Plumas Bancorp (the “Company”) (Nasdaq:PLBC), the parent company of
Plumas Bank, today announced record earnings during the three and
nine months ended September 30, 2017. Earnings during the third
quarter of 2017 totaled $2.4 million or $0.48 per share, an
increase of $491 thousand from $2.0 million or $0.40 per share
during the third quarter of 2016. Diluted earnings per share
increased to $0.47 per share during the three months ended
September 30, 2017 from $0.39 per share during the quarter ended
September 30, 2016. For the nine months ended September 30, 2017,
the Company reported net income of $7.1 million or $1.41 per share,
an increase of $1.7 million, or 31%, from $5.4 million or $1.11 per
share earned during the nine months ended September 30, 2016.
Earnings per diluted share increased to $1.36 during the nine
months ended September 30, 2017 up $0.30 from $1.06 during the
first nine months of 2016.
“On behalf of the Board of Directors, I am very
pleased to report exceptional results for the third quarter and
nine months ended September 30, 2017. The third quarter earnings of
$2.4 million represent the highest level of earnings for any third
quarter in the history of the Company,” commented Andrew J. Ryback,
director, president and chief executive officer of Plumas Bancorp
and Plumas Bank.
Ryback explained, “Significant highlights for
the quarter include record earnings; record levels of assets, loans
and deposits; a 17.7% return on average equity; and a 55%
efficiency ratio. Deposit growth was particularly strong during the
third quarter with deposits increasing by $33.7 million from $616
million at June 30, 2017 to $650 million at September 30, 2017. In
addition, we continue to enjoy a very low cost of funds with over
42% of our deposits in non-interest bearing accounts and only 7% in
time deposit accounts.”
“Furthermore,” Ryback continued, “our branches
continue to provide award-winning customer service as evidenced by
our three branches in the North Tahoe/Truckee region recently being
voted #1 in the ‘Best Bank’ category of the local newspaper’s ‘BEST
OF 2017’ contest. Our well-trained and dedicated staff is a
critical factor in helping us deliver on our brand promise which is
the foundation of our success. Finally, as always, I’d like to
thank our clients, our dedicated team and our shareholders for
their continued support.”
Financial Highlights
September 30, 2017 compared to September 30,
2016
- Total assets increased by $74 million, or 11%, to $731
million.
- Cash and due from banks increased by $24 million, or 32% to
$102 million.
- Gross loans increased by $32 million, or 7%, to $479 million
compared to $447 million.
- Total deposits increased by $68 million, or 12%, to $650
million.
- Total equity increased by $7.3 million to $56 million.
- Book value per share increased by $1.08, or 11%, to $10.99, up
from $9.91.
Income Statement
Three months ended September 30, 2017
compared to September 30, 2016
- Net income increased by $491 thousand or 25%, to $2.4
million.
- Diluted EPS increased by $0.08, or 21%, to $0.47 from
$0.39.
- Net interest income increased by $1 million to $7.1
million.
- Return on average equity increased to 17.7% from 16.3%.
- Return on average assets increased to 1.36% from 1.23%.
Nine months ended September 30, 2017
compared to September 30, 2016
- Net income increased by $1.7 million or 31%, to $7.1
million.
- Diluted EPS increased by $0.30, or 28%, to $1.36 from
$1.06.
- Net interest income increased by $2.8 million to $20.5
million.
- Return on average equity increased to 18.1% from 15.7%.
- Return on average assets increased to 1.39% from 1.18%.
Loans, Deposits, Investments and
Cash
Gross loans increased by $32.4 million, or 7%,
from $447 million at September 30, 2016 to $479 million at
September 30, 2017. The three largest areas of growth in the
Company’s loan portfolio were $22 million in commercial real estate
loans, $9 million in agricultural loans and $4 million in
construction loans. The largest decrease in loans was $5 million in
residential real estate loans.
Total deposits increased by $68.4 million from
$581 million at September 30, 2016 to $650 million at September 30,
2017. This $68.4 million increase includes increases of $37
million in non-interest bearing demand deposits and $34 million in
money market and savings accounts. Time deposits declined by $3
million to $46.8 million or 7% of total deposits. Non-interest
bearing demand deposits totaled 42% of the Bank’s total deposits at
September 30, 2017. The Company has no brokered deposits.
Total investment securities increased by $15.9
million from $100.6 million at September 30, 2016 to $116.5 million
at September 30, 2017. Cash and due from banks increased by $24.5
million from $77.0 million at September 30, 2016 to $101.5 million
at September 30, 2017.
Asset Quality
Nonperforming assets (which are comprised of
nonperforming loans, other real estate owned (“OREO”) and
repossessed vehicle holdings) at September 30, 2017 were $4.7
million, down from $5.6 million at September 30, 2016.
Nonperforming assets as a percentage of total assets decreased to
0.64% at September 30, 2017 down from 0.86% at September 30, 2016.
OREO declined by $1.7 million from $2.5 million at September 30,
2016 to $828 thousand at September 30, 2017. Nonperforming
loans at September 30, 2017 were $3.8 million, up $698 thousand
from $3.1 million at September 30, 2016. Nonperforming loans
as a percentage of total loans increased 10 basis points to 0.79%
at September 30, 2017, up from 0.69% at September 30,
2016.
During the nine months ended September 30, 2017
and 2016 we recorded a provision for loan losses of $600 thousand.
Net charge-offs totaled $327 thousand and $201 thousand during the
nine months ended September 30, 2017 and 2016, respectively. The
allowance for loan losses totaled $6.8 million at September 30,
2017 and $6.5 million at September 30, 2016. The allowance for loan
losses as a percentage of total loans decreased slightly from 1.45%
at September 30, 2016 to 1.42% at September 30, 2017.
Shareholders’ Equity
Total shareholders’ equity increased by $7.3
million from $48.3 million at September 30, 2016 to $55.6 million
at September 30, 2017. The $7.3 million includes earnings during
the twelve month period totaling $9.2 million and stock option
activity totaling $0.5 million. These items were partially offset
by a decrease in net unrealized gains on investment securities of
$1.2 million, a $0.10 per share cash dividend, paid in November
2016 and a $0.14 per share cash dividend paid in May 2017.
The two cash dividends totaled $1.2 million.
In May, 2017 the Company’s outstanding warrant,
which represented the right to purchase 150,000 shares of common
stock at $5.25 per share, was exercised in a cashless exercise
resulting in the issuance of 108,111 common shares.
Net Interest Income and Net Interest Margin
Net interest income, on a nontax-equivalent
basis, was $7.1 million for the three months ended September 30,
2017, an increase of $1.0 million, or 17%, from $6.1 million for
the same period in 2016. The increase in net interest income
includes an increase of $1 million in interest income; the largest
component of which was an increase in interest and fees on loans of
$710 thousand. This increase in interest and fees on loans was
related to an increase in average loan balances of $36 million and
an increase in yield on loans of 17 basis points from 5.32% during
the 2016 quarter to 5.49% during the current quarter. We attribute
this increase in yield primarily to an increase in the prime
interest rate as well as a decrease in net loan costs of $47
thousand. Interest expense declined by $1 thousand related to the
payoff of Plumas Bancorp’s note payable during the second quarter
of 2017 mostly offset by an increase in the average balance of
interest-bearing deposits and an increase in the rate paid on
Plumas Bancorp’s junior subordinated debentures. Interest on
the note payable was $31 thousand during the third quarter of 2016.
Net interest margin for the three months ended September 30, 2017
increased 11 basis points to 4.31%, up from 4.20% for the same
period in 2016.
Net interest income, on a nontax-equivalent
basis, for the nine months ended September 30, 2017 was $20.5
million, an increase of $2.8 million from the $17.7 million earned
during the same period in 2016. Driven primarily by an increase in
average loan balances, interest income increased by $2.8 million
while interest expense, which benefited from the payoff of the
Bancorp’s note payable, declined by $7 thousand. Net
interest margin for the nine months ended September 30, 2017
increased 15 basis points to 4.37%, up from 4.22% for the same
period in 2016.
Non-Interest Income/Expense
During the three months ended September 30,
2017, non-interest income totaled $2.2 million, an increase of $190
thousand from the three months ended September 30, 2016. The
largest component of this increase was a $111 thousand increase in
service charge income primarily related to an increase in
interchange income on debit card transactions, an increase in
overdraft income and an increase in service charges on deposit
accounts. In addition, gains on sale of SBA loans increased by $52
thousand from $505 thousand during the three months ended September
30, 2016 to $557 thousand during the current quarter.
During the nine months ended September 30, 2017,
non-interest income totaled $6.6 million, an increase of $912
thousand from the nine months ended September 30, 2016. The largest
component of this increase was a $473 thousand increase in gains on
sale of SBA loans from $1.4 million during the nine months ended
September 30, 2016 to $1.9 million during the current period.
Proceeds from SBA loan sales totaled $31.4 million during the
current period and $23.7 million during the nine months ended
September 30, 2016. Loans originated for sale totaled $27.2
million during the nine months ended September 30, 2017 and $22.2
million during the nine months ended September 30, 2016. In
addition, service charge income increased by $319 thousand during
the comparison period mostly related to an increase in interchange
income on debit card transactions, an increase in overdraft income
and an increase in service charges on deposit accounts.
During the three months ended September 30,
2017, total non-interest expense increased by $423 thousand, or 9%,
to $5.1 million, up from $4.7 million for the comparable period in
2016. The two largest components of this increase were increases of
$275 thousand in salary and benefit expense and $97 thousand in the
provision for changes in OREO valuation. Salary expense increased
by $99 thousand to $2.2 million related to additions to staff and
merit and promotion increases. Commission expense related to our
SBA operations increased by $56 thousand consistent with the
increase in SBA activity and bonus expense increased by $50
thousand related to increased profitability. The increase in the
provision for changes in OREO valuation was related to a $95
thousand write-down, based on a recent appraisal, on the Company’s
largest OREO property.
During the nine months ended September 30, 2017,
total non-interest expense increased by $1.1 million to $15.1
million mostly related to a $900 thousand increase in salary and
benefit expense. The three largest components of the increase in
salary and benefit expense were increases of $355 thousand in
salary expense, $189 thousand in accrued bonus expense and $163
thousand in commissions.
Founded in 1980, Plumas Bank is a locally owned
and managed full-service community bank headquartered in
Northeastern California. The Bank operates twelve branches: eleven
located in the California counties of Plumas, Lassen, Placer,
Nevada, Modoc and Shasta and one branch in the Nevada County of
Washoe. The Bank also operates four loan production offices: two
located in the California Counties of Placer and Butte, one located
in the Oregon County of Klamath and one located in the Arizona
County of Maricopa. 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.
In addition, discussions about risks and
uncertainties are set forth from time to time in the Company’s
publicly available Securities and Exchange Commission filings. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect subsequent events or
circumstances.
Contact: Elizabeth KuipersVice President, Marketing Manager
& Investor Relations Officer Plumas Bank 35 S. Lindan Avenue
Quincy, CA 95971 530.283.7305 ext.8912
investorrelations@plumasbank.com
| |
|
| |
|
| PLUMAS BANCORP |
|
| CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
| (In thousands) |
|
| (Unaudited) |
|
|
|
As of September 30, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
DollarChange |
|
PercentageChange |
|
|
ASSETS |
|
|
|
|
|
|
|
|
| Cash and due from
banks |
$ |
101,531 |
|
|
$ |
77,048 |
|
$ |
24,483 |
|
|
31.8 |
% |
|
| Investment
securities |
|
116,522 |
|
|
|
100,618 |
|
|
15,904 |
|
|
15.8 |
% |
|
| Loans, net of allowance
for loan losses |
|
474,717 |
|
|
|
442,399 |
|
|
32,318 |
|
|
7.3 |
% |
|
| Premises and equipment,
net |
|
11,270 |
|
|
|
11,921 |
|
|
(651 |
) |
|
-5.5 |
% |
|
| Bank owned life
insurance |
|
12,781 |
|
|
|
12,443 |
|
|
338 |
|
|
2.7 |
% |
|
| Real estate acquired
through foreclosure |
|
828 |
|
|
|
2,517 |
|
|
(1,689 |
) |
|
-67.1 |
% |
|
| Accrued interest
receivable and other assets |
|
13,399 |
|
|
|
10,173 |
|
|
3,226 |
|
|
31.7 |
% |
|
| Total
assets |
$ |
731,048 |
|
|
$ |
657,119 |
|
$ |
73,929 |
|
|
11.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
| Deposits |
$ |
649,850 |
|
|
$ |
581,421 |
|
$ |
68,429 |
|
|
11.8 |
% |
|
| Accrued interest
payable and other liabilities |
|
15,332 |
|
|
|
14,582 |
|
|
750 |
|
|
5.1 |
% |
|
| Note payable |
|
- |
|
|
|
2,500 |
|
|
(2,500 |
) |
|
-100.0 |
% |
|
| Junior subordinated
deferrable interest debentures |
|
10,310 |
|
|
|
10,310 |
|
|
- |
|
|
0.0 |
% |
|
| Total
liabilities |
|
675,492 |
|
|
|
608,813 |
|
|
66,679 |
|
|
11.0 |
% |
|
| Common stock |
|
6,350 |
|
|
|
5,818 |
|
|
532 |
|
|
9.1 |
% |
|
| Retained earnings |
|
49,332 |
|
|
|
41,429 |
|
|
7,903 |
|
|
19.1 |
% |
|
| Accumulated other
comprehensive (loss) income, net |
|
(126 |
) |
|
|
1,059 |
|
|
(1,185 |
) |
|
-111.9 |
% |
|
|
Shareholders’ equity |
|
55,556 |
|
|
|
48,306 |
|
|
7,250 |
|
|
15.0 |
% |
|
| Total
liabilities and shareholders’ equity |
$ |
731,048 |
|
|
$ |
657,119 |
|
$ |
73,929 |
|
|
11.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PLUMAS BANCORP |
|
| CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
|
| (In thousands, except per share data) |
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
FOR THE THREE MONTHS ENDED SEPTEMBER 30, |
|
2017 |
|
|
|
2016 |
|
DollarChange |
|
PercentageChange |
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
$ |
7,401 |
|
|
$ |
6,380 |
|
$ |
1,021 |
|
|
16.0 |
% |
|
| Interest expense |
|
253 |
|
|
|
254 |
|
|
(1 |
) |
|
-0.4 |
% |
|
| Net
interest income before provision for loan losses |
|
7,148 |
|
|
|
6,126 |
|
|
1,022 |
|
|
16.7 |
% |
|
| Provision for loan
losses |
|
200 |
|
|
|
200 |
|
|
- |
|
|
0.0 |
% |
|
| Net
interest income after provision for loan losses |
|
6,948 |
|
|
|
5,926 |
|
|
1,022 |
|
|
17.2 |
% |
|
| Non-interest
income |
|
2,183 |
|
|
|
1,993 |
|
|
190 |
|
|
9.5 |
% |
|
| Non-interest
expense |
|
5,132 |
|
|
|
4,709 |
|
|
423 |
|
|
9.0 |
% |
|
| Income
before income taxes |
|
3,999 |
|
|
|
3,210 |
|
|
789 |
|
|
24.6 |
% |
|
| Provision for
income taxes |
|
1,551 |
|
|
|
1,253 |
|
|
298 |
|
|
23.8 |
% |
|
| Net
income |
$ |
2,448 |
|
|
$ |
1,957 |
|
$ |
491 |
|
|
25.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings
per share |
$ |
0.48 |
|
|
$ |
0.40 |
|
$ |
0.08 |
|
|
20.0 |
% |
|
| Diluted earnings
per share |
$ |
0.47 |
|
|
$ |
0.39 |
|
$ |
0.08 |
|
|
20.5 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE NINE MONTHS ENDED SEPTEMBER 30, |
|
2017 |
|
|
|
2016 |
|
DollarChange |
|
PercentageChange |
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
$ |
21,285 |
|
|
$ |
18,457 |
|
$ |
2,828 |
|
|
15.3 |
% |
|
| Interest expense |
|
756 |
|
|
|
763 |
|
|
(7 |
) |
|
-0.9 |
% |
|
| Net
interest income before provision for loan losses |
|
20,529 |
|
|
|
17,694 |
|
|
2,835 |
|
|
16.0 |
% |
|
| Provision for loan
losses |
|
600 |
|
|
|
600 |
|
|
- |
|
|
0.0 |
% |
|
| Net
interest income after provision for loan losses |
|
19,929 |
|
|
|
17,094 |
|
|
2,835 |
|
|
16.6 |
% |
|
| Non-interest
income |
|
6,613 |
|
|
|
5,701 |
|
|
912 |
|
|
16.0 |
% |
|
| Non-interest
expense |
|
15,106 |
|
|
|
14,023 |
|
|
1,083 |
|
|
7.7 |
% |
|
| Income
before income taxes |
|
11,436 |
|
|
|
8,772 |
|
|
2,664 |
|
|
30.4 |
% |
|
| Provision for
income taxes |
|
4,383 |
|
|
|
3,405 |
|
|
978 |
|
|
28.7 |
% |
|
| Net
income |
$ |
7,053 |
|
|
$ |
5,367 |
|
$ |
1,686 |
|
|
31.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings
per share |
$ |
1.41 |
|
|
$ |
1.11 |
|
$ |
0.30 |
|
|
27.0 |
% |
|
| Diluted earnings
per share |
$ |
1.36 |
|
|
$ |
1.06 |
|
$ |
0.30 |
|
|
28.3 |
% |
|
| |
|
|
|
|
|
|
|
|
| PLUMAS BANCORP |
| SELECTED FINANCIAL INFORMATION |
| (Dollars in thousands, except per share
data) |
| (Unaudited) |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
9/30/2017 |
|
6/30/2017 |
|
9/30/2016 |
|
9/30/2017 |
|
9/30/2016 |
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per
share |
$ |
0.48 |
|
|
$ |
0.51 |
|
|
$ |
0.40 |
|
|
$ |
1.41 |
|
|
$ |
1.11 |
|
| Diluted earnings per
share |
$ |
0.47 |
|
|
$ |
0.49 |
|
|
$ |
0.39 |
|
|
$ |
1.36 |
|
|
$ |
1.06 |
|
| Weighted average shares
outstanding |
|
5,048 |
|
|
|
5,001 |
|
|
|
4,868 |
|
|
|
4,987 |
|
|
|
4,856 |
|
| Weighted average
diluted shares outstanding |
|
5,192 |
|
|
|
5,180 |
|
|
|
5,035 |
|
|
|
5,181 |
|
|
|
5,052 |
|
| Cash dividends paid per
share (1) |
$ |
- |
|
|
$ |
0.14 |
|
|
$ |
- |
|
|
$ |
0.14 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average
assets |
|
1.36 |
% |
|
|
1.54 |
% |
|
|
1.23 |
% |
|
|
1.39 |
% |
|
|
1.18 |
% |
| Return on average
equity |
|
17.7 |
% |
|
|
19.7 |
% |
|
|
16.3 |
% |
|
|
18.1 |
% |
|
|
15.7 |
% |
| Yield on earning
assets |
|
4.46 |
% |
|
|
4.67 |
% |
|
|
4.37 |
% |
|
|
4.53 |
% |
|
|
4.40 |
% |
| Rate paid on
interest-bearing liabilities |
|
0.26 |
% |
|
|
0.27 |
% |
|
|
0.29 |
% |
|
|
0.27 |
% |
|
|
0.29 |
% |
| Net interest
margin |
|
4.31 |
% |
|
|
4.51 |
% |
|
|
4.20 |
% |
|
|
4.37 |
% |
|
|
4.22 |
% |
| Noninterest income to
average assets |
|
1.22 |
% |
|
|
1.44 |
% |
|
|
1.25 |
% |
|
|
1.30 |
% |
|
|
1.25 |
% |
| Noninterest expense to
average assets |
|
2.86 |
% |
|
|
2.96 |
% |
|
|
2.96 |
% |
|
|
2.97 |
% |
|
|
3.07 |
% |
| Efficiency ratio |
|
55.0 |
% |
|
|
52.8 |
% |
|
|
58.0 |
% |
|
|
55.7 |
% |
|
|
59.9 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
9/30/2017 |
|
6/30/2017 |
|
9/30/2016 |
|
12/31/2016 |
|
12/31/2015 |
|
CREDIT QUALITY RATIOS AND DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan
losses |
$ |
6,822 |
|
|
$ |
6,855 |
|
|
$ |
6,477 |
|
|
$ |
6,549 |
|
|
$ |
6,078 |
|
| Allowance for loan
losses as a percentage of total loans |
|
1.42 |
% |
|
|
1.44 |
% |
|
|
1.45 |
% |
|
|
1.42 |
% |
|
|
1.52 |
% |
| Nonperforming
loans |
$ |
3,798 |
|
|
$ |
2,910 |
|
|
$ |
3,100 |
|
|
$ |
2,724 |
|
|
$ |
4,546 |
|
| Nonperforming
assets |
$ |
4,675 |
|
|
$ |
3,754 |
|
|
$ |
5,639 |
|
|
$ |
3,471 |
|
|
$ |
6,332 |
|
| Nonperforming loans as
a percentage of total loans |
|
0.79 |
% |
|
|
0.61 |
% |
|
|
0.69 |
% |
|
|
0.59 |
% |
|
|
1.13 |
% |
| Nonperforming assets as
a percentage of total assets |
|
0.64 |
% |
|
|
0.54 |
% |
|
|
0.86 |
% |
|
|
0.53 |
% |
|
|
1.06 |
% |
| Year-to-date net
charge-offs |
$ |
327 |
|
|
$ |
94 |
|
|
$ |
201 |
|
|
$ |
329 |
|
|
$ |
473 |
|
| Year-to-date net
charge-offs as a percentage of average |
|
0.09 |
% |
|
|
0.04 |
% |
|
|
0.06 |
% |
|
|
0.08 |
% |
|
|
0.12 |
% |
| loans
(annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND OTHER DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common shares
outstanding at end of period |
|
5,053 |
|
|
|
5,043 |
|
|
|
4,874 |
|
|
|
4,897 |
|
|
|
4,835 |
|
| Tangible common
equity |
$ |
55,473 |
|
|
$ |
52,844 |
|
|
$ |
48,217 |
|
|
$ |
47,907 |
|
|
$ |
42,402 |
|
| Tangible book value per
common share |
$ |
10.98 |
|
|
$ |
10.48 |
|
|
$ |
9.89 |
|
|
$ |
9.78 |
|
|
$ |
8.77 |
|
| Tangible common equity
to total assets |
|
7.6 |
% |
|
|
7.7 |
% |
|
|
7.3 |
% |
|
|
7.3 |
% |
|
|
7.1 |
% |
| Gross loans to
deposits |
|
73.8 |
% |
|
|
77.3 |
% |
|
|
76.9 |
% |
|
|
79.2 |
% |
|
|
76.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS BANK REGULATORY CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 Leverage
Ratio |
|
9.0 |
% |
|
|
9.2 |
% |
|
|
9.3 |
% |
|
|
9.2 |
% |
|
|
9.4 |
% |
| Common Equity Tier 1
Ratio |
|
12.0 |
% |
|
|
11.8 |
% |
|
|
12.1 |
% |
|
|
12.1 |
% |
|
|
12.7 |
% |
| Tier 1 Risk-Based
Capital Ratio |
|
12.0 |
% |
|
|
11.8 |
% |
|
|
12.1 |
% |
|
|
12.1 |
% |
|
|
12.7 |
% |
| Total Risk-Based
Capital Ratio |
|
13.2 |
% |
|
|
13.0 |
% |
|
|
13.3 |
% |
|
|
13.3 |
% |
|
|
14.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) The
Company paid a semi-annual dividend of 14 cents per share on May
15, 2017 and 10 cents per share on November 21,2016. |
|
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