Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank,
today announced earnings during the second quarter of 2023 of $6.7
million or $1.14 per share, an increase of $1.0 million from $5.7
million or $0.97 per share during the second quarter of 2022.
Diluted earnings per share increased to $1.12 per share during the
three months ended June 30, 2023 up from $0.96 per share during the
quarter ended June 30, 2022.
For the six months ended June 30, 2023, the
Company reported net income of $14.3 million or $2.44 per share, an
increase of $2.9 million from $11.4 million or $1.95 per share
earned during the six months ended June 30, 2022. Earnings per
diluted share increased to $2.41 during the six months ended June
30, 2023 up $0.48 from $1.93 during the first six months of 2022.
Earnings during 2023 set a record for any six month period ending
June 30th in the Company’s history.
Return on average assets was 1.70% during the
current quarter, up from 1.40% during the second quarter of 2022.
Return on average equity increased to 20.5% for the three months
ended June 30, 2023, up from 19.0% during the second quarter of
2022. Return on average assets was 1.81% during the six months
ended June 30, 2023, up from 1.41% during the first half of 2022.
Return on average equity increased to 22.7% for the six months
ended June 30, 2023, up from 18.3% during the first half of
2022.
Balance Sheet
HighlightsJune 30, 2023 compared to June 30,
2022
-
Gross loans increased by $74 million, or 9%, to $936 million.
-
Investment securities increased by $104 million to $469
million.
-
Total equity increased by $12.4 million, or 11% to $129
million.
President’s Comments
“Plumas Bancorp achieved record earnings for the
first six months and second quarter of 2023,” Andrew J. Ryback,
director, president and chief executive officer of Plumas Bancorp
and Plumas Bank, announced.
“The ongoing performance was driven by net
interest income and net interest margin. Additionally, our ability
to maintain a low cost of funds has been and persists as a
significant factor in driving profitability.
We continue to evaluate lending opportunities
while prioritizing liquidity and assess portfolio performance,
allocating resources accordingly with a long-term perspective on
performance. Enhancing technology and operational efficiency
further will equip us to navigate the evolving landscape
effectively,” Ryback explained.
“The opening of the Chico branch in the second
quarter expanded Plumas Bank’s services in Butte County from a loan
production office to a full-service branch which has been
well-received in the community. Additionally, we continue exploring
avenues for strategic opportunities that align with our long-term
growth objectives,” Ryback concluded.
Loans, Deposits, Investments and
Cash
Gross loans increased by $74 million, or 9%,
from $862 million at June 30, 2022, to $935 million at June 30,
2023. Increases in loans included, $69 million in commercial real
estate loans, $15 million in automobile loans, $1 million in equity
lines of credit, $1 million in agricultural loans and $1 million in
other loans; these items were partially offset by a decrease of $9
million in commercial loans, $4 million in construction loans and
$1 million in residential loans. The decrease in commercial loans
included a decline in PPP loans from $8.0 million at June 30, 2022
to $265,000 at June 30, 2023.
On June 30, 2023, approximately 79% of the
Company’s loan portfolio was comprised of variable rate loans. The
rates of interest charged on variable rate loans are set at
specific increments in relation to the Company’s lending rate or
other indexes such as the published prime interest rate or U.S.
Treasury rates and vary with changes in these indexes. The
frequency at which variable rate loans reprice can vary from one
day to several years. Most of our commercial real estate portfolio
reprices every five years. Loans indexed to the prime interest rate
were approximately 21% of the Company’s loan portfolio; these loans
reprice within one day to three months of a change in the prime
rate.
Total deposits decreased by $77 million to $1.4
billion at June 30, 2023. The decrease in deposits includes
decreases of $48 million in demand deposits, $33 million in money
market accounts, and $27 million in savings deposits. Partially
offsetting these decreases was an increase in time deposit of $31
million. We attribute much of the decrease to the current interest
rate environment as we have seen some deposits leave for higher
rates and some customers reluctant to borrow to fund operating
expense and instead have drawn down their excess deposit balances.
Beginning in April 2023 we began offering a time deposit promotion
offering for a limited time 7-month and 11-month time deposits at
an interest rate of 4%. We discontinued this promotion, which
generated $46 million in deposits, on June 30, 2023. At June 30,
2023, 51% of the Company’s deposits were in the form of
non-interest bearing demand deposits. The Company has no brokered
deposits.
Total investment securities increased by $104
million from $365 million at June 30, 2022, to $469 million at June
30, 2023. The Bank’s investment security portfolio consists of debt
securities issued by the US Government, US Government agencies, US
Government sponsored agencies and municipalities. Cash and due from
banks decreased by $226 million from $318 million at June 30, 2022,
to $92 million at June 30, 2023.
Asset Quality and CECL
Nonperforming assets (which are comprised of
nonperforming loans, other real estate owned (“OREO”) and
repossessed vehicle holdings) at June 30, 2023 were $9.6 million,
up from $2.0 million at June 30, 2022. Included in the $9.6 million
were $5 million in loans to one customer which were over 90 days
past due but not nonaccrual. These loans, which were modified
during June, were brought current in July. Nonperforming assets as
a percentage of total assets increased to 0.61% at June 30, 2023 up
from 0.12% at June 30, 2022. OREO decreased by $286,000 from
$369,000 at June 30, 2022 to $83,000 at June 30, 2023.
Nonperforming loans were $9.5 million at June 30, 2023 and $1.6
million at June 30, 2022. Much of the increase in nonperforming
loans were loans to walnut growers including the $5 million in
loans past due over 90 days but not nonaccrual. Walnuts prices have
declined significantly from 2022 levels. Nonperforming loans as a
percentage of total loans increased to 1.02% at June 30, 2023, up
from 0.18% at June 30, 2022.
Upon adoption of CECL we recorded an increase in
the allowance for credit losses of $529,000 and an increase in the
reserve for unfunded commitments of $258,000. The decline in
equity, net of tax, related to these two adjustments totaled
$554,000. During the first half of 2023 we recorded a provision for
credit losses of $2,875,000 consisting of a provision for loan
losses of $2,550,000 and an increase in the reserve for unfunded
commitments of $325,000. The increase in the reserves was
principally related to an increase in qualitative reserves related
to the continuation of increases in market interest rates, a
reduction in economic activity and $837,000 in specific reserves on
two loans to one borrower. As time progresses the results of
economic conditions will require CECL model assumption inputs to
change and further refinements to the estimation process may also
be identified.
Net charge-offs totaled $411,000 and $133,000
during the six months ended June 30, 2023 and 2022, respectively.
The allowance for credit losses totaled $13.4 million at June 30,
2023 and $10.9 million at June 30, 2022. The allowance for credit
losses as a percentage of total loans increased from 1.27% at June
30, 2022 to 1.43% at June 30, 2023.
The following tables present the activity in the
allowance for credit losses and the reserve for unfunded
commitments during the six months ended June 30, 2023 and 2022 (in
thousands).
Allowance for Credit Losses |
|
June 30, 2023 |
|
|
June 30, 2022 |
|
Balance, beginning of period |
$ |
10,717 |
|
|
$ |
10,352 |
|
|
Impact of CECL adoption |
|
529 |
|
|
|
- |
|
|
Provision charged to operations |
|
2,550 |
|
|
|
700 |
|
|
Losses charged to allowance |
|
(738 |
) |
|
|
(469 |
) |
|
Recoveries |
|
327 |
|
|
|
336 |
|
|
Balance, end of period |
$ |
13,385 |
|
|
$ |
10,919 |
|
|
Reserve for Unfunded Commitments |
|
June 30, 2023 |
|
|
June 30, 2022 |
|
Balance, beginning of period |
$ |
341 |
|
$ |
341 |
|
Impact of CECL adoption |
|
258 |
|
|
- |
|
Provision charged to operations |
|
325 |
|
|
- |
|
Balance, end of period |
$ |
924 |
|
$ |
341 |
|
Shareholders’ Equity
Total shareholders’ equity increased by $12.4
million from $116.2 million at June 30, 2022, to $128.6 million at
June 30, 2023. The $12.4 million includes earnings during the
twelve-month period totaling $29.3 million and stock option and
restricted stock activity totaling $606,000. These items were
partially offset by the payment of cash dividends totaling $4.8
million, an increase in accumulated other comprehensive loss of
$12.2 million and the adjustment recorded on the adoption of CECL,
net of tax, of $554,000.
Liquidity
The Company manages its liquidity to provide the
ability to generate funds to support asset growth, meet deposit
withdrawals (both anticipated and unanticipated), fund customers’
borrowing needs and satisfy maturity of short-term borrowings. The
Company’s liquidity needs are managed using assets or liabilities,
or both. On the asset side, in addition to cash and due from banks,
the Company maintains an investment portfolio which includes
unpledged U.S. Government-sponsored agency securities that are
classified as available-for-sale. On the liability side, liquidity
needs are managed by offering competitive offering rates on deposit
products and the use of established lines of credit.
The Company is a member of the FHLB and can
borrow up to $231 million from the FHLB secured by commercial and
residential mortgage loans with carrying values totaling $397
million. The Company is also eligible to participate in the Bank
Term Lending Program. The Federal Reserve Board, on March 12, 2023,
announced the creation of a new Bank Term Funding Program (BTFP).
The BTFP offers loans of up to one year in length to banks, savings
associations, credit unions, and other eligible depository
institutions pledging U.S. Treasuries, agency debt and
mortgage-backed securities, and other qualifying assets as
collateral. These assets will be valued at par. The Company has
pledged as collateral under the BTFP securities with a par value of
$96 million at June 30, 2023. In addition to its FHLB borrowing
line and the BTFP, the Company has unsecured short-term borrowing
agreements with two of its correspondent banks in the amounts of
$50 million and $20 million. There were no outstanding borrowings
to the FHLB, FRB or the correspondent banks at June 30, 2023 and
June 30, 2022.
The Company estimates that it has approximately
$460 million in uninsured deposits. Of this amount, $101 million
represents deposits that are collateralized such as deposits of
states, municipalities and tribal accounts.
Management believes that the Company’s available
sources of funds, including borrowings, will provide adequate
liquidity for its operations for the foreseeable future.
Net Interest Income and Net Interest Margin
Net interest income was $17.2 million for the
three months ended June 30, 2023, an increase of $3.8 million from
the same period in 2022. The increase in net interest income
includes an increase of $4.5 million in interest income partially
offset by an increase of $0.7 million in interest expense. Interest
and fees on loans, including loans held for sale, increased by $2.3
million related to growth in the loan portfolio and an increase in
yield on the portfolio. Net loan fees/costs declined from net fees
of $200,000 during the 2022 quarter to net costs of $231,000 during
the three months ended June 30, 2023. This decline is mostly
related to a decline in fees earned on PPP loans.
Including loans held for sale, average loan
balances increased by $65 million, while the average yield on these
loans increased by 62 basis points from 5.21% during the second
quarter of 2022 to 5.84% during the current quarter. The increase
in loan yield includes the effect of an increase in market rates
during 2023 partially offset by a decline in PPP fee income as
described above. The average prime interest rate increased from
3.94% during the second quarter of 2022 to 8.16% during the current
quarter.
Interest on investment securities increased by
$1.9 million from the second quarter of 2022, related to an
increase in average investment securities of $141 million to $478
million and an increase in yield on the investment portfolio from
2.31% during the second quarter of 2022 to 3.24% during the current
quarter. Interest on interest-earning cash balances increased by
$304,000 related to an increase in the rate earned on these
balances partially offset by a decrease in average interest-earning
cash balances. The rate paid on interest-earning cash balances
increased from 0.84% during the second quarter of 2022 to 5.14%
during the current quarter mostly related to an increase in the
rate paid on balances held at the Federal Reserve Bank. The average
rate paid on Federal Reserve balances was 0.84% during the second
quarter of 2022 and 5.06% during the current quarter. Average
interest-earning cash balances declined from $314 million during
the second quarter of 2022 to $75 million in the current quarter
related to a decline in average deposits and increases in loans and
investments.
Average interest earning assets during the three
months ended June 30, 2023 totaled $1.5 billion, a decrease of $33
million from the same period in 2022. The average yield on interest
earning assets increased 131 basis points to 4.96%, up from 3.65%
for the same period in 2022. Net interest margin for the three
months ended June 30, 2023 increased 112 basis points to 4.69%, up
from 3.57% for the same period in 2022.
Net interest income for the six months ended
June 30, 2023 was $34.4 million, an increase of $9.0 million from
the $25.4 million earned during the same period in 2022. The
increase in net interest income includes an increase of $10.0
million in interest income partially offset by an increase of $1.0
million in interest expense. Interest and fees on loans, including
loans held for sale, increased by $4.4 million related to growth in
the loan portfolio and an increase in yield on the portfolio. Net
loan fees/costs declined from net fees of $511,000 during the 2022
period to net costs of $581,000 during the six months ended June
30, 2023. This decline is mostly related to a decline in fees
earned on PPP loans. The average yield on loans, including loans
held for sale, increased by 60 basis points from 5.13% during the
first six months of 2022 to 5.73% during the current period.
Average interest earning assets during the
current six month period totaled $1.5 billion, a decrease of $26
million from the same period in 2022. This decrease in average
interest earning assets resulted from a decline in average
interest-earning cash balances of $237 million, mostly offset by
increases of $63 million in average loan balances and $148 million
in average investment securities. The average yield on interest
earning assets increased by 141 basis points to 4.88%, related to
increases in market rates. Net interest margin for the six months
ended June 30, 2023 increased 127 basis points to 4.66%, up from
3.39% for the same period in 2022.
Non-Interest Income/Expense
Non-interest income decreased by $521,000 to
$2.1 million during the current quarter from $2.7 million during
the three months ended June 30, 2022. The largest component of this
decrease was a decline in gains on sale of SBA loans of $645,000.
During the current quarter we sold one loan totaling $652,000. This
compares to sales of $14.1 million during the second quarter of
2022. The SBA 7(a) loan product that is salable in the open market
is variable rate tied to prime and we have seen a significant
decline in interest in this product given the recent increases in
the prime rate. While we continue to produce SBA 7(a) loans for
sale at a much lower volume, we have started funding fixed rate SBA
7(a) loans which we portfolio. Additionally during the fourth
quarter of 2022 and continuing into 2023 we experienced a
significant decline in premiums received on the sale of SBA loans;
in response during the three months ended March 30, 2023 and six
months ended June 30, 2023 we chose to portfolio $4.1 million in
salable SBA 7(a) loans which did not meet a minimum premium on
sale.
During the six months ended June 30, 2023,
non-interest income totaled $6.1 million, a decrease of $246,000
from $6.3 million during the six months ended June 30, 2022. The
largest component of this decrease was a decline in gain on sale of
loans of $2.1 million from $2.3 million during the six months ended
June 30, 2022 to $219,000 during the current period. We did not
sell SBA 7(a) loans during the second and third quarters of 2021
resulting in an inventory of loans held for sale of $31.3 million
at December 31, 2021. During the first half of 2022 we sold $38.2
million in guaranteed portions of SBA 7(a) loans. This compares to
$4.9 million in sales during the current period. Mostly offsetting
the decline in SBA gains was a gain of $1.7 million on termination
of our interest rate swaps during the first quarter of 2023.
During the three months ended June 30, 2023,
total non-interest expense increased by $1.1 million from $8.0
million during the second quarter of 2022 to $9.1 million during
the current quarter. The largest components of this increase were
an increase in salary and benefit expense of $628,000, an increase
in outside service fees of $159,000 and an increase in occupancy
and equipment costs of $142,000. The increase in salary and benefit
expense primarily relates to an increase in salary expense and a
reduction in the deferral of loan origination costs. Salary expense
increased by $440,000 which we attribute primarily to merit and
promotional salary increases. In addition, our full time equivalent
employee count has increased from 172 at June 30, 2022 to 176 at
June 30, 2023. The deferral of loan origination costs declined by
$366,000 from the second quarter of 2022 as we have seen a
reduction in loan demand given the current economic environment.
The increase in outside service fees was spread among several
different categories, the largest of which were network
administration, investment management fees, and interchange
expense. Occupancy and equipment costs increased by $142,000, much
of which relates to snow removal and other costs attributable to an
unusually harsh winter in our service area and the opening of our
new Chico, California branch during the second quarter of 2023.
During the six months ended June 30, 2023
non-interest expense increased by $2.6 million to $18.3 million.
The largest components of this increase were $1.6 million in salary
and benefit expenses, $345,000 in occupancy and equipment costs and
$245,000 in outside service fees. The largest increases in salary
and benefit expense were $728,000 in salary expense and $866,000 in
the deferral of loan origination costs.
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 fifteen
branches: thirteen located in the California counties of Butte,
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 Auburn, California 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 HuynhInvestor Relations Plumas Bancorp5525
Kietzke Lane Ste. 100Reno, NV 89511775.786.0907
x8908investorrelations@plumasbank.com
PLUMAS BANCORP |
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(In thousands) |
(Unaudited) |
|
As of June 30, |
|
|
|
|
|
|
2023 |
|
2022 |
|
Dollar Change |
|
Percentage Change |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
91,765 |
|
$ |
317,657 |
|
$ |
(225,892 |
) |
|
(71.1 |
)% |
Investment securities |
468,920 |
|
365,189 |
|
103,731 |
|
|
28.4 |
% |
Loans, net of allowance for credit losses |
924,666 |
|
853,427 |
|
71,239 |
|
|
8.3 |
% |
Loans held for sale |
384 |
|
4,646 |
|
(4,262 |
) |
|
(91.7 |
)% |
Premises and equipment, net |
19,377 |
|
18,212 |
|
1,165 |
|
|
6.4 |
% |
Bank owned life insurance |
15,902 |
|
16,031 |
|
(129 |
) |
|
(0.8 |
)% |
Real estate acquired through foreclosure |
83 |
|
369 |
|
(286 |
) |
|
(77.5 |
)% |
Goodwill |
5,502 |
|
5,502 |
|
- |
|
|
0.0 |
% |
Accrued interest receivable and other assets |
46,386 |
|
39,593 |
|
6,793 |
|
|
17.2 |
% |
Total assets |
$ |
1,572,985 |
|
$ |
1,620,626 |
|
$ |
(47,641 |
) |
|
(2.9 |
)% |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
Deposits |
$ |
1,395,160 |
|
$ |
1,472,602 |
|
$ |
(77,442 |
) |
|
(5.3 |
)% |
Accrued interest payable and other liabilities |
39,267 |
|
21,556 |
|
17,711 |
|
|
82.2 |
% |
Borrowings |
10,000 |
|
- |
|
10,000 |
|
|
100.0 |
% |
Junior subordinated deferrable interest debentures |
- |
|
10,310 |
|
(10,310 |
) |
|
(100.0 |
)% |
Total liabilities |
1,444,427 |
|
1,504,468 |
|
(60,041 |
) |
|
(4.0 |
)% |
Common stock |
27,739 |
|
27,133 |
|
606 |
|
|
2.2 |
% |
Retained earnings |
139,191 |
|
115,212 |
|
23,979 |
|
|
20.8 |
% |
Accumulated other comprehensive income, net |
(38,372) |
|
(26,187) |
|
(12,185 |
) |
|
(46.5 |
)% |
Shareholders’ equity |
128,558 |
|
116,158 |
|
12,400 |
|
|
10.7 |
% |
Total liabilities and shareholders’ equity |
$ |
1,572,985 |
|
$ |
1,620,626 |
|
$ |
(47,641 |
) |
|
(2.9 |
)% |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
FOR THE THREE MONTHS ENDED JUNE 30, |
2023 |
|
2022 |
|
Dollar Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
18,223 |
|
$ |
13,717 |
|
$ |
4,506 |
|
|
32.8 |
% |
Interest expense |
984 |
|
289 |
|
695 |
|
|
240.5 |
% |
Net interest income before provision for loan losses |
17,239 |
|
13,428 |
|
3,811 |
|
|
28.4 |
% |
Provision for loan losses |
1,350 |
|
400 |
|
950 |
|
|
237.5 |
% |
Net interest income after provision for loan losses |
15,889 |
|
13,028 |
|
2,861 |
|
|
22.0 |
% |
Non-interest income |
2,143 |
|
2,664 |
|
(521 |
) |
|
(19.6 |
)% |
Non-interest expense |
9,098 |
|
8,033 |
|
1,065 |
|
|
13.3 |
% |
Income before income taxes |
8,934 |
|
7,659 |
|
1,275 |
|
|
16.6 |
% |
Provision for income taxes |
2,274 |
|
1,979 |
|
295 |
|
|
14.9 |
% |
Net income |
$ |
6,660 |
|
$ |
5,680 |
|
$ |
980 |
|
|
17.3 |
% |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.14 |
|
$ |
0.97 |
|
$ |
0.17 |
|
|
17.5 |
% |
Diluted earnings per share |
$ |
1.12 |
|
$ |
0.96 |
|
$ |
0.16 |
|
|
16.7 |
% |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(In thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
FOR THE SIX MONTHS ENDED JUNE 30, |
2023 |
|
2022 |
|
Dollar Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
36,010 |
|
$ |
26,033 |
|
$ |
9,977 |
|
|
38.3 |
% |
Interest expense |
1,622 |
|
590 |
|
1,032 |
|
|
174.9 |
% |
Net interest income before provision for loan losses |
34,388 |
|
25,443 |
|
8,945 |
|
|
35.2 |
% |
Provision for loan losses |
2,875 |
|
700 |
|
2,175 |
|
|
310.7 |
% |
Net interest income after provision for loan losses |
31,513 |
|
24,743 |
|
6,770 |
|
|
27.4 |
% |
Non-interest income |
6,068 |
|
6,314 |
|
(246 |
) |
|
(3.9 |
)% |
Non-interest expense |
18,323 |
|
15,707 |
|
2,616 |
|
|
16.7 |
% |
Income before income taxes |
19,258 |
|
15,350 |
|
3,908 |
|
|
25.5 |
% |
Provision for income taxes |
4,973 |
|
3,953 |
|
1,020 |
|
|
25.8 |
% |
Net income |
$ |
14,285 |
|
$ |
11,397 |
|
$ |
2,888 |
|
|
25.3 |
% |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
2.44 |
|
$ |
1.95 |
|
$ |
0.49 |
|
|
25.1 |
% |
Diluted earnings per share |
$ |
2.41 |
|
$ |
1.93 |
|
$ |
0.48 |
|
|
24.9 |
% |
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
6/30/2023 |
|
|
3/31/2023 |
|
|
6/30/2022 |
|
|
6/30/2023 |
|
6/30/2022 |
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.14 |
|
|
$ |
1.30 |
|
|
$ |
0.97 |
|
|
$ |
2.44 |
|
|
$ |
1.95 |
|
Diluted earnings per share |
$ |
1.12 |
|
|
$ |
1.28 |
|
|
$ |
0.96 |
|
|
$ |
2.41 |
|
|
$ |
1.93 |
|
Weighted average shares outstanding |
|
5,862 |
|
|
|
5,855 |
|
|
|
5,843 |
|
|
|
5,858 |
|
|
|
5,834 |
|
Weighted average diluted shares outstanding |
|
5,929 |
|
|
|
5,940 |
|
|
|
5,909 |
|
|
|
5,932 |
|
|
|
5,913 |
|
Cash dividends paid per share 1 |
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.16 |
|
|
$ |
0.50 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS (annualized for the three
months) |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.70 |
% |
|
|
1.93 |
% |
|
|
1.40 |
% |
|
|
1.81 |
% |
|
|
1.41 |
% |
Return on average equity |
|
20.5 |
% |
|
|
25.0 |
% |
|
|
19.0 |
% |
|
|
22.7 |
% |
|
|
18.3 |
% |
Yield on earning assets |
|
4.96 |
% |
|
|
4.81 |
% |
|
|
3.65 |
% |
|
|
4.88 |
% |
|
|
3.47 |
% |
Rate paid on interest-bearing liabilities |
|
0.56 |
% |
|
|
0.36 |
% |
|
|
0.16 |
% |
|
|
0.46 |
% |
|
|
0.16 |
% |
Net interest margin |
|
4.69 |
% |
|
|
4.64 |
% |
|
|
3.57 |
% |
|
|
4.66 |
% |
|
|
3.39 |
% |
Noninterest income to average assets |
|
0.55 |
% |
|
|
0.99 |
% |
|
|
0.66 |
% |
|
|
0.77 |
% |
|
|
0.78 |
% |
Noninterest expense to average assets |
|
2.32 |
% |
|
|
2.33 |
% |
|
|
1.98 |
% |
|
|
2.33 |
% |
|
|
1.94 |
% |
Efficiency ratio 2 |
|
46.9 |
% |
|
|
43.8 |
% |
|
|
49.9 |
% |
|
|
45.3 |
% |
|
|
49.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/2023 |
|
|
3/31/2023 |
|
|
6/30/2022 |
|
|
12/31/2022 |
|
|
12/31/2021 |
CREDIT QUALITY RATIOS AND DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
$ |
13,385 |
|
|
$ |
12,330 |
|
|
$ |
10,919 |
|
|
$ |
10,717 |
|
|
$ |
10,352 |
|
Allowance for loan losses as a percentage of total loans |
|
1.43 |
% |
|
|
1.35 |
% |
|
|
1.27 |
% |
|
|
1.18 |
% |
|
|
1.23 |
% |
Allowance for loan losses as a percentage of total loans - |
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding PPP loans |
|
1.43 |
% |
|
|
1.35 |
% |
|
|
1.28 |
% |
|
|
1.18 |
% |
|
|
1.29 |
% |
Nonperforming loans |
$ |
9,535 |
|
|
$ |
3,971 |
|
|
$ |
1,551 |
|
|
$ |
1,172 |
|
|
$ |
4,863 |
|
Nonperforming assets |
$ |
9,636 |
|
|
$ |
4,153 |
|
|
$ |
1,960 |
|
|
$ |
1,190 |
|
|
$ |
5,397 |
|
Nonperforming loans as a percentage of total loans |
|
1.02 |
% |
|
|
0.43 |
% |
|
|
0.18 |
% |
|
|
0.13 |
% |
|
|
0.58 |
% |
Nonperforming assets as a percentage of total assets |
|
0.61 |
% |
|
|
0.26 |
% |
|
|
0.12 |
% |
|
|
0.07 |
% |
|
|
0.33 |
% |
Year-to-date net charge-offs |
$ |
411 |
|
|
$ |
166 |
|
|
$ |
133 |
|
|
$ |
935 |
|
|
$ |
675 |
|
Year-to-date net charge-offs as a percentage of average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans (annualized) |
|
0.09 |
% |
|
|
0.07 |
% |
|
|
0.03 |
% |
|
|
0.11 |
% |
|
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND OTHER DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at end of period |
|
5,864 |
|
|
|
5,862 |
|
|
|
5,845 |
|
|
|
5,850 |
|
|
|
5,817 |
|
Shareholders’ equity |
$ |
128,558 |
|
|
$ |
128,823 |
|
|
$ |
116,158 |
|
|
$ |
119,004 |
|
|
$ |
134,082 |
|
Book value per common share |
$ |
21.92 |
|
|
$ |
21.98 |
|
|
$ |
19.87 |
|
|
$ |
20.34 |
|
|
$ |
23.05 |
|
Tangible common equity3 |
$ |
121,947 |
|
|
$ |
122,152 |
|
|
$ |
109,287 |
|
|
$ |
112,273 |
|
|
$ |
127,067 |
|
Tangible book value per common share4 |
$ |
20.80 |
|
|
$ |
20.84 |
|
|
$ |
18.70 |
|
|
$ |
19.19 |
|
|
$ |
21.84 |
|
Tangible common equity to total assets |
|
7.8 |
% |
|
|
7.7 |
% |
|
|
6.7 |
% |
|
|
6.9 |
% |
7.9 |
% |
Gross loans to deposits |
|
67.0 |
% |
|
|
65.0 |
% |
|
|
58.5 |
% |
|
|
62.6 |
% |
|
|
58.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS BANK REGULATORY CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
10.3 |
% |
|
|
9.8 |
% |
|
|
8.7 |
% |
|
|
9.2 |
% |
|
|
8.4 |
% |
Common Equity Tier 1 Ratio |
|
15.0 |
% |
|
|
14.8 |
% |
|
|
14.4 |
% |
|
|
14.7 |
% |
|
|
14.4 |
% |
Tier 1 Risk-Based Capital Ratio |
|
15.0 |
% |
|
|
14.8 |
% |
|
|
14.4 |
% |
|
|
14.7 |
% |
|
|
14.4 |
% |
Total Risk-Based Capital Ratio |
|
16.2 |
% |
|
|
16.0 |
% |
|
|
15.5 |
% |
|
|
15.7 |
% |
|
|
15.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company paid a quarterly cash dividends of $0.25 per share
on February 15, 2023 and May 15, 2023 and a quarterly cash dividend
of $0.16 per share on February 15, 2022, May 16, 2022, August 15,
2022 and November 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 |
|
|
6/30/2023 |
|
6/30/2022 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
|
$ |
919,751 |
|
$ |
13,388 |
|
5.84 |
% |
|
$ |
846,358 |
|
$ |
10,992 |
|
5.21 |
% |
Loans held for sale |
|
|
202 |
|
|
5 |
|
9.93 |
% |
|
|
8,600 |
|
|
123 |
|
5.74 |
% |
Investment securities |
|
|
351,986 |
|
|
2,938 |
|
3.35 |
% |
|
|
238,477 |
|
|
1,315 |
|
2.21 |
% |
Non-taxable investment securities (1) |
|
|
126,148 |
|
|
927 |
|
2.95 |
% |
|
|
98,552 |
|
|
626 |
|
2.55 |
% |
Interest-bearing deposits |
|
|
75,233 |
|
|
965 |
|
5.14 |
% |
|
|
314,289 |
|
|
661 |
|
0.84 |
% |
Total interest-earning assets |
|
|
1,473,320 |
|
|
18,223 |
|
4.96 |
% |
|
|
1,506,276 |
|
|
13,717 |
|
3.65 |
% |
Cash and due from banks |
|
|
26,050 |
|
|
|
|
|
|
48,852 |
|
|
|
|
Other assets |
|
|
74,888 |
|
|
|
|
|
|
68,522 |
|
|
|
|
Total assets |
|
$ |
1,574,258 |
|
|
|
|
|
$ |
1,623,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
|
229,886 |
|
|
338 |
|
0.59 |
% |
|
|
255,088 |
|
|
56 |
|
0.09 |
% |
Savings deposits |
|
|
383,599 |
|
|
208 |
|
0.22 |
% |
|
|
396,868 |
|
|
85 |
|
0.09 |
% |
Time deposits |
|
|
67,986 |
|
|
318 |
|
1.88 |
% |
|
|
61,955 |
|
|
42 |
|
0.27 |
% |
Total deposits |
|
|
681,471 |
|
|
864 |
|
0.51 |
% |
|
|
713,911 |
|
|
183 |
|
0.10 |
% |
Borrowings |
|
|
10,000 |
|
|
113 |
|
4.53 |
% |
|
|
- |
|
|
- |
|
- |
% |
Junior subordinated debentures |
|
|
- |
|
|
- |
|
- |
% |
|
|
10,310 |
|
|
90 |
|
3.50 |
% |
Other interest-bearing liabilities |
|
|
16,900 |
|
|
7 |
|
0.17 |
% |
|
|
10,135 |
|
|
16 |
|
0.63 |
% |
Total interest-bearing liabilities |
|
|
708,371 |
|
|
984 |
|
0.56 |
% |
|
|
734,356 |
|
|
289 |
|
0.16 |
% |
Non-interest-bearing deposits |
|
|
718,372 |
|
|
|
|
|
|
757,655 |
|
|
|
|
Other liabilities |
|
|
17,411 |
|
|
|
|
|
|
11,935 |
|
|
|
|
Shareholders’ equity |
|
|
130,104 |
|
|
|
|
|
|
119,704 |
|
|
|
|
Total liabilities & equity |
|
$ |
1,574,258 |
|
|
|
|
|
$ |
1,623,650 |
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
0.27 |
% |
|
|
|
|
|
0.08 |
% |
|
|
|
|
$ |
17,239 |
|
4.69 |
% |
|
|
|
$ |
13,428 |
|
3.57 |
% |
Net interest income and margin (5) |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not computed on a tax-equivalent
basis. |
|
|
|
|
(2) Average nonaccrual loan balances of $3.6 million for 2023 and
$3.4 million for 2022 are included in average loan balances for
computational purposes. |
(3) Net (cost) fees included in loan interest income for the
three-month periods ended June 30, 2023 and 2022 were ($231)
thousand and $200 thousand, respectively. |
(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 six-month periods
indicated the distribution of consolidated average assets,
liabilities and shareholders’ equity. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
For the Six Months Ended |
|
|
6/30/2023 |
|
6/30/2022 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
|
$ |
916,389 |
|
$ |
26,041 |
|
5.73 |
% |
|
$ |
838,866 |
|
$ |
21,302 |
|
5.12 |
% |
Loans held for sale |
|
|
1,016 |
|
|
46 |
|
9.13 |
% |
|
|
15,624 |
|
|
429 |
|
5.54 |
% |
Investment securities |
|
|
347,002 |
|
|
5,752 |
|
3.34 |
% |
|
|
226,609 |
|
|
2,314 |
|
2.06 |
% |
Non-taxable investment securities (1) |
|
|
125,388 |
|
|
1,841 |
|
2.96 |
% |
|
|
97,703 |
|
|
1,159 |
|
2.39 |
% |
Interest-bearing deposits |
|
|
97,103 |
|
|
2,330 |
|
4.84 |
% |
|
|
333,615 |
|
|
829 |
|
0.50 |
% |
Total interest-earning assets |
|
|
1,486,898 |
|
|
36,010 |
|
4.88 |
% |
|
|
1,512,417 |
|
|
26,033 |
|
3.47 |
% |
Cash and due from banks |
|
|
26,386 |
|
|
|
|
|
|
51,663 |
|
|
|
|
Other assets |
|
|
75,034 |
|
|
|
|
|
|
64,634 |
|
|
|
|
Total assets |
|
$ |
1,588,318 |
|
|
|
|
|
$ |
1,628,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
|
232,855 |
|
|
555 |
|
0.48 |
% |
|
|
258,833 |
|
|
122 |
|
0.10 |
% |
Savings deposits |
|
|
392,899 |
|
|
407 |
|
0.21 |
% |
|
|
390,812 |
|
|
167 |
|
0.09 |
% |
Time deposits |
|
|
58,057 |
|
|
369 |
|
1.28 |
% |
|
|
63,045 |
|
|
88 |
|
0.28 |
% |
Total deposits |
|
|
683,811 |
|
|
1,331 |
|
0.39 |
% |
|
|
712,690 |
|
|
377 |
|
0.11 |
% |
Borrowings |
|
|
5,691 |
|
|
141 |
|
5.00 |
% |
|
|
- |
|
|
- |
|
- |
% |
Junior subordinated debentures |
|
|
4,575 |
|
|
141 |
|
6.22 |
% |
|
|
10,310 |
|
|
179 |
|
3.50 |
% |
Other interest-bearing liabilities |
|
|
17,687 |
|
|
9 |
|
0.10 |
% |
|
|
11,987 |
|
|
34 |
|
0.57 |
% |
Total interest-bearing liabilities |
|
|
711,764 |
|
|
1,622 |
|
0.46 |
% |
|
|
734,987 |
|
|
590 |
|
0.16 |
% |
Non-interest-bearing deposits |
|
|
733,781 |
|
|
|
|
|
|
755,979 |
|
|
|
|
Other liabilities |
|
|
15,908 |
|
|
|
|
|
|
11,919 |
|
|
|
|
Shareholders’ equity |
|
|
126,865 |
|
|
|
|
|
|
125,829 |
|
|
|
|
Total liabilities & equity |
|
$ |
1,588,318 |
|
|
|
|
|
$ |
1,628,714 |
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
0.22 |
% |
|
|
|
|
|
0.08 |
% |
|
|
|
|
$ |
34,388 |
|
4.66 |
% |
|
|
|
$ |
25,443 |
|
3.39 |
% |
(1) Not computed on a tax-equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
|
(2) Average nonaccrual loan balances of $3.0 million for 2023 and
$4.2 million for 2022 are included in average loan balances for
computational purposes. |
(3) Net (costs) fees included in loan interest income for the
six-month periods ended June 30, 2023 and 2022 were ($581) thousand
and $511 thousand, respectively. |
(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 six-month periods ended June 30, 2023 and
2022. |
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
Dollar Change |
|
Percentage Change |
Gain on termination of swaps |
|
$ |
1,707 |
|
$ |
- |
|
$ |
1,707 |
|
|
100.0 |
% |
Interchange income |
|
|
1,539 |
|
|
1,615 |
|
|
(76 |
) |
|
(4.7 |
)% |
Service charges on deposit accounts |
|
|
1,313 |
|
|
1,170 |
|
|
143 |
|
|
12.2 |
% |
Loan servicing fees |
|
|
476 |
|
|
422 |
|
|
54 |
|
|
12.8 |
% |
Gain on sale of loans, net |
|
|
219 |
|
|
2,335 |
|
|
(2,116 |
) |
|
(90.6 |
)% |
Earnings on life insurance policies |
|
|
204 |
|
|
187 |
|
|
17 |
|
|
9.1 |
% |
Other |
|
|
610 |
|
|
585 |
|
|
25 |
|
|
4.3 |
% |
Total non-interest income |
|
$ |
6,068 |
|
$ |
6,314 |
|
$ |
(246 |
) |
|
(3.9 |
)% |
|
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
expense for the six-month periods ended June 30, 2023 and
2022. |
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended |
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
Dollar Change |
|
Percentage Change |
Salaries and employee benefits |
|
$ |
9,933 |
|
$ |
8,320 |
|
$ |
1,613 |
|
|
19.4 |
% |
Occupancy and equipment |
|
|
2,593 |
|
|
2,248 |
|
|
345 |
|
|
15.3 |
% |
Outside service fees |
|
|
2,175 |
|
|
1,930 |
|
|
245 |
|
|
12.7 |
% |
Professional fees |
|
|
626 |
|
|
616 |
|
|
10 |
|
|
1.6 |
% |
Advertising and shareholder relations |
|
|
460 |
|
|
302 |
|
|
158 |
|
|
52.3 |
% |
Director compensation and expense |
|
|
438 |
|
|
275 |
|
|
163 |
|
|
59.3 |
% |
Telephone and data communication |
|
|
403 |
|
|
382 |
|
|
21 |
|
|
5.5 |
% |
Deposit insurance |
|
|
370 |
|
|
372 |
|
|
(2 |
) |
|
(0.5 |
)% |
Armored car and courier |
|
|
347 |
|
|
315 |
|
|
32 |
|
|
10.2 |
% |
Business development |
|
|
305 |
|
|
242 |
|
|
63 |
|
|
26.0 |
% |
Loan collection expenses |
|
|
217 |
|
|
143 |
|
|
74 |
|
|
51.7 |
% |
Amortization of core deposit intangible |
|
|
120 |
|
|
144 |
|
|
(24 |
) |
|
(16.7 |
)% |
Other |
|
|
336 |
|
|
418 |
|
|
(82 |
) |
|
(19.6 |
)% |
Total non-interest expense |
|
$ |
18,323 |
|
$ |
15,707 |
|
$ |
2,616 |
|
|
16.7 |
% |
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 June 30, 2023 and
2022. |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
Dollar Change |
|
Percentage Change |
Interchange income |
|
$ |
824 |
|
|
$ |
853 |
|
$ |
(29 |
) |
|
(3.4 |
)% |
Service charges on deposit accounts |
|
|
694 |
|
|
|
604 |
|
|
90 |
|
|
14.9 |
% |
Loan servicing fees |
|
|
241 |
|
|
|
212 |
|
|
29 |
|
|
13.7 |
% |
Earnings on life insurance policies |
|
|
100 |
|
|
|
93 |
|
|
7 |
|
|
7.5 |
% |
(Loss) gain on sale of loans, net |
|
|
(11 |
) |
|
|
634 |
|
|
(645 |
) |
|
(101.7 |
)% |
Other |
|
|
295 |
|
|
|
268 |
|
|
27 |
|
|
10.1 |
% |
Total non-interest income |
|
$ |
2,143 |
|
|
$ |
2,664 |
|
$ |
(521 |
) |
|
(19.6 |
)% |
|
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
expense for the three-month periods ended June 30, 2023 and
2022. |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
Dollar Change |
|
Percentage Change |
Salaries and employee benefits |
|
$ |
4,866 |
|
|
$ |
4,238 |
|
$ |
628 |
|
|
14.8 |
% |
Occupancy and equipment |
|
|
1,253 |
|
|
|
1,111 |
|
|
142 |
|
|
12.8 |
% |
Outside service fees |
|
|
1,181 |
|
|
|
1,022 |
|
|
159 |
|
|
15.6 |
% |
Professional fees |
|
|
284 |
|
|
|
337 |
|
|
(53 |
) |
|
(15.7 |
)% |
Advertising and shareholder relations |
|
|
281 |
|
|
|
190 |
|
|
91 |
|
|
47.9 |
% |
Telephone and data communication |
|
|
203 |
|
|
|
191 |
|
|
12 |
|
|
6.3 |
% |
Director compensation and expense |
|
|
196 |
|
|
|
134 |
|
|
62 |
|
|
46.3 |
% |
Deposit insurance |
|
|
182 |
|
|
|
175 |
|
|
7 |
|
|
4.0 |
% |
Armored car and courier |
|
|
182 |
|
|
|
167 |
|
|
15 |
|
|
9.0 |
% |
Business development |
|
|
166 |
|
|
|
127 |
|
|
39 |
|
|
30.7 |
% |
Loan collection expenses |
|
|
87 |
|
|
|
75 |
|
|
12 |
|
|
16.0 |
% |
Amortization of core deposit intangible |
|
|
60 |
|
|
|
72 |
|
|
(12 |
) |
|
(16.7 |
)% |
Other |
|
|
157 |
|
|
|
194 |
|
|
(37 |
) |
|
(19.1 |
)% |
Total non-interest expense |
|
$ |
9,098 |
|
|
$ |
8,033 |
|
$ |
1,065 |
|
|
13.3 |
% |
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
The following table shows the distribution of loans by type
at June 30, 2023 and 2022. |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
6/30/2023 |
|
6/30/2023 |
|
6/30/2022 |
|
6/30/2022 |
Commercial |
|
$ |
74,958 |
|
8.0 |
% |
|
$ |
84,378 |
|
9.8 |
% |
Agricultural |
|
|
126,841 |
|
13.6 |
% |
|
|
125,807 |
|
14.6 |
% |
Real estate – residential |
|
|
14,878 |
|
1.6 |
% |
|
|
15,867 |
|
1.8 |
% |
Real estate – commercial |
|
|
517,289 |
|
55.3 |
% |
|
|
447,980 |
|
52.0 |
% |
Real estate – construction & land |
|
|
56,331 |
|
6.0 |
% |
|
|
60,891 |
|
7.1 |
% |
Equity Lines of Credit |
|
|
35,877 |
|
3.8 |
% |
|
|
34,745 |
|
4.0 |
% |
Auto |
|
|
103,050 |
|
11.0 |
% |
|
|
87,907 |
|
10.2 |
% |
Other |
|
|
5,990 |
|
0.7 |
% |
|
|
4,577 |
|
0.5 |
% |
Total Gross Loans |
|
$ |
935,214 |
|
100 |
% |
|
$ |
862,152 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table shows the distribution of deposits by
type at June 30, 2023 and 2022. |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
6/30/2023 |
|
6/30/2023 |
|
6/30/2022 |
|
6/30/2022 |
Non-interest bearing |
|
$ |
716,438 |
|
51.4 |
% |
|
$ |
764,907 |
|
52.0 |
% |
Money Market |
|
|
213,386 |
|
15.3 |
% |
|
|
246,067 |
|
16.7 |
% |
Savings |
|
|
374,013 |
|
26.8 |
% |
|
|
401,091 |
|
27.2 |
% |
Time |
|
|
91,323 |
|
6.5 |
% |
|
|
60,537 |
|
4.1 |
% |
Total Deposits |
|
$ |
1,395,160 |
|
100 |
% |
|
$ |
1,472,602 |
|
100 |
% |
Plumas Bancorp (NASDAQ:PLBC)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Plumas Bancorp (NASDAQ:PLBC)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024