Plumas Bancorp Reports Record 2022 Quarterly Results
Plumas Bancorp (PLBC) reported record first quarter earnings of $5.7 million or $0.98 per share, a 29% increase from $4.4 million in Q1 2021. Total assets surged by 34% to $1.6 billion, with gross loans rising 15% to $839 million. Deposits climbed 37% to $1.5 billion. Net interest income increased by 15% to $12.0 million, while non-interest income rose 57% to $3.6 million. However, return on average assets dipped to 1.42% and return on average equity slightly decreased to 17.6%.
- Record first quarter earnings of $5.7 million or $0.98 per share, up 29%.
- Total assets increased by $415 million, or 34%, to $1.6 billion.
- Gross loans grew by $108 million, or 15%, to $839 million.
- Deposits surged by $398 million, or 37%, to $1.5 billion.
- Net interest income rose by $1.5 million, or 15%, to $12.0 million.
- Return on average assets decreased to 1.42% from 1.55% year-over-year.
- Return on average equity slightly decreased to 17.6% from 17.7% year-over-year.
- Nonperforming loans increased to $4.7 million, up from $3.8 million year-over-year.
RENO, Nev., April 20, 2022 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank, today announced record first quarter earnings of
Financial Highlights
March 31, 2022 compared to March 31, 2021
- Net income increased by
$1.3 million , or29% , to$5.7 million . - Net interest income increased by
$1.5 million , or15% , to$12.0 million . - Total assets increased by
$415 million , or34% , to$1.6 billion . - Gross loans increased by
$108 million , or15% , to$839 million . - Loans held for sale increased by
$11.4 million to$14.0 million - Total deposits increased by
$398 million , or37% , to$1.5 billion . - Total equity increased by
$21.1 million , or21% , to$123 million .
President’s Comments
Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank stated, “The Fed’s recent rate increase is expected to improve margins while excess liquidity in the system will continue to present headwinds. We remain disciplined in credit decision making as we put funds to work, balancing competitive rates with appropriate risk pricing.”
“Continued developments in technology, accounting standards, climate and other disclosures, and fee income drive opportunity and change across the banking landscape. We proactively prepare for these changes by implementing innovative solutions, remaining abreast of industry developments, and building on our earlier efforts,” Ryback remarked.
In conclusion Ryback stated, “We continue to report strong earnings and balances, invest in technology to better serve our clients and execute on expansion initiatives.”
Loans, Deposits, Investments and Cash
Mostly related to our acquisition of Bank of Feather River (BFR) on July 1, 2021, gross loans increased by
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 March 31, 2022.
On March 31, 2022, approximately
Total deposits increased by
Total investment securities increased by
Asset Quality
Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at March 31, 2022 were
The provision for loan losses decreased from
Shareholders’ Equity
Total shareholders’ equity increased by
Net Interest Income and Net Interest Margin
Net interest income was
Average loan balances increased by
Non-Interest Income/Expense
During the three months ended March 31, 2022, non-interest income totaled
During the three months ended March 31, 2022, total non-interest expense increased by
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 Huynh
Investor Relations
Plumas Bancorp
5525 Kietzke Lane Ste. 100
Reno, NV 89511
775.786.0907 x8908
investorrelations@plumasbank.com
PLUMAS BANCORP | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | ||||||||||
As of March 31, | ||||||||||
2022 | 2021 | Dollar Change | Percentage Change | |||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 389,023 | $ | 233,623 | $ | 155,400 | ||||
Investment securities | 316,188 | 204,656 | 111,532 | |||||||
Loans, net of allowance for loan losses | 830,176 | 719,894 | 110,282 | |||||||
Loans held for sale | 13,953 | 2,522 | 11,431 | |||||||
Premises and equipment, net | 18,220 | 13,803 | 4,417 | |||||||
Bank owned life insurance | 15,938 | 13,616 | 2,322 | |||||||
Real estate acquired through foreclosure | 487 | 580 | (93) | (16.0)% | ||||||
Goodwill | 5,502 | - | 5,502 | |||||||
Accrued interest receivable and other assets | 32,745 | 18,787 | 13,958 | |||||||
Total assets | $ | 1,622,232 | $ | 1,207,481 | $ | 414,751 | ||||
LIABILITIES AND | ||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||
Deposits | $ | 1,467,658 | $ | 1,069,218 | $ | 398,440 | ||||
Accrued interest payable and other liabilities | 21,191 | 25,937 | (4,746) | (18.3)% | ||||||
Junior subordinated deferrable interest debentures | 10,310 | 10,310 | - | |||||||
Total liabilities | 1,499,159 | 1,105,465 | 393,694 | |||||||
Common stock | 26,990 | 7,858 | 19,132 | |||||||
Retained earnings | 110,467 | 91,468 | 18,999 | |||||||
Accumulated other comprehensive income, net | (14,384) | 2,690 | (17,074) | (634.7)% | ||||||
Shareholders’ equity | 123,073 | 102,016 | 21,057 | |||||||
Total liabilities and shareholders’ equity | $ | 1,622,232 | $ | 1,207,481 | $ | 414,751 | ||||
PLUMAS BANCORP | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
(In thousands, except per share data) | ||||||||||
(Unaudited) | ||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, | 2022 | 2021 | Dollar Change | Percentage Change | ||||||
Interest income | $ | 12,315 | $ | 10,734 | $ | 1,581 | ||||
Interest expense | 300 | 255 | 45 | |||||||
Net interest income before provision for loan losses | 12,015 | 10,479 | 1,536 | |||||||
Provision for loan losses | 300 | 375 | (75) | (20.0)% | ||||||
Net interest income after provision for loan losses | 11,715 | 10,104 | 1,611 | |||||||
Non-interest income | 3,650 | 2,350 | 1,300 | |||||||
Non-interest expense | 7,673 | 6,292 | 1,381 | |||||||
Income before income taxes | 7,692 | 6,162 | 1,530 | |||||||
Provision for income taxes | 1,974 | 1,721 | 253 | |||||||
Net income | $ | 5,718 | $ | 4,441 | $ | 1,277 | ||||
Basic earnings per share | $ | 0.98 | $ | 0.86 | $ | 0.12 | ||||
Diluted earnings per share | $ | 0.97 | $ | 0.85 | $ | 0.12 | ||||
PLUMAS BANCORP | |||||||||||||||
SELECTED FINANCIAL INFORMATION | |||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
3/31/2022 | 12/31/2021 | 3/31/2021 | 12/31/2021 | 12/31/2020 | |||||||||||
EARNINGS PER SHARE | |||||||||||||||
Basic earnings per share | $ | 0.98 | $ | 0.95 | $ | 0.86 | $ | 3.82 | $ | 2.80 | |||||
Diluted earnings per share | $ | 0.97 | $ | 0.93 | $ | 0.85 | $ | 3.76 | $ | 2.77 | |||||
Weighted average shares outstanding | 5,824 | 5,814 | 5,187 | 5,502 | 5,177 | ||||||||||
Weighted average diluted shares outstanding | 5,920 | 5,903 | 5,253 | 5,583 | 5,230 | ||||||||||
Cash dividends paid per share1 | $ | 0.16 | $ | 0.14 | $ | 0.14 | $ | 0.56 | $ | 0.36 | |||||
PERFORMANCE RATIOS (annualized for the three months) | |||||||||||||||
Return on average assets | |||||||||||||||
Return on average equity | |||||||||||||||
Yield on earning assets | |||||||||||||||
Rate paid on interest-bearing liabilities | |||||||||||||||
Net interest margin | |||||||||||||||
Noninterest income to average assets | |||||||||||||||
Noninterest expense to average assets | |||||||||||||||
Efficiency ratio2 | |||||||||||||||
3/31/2022 | 3/31/2021 | 12/31/2021 | 12/31/2020 | 12/31/2019 | |||||||||||
CREDIT QUALITY RATIOS AND DATA | |||||||||||||||
Allowance for loan losses | $ | 10,402 | $ | 9,962 | $ | 10,352 | $ | 9,902 | $ | 7,243 | |||||
Allowance for loan losses as a percentage of total loans | |||||||||||||||
Allowance for loan losses as a percentage of total loans - | |||||||||||||||
excluding PPP loans | |||||||||||||||
Nonperforming loans | $ | 4,733 | $ | 3,804 | $ | 4,863 | $ | 2,536 | $ | 2,050 | |||||
Nonperforming assets | $ | 5,243 | $ | 4,401 | $ | 5,397 | $ | 2,970 | $ | 2,813 | |||||
Nonperforming loans as a percentage of total loans | |||||||||||||||
Nonperforming assets as a percentage of total assets | |||||||||||||||
Year-to-date net charge-offs | $ | 250 | $ | 315 | $ | 675 | $ | 516 | $ | 1,215 | |||||
Year-to-date net charge-offs as a percentage of average | |||||||||||||||
loans (annualized) | |||||||||||||||
CAPITAL AND OTHER DATA | |||||||||||||||
Common shares outstanding at end of period | 5,837 | 5,197 | 5,817 | 5,182 | 5,166 | ||||||||||
Shareholders' equity | $ | 123,073 | $ | 102,016 | $ | 134,082 | $ | 100,154 | $ | 84,505 | |||||
Book value per common share | $ | 21.08 | $ | 19.63 | $ | 23.05 | $ | 19.33 | $ | 16.36 | |||||
Tangible common equity3 | $ | 116,130 | $ | 101,335 | $ | 127,067 | $ | 99,432 | $ | 83,584 | |||||
Tangible book value per common share4 | $ | 19.90 | $ | 19.50 | $ | 21.84 | $ | 19.19 | $ | 16.18 | |||||
Tangible common equity to total assets | |||||||||||||||
Gross loans to deposits | |||||||||||||||
PLUMAS BANK REGULATORY CAPITAL RATIOS | |||||||||||||||
Tier 1 Leverage Ratio | |||||||||||||||
Common Equity Tier 1 Ratio | |||||||||||||||
Tier 1 Risk-Based Capital Ratio | |||||||||||||||
Total Risk-Based Capital Ratio | |||||||||||||||
(1) The Company paid a quarterly cash dividend of 16 cents per share on February 15, 2022 and 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 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 shows the distribution of loans by type at March 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 | |||||||
3/31/2022 | 3/31/2022 | 03/31/2021 | 03/31/2021 | |||||||
Commercial | $ | 96,787 | $ | 139,777 | ||||||
Agricultural | 123,416 | 68,953 | ||||||||
Real estate – residential | 15,637 | 10,385 | ||||||||
Real estate – commercial | 423,511 | 352,032 | ||||||||
Real estate – construction & land | 55,668 | 30,694 | ||||||||
Equity Lines of Credit | 32,602 | 34,068 | ||||||||
Auto | 86,768 | 90,418 | ||||||||
Other | 4,297 | 4,303 | ||||||||
Total Gross Loans | $ | 838,686 | $ | 730,630 | ||||||
The following table shows the distribution of deposits by type at March 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 | |||||||
3/31/2022 | 3/31/2022 | 03/31/2021 | 03/31/2021 | |||||||
Non-interest bearing | $ | 752,246 | $ | 564,337 | ||||||
Money Market | 257,404 | 194,304 | ||||||||
Savings | 394,198 | 270,192 | ||||||||
Time | 63,810 | 40,385 | ||||||||
Total Deposits | $ | 1,467,658 | $ | 1,069,218 | ||||||
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 | |||||||||||||||
3/31/2022 | 3/31/2021 | |||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||
Interest-earning assets: | ||||||||||||||||
Loans(2) (3) | $ | 831,289 | $ | 10,311 | $ | 715,648 | $ | 9,753 | ||||||||
Loans held for sale | 22,727 | 305 | 2,022 | 28 | ||||||||||||
Investment securities | 214,609 | 997 | 128,160 | 557 | ||||||||||||
Non-taxable investment securities(1) | 96,844 | 534 | 60,382 | 344 | ||||||||||||
Interest-bearing deposits | 353,155 | 168 | 194,837 | 52 | ||||||||||||
Total interest-earning assets | 1,518,624 | 12,315 | 1,101,049 | 10,734 | ||||||||||||
Cash and due from banks | 54,507 | 27,481 | ||||||||||||||
Other assets | 60,704 | 36,594 | ||||||||||||||
Total assets | $ | 1,633,835 | $ | 1,165,124 | ||||||||||||
Interest-bearing liabilities: | ||||||||||||||||
Money market deposits | 262,619 | 66 | 188,616 | 69 | ||||||||||||
Savings deposits | 384,689 | 81 | 256,013 | 67 | ||||||||||||
Time deposits | 64,148 | 47 | 40,590 | 38 | ||||||||||||
Total deposits | 711,456 | 194 | 485,219 | 174 | ||||||||||||
Junior subordinated debentures | 10,310 | 88 | 10,310 | 79 | ||||||||||||
Other interest-bearing liabilities | 13,861 | 18 | 12,878 | 2 | ||||||||||||
Total interest-bearing liabilities | 735,627 | 300 | 508,407 | 255 | ||||||||||||
Non-interest-bearing deposits | 754,285 | 541,253 | ||||||||||||||
Other liabilities | 11,900 | 13,564 | ||||||||||||||
Shareholders' equity | 132,023 | 101,900 | ||||||||||||||
Total liabilities & equity | $ | 1,633,835 | $ | 1,165,124 | ||||||||||||
Cost of funding interest-earning assets(4) | ||||||||||||||||
Net interest income and margin(5) | $ | 12,015 | $ | 10,479 | ||||||||||||
(1) Not computed on a tax-equivalent basis. | ||||||||||||||||
(2) Average nonaccrual loan balances of | ||||||||||||||||
(3) Net fees included in loan interest income for the three-month periods ended March 31, 2022 and 2021 were | ||||||||||||||||
(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. | ||||||||||||||||
The following table presents the components of non-interest income for the three-month periods ended March 31, 2022 and 2021. | |||||||||||
For the Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | Dollar Change | Percentage Change | ||||||||
Gain on sale of loans, net | 1,701 | 591 | 1,110 | ||||||||
Interchange income | 762 | 715 | 47 | ||||||||
Service charges on deposit accounts | 566 | 540 | 26 | ||||||||
Loan servicing fees | 209 | 227 | (18) | (7.9)% | |||||||
Earnings on life insurance policies | 93 | 90 | 3 | ||||||||
Other | 319 | 187 | 132 | ||||||||
Total non-interest income | $ | 3,650 | $ | 2,350 | $ | 1,300 | |||||
The following table presents the components of non-interest expense for the three-month periods ended March 31, 2021 and 2020. | |||||||||||
For the Three Months Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | Dollar Change | Percentage Change | ||||||||
Salaries and employee benefits | $ | 4,082 | $ | 3,524 | $ | 558 | |||||
Occupancy and equipment | 1,137 | 890 | 247 | ||||||||
Outside service fees | 908 | 742 | 166 | ||||||||
Professional fees | 279 | 342 | (63) | (18.4)% | |||||||
Deposit insurance | 197 | 74 | 123 | ||||||||
Telephone and data communication | 191 | 155 | 36 | ||||||||
Armored car and courier | 148 | 108 | 40 | ||||||||
Director compensation and expense | 141 | 91 | 50 | ||||||||
Business development | 115 | 66 | 49 | ||||||||
Advertising and shareholder relations | 112 | 68 | 44 | ||||||||
Amortization of Core Deposit Intangible | 72 | 42 | 30 | ||||||||
Loan collection expenses | 68 | 49 | 19 | ||||||||
Other | 223 | 141 | 82 | ||||||||
Total non-interest expense | $ | 7,673 | $ | 6,292 | $ | 1,381 |
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