Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank,
today announced earnings during the third quarter of 2023 of $8.0
million or $1.36 per share, an increase of $742 thousand from $7.2
million or $1.24 per share during the third quarter of
2022. Diluted earnings per share increased to $1.34 per
share during the three months ended September 30, 2023 up from
$1.23 per share during the quarter ended September 30, 2022.
For the nine months ended September 30, 2023,
the Company reported net income of $22.3 million or $3.80 per
share, an increase of $3.6 million from $18.6 million or $3.19 per
share earned during the nine months ended September 30, 2022.
Earnings per diluted share increased to $3.75 during the nine
months ended September 30, 2023 up $0.60 from $3.15 during the
first nine months of 2022. Earnings during 2023 set a
record for any nine month period ending September 30th in the
Company’s history. In addition, earnings for the third quarter
exceeded earnings for any quarter in the Company’s history.
Return on average assets was 2.00% during the
current quarter, up from 1.72% during the third quarter of 2022.
Return on average equity increased to 24.4% for the three months
ended September 30, 2023, up from 23.7% during the third quarter of
2022. Return on average assets was 1.88% during the nine months
ended September 30, 2023, up from 1.52% during the same period in
2022. Return on average equity increased to 23.3% for the nine
months ended September 30, 2023, up from 20.1% during the nine
months ended September 30, 2022.
Balance Sheet
HighlightsSeptember 30, 2023 compared to September
30, 2022
-
Gross loans increased by $101 million, or 12%, to $959
million.
-
Investment securities increased by $55 million to $438
million.
-
Total equity increased by $13.0 million, or 12%, to $119
million.
President’s Comments
“We are pleased that Plumas Bancorp has been
included in Raymond James’ equity research with a very strong
initial report,” Andrew J. Ryback, director, president and chief
executive officer of Plumas Bancorp and Plumas Bank, announced.
“Additionally, Plumas Bancorp was included on the Russell 2000 and
was the recipient of a variety of regional and national awards such
as the Raymond James Community Bankers Cup and D.A. Davidson’s
Bison Select list. While many banks are experiencing significant
increases in funding costs resulting in declining margins, Plumas
bank’s margins have continued to increase over the last several
quarters and we continue to achieve record earnings. We attribute
much of this to our exceptionally strong core deposit base
resulting in funding costs significantly lower than most peer
institutions.”
“Recently, due to several contributing factors,
we elected to discontinue our dealer loan program. Long-term
challenges related to the current higher rate environment,
increasing regulatory compliance requirements, the necessary
replacement of technology support systems, and increasing expenses
outweighed the benefits of this unique, short duration credit
portfolio. We have reassigned personnel where possible and will
redirect cash flows from this portfolio to lower-risk investments
and more profitable lending opportunities. This closure is isolated
to our dealer loan program,” Ryback stated.
“With continued investments in client-servicing
technology and institutional efficiencies Plumas Bank is Here. FOR
GOOD,” concluded Ryback.
Loans, Deposits, Investments and
Cash
Gross loans increased by $101 million, or 12%,
from $858 million at September 30, 2022, to $959 million at
September 30, 2023. Increases in loans included, $72 million in
commercial real estate loans, $14 million in automobile loans, $6
million in agricultural loans, $4 million in commercial loans, $3
million in equity lines of credit, $3 million in construction loans
and $2 million in other loans; these items were partially offset by
a decrease of $3 million in residential real estate loans.
On September 30, 2023, approximately
77% 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 at which variable rate loans reprice can vary from one
day to several years. The largest portion of variable rate loans
are variable rate commercial real estate loans which predominantly
reprice every five years and are indexed to the 5 year Treasury.
Loans indexed to the prime interest rate were approximately 21% of
the Company’s loan portfolio; these loans reprice within one day to
three months of a change in the prime rate.
Total deposits decreased by $109 million to $1.4
billion at September 30, 2023. The decrease in deposits includes
decreases of $59 million in demand deposits, $57 million in
savings, and $28 million in money market accounts deposits.
Partially offsetting these decreases was an increase in time
deposit of $35 million. We attribute much of the decrease to the
current interest rate environment as we have seen some deposits
leave for higher rates and some customers reluctant to borrow to
fund operating expense and instead have drawn down their excess
deposit balances. Beginning in April 2023 we began offering a time
deposit promotion offering 7-month and 11-month time deposits at an
interest rate of 4%. We discontinued this promotion, which
generated $46 million in deposits, on June 30, 2023. At September
30, 2023, 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 $55
million from $383 million at September 30, 2022, to $438 million at
September 30, 2023. The Bank’s investment security portfolio
consists of debt securities issued by the US Government, US
Government agencies, US Government sponsored agencies and
municipalities. All investment securities are classified as
available for sale. The unrealized loss on investment securities
increased from $62 million at September 30, 2022 to $76 million at
September 30, 2023. Cash and due from banks decreased by $243
million from $334 million at September 30, 2022, to $91 million at
September 30, 2023.
Asset Quality and CECL
Nonperforming assets (which are comprised of
nonperforming loans, other real estate owned (“OREO”) and
repossessed vehicle holdings) at September 30, 2023 were $4.8
million, up from $1.9 million at September 30, 2022. Nonperforming
assets as a percentage of total assets increased to 0.31% at
September 30, 2023 up from 0.11% at September 30, 2022. OREO
increased by $71 thousand from $369 thousand at September 30, 2022
to $440 thousand at September 30, 2023. Nonperforming loans were
$4.3 million at September 30, 2023 and $1.5 million at September
30, 2022. Much of the increase in nonperforming loans was loans to
walnut growers. Walnuts prices have declined significantly from
2022 levels. Nonperforming loans as a percentage of total loans
increased to 0.45% at September 30, 2023, up from 0.17% at
September 30, 2022.
Upon adoption of CECL we recorded an increase in
the allowance for credit losses of $529,000 and an increase in the
reserve for unfunded commitments of $258,000. The decline in
equity, net of tax, related to these two adjustments totaled
$554,000. During the nine months ended September 30, 2023 we
recorded a provision for credit losses of $2,675,000 consisting of
a provision for loan losses of $2,425,000 and an increase in the
reserve for unfunded commitments of $250,000. The increase in the
reserves was principally related to an increase in qualitative
reserves related to the continuation of increases in market
interest rates. During early October two collateral dependent loans
to one borrower paid off in full. This resulted in a reduction in
the specific reserves on these loans of $791,000 and a negative
provision during the current quarter of $200,000. These two loans
totaling $1.8 million were included in nonperforming loans at
September 30, 2023. As time progresses the results of economic
conditions will require CECL model assumption inputs to change and
further refinements to the estimation process may also be
identified.
Net charge-offs totaled $724,000 and $432,000
during the nine months ended September 30, 2023 and 2022,
respectively. The allowance for credit losses totaled $13.7 million
at September 30, 2023 and $10.9 million at September 30, 2022. The
allowance for credit losses as a percentage of total loans
increased from 1.27% at September 30, 2022 to 1.42% at September
30, 2023.
The following tables present the activity in the
allowance for credit losses and the reserve for unfunded
commitments during the nine months ended September 30, 2023 and
2022 (in thousands).
Allowance for Credit Losses |
|
September 30, 2023 |
|
|
September 30, 2022 |
Balance, beginning of period |
$ |
10,717 |
|
|
$ |
10,352 |
|
Impact of CECL adoption |
|
529 |
|
|
|
- |
|
Provision charged to operations |
|
2,425 |
|
|
|
1,000 |
|
Losses charged to allowance |
|
(1,252 |
) |
|
|
(855 |
) |
Recoveries |
|
528 |
|
|
|
423 |
|
Balance, end of period |
$ |
12,947 |
|
|
$ |
10,920 |
|
Reserve for Unfunded Commitments |
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Balance, beginning of period |
$ |
341 |
|
$ |
341 |
|
Impact of CECL adoption |
|
258 |
|
|
- |
|
Provision charged to operations |
|
250 |
|
|
- |
|
Balance, end of period |
$ |
849 |
|
$ |
341 |
|
Shareholders’ Equity
Total shareholders’ equity increased by $13.5
million from $106.4 million at September 30, 2022, to $119.9
million at September 30, 2023. The $13.5 million includes earnings
during the twelve-month period totaling $30.1 million and stock
option and restricted stock activity totaling $656,000. These items
were partially offset by the payment of cash dividends totaling
$5.3 million, an increase in accumulated other comprehensive loss
of $11.4 million and the adjustment recorded on the adoption of
CECL, net of tax, of $554,000.
Liquidity
The Company manages its liquidity to provide the
ability to generate funds to support asset growth, meet deposit
withdrawals (both anticipated and unanticipated), fund customers'
borrowing needs and satisfy maturity of short-term borrowings. The
Company’s liquidity needs are managed using assets or liabilities,
or both. On the asset side, in addition to cash and due from banks,
the Company maintains an investment portfolio which includes
unpledged U.S. Government-sponsored agency securities that are
classified as available-for-sale. On the liability side, liquidity
needs are managed by offering competitive rates on deposit products
and the use of established lines of credit.
The Company is a member of the FHLB and can
borrow up to $227 million from the FHLB secured by commercial and
residential mortgage loans with carrying values totaling $412
million. The Company is also eligible to participate in the Bank
Term Funding Program (BTFP). The Federal Reserve Board, on March
12, 2023, announced the creation of a new Bank Term Funding
Program. The BTFP offers loans of up to one year in length to
banks, savings associations, credit unions, and other eligible
depository institutions pledging U.S. Treasuries, agency debt and
mortgage-backed securities, and other qualifying assets as
collateral. These assets will be valued at par. The Company has
pledged as collateral under the BTFP securities with a par value of
$94 million at September 30, 2023. In addition to its FHLB
borrowing line and the BTFP, the Company has unsecured short-term
borrowing agreements with two of its correspondent banks in the
amounts of $50 million and $20 million. There were no outstanding
borrowings to the FHLB, FRB or the correspondent banks at September
30, 2023 and September 30, 2022.
The Company estimates that it has approximately
$478 million in uninsured deposits. Of this amount, $94 million
represents deposits that are collateralized such as deposits of
states, municipalities and tribal accounts.
Management believes that the Company’s available
sources of funds, including borrowings, will provide adequate
liquidity for its operations for the foreseeable future.
Net Interest Income and Net Interest Margin
Net interest income was $17.7 million for the
three months ended September 30, 2023, an increase of $2.0 million
from the same period in 2022. The increase in net interest income
includes an increase of $3.0 million in interest income partially
offset by an increase of $1.0 million in interest expense. Interest
and fees on loans, including loans held for sale, increased by $2.6
million related to growth in the loan portfolio and an increase in
yield on the portfolio. Net loan fees/costs declined from net fees
of $50,000 during the 2022 quarter to net costs of $346,000 during
the three months ended September 30, 2023. This decline is mostly
related to a decline in fees earned on PPP loans.
Including loans held for sale, average loan
balances increased by $77 million, while the average yield on these
loans increased by 65 basis points from 5.35% during the third
quarter of 2022 to 6.00% during the current quarter. The increase
in loan yield includes the effect of an increase in market rates
during 2023 partially offset by a decline in PPP fee income as
described above. The average prime interest rate increased from
5.35% during the third quarter of 2022 to 8.43% during the current
quarter.
Interest on investment securities increased by
$1.2 million from the third quarter of 2022, related to an increase
in average investment securities of $74 million to $462 million and
an increase in yield on the investment portfolio from 2.61% during
the third quarter of 2022 to 3.28% during the current quarter.
Interest on interest-earning cash balances decreased by $0.8
million related to a decrease in average interest-earning cash
balances partially offset by an increase in the rate earned on
these balances. The rate paid on interest-earning cash balances
increased from 2.29% during the third quarter of 2022 to 5.37%
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 2.25% during the third
quarter of 2022 and 5.33% during the current quarter. Average
interest-earning cash balances declined from $306 million during
the third quarter of 2022 to $71 million in the current quarter
related to a decline in average deposits and increases in loans and
investments.
Average interest earning assets during the three
months ended September 30, 2023 totaled $1.5 billion, a decrease of
$84 million from the same period in 2022. The average yield on
interest earning assets increased 105 basis points to 5.12%, up
from 4.07% for the same period in 2022. Net interest margin for the
three months ended September 30, 2023 increased 77 basis points to
4.77%, up from 4.00% for the same period in 2022.
Net interest income for the nine months ended
September 30, 2023 was $52.1 million, an increase of $11.0 million
from the $41.1 million earned during the same period in 2022. The
increase in net interest income includes an increase of $13.0
million in interest income partially offset by an increase of $2.0
million in interest expense. Interest and fees on loans, including
loans held for sale, increased by $6.9 million related to growth in
the loan portfolio and an increase in yield on the portfolio. Net
loan fees/costs declined from net fees of $561,000 during the 2022
period to net costs of $927,000 during the nine months ended
September 30, 2023. This decline is mostly related to a decline in
fees earned on PPP loans. The average yield on loans, including
loans held for sale, increased by 62 basis points from 5.20% during
the first nine months of 2022 to 5.82% during the current
period.
Average interest earning assets during the
current nine month period totaled $1.5 billion, a decrease of $45
million from the same period in 2022. This decrease in average
interest earning assets resulted from a decline in average
interest-earning cash balances of $235 million, mostly offset by
increases of $68 million in average loan balances and $123 million
in average investment securities. The average yield on interest
earning assets increased by 128 basis points to 4.96%, related to
increases in market rates. Net interest margin for the nine months
ended September 30, 2023 increased 110 basis points to 4.70%, up
from 3.60% for the same period in 2022.
Non-Interest Income/Expense
Non-interest income decreased by $241,000 to
$2.3 million during the current quarter from $2.6 million during
the three months ended September 30, 2022. The largest component of
this decrease was a decline in gains on sale of SBA loans of
$339,000. During the current quarter we sold one loan totaling
$370,000. This compares to sales of $10.7 million during the third
quarter of 2022. The SBA 7(a) loan product that is salable in the
open market is variable rate tied to prime and we have seen a
significant decline in interest in this product given the recent
increases in the prime rate. While we continue to produce SBA 7(a)
loans for sale at a much lower volume, we have started funding
fixed rate SBA 7(a) loans which we portfolio.
Additionally during the fourth quarter of 2022 and continuing into
2023 we experienced a significant decline in premiums received on
the sale of SBA loans; in response during the nine months ended
September 30, 2023 we chose to portfolio $4.1 million in salable
SBA 7(a) loans which did not meet a minimum premium on sale.
During the nine months ended September 30, 2023,
non-interest income totaled $8.4 million, a decrease of $488,000
from $8.9 million during the nine months ended September 30, 2022.
The largest component of this decrease was a decline in gain on
sale of loans of $2.5 million from $2.7 million during the nine
months ended September 30, 2022 to $234,000 during the current
period. We did not sell SBA 7(a) 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 nine months ended
September 30, 2022 we sold $48.9 million in guaranteed portions of
SBA 7(a) loans. This compares to $5.3 million in sales during the
current period. Partially offsetting the decline in SBA gains was a
gain of $1.7 million on termination of our interest rate swaps
during the first quarter of 2023.
During the three months ended September 30,
2023, total non-interest expense increased by $1.2 million from
$8.2 million during the third quarter of 2022 to $9.4 million
during the current quarter. The largest components of this increase
were an increase in salary and benefit expense of $734,000, and an
increase in outside service fees of $163,000. The increase in
salary and benefit expense primarily relates to an increase in
salary expense. Salary expense increased by $453,000 which we
attribute primarily to merit and promotional salary increases and
termination costs related to our dealer loan program totaling
$115,000. In addition, our full time equivalent employee count has
increased from 172 at September 30, 2022 to 180 at September 30,
2023. The increase in outside service fees was spread among several
different categories, the largest of which was $36,000 in
interchange expense. In addition, during August 2023 we fully
outsourced our Core processing system. The Core system remains
unchanged, but we went from a partially outsourced system to a
fully outsourced system.
During the nine months ended September 30, 2023
non-interest expense increased by $3.9 million to $27.8 million.
The largest components of this increase were $2.3 million in salary
and benefit expenses, $477,000 in occupancy and equipment costs and
$408,000 in outside service fees. The largest increases in salary
and benefit expense were $1.2 million in salary expense and
$941,000 in the deferral of loan origination costs.
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 fifteen
branches: thirteen located in the California counties of Butte,
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 two loan production offices located
in Auburn, California 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 September 30, |
|
|
|
|
2023 |
|
2022 |
|
DollarChange |
|
PercentageChange |
ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
$ 90,567 |
|
$ 334,124 |
|
$ (243,557) |
|
(72.9)% |
Investment securities |
438,265 |
|
383,178 |
|
55,087 |
|
14.4% |
Loans, net of allowance for credit losses |
948,719 |
|
849,703 |
|
99,016 |
|
11.7% |
Loans held for sale |
- |
|
434 |
|
(434) |
|
(100.0)% |
Premises and equipment, net |
19,064 |
|
18,133 |
|
931 |
|
5.1% |
Bank owned life insurance |
16,006 |
|
15,910 |
|
96 |
|
0.6% |
Real estate acquired through foreclosure |
440 |
|
369 |
|
71 |
|
19.2% |
Goodwill |
5,502 |
|
5,502 |
|
- |
|
0.0% |
Accrued interest receivable and other assets |
54,311 |
|
45,718 |
|
8,593 |
|
18.8% |
Total assets |
$ 1,572,874 |
|
$ 1,653,071 |
|
$ (80,197) |
|
(4.9)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
Deposits |
$ 1,402,486 |
|
$ 1,511,196 |
|
$ (108,710) |
|
(7.2)% |
Accrued interest payable and other liabilities |
40,463 |
|
25,115 |
|
15,348 |
|
61.1% |
Borrowings |
10,000 |
|
- |
|
10,000 |
|
100.0% |
Junior subordinated deferrable interest debentures |
- |
|
10,310 |
|
(10,310) |
|
(100.0)% |
Total liabilities |
1,452,949 |
|
1,546,621 |
|
(93,672) |
|
(6.1)% |
Common stock |
27,896 |
|
27,240 |
|
656 |
|
2.4% |
Retained earnings |
145,694 |
|
121,505 |
|
24,189 |
|
19.9% |
Accumulated other comprehensive loss, net |
(53,665) |
|
(42,295) |
|
(11,370) |
|
(26.9)% |
Shareholders’ equity |
119,925 |
|
106,450 |
|
13,475 |
|
12.7% |
Total liabilities and shareholders’ equity |
$ 1,572,874 |
|
$ 1,653,071 |
|
$ (80,197) |
|
(4.9)% |
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
FOR THE THREE MONTHS ENDED SEPTEMBER 30, |
2023 |
|
2022 |
|
DollarChange |
|
PercentageChange |
|
|
|
|
|
|
|
|
Interest income |
$ 19,042 |
|
$ 16,005 |
|
$ 3,037 |
|
19.0% |
Interest expense |
1,303 |
|
289 |
|
1,014 |
|
350.9% |
Net interest income before provision for credit losses |
17,739 |
|
15,716 |
|
2,023 |
|
12.9% |
Provision for credit losses |
(200) |
|
300 |
|
(500) |
|
(166.7)% |
Net interest income after provision for credit losses |
17,939 |
|
15,416 |
|
2,523 |
|
16.4% |
Non-interest income |
2,313 |
|
2,554 |
|
(241) |
|
(9.4)% |
Non-interest expense |
9,442 |
|
8,198 |
|
1,244 |
|
15.2% |
Income before income taxes |
10,810 |
|
9,772 |
|
1,038 |
|
10.6% |
Provision for income taxes |
2,840 |
|
2,544 |
|
296 |
|
11.6% |
Net income |
$ 7,970 |
|
$ 7,228 |
|
$ 742 |
|
10.3% |
|
|
|
|
|
|
|
|
Basic earnings per share |
$ 1.36 |
|
$ 1.24 |
|
$ 0.12 |
|
9.7% |
Diluted earnings per share |
$ 1.34 |
|
$ 1.23 |
|
$ 0.11 |
|
8.9% |
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
FOR THE NINE MONTHS ENDED SEPTEMBER 30, |
2023 |
|
2022 |
|
DollarChange |
|
PercentageChange |
|
|
|
|
|
|
|
|
Interest income |
$ 55,053 |
|
$ 42,037 |
|
$ 13,016 |
|
31.0% |
Interest expense |
2,925 |
|
878 |
|
2,047 |
|
233.1% |
Net interest income before provision for credit losses |
52,128 |
|
41,159 |
|
10,969 |
|
26.7% |
Provision for credit losses |
2,675 |
|
1,000 |
|
1,675 |
|
167.5% |
Net interest income after provision for credit losses |
49,453 |
|
40,159 |
|
9,294 |
|
23.1% |
Non-interest income |
8,380 |
|
8,868 |
|
(488) |
|
(5.5)% |
Non-interest expense |
27,764 |
|
23,904 |
|
3,860 |
|
16.1% |
Income before income taxes |
30,069 |
|
25,123 |
|
4,946 |
|
19.7% |
Provision for income taxes |
7,814 |
|
6,497 |
|
1,317 |
|
20.3% |
Net income |
$ 22,255 |
|
$ 18,626 |
|
$ 3,629 |
|
19.5% |
|
|
|
|
|
|
|
|
Basic earnings per share |
$ 3.80 |
|
$ 3.19 |
|
$ 0.61 |
|
19.1% |
Diluted earnings per share |
$ 3.75 |
|
$ 3.15 |
|
$ 0.60 |
|
19.0% |
|
|
|
|
|
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
|
9/30/2023 |
|
9/30/2022 |
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.36 |
|
|
$ |
1.14 |
|
|
$ |
1.24 |
|
|
$ |
3.80 |
|
|
$ |
3.19 |
|
Diluted earnings per share |
$ |
1.34 |
|
|
$ |
1.12 |
|
|
$ |
1.23 |
|
|
$ |
3.75 |
|
|
$ |
3.15 |
|
Weighted average shares outstanding |
|
5,866 |
|
|
|
5,862 |
|
|
|
5,845 |
|
|
|
5,861 |
|
|
|
5,837 |
|
Weighted average diluted shares outstanding |
|
5,932 |
|
|
|
5,929 |
|
|
|
5,895 |
|
|
|
5,932 |
|
|
|
5,911 |
|
Cash dividends paid per share 1 |
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.16 |
|
|
$ |
0.75 |
|
|
$ |
0.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS (annualized for the three
months) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
2.00 |
% |
|
|
|
1.70 |
% |
|
|
|
1.72 |
% |
|
|
|
1.88 |
% |
|
|
1.52 |
% |
Return on average equity |
|
24.4 |
% |
|
|
|
20.5 |
% |
|
|
|
23.7 |
% |
|
|
|
23.3 |
% |
|
|
20.1 |
% |
Yield on earning assets |
|
5.12 |
% |
|
|
|
4.96 |
% |
|
|
|
4.07 |
% |
|
|
|
4.96 |
% |
|
|
3.68 |
% |
Rate paid on interest-bearing liabilities |
|
0.73 |
% |
|
|
|
0.56 |
% |
|
|
|
0.15 |
% |
|
|
|
0.55 |
% |
|
|
0.16 |
% |
Net interest margin |
|
4.77 |
% |
|
|
|
4.69 |
% |
|
|
|
4.00 |
% |
|
|
|
4.70 |
% |
|
|
3.60 |
% |
Noninterest income to average assets |
|
0.58 |
% |
|
|
|
0.55 |
% |
|
|
|
0.61 |
% |
|
|
|
0.71 |
% |
|
|
0.72 |
% |
Noninterest expense to average assets |
|
2.37 |
% |
|
|
|
2.32 |
% |
|
|
|
1.96 |
% |
|
|
|
2.34 |
% |
|
|
1.95 |
% |
Efficiency ratio 2 |
|
47.1 |
% |
|
|
|
46.9 |
% |
|
|
|
44.9 |
% |
|
|
|
45.9 |
% |
|
|
47.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/2023 |
|
6/30/2023 |
|
9/30/2022 |
|
12/31/2022 |
|
12/31/2021 |
CREDIT QUALITY RATIOS AND DATA |
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
$ |
12,947 |
|
|
$ |
13,385 |
|
|
$ |
10,920 |
|
|
$ |
10,717 |
|
|
$ |
10,352 |
|
Allowance for loan losses as a percentage of total loans |
|
1.35 |
% |
|
|
1.43 |
% |
|
|
1.27 |
% |
|
|
1.18 |
% |
|
|
1.23 |
% |
Allowance for loan losses as a percentage of total loans -
excluding PPP loans |
|
1.35 |
% |
|
|
1.43 |
% |
|
|
1.27 |
% |
|
|
1.18 |
% |
|
|
1.29 |
% |
Nonperforming loans |
$ |
4,329 |
|
|
$ |
9,535 |
|
|
$ |
1,485 |
|
|
$ |
1,172 |
|
|
$ |
4,863 |
|
Nonperforming assets |
$ |
4,813 |
|
|
$ |
9,636 |
|
|
$ |
1,872 |
|
|
$ |
1,190 |
|
|
$ |
5,397 |
|
Nonperforming loans as a percentage of total loans |
|
0.45 |
% |
|
|
1.02 |
% |
|
|
0.17 |
% |
|
|
0.13 |
% |
|
|
0.58 |
% |
Nonperforming assets as a percentage of total assets |
|
0.31 |
% |
|
|
0.61 |
% |
|
|
0.11 |
% |
|
|
0.07 |
% |
|
|
0.33 |
% |
Year-to-date net charge-offs |
$ |
724 |
|
|
$ |
411 |
|
|
$ |
432 |
|
|
$ |
935 |
|
|
$ |
675 |
|
Year-to-date net charge-offs as a percentage of average loans
(annualized) |
|
0.10 |
% |
|
|
|
0.09 |
% |
|
|
|
0.07 |
% |
|
|
|
0.11 |
% |
|
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
CAPITAL AND OTHER DATA |
|
|
|
|
|
|
|
|
|
Common shares outstanding at end of period |
|
5,868 |
|
|
|
5,864 |
|
|
|
5,849 |
|
|
|
5,850 |
|
|
|
5,817 |
|
Shareholders' equity |
$ |
119,925 |
|
|
$ |
128,558 |
|
|
$ |
106,450 |
|
|
$ |
119,004 |
|
|
$ |
134,082 |
|
Book value per common share |
$ |
20.44 |
|
|
$ |
21.92 |
|
|
$ |
18.20 |
|
|
$ |
20.34 |
|
|
$ |
23.05 |
|
Tangible common equity3 |
$ |
113,374 |
|
|
$ |
121,947 |
|
|
$ |
99,651 |
|
|
$ |
112,273 |
|
|
$ |
127,067 |
|
Tangible book value per common share4 |
$ |
19.32 |
|
|
$ |
20.80 |
|
|
$ |
17.04 |
|
|
$ |
19.19 |
|
|
$ |
21.84 |
|
Tangible common equity to total assets |
|
7.2 |
% |
|
|
7.8 |
% |
|
|
6.0 |
% |
|
|
6.9 |
% |
7.9 |
% |
Gross loans to deposits |
|
68.6 |
% |
|
|
67.0 |
% |
|
|
56.8 |
% |
|
|
62.6 |
% |
|
|
58.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS BANK REGULATORY CAPITAL RATIOS |
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
10.6 |
% |
|
|
10.3 |
% |
|
|
8.9 |
% |
|
|
9.2 |
% |
|
|
8.4 |
% |
Common Equity Tier 1 Ratio |
|
15.1 |
% |
|
|
15.0 |
% |
|
|
14.8 |
% |
|
|
14.7 |
% |
|
|
14.4 |
% |
Tier 1 Risk-Based Capital Ratio |
|
15.1 |
% |
|
|
15.0 |
% |
|
|
14.8 |
% |
|
|
14.7 |
% |
|
|
14.4 |
% |
Total Risk-Based Capital Ratio |
|
16.3 |
% |
|
|
16.2 |
% |
|
|
15.9 |
% |
|
|
15.7 |
% |
|
|
15.5 |
% |
|
|
|
|
|
|
|
|
|
|
(1) The Company paid a quarterly cash dividends of $0.25 per share
on February 15, 2023, May 15, 2023 and August 15, 2023 and a
quarterly cash dividend of $0.16 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 |
|
|
9/30/2023 |
|
9/30/2022 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
|
$ |
943,234 |
|
$ |
14,273 |
|
6.00 |
% |
|
$ |
863,132 |
|
$ |
11,637 |
|
5.35 |
% |
Loans held for sale |
|
|
114 |
|
|
3 |
|
10.44 |
% |
|
|
2,814 |
|
|
50 |
|
7.05 |
% |
Investment securities |
|
|
337,702 |
|
|
2,888 |
|
3.39 |
% |
|
|
279,342 |
|
|
1,811 |
|
2.57 |
% |
Non-taxable investment securities (1) |
|
|
123,877 |
|
|
923 |
|
2.96 |
% |
|
|
108,508 |
|
|
741 |
|
2.71 |
% |
Interest-bearing deposits |
|
|
70,545 |
|
|
955 |
|
5.37 |
% |
|
|
305,526 |
|
|
1,766 |
|
2.29 |
% |
Total interest-earning assets |
|
|
1,475,472 |
|
|
19,042 |
|
5.12 |
% |
|
|
1,559,322 |
|
|
16,005 |
|
4.07 |
% |
Cash and due from banks |
|
|
27,049 |
|
|
|
|
|
|
32,934 |
|
|
|
|
Other assets |
|
|
77,221 |
|
|
|
|
|
|
70,665 |
|
|
|
|
Total assets |
|
$ |
1,579,742 |
|
|
|
|
|
$ |
1,662,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
|
224,128 |
|
|
391 |
|
0.69 |
% |
|
|
251,427 |
|
|
55 |
|
0.09 |
% |
Savings deposits |
|
|
365,869 |
|
|
199 |
|
0.22 |
% |
|
|
410,496 |
|
|
89 |
|
0.09 |
% |
Time deposits |
|
|
91,290 |
|
|
590 |
|
2.56 |
% |
|
|
58,179 |
|
|
39 |
|
0.27 |
% |
Total deposits |
|
|
681,287 |
|
|
1,180 |
|
0.69 |
% |
|
|
720,102 |
|
|
183 |
|
0.10 |
% |
Borrowings |
|
|
10,000 |
|
|
114 |
|
4.52 |
% |
|
|
- |
|
|
- |
|
- |
% |
Junior subordinated debentures |
|
|
- |
|
|
- |
|
- |
% |
|
|
10,310 |
|
|
89 |
|
3.42 |
% |
Other interest-bearing liabilities |
|
|
19,300 |
|
|
9 |
|
0.19 |
% |
|
|
10,842 |
|
|
17 |
|
0.62 |
% |
Total interest-bearing liabilities |
|
|
710,587 |
|
|
1,303 |
|
0.73 |
% |
|
|
741,254 |
|
|
289 |
|
0.15 |
% |
Non-interest-bearing deposits |
|
|
719,725 |
|
|
|
|
|
|
789,218 |
|
|
|
|
Other liabilities |
|
|
20,012 |
|
|
|
|
|
|
11,635 |
|
|
|
|
Shareholders' equity |
|
|
129,418 |
|
|
|
|
|
|
120,814 |
|
|
|
|
Total liabilities & equity |
|
$ |
1,579,742 |
|
|
|
|
|
$ |
1,662,921 |
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
0.35 |
% |
|
|
|
|
|
0.07 |
% |
|
|
|
|
$ |
17,739 |
|
4.77 |
% |
|
|
|
$ |
15,716 |
|
4.00 |
% |
Net interest income and margin (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not computed on a tax-equivalent
basis. |
(2) Average nonaccrual loan balances of $3.4 million for 2023 and
$1.6 million for 2022 are included in average loan balances for
computational purposes. |
(3) Net (cost) fees included in loan interest income for the
three-month periods ended September 30, 2023 and 2022 were ($346)
thousand and $50 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 nine-month periods
indicated the distribution of consolidated average assets,
liabilities and shareholders' equity. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
For the Nine Months Ended |
|
|
9/30/2023 |
|
9/30/2022 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
|
$ |
925,436 |
|
$ |
40,314 |
|
5.82 |
% |
|
$ |
847,043 |
|
$ |
32,933 |
|
5.20 |
% |
Loans held for sale |
|
|
712 |
|
|
49 |
|
9.20 |
% |
|
|
11,307 |
|
|
485 |
|
5.73 |
% |
Investment securities |
|
|
343,868 |
|
|
8,641 |
|
3.36 |
% |
|
|
244,380 |
|
|
4,124 |
|
2.26 |
% |
Non-taxable investment securities (1) |
|
|
124,879 |
|
|
2,763 |
|
2.96 |
% |
|
|
101,344 |
|
|
1,900 |
|
2.51 |
% |
Interest-bearing deposits |
|
|
88,819 |
|
|
3,286 |
|
4.95 |
% |
|
|
324,172 |
|
|
2,595 |
|
1.07 |
% |
Total interest-earning assets |
|
|
1,483,714 |
|
|
55,053 |
|
4.96 |
% |
|
|
1,528,246 |
|
|
42,037 |
|
3.68 |
% |
Cash and due from banks |
|
|
25,943 |
|
|
|
|
|
|
45,329 |
|
|
|
|
Other assets |
|
|
75,771 |
|
|
|
|
|
|
66,667 |
|
|
|
|
Total assets |
|
$ |
1,585,428 |
|
|
|
|
|
$ |
1,640,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
|
229,914 |
|
|
945 |
|
0.55 |
% |
|
|
256,337 |
|
|
178 |
|
0.09 |
% |
Savings deposits |
|
|
383,790 |
|
|
607 |
|
0.21 |
% |
|
|
397,445 |
|
|
256 |
|
0.09 |
% |
Time deposits |
|
|
69,256 |
|
|
959 |
|
1.85 |
% |
|
|
61,405 |
|
|
127 |
|
0.28 |
% |
Total deposits |
|
|
682,960 |
|
|
2,511 |
|
0.49 |
% |
|
|
715,187 |
|
|
561 |
|
0.10 |
% |
Borrowings |
|
|
7,143 |
|
|
255 |
|
4.77 |
% |
|
|
- |
|
|
- |
|
- |
% |
Junior subordinated debentures |
|
|
3,033 |
|
|
141 |
|
6.22 |
% |
|
|
10,310 |
|
|
267 |
|
3.46 |
% |
Other interest-bearing liabilities |
|
|
18,230 |
|
|
18 |
|
0.13 |
% |
|
|
11,601 |
|
|
50 |
|
0.58 |
% |
Total interest-bearing liabilities |
|
|
711,366 |
|
|
2,925 |
|
0.55 |
% |
|
|
737,098 |
|
|
878 |
|
0.16 |
% |
Non-interest-bearing deposits |
|
|
729,044 |
|
|
|
|
|
|
767,181 |
|
|
|
|
Other liabilities |
|
|
17,293 |
|
|
|
|
|
|
11,824 |
|
|
|
|
Shareholders' equity |
|
|
127,725 |
|
|
|
|
|
|
124,139 |
|
|
|
|
Total liabilities & equity |
|
$ |
1,585,428 |
|
|
|
|
|
$ |
1,640,242 |
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
0.26 |
% |
|
|
|
|
|
0.08 |
% |
|
|
|
|
$ |
52,128 |
|
4.70 |
% |
|
|
|
$ |
41,159 |
|
3.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not computed on a tax-equivalent basis. |
(2) Average nonaccrual loan balances of $3.1 million for 2023 and
$3.3 million for 2022 are included in average loan balances for
computational purposes. |
(3) Net (costs) fees included in loan interest income for the
nine-month periods ended September 30, 2023 and 2022 were ($927)
thousand and $561 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 the components of non-interest
income for the three-month periods ended September 30, 2023
and 2022. |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
September 30, |
|
|
|
|
|
|
2023 |
|
2022 |
|
Dollar Change |
|
Percentage Change |
|
Interchange income |
$ |
919 |
|
$ |
864 |
|
$ |
55 |
|
|
6.4 |
% |
|
Service charges on deposit accounts |
|
737 |
|
|
666 |
|
|
71 |
|
|
10.7 |
% |
|
Loan servicing fees |
|
210 |
|
|
220 |
|
|
(10 |
) |
|
(4.5 |
)% |
|
Earnings on life insurance policies |
|
108 |
|
|
99 |
|
|
9 |
|
|
9.1 |
% |
|
Gain on sale of loans, net |
|
14 |
|
|
353 |
|
|
(339 |
) |
|
(96.0 |
)% |
|
Other |
|
325 |
|
|
352 |
|
|
(27 |
) |
|
(7.7 |
)% |
|
Total non-interest income |
$ |
2,313 |
|
$ |
2,554 |
|
$ |
(241 |
) |
|
(9.4 |
)% |
|
|
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
expense for the three-month periods ended September 30, 2023
and 2022. |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
September 30, |
|
|
|
|
|
|
2023 |
|
2022 |
|
Dollar Change |
|
Percentage Change |
|
Salaries and employee benefits |
$ |
5,114 |
|
$ |
4,380 |
|
$ |
734 |
|
|
16.8 |
% |
|
Occupancy and equipment |
|
1,352 |
|
|
1,220 |
|
|
132 |
|
|
10.8 |
% |
|
Outside service fees |
|
1,170 |
|
|
1,007 |
|
|
163 |
|
|
16.2 |
% |
|
Advertising and shareholder relations |
|
233 |
|
|
194 |
|
|
39 |
|
|
20.1 |
% |
|
Professional fees |
|
228 |
|
|
314 |
|
|
(86 |
) |
|
(27.4 |
)% |
|
Armored car and courier |
|
211 |
|
|
183 |
|
|
28 |
|
|
15.3 |
% |
|
Telephone and data communication |
|
203 |
|
|
190 |
|
|
13 |
|
|
6.8 |
% |
|
Deposit insurance |
|
182 |
|
|
48 |
|
|
134 |
|
|
279.2 |
% |
|
Director compensation and expense |
|
165 |
|
|
154 |
|
|
11 |
|
|
7.1 |
% |
|
Business development |
|
152 |
|
|
130 |
|
|
22 |
|
|
16.9 |
% |
|
Loan collection expenses |
|
91 |
|
|
56 |
|
|
35 |
|
|
62.5 |
% |
|
Amortization of core deposit intangible |
|
60 |
|
|
72 |
|
|
(12 |
) |
|
(16.7 |
)% |
|
Other |
|
281 |
|
|
250 |
|
|
31 |
|
|
12.4 |
% |
|
Total non-interest expense |
$ |
9,442 |
|
$ |
8,198 |
|
$ |
1,244 |
|
|
15.2 |
% |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
SELECTED FINANCIAL INFORMATION |
|
(Dollars in thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
income for the nine-month periods ended September 30, 2023 and
2022. |
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
|
|
September 30, |
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
DollarChange |
|
PercentageChange |
|
Interchange income |
|
2,458 |
|
|
2,478 |
|
|
(20 |
) |
|
(0.8 |
)% |
|
Service charges on deposit accounts |
|
2,051 |
|
|
1,835 |
|
|
216 |
|
|
11.8 |
% |
|
Gain on termination of swaps |
$ |
1,707 |
|
$ |
- |
|
$ |
1,707 |
|
|
100.0 |
% |
|
Loan servicing fees |
|
686 |
|
|
642 |
|
|
44 |
|
|
6.9 |
% |
|
Gain on sale of loans, net |
|
234 |
|
|
2,688 |
|
|
(2,454 |
) |
|
(91.3 |
)% |
|
Earnings on life insurance policies |
|
313 |
|
|
281 |
|
|
32 |
|
|
11.4 |
% |
|
Other |
|
931 |
|
|
944 |
|
|
(13 |
) |
|
(1.4 |
)% |
|
Total non-interest income |
$ |
8,380 |
|
$ |
8,868 |
|
$ |
(488 |
) |
|
(5.5 |
)% |
|
|
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
expense for the nine-month periods ended September 30, 2023
and 2022. |
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
|
|
September 30, |
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
DollarChange |
|
PercentageChange |
|
Salaries and employee benefits |
$ |
15,047 |
|
$ |
12,700 |
|
$ |
2,347 |
|
|
18.5 |
% |
|
Occupancy and equipment |
|
3,945 |
|
|
3,468 |
|
|
477 |
|
|
13.8 |
% |
|
Outside service fees |
|
3,345 |
|
|
2,937 |
|
|
408 |
|
|
13.9 |
% |
|
Professional fees |
|
854 |
|
|
930 |
|
|
(76 |
) |
|
(8.2 |
)% |
|
Advertising and shareholder relations |
|
693 |
|
|
496 |
|
|
197 |
|
|
39.7 |
% |
|
Telephone and data communication |
|
606 |
|
|
572 |
|
|
34 |
|
|
5.9 |
% |
|
Director compensation and expense |
|
603 |
|
|
429 |
|
|
174 |
|
|
40.6 |
% |
|
Armored car and courier |
|
558 |
|
|
498 |
|
|
60 |
|
|
12.0 |
% |
|
Deposit insurance |
|
552 |
|
|
420 |
|
|
132 |
|
|
31.4 |
% |
|
Business development |
|
457 |
|
|
372 |
|
|
85 |
|
|
22.8 |
% |
|
Loan collection expenses |
|
308 |
|
|
199 |
|
|
109 |
|
|
54.8 |
% |
|
Amortization of core deposit intangible |
|
180 |
|
|
216 |
|
|
(36 |
) |
|
(16.7 |
)% |
|
Other |
|
616 |
|
|
667 |
|
|
(51 |
) |
|
(7.6 |
)% |
|
Total non-interest expense |
$ |
27,764 |
|
$ |
23,904 |
|
$ |
3,860 |
|
|
16.1 |
% |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
SELECTED FINANCIAL INFORMATION |
|
(Dollars in thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
The following table shows the distribution of loans by type
at September 30, 2023 and 2022. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
9/30/2023 |
|
9/30/2023 |
|
9/30/2022 |
|
9/30/2022 |
|
Commercial |
|
$ |
76,719 |
|
8.0 |
% |
|
$ |
73,227 |
|
8.5 |
% |
|
Agricultural |
|
|
131,242 |
|
13.7 |
% |
|
|
124,894 |
|
14.6 |
% |
|
Real estate – residential |
|
|
12,457 |
|
1.3 |
% |
|
|
15,999 |
|
1.9 |
% |
|
Real estate – commercial |
|
|
530,023 |
|
55.3 |
% |
|
|
457,624 |
|
53.3 |
% |
|
Real estate – construction & land |
|
|
58,901 |
|
6.1 |
% |
|
|
55,511 |
|
6.5 |
% |
|
Equity Lines of Credit |
|
|
37,650 |
|
3.9 |
% |
|
|
34,568 |
|
4.0 |
% |
|
Auto |
|
|
105,584 |
|
11.0 |
% |
|
|
91,425 |
|
10.7 |
% |
|
Other |
|
|
6,056 |
|
0.7 |
% |
|
|
4,728 |
|
0.5 |
% |
|
Total Gross Loans |
|
$ |
958,632 |
|
100 |
% |
|
$ |
857,976 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table shows the distribution of Commercial
Real Estate loans at September 30, 2023 and 2022. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
9/30/2023 |
|
9/30/2023 |
|
9/30/2022 |
|
9/30/2022 |
|
Owner occupied |
|
$ |
180,908 |
|
34.1 |
% |
|
$ |
174,310 |
|
38.1 |
% |
|
Investor |
|
|
349,115 |
|
65.9 |
% |
|
|
283,314 |
|
61.9 |
% |
|
Total real estate - commercial |
|
$ |
530,023 |
|
100 |
% |
|
$ |
457,624 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table shows the distribution of deposits by
type at September 30, 2023 and 2022. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
9/30/2023 |
|
9/30/2023 |
|
9/30/2022 |
|
9/30/2022 |
|
Non-interest bearing |
|
$ |
736,683 |
|
52.5 |
% |
|
$ |
795,880 |
|
52.7 |
% |
|
Money Market |
|
|
217,731 |
|
15.5 |
% |
|
|
245,902 |
|
16.3 |
% |
|
Savings |
|
|
357,765 |
|
25.5 |
% |
|
|
414,039 |
|
27.4 |
% |
|
Time |
|
|
90,307 |
|
6.5 |
% |
|
|
55,375 |
|
3.6 |
% |
|
Total Deposits |
|
$ |
1,402,486 |
|
100 |
% |
|
$ |
1,511,196 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
Plumas Bancorp (NASDAQ:PLBC)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Plumas Bancorp (NASDAQ:PLBC)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024