Plumas Bancorp Reports Record Third Quarter 2022 Results
Plumas Bancorp (Nasdaq:PLBC) reported record earnings for Q3 2022, totaling $7.2 million or $1.24 per share, up from $6.6 million or $1.13 per share in Q3 2021. For the first nine months of 2022, net income reached $18.6 million, a $3.1 million increase year-over-year. The bank's total assets rose to $1.7 billion, with gross loans increasing by $19 million. Notably, non-performing assets dropped by 66% to $1.9 million. The CEO emphasized resilience amid potential economic downturns, and the bank received multiple industry accolades for performance.
- Record earnings of $7.2 million for Q3 2022, up $650 thousand YoY.
- Net income of $18.6 million for the first nine months, a $3.1 million increase YoY.
- Total assets increased by $82 million to $1.7 billion.
- Non-performing assets decreased by 66% to $1.9 million.
- Return on average assets declined from 1.58% to 1.52% for the nine months ended September 30, 2022.
- Total shareholders’ equity decreased by $23.1 million, reflecting increased accumulated other comprehensive loss.
RENO, Nev., Oct. 19, 2022 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced earnings for the third quarter of 2022 of
For the nine months ended September 30, 2022, the Company reported net income of
Return on average assets was
Balance Sheet Highlights
September 30, 2022 compared to September 30, 2021
- Total assets increased by
$82 million , or5% , to$1.7 billion . - Gross loans increased by
$19 million , or2% , to$858 million . - Investment securities increased by
$108 million , or39% , to$383 million . - Total deposits increased by
$107 million , or8% , to$1.5 billion . - Non-performing assets decreased by
$3.6 million or66% , to$1.9 million
President’s Comments
Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank stated, “The third quarter of 2022 resulted in record earnings mostly due to rising interest rates. Additionally, average interest earning assets grew by
Recently, Plumas Bank was recognized by three leading financial industry groups:
- Plumas Bank has received awards for the past 8 years from CB Resources. The CB Top Ten™ reported that Plumas Bank ranked 25th in the nation in C-Corp
$1 - 5 billion peer group for the 2nd Quarter of 2022. The CB Top Ten™ is a community bank performance scorecard that identifies the banks in the top 10 percent based on asset size and corporation type. Banks are ranked by the following key performance indicators: Asset Growth, Return on Average Assets, Return on Average Equity, Net Interest Margin, Efficiency Ratio, Non-Performing Assets, Non-Interest Bearing Deposits, and Non-interest Income.
- Piper Sandler Sm-All Stars Class of 2022 - Plumas Bancorp was named one of 35 publicly traded banks and thrifts to the Piper Sandler Sm-All Stars Class of 2022. Sm-All Stars identifies the highest quality, top performing small-cap banks and thrifts in the country. To earn Sm-All Star status, companies must have a market capitalization below
$2.5 billion and demonstrate strong metrics with regard to growth, profitability, credit quality, and capital strength. This is the fourth time Plumas Bank has earned this award after previously being chosen in 2018, 2019 and 2020.
- Plumas Bank was ranked 8th in the nation in ICBA’s Top Lenders for 2022 – Based on lending concentration and loan growth, Plumas Bank was ranked 8th in the nation for the
$1 billion + category for agricultural loans.
Ryback commented, “We are honored to be recognized by these prestigious financial industry organizations and realize that it is due to the commitment and diligence of our Board of Directors, executives, and team members as well as the loyalty and support of our clients that make these achievements possible.”
Loans, Deposits, Investments and Cash
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 September 30, 2022.
On September 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 September 30, 2022, were
The provision for loan losses increased by
Shareholders’ Equity
Related mostly to an increase in accumulated other comprehensive loss, total shareholders’ equity decreased by
Net Interest Income and Net Interest Margin
Net interest income was
Average loan balances decreased by
Interest on investment securities increased by
Average interest earning assets during the three months ended September 30, 2022, totaled
Net interest income for the nine months ended September 30, 2022, was
Average interest earning assets during the current nine-month period totaled
Non-Interest Income/Expense
Non-interest income increased by
During the nine months ended September 30, 2022, non-interest income totaled
During the three months ended September 30, 2022, total non-interest expense increased by
During the three months ended September 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 nine months ended September 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 September 30, | ||||||||||
2022 | 2021 | Dollar Change | Percentage Change | |||||||
ASSETS | ||||||||||
Cash and due from banks | (10.4)% | |||||||||
Investment securities | 383,178 | 275,061 | 108,117 | |||||||
Loans, net of allowance for loan losses | 849,703 | 828,611 | 21,092 | |||||||
Loans held for sale | 434 | 28,364 | (27,930) | (98.5)% | ||||||
Premises and equipment, net | 18,133 | 16,005 | 2,128 | |||||||
Bank owned life insurance | 15,910 | 15,743 | 167 | |||||||
Real estate acquired through foreclosure | 369 | 569 | (200) | (35.1)% | ||||||
Goodwill | 5,502 | 5,502 | - | |||||||
Accrued interest receivable and other assets | 45,718 | 28,632 | 17,086 | |||||||
Total assets | ||||||||||
LIABILITIES AND | ||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||
Deposits | ||||||||||
Accrued interest payable and other liabilities | 25,115 | 27,191 | (2,076) | (7.6)% | ||||||
Junior subordinated deferrable interest debentures | 10,310 | 10,310 | - | |||||||
Total liabilities | 1,546,621 | 1,441,947 | 104,674 | |||||||
Common stock | 27,240 | 26,705 | 535 | |||||||
Retained earnings | 121,505 | 100,992 | 20,513 | |||||||
Accumulated other comprehensive (loss) income, net | (42,295) | 1,836 | (44,131) | (2403.6)% | ||||||
Shareholders’ equity | 106,450 | 129,533 | (23,083) | (17.8)% | ||||||
Total liabilities and shareholders’ equity | ||||||||||
PLUMAS BANCORP | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
(In thousands, except per share data) | ||||||||||
(Unaudited) | ||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, | 2022 | 2021 | Dollar Change | Percentage Change | ||||||
Interest income | ||||||||||
Interest expense | 289 | 319 | (30) | (9.4)% | ||||||
Net interest income before provision for loan losses | 15,716 | 13,550 | 2,166 | |||||||
Provision for loan losses | 300 | 250 | 50 | |||||||
Net interest income after provision for loan losses | 15,416 | 13,300 | 2,116 | |||||||
Non-interest income | 2,554 | 2,001 | 553 | |||||||
Non-interest expense | 8,198 | 6,601 | 1,597 | |||||||
Income before income taxes | 9,772 | 8,700 | 1,072 | |||||||
Provision for income taxes | 2,544 | 2,122 | 422 | |||||||
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 NINE MONTHS ENDED SEPTEMBER 30, | 2022 | 2021 | Dollar Change | Percentage Change | ||||||
Interest income | ||||||||||
Interest expense | 878 | 826 | 52 | |||||||
Net interest income before provision for loan losses | 41,159 | 33,960 | 7,199 | |||||||
Provision for loan losses | 1,000 | 875 | 125 | |||||||
Net interest income after provision for loan losses | 40,159 | 33,085 | 7,074 | |||||||
Non-interest income | 8,868 | 6,231 | 2,637 | |||||||
Non-interest expense | 23,904 | 18,225 | 5,679 | |||||||
Income before income taxes | 25,123 | 21,091 | 4,032 | |||||||
Provision for income taxes | 6,497 | 5,585 | 912 | |||||||
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 | Nine Months Ended | |||||||||||||||||||||
9/30/2022 | 6/30/2022 | 9/30/2021 | 9/30/2022 | 9/30/2021 | ||||||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||||||||
Basic earnings per share | $ | 1.24 | $ | 0.97 | $ | 1.13 | $ | 3.19 | $ | 2.87 | ||||||||||||
Diluted earnings per share | $ | 1.23 | $ | 0.96 | $ | 1.12 | $ | 3.15 | $ | 2.83 | ||||||||||||
Weighted average shares outstanding | 5,845 | 5,843 | 5,800 | 5,837 | 5,397 | |||||||||||||||||
Weighted average diluted shares outstanding | 5,895 | 5,909 | 5,885 | 5,911 | 5,477 | |||||||||||||||||
Cash dividends paid per share 1 | $ | 0.16 | $ | 0.16 | $ | 0.14 | $ | 0.48 | $ | 0.42 | ||||||||||||
PERFORMANCE RATIOS (annualized for the three months) | ||||||||||||||||||||||
Return on average assets | 1.72 | % | 1.40 | % | 1.71 | % | 1.52 | % | 1.58 | % | ||||||||||||
Return on average equity | 23.7 | % | 19.0 | % | 19.6 | % | 20.1 | % | 18.3 | % | ||||||||||||
Yield on earning assets | 4.07 | % | 3.65 | % | 3.92 | % | 3.68 | % | 3.79 | % | ||||||||||||
Rate paid on interest-bearing liabilities | 0.15 | % | 0.16 | % | 0.19 | % | 0.16 | % | 0.19 | % | ||||||||||||
Net interest margin | 4.00 | % | 3.58 | % | 3.83 | % | 3.60 | % | 3.70 | % | ||||||||||||
Noninterest income to average assets | 0.61 | % | 0.66 | % | 0.52 | % | 0.72 | % | 0.64 | % | ||||||||||||
Noninterest expense to average assets | 1.96 | % | 1.98 | % | 1.72 | % | 1.95 | % | 1.86 | % | ||||||||||||
Efficiency ratio 2 | 44.9 | % | 49.9 | % | 42.4 | % | 47.8 | % | 45.3 | % | ||||||||||||
9/30/2022 | 6/30/2022 | 9/30/2021 | 12/31/2021 | 12/31/2020 | ||||||||||||||||||
CREDIT QUALITY RATIOS AND DATA | ||||||||||||||||||||||
Allowance for loan losses | $ | 10,920 | $ | 10,919 | $ | 10,305 | $ | 10,352 | $ | 9,902 | ||||||||||||
Allowance for loan losses as a percentage of total loans | 1.27 | % | 1.27 | % | 1.23 | % | 1.23 | % | 1.40 | % | ||||||||||||
Allowance for loan losses as a percentage of total loans -excluding PPP loans | 1.27 | % | 1.28 | % | 1.32 | % | 1.29 | % | 1.55 | % | ||||||||||||
Nonperforming loans | $ | 1,485 | $ | 1,551 | $ | 4,873 | $ | 4,863 | $ | 2,536 | ||||||||||||
Nonperforming assets | $ | 1,872 | $ | 1,960 | $ | 5,465 | $ | 5,397 | $ | 2,970 | ||||||||||||
Nonperforming loans as a percentage of total loans | 0.17 | % | 0.18 | % | 0.58 | % | 0.58 | % | 0.36 | % | ||||||||||||
Nonperforming assets as a percentage of total assets | 0.11 | % | 0.12 | % | 0.35 | % | 0.33 | % | 0.27 | % | ||||||||||||
Year-to-date net charge-offs | $ | 432 | $ | 133 | $ | 472 | $ | 675 | $ | 516 | ||||||||||||
Year-to-date net charge-offs as a percentage of average | 0.07 | % | 0.03 | % | 0.08 | % | 0.09 | % | 0.07 | % | ||||||||||||
loans (annualized) | ||||||||||||||||||||||
CAPITAL AND OTHER DATA | ||||||||||||||||||||||
Common shares outstanding at end of period | 5,849 | 5,845 | 5,811 | 5,817 | 5,182 | |||||||||||||||||
Shareholders' equity | $ | 106,450 | $ | 116,158 | $ | 129,533 | $ | 134,082 | $ | 100,154 | ||||||||||||
Book value per common share | $ | 18.20 | $ | 19.87 | $ | 22.29 | $ | 23.05 | $ | 19.33 | ||||||||||||
Tangible common equity3 | $ | 99,651 | $ | 109,287 | $ | 122,439 | $ | 127,067 | $ | 99,432 | ||||||||||||
Tangible book value per common share4 | $ | 17.04 | $ | 18.70 | $ | 21.07 | $ | 21.84 | $ | 19.19 | ||||||||||||
Tangible common equity to total assets | 6.0 | % | 6.7 | % | 7.8 | % | 7.9 | % | 8.9 | % | ||||||||||||
Gross loans to deposits | 56.8 | % | 58.5 | % | 59.7 | % | 58.3 | % | 72.9 | % | ||||||||||||
PLUMAS BANK REGULATORY CAPITAL RATIOS | ||||||||||||||||||||||
Tier 1 Leverage Ratio | 8.9 | % | 8.7 | % | 8.6 | % | 8.4 | % | 9.2 | % | ||||||||||||
Common Equity Tier 1 Ratio | 14.8 | % | 14.4 | % | 14.1 | % | 14.4 | % | 14.2 | % | ||||||||||||
Tier 1 Risk-Based Capital Ratio | 14.8 | % | 14.4 | % | 14.1 | % | 14.4 | % | 14.2 | % | ||||||||||||
Total Risk-Based Capital Ratio | 15.9 | % | 15.5 | % | 15.3 | % | 15.5 | % | 15.4 | % | ||||||||||||
(1) The Company paid a quarterly cash dividend of 16 cents per share on February 15, 2022, May 16, 2022, and August 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 | |||||||||||||||||
9/30/2022 | 9/30/2021 | |||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||
Interest-earning assets: | ||||||||||||||||||
Loans (2) (3) | $ | 863,132 | $ | 11,637 | 5.35 | % | $ | 860,980 | $ | 12,384 | 5.71 | % | ||||||
Loans held for sale | 2,814 | 50 | 7.05 | % | 15,846 | 219 | 5.48 | % | ||||||||||
Investment securities | 279,342 | 1,811 | 2.57 | % | 173,039 | 714 | 1.64 | % | ||||||||||
Non-taxable investment securities (1) | 108,508 | 741 | 2.71 | % | 81,995 | 443 | 2.14 | % | ||||||||||
Interest-bearing deposits | 305,526 | 1,766 | 2.29 | % | 270,655 | 109 | 0.16 | % | ||||||||||
Total interest-earning assets | 1,559,322 | 16,005 | 4.07 | % | 1,402,515 | 13,869 | 3.92 | % | ||||||||||
Cash and due from banks | 32,934 | 61,373 | ||||||||||||||||
Other assets | 70,665 | 59,386 | ||||||||||||||||
Total assets | $ | 1,662,921 | $ | 1,523,274 | ||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Money market deposits | 251,427 | 55 | 0.09 | % | 250,034 | 95 | 0.15 | % | ||||||||||
Savings deposits | 410,496 | 89 | 0.09 | % | 326,097 | 67 | 0.08 | % | ||||||||||
Time deposits | 58,179 | 39 | 0.27 | % | 67,505 | 66 | 0.39 | % | ||||||||||
Total deposits | 720,102 | 183 | 0.10 | % | 643,636 | 228 | 0.14 | % | ||||||||||
Junior subordinated debentures | 10,310 | 89 | 3.42 | % | 10,310 | 90 | 3.46 | % | ||||||||||
Other interest-bearing liabilities | 10,842 | 17 | 0.62 | % | 13,575 | 1 | 0.03 | % | ||||||||||
Total interest-bearing liabilities | 741,254 | 289 | 0.15 | % | 667,521 | 319 | 0.19 | % | ||||||||||
Non-interest-bearing deposits | 789,218 | 709,896 | ||||||||||||||||
Other liabilities | 11,635 | 12,862 | ||||||||||||||||
Shareholders' equity | 120,814 | 132,995 | ||||||||||||||||
Total liabilities & equity | $ | 1,662,921 | $ | 1,523,274 | ||||||||||||||
Cost of funding interest-earning assets (4) | 0.07 | % | 0.09 | % | ||||||||||||||
Net interest income and margin (5) | $ | 15,716 | 4.00 | % | $ | 13,550 | 3.83 | % | ||||||||||
(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 September 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 assets, liabilities and shareholders' equity. | ||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||||
9/30/2022 | 9/30/2021 | |||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||
Interest-earning assets: | ||||||||||||||||||
Loans (2) (3) | $ | 847,043 | $ | 32,933 | 5.20 | % | $ | 769,102 | $ | 31,029 | 5.39 | % | ||||||
Loans held for sale | 11,307 | 485 | 5.73 | % | 10,522 | 441 | 5.60 | % | ||||||||||
Investment securities | 244,380 | 4,124 | 2.26 | % | 152,116 | 1,921 | 1.69 | % | ||||||||||
Non-taxable investment securities (1) | 101,344 | 1,900 | 2.51 | % | 71,067 | 1,182 | 2.22 | % | ||||||||||
Interest-bearing deposits | 324,172 | 2,595 | 1.07 | % | 222,900 | 213 | 0.13 | % | ||||||||||
Total interest-earning assets | 1,528,246 | 42,037 | 3.68 | % | 1,225,707 | 34,786 | 3.79 | % | ||||||||||
Cash and due from banks | 45,329 | 39,581 | ||||||||||||||||
Other assets | 66,667 | 44,630 | ||||||||||||||||
Total assets | $ | 1,640,242 | $ | 1,309,918 | ||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Money market deposits | 256,337 | 178 | 0.09 | % | 212,115 | 222 | 0.14 | % | ||||||||||
Savings deposits | 397,445 | 256 | 0.09 | % | 288,236 | 203 | 0.09 | % | ||||||||||
Time deposits | 61,405 | 127 | 0.28 | % | 49,900 | 140 | 0.38 | % | ||||||||||
Total deposits | 715,187 | 561 | 0.10 | % | 550,251 | 565 | 0.14 | % | ||||||||||
Junior subordinated debentures | 10,310 | 267 | 3.46 | % | 10,310 | 255 | 3.31 | % | ||||||||||
Other interest-bearing liabilities | 11,601 | 50 | 0.58 | % | 14,660 | 6 | 0.05 | % | ||||||||||
Total interest-bearing liabilities | 737,098 | 878 | 0.16 | % | 575,221 | 826 | 0.19 | % | ||||||||||
Non-interest-bearing deposits | 767,181 | 611,422 | ||||||||||||||||
Other liabilities | 11,824 | 10,048 | ||||||||||||||||
Shareholders' equity | 124,139 | 113,227 | ||||||||||||||||
Total liabilities & equity | $ | 1,640,242 | $ | 1,309,918 | ||||||||||||||
Cost of funding interest-earning assets (4) | 0.08 | % | 0.09 | % | ||||||||||||||
Net interest income and margin (5) | $ | 41,159 | 3.60 | % | $ | 33,960 | 3.70 | % | ||||||||||
(1) Not computed on a tax-equivalent basis. | ||||||||||||||||||
(2) Average nonaccrual loan balances of | ||||||||||||||||||
(3) Net fees included in loan interest income for the nine-month periods ended September 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 components of non-interest income for the three-month periods ended September 30, 2022 and 2021. | ||||||||||||
For the Three Months Ended | ||||||||||||
September 30, | ||||||||||||
2022 | 2021 | Dollar Change | Percentage Change | |||||||||
Interchange income | $ | 864 | $ | 839 | $ | 25 | 3.0 | % | ||||
Service charges on deposit accounts | 666 | 636 | 30 | 4.7 | % | |||||||
Gain on sale of loans, net | 353 | - | 353 | 100.0 | % | |||||||
Loan servicing fees | 220 | 200 | 20 | 10.0 | % | |||||||
Earnings on life insurance policies | 99 | 104 | (5 | ) | (4.81 | )% | ||||||
Other | 352 | 222 | 130 | 58.6 | % | |||||||
Total non-interest income | $ | 2,554 | $ | 2,001 | $ | 553 | 27.6 | % | ||||
The following table presents the components of non-interest expense for the three-month periods ended September 30, 2022 and 2021. | ||||||||||||
For the Three Months Ended | ||||||||||||
September 30, | ||||||||||||
2022 | 2021 | Dollar Change | Percentage Change | |||||||||
Salaries and employee benefits | $ | 4,380 | $ | 2,940 | $ | 1,440 | 49.0 | % | ||||
Occupancy and equipment | 1,220 | 1,043 | 177 | 17.0 | % | |||||||
Outside service fees | 1,007 | 1,101 | (94 | ) | (8.5 | )% | ||||||
Professional fees | 314 | 246 | 68 | 27.6 | % | |||||||
Advertising and shareholder relations | 194 | 154 | 40 | 26.0 | % | |||||||
Telephone and data communication | 190 | 206 | (16 | ) | (7.8 | )% | ||||||
Armored car and courier | 183 | 130 | 53 | 40.8 | % | |||||||
Director compensation and expense | 154 | 132 | 22 | 16.7 | % | |||||||
Business development | 130 | 95 | 35 | 36.8 | % | |||||||
Amortization of Core Deposit Intangible | 72 | 83 | (11 | ) | (13.3 | )% | ||||||
Loan collection expenses | 56 | 113 | (57 | ) | (50.4 | )% | ||||||
Deposit insurance | 48 | 128 | (80 | ) | (62.5 | )% | ||||||
Other | 250 | 230 | 20 | 8.7 | % | |||||||
Total non-interest expense | $ | 8,198 | $ | 6,601 | $ | 1,597 | 24.2 | % |
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, 2022 and 2021. | ||||||||||||
For the Nine Months Ended | ||||||||||||
September 30, | ||||||||||||
2022 | 2021 | Dollar Change | Percentage Change | |||||||||
Gain on sale of loans, net | $ | 2,688 | $ | 591 | $ | 2,097 | 354.8 | % | ||||
Interchange income | 2,478 | 2,367 | 111 | 4.7 | % | |||||||
Service charges on deposit accounts | 1,835 | 1,743 | 92 | 5.3 | % | |||||||
Loan servicing fees | 642 | 623 | 19 | 3.0 | % | |||||||
Earnings on life insurance policies | 281 | 279 | 2 | 0.7 | % | |||||||
Other | 944 | 628 | 316 | 50.3 | % | |||||||
Total non-interest income | $ | 8,868 | $ | 6,231 | $ | 2,637 | 42.3 | % | ||||
The following table presents the components of non-interest expense for the nine-month periods ended September 30, 2022 and 2021. | ||||||||||||
For the Nine Months Ended | ||||||||||||
September 30, | ||||||||||||
2022 | 2021 | Dollar Change | Percentage Change | |||||||||
Salaries and employee benefits | $ | 12,700 | $ | 8,694 | $ | 4,006 | 46.1 | % | ||||
Occupancy and equipment | 3,468 | 2,838 | 630 | 22.2 | % | |||||||
Outside service fees | 2,937 | 2,718 | 219 | 8.1 | % | |||||||
Professional fees | 930 | 1,039 | (109 | ) | (10.5 | )% | ||||||
Telephone and data communication | 572 | 536 | 36 | 6.7 | % | |||||||
Armored car and courier | 498 | 355 | 143 | 40.3 | % | |||||||
Advertising and shareholder relations | 496 | 325 | 171 | 52.6 | % | |||||||
Director compensation and expense | 429 | 329 | 100 | 30.4 | % | |||||||
Deposit insurance | 420 | 290 | 130 | 44.8 | % | |||||||
Business development | 372 | 222 | 150 | 67.6 | % | |||||||
Amortization of Core Deposit Intangible | 216 | 167 | 49 | 29.3 | % | |||||||
Loan collection expenses | 199 | 207 | (8 | ) | (3.9 | )% | ||||||
Other | 667 | 505 | 162 | 32.1 | % | |||||||
Total non-interest expense | $ | 23,904 | $ | 18,225 | $ | 5,679 | 31.2 | % |
PLUMAS BANCORP | ||||||||||||
SELECTED FINANCIAL INFORMATION | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
The following table shows the distribution of loans by type at September 30, 2022 and 2021. | ||||||||||||
Percent of Loans in Each Category to Total Loans | Percent of Loans in Each Category to Total Loans | |||||||||||
Balance at End of Period | Balance at End of Period | |||||||||||
9/30/2022 | 9/30/2022 | 9/30/2021 | 9/30/2021 | |||||||||
Commercial | $ | 73,227 | 8.5 | % | $ | 124,254 | 14.8 | % | ||||
Agricultural | 124,894 | 14.6 | % | 134,638 | 16.0 | % | ||||||
Real estate – residential | 15,999 | 1.9 | % | 10,139 | 1.2 | % | ||||||
Real estate – commercial | 457,624 | 53.3 | % | 402,921 | 48.0 | % | ||||||
Real estate – construction & land | 55,511 | 6.5 | % | 39,085 | 4.7 | % | ||||||
Equity Lines of Credit | 34,568 | 4.0 | % | 33,254 | 4.0 | % | ||||||
Auto | 91,425 | 10.7 | % | 90,439 | 10.8 | % | ||||||
Other | 4,728 | 0.5 | % | 4,213 | 0.5 | % | ||||||
Total Gross Loans | $ | 857,976 | 100 | % | $ | 838,943 | 100 | % | ||||
The following table shows the distribution of deposits by type at September 30, 2022 and 2021. | ||||||||||||
Percent of Deposits in Each Category to Total Deposits | Percent of Deposits in Each Category to Total Deposits | |||||||||||
Balance at End of Period | Balance at End of Period | |||||||||||
9/30/2022 | 9/30/2022 | 9/30/2021 | 9/30/2021 | |||||||||
Non-interest bearing | $ | 795,880 | 52.7 | % | $ | 728,021 | 51.8 | % | ||||
Money Market | 245,902 | 16.3 | % | 265,440 | 18.9 | % | ||||||
Savings | 414,039 | 27.4 | % | 344,236 | 24.5 | % | ||||||
Time | 55,375 | 3.6 | % | 66,749 | 4.8 | % | ||||||
Total Deposits | $ | 1,511,196 | 100 | % | $ | 1,404,446 | 100 | % |
FAQ
What were Plumas Bancorp's earnings for Q3 2022?
How did Plumas Bancorp perform in the first nine months of 2022?
What is the current status of Plumas Bancorp's non-performing assets?
How much did Plumas Bancorp's total assets increase by?