Plumas Bancorp Reports Record Second Quarter 2022 Results
Plumas Bancorp (Nasdaq:PLBC) reported a record net income of $5.7 million, or $0.97 per share, for Q2 2022, compared to $4.5 million or $0.86 per share in Q2 2021. Total assets rose by 28% to $1.6 billion, bolstered by a $137 million increase in gross loans. Nonperforming assets decreased to $2.0 million, while total deposits grew by $341 million to $1.5 billion. Despite a dip in return on average assets to 1.40%, return on average equity improved to 19.0%. The bank’s performance benefited from improved rates following Federal Reserve increases and the acquisition of Bank of Feather River.
- Record net income of $5.7 million for Q2 2022, up from $4.5 million in Q2 2021.
- Total assets increased by $353 million (28%) to $1.6 billion.
- Gross loans rose by $137 million (19%) to $862 million.
- Total deposits grew by $341 million (30%) to $1.5 billion.
- Return on average equity improved to 19.0%, up from 17.2% in Q2 2021.
- Return on average assets decreased to 1.40%, down from 1.45% in Q2 2021.
- Nonperforming loans increased slightly to $1.6 million, though down from $6.8 million a year prior.
RENO, Nevada, July 20, 2022 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced earnings during the second quarter of 2022 of
For the six months ended June 30, 2022, the Company reported net income of
Return on average assets was
Balance Sheet Highlights
June 30, 2022 compared to June 30, 2021
- Total assets increased by
$353 million , or28% , to$1.6 billion . - Cash and due from banks increased by
$73 million , or30% , to$318 million . - Gross Loans increased by
$137 million , or19% , to$862 million . - Investment securities increased by
$116 million , or47% , to$365 million . - Total deposits increased by
$341 million , or30% , to$1.5 billion . - Total equity increased by
$9.4 million , or9% , to$116 million .
President’s Comments
Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank stated, “The second quarter of 2022 resulted in strong earnings with the Fed rate increases improving returns on our investment and lending portfolios.”
Ryback continued, “July 1st marked the one-year anniversary of our acquisition of Bank of Feather River. The addition of Yuba City to our footprint has expanded our ag lending portfolio and resulted in increased profits.”
Ryback concluded, “As we build our technological and geographical presence, we remain committed to our communities because Plumas Bank is HERE. For Good.”
Loans, Deposits, Investments and Cash
Mostly related to our acquisition of Feather River Bancorp (FRB) on July 1, 2021, gross loans, excluding loans held for sale, 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 June 30, 2022.
On June 30, 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 June 30, 2022 were
The provision for loan losses increased from
Shareholders’ Equity
Total shareholders’ equity increased by
Net Interest Income and Net Interest Margin
Net interest income was
Including loans held for sale, average loan balances increased by
Interest on investment securities increased by
Average interest earning assets during the three months ended June 30, 2022 totaled
Net interest income for the six months ended June 30, 2022 was
Average interest earning assets during the current six month period totaled
Non-Interest Income/Expense
Non-interest income increased by
During the six months ended June 30, 2022, non-interest income totaled
During the three months ended June 30, 2022, total non-interest expense increased by
During the three months ended June 30, 2021 the Company qualified for the Employee Retention Credit (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
During the six months ended June 30, 2022 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 June 30, | ||||||||||
2022 | 2021 | Dollar Change | Percentage Change | |||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 317,657 | $ | 244,456 | $ | 73,201 | ||||
Investment securities | 365,189 | 248,824 | 116,365 | |||||||
Loans, net of allowance for loan losses | 853,427 | 713,676 | 139,751 | |||||||
Loans held for sale | 4,646 | 11,472 | (6,826) | (59.5)% | ||||||
Premises and equipment, net | 18,212 | 13,594 | 4,618 | |||||||
Bank owned life insurance | 16,031 | 13,701 | 2,330 | |||||||
Real estate acquired through foreclosure | 369 | 524 | (155) | (29.6)% | ||||||
Goodwill | 5,502 | - | 5,502 | |||||||
Accrued interest receivable and other assets | 39,593 | 21,688 | 17,905 | |||||||
Total assets | $ | 1,620,626 | $ | 1,267,935 | $ | 352,691 | ||||
LIABILITIES AND | ||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||
Deposits | $ | 1,472,602 | $ | 1,131,757 | $ | 340,845 | ||||
Accrued interest payable and other liabilities | 21,556 | 19,078 | 2,478 | |||||||
Junior subordinated deferrable interest debentures | 10,310 | 10,310 | - | |||||||
Total liabilities | 1,504,468 | 1,161,145 | 343,323 | |||||||
Common stock | 27,133 | 7,937 | 19,196 | |||||||
Retained earnings | 115,212 | 95,228 | 19,984 | |||||||
Accumulated other comprehensive (loss) income, net | (26,187) | 3,625 | (29,812) | (822.4)% | ||||||
Shareholders’ equity | 116,158 | 106,790 | 9,368 | |||||||
Total liabilities and shareholders’ equity | $ | 1,620,626 | $ | 1,267,935 | $ | 352,691 | ||||
PLUMAS BANCORP | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
(In thousands, except per share data) | ||||||||||
(Unaudited) | ||||||||||
FOR THE THREE MONTHS ENDED JUNE 30, | 2022 | 2021 | Dollar Change | Percentage Change | ||||||
Interest income | $ | 13,717 | $ | 10,183 | $ | 3,534 | ||||
Interest expense | 289 | 252 | 37 | |||||||
Net interest income before provision for loan losses | 13,428 | 9,931 | 3,497 | |||||||
Provision for loan losses | 400 | 250 | 150 | |||||||
Net interest income after provision for loan losses | 13,028 | 9,681 | 3,347 | |||||||
Non-interest income | 2,664 | 1,880 | 784 | |||||||
Non-interest expense | 8,033 | 5,332 | 2,701 | |||||||
Income before income taxes | 7,659 | 6,229 | 1,430 | |||||||
Provision for income taxes | 1,979 | 1,742 | 237 | |||||||
Net income | $ | 5,680 | $ | 4,487 | $ | 1,193 | ||||
Basic earnings per share | $ | 0.97 | $ | 0.86 | $ | 0.11 | ||||
Diluted earnings per share | $ | 0.96 | $ | 0.85 | $ | 0.11 | ||||
PLUMAS BANCORP | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
(In thousands, except per share data) | ||||||||||
(Unaudited) | ||||||||||
FOR THE SIX MONTHS ENDED JUNE 30, | 2022 | 2021 | Dollar Change | Percentage Change | ||||||
Interest income | $ | 26,033 | $ | 20,917 | $ | 5,116 | ||||
Interest expense | 590 | 507 | 83 | |||||||
Net interest income before provision for loan losses | 25,443 | 20,410 | 5,033 | |||||||
Provision for loan losses | 700 | 625 | 75 | |||||||
Net interest income after provision for loan losses | 24,743 | 19,785 | 4,958 | |||||||
Non-interest income | 6,314 | 4,230 | 2,084 | |||||||
Non-interest expense | 15,707 | 11,624 | 4,083 | |||||||
Income before income taxes | 15,350 | 12,391 | 2,959 | |||||||
Provision for income taxes | 3,953 | 3,463 | 490 | |||||||
Net income | $ | 11,397 | $ | 8,928 | $ | 2,469 | ||||
Basic earnings per share | $ | 1.95 | $ | 1.72 | $ | 0.23 | ||||
Diluted earnings per share | $ | 1.93 | $ | 1.69 | $ | 0.24 |
PLUMAS BANCORP | |||||||||||||||||||
SELECTED FINANCIAL INFORMATION | |||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
6/30/2022 | 3/31/2022 | 6/30/2021 | 6/30/2022 | 6/30/2021 | |||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||||
Basic earnings per share | $ | 0.97 | $ | 0.98 | $ | 0.86 | $ | 1.95 | $ | 1.72 | |||||||||
Diluted earnings per share | $ | 0.96 | $ | 0.97 | $ | 0.85 | $ | 1.93 | $ | 1.69 | |||||||||
Weighted average shares outstanding | 5,843 | 5,824 | 5,197 | 5,834 | 5,192 | ||||||||||||||
Weighted average diluted shares outstanding | 5,909 | 5,920 | 5,280 | 5,913 | 5,272 | ||||||||||||||
Cash dividends paid per share 1 | $ | 0.16 | $ | 0.16 | $ | 0.14 | $ | 0.32 | $ | 0.28 | |||||||||
PERFORMANCE RATIOS (annualized for the three months) | |||||||||||||||||||
Return on average assets | 1.40 | % | 1.42 | % | 1.45 | % | 1.41 | % | 1.50 | % | |||||||||
Return on average equity | 19.0 | % | 17.6 | % | 17.2 | % | 18.3 | % | 17.4 | % | |||||||||
Yield on earning assets | 3.65 | % | 3.29 | % | 3.49 | % | 3.47 | % | 3.71 | % | |||||||||
Rate paid on interest-bearing liabilities | 0.16 | % | 0.17 | % | 0.19 | % | 0.16 | % | 0.19 | % | |||||||||
Net interest margin | 3.58 | % | 3.21 | % | 3.40 | % | 3.39 | % | 3.62 | % | |||||||||
Noninterest income to average assets | 0.66 | % | 0.91 | % | 0.61 | % | 0.78 | % | 0.71 | % | |||||||||
Noninterest expense to average assets | 1.98 | % | 1.90 | % | 1.73 | % | 1.94 | % | 1.95 | % | |||||||||
Efficiency ratio 2 | 49.9 | % | 49.0 | % | 45.1 | % | 49.5 | % | 47.2 | % | |||||||||
6/30/2022 | 3/31/2022 | 6/30/2021 | 12/31/2021 | 12/31/2020 | |||||||||||||||
CREDIT QUALITY RATIOS AND DATA | |||||||||||||||||||
Allowance for loan losses | $ | 10,919 | $ | 10,402 | $ | 10,128 | $ | 10,352 | $ | 9,902 | |||||||||
Allowance for loan losses as a percentage of total loans | 1.27 | % | 1.24 | % | 1.40 | % | 1.23 | % | 1.40 | % | |||||||||
Allowance for loan losses as a percentage of total loans - excluding PPP loans | 1.28 | % | 1.27 | % | 1.59 | % | 1.29 | % | 1.55 | % | |||||||||
Nonperforming loans | $ | 1,551 | $ | 4,733 | $ | 6,817 | $ | 4,863 | $ | 2,536 | |||||||||
Nonperforming assets | $ | 1,960 | $ | 5,243 | $ | 7,348 | $ | 5,397 | $ | 2,970 | |||||||||
Nonperforming loans as a percentage of total loans | 0.18 | % | 0.56 | % | 0.94 | % | 0.58 | % | 0.36 | % | |||||||||
Nonperforming assets as a percentage of total assets | 0.12 | % | 0.32 | % | 0.58 | % | 0.33 | % | 0.27 | % | |||||||||
Year-to-date net charge-offs | $ | 133 | $ | 250 | $ | 399 | $ | 675 | $ | 516 | |||||||||
Year-to-date net charge-offs as a percentage of average loans (annualized) | 0.03 | % | 0.12 | % | 0.11 | % | 0.09 | % | 0.07 | % | |||||||||
CAPITAL AND OTHER DATA | |||||||||||||||||||
Common shares outstanding at end of period | 5,845 | 5,837 | 5,199 | 5,817 | 5,182 | ||||||||||||||
Shareholders' equity | $ | 116,158 | $ | 123,073 | $ | 106,790 | $ | 134,082 | $ | 100,154 | |||||||||
Book value per common share | $ | 19.87 | $ | 21.08 | $ | 20.54 | $ | 23.05 | $ | 19.33 | |||||||||
Tangible common equity3 | $ | 109,287 | $ | 116,130 | $ | 106,151 | $ | 127,067 | $ | 99,432 | |||||||||
Tangible book value per common share4 | $ | 18.70 | $ | 19.90 | $ | 20.42 | $ | 21.84 | $ | 19.19 | |||||||||
Tangible common equity to total assets | 6.7 | % | 7.2 | % | 8.4 | % | 7.9 | % | 8.9 | % | |||||||||
Gross loans to deposits | 58.5 | % | 57.1 | % | 65.0 | % | 58.3 | % | 72.9 | % | |||||||||
PLUMAS BANK REGULATORY CAPITAL RATIOS | |||||||||||||||||||
Tier 1 Leverage Ratio | 8.7 | % | 8.5 | % | 9.0 | % | 8.4 | % | 9.2 | % | |||||||||
Common Equity Tier 1 Ratio | 14.4 | % | 14.8 | % | 15.0 | % | 14.4 | % | 14.2 | % | |||||||||
Tier 1 Risk-Based Capital Ratio | 14.4 | % | 14.8 | % | 15.0 | % | 14.4 | % | 14.2 | % | |||||||||
Total Risk-Based Capital Ratio | 15.5 | % | 16.0 | % | 16.2 | % | 15.5 | % | 15.4 | % | |||||||||
(1) The Company paid a quarterly cash dividend of 16 cents per share on Febuary 15, 2022 and May 16, 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 assests, liabilites and shareholders' equity. | |||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||
6/30/2022 | 6/30/2021 | ||||||||||||||||
Average | Yield/ | Average | Yield/ | ||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans (2) (3) | $ | 846,358 | $ | 10,992 | 5.21 | % | $ | 734,662 | $ | 8,972 | 4.90 | % | |||||
Loans held for sale | 8,600 | 123 | 5.74 | % | 7,964 | 114 | 5.74 | % | |||||||||
Investment securities | 238,477 | 1,315 | 2.21 | % | 154,664 | 650 | 1.69 | % | |||||||||
Non-taxable investment securities (1) | 98,552 | 626 | 2.55 | % | 70,586 | 395 | 2.24 | % | |||||||||
Interest-bearing deposits | 314,289 | 661 | 0.84 | % | 202,365 | 52 | 0.10 | % | |||||||||
Total interest-earning assets | 1,506,276 | 13,717 | 3.65 | % | 1,170,241 | 10,183 | 3.49 | % | |||||||||
Cash and due from banks | 48,852 | 29,517 | |||||||||||||||
Other assets | 68,522 | 37,658 | |||||||||||||||
Total assets | $ | 1,623,650 | $ | 1,237,416 | |||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Money market deposits | 255,088 | 56 | 0.09 | % | 197,020 | 59 | 0.12 | % | |||||||||
Savings deposits | 396,868 | 85 | 0.09 | % | 281,828 | 70 | 0.10 | % | |||||||||
Time deposits | 61,955 | 42 | 0.27 | % | 41,308 | 36 | 0.35 | % | |||||||||
Total deposits | 713,911 | 183 | 0.10 | % | 520,156 | 165 | 0.13 | % | |||||||||
Junior subordinated debentures | 10,310 | 90 | 3.50 | % | 10,310 | 86 | 3.35 | % | |||||||||
Other interest-bearing liabilities | 10,135 | 16 | 0.63 | % | 12,576 | 1 | 0.03 | % | |||||||||
Total interest-bearing liabilities | 734,356 | 289 | 0.16 | % | 543,042 | 252 | 0.19 | % | |||||||||
Non-interest-bearing deposits | 757,655 | 581,263 | |||||||||||||||
Other liabilities | 11,935 | 8,669 | |||||||||||||||
Shareholders' equity | 119,704 | 104,442 | |||||||||||||||
Total liabilities & equity | $ | 1,623,650 | $ | 1,237,416 | |||||||||||||
Cost of funding interest-earning assets (4) | 0.08 | % | 0.09 | % | |||||||||||||
Net interest income and margin(5) | $ | 13,428 | 3.57 | % | $ | 9,931 | 3.40 | % | |||||||||
(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 June 30, 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. |
PLUMAS BANCORP | |||||||||||||||||
SELECTED FINANCIAL INFORMATION | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
The following table presents for the three-month periods indicated the distribution of consolidated average assests, liabilites and shareholders' equity. | |||||||||||||||||
For the Six Months Ended | For the Six Months Ended | ||||||||||||||||
6/30/2022 | 6/30/2021 | ||||||||||||||||
Average | Yield/ | Average | Yield/ | ||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans (2) (3) | $ | 838,866 | $ | 21,302 | 5.12 | % | $ | 725,207 | $ | 18,724 | 5.21 | % | |||||
Loans held for sale | 15,624 | 429 | 5.54 | % | 5,010 | 143 | 5.76 | % | |||||||||
Investment securities | 226,609 | 2,314 | 2.06 | % | 141,485 | 1,207 | 1.72 | % | |||||||||
Non-taxable investment securities (1) | 97,703 | 1,159 | 2.39 | % | 65,512 | 739 | 2.27 | % | |||||||||
Interest-bearing deposits | 333,615 | 829 | 0.50 | % | 198,622 | 104 | 0.11 | % | |||||||||
Total interest-earning assets | 1,512,417 | 26,033 | 3.47 | % | 1,135,836 | 20,917 | 3.71 | % | |||||||||
Cash and due from banks | 51,663 | 28,505 | |||||||||||||||
Other assets | 64,634 | 37,129 | |||||||||||||||
Total assets | $ | 1,628,714 | $ | 1,201,470 | |||||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Money market deposits | 258,833 | 122 | 0.10 | % | 192,842 | 128 | 0.13 | % | |||||||||
Savings deposits | 390,812 | 167 | 0.09 | % | 268,992 | 136 | 0.10 | % | |||||||||
Time deposits | 63,045 | 88 | 0.28 | % | 40,951 | 74 | 0.36 | % | |||||||||
Total deposits | 712,690 | 377 | 0.11 | % | 502,785 | 338 | 0.14 | % | |||||||||
Junior subordinated debentures | 10,310 | 179 | 3.50 | % | 10,310 | 165 | 3.23 | % | |||||||||
Other interest-bearing liabilities | 11,987 | 34 | 0.57 | % | 15,212 | 4 | 0.05 | % | |||||||||
Total interest-bearing liabilities | 734,987 | 590 | 0.16 | % | 528,307 | 507 | 0.19 | % | |||||||||
Non-interest-bearing deposits | 755,979 | 561,368 | |||||||||||||||
Other liabilities | 11,919 | 8,617 | |||||||||||||||
Shareholders' equity | 125,829 | 103,178 | |||||||||||||||
Total liabilities & equity | $ | 1,628,714 | $ | 1,201,470 | |||||||||||||
Cost of funding interest-earning assets (4) | 0.08 | % | 0.09 | % | |||||||||||||
Net interest income and margin (5) | $ | 25,443 | 3.39 | % | $ | 20,410 | 3.62 | % | |||||||||
(1) Not computed on a tax-equivalent basis. | |||||||||||||||||
(2) Average nonaccrual loan balances of | |||||||||||||||||
(3) Net fees included in loan interest income for the six-month periods ended June 30, 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. |
PLUMAS BANCORP | ||||||||||||
SELECTED FINANCIAL INFORMATION | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
The following table presents the componets of non-interest income for the three-month periods ended June 30, 2022 and 2021. | ||||||||||||
For the Three Months Ended | ||||||||||||
June 30, | ||||||||||||
2022 | 2021 | Dollar Change | Percentage Change | |||||||||
Interchange income | 853 | 813 | 40 | 4.9 | % | |||||||
Gain on sale of loans, net | 634 | - | 634 | 100.0 | % | |||||||
Service charges on deposit accounts | 604 | 567 | 37 | 6.5 | % | |||||||
Loan servicing fees | 212 | 196 | 16 | 8.2 | % | |||||||
Earnings on life insurance policies | 93 | 84 | 9 | 10.7 | % | |||||||
Other | 268 | 220 | 48 | 21.8 | % | |||||||
Total non-interest income | $ | 2,664 | $ | 1,880 | $ | 784 | 41.7 | % | ||||
The following table presents the componets of non-interest expense for the three-month periods ended June 30, 2022 and 2021. | ||||||||||||
For the Three Months Ended | ||||||||||||
June 30, | ||||||||||||
2022 | 2021 | Dollar Change | Percentage Change | |||||||||
Salaries and employee benefits | $ | 4,238 | $ | 2,231 | $ | 2,007 | 90.0 | % | ||||
Occupancy and equipment | 1,111 | 904 | 207 | 22.9 | % | |||||||
Outside service fees | 1,022 | 875 | 147 | 16.8 | % | |||||||
Professional fees | 337 | 451 | (114 | ) | (25.3 | )% | ||||||
Telephone and data communication | 191 | 175 | 16 | 9.1 | % | |||||||
Advertising and shareholder relations | 190 | 103 | 87 | 84.5 | % | |||||||
Deposit insurance | 175 | 88 | 87 | 98.9 | % | |||||||
Armored car and courier | 167 | 117 | 50 | 42.7 | % | |||||||
Director compensation and expense | 134 | 106 | 28 | 26.4 | % | |||||||
Business development | 127 | 61 | 66 | 108.2 | % | |||||||
Loan collection expenses | 75 | 45 | 30 | 66.7 | % | |||||||
Amortization of Core Deposit Intangible | 72 | 42 | 30 | 71.4 | % | |||||||
Other | 194 | 134 | 60 | 44.8 | % | |||||||
Total non-interest expense | $ | 8,033 | $ | 5,332 | $ | 2,701 | 50.7 | % |
PLUMAS BANCORP | ||||||||||||
SELECTED FINANCIAL INFORMATION | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
The following table presents the componets of non-interest income for the six-month periods ended June 30, 2022 and 2021. | ||||||||||||
For the Six Months Ended | ||||||||||||
June 30, | ||||||||||||
2022 | 2021 | Dollar Change | Percentage Change | |||||||||
Gain on sale of loans, net | 2,335 | 591 | 1,744 | 295.1 | % | |||||||
Interchange income | 1,615 | 1,528 | 87 | 5.7 | % | |||||||
Service charges on deposit accounts | 1,170 | 1,107 | 63 | 5.7 | % | |||||||
Loan servicing fees | 422 | 423 | (1 | ) | (0.2 | )% | ||||||
Earnings on life insurance policies | 187 | 175 | 12 | 6.9 | % | |||||||
Other | 585 | 406 | 179 | 44.1 | % | |||||||
Total non-interest income | $ | 6,314 | $ | 4,230 | $ | 2,084 | 49.3 | % | ||||
The following table presents the componets of non-interest expense for the six-month periods ended June 30, 2022 and 2021. | ||||||||||||
For the Six Months Ended | ||||||||||||
June 30, | ||||||||||||
2022 | 2021 | Dollar Change | Percentage Change | |||||||||
Salaries and employee benefits | $ | 8,320 | $ | 5,755 | $ | 2,565 | 44.6 | % | ||||
Occupancy and equipment | 2,248 | 1,794 | 454 | 25.3 | % | |||||||
Outside service fees | 1,930 | 1,617 | 313 | 19.4 | % | |||||||
Professional fees | 616 | 793 | (177 | ) | (22.3 | )% | ||||||
Telephone and data communication | 382 | 330 | 52 | 15.8 | % | |||||||
Deposit insurance | 372 | 162 | 210 | 129.6 | % | |||||||
Armored car and courier | 315 | 225 | 90 | 40.0 | % | |||||||
Advertising and shareholder relations | 302 | 171 | 131 | 76.6 | % | |||||||
Director compensation and expense | 275 | 197 | 78 | 39.6 | % | |||||||
Business development | 242 | 127 | 115 | 90.6 | % | |||||||
Amortization of Core Deposit Intangible | 144 | 84 | 60 | 71.4 | % | |||||||
Loan collection expenses | 143 | 94 | 49 | 52.1 | % | |||||||
Other | 418 | 275 | 143 | 52.0 | % | |||||||
Total non-interest expense | $ | 15,707 | $ | 11,624 | $ | 4,083 | 35.1 | % |
PLUMAS BANCORP | |||||||||||
SELECTED FINANCIAL INFORMATION | |||||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
The following table shows the distribution of loans by type at June 30, 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 | ||||||||
6/30/2022 | 6/30/2022 | 6/30/2021 | 6/30/2021 | ||||||||
Commercial | $ | 84,378 | 9.8 | % | $ | 135,032 | 18.6 | % | |||
Agricultural | 125,807 | 14.6 | % | 66,404 | 9.2 | % | |||||
Real estate – residential | 15,867 | 1.8 | % | 9,896 | 1.4 | % | |||||
Real estate – commercial | 447,980 | 52.0 | % | 354,068 | 48.8 | % | |||||
Real estate – construction & land | 60,891 | 7.1 | % | 29,556 | 4.1 | % | |||||
Equity Lines of Credit | 34,745 | 4.0 | % | 33,985 | 4.7 | % | |||||
Auto | 87,907 | 10.2 | % | 91,544 | 12.6 | % | |||||
Other | 4,577 | 0.5 | % | 4,350 | 0.6 | % | |||||
Total Gross Loans | $ | 862,152 | 100 | % | $ | 724,835 | 100 | % | |||
The following table shows the distribution of deposits by type at June 30, 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 | ||||||||
6/30/2022 | 6/30/2022 | 6/30/2021 | 6/30/2021 | ||||||||
Non-interest bearing | $ | 764,907 | 52.0 | % | $ | 601,692 | 53.2 | % | |||
Money Market | 246,067 | 16.7 | % | 191,456 | 16.9 | % | |||||
Savings | 401,091 | 27.2 | % | 297,272 | 26.3 | % | |||||
Time | 60,537 | 4.1 | % | 41,337 | 3.6 | % | |||||
Total Deposits | $ | 1,472,602 | 100 | % | $ | 1,131,757 | 100 | % |
FAQ
What are Plumas Bancorp's Q2 2022 earnings results?
How much did Plumas Bancorp's total assets increase by in Q2 2022?
What was the growth of gross loans for Plumas Bancorp in Q2 2022?
Did Plumas Bancorp's total deposits grow in Q2 2022?