Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank,
today announced record earnings for the year and three months ended
December 31, 2022. For the twelve months ended December 31, 2022,
the Company reported net income of $26.4 million or $4.53 per
share, an increase of $5.4 million, or 26% from $21.0 million or
$3.82 per share earned during 2021. Earnings per diluted share
increased to $4.47 during the twelve months ended December 31,
2022, up $0.71 from $3.76 during 2021.
Earnings during the fourth quarter of 2022
totaled $7.8 million or $1.34 per share, an increase of $2.3
million, or 42% from $5.5 million or $0.95 per share during the
fourth quarter of 2021. Diluted earnings per share increased to
$1.32 per share during the three months ended December 31, 2022, up
from $0.93 per share during the quarter ended December 31, 2021.
The $7.8 million in net income represented the highest level of
earnings for any quarter in the Company’s history.
Return on average assets was 1.61% during the
twelve months ended December 31, 2022, up from 1.52% during 2021.
Return on average equity increased to 21.9% for the twelve months
ended December 31, 2022, up from 17.8% during 2021. Return on
average assets was 1.88% during the current quarter, up from 1.35%
during the fourth quarter of 2021. Return on average equity
increased to 27.9% for the three months ended December 31, 2022, up
from 16.5% during the fourth quarter of 2021.
Balance Sheet
HighlightsDecember 31, 2022 compared to December
31, 2021
-
Gross loans, excluding loans held for sale, increased by $73
million, or 9%, to $912 million.
-
Investment securities increased by $139 million, or 45%, to $445
million.
-
Total deposits increased by $19 million, or 1%, to $1.5
billion.
-
Non-performing assets decreased by $4.2 million or 78%, to $1.2
million.
President’s Comments
“With a focus on refining and enhancing business
processes, Plumas Bank serves an expanding client base while
exceeding peer averages in a variety of metrics including ROA, ROE,
and efficiency ratio. The dedication of our leadership, staff, and
clientele is reflected in this success and we will continue to
build these relationships, especially as economic uncertainty hails
in the coming year and clients seek the support of their community
bank to weather yet another challenge,” stated Andrew J. Ryback,
director, president and chief executive officer of Plumas Bancorp
and Plumas Bank.
“We are excited to extend our footprint in the
northern Central Valley with a de novo branch opening in Chico,
California. Plumas’ Chico branch will complement our presence in
Yuba City to the south and Redding to the north, with the road
having been paved with the presence of a Loan Production Office
over the past eight years. Our Chico branch facility will have a
variety of ‘green’ features and will open in the first half of
2023,” Ryback announced.
Ryback concluded, “While our nation will likely
face some recessionary pressures in 2023, I’m proud to say that
Plumas Bank is strong. We will continue to be strong for our
communities, for our clients, and for our partners because Plumas
Bank is committed to being Here. For Good.”
Loans, Deposits, Investments and
Cash
Gross loans, excluding loans held for sale,
increased by $73 million, or 9%, from $839 million at December 31,
2021, to $912 million at December 31, 2022. Increases in loans
included $97 million in commercial real estate loans, $8 million in
automobile loans and $3 million in equity lines of credit; these
items were partially offset by decreases of $23 million in
commercial loans, $8 million in construction loans and $4 million
in agricultural loans. Excluding PPP loan activity, commercial
loans would have increased by $11 million and gross loans would
have increased by $108 million or 13%. PPP loans totaled $300
thousand at December 31, 2022, and $35 million at December 31,
2021.
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 December 31,
2022.
On December 31, 2022, approximately 80% 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 $19 million from
$1.4 billion at December 31, 2021, to $1.5 billion at December 31,
2022. The increase in deposits includes increases of $30 million in
demand deposits and $27 million in savings accounts. These
increases were partially offset by declines of $23 million in money
market accounts, and $15 million in time deposits. At December 31,
2022, 53% 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 $139
million from $306 million at December 31, 2021, to $445 million at
December 31, 2022. Excluding the effect of a $56 million increase
in unrealized loss on investment securities, our investment
security portfolio would have grown by $195 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 decreased by
$197 million to $183 million at December 31, 2022.
Asset Quality
Nonperforming assets (which are comprised of
nonperforming loans, other real estate owned (“OREO”) and
repossessed vehicle holdings) at December 31, 2022, were $1.2
million, down from $5.4 million at December 31, 2021. Nonperforming
assets as a percentage of total assets decreased to 0.07% at
December 31, 2022, down from 0.33% at December 31, 2021. There was
no OREO outstanding at December 31, 2022. At December 31, 2021 OREO
totaled $487 thousand. Nonperforming loans were $1.2 million at
December 31, 2022, and $4.9 million at December 31, 2021.
Nonperforming loans as a percentage of total loans decreased to
0.13% at December 31, 2022, down from 0.58% at December 31,
2021.
The provision for loan losses increased by $175
thousand from $1.1 million during 2021 to $1.3 million during 2022.
Net charge-offs increased by $260 thousand to $935 thousand during
2022 from $675 thousand during 2021.The largest component of this
increase was an increase in net charge-offs of $146 thousand on
automobile loans. The allowance for loan losses totaled $10.7
million at December 31, 2022, and $10.4 million at December 31,
2021. The allowance for loan losses as a percentage of total loans
decreased from 1.23% at December 31, 2021, to 1.18% at December 31,
2022.
Shareholders’ Equity
Shareholders’ equity decreased by $15.1 million
from $134.1 million at December 31, 2021 to $119.0 million at
December 31, 2022. The $15.1 million decrease was related to a
reduction in accumulated other comprehensive income/loss of $38.4
million from accumulated other comprehensive income of $1.6 million
at December 31, 2021 to an accumulated other comprehensive loss of
$36.8 million at December 31, 2022. In addition, shareholder
dividends decreased shareholders’ equity by $3.7 million. These
items were partially offset by earnings during 2022 of $26.4
million and $571 thousand representing stock option and restricted
stock activity.
Net Interest Income and Net Interest Margin
Year ended December 31,
2022
Net interest income for the twelve months ended
December 31, 2022 increased by $11.6 million from $46.9 million
during the year ended December 31, 2021, to $58.5 million during
2022. Interest income increased by $11.7 million to $59.7 million
while interest expense increased by $113 thousand to $1.2 million.
Included in interest income during the current year were PPP fees
net of costs of $1.3 million, a decrease of $4.8 million from $6.1
million during 2021. Related to this decline in PPP fees, the
average yield on loans, including loans held for sale, decreased by
13 basis points from 5.41% during 2021 to 5.28% during 2022.
Excluding interest and fees on PPP loans, loan yield would have
increased by 13 basis points to 5.18% for the current year compared
to 5.05% during the twelve months ended December 31, 2021.
Average interest earning assets during 2022
totaled $1.5 billion, an increase of $239 million from 2021. This
increase in average interest earning assets consisted of increases
of $71 million in average loan balances, $122 million in average
investment securities and $52 million in average cash balances.
Average loans held for sale declined by $6 million. The average
yield on investment securities increased by 68 basis points from
1.84% during 2021 to 2.52% during 2022 and the average yield on
cash balances increased by 147 basis points from 0.14% during 2021
to 1.61% during 2022. Net interest margin increased 19 basis points
to 3.82% during 2022, up from 3.63% during 2021.
Three months ended December 31,
2022
Net interest income increased by $4.4 million
from $13.0 million during the three months ended December 31, 2021,
to $17.4 million for the three months ended December 31, 2022. The
increase in net interest income includes increases of $4.4 million
in interest income and $60 thousand in interest expense. Interest
and fees on loans, including loans held for sale, increased by $443
thousand related to both an increase in average loans balances and
yield. During the current quarter we recorded amortization of loan
fees net of loan costs on PPP loans totaling $34 thousand, a
decrease of $1.2 million from the same quarter in 2021. This
includes normal amortization on our PPP portfolio and the effect of
PPP loan forgiveness. Average loan balances, including loans held
for sale, increased by $23 million, while the average yield on
loans increased by 6 basis points from 5.44% during the fourth
quarter of 2021 to 5.50% during the current quarter. Excluding the
effect of the PPP loans, loan yield would have increased by 36
basis points to 5.48% for the current quarter and 5.12% during the
fourth quarter of 2021. Interest on investment securities increased
by $1.8 million related to both growth in the investment portfolio
and an increase in yield. Average investment securities increased
by $121 million to $411 million. The average yield on investment
securities during the three months ended December 31, 2022, was
3.00%, an increase of 120 basis points from 1.80% during the fourth
quarter of 2021. Interest on cash balances increased by $2.2
million related to an increase in yield of 3.57% from 0.15% during
the three months ended December 31, 2021 to 3.72% during the
current quarter. Average cash balances decreased from $342 million
during the fourth quarter of 2021 to $248 million during the
current quarter. Net interest margin for the three months ended
December 31, 2022, increased 101 basis points to 4.45%, up from
3.44% for the same period in 2021.
Non-Interest Income/Expense
Year ended December 31,
2022
During 2022, non-interest income totaled $11.0
million, an increase of $2.3 million from the $8.7 million earned
during 2021. This increase included increases in several categories
of non-interest income, the largest of which was $1.7 million in
gains on sale of SBA loans. During 2022, we sold $50.5 million in
guaranteed portions of SBA loans. This compares to sales of $14.2
million during 2021. Loans held for sale at December 31, 2022 and
2021 totaling $2.3 million and $31.3 million, respectively consist
of the guaranteed portion of SBA 7(a) loans.
During 2022, non-interest expense increased by
$6.6 million. The largest components of this increase were $4.7
million in salary and benefit expense, $627 thousand in occupancy
and equipment costs, $304 thousand in outside service fees and $242
thousand in advertising and shareholder relations. The largest
component of the increase in salary and benefit expense was related
to a $2.3 million Employee Retention Credit (ERC) recorded in 2021
as a reduction in salary and benefit expense. 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. Other significant increases in
salary and benefit expense include $1.4 million in salary expense
and $889 thousand in accrued bonus expense. The increase in
occupancy and equipment expense includes $293 thousand related to
our Yuba City branch. The largest components of the increase in
outside service fees were $227 thousand in interchange fees and ATM
processing costs and $90 thousand in human resources administration
and payroll processing. The increase in advertising and shareholder
costs mostly relates to an increase of $219 thousand in expense
paid to an advertising agency which is primarily focused on
building our brand in Northern Nevada.
Three months ended December 31,
2022
During the three months ended December 31, 2022,
and 2021, non-interest income totaled $2.2 million and $2.5
million, respectively. The largest decrease in non-interest income
was $410 thousand in gains on sale of SBA loans. During the 2022
quarter we saw a significant decline in premiums received on the
sale of SBA loans; in response we chose to portfolio several SBA
7(a) loans which did not meet a minimum premium on sale.
During the three months ended December 31, 2022,
total non-interest expense increased by $873 thousand from $7.8
million during the fourth quarter of 2021 to $8.7 million during
the current quarter. The largest component of this increase was an
increase in salary and benefit expense of $653 thousand of which
$523 thousand relates to an increase in our bonus accrual.
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 December 31, |
|
|
|
|
2022 |
|
2021 |
|
Dollar Change |
|
Percentage Change |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
183,426 |
|
$ |
380,584 |
|
$ |
(197,158) |
|
(51.8)% |
|
Investment securities |
444,703 |
|
305,914 |
|
138,789 |
|
45.4% |
|
Loans, net of allowance for loan losses |
903,968 |
|
829,385 |
|
74,583 |
|
9.0% |
|
Loans held for sale |
2,301 |
|
31,277 |
|
(28,976) |
|
(92.6)% |
|
Premises and equipment, net |
18,100 |
|
16,424 |
|
1,676 |
|
10.2% |
|
Bank owned life insurance |
16,020 |
|
15,844 |
|
176 |
|
1.1% |
|
Real estate acquired through foreclosure |
- |
|
487 |
|
(487) |
|
(100.0)% |
|
Goodwill |
5,502 |
|
5,502 |
|
- |
|
0.0% |
|
Accrued interest receivable and other assets |
47,024 |
|
28,657 |
|
18,367 |
|
64.1% |
|
Total assets |
$ |
1,621,044 |
|
$ |
1,614,074 |
|
$ |
6,970 |
|
0.4% |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Deposits |
$ |
1,457,809 |
|
$ |
1,438,999 |
|
$ |
18,810 |
|
1.3% |
|
Accrued interest payable and other liabilities |
33,921 |
|
30,683 |
|
3,238 |
|
10.6% |
|
Junior subordinated deferrable interest debentures |
10,310 |
|
10,310 |
|
- |
|
0.0% |
|
Total liabilities |
1,502,040 |
|
1,479,992 |
|
22,048 |
|
1.5% |
|
Common stock |
27,372 |
|
26,801 |
|
571 |
|
2.1% |
|
Retained earnings |
128,388 |
|
105,681 |
|
22,707 |
|
21.5% |
|
Accumulated other comprehensive (loss) income, net |
(36,756) |
|
1,600 |
|
(38,356) |
|
(2397.3)% |
|
Shareholders’ equity |
119,004 |
|
134,082 |
|
(15,078) |
|
(11.2)% |
|
Total liabilities and shareholders’ equity |
$ |
1,621,044 |
|
$ |
1,614,074 |
|
$ |
6,970 |
|
0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
(In thousands, except per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
FOR THE YEAR ENDED DECEMBER 31, |
2022 |
|
2021 |
|
Dollar Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
59,758 |
|
$ |
48,070 |
|
$ |
11,688 |
|
24.3% |
|
Interest expense |
1,249 |
|
1,136 |
|
113 |
|
9.9% |
|
Net interest income before provision for loan losses |
58,509 |
|
46,934 |
|
11,575 |
|
24.7% |
|
Provision for loan losses |
1,300 |
|
1,125 |
|
175 |
|
15.6% |
|
Net interest income after provision for loan losses |
57,209 |
|
45,809 |
|
11,400 |
|
24.9% |
|
Non-interest income |
11,050 |
|
8,716 |
|
2,334 |
|
26.8% |
|
Non-interest expense |
32,590 |
|
26,038 |
|
6,552 |
|
25.2% |
|
Income before income taxes |
35,669 |
|
28,487 |
|
7,182 |
|
25.2% |
|
Provision for income taxes |
9,225 |
|
7,478 |
|
1,747 |
|
23.4% |
|
Net income |
$ |
26,444 |
|
$ |
21,009 |
|
$ |
5,435 |
|
25.9% |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
4.53 |
|
$ |
3.82 |
|
$ |
0.71 |
|
18.6% |
|
Diluted earnings per share |
$ |
4.47 |
|
$ |
3.76 |
|
$ |
0.71 |
|
18.9% |
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
(In thousands, except per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
FOR THE THREE MONTHS ENDED DECEMBER 31, |
2022 |
|
2021 |
|
Dollar Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
17,721 |
|
$ |
13,284 |
|
$ |
4,437 |
|
33.4% |
|
Interest expense |
370 |
|
310 |
|
60 |
|
19.4% |
|
Net interest income before provision for loan losses |
17,351 |
|
12,974 |
|
4,377 |
|
33.7% |
|
Provision for loan losses |
300 |
|
250 |
|
50 |
|
20.0% |
|
Net interest income after provision for loan losses |
17,051 |
|
12,724 |
|
4,327 |
|
34.0% |
|
Non-interest income |
2,181 |
|
2,485 |
|
(304) |
|
(12.2)% |
|
Non-interest expense |
8,686 |
|
7,813 |
|
873 |
|
11.2% |
|
Income before income taxes |
10,546 |
|
7,396 |
|
3,150 |
|
42.6% |
|
Provision for income taxes |
2,728 |
|
1,894 |
|
834 |
|
44.0% |
|
Net income |
$ |
7,818 |
|
$ |
5,502 |
|
$ |
2,316 |
|
42.1% |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.34 |
|
$ |
0.95 |
|
$ |
0.39 |
|
41.1% |
|
Diluted earnings per share |
$ |
1.32 |
|
$ |
0.93 |
|
$ |
0.39 |
|
41.9% |
|
|
|
|
|
|
|
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Three Months Ended |
|
12/31/2022 |
|
12/31/2021 |
|
12/31/2020 |
|
12/31/2022 |
|
12/31/2021 |
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
4.53 |
|
|
$ |
3.82 |
|
|
$ |
2.80 |
|
|
$ |
1.34 |
|
|
$ |
0.95 |
|
Diluted earnings per share |
$ |
4.47 |
|
|
$ |
3.76 |
|
|
$ |
2.77 |
|
|
$ |
1.32 |
|
|
$ |
0.93 |
|
Weighted average shares outstanding |
|
5,840 |
|
|
|
5,502 |
|
|
|
5,177 |
|
|
|
5,849 |
|
|
|
5,814 |
|
Weighted average diluted shares outstanding |
|
5,912 |
|
|
|
5,583 |
|
|
|
5,230 |
|
|
|
5,916 |
|
|
|
5,903 |
|
Cash dividends paid per share 1 |
$ |
0.64 |
|
|
$ |
0.56 |
|
|
$ |
0.36 |
|
|
$ |
0.16 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS (annualized for the three
months) |
|
|
|
|
|
|
Return on average assets |
|
1.61% |
|
|
1.52% |
|
|
1.43% |
|
|
1.88% |
|
|
|
1.35% |
|
Return on average equity |
|
21.9% |
|
|
17.8% |
|
|
15.5% |
|
|
27.9% |
|
|
|
16.5% |
|
Yield on earning assets |
|
3.90% |
|
|
3.72% |
|
|
4.15% |
|
|
4.55% |
|
|
|
3.52% |
|
Rate paid on interest-bearing liabilities |
|
0.17% |
|
|
0.19% |
|
|
0.25% |
|
|
0.20% |
|
|
|
0.17% |
|
Net interest margin |
|
3.82% |
|
|
3.63% |
|
|
4.02% |
|
|
4.45% |
|
|
|
3.44% |
|
Noninterest income to average assets |
|
0.67% |
|
|
0.63% |
|
|
0.83% |
|
|
0.52% |
|
|
|
0.61% |
|
Noninterest expense to average assets |
|
1.98% |
|
|
1.88% |
|
|
2.34% |
|
|
2.09% |
|
|
|
1.92% |
|
Efficiency ratio 2 |
|
46.9% |
|
|
46.8% |
|
|
50.6% |
|
|
44.5% |
|
|
|
50.5% |
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2022 |
|
12/31/2021 |
|
12/31/2020 |
|
|
|
|
CREDIT QUALITY RATIOS AND DATA |
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
$ |
10,717 |
|
|
$ |
10,352 |
|
|
$ |
9,902 |
|
|
|
|
|
Allowance for loan losses as a percentage of total loans |
|
1.18% |
|
|
|
1.23% |
|
|
|
1.40% |
|
|
|
|
|
Allowance for loan losses as a percentage of total loans - |
|
|
|
|
|
|
|
|
|
excluding PPP loans |
|
1.18% |
|
|
|
1.29% |
|
|
|
1.55% |
|
|
|
|
|
Nonperforming loans |
$ |
1,172 |
|
|
$ |
4,863 |
|
|
$ |
2,536 |
|
|
|
|
|
Nonperforming assets |
$ |
1,190 |
|
|
$ |
5,397 |
|
|
$ |
2,970 |
|
|
|
|
|
Nonperforming loans as a percentage of total loans |
|
0.13% |
|
|
|
0.58% |
|
|
|
0.36% |
|
|
|
|
|
Nonperforming assets as a percentage of total assets |
|
0.07% |
|
|
|
0.33% |
|
|
|
0.27% |
|
|
|
|
|
Year-to-date net charge-offs |
$ |
935 |
|
|
$ |
675 |
|
|
$ |
516 |
|
|
|
|
|
Year-to-date net charge-offs as a percentage of
average loans |
|
0.11% |
|
|
|
0.09% |
|
|
|
0.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND OTHER DATA |
|
|
|
|
|
|
|
|
|
Common shares outstanding at end of period |
|
5,850 |
|
|
|
5,817 |
|
|
|
5,182 |
|
|
|
|
|
Shareholders' equity |
$ |
119,004 |
|
|
$ |
134,082 |
|
|
$ |
100,154 |
|
|
|
|
|
Book value per common share |
$ |
20.34 |
|
|
$ |
23.05 |
|
|
$ |
19.33 |
|
|
|
|
|
Tangible common equity3 |
$ |
112,273 |
|
|
$ |
127,067 |
|
|
$ |
99,432 |
|
|
|
|
|
Tangible book value per common share4 |
$ |
19.19 |
|
|
$ |
21.84 |
|
|
$ |
19.19 |
|
|
|
|
|
Tangible common equity to total assets |
|
6.9% |
|
|
|
7.9% |
|
|
|
8.9% |
|
|
|
|
|
Gross loans to deposits |
|
62.6% |
|
|
|
58.3% |
|
|
|
72.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS BANK REGULATORY CAPITAL RATIOS |
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
9.2% |
|
|
|
8.4% |
|
|
|
9.2% |
|
|
|
|
|
Common Equity Tier 1 Ratio |
|
14.7% |
|
|
|
14.4% |
|
|
|
14.2% |
|
|
|
|
|
Tier 1 Risk-Based Capital Ratio |
|
14.7% |
|
|
|
14.4% |
|
|
|
14.2% |
|
|
|
|
|
Total Risk-Based Capital Ratio |
|
15.7% |
|
|
|
15.5% |
|
|
|
15.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company paid a quarterly cash dividend of 16 cents per
share on February 15, 2022, May 16, 2022, August 15, 2022 and
November 15, 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 assets,
liabilities and shareholders' equity. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Three Months Ended |
|
|
12/31/2022 |
|
12/31/2021 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
|
$ |
885,467 |
|
$ |
12,261 |
|
5.49 |
% |
|
$ |
834,269 |
|
$ |
11,458 |
|
5.45 |
% |
Loans held for sale |
|
|
1,247 |
|
|
25 |
|
7.95 |
% |
|
|
29,312 |
|
|
385 |
|
5.21 |
% |
Investment securities |
|
|
301,319 |
|
|
2,285 |
|
3.01 |
% |
|
|
200,058 |
|
|
825 |
|
1.64 |
% |
Non-taxable investment securities (1) |
|
|
109,366 |
|
|
822 |
|
2.98 |
% |
|
|
89,341 |
|
|
485 |
|
2.15 |
% |
Interest-bearing deposits |
|
|
248,487 |
|
|
2,328 |
|
3.72 |
% |
|
|
342,411 |
|
|
131 |
|
0.15 |
% |
Total interest-earning assets |
|
|
1,545,886 |
|
|
17,721 |
|
4.55 |
% |
|
|
1,495,391 |
|
|
13,284 |
|
3.52 |
% |
Cash and due from banks |
|
|
26,250 |
|
|
|
|
|
|
58,683 |
|
|
|
|
Other assets |
|
|
78,634 |
|
|
|
|
|
|
57,806 |
|
|
|
|
Total assets |
|
$ |
1,650,770 |
|
|
|
|
|
$ |
1,611,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
|
249,935 |
|
|
108 |
|
0.17 |
% |
|
|
262,345 |
|
|
84 |
|
0.13 |
% |
Savings deposits |
|
|
408,825 |
|
|
118 |
|
0.11 |
% |
|
|
362,325 |
|
|
77 |
|
0.08 |
% |
Time deposits |
|
|
51,928 |
|
|
36 |
|
0.28 |
% |
|
|
66,074 |
|
|
53 |
|
0.32 |
% |
Total deposits |
|
|
710,688 |
|
|
262 |
|
0.15 |
% |
|
|
690,744 |
|
|
214 |
|
0.12 |
% |
Junior subordinated debentures |
|
|
10,310 |
|
|
91 |
|
3.50 |
% |
|
|
10,310 |
|
|
94 |
|
3.62 |
% |
Other interest-bearing liabilities |
|
|
14,480 |
|
|
17 |
|
0.47 |
% |
|
|
16,590 |
|
|
2 |
|
0.05 |
% |
Total interest-bearing liabilities |
|
|
735,478 |
|
|
370 |
|
0.20 |
% |
|
|
717,644 |
|
|
310 |
|
0.17 |
% |
Non-interest-bearing deposits |
|
|
791,430 |
|
|
|
|
|
|
748,429 |
|
|
|
|
Other liabilities |
|
|
12,699 |
|
|
|
|
|
|
13,772 |
|
|
|
|
Shareholders' equity |
|
|
111,163 |
|
|
|
|
|
|
132,035 |
|
|
|
|
Total liabilities & equity |
|
$ |
1,650,770 |
|
|
|
|
|
$ |
1,611,880 |
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
0.10 |
% |
|
|
|
|
|
0.08 |
% |
Net interest income and margin (5) |
|
|
|
$ |
17,351 |
|
4.45 |
% |
|
|
|
$ |
12,974 |
|
3.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not computed on a tax-equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
|
(2) Average nonaccrual loan balances of $1.3 million for 2022 and
$5.0 million for 2021 are included in average loan balances for
computational purposes. |
(3) Net (costs) fees included in loan interest income for the
three-month periods ended December 31, 2022 and 2021 were ($326)
thousand and $1.3 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 for the years indicated the
distribution of consolidated average assets, liabilities and
shareholders' equity. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
For the Year Ended |
|
|
12/31/2022 |
|
12/31/2021 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
|
$ |
856,728 |
|
$ |
45,194 |
|
5.28 |
% |
|
$ |
785,527 |
|
$ |
42,487 |
|
5.41 |
% |
Loans held for sale |
|
|
8,771 |
|
|
510 |
|
5.81 |
% |
|
|
15,258 |
|
|
826 |
|
5.41 |
% |
Investment securities |
|
|
258,732 |
|
|
6,409 |
|
2.48 |
% |
|
|
164,199 |
|
|
2,746 |
|
1.67 |
% |
Non-taxable investment securities (1) |
|
|
103,366 |
|
|
2,722 |
|
2.63 |
% |
|
|
75,673 |
|
|
1,666 |
|
2.20 |
% |
Interest-bearing deposits |
|
|
305,095 |
|
|
4,923 |
|
1.61 |
% |
|
|
253,023 |
|
|
345 |
|
0.14 |
% |
Total interest-earning assets |
|
|
1,532,692 |
|
|
59,758 |
|
3.90 |
% |
|
|
1,293,680 |
|
|
48,070 |
|
3.72 |
% |
Cash and due from banks |
|
|
40,520 |
|
|
|
|
|
|
44,396 |
|
|
|
|
Other assets |
|
|
69,683 |
|
|
|
|
|
|
47,952 |
|
|
|
|
Total assets |
|
$ |
1,642,895 |
|
|
|
|
|
$ |
1,386,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
|
254,723 |
|
|
284 |
|
0.11 |
% |
|
|
224,776 |
|
|
307 |
|
0.14 |
% |
Savings deposits |
|
|
400,314 |
|
|
376 |
|
0.09 |
% |
|
|
306,911 |
|
|
280 |
|
0.09 |
% |
Time deposits |
|
|
59,016 |
|
|
163 |
|
0.28 |
% |
|
|
53,976 |
|
|
193 |
|
0.36 |
% |
Total deposits |
|
|
714,053 |
|
|
823 |
|
0.12 |
% |
|
|
585,663 |
|
|
780 |
|
0.13 |
% |
Junior subordinated debentures |
|
|
10,310 |
|
|
359 |
|
3.48 |
% |
|
|
10,310 |
|
|
348 |
|
3.38 |
% |
Other interest-bearing liabilities |
|
|
12,327 |
|
|
67 |
|
0.54 |
% |
|
|
13,419 |
|
|
8 |
|
0.06 |
% |
Total interest-bearing liabilities |
|
|
736,690 |
|
|
1,249 |
|
0.17 |
% |
|
|
609,392 |
|
|
1,136 |
|
0.19 |
% |
Non-interest-bearing deposits |
|
|
773,293 |
|
|
|
|
|
|
645,955 |
|
|
|
|
Other liabilities |
|
|
12,044 |
|
|
|
|
|
|
12,714 |
|
|
|
|
Shareholders' equity |
|
|
120,868 |
|
|
|
|
|
|
117,967 |
|
|
|
|
Total liabilities & equity |
|
$ |
1,642,895 |
|
|
|
|
|
$ |
1,386,028 |
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
0.08 |
% |
|
|
|
|
|
0.09 |
% |
Net interest income and margin (5) |
|
|
|
$ |
58,509 |
|
3.82 |
% |
|
|
|
$ |
46,934 |
|
3.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not computed on a tax-equivalent
basis. |
(2) Average nonaccrual loan balances of $2.8 million for 2022 and
$4.4 million for 2021 are included in average loan balances for
computational purposes. |
(3) Net fees included in loan interest income for the years ended
December 31, 2022 and 2021 were $234 thousand and $5.7 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 components of non-interest
income for the three-month periods ended December 31, 2022 and
2021. |
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
December 31, |
|
|
|
|
|
|
2022 |
|
|
2021 |
|
Dollar Change |
|
Percentage Change |
Interchange income |
$ |
922 |
|
$ |
912 |
|
$ |
10 |
|
|
1.1 |
% |
Service charges on deposit accounts |
|
623 |
|
|
606 |
|
|
17 |
|
|
2.8 |
% |
Loan servicing fees |
|
251 |
|
|
229 |
|
|
22 |
|
|
9.6 |
% |
Earnings on life insurance policies |
|
109 |
|
|
101 |
|
|
8 |
|
|
7.9 |
% |
Gain on sale of loans, net |
|
7 |
|
|
417 |
|
|
(410) |
|
|
(98.3) |
% |
Other |
|
269 |
|
|
220 |
|
|
49 |
|
|
22.3 |
% |
Total non-interest income |
$ |
2,181 |
|
$ |
2,485 |
|
$ |
(304) |
|
|
(12.2) |
% |
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
expense for the three-month periods ended December 31, 2022
and 2021. |
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
December 31, |
|
|
|
|
|
|
2022 |
|
|
2021 |
|
Dollar Change |
|
Percentage Change |
Salaries and employee benefits |
$ |
4,751 |
|
$ |
4,098 |
|
$ |
653 |
|
|
15.9 |
% |
Occupancy and equipment |
|
1,142 |
|
|
1,145 |
|
|
(3) |
|
|
(0.3) |
% |
Outside service fees |
|
1,120 |
|
|
1,035 |
|
|
85 |
|
|
8.2 |
% |
Professional fees |
|
352 |
|
|
272 |
|
|
80 |
|
|
29.4 |
% |
Telephone and data communication |
|
198 |
|
|
210 |
|
|
(12) |
|
|
(5.7) |
% |
Advertising and shareholder relations |
|
177 |
|
|
106 |
|
|
71 |
|
|
67.0 |
% |
Armored car and courier |
|
177 |
|
|
143 |
|
|
34 |
|
|
23.8 |
% |
Director compensation and expense |
|
177 |
|
|
169 |
|
|
8 |
|
|
4.7 |
% |
Business development |
|
134 |
|
|
121 |
|
|
13 |
|
|
10.7 |
% |
Deposit insurance |
|
108 |
|
|
165 |
|
|
(57) |
|
|
(34.5) |
% |
Loan collection expenses |
|
75 |
|
|
77 |
|
|
(2) |
|
|
(2.6) |
% |
Amortization of Core Deposit Intangible |
|
68 |
|
|
79 |
|
|
(11) |
|
|
(13.9) |
% |
Other |
|
207 |
|
|
193 |
|
|
14 |
|
|
7.3 |
% |
Total non-interest expense |
$ |
8,686 |
|
$ |
7,813 |
|
$ |
873 |
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
income for the years ended December 31, 2022 and
2021. |
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
|
|
|
|
December 31, |
|
|
|
|
|
|
2022 |
|
|
2021 |
|
Dollar Change |
|
Percentage Change |
Interchange income |
$ |
3,401 |
|
$ |
3,279 |
|
$ |
122 |
|
|
3.7 |
% |
Gain on sale of loans, net |
|
2,696 |
|
|
1,008 |
|
|
1,688 |
|
|
167.5 |
% |
Service charges on deposit accounts |
|
2,464 |
|
|
2,349 |
|
|
115 |
|
|
4.9 |
% |
Loan servicing fees |
|
893 |
|
|
852 |
|
|
41 |
|
|
4.8 |
% |
Earnings on life insurance policies |
|
391 |
|
|
380 |
|
|
11 |
|
|
2.9 |
% |
Other |
|
1,205 |
|
|
848 |
|
|
357 |
|
|
42.1 |
% |
Total non-interest income |
$ |
11,050 |
|
$ |
8,716 |
|
$ |
2,334 |
|
|
26.8 |
% |
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
expense for the years ended December 31, 2022 and
2021. |
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
|
|
|
|
December 31, |
|
|
|
|
|
|
2022 |
|
|
2021 |
|
Dollar Change |
|
Percentage Change |
Salaries and employee benefits |
$ |
17,451 |
|
$ |
12,792 |
|
$ |
4,659 |
|
|
36.4 |
% |
Occupancy and equipment |
|
4,610 |
|
|
3,983 |
|
|
627 |
|
|
15.7 |
% |
Outside service fees |
|
4,057 |
|
|
3,753 |
|
|
304 |
|
|
8.1 |
% |
Professional fees |
|
1,282 |
|
|
1,311 |
|
|
(29) |
|
|
(2.2) |
% |
Telephone and data communication |
|
770 |
|
|
746 |
|
|
24 |
|
|
3.2 |
% |
Armored car and courier |
|
675 |
|
|
498 |
|
|
177 |
|
|
35.5 |
% |
Advertising and shareholder relations |
|
673 |
|
|
431 |
|
|
242 |
|
|
56.1 |
% |
Director compensation and expense |
|
606 |
|
|
498 |
|
|
108 |
|
|
21.7 |
% |
Deposit insurance |
|
528 |
|
|
455 |
|
|
73 |
|
|
16.0 |
% |
Business development |
|
506 |
|
|
343 |
|
|
163 |
|
|
47.5 |
% |
Amortization of Core Deposit Intangible |
|
284 |
|
|
246 |
|
|
38 |
|
|
15.4 |
% |
Loan collection expenses |
|
274 |
|
|
284 |
|
|
(10) |
|
|
(3.5) |
% |
Other |
|
874 |
|
|
698 |
|
|
176 |
|
|
25.2 |
% |
Total non-interest expense |
$ |
32,590 |
|
$ |
26,038 |
|
$ |
6,552 |
|
|
25.2 |
% |
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
The following table shows the distribution of loans by type
at December 31, 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 |
|
|
12/31/2022 |
|
12/31/2022 |
|
12/31/2021 |
|
12/31/2021 |
Commercial |
|
$ |
76,680 |
|
8.4 |
% |
|
$ |
99,804 |
|
11.9 |
% |
Agricultural |
|
|
122,873 |
|
13.5 |
% |
|
|
126,456 |
|
15.1 |
% |
Real estate – residential |
|
|
15,324 |
|
1.7 |
% |
|
|
15,837 |
|
1.9 |
% |
Real estate – commercial |
|
|
516,107 |
|
56.6 |
% |
|
|
418,609 |
|
49.9 |
% |
Real estate – construction & land |
|
|
43,420 |
|
4.8 |
% |
|
|
51,526 |
|
6.1 |
% |
Equity Lines of Credit |
|
|
35,891 |
|
3.9 |
% |
|
|
32,793 |
|
3.9 |
% |
Auto |
|
|
96,750 |
|
10.6 |
% |
|
|
89,046 |
|
10.6 |
% |
Other |
|
|
4,904 |
|
0.5 |
% |
|
|
4,516 |
|
0.6 |
% |
Total Gross Loans |
|
$ |
911,949 |
|
100 |
% |
|
$ |
838,587 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table shows the distribution of deposits by
type at December 31, 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 |
|
|
12/31/2022 |
|
12/31/2022 |
|
12/31/2021 |
|
12/31/2021 |
Non-interest bearing |
|
$ |
766,549 |
|
52.6 |
% |
|
$ |
736,582 |
|
51.2 |
% |
Money Market |
|
|
237,924 |
|
16.3 |
% |
|
|
261,005 |
|
18.1 |
% |
Savings |
|
|
404,150 |
|
27.7 |
% |
|
|
377,050 |
|
26.2 |
% |
Time |
|
|
49,186 |
|
3.4 |
% |
|
|
64,362 |
|
4.5 |
% |
Total Deposits |
|
$ |
1,457,809 |
|
100 |
% |
|
$ |
1,438,999 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
Grafico Azioni Plumas Bancorp (NASDAQ:PLBC)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Plumas Bancorp (NASDAQ:PLBC)
Storico
Da Giu 2023 a Giu 2024