,955 |
|
42 |
|
0.27 |
% |
|
41,308 |
|
36 |
|
0.35 |
% |
Total deposits |
713,911 |
|
183 |
|
0.10 |
% |
|
520,156 |
|
165 |
|
0.13 |
% |
Junior subordinated debentures |
10,310 |
|
90 |
|
3.50 |
% |
|
10,310 |
|
86 |
|
3.35 |
% |
Other interest-bearing liabilities |
10,135 |
|
16 |
|
0.63 |
% |
|
12,576 |
|
1 |
|
0.03 |
% |
Total interest-bearing liabilities |
734,356 |
|
289 |
|
0.16 |
% |
|
543,042 |
|
252 |
|
0.19 |
% |
Non-interest-bearing
deposits |
757,655 |
|
|
|
|
|
|
581,263 |
|
|
|
|
|
Other liabilities |
11,935 |
|
|
|
|
|
|
8,669 |
|
|
|
|
|
Shareholders' equity |
119,704 |
|
|
|
|
|
|
104,442 |
|
|
|
|
|
Total liabilities & equity |
$ |
1,623,650 |
|
|
|
|
|
|
$ |
1,237,416 |
|
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
0.08 |
% |
|
|
|
|
|
0.09 |
% |
Net interest income and
margin(5) |
|
|
$ |
13,428 |
|
3.57 |
% |
|
|
|
$ |
9,931 |
|
3.40 |
% |
|
|
|
(1) Not computed
on a tax-equivalent
basis. |
(2) Average
nonaccrual loan balances of $3.4 million for 2022 and $3.9 million
for 2021 are included in average loan balances for computational
purposes. |
(3) Net fees
included in loan interest income for the three-month periods ended
June 30, 2022 and 2021 were $200 thousand and $728 thousand,
respectively. |
(4) Total
annualized interest expense divided by the average balance of total
earning
assets. |
(5) Annualized
net interest income divided by the average balance of total earning
assets. |
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands) |
(Unaudited) |
|
The
following table presents for the three-month periods indicated the
distribution of consolidated average assests, liabilites and
shareholders' equity. |
|
|
For the Six Months Ended |
|
For the Six Months Ended |
|
6/30/2022 |
|
6/30/2021 |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
$ |
838,866 |
|
$ |
21,302 |
|
5.12 |
% |
|
$ |
725,207 |
|
$ |
18,724 |
|
5.21 |
% |
Loans held for sale |
15,624 |
|
429 |
|
5.54 |
% |
|
5,010 |
|
143 |
|
5.76 |
% |
Investment securities |
226,609 |
|
2,314 |
|
2.06 |
% |
|
141,485 |
|
1,207 |
|
1.72 |
% |
Non-taxable investment securities (1) |
97,703 |
|
1,159 |
|
2.39 |
% |
|
65,512 |
|
739 |
|
2.27 |
% |
Interest-bearing deposits |
333,615 |
|
829 |
|
0.50 |
% |
|
198,622 |
|
104 |
|
0.11 |
% |
Total interest-earning assets |
1,512,417 |
|
26,033 |
|
3.47 |
% |
|
1,135,836 |
|
20,917 |
|
3.71 |
% |
Cash and due from banks |
51,663 |
|
|
|
|
|
|
28,505 |
|
|
|
|
|
Other assets |
64,634 |
|
|
|
|
|
|
37,129 |
|
|
|
|
|
Total assets |
$ |
1,628,714 |
|
|
|
|
|
|
$ |
1,201,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
258,833 |
|
122 |
|
0.10 |
% |
|
192,842 |
|
128 |
|
0.13 |
% |
Savings deposits |
390,812 |
|
167 |
|
0.09 |
% |
|
268,992 |
|
136 |
|
0.10 |
% |
Time deposits |
63,045 |
|
88 |
|
0.28 |
% |
|
40,951 |
|
74 |
|
0.36 |
% |
Total deposits |
712,690 |
|
377 |
|
0.11 |
% |
|
502,785 |
|
338 |
|
0.14 |
% |
Junior subordinated debentures |
10,310 |
|
179 |
|
3.50 |
% |
|
10,310 |
|
165 |
|
3.23 |
% |
Other interest-bearing liabilities |
11,987 |
|
34 |
|
0.57 |
% |
|
15,212 |
|
4 |
|
0.05 |
% |
Total interest-bearing liabilities |
734,987 |
|
590 |
|
0.16 |
% |
|
528,307 |
|
507 |
|
0.19 |
% |
Non-interest-bearing
deposits |
755,979 |
|
|
|
|
|
|
561,368 |
|
|
|
|
|
Other liabilities |
11,919 |
|
|
|
|
|
|
8,617 |
|
|
|
|
|
Shareholders' equity |
125,829 |
|
|
|
|
|
|
103,178 |
|
|
|
|
|
Total liabilities & equity |
$ |
1,628,714 |
|
|
|
|
|
|
$ |
1,201,470 |
|
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
0.08 |
% |
|
|
|
|
|
0.09 |
% |
Net interest income and margin
(5) |
|
|
$ |
25,443 |
|
3.39 |
% |
|
|
|
$ |
20,410 |
|
3.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not computed
on a tax-equivalent
basis. |
(2) Average
nonaccrual loan balances of $4.2 million for 2022 and $3.1 million
for 2021 are included in average loan balances for computational
purposes. |
(3) Net fees
included in loan interest income for the six-month periods ended
June 30, 2022 and 2021 were $511 thousand and $2.2 million,
respectively. |
(4) Total
annualized interest expense divided by the average balance of total
earning
assets. |
(5) Annualized
net interest income divided by the average balance of total earning
assets. |
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands) |
(Unaudited) |
|
The
following table presents the componets of non-interest income for
the three-month periods ended June 30, 2022 and
2021. |
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
2022 |
|
2021 |
|
DollarChange |
|
PercentageChange |
Interchange income |
853 |
|
813 |
|
40 |
|
|
4.9 |
% |
Gain on sale of loans,
net |
634 |
|
- |
|
634 |
|
|
100.0 |
% |
Service charges on deposit
accounts |
604 |
|
567 |
|
37 |
|
|
6.5 |
% |
Loan servicing fees |
212 |
|
196 |
|
16 |
|
|
8.2 |
% |
Earnings on life insurance
policies |
93 |
|
84 |
|
9 |
|
|
10.7 |
% |
Other |
268 |
|
220 |
|
48 |
|
|
21.8 |
% |
Total non-interest income |
$ |
2,664 |
|
$ |
1,880 |
|
$ |
784 |
|
|
41.7 |
% |
|
|
|
|
|
|
|
|
|
|
The
following table presents the componets of non-interest expense for
the three-month periods ended June 30, 2022 and
2021. |
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
2022 |
|
2021 |
|
DollarChange |
|
PercentageChange |
Salaries and employee
benefits |
$ |
4,238 |
|
$ |
2,231 |
|
$ |
2,007 |
|
|
90.0 |
% |
Occupancy and equipment |
1,111 |
|
904 |
|
207 |
|
|
22.9 |
% |
Outside service fees |
1,022 |
|
875 |
|
147 |
|
|
16.8 |
% |
Professional fees |
337 |
|
451 |
|
(114 |
) |
|
(25.3 |
)% |
Telephone and data
communication |
191 |
|
175 |
|
16 |
|
|
9.1 |
% |
Advertising and shareholder
relations |
190 |
|
103 |
|
87 |
|
|
84.5 |
% |
Deposit insurance |
175 |
|
88 |
|
87 |
|
|
98.9 |
% |
Armored car and courier |
167 |
|
117 |
|
50 |
|
|
42.7 |
% |
Director compensation and
expense |
134 |
|
106 |
|
28 |
|
|
26.4 |
% |
Business development |
127 |
|
61 |
|
66 |
|
|
108.2 |
% |
Loan collection expenses |
75 |
|
45 |
|
30 |
|
|
66.7 |
% |
Amortization of Core Deposit
Intangible |
72 |
|
42 |
|
30 |
|
|
71.4 |
% |
Other |
194 |
|
134 |
|
60 |
|
|
44.8 |
% |
Total non-interest expense |
$ |
8,033 |
|
$ |
5,332 |
|
$ |
2,701 |
|
|
50.7 |
% |
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands) |
(Unaudited) |
|
The
following table presents the componets of non-interest income for
the six-month periods ended June 30, 2022 and
2021. |
|
|
For the Six Months Ended |
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
2022 |
|
2021 |
|
DollarChange |
|
PercentageChange |
Gain on sale of loans,
net |
2,335 |
|
591 |
|
1,744 |
|
|
295.1 |
% |
Interchange income |
1,615 |
|
1,528 |
|
87 |
|
|
5.7 |
% |
Service charges on deposit
accounts |
1,170 |
|
1,107 |
|
63 |
|
|
5.7 |
% |
Loan servicing fees |
422 |
|
423 |
|
(1 |
) |
|
(0.2 |
)% |
Earnings on life insurance
policies |
187 |
|
175 |
|
12 |
|
|
6.9 |
% |
Other |
585 |
|
406 |
|
179 |
|
|
44.1 |
% |
Total non-interest income |
$ |
6,314 |
|
$ |
4,230 |
|
$ |
2,084 |
|
|
49.3 |
% |
|
The
following table presents the componets of non-interest expense for
the six-month periods ended June 30, 2022 and
2021. |
|
|
For the Six Months Ended |
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
2022 |
|
2021 |
|
DollarChange |
|
PercentageChange |
Salaries and employee
benefits |
$ |
8,320 |
|
$ |
5,755 |
|
$ |
2,565 |
|
|
44.6 |
% |
Occupancy and equipment |
2,248 |
|
1,794 |
|
454 |
|
|
25.3 |
% |
Outside service fees |
1,930 |
|
1,617 |
|
313 |
|
|
19.4 |
% |
Professional fees |
616 |
|
793 |
|
(177 |
) |
|
(22.3 |
)% |
Telephone and data
communication |
382 |
|
330 |
|
52 |
|
|
15.8 |
% |
Deposit insurance |
372 |
|
162 |
|
210 |
|
|
129.6 |
% |
Armored car and courier |
315 |
|
225 |
|
90 |
|
|
40.0 |
% |
Advertising and shareholder
relations |
302 |
|
171 |
|
131 |
|
|
76.6 |
% |
Director compensation and
expense |
275 |
|
197 |
|
78 |
|
|
39.6 |
% |
Business development |
242 |
|
127 |
|
115 |
|
|
90.6 |
% |
Amortization of Core Deposit
Intangible |
144 |
|
84 |
|
60 |
|
|
71.4 |
% |
Loan collection expenses |
143 |
|
94 |
|
49 |
|
|
52.1 |
% |
Other |
418 |
|
275 |
|
143 |
|
|
52.0 |
% |
Total non-interest expense |
$ |
15,707 |
|
$ |
11,624 |
|
$ |
4,083 |
|
|
35.1 |
% |
PLUMAS BANCORP |
|
|
SELECTED FINANCIAL INFORMATION |
|
|
(Dollars in thousands) |
|
|
(Unaudited) |
|
|
|
|
|
The following table shows the distribution of loans by type
at June 30, 2022 and 2021. |
|
|
|
|
|
|
|
|
Percent of |
|
|
|
Percent of |
|
|
|
Loans in Each |
|
|
|
Loans in Each |
|
Balance at End |
|
Category to |
|
Balance at End |
|
Category to |
|
of Period |
|
Total Loans |
|
of Period |
|
Total Loans |
|
6/30/2022 |
|
6/30/2022 |
|
|
6/30/2021 |
|
6/30/2021 |
|
Commercial |
$ |
84,378 |
|
9.8 |
% |
|
$ |
135,032 |
|
18.6 |
% |
Agricultural |
125,807 |
|
14.6 |
% |
|
66,404 |
|
9.2 |
% |
Real estate – residential |
15,867 |
|
1.8 |
% |
|
9,896 |
|
1.4 |
% |
Real estate – commercial |
447,980 |
|
52.0 |
% |
|
354,068 |
|
48.8 |
% |
Real estate – construction
& land |
60,891 |
|
7.1 |
% |
|
29,556 |
|
4.1 |
% |
Equity Lines of Credit |
34,745 |
|
4.0 |
% |
|
33,985 |
|
4.7 |
% |
Auto |
87,907 |
|
10.2 |
% |
|
91,544 |
|
12.6 |
% |
Other |
4,577 |
|
0.5 |
% |
|
4,350 |
|
0.6 |
% |
Total Gross Loans |
$ |
862,152 |
|
100 |
% |
|
$ |
724,835 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
The
following table shows the distribution of deposits by type at June
30, 2022 and 2021. |
|
|
|
|
|
|
|
|
Percent of |
|
|
|
Percent of |
|
|
|
Deposits in Each |
|
|
|
Deposits in Each |
|
Balance at End |
|
Category to |
|
Balance at End |
|
Category to |
|
of Period |
|
Total Deposits |
|
of Period |
|
Total Deposits |
|
6/30/2022 |
|
6/30/2022 |
|
|
6/30/2021 |
|
6/30/2021 |
|
Non-interest bearing |
$ |
764,907 |
|
52.0 |
% |
|
$ |
601,692 |
|
53.2 |
% |
Money Market |
246,067 |
|
16.7 |
% |
|
191,456 |
|
16.9 |
% |
Savings |
401,091 |
|
27.2 |
% |
|
297,272 |
|
26.3 |
% |
Time |
60,537 |
|
4.1 |
% |
|
41,337 |
|
3.6 |
% |
Total Deposits |
$ |
1,472,602 |
|
100 |
% |
|
$ |
1,131,757 |
|
100 |
% |
Plumas Bancorp (NASDAQ:PLBC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Plumas Bancorp (NASDAQ:PLBC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024