Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank,
today announced first quarter 2019 earnings of $3.8 million or
$0.74 per share, an increase of $538 thousand from $3.3 million or
$0.65 per share during the first quarter of 2018. The $3.8 million
in net income represents the largest net income for any one quarter
in the Company’s history. Diluted earnings per share increased to
$0.73 during the three months ended March 31, 2019 from $0.63 per
share during the quarter ended March 31, 2018. Return on average
assets was 1.87% during the current quarter, up from 1.82% during
the first quarter of 2018. Return on average equity decreased
slightly to 22.2% for the three months ended March 31, 2019, down
from 23.6% during the first quarter of 2018.
Financial Highlights
March 31, 2019 compared to March 31,
2018
- Total assets increased by $95
million, or 13%, to $831 million.
- Gross loans increased by $84
million, or 17%, to $573 million.
- Investment securities increased by
$25 million, or 17% to $173 million.
- Total deposits increased by $78
million, or 12%, to $731 million.
- Total equity increased by $15.4
million, or 27% to $72.7 million.
- Book value per share increased by
$2.85, or 25%, to $14.12, up from $11.27.
Income StatementThree
months ended March 31, 2019 compared to March 31, 2018
- Net income increased by $538
thousand or 16%, to $3.8 million.
- Diluted EPS increased by $0.10, or
16%, to $0.73 from $0.63.
- Income before tax increased by $832
thousand or 19% to $5.3 million.
- Net interest income increased by
$1.8 million, or 24% to $9.4 million.
- The efficiency ratio improved to
50.1% from 54.0%.
- Return on average assets increased
to 1.87% from 1.82%.
President’s Comments
Andrew J. Ryback, director, president and chief
executive officer of Plumas Bancorp and Plumas Bank stated, “On
behalf of the Board of Directors, I am very pleased to report that
the Company continues to achieve record earnings. In fact,
the first quarter 2019 earnings represent the largest net income
for any one quarter in the Company’s history. Recently our
outstanding performance was recognized by three prestigious firms:
First, Raymond James and Associates awarded Plumas Bancorp with the
Community Bankers Cup for operating one of the top performing
community banks in the country. After evaluating 258 publicly-held
banks and awarding 26 (the top 10%) with the Cup, we were thrilled
that Plumas Bancorp ranked 2nd Best Performing Community Bank in
the nation. Second, S&P Global Market Intelligence ranked
Plumas Bank in the top 2% of the nation’s community banks and
thrifts under $3 billion in assets. Finally, for the fourth
consecutive year, Plumas Bank was named a ‘Super Premier’
performing bank by the Findley Reports.”
Ryback continued, “We are delighted to share
that Michonne R. Ascuaga recently joined our Board of Directors.
Michonne is an influential leader in the Reno/Sparks
community and her extensive management experience and regional
knowledge will be great assets as we continue to grow and thrive in
northern Nevada. Additionally, Mike Hix, a seasoned lending
professional, has recently joined the Bank as senior vice
president, commercial loan officer for the Reno, Nevada and
Truckee/Lake Tahoe region. We are confident Mike’s efforts will
help our clients and expand our banking relationships in the
region. Finally, we would like to thank Kerry D. Wilson, our
recently retired executive vice president, chief credit officer,
for his many years of dedicated service. Jeffrey T. Moore was
recently promoted to replace Kerry in this executive position. Jeff
joined the Bank in January 2018 and we expect that his proven
judgment and credit discipline will make him a valuable addition to
our executive team.”
Ryback concluded, “We are extremely proud of our
continued success and appreciate that we are being recognized both
regionally and nationally for our exceptional performance which is
building long-term shareholder value. It’s due to the vision and
leadership of our directors and executives as well as the hard work
and dedication of our team that we achieved such strong financial
performance throughout 2018 and in first quarter, 2019.”
Loans, Deposits, Investments and
Cash
Gross loans increased by $84 million, or 17%,
from $489 million at March 31, 2018 to $573 million at March 31,
2019. The four largest areas of growth in the Company’s loan
portfolio were $38.8 million in commercial real estate loans, $20.6
million in automobile loans, $14.2 million in agricultural loans
and $11.2 million in real estate construction loans. The largest
decrease was $2.0 million in equity lines of credit.
Total deposits increased by $78 million from
$653 million at March 31, 2018 to $731 million at March 31,
2019. The increase in deposits includes $44 million in
deposits at our Carson City, Nevada branch which we purchased from
Mutual of Omaha Bank on October 26, 2018. At March 31, 2019,
43% of the Company’s deposits were in the form of
non-interest-bearing demand deposits.
The increase in deposits includes increases of
$44.5 million in demand deposits, $17.6 million in money market
accounts, $12.2 million in time deposits, $2.7 million in savings
accounts and $1.2 million in interest-bearing demand deposits. The
increase in time deposits relates to the Carson City branch
acquisition as does much of the increase in money market accounts.
The average rate paid on the Carson City money market and time
deposits exceeds that which Plumas Bank pays in other markets and
we would expect some runoff on these accounts as they reprice over
time. The Company has no brokered deposits.
Total investment securities increased by $25
million from $148.2 million at March 31, 2018 to $173.2 million at
March 31, 2019. Cash and due from banks decreased by $19.9 million
from $64.7 million at March 31, 2018 to $44.8 million at March 31,
2019.
Asset Quality
Nonperforming assets (which are comprised of
nonperforming loans, other real estate owned (“OREO”) and
repossessed vehicle holdings) at March 31, 2019 were $2.7 million,
up from $2.1 million at March 31, 2018. Nonperforming assets
as a percentage of total assets increased to 0.33% at March 31,
2019 up from 0.29% at March 31, 2018. OREO increased by $89
thousand from $1.1 million at March 31, 2018 to $1.2 million at
March 31, 2019. Nonperforming loans were $1.5 million at
March 31, 2019 and $1.0 million at March 31, 2018.
Nonperforming loans as a percentage of total loans increased to
0.25% at March 31, 2019, up from 0.21% at March 31, 2018.
During the three months ended March 31, 2019 and
2018 we recorded a provision for loan losses of $400 thousand and
$200 thousand, respectively. Net charge-offs totaled $291 thousand
and $247 thousand during the three months ended March 31, 2019 and
2018, respectively. The allowance for loan losses totaled $7.1
million at March 31, 2019 and $6.6 million at March 31, 2018. The
allowance for loan losses as a percentage of total loans decreased
from 1.35% at March 31, 2018 to 1.23% at March 31, 2019.
Shareholders’ Equity
Total shareholders’ equity increased by $15.4
million from $57.3 million at March 31, 2018 to $72.7 million at
March 31, 2019. The $15.4 million includes earnings during the
twelve-month period totaling $14.5 million, a $2.2 million decrease
in the net unrealized loss on investment securities and stock
option activity totaling $0.5 million. These items were partially
offset by cash dividends totaling $1.8 million consisting of two
dividends of $0.18 per share; one paid in May of 2018 and the other
paid in November 2018.
Net Interest Income and Net Interest Margin
Net interest income, on a nontax-equivalent
basis, was $9.4 million for the three months ended March 31, 2019,
an increase of $1.8 million, or 24%, from $7.6 million for the same
period in 2018. Interest income increased by $2.0 million,
the largest component of which was an increase in interest and fees
on loans of $1.7 million. This increase in interest and fees on
loans was related to an increase in average loan balances of $78
million and an increase in yield on loans of 47 basis points from
5.62% during the 2018 quarter to 6.09% during the current quarter.
Included in interest and fees on loans was $433 thousand in
prepayment fees related to the payoff of loans from one
client. This client prepaid a total of $11.6 million in
loans; some which had significant prepayment penalties associated
with them. Excluding the effect of the $433 thousand in prepayments
fees, yield on loans would have been 5.78% for the three months
ended March 31, 2019. Net interest margin for the three
months ended March 31, 2019 increased 43 basis points to 4.95%, up
from 4.52% for the same period in 2018.
Non-Interest Income/Expense
During the three months ended March 31, 2019,
non-interest income totaled $2.0 million, a decrease of $566
thousand from the three months ended March 31, 2018. The largest
component of this decrease was a decline in gains on sale of SBA
loans from $666 thousand during the three months ended March 31,
2018 to $244 thousand during the current quarter. Proceeds from SBA
loan sales totaled $6.0 million during the current quarter and
$11.9 million during the 2018 quarter. Loans originated for
sale totaled $3.7 million during the three months ended March 31,
2019 and $12.6 million during the three months ended March 31,
2018. We attribute some of the decline in originations to the
government shutdown. During the shutdown we were unable
provide SBA guaranteed loans. Non-interest income
benefited during the 2018 quarter from a $209 thousand gain
recorded upon the prospective adoption of a newly effective
accounting pronouncement impacting the measurement of equity
securities, which in our case consists of stock in our
correspondent banks, without a readily determinable fair market
value. No gain or loss was recorded on these securities during the
current quarter.
During the three months ended March 31, 2019,
total non-interest expense increased by $235 thousand, or 4%, to
$5.7 million, up from $5.4 million for the comparable period in
2018. The three largest components of this increase were $156
thousand in occupancy and equipment expense, $87 thousand in salary
and benefit expense and $67 thousand in the amortization of core
deposit intangibles. These items were partially offset by a $98
thousand decline in professional fees.
The largest component of the increase in
occupancy and equipment costs was $44 thousand in costs related to
our new Carson City, Nevada branch. The increase in
amortization of intangibles is related to the amortization of the
core deposit intangible recorded on the acquisition of the Carson
City branch. The decline in professional fees included a decline in
consulting costs of $42 thousand much of which was related to an
external review of our compliance management system during the
first quarter of 2018.
Founded in 1980, Plumas Bank is a locally owned
and managed full-service community bank headquartered in
Northeastern California. The Bank operates thirteen branches:
eleven located in the California counties of Plumas, Lassen,
Placer, Nevada, Modoc and Shasta and two branches located in the
northern Nevada counties of Washoe and Carson City. The Bank also
operates four loan production offices: three located in the
California counties of Placer, Butte and Tehama and one located in
the Oregon county of Klamath. 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 OfficerPlumas Bank35 S.
Lindan AvenueQuincy, CA 95971530.283.7305
ext.8912investorrelations@plumasbank.com
| PLUMAS BANCORP |
| CONDENSED CONSOLIDATED BALANCE
SHEETS |
| (In thousands) |
| (Unaudited) |
| |
As of March 31, |
|
|
| |
|
2019 |
|
|
|
2018 |
|
|
Dollar Change |
|
Percentage Change |
|
ASSETS |
|
|
|
|
|
|
|
| Cash and due from
banks |
$ |
44,753 |
|
|
$ |
64,690 |
|
|
$ |
(19,937 |
) |
|
-30.8 |
% |
| Investment securities |
|
173,227 |
|
|
|
148,180 |
|
|
|
25,047 |
|
|
16.9 |
% |
| Loans, net of allowance
for loan losses |
|
569,778 |
|
|
|
485,171 |
|
|
|
84,607 |
|
|
17.4 |
% |
| Premises and equipment,
net |
|
14,224 |
|
|
|
11,175 |
|
|
|
3,049 |
|
|
27.3 |
% |
| Bank owned life
insurance |
|
12,938 |
|
|
|
12,611 |
|
|
|
327 |
|
|
2.6 |
% |
| Real estate acquired
through foreclosure |
|
1,170 |
|
|
|
1,081 |
|
|
|
89 |
|
|
8.2 |
% |
| Accrued interest
receivable and other assets |
|
15,287 |
|
|
|
13,868 |
|
|
|
1,419 |
|
|
10.2 |
% |
| Total
assets |
$ |
831,377 |
|
|
$ |
736,776 |
|
|
$ |
94,601 |
|
|
12.8 |
% |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
| Deposits |
$ |
730,923 |
|
|
$ |
652,791 |
|
|
$ |
78,132 |
|
|
12.0 |
% |
| Accrued interest payable
and other liabilities |
|
17,437 |
|
|
|
16,384 |
|
|
|
1,053 |
|
|
6.4 |
% |
| Junior subordinated
deferrable interest debentures |
|
10,310 |
|
|
|
10,310 |
|
|
|
- |
|
|
0.0 |
% |
| Total
liabilities |
|
758,670 |
|
|
|
679,485 |
|
|
|
79,185 |
|
|
11.7 |
% |
| Common stock |
|
7,070 |
|
|
|
6,544 |
|
|
|
526 |
|
|
8.0 |
% |
| Retained earnings |
|
65,823 |
|
|
|
53,135 |
|
|
|
12,688 |
|
|
23.9 |
% |
| Accumulated other
comprehensive loss, net |
|
(186 |
) |
|
|
(2,388 |
) |
|
|
2,202 |
|
|
92.2 |
% |
|
Shareholders’ equity |
|
72,707 |
|
|
|
57,291 |
|
|
|
15,416 |
|
|
26.9 |
% |
| Total
liabilities and shareholders’ equity |
$ |
831,377 |
|
|
$ |
736,776 |
|
|
$ |
94,601 |
|
|
12.8 |
% |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| PLUMAS BANCORP |
| CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
| (In thousands, except per share data) |
| (Unaudited) |
| |
|
|
|
|
|
|
|
|
FOR THE THREE MONTHS ENDED MARCH 31, |
|
2019 |
|
|
|
2018 |
|
|
Dollar Change |
|
Percentage Change |
| |
|
|
|
|
|
|
|
| Interest income |
$ |
9,826 |
|
|
$ |
7,818 |
|
|
$ |
2,008 |
|
|
25.7 |
% |
| Interest expense |
|
440 |
|
|
|
265 |
|
|
|
175 |
|
|
66.0 |
% |
| Net interest
income before provision for loan losses |
|
9,386 |
|
|
|
7,553 |
|
|
|
1,833 |
|
|
24.3 |
% |
| Provision for loan
losses |
|
400 |
|
|
|
200 |
|
|
|
200 |
|
|
100.0 |
% |
| Net interest
income after provision for loan losses |
|
8,986 |
|
|
|
7,353 |
|
|
|
1,633 |
|
|
22.2 |
% |
| Non-interest income |
|
1,965 |
|
|
|
2,531 |
|
|
|
(566 |
) |
|
-22.4 |
% |
| Non-interest expense |
|
5,684 |
|
|
|
5,449 |
|
|
|
235 |
|
|
4.3 |
% |
| Income
before income taxes |
|
5,267 |
|
|
|
4,435 |
|
|
|
832 |
|
|
18.8 |
% |
| Provision for income
taxes |
|
1,449 |
|
|
|
1,155 |
|
|
|
294 |
|
|
25.5 |
% |
| Net
income |
$ |
3,818 |
|
|
$ |
3,280 |
|
|
$ |
538 |
|
|
16.4 |
% |
| |
|
|
|
|
|
|
|
| Basic earnings per
share |
$ |
0.74 |
|
|
$ |
0.65 |
|
|
$ |
0.09 |
|
|
13.8 |
% |
| Diluted earnings per
share |
$ |
0.73 |
|
|
$ |
0.63 |
|
|
$ |
0.10 |
|
|
15.9 |
% |
| |
|
|
|
|
|
|
|
| PLUMAS BANCORP |
|
| SELECTED FINANCIAL INFORMATION |
|
| (Dollars in thousands, except per share
data) |
|
| (Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Year Ended |
|
| |
3/31/2019 |
|
12/31/2018 |
|
3/31/2018 |
|
12/31/2018 |
|
12/31/2017 |
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
| Basic earnings per
share |
$ |
0.74 |
|
|
$ |
0.70 |
|
|
$ |
0.65 |
|
|
$ |
2.74 |
|
|
$ |
1.64 |
|
|
| Diluted earnings per
share |
$ |
0.73 |
|
|
$ |
0.68 |
|
|
$ |
0.63 |
|
|
$ |
2.68 |
|
|
$ |
1.58 |
|
|
| Weighted average shares
outstanding |
|
5,144 |
|
|
|
5,129 |
|
|
|
5,071 |
|
|
|
5,108 |
|
|
|
5,005 |
|
|
| Weighted average diluted
shares outstanding |
|
5,225 |
|
|
|
5,222 |
|
|
|
5,208 |
|
|
|
5,219 |
|
|
|
5,185 |
|
|
| Cash dividends paid per
share 1 |
$ |
- |
|
|
$ |
0.18 |
|
|
$ |
- |
|
|
$ |
0.36 |
|
|
$ |
0.28 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS (annualized for the three
months) |
|
|
|
|
|
|
|
| Return on average
assets |
|
1.87% |
|
|
|
1.74% |
|
|
|
1.82% |
|
|
|
1.83% |
|
|
|
1.18% |
|
|
| Return on average
equity |
|
22.2% |
|
|
|
22.2% |
|
|
|
23.6% |
|
|
|
23.3% |
|
|
|
15.4% |
|
|
| Yield on earning
assets |
|
5.19% |
|
|
|
4.94% |
|
|
|
4.68% |
|
|
|
4.87% |
|
|
|
4.50% |
|
|
| Rate paid on
interest-bearing liabilities |
|
0.40% |
|
|
|
0.36% |
|
|
|
0.27% |
|
|
|
0.30% |
|
|
|
0.27% |
|
|
| Net interest margin |
|
4.95% |
|
|
|
4.73% |
|
|
|
4.52% |
|
|
|
4.70% |
|
|
|
4.35% |
|
|
| Noninterest income to
average assets |
|
0.96% |
|
|
|
0.90% |
|
|
|
1.40% |
|
|
|
1.16% |
|
|
|
1.19% |
|
|
| Noninterest expense to
average assets |
|
2.78% |
|
|
|
2.79% |
|
|
|
3.02% |
|
|
|
2.86% |
|
|
|
2.89% |
|
|
| Efficiency ratio 2 |
|
50.1% |
|
|
|
53.1% |
|
|
|
54.0% |
|
|
|
52.0% |
|
|
|
55.5% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
3/31/2019 |
|
3/31/2018 |
|
12/31/2018 |
|
12/31/2017 |
|
12/31/2016 |
|
|
CREDIT QUALITY RATIOS AND DATA |
|
|
|
|
|
|
|
|
|
|
| Allowance for loan
losses |
$ |
7,067 |
|
|
$ |
6,622 |
|
|
$ |
6,958 |
|
|
$ |
6,669 |
|
|
$ |
6,549 |
|
|
| Allowance for loan losses
as a percentage of total loans |
|
1.23% |
|
|
|
1.35% |
|
|
|
1.23% |
|
|
|
1.37% |
|
|
|
1.42% |
|
|
| Nonperforming loans |
$ |
1,457 |
|
|
$ |
1,018 |
|
|
$ |
1,117 |
|
|
$ |
3,022 |
|
|
$ |
2,724 |
|
|
| Nonperforming assets |
$ |
2,710 |
|
|
$ |
2,127 |
|
|
$ |
2,340 |
|
|
$ |
4,401 |
|
|
$ |
3,471 |
|
|
| Nonperforming loans as a
percentage of total loans |
|
0.25% |
|
|
|
0.21% |
|
|
|
0.20% |
|
|
|
0.62% |
|
|
|
0.59% |
|
|
| Nonperforming assets as a
percentage of total assets |
|
0.33% |
|
|
|
0.29% |
|
|
|
0.28% |
|
|
|
0.59% |
|
|
|
0.53% |
|
|
| Year-to-date net
charge-offs |
$ |
291 |
|
|
$ |
247 |
|
|
$ |
711 |
|
|
$ |
480 |
|
|
$ |
329 |
|
|
| Year-to-date net
charge-offs as a percentage of average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| loans
(annualized) |
|
0.21% |
|
|
|
0.20% |
|
|
|
0.14% |
|
|
|
0.10% |
|
|
|
0.08% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND OTHER DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding
at end of period |
|
5,151 |
|
|
|
5,083 |
|
|
|
5,137 |
|
|
|
5,065 |
|
|
|
4,897 |
|
|
| Tangible common equity
3 |
$ |
71,592 |
|
|
$ |
57,212 |
|
|
$ |
65,748 |
|
|
$ |
55,619 |
|
|
$ |
47,907 |
|
|
| Tangible book value per
common share 4 |
$ |
13.90 |
|
|
$ |
11.26 |
|
|
$ |
12.80 |
|
|
$ |
10.98 |
|
|
$ |
9.78 |
|
|
| Tangible common equity to
total assets |
|
8.6% |
|
|
|
7.8% |
|
|
|
8.0% |
|
|
|
7.5% |
|
|
|
7.3% |
|
|
| Gross loans to
deposits |
|
78.5% |
|
|
|
75.0% |
|
|
|
77.9% |
|
|
|
73.4% |
|
|
|
79.2% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
PLUMAS BANK REGULATORY CAPITAL RATIOS |
|
|
|
|
|
|
|
|
| Tier 1 Leverage Ratio |
|
9.7% |
|
|
|
9.3% |
|
|
|
9.3% |
|
|
|
8.8% |
|
|
|
9.2% |
|
|
| Common Equity Tier 1 Ratio |
|
12.4% |
|
|
|
12.5% |
|
|
|
11.8% |
|
|
|
12.0% |
|
|
|
12.1% |
|
|
| Tier 1 Risk-Based Capital Ratio |
|
12.4% |
|
|
|
12.5% |
|
|
|
11.8% |
|
|
|
12.0% |
|
|
|
12.1% |
|
|
| Total Risk-Based Capital Ratio |
|
13.5% |
|
|
|
13.7% |
|
|
|
13.0% |
|
|
|
13.2% |
|
|
|
13.3% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
| 1.) The
Company paid a semi-annual dividend of 18 cents per share on
November 15, 2018 and May 15, 2018, 14 cents per share on November
15, 2017 and May 15, 2017 and 10 cents per share on November
21,2016. |
| 2.)
Efficiency ratio is defined as noninterest expense divided by total
revenue (net interest income and total noninterest income). |
|
|
|
|
|
|
|
| 3.) Tangible common
equity is defined as common equity less core deposit
intangibles. |
|
|
|
|
|
|
|
|
|
|
| 4.)
Tangible common book value per share is defined as tangible common
equity divided by common shares outstanding. |
|
|
|
|
|
|
|
Plumas Bancorp (NASDAQ:PLBC)
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Plumas Bancorp (NASDAQ:PLBC)
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