Plumas Bancorp Reports Record Second Quarter 2021 Results
Plumas Bancorp (PLBC) reported record earnings of $4.5 million or $0.86 per share for Q2 2021, a significant increase from $3.2 million or $0.62 per share in Q2 2020. For the first half of 2021, net income reached $8.9 million or $1.72 per share, up from $6.5 million or $1.26 per share year-over-year. Total assets increased by 22% to $1.3 billion, with total deposits rising by 25% to $1.1 billion. The acquisition of Bank of Feather River enhances the bank's growth prospects.
- Record earnings of $4.5 million for Q2 2021, up $1.3 million YoY.
- Net income for H1 2021 increased to $8.9 million, up $2.4 million YoY.
- Total assets rose by 22% to $1.3 billion, signaling robust growth.
- Total deposits increased by 25% to $1.1 billion, reflecting strong customer retention.
- Gross loans decreased by $6 million (1%) YoY, primarily due to forgiven PPP loans.
- Nonperforming loans increased significantly to $6.8 million, up from $2.3 million YoY.
RENO, Nev., July 21, 2021 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced earnings during the second quarter of 2021 of
For the six months ended June 30, 2021, the Company reported net income of
Return on average assets was
Financial Highlights
June 30, 2021 compared to June 30, 2020
- Total assets increased by
$231 million , or22% , to$1.3 billion . - Cash and due from banks increased by
$137 million to$244 million . - Investment securities increased by
$95 million to$249 million . - Total deposits increased by
$228 million , or25% , to$1.1 billion . - Total equity increased by
$13.9 million , or15% , to$107 million . - Book value per share increased by
$2.60 , or15% , to$20.54 , up from$17.94 .
President’s Comments
Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank stated, “We are pleased to announce another record setting quarter for Plumas Bancorp. With growth resulting from PPP lending, government stimulus, client onboarding, and a reopening economy, our balances and earnings are strong.”
Ryback continued, “We also completed our acquisition of Bank of Feather River. This acquisition, which closed on July 1st, represents a milestone for Plumas Bank as it is the first full bank acquisition we have conducted in over 30 years. In connection with this acquisition, we are thrilled to appoint Julie Morehead, prior President, CEO and Director of Bank of Feather River, as a director of Plumas Bancorp and Plumas Bank. Her expertise in banking and knowledge of the Yuba City market will be of great value to our company.”
Ryback concluded, “Our significant funding resources will allow us to expand our lending relationships in the Yuba City market and we anticipate continued growth in this region.”
Loans, Deposits, Investments and Cash
Gross loans decreased by
We have instituted a loan forbearance program to assist borrowers with managing cash flows disrupted due to COVID-19. As of June 30, 2021, there were
Total deposits increased by
During November 2020 we eliminated our interest-bearing demand deposit products, transferring these accounts to either money market accounts or non-interest bearing demand accounts based on product type. We made this change to simplify our deposit product offerings in light of the changes to Federal Reserve Board Regulation D which no longer limits the number of transfers or withdrawals from Money Market or Savings accounts.
At June 30, 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 June 30, 2021 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
Net interest income for the six months ended June 30, 2021 was
Average interest earning assets during the current six month period totaled
Non-Interest Income/Expense
During the three months ended June 30, 2021 and 2020, non-interest income totaled
During the six months ended June 30, 2021, non-interest income totaled
During the three months ended June 30, 2021, total non-interest expense decreased by
The reduction in salary and benefit expense was partially offset by increases in other categories of non-interest expense the largest of which were increases of
During the six months ended June 30, 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 two loan production offices located in the California Counties of Butte and Placer. 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 Bank
35 S. Lindan Avenue
Quincy, CA 95971
530.283.7305 ext.8908
investorrelations@plumasbank.com
PLUMAS BANCORP | ||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(In thousands) | ||||||||||||||
(Unaudited) | ||||||||||||||
As of June 30, | ||||||||||||||
2021 | 2020 | Dollar Change | Percentage Change | |||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | ||||||||||||||
Investment securities | 248,824 | 153,713 | 95,111 | |||||||||||
Loans, net of allowance for loan losses | 725,148 | 732,195 | (7,047) | - | ||||||||||
Premises and equipment, net | 13,594 | 14,163 | (569) | - | ||||||||||
Bank owned life insurance | 13,701 | 13,359 | 342 | |||||||||||
Real estate acquired through foreclosure | 524 | 707 | (183) | - | ||||||||||
Accrued interest receivable and other assets | 21,688 | 15,481 | 6,207 | |||||||||||
Total assets | ||||||||||||||
LIABILITIES AND | ||||||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||||
Deposits | ||||||||||||||
Accrued interest payable and other liabilities | 19,078 | 19,642 | (564) | - | ||||||||||
Federal Home Loan Bank advances | - | 10,000 | (10,000) | - | ||||||||||
Junior subordinated deferrable interest debentures | 10,310 | 10,310 | - | |||||||||||
Total liabilities | 1,161,145 | 943,944 | 217,201 | |||||||||||
Common stock | 7,937 | 7,502 | 435 | |||||||||||
Retained earnings | 95,228 | 81,023 | 14,205 | |||||||||||
Accumulated other comprehensive income , net | 3,625 | 4,395 | (770) | - | ||||||||||
Shareholders’ equity | 106,790 | 92,920 | 13,870 | |||||||||||
Total liabilities and shareholders’ equity | ||||||||||||||
PLUMAS BANCORP | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
(In thousands, except per share data) | ||||||||||||||
(Unaudited) | ||||||||||||||
FOR THE THREE MONTHS ENDED JUNE 30, | 2021 | 2020 | Dollar Change | Percentage Change | ||||||||||
Interest income | ||||||||||||||
Interest expense | 252 | 295 | (43) | - | ||||||||||
Net interest income before provision for loan losses | 9,931 | 9,148 | 783 | |||||||||||
Provision for loan losses | 250 | 1,250 | (1,000) | - | ||||||||||
Net interest income after provision for loan losses | 9,681 | 7,898 | 1,783 | |||||||||||
Non-interest income | 1,880 | 1,922 | (42) | - | ||||||||||
Non-interest expense | 5,332 | 5,429 | (97) | - | ||||||||||
Income before income taxes | 6,229 | 4,391 | 1,838 | |||||||||||
Provision for income taxes | 1,742 | 1,206 | 536 | |||||||||||
Net income | ||||||||||||||
Basic earnings per share | ||||||||||||||
Diluted earnings per share | ||||||||||||||
PLUMAS BANCORP | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
(In thousands, except per share data) | ||||||||||||||
(Unaudited) | ||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 30, | 2021 | 2020 | Dollar Change | Percentage Change | ||||||||||
Interest income | ||||||||||||||
Interest expense | 507 | 673 | (166) | - | ||||||||||
Net interest income before provision for loan losses | 20,410 | 18,369 | 2,041 | |||||||||||
Provision for loan losses | 625 | 2,000 | (1,375) | - | ||||||||||
Net interest income after provision for loan losses | 19,785 | 16,369 | 3,416 | |||||||||||
Non-interest income | 4,230 | 4,147 | 83 | |||||||||||
Non-interest expense | 11,624 | 11,566 | 58 | |||||||||||
Income before income taxes | 12,391 | 8,950 | 3,441 | |||||||||||
Provision for income taxes | 3,463 | 2,449 | 1,014 | |||||||||||
Net income | ||||||||||||||
Basic earnings per share | ||||||||||||||
Diluted earnings per share | ||||||||||||||
PLUMAS BANCORP | ||||||||||||||||||||||
SELECTED FINANCIAL INFORMATION | ||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||
6/30/2021 | 3/31/2021 | 6/30/2020 | 6/30/2021 | 6/30/2020 | ||||||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||||||||
Basic earnings per share | $ | 0.86 | $ | 0.86 | $ | 0.62 | $ | 1.72 | $ | 1.26 | ||||||||||||
Diluted earnings per share | $ | 0.85 | $ | 0.85 | $ | 0.61 | $ | 1.69 | $ | 1.24 | ||||||||||||
Weighted average shares outstanding | 5,197 | 5,187 | 5,178 | 5,192 | 5,175 | |||||||||||||||||
Weighted average diluted shares outstanding | 5,280 | 5,253 | 5,229 | 5,272 | 5,229 | |||||||||||||||||
Cash dividends paid per share 1 | $ | 0.14 | $ | 0.14 | $ | 0.12 | $ | 0.28 | $ | 0.12 | ||||||||||||
PERFORMANCE RATIOS (annualized for the six 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 ratio 2 | ||||||||||||||||||||||
6/30/2021 | 3/31/2021 | 6/30/2020 | 12/31/2020 | 12/31/2019 | ||||||||||||||||||
CREDIT QUALITY RATIOS AND DATA | ||||||||||||||||||||||
Allowance for loan losses | $ | 10,128 | $ | 9,962 | $ | 8,835 | $ | 9,902 | $ | 7,243 | ||||||||||||
Allowance for loan losses as a percentage of total loans | ||||||||||||||||||||||
Nonperforming loans | $ | 6,817 | $ | 3,804 | $ | 2,280 | $ | 2,536 | $ | 2,050 | ||||||||||||
Nonperforming assets | $ | 7,348 | $ | 4,401 | $ | 3,002 | $ | 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 | $ | 399 | $ | 315 | $ | 408 | $ | 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 | 5,199 | 5,197 | 5,179 | 5,182 | 5,166 | |||||||||||||||||
Shareholders' equity | $ | 106,790 | $ | 102,016 | $ | 92,920 | $ | 100,154 | $ | 84,505 | ||||||||||||
Book value per common share | $ | 20.54 | $ | 19.63 | $ | 17.94 | $ | 19.33 | $ | 16.36 | ||||||||||||
Tangible common equity3 | $ | 106,151 | $ | 101,335 | $ | 92,102 | $ | 99,432 | $ | 83,584 | ||||||||||||
Tangible book value per common share4 | $ | 20.42 | $ | 19.50 | $ | 17.78 | $ | 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 14 cents per share on February 15, 2021 and May 17, 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. |
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