Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank,
today announced record earnings for the year ended December 31,
2023. For the twelve months ended December 31, 2023, the Company
reported net income of $29.8 million or $5.08 per share, an
increase of $3.3 million, or 13% from $26.4 million or $4.53 per
share earned during 2022. Earnings per diluted share increased to
$5.02 during the twelve months ended December 31, 2023, up $0.55
from $4.47 during 2022.
Earnings during the fourth quarter of 2023
totaled $7.5 million or $1.28 per share, a decrease of $297,000, or
4% from $7.8 million or $1.34 per share during the fourth quarter
of 2022. Diluted earnings per share decreased to $1.27 per share
during the three months ended December 31, 2023, down from $1.32
per share during the quarter ended December 31, 2022.
Return on average assets was 1.88% during the
twelve months ended December 31, 2023, up from 1.61% during 2022.
Return on average equity increased to 23.4% for the twelve months
ended December 31, 2023, up from 21.9% during 2022. Return on
average assets was 1.87% during the three months ended December 31,
2023 and 1.88% during the three months ended December 31, 2022.
Return on average equity decreased to 23.9% for the three months
ended December 31, 2023, down from 27.9% during the fourth quarter
of 2022.
Balance Sheet
HighlightsDecember 31, 2023 compared to December
31, 2022
-
Cash and due from banks declined by $98 million to $86
million.
-
Gross loans, excluding loans held for sale, increased by $47
million, or 5%, to $959 million.
-
Investment securities increased by $44 million, or 10%, to $489
million.
-
Deposits declined by $124 million, or 9% to $1.3 billion.
-
Total borrowings increased by $80 million to $90 million.
-
Shareholders’ equity increased by $28 million, or 24%, to $147
million.
President’s Comments
Andrew J. Ryback, director, president and chief
executive officer of Plumas Bancorp and Plumas Bank, stated, “As
you know, the last year and a half has been a period of rapidly
rising rates. This rising rate environment, coupled with another
Fed policy, that of quantitative tightening, has resulted in
reductions to the money supply and the impairment of banks to
generate new deposits and fund new loans. In response, we have
invested in retooling our lending system and processes for enhanced
efficiency and decision making. This change will position us well
for future loan growth. As for deposits, we remain disciplined in
protecting our lower cost of funds but have offered Time deposit
specials so that we can compete for new deposits.
Rapidly rising rates have also put pressure on
variable-rate borrowers, creating some elevated loan loss risk in
the banking industry. At Plumas, however, we do not expect
significant losses because criticized assets are being proactively
addressed with advanced preparation of solutions and collaborative
monitoring for potential challenges. Additionally, non-performing
loans are well-collateralized. In the fourth quarter we terminated
our indirect auto loan program. Ending this program, which was our
lowest yielding loan segment, also improved our loan loss risk
profile since this program had historically higher charge-off
rates. Terminating this program also improved our consumer
compliance risk profile.
Another current industry challenge is that of
margin compression. Fortunately, at Plumas, our extremely low cost
of funds coupled with higher yielding loans has resulted in margin
expansion rather than the more typical margin compression
experienced by most banks.
The higher rate environment presented some
opportunities that we took advantage of during 2023. One of those
opportunities involved harvesting a significant gain from an
interest rate swap while locking in a lower cost borrowing. We also
developed a sale leaseback strategy which we expect to implement in
the first quarter of 2024 and which will provide an opportunity to
restructure our investment portfolio by divesting lower yielding
securities and replacing them with higher yielding securities. This
possible restructuring of our investment portfolio has the
potential to enhance the bank’s interest income streams for years
to come.
Looking forward, the Fed is signaling some rate
decreases in the coming year which we anticipate will result in
improved demand for loans. We also anticipate stabilization of
deposit balances as clients may be less likely to self-fund with
savings and more likely to borrow with rates declining. As the
banking environment for community banks improves, we expect to
continue to out-perform the industry and will explore avenues for
strategic opportunities that align with our long-term growth
objectives.”
“We would like to thank our clients,
communities, employees, and investors for their continued support
which empowers Plumas Bank to be Here. FOR GOOD.,” Ryback
concluded.
Loans, Deposits, Investments and
Cash
Gross loans, excluding loans held for sale,
increased by $47 million, or 5%, from $912 million at December 31,
2022, to $959 million at December 31, 2023. Increases in loans
included $28 million in commercial real estate loans, $14 million
in construction loans, $7 million in agricultural loans, $2 million
in equity lines of credit, and $1 million in automobile loans;
these items were partially offset by decreases of $3 million in
residential real estate loans and $2 million in commercial
loans.
On December 31, 2023, approximately
78% 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. The largest portion of variable rate loans
are variable rate commercial real estate loans which predominantly
reprice every five years and are indexed to the 5-year Treasury.
Loans indexed to the prime interest rate were approximately 20% 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 $124 million to $1.3
billion at December 31, 2023. The decrease in deposits includes
decreases of $74 million in demand deposits, $69 million in
savings, and $24 million in money market accounts deposits.
Partially offsetting these decreases was an increase in time
deposit of $43 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 7-month and 11-month time deposits at an
interest rate of 4%. Effective June 30, 2023 we discontinued this
promotion which generated $46 million in deposits. However, during
the fourth quarter we allowed those customers who had promotional
time deposits to renew those deposits at similar terms. At December
31, 2023, 52% 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 $44
million from $445 million at December 31, 2022, to $489 million at
December 31, 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 $98 million to
$86 million at December 31, 2023.
Asset Quality and CECL
Nonperforming assets (which are comprised of
nonperforming loans, other real estate owned (“OREO”) and
repossessed vehicle holdings) at December 31, 2023 were $5.3
million, up from $1.2 million at December 31, 2022. Nonperforming
assets as a percentage of total assets increased to 0.33% at
December 31, 2023 up from 0.07% at December 31, 2022. OREO
increased to $357,000 at December 31, 2023 and represented one
loan. There was no OREO outstanding at December 31, 2022.
Nonperforming loans were $4.8 million at December 31, 2023, and
$1.2 million at December 31, 2022. The largest increase in
nonperforming loans was related to agricultural loans to one
borrower totaling $2.1 million. These loans are well secured.
Nonperforming loans as a percentage of total loans increased to
0.50% at December 31, 2023, up from 0.13% at December 31, 2022.
On January 1, 2023, the Company adopted ASU
2016-03 Financial Instruments — Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments, which
replaces the incurred loss methodology. This is referred to as the
current expected credit loss (CECL) methodology. Upon adoption 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 year ended December 31,
2023 we recorded a provision for credit losses of $2,775,000
consisting of a provision for loan losses of $2,575,000 and an
increase in the reserve for unfunded commitments of $200,000. 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 $954,000 and $935,000
during the years ended December 31, 2023 and 2022, respectively.
The allowance for credit losses totaled $12.9 million at December
31, 2023 and $10.7 million at December 31, 2022. The allowance for
credit losses as a percentage of total loans increased from 1.18%
at December 31, 2022 to 1.34% at December 31, 2023.
The following tables present the activity in the
allowance for credit losses and the reserve for unfunded
commitments during the years ended December 31, 2023 and 2022 (in
thousands).
Allowance for Credit Losses |
|
December 31, 2023 |
|
|
December 31, 2022 |
Balance, beginning of period |
$ |
10,717 |
|
|
$ |
10,352 |
|
Impact of CECL adoption |
|
529 |
|
|
|
- |
|
Provision charged to operations |
|
2,575 |
|
|
|
1,300 |
|
Losses charged to allowance |
|
(1,802 |
) |
|
|
(1,461 |
) |
Recoveries |
|
848 |
|
|
|
526 |
|
Balance, end of period |
$ |
12,867 |
|
|
$ |
10,717 |
|
Reserve for Unfunded Commitments |
|
December 31, 2023 |
|
|
|
December 31, 2022 |
|
Balance, beginning of period |
$ |
341 |
|
|
$ |
341 |
|
Impact of CECL adoption |
|
258 |
|
|
|
- |
|
Provision charged to operations |
|
200 |
|
|
|
- |
|
Balance, end of period |
$ |
799 |
|
|
$ |
341 |
|
Borrowings
The Company is 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 are valued at par. At December 31, 2023,
the Company had outstanding borrowings under the BTFP totaling $80
million, secured by $107 million in par value of securities
pledged as collateral under the BTFP. This borrowing is
payable on December 18, 2024, and accrues interest at the rate of
4.96%. Borrowings under the BTFP can be prepaid without penalty.
Interest expense for the three and 12 months ended December 31,
2023 on the BTFP borrowing totaled $527,000.
Shareholders’ Equity
Shareholders’ equity increased by $28.3 million
from $119.0 million at December 31, 2022 to $147.3 million at
December 31, 2023. The $28.3 million increase was related to net
income during 2023, of $29.8 million, a decline in accumulated
other comprehensive loss of $4.3 million and stock option and
restricted stock activity of $661,000 partially offset by
shareholder dividends of $5.9 million and $554,000 related to the
cumulative change from adoption of ASU 2016-13.
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 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 $215 million from the FHLB secured by commercial and
residential mortgage loans with carrying values totaling $396
million. The Company is also eligible to participate in the BTFP as
noted previously. 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
or the correspondent banks at December 31, 2023 and December 31,
2022.
The Company estimates that it has approximately
$416 million in uninsured deposits. Of this amount, $85 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
Year ended December 31,
2023
Net interest income for the year ended December
31, 2023 was $69.8 million, an increase of $11.3 million from the
$58.5 million earned during 2022. The increase in net interest
income includes an increase of $14.8 million in interest income
partially offset by an increase of $3.5 million in interest
expense. Interest and fees on loans, including loans held for sale,
increased by $9.3 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 $234,000 during 2022 to net costs of $1.3
million during 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 61 basis points from 5.28% during
2022 to 5.89% during 2023. The average prime rate increased from
4.86% in 2022 to 8.20% in 2023.
Interest on investment securities increased by
$6.1 million from 2022, related to an increase in average
investment securities of $100 million to $462 million and an
increase in yield on the investment portfolio from 2.52% during
2022 to 3.29% during 2023. Interest on interest-earning cash
balances decreased by $0.5 million related to a decrease in average
interest-earning cash balances partially offset by an increase in
the rate earned on these balances. The rate paid on
interest-earning cash balances increased from 1.61% during 2022 to
5.05% 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 1.76% during 2022
and 5.1% during 2023. Average interest-earning cash balances
declined from $305 million during 2022 to $87 million during 2023
related to a decline in average deposits and increases in average
loans and investment securities.
Average interest earning assets during 2023
totaled $1.5 billion, a decrease of $50 million from 2022. This
decrease in average interest earning assets resulted from a decline
in average interest-earning cash balances of $218 million, mostly
offset by increases of $68 million in average loan balances and
$100 million in average investment securities. The average yield on
interest earning assets increased by 113 basis points to 5.03%,
related to increases in market rates.
Interest expense increased from $1.2 million
during 2022 to $4.8 million during 2023 related to an increase in
rate paid on interest bearing liabilities. The average rate paid on
interest bearing liabilities increased from 0.17% during 2022 to
0.67% in 2023 related mainly to an increase in market interest
rates and the effect of the 4% time deposit promotion.
Net interest margin for the year ended December
31, 2023 increased 89 basis points to 4.71%, up from 3.82% during
2022.
Three months ended December 31,
2023
Net interest income was $17.7 million for the
three months ended December 31, 2023, an increase of $316,000 from
the same period in 2022. The increase in net interest income
includes an increase of $1.8 million in interest income partially
offset by an increase of $1.5 million in interest expense. Interest
and fees on loans, including loans held for sale, increased by $2.4
million related to growth in the loan portfolio and an increase in
yield on the portfolio. Net loan costs were $368,000 and $326,000
during the three months periods ending December 31, 2023 and 2022,
respectively.
Including loans held for sale, average loan
balances increased by $71 million, while the average yield on these
loans increased by 57 basis points from 5.50% during the fourth
quarter of 2022 to 6.07% during the current quarter. The increase
in loan yield includes the effect of an increase in market rates
during 2023. The average prime interest rate increased from 6.82%
during the fourth quarter of 2022 to 8.50% during the current
quarter.
Interest on investment securities increased by
$695 thousand from the fourth quarter of 2022, related to an
increase in average investment securities of $31 million to $442
million and an increase in yield on the investment portfolio from
3.00% during the fourth quarter of 2022 to 3.41% during the current
quarter. Interest on interest-earning cash balances decreased by
$1.2 million related to a decrease in average interest-earning cash
balances partially offset by an increase in the rate earned on
these balances. The rate paid on interest-earning cash balances
increased from 3.72% during the fourth quarter of 2022 to 5.39%
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 3.72% during the fourth
quarter of 2022 and 5.40% during the current quarter. Average
interest-earning cash balances declined from $248 million during
the fourth quarter of 2022 to $81 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 December 31, 2023 totaled $1.5 billion, a decrease of
$66 million from the same period in 2022. The average yield on
interest earning assets increased 69 basis points to 5.24%, up from
4.55% for the same period in 2022.
Interest expense increased from $370,000 during
the three months ended December 31, 2022 to $1.9 million during
2023 related mostly to an increase in rate paid on interest bearing
liabilities. The average rate paid on interest bearing liabilities
increased from 0.20% during 2022 to 1.02% in 2023 related mainly to
an increase in market interest rates, the effect of the 4% time
deposit promotion and the effect of the BTFP borrowings.
Net interest margin for the three months ended
December 31, 2023 increased 29 basis points to 4.74%, up from 4.45%
for the same period in 2022.
Non-Interest Income/Expense
Year ended December 31,
2023
During 2023, non-interest income totaled $10.7
million, a decrease of $328,000 from $11.0 million during the
twelve months ended December 31, 2022. The largest component of
this decrease was a decline in gain on sale of SBA 7(a) loans of
$2.5 million from $2.7 million during the twelve months ended
December 31, 2022 to $234,000 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 2022 we sold $50.5 million in
guaranteed portions of SBA 7(a) loans. This compares to $5.3
million in sales during the current period. Partially 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. In
addition, service charges on deposit accounts increased by
$325,000. This was mostly related to our Yuba City, California
branch acquired in the acquisition of Feather River Bancorp in
2021. During most of 2022 we waived service charges on deposit
accounts at the Yuba City Branch.
During 2023, non-interest expense increased by
$4.9 million to $37.5 million. The largest components of this
increase were $2.9 million in salary and benefit expense, $692,000
in occupancy and equipment costs, $439,000 in outside service fees
and $268,000 in advertising and shareholder relations. The largest
single components of the increase in salary and benefit expense
were a $1.5 million increase in salary expense and a $1.2 million
reduction in the deferral of loan origination expense. We attribute
much of the increase in salary expense to two factors. Merit and
promotional salary increases and employee termination costs which
included $115,000 related to the termination of our automobile loan
program. We have seen a reduction in loan demand given the current
economic environment, especially in SBA 7(a) loans tied to the
prime interest rate resulting in the reduction in the deferral of
loan origination costs. Occupancy and equipment costs increased by
$692,000, a considerable portion of which relates to snow removal
and other costs attributable to an unusually harsh winter in our
service area and to our new Chico, California branch. The increase
in outside service fees was spread among several different
categories, none of which exceeded $100,000. The increase in
advertising costs reflects an increase in our budgeted advertising
program, with an emphasis on Northern Nevada growth
opportunities.
Three months ended December 31,
2023
During the three months ended December 31, 2023,
and 2022, non-interest income totaled $2.3 million and $2.2
million, respectively. The largest increase was $96,000 in service
charges on deposit accounts.
During the three months ended December 31, 2023,
total non-interest expense increased by $1.1 million from $8.7
million during the fourth quarter of 2022 to $9.8 million during
the current quarter. The largest components of this increase were
increases in salary and benefit expense of $522 thousand and an
increase of $215 thousand in occupancy and equipment costs.
Included in the increase in occupancy and equipment costs was $55
thousand related to our Chico, California branch.
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 December 31, |
|
|
|
|
|
2023 |
|
|
2022 |
|
|
Dollar Change |
|
Percentage Change |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due
from banks |
$ |
85,655 |
|
$ |
183,426 |
|
$ |
(97,771) |
|
(53.3)% |
Investment
securities |
|
489,181 |
|
|
444,703 |
|
|
44,478 |
|
10.0% |
Loans, net
of allowance for loan losses |
|
948,604 |
|
|
903,968 |
|
|
44,636 |
|
4.9% |
Loans held
for sale |
|
- |
|
|
2,301 |
|
|
(2,301) |
|
(100.0)% |
Premises and
equipment, net |
|
18,948 |
|
|
18,100 |
|
|
848 |
|
4.7% |
Bank owned
life insurance |
|
16,110 |
|
|
16,020 |
|
|
90 |
|
0.6% |
Real estate
acquired through foreclosure |
|
357 |
|
|
- |
|
|
357 |
|
100.0% |
Goodwill |
|
5,502 |
|
|
5,502 |
|
|
- |
|
0.0% |
Accrued
interest receivable and other assets |
|
46,059 |
|
|
47,024 |
|
|
(965) |
|
(2.1)% |
Total assets |
$ |
1,610,416 |
|
$ |
1,621,044 |
|
$ |
(10,628) |
|
(0.7)% |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Deposits |
$ |
1,333,655 |
|
$ |
1,457,809 |
|
$ |
(124,154) |
|
(8.5)% |
Accrued
interest payable and other liabilities |
|
39,444 |
|
|
33,921 |
|
|
5,523 |
|
16.3% |
Borrowings |
|
90,000 |
|
|
- |
|
|
90,000 |
|
100.0% |
Junior
subordinated deferrable interest debentures |
|
- |
|
|
10,310 |
|
|
(10,310) |
|
(100.0)% |
Total liabilities |
|
1,463,099 |
|
|
1,502,040 |
|
|
(38,941) |
|
(2.6)% |
Common
stock |
|
28,033 |
|
|
27,372 |
|
|
661 |
|
2.4% |
Retained
earnings |
|
151,748 |
|
|
128,388 |
|
|
23,360 |
|
18.2% |
Accumulated
other comprehensive loss, net |
|
(32,464) |
|
|
(36,756) |
|
|
4,292 |
|
11.7% |
Shareholders’ equity |
|
147,317 |
|
|
119,004 |
|
|
28,313 |
|
23.8% |
Total liabilities and shareholders’ equity |
$ |
1,610,416 |
|
$ |
1,621,044 |
|
$ |
(10,628) |
|
(0.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS
BANCORP |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
(In thousands,
except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
FOR THE YEAR ENDED DECEMBER 31, |
|
2023 |
|
|
2022 |
|
|
Dollar Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
$ |
74,592 |
|
$ |
59,758 |
|
$ |
14,834 |
|
24.8% |
Interest
expense |
|
4,798 |
|
|
1,249 |
|
|
3,549 |
|
284.1% |
Net interest income before provision for credit losses |
|
69,794 |
|
|
58,509 |
|
|
11,285 |
|
19.3% |
Provision
for credit losses |
|
2,775 |
|
|
1,300 |
|
|
1,475 |
|
113.5% |
Net interest income after provision for credit losses |
|
67,019 |
|
|
57,209 |
|
|
9,810 |
|
17.1% |
Non-interest
income |
|
10,722 |
|
|
11,050 |
|
|
(328) |
|
(3.0)% |
Non-interest
expense |
|
37,530 |
|
|
32,590 |
|
|
4,940 |
|
15.2% |
Income before income taxes |
|
40,211 |
|
|
35,669 |
|
|
4,542 |
|
12.7% |
Provision
for income taxes |
|
10,435 |
|
|
9,225 |
|
|
1,210 |
|
13.1% |
Net income |
$ |
29,776 |
|
$ |
26,444 |
|
$ |
3,332 |
|
12.6% |
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
5.08 |
|
$ |
4.53 |
|
$ |
0.55 |
|
12.1% |
Diluted
earnings per share |
$ |
5.02 |
|
$ |
4.47 |
|
$ |
0.55 |
|
12.3% |
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS
BANCORP |
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
(In thousands,
except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
FOR THE THREE MONTHS ENDED DECEMBER 31, |
|
2023 |
|
|
2022 |
|
|
Dollar Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
$ |
19,540 |
|
$ |
17,721 |
|
$ |
1,819 |
|
10.3% |
Interest
expense |
|
1,873 |
|
|
370 |
|
|
1,503 |
|
406.2% |
Net interest income before provision for credit losses |
|
17,667 |
|
|
17,351 |
|
|
316 |
|
1.8% |
Provision
for credit losses |
|
100 |
|
|
300 |
|
|
(200) |
|
(66.7)% |
Net interest income after provision for credit losses |
|
17,567 |
|
|
17,051 |
|
|
516 |
|
3.0% |
Non-interest
income |
|
2,342 |
|
|
2,181 |
|
|
161 |
|
7.4% |
Non-interest
expense |
|
9,767 |
|
|
8,686 |
|
|
1,081 |
|
12.4% |
Income before income taxes |
|
10,142 |
|
|
10,546 |
|
|
(404) |
|
(3.8)% |
Provision
for income taxes |
|
2,621 |
|
|
2,728 |
|
|
(107) |
|
(3.9)% |
Net income |
$ |
7,521 |
|
$ |
7,818 |
|
$ |
(297) |
|
(3.8)% |
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
1.28 |
|
$ |
1.34 |
|
$ |
(0.06) |
|
(4.5)% |
Diluted
earnings per share |
$ |
1.27 |
|
$ |
1.32 |
|
$ |
(0.05) |
|
(3.8)% |
PLUMAS BANCORP |
SELECTED FINANCIAL INFORMATION |
(Dollars in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Three Months Ended |
|
12/31/2023 |
|
12/31/2022 |
|
12/31/2021 |
|
12/31/2023 |
|
12/31/2022 |
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
5.08 |
|
|
$ |
4.53 |
|
|
$ |
3.82 |
|
|
$ |
1.28 |
|
|
$ |
1.34 |
|
Diluted earnings per share |
$ |
5.02 |
|
|
$ |
4.47 |
|
|
$ |
3.76 |
|
|
$ |
1.27 |
|
|
$ |
1.32 |
|
Weighted average shares outstanding |
|
5,863 |
|
|
|
5,840 |
|
|
|
5,502 |
|
|
|
5,871 |
|
|
|
5,849 |
|
Weighted average diluted shares outstanding |
|
5,934 |
|
|
|
5,912 |
|
|
|
5,583 |
|
|
|
5,939 |
|
|
|
5,916 |
|
Cash dividends paid per share 1 |
$ |
1.00 |
|
|
$ |
0.64 |
|
|
$ |
0.56 |
|
|
$ |
0.25 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS (annualized for the three
months) |
|
|
|
|
|
|
Return on average assets |
|
1.88 |
% |
|
|
|
1.61 |
% |
|
|
|
1.52 |
% |
|
|
1.87 |
% |
|
|
1.88 |
% |
Return on average equity |
|
23.4 |
% |
|
|
|
21.9 |
% |
|
|
|
17.8 |
% |
|
|
23.9 |
% |
|
|
27.9 |
% |
Yield on earning assets |
|
5.03 |
% |
|
|
|
3.90 |
% |
|
|
|
3.72 |
% |
|
|
5.24 |
% |
|
|
4.55 |
% |
Rate paid on interest-bearing liabilities |
|
0.67 |
% |
|
|
|
0.17 |
% |
|
|
|
0.19 |
% |
|
|
1.02 |
% |
|
|
0.20 |
% |
Net interest margin |
|
4.71 |
% |
|
|
|
3.82 |
% |
|
|
|
3.63 |
% |
|
|
4.74 |
% |
|
|
4.45 |
% |
Noninterest income to average assets |
|
0.68 |
% |
|
|
|
0.67 |
% |
|
|
|
0.63 |
% |
|
|
0.58 |
% |
|
|
0.52 |
% |
Noninterest expense to average assets |
|
2.36 |
% |
|
|
|
1.98 |
% |
|
|
|
1.88 |
% |
|
|
2.43 |
% |
|
|
2.09 |
% |
Efficiency ratio 2 |
|
46.6 |
% |
|
|
|
46.9 |
% |
|
|
|
46.8 |
% |
|
|
48.8 |
% |
|
|
44.5 |
% |
|
Year Ended |
|
|
|
|
|
12/31/2023 |
|
12/31/2022 |
|
12/31/2021 |
|
|
|
|
CREDIT QUALITY RATIOS AND DATA |
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
$ |
12,867 |
|
|
$ |
10,717 |
|
|
$ |
10,352 |
|
|
|
|
|
Allowance for credit losses as a percentage of total loans |
|
1.34% |
|
|
|
1.18% |
|
|
|
1.23% |
|
|
|
|
|
Allowance for credit losses as a percentage of total loans - |
|
|
|
|
|
|
|
|
|
excluding PPP loans |
|
1.34% |
|
|
|
1.18% |
|
|
|
1.29% |
|
|
|
|
|
Nonperforming loans |
$ |
4,820 |
|
|
$ |
1,172 |
|
|
$ |
4,863 |
|
|
|
|
|
Nonperforming assets |
$ |
5,315 |
|
|
$ |
1,190 |
|
|
$ |
5,397 |
|
|
|
|
|
Nonperforming loans as a percentage of total loans |
|
0.50% |
|
|
|
0.13% |
|
|
|
0.58% |
|
|
|
|
|
Nonperforming assets as a percentage of total assets |
|
0.33% |
|
|
|
0.07% |
|
|
|
0.33% |
|
|
|
|
|
Year-to-date net charge-offs |
$ |
954 |
|
|
$ |
935 |
|
|
$ |
675 |
|
|
|
|
|
Year-to-date net charge-offs as a percentage of
average loans |
|
0.10% |
|
|
|
0.11% |
|
|
|
0.09% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND OTHER DATA |
|
|
|
|
|
|
|
|
|
Common shares outstanding at end of period |
|
5,872 |
|
|
|
5,850 |
|
|
|
5,817 |
|
|
|
|
|
Shareholders' equity |
$ |
147,317 |
|
|
$ |
119,004 |
|
|
$ |
134,082 |
|
|
|
|
|
Book value per common share |
$ |
25.09 |
|
|
$ |
20.34 |
|
|
$ |
23.05 |
|
|
|
|
|
Tangible common equity3 |
$ |
140,823 |
|
|
$ |
112,273 |
|
|
$ |
127,067 |
|
|
|
|
|
Tangible book value per common share4 |
$ |
23.98 |
|
|
$ |
19.19 |
|
|
$ |
21.84 |
|
|
|
|
|
Tangible common equity to total assets |
|
8.7% |
|
|
|
6.9% |
|
|
|
7.9% |
|
|
|
|
|
Gross loans to deposits |
|
71.9% |
|
|
|
62.6% |
|
|
|
58.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS BANK REGULATORY CAPITAL RATIOS |
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
10.8% |
|
|
|
9.2% |
|
|
|
8.4% |
|
|
|
|
|
Common Equity Tier 1 Ratio |
|
15.7% |
|
|
|
14.7% |
|
|
|
14.4% |
|
|
|
|
|
Tier 1 Risk-Based Capital Ratio |
|
15.7% |
|
|
|
14.7% |
|
|
|
14.4% |
|
|
|
|
|
Total Risk-Based Capital Ratio |
|
16.9% |
|
|
|
15.7% |
|
|
|
15.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company paid a quarterly cash dividends of $0.25 per share
on February 15, 2023, May 15, 2023 , August 15, 2023 and November
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,
liabilites and shareholders' equity. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Three Months Ended |
|
|
12/31/2023 |
|
12/31/2022 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
|
$ |
957,289 |
|
$ |
14,636 |
|
6.07 |
% |
|
$ |
885,467 |
|
$ |
12,261 |
|
5.49 |
% |
Loans held for sale |
|
|
- |
|
|
- |
|
- |
% |
|
|
1,247 |
|
|
25 |
|
7.95 |
% |
Investment securities |
|
|
324,340 |
|
|
2,884 |
|
3.53 |
% |
|
|
301,319 |
|
|
2,285 |
|
3.01 |
% |
Non-taxable investment securities (1) |
|
|
117,433 |
|
|
918 |
|
3.10 |
% |
|
|
109,366 |
|
|
822 |
|
2.98 |
% |
Interest-bearing deposits |
|
|
81,172 |
|
|
1,102 |
|
5.39 |
% |
|
|
248,487 |
|
|
2,328 |
|
3.72 |
% |
Total interest-earning assets |
|
|
1,480,234 |
|
|
19,540 |
|
5.24 |
% |
|
|
1,545,886 |
|
|
17,721 |
|
4.55 |
% |
Cash and due from banks |
|
|
26,565 |
|
|
|
|
|
|
26,250 |
|
|
|
|
Other assets |
|
|
85,445 |
|
|
|
|
|
|
78,634 |
|
|
|
|
Total assets |
|
$ |
1,592,244 |
|
|
|
|
|
$ |
1,650,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
|
221,600 |
|
|
420 |
|
0.75 |
% |
|
|
249,935 |
|
|
108 |
|
0.17 |
% |
Savings deposits |
|
|
350,412 |
|
|
189 |
|
0.21 |
% |
|
|
408,825 |
|
|
118 |
|
0.11 |
% |
Time deposits |
|
|
90,337 |
|
|
610 |
|
2.68 |
% |
|
|
51,928 |
|
|
36 |
|
0.28 |
% |
Total deposits |
|
|
662,349 |
|
|
1,219 |
|
0.73 |
% |
|
|
710,688 |
|
|
262 |
|
0.15 |
% |
Borrowings |
|
|
50,000 |
|
|
641 |
|
5.09 |
% |
|
|
- |
|
|
- |
|
- |
% |
Junior subordinated debentures |
|
|
- |
|
|
- |
|
- |
% |
|
|
10,310 |
|
|
91 |
|
3.50 |
% |
Other interest-bearing liabilities |
|
|
19,603 |
|
|
13 |
|
0.26 |
% |
|
|
14,480 |
|
|
17 |
|
0.47 |
% |
Total interest-bearing liabilities |
|
|
731,952 |
|
|
1,873 |
|
1.02 |
% |
|
|
735,478 |
|
|
370 |
|
0.20 |
% |
Non-interest-bearing deposits |
|
|
717,726 |
|
|
|
|
|
|
791,430 |
|
|
|
|
Other liabilities |
|
|
17,786 |
|
|
|
|
|
|
12,699 |
|
|
|
|
Shareholders' equity |
|
|
124,780 |
|
|
|
|
|
|
111,163 |
|
|
|
|
Total liabilities & equity |
|
$ |
1,592,244 |
|
|
|
|
|
$ |
1,650,770 |
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
0.50 |
% |
|
|
|
|
|
0.10 |
% |
Net interest income and margin (5) |
|
$ |
17,667 |
|
4.74 |
% |
|
|
|
$ |
17,351 |
|
4.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not computed on a tax-equivalent basis. |
(2) Average nonaccrual loan balances of $2.8 million for 2023 and
$1.3 million for 2022 are included in average loan balances for
computational purposes. |
(3) Net costs included in loan interest income for the three-month
periods ended December 31, 2023 and 2022 were $368 thousand and
$326 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 years indicated the
distribution of consolidated average assets, liabilites and
shareholders' equity. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
For the Year Ended |
|
|
12/31/2023 |
|
12/31/2022 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
|
$ |
933,464 |
|
$ |
54,950 |
|
5.89 |
% |
|
$ |
856,728 |
|
$ |
45,194 |
|
5.28 |
% |
Loans held for sale |
|
|
533 |
|
|
49 |
|
9.19 |
% |
|
|
8,771 |
|
|
510 |
|
5.81 |
% |
Investment securities |
|
|
338,941 |
|
|
11,525 |
|
3.40 |
% |
|
|
258,732 |
|
|
6,409 |
|
2.48 |
% |
Non-taxable investment securities (1) |
|
|
123,002 |
|
|
3,681 |
|
2.99 |
% |
|
|
103,366 |
|
|
2,722 |
|
2.63 |
% |
Interest-bearing deposits |
|
|
86,897 |
|
|
4,387 |
|
5.05 |
% |
|
|
305,095 |
|
|
4,923 |
|
1.61 |
% |
Total interest-earning assets |
|
|
1,482,837 |
|
|
74,592 |
|
5.03 |
% |
|
|
1,532,692 |
|
|
59,758 |
|
3.90 |
% |
Cash and due from banks |
|
|
26,100 |
|
|
|
|
|
|
40,520 |
|
|
|
|
Other assets |
|
|
78,212 |
|
|
|
|
|
|
69,683 |
|
|
|
|
Total assets |
|
$ |
1,587,149 |
|
|
|
|
|
$ |
1,642,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
|
227,819 |
|
|
1,367 |
|
0.60 |
% |
|
|
254,723 |
|
|
284 |
|
0.11 |
% |
Savings deposits |
|
|
375,377 |
|
|
795 |
|
0.21 |
% |
|
|
400,314 |
|
|
376 |
|
0.09 |
% |
Time deposits |
|
|
74,570 |
|
|
1,568 |
|
2.10 |
% |
|
|
59,016 |
|
|
163 |
|
0.28 |
% |
Total deposits |
|
|
677,766 |
|
|
3,730 |
|
0.55 |
% |
|
|
714,053 |
|
|
823 |
|
0.12 |
% |
Borrowings |
|
|
17,945 |
|
|
896 |
|
4.99 |
% |
|
|
- |
|
|
- |
|
- |
% |
Junior subordinated debentures |
|
|
2,268 |
|
|
141 |
|
6.22 |
% |
|
|
10,310 |
|
|
359 |
|
3.48 |
% |
Other interest-bearing liabilities |
|
|
18,576 |
|
|
31 |
|
0.17 |
% |
|
|
12,327 |
|
|
67 |
|
0.54 |
% |
Total interest-bearing liabilities |
|
|
716,555 |
|
|
4,798 |
|
0.67 |
% |
|
|
736,690 |
|
|
1,249 |
|
0.17 |
% |
Non-interest-bearing deposits |
|
|
726,191 |
|
|
|
|
|
|
773,293 |
|
|
|
|
Other liabilities |
|
|
17,419 |
|
|
|
|
|
|
12,044 |
|
|
|
|
Shareholders' equity |
|
|
126,984 |
|
|
|
|
|
|
120,868 |
|
|
|
|
Total liabilities & equity |
|
$ |
1,587,149 |
|
|
|
|
|
$ |
1,642,895 |
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
0.32 |
% |
|
|
|
|
|
0.08 |
% |
Net interest income and margin (5) |
|
$ |
69,794 |
|
4.71 |
% |
|
|
|
$ |
58,509 |
|
3.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not computed on a tax-equivalent basis. |
(2) Average nonaccrual loan balances of $3.0 million for 2023 and
$2.8 million for 2022 are included in average loan balances for
computational purposes. |
(3) Net costs (fees) included in loan interest income for the years
ended December 31, 2023 and 2022 were $1.3 million and ($234)
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 three-month periods ended December 31, 2023 and
2022. |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
Dollar Change |
|
Percentage Change |
|
Interchange income |
$ |
961 |
|
$ |
922 |
|
$ |
39 |
|
|
4.2 |
% |
|
Service charges on deposit accounts |
|
719 |
|
|
623 |
|
|
96 |
|
|
15.4 |
% |
|
Loan servicing fees |
|
214 |
|
|
251 |
|
|
(37 |
) |
|
(14.7 |
)% |
|
FHLB Dividends |
|
130 |
|
|
88 |
|
|
42 |
|
|
47.7 |
% |
|
Earnings on life insurance policies |
|
104 |
|
|
109 |
|
|
(5 |
) |
|
(4.6 |
)% |
|
Gain on sale of loans, net |
|
- |
|
|
7 |
|
|
(7 |
) |
|
(100.0 |
)% |
|
Other |
|
214 |
|
|
181 |
|
|
33 |
|
|
18.2 |
% |
|
Total non-interest income |
$ |
2,342 |
|
$ |
2,181 |
|
$ |
161 |
|
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
expense for the three-month periods ended December 31, 2023
and 2022. |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
Dollar Change |
|
Percentage Change |
|
Salaries and employee benefits |
$ |
5,273 |
|
$ |
4,751 |
|
$ |
522 |
|
|
11.0 |
% |
|
Occupancy and equipment |
|
1,357 |
|
|
1,142 |
|
|
215 |
|
|
18.8 |
% |
|
Outside service fees |
|
1,151 |
|
|
1,120 |
|
|
31 |
|
|
2.8 |
% |
|
Professional fees |
|
404 |
|
|
352 |
|
|
52 |
|
|
14.8 |
% |
|
Advertising and shareholder relations |
|
248 |
|
|
177 |
|
|
71 |
|
|
40.1 |
% |
|
Armored car and courier |
|
209 |
|
|
177 |
|
|
32 |
|
|
18.1 |
% |
|
Telephone and data communication |
|
200 |
|
|
198 |
|
|
2 |
|
|
1.0 |
% |
|
Deposit insurance |
|
185 |
|
|
108 |
|
|
77 |
|
|
71.3 |
% |
|
Director compensation and expense |
|
160 |
|
|
177 |
|
|
(17 |
) |
|
(9.6 |
)% |
|
Business development |
|
158 |
|
|
134 |
|
|
24 |
|
|
17.9 |
% |
|
Loan collection expenses |
|
115 |
|
|
75 |
|
|
40 |
|
|
53.3 |
% |
|
Amortization of Core Deposit Intangible |
|
57 |
|
|
68 |
|
|
(11 |
) |
|
(16.2 |
)% |
|
Other |
|
250 |
|
|
207 |
|
|
43 |
|
|
20.8 |
% |
|
Total non-interest expense |
$ |
9,767 |
|
$ |
8,686 |
|
$ |
1,081 |
|
|
12.4 |
% |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
SELECTED FINANCIAL INFORMATION |
|
(Dollars in thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
income for the years ended December 31, 2023 and
2022. |
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
Dollar Change |
|
Percentage Change |
|
Interchange income |
$ |
3,419 |
|
$ |
3,401 |
|
$ |
18 |
|
|
0.5 |
% |
|
Service charges on deposit accounts |
|
2,789 |
|
|
2,464 |
|
|
325 |
|
|
13.2 |
% |
|
Gain on termination of swaps |
|
1,707 |
|
|
- |
|
|
1,707 |
|
|
100.0 |
% |
|
Loan servicing fees |
|
900 |
|
|
893 |
|
|
7 |
|
|
0.8 |
% |
|
FHLB Dividends |
|
418 |
|
|
293 |
|
|
125 |
|
|
42.7 |
% |
|
Earnings on life insurance policies |
|
417 |
|
|
391 |
|
|
26 |
|
|
6.6 |
% |
|
Gain on sale of loans, net |
|
234 |
|
|
2,696 |
|
|
(2,462 |
) |
|
(91.3 |
)% |
|
Other |
|
838 |
|
|
912 |
|
|
(74 |
) |
|
(8.1 |
)% |
|
Total non-interest income |
$ |
10,722 |
|
$ |
11,050 |
|
$ |
(328 |
) |
|
(3.0 |
)% |
|
|
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
expense for the years ended December 31, 2023 and
2022. |
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
Dollar Change |
|
Percentage Change |
|
Salaries and employee benefits |
$ |
20,320 |
|
$ |
17,451 |
|
$ |
2,869 |
|
|
16.4 |
% |
|
Occupancy and equipment |
|
5,302 |
|
|
4,610 |
|
|
692 |
|
|
15.0 |
% |
|
Outside service fees |
|
4,496 |
|
|
4,057 |
|
|
439 |
|
|
10.8 |
% |
|
Professional fees |
|
1,258 |
|
|
1,282 |
|
|
(24 |
) |
|
(1.9 |
)% |
|
Advertising and shareholder relations |
|
941 |
|
|
673 |
|
|
268 |
|
|
39.8 |
% |
|
Telephone and data communication |
|
806 |
|
|
770 |
|
|
36 |
|
|
4.7 |
% |
|
Armored car and courier |
|
767 |
|
|
675 |
|
|
92 |
|
|
13.6 |
% |
|
Director compensation and expense |
|
763 |
|
|
606 |
|
|
157 |
|
|
25.9 |
% |
|
Deposit insurance |
|
737 |
|
|
528 |
|
|
209 |
|
|
39.6 |
% |
|
Business development |
|
615 |
|
|
506 |
|
|
109 |
|
|
21.5 |
% |
|
Loan collection expenses |
|
423 |
|
|
274 |
|
|
149 |
|
|
54.4 |
% |
|
Amortization of Core Deposit Intangible |
|
237 |
|
|
284 |
|
|
(47 |
) |
|
(16.5 |
)% |
|
Other |
|
865 |
|
|
874 |
|
|
(9 |
) |
|
(1.0 |
)% |
|
Total non-interest expense |
$ |
37,530 |
|
$ |
32,590 |
|
$ |
4,940 |
|
|
15.2 |
% |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
SELECTED FINANCIAL INFORMATION |
|
(Dollars in thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
The following table shows the distribution of loans by type
at December 31, 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 |
|
|
|
12/31/2023 |
|
12/31/2023 |
|
12/31/2022 |
|
12/31/2022 |
|
Commercial |
|
$ |
74,271 |
|
7.8 |
% |
|
$ |
76,680 |
|
8.4 |
% |
|
Agricultural |
|
|
129,389 |
|
13.5 |
% |
|
|
122,873 |
|
13.5 |
% |
|
Real estate – residential |
|
|
11,914 |
|
1.2 |
% |
|
|
15,324 |
|
1.7 |
% |
|
Real estate – commercial |
|
|
544,339 |
|
56.8 |
% |
|
|
516,107 |
|
56.6 |
% |
|
Real estate – construction & land |
|
|
57,717 |
|
6.0 |
% |
|
|
43,420 |
|
4.8 |
% |
|
Equity Lines of Credit |
|
|
37,871 |
|
4.0 |
% |
|
|
35,891 |
|
3.9 |
% |
|
Auto |
|
|
98,132 |
|
10.2 |
% |
|
|
96,750 |
|
10.6 |
% |
|
Other |
|
|
4,931 |
|
0.5 |
% |
|
|
4,904 |
|
0.5 |
% |
|
Total Gross Loans |
|
$ |
958,564 |
|
100 |
% |
|
$ |
911,949 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
The following table shows the distribution of Commercial
Real Estate loans at December 31, 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 |
|
|
|
12/31/2023 |
|
12/31/2023 |
|
12/31/2022 |
|
12/31/2022 |
|
Owner occupied |
|
$ |
183,368 |
|
33.7 |
% |
|
$ |
179,750 |
|
34.8 |
% |
|
Investor |
|
|
360,971 |
|
66.3 |
% |
|
|
336,357 |
|
65.2 |
% |
|
Total real estate - commercial |
|
$ |
544,339 |
|
100 |
% |
|
$ |
516,107 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
12/31/2023 |
|
12/31/2023 |
|
12/31/2022 |
|
12/31/2022 |
|
Non-interest bearing |
|
$ |
692,768 |
|
51.9 |
% |
|
$ |
766,549 |
|
52.6 |
% |
|
Money Market |
|
|
214,185 |
|
16.1 |
% |
|
|
237,924 |
|
16.3 |
% |
|
Savings |
|
|
335,050 |
|
25.1 |
% |
|
|
404,150 |
|
27.7 |
% |
|
Time |
|
|
91,652 |
|
6.9 |
% |
|
|
49,186 |
|
3.4 |
% |
|
Total Deposits |
|
$ |
1,333,655 |
|
100 |
% |
|
$ |
1,457,809 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
Plumas Bancorp (NASDAQ:PLBC)
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Plumas Bancorp (NASDAQ:PLBC)
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From May 2023 to May 2024