Plumas Bancorp Reports Record Earnings for the Year Ended December 31, 2021
Plumas Bancorp (PLBC) announced strong financial results for 2021, achieving record total assets of $1.6 billion, up by $502 million (45%) year-over-year. Net income rose to $21 million ($3.82 per share), a $6.5 million increase from 2020. The fourth quarter saw earnings of $5.5 million ($0.95 per share), a gain over the previous year. The company's acquisition of Bank of Feather River contributed to growth, with significant increases in loans and deposits, totaling $839 million and $1.4 billion, respectively. Despite challenges from the pandemic and wildfires, Plumas Bank demonstrated resilience and community support.
- Total assets increased by $502 million (45%) to $1.6 billion.
- Net income rose to $21 million, an increase of $6.5 million from 2020.
- Earnings per share increased to $3.82 from $2.80 in 2020.
- Gross loans increased by $129 million (18%) to $839 million.
- Total deposits increased by $465 million (48%) to $1.4 billion.
- Return on average assets improved to 1.52% from 1.43% in 2020.
- Nonperforming loans increased to $4.9 million from $2.5 million in 2020.
- Nonperforming assets as a percentage of total assets rose to 0.33% from 0.27% in 2020.
- Return on average equity decreased to 16.5% from 17.4% in the fourth quarter of 2020.
RENO, Nevada, Jan. 19, 2022 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank, today announced record total assets and earnings at and for the year ended December 31, 2021. Total assets were
Earnings during the fourth quarter of 2021 totaled
Return on average assets was
Results for the twelve and three months ended December 31, 2021, benefited from the acquisition of the Bank of Feather River (BFR), the wholly owned subsidiary of Feather River Bancorp, effective July 1, 2021. Total assets acquired from BFR, including goodwill, were
In connection with the acquisition, the Company incurred a variety of non-recurring expenses. The non-recurring costs, exclusive of salaries and benefits, for the twelve months ended December 31, 2021, were
In addition to the acquisition of BFR, the Company benefited from an increase in PPP loan fees during the comparison periods, a reduction in salary expense related to the Employee Retention Credit (ERC) and a reduction in the provision for loan losses. During the twelve months ended December 31, 2021, PPP fees net of the amortization of PPP origination costs were
During the second and third quarters of 2021 the Company qualified for the ERC. The ERC was made available under the Coronavirus Aid, Relief, and Economic Security Act and modified and extended under the Taxpayer Certainty and Disaster Tax Relief Act of 2020. We recorded an ERC of
The provision for loan losses declined from
Financial Highlights
December 31, 2021, compared to December 31, 2020
- Total assets increased by
$502 million , or45% , to a record level of over$1.6 billion . - Gross loans increased by
$129 million , or18% , to$839 million . - Loans held for sale increased by
$30 million to a record level$31 million . - Investment securities increased by
$126 million to a record level of$306 million . - Total deposits increased by
$465 million , or48% , to a record level of$1.4 billion . - Total equity increased by
$33.9 million , or34% to a record level of$134 million . - Book value per share increased by
$3.72 , or19% , to a record level of$23.05 , up from$19.33 . - Tangible book value per share increased by
$2.65 or14% , to a record level of$21.84 , up from$19.19
President’s Comments
“2021 was a difficult year for our region. The pandemic continued to create challenges and hardship and then the wildfires brought devastation and displacement to our clients, employees and even whole communities. Throughout it all we have tried to quickly respond to meet each new challenge to support those we serve. During the pandemic, we have kept our doors open while continuing to enhance electronic banking options and services. And in response to the wildfires we partnered with The Community Fund of Northern Nevada, donating
“As we enter a new year, we wish to thank our many loyal clients, the communities we serve, and our shareholders for their continuing support,” concluded Ryback.
Loans, Deposits, Investments and Cash
Mostly related to our acquisition of BFR, 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 December 31, 2021.
Total deposits increased by
At December 31, 2021,
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 December 31, 2021, totaled
The provision for loan losses decreased from
Shareholders’ Equity
Total shareholders’ equity increased by
Net Interest Income and Net Interest Margin
Driven by the acquisition of BFR and an increase in PPP fees, net interest income for the twelve months ended December 31, 2021, increased by
Average interest earning assets during 2021 totaled
Net interest income increased by
Average loan balances, including loans held for sale, increased by
Non-Interest Income/Expense
During 2021, non-interest income totaled
During the three months ended December 31, 2021, and 2020, non-interest income totaled
During 2021, total non-interest expense increased by
Included in outside service fees and professional fees during 2021 were
The largest decline in non-interest expense was
During the three months ended December 31, 2021, 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 December 31, | ||||||||||
2021 | 2020 | Dollar Change | Percentage Change | |||||||
ASSETS | ||||||||||
Cash and due from banks | ||||||||||
Investment securities | 305,914 | 179,613 | 126,301 | |||||||
Loans held for sale | 31,277 | 693 | 30,584 | |||||||
Loans, net of allowance for loan losses | 829,385 | 700,102 | 129,283 | |||||||
Premises and equipment, net | 16,424 | 14,016 | 2,408 | |||||||
Bank owned life insurance | 15,844 | 13,526 | 2,318 | |||||||
Real estate acquired through foreclosure | 487 | 403 | 84 | |||||||
Goodwill | 5,502 | - | 5,502 | |||||||
Accrued interest receivable and other assets | 28,657 | 18,314 | 10,343 | |||||||
Total assets | ||||||||||
LIABILITIES AND | ||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||
Deposits | ||||||||||
Accrued interest payable and other liabilities | 30,683 | 27,138 | 3,545 | |||||||
Junior subordinated deferrable interest debentures | 10,310 | 10,310 | - | |||||||
Total liabilities | 1,479,992 | 1,011,422 | 468,570 | |||||||
Common stock | 26,801 | 7,656 | 19,145 | |||||||
Retained earnings | 105,681 | 87,753 | 17,928 | |||||||
Accumulated other comprehensive income, net | 1,600 | 4,745 | (3,145) | - | ||||||
Shareholders’ equity | 134,082 | 100,154 | 33,928 | |||||||
Total liabilities and shareholders’ equity | ||||||||||
PLUMAS BANCORP | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
(In thousands, except per share data) | ||||||||||
(Unaudited) | ||||||||||
FOR THE YEAR ENDED DECEMBER 31, | 2021 | 2020 | Dollar Change | Percentage Change | ||||||
Interest income | ||||||||||
Interest expense | 1,136 | 1,228 | (92) | - | ||||||
Net interest income before provision for loan losses | 46,934 | 38,396 | 8,538 | |||||||
Provision for loan losses | 1,125 | 3,175 | (2,050) | - | ||||||
Net interest income after provision for loan losses | 45,809 | 35,221 | 10,588 | |||||||
Non-interest income | 8,716 | 8,463 | 253 | |||||||
Non-interest expense | 26,038 | 23,732 | 2,306 | |||||||
Income before income taxes | 28,487 | 19,952 | 8,535 | |||||||
Provision for income taxes | 7,478 | 5,477 | 2,001 | |||||||
Net income | ||||||||||
Basic earnings per share | ||||||||||
Diluted earnings per share | ||||||||||
FOR THE THREE MONTHS ENDED DECEMBER 31, | 2021 | 2020 | Dollar Change | Percentage Change | ||||||
Interest income | ||||||||||
Interest expense | 310 | 277 | 33 | |||||||
Net interest income before provision for loan losses | 12,974 | 10,492 | 2,482 | |||||||
Provision for loan losses | 250 | 375 | (125) | - | ||||||
Net interest income after provision for loan losses | 12,724 | 10,117 | 2,607 | |||||||
Non-interest income | 2,485 | 2,154 | 331 | |||||||
Non-interest expense | 7,813 | 6,362 | 1,451 | |||||||
Income before income taxes | 7,396 | 5,909 | 1,487 | |||||||
Provision for income taxes | 1,894 | 1,627 | 267 | |||||||
Net income | ||||||||||
Basic earnings per share | ||||||||||
Diluted earnings per share | ||||||||||
PLUMAS BANCORP | |||||||||||||||||||
SELECTED FINANCIAL INFORMATION | |||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Year Ended | Three Months Ended | ||||||||||||||||||
12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2021 | 12/31/2020 | |||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||||
Basic earnings per share | $ | 3.82 | $ | 2.80 | $ | 3.01 | $ | 0.95 | $ | 0.83 | |||||||||
Diluted earnings per share | $ | 3.76 | $ | 2.77 | $ | 2.97 | $ | 0.93 | $ | 0.82 | |||||||||
Weighted average shares outstanding | 5,502 | 5,177 | 5,155 | 5,814 | 5,182 | ||||||||||||||
Weighted average diluted shares outstanding | 5,583 | 5,230 | 5,228 | 5,903 | 5,234 | ||||||||||||||
Cash dividends paid per share1 | $ | 0.56 | $ | 0.36 | $ | 0.46 | $ | 0.14 | $ | 0.12 | |||||||||
PERFORMANCE RATIOS (annualized for the three months) | |||||||||||||||||||
Return on average assets | 1.52 | % | 1.43 | % | 1.82 | % | 1.35 | % | 1.50 | % | |||||||||
Return on average equity | 17.8 | % | 15.5 | % | 20.2 | % | 16.5 | % | 17.4 | % | |||||||||
Yield on earning assets | 3.72 | % | 4.15 | % | 4.97 | % | 3.52 | % | 4.00 | % | |||||||||
Rate paid on interest-bearing liabilities | 0.19 | % | 0.25 | % | 0.39 | % | 0.17 | % | 0.22 | % | |||||||||
Net interest margin | 3.63 | % | 4.02 | % | 4.75 | % | 3.44 | % | 3.90 | % | |||||||||
Noninterest income to average assets | 0.63 | % | 0.83 | % | 0.95 | % | 0.61 | % | 0.76 | % | |||||||||
Noninterest expense to average assets | 1.88 | % | 2.34 | % | 2.68 | % | 1.92 | % | 2.23 | % | |||||||||
Efficiency ratio2 | 46.8 | % | 50.6 | % | 49.9 | % | 50.5 | % | 50.3 | % | |||||||||
12/31/2021 | 12/31/2020 | 12/31/2019 | |||||||||||||||||
CREDIT QUALITY RATIOS AND DATA | |||||||||||||||||||
Allowance for loan losses | $ | 10,352 | $ | 9,902 | $ | 7,243 | |||||||||||||
Allowance for loan losses as a percentage of total loans | 1.23 | % | 1.40 | % | 1.17 | % | |||||||||||||
Allowance for loan losses as a percentage of total loans - | |||||||||||||||||||
excluding PPP loans | 1.29 | % | 1.55 | % | 1.17 | % | |||||||||||||
Nonperforming loans | $ | 4,863 | $ | 2,536 | $ | 2,050 | |||||||||||||
Nonperforming assets | $ | 5,397 | $ | 2,970 | $ | 2,813 | |||||||||||||
Nonperforming loans as a percentage of total loans | 0.58 | % | 0.36 | % | 0.33 | % | |||||||||||||
Nonperforming assets as a percentage of total assets | 0.33 | % | 0.27 | % | 0.33 | % | |||||||||||||
Net charge-offs | $ | 675 | $ | 516 | $ | 1,215 | |||||||||||||
Net charge-offs as a percentage of average | 0.07 | % | |||||||||||||||||
loans | 0.09 | % | 0.21 | % | |||||||||||||||
CAPITAL AND OTHER DATA | |||||||||||||||||||
Common shares outstanding at end of period | 5,817 | 5,182 | 5,166 | ||||||||||||||||
Shareholders' equity | $ | 134,082 | $ | 100,154 | $ | 84,505 | |||||||||||||
Book value per common share | $ | 23.05 | $ | 19.33 | $ | 16.36 | |||||||||||||
Tangible common equity3 | $ | 127,067 | $ | 99,432 | $ | 83,584 | |||||||||||||
Tangible book value per common share4 | $ | 21.84 | $ | 19.19 | $ | 16.18 | |||||||||||||
Tangible common equity to total assets | 7.9 | % | 8.9 | % | 9.7 | % | |||||||||||||
Gross loans to deposits | 58.3 | % | 72.9 | % | 82.6 | % | |||||||||||||
PLUMAS BANK REGULATORY CAPITAL RATIOS | |||||||||||||||||||
Tier 1 Leverage Ratio | 8.4 | % | 9.2 | % | 10.4 | % | |||||||||||||
Common Equity Tier 1 Ratio | 14.4 | % | 14.2 | % | 13.1 | % | |||||||||||||
Tier 1 Risk-Based Capital Ratio | 14.4 | % | 14.2 | % | 13.1 | % | |||||||||||||
Total Risk-Based Capital Ratio | 15.5 | % | 15.4 | % | 14.2 | % | |||||||||||||
(1) The Company paid a quarterly cash dividend of 14 cents per share on February 15, 2021, May 17, 2021, August 16, 2021 and November 15, 2021 | |||||||||||||||||||
and quarterly cash dividends of 12 cents per share on May 15, 2020, August 14, 2020 and November 16, 2020. | |||||||||||||||||||
(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. |
FAQ
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