• Plumas Bancorp Reports Record 2023 Earnings

    المصدر: Nasdaq GlobeNewswire / 18 أكتوبر 2023 09:00:39   America/New_York

    RENO, Nev., Oct. 18, 2023 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced earnings during the third quarter of 2023 of $8.0 million or $1.36 per share, an increase of $742 thousand from $7.2 million or $1.24 per share during the third quarter of 2022.   Diluted earnings per share increased to $1.34 per share during the three months ended September 30, 2023 up from $1.23 per share during the quarter ended September 30, 2022.

    For the nine months ended September 30, 2023, the Company reported net income of $22.3 million or $3.80 per share, an increase of $3.6 million from $18.6 million or $3.19 per share earned during the nine months ended September 30, 2022. Earnings per diluted share increased to $3.75 during the nine months ended September 30, 2023 up $0.60 from $3.15 during the first nine months of 2022.   Earnings during 2023 set a record for any nine month period ending September 30th in the Company’s history. In addition, earnings for the third quarter exceeded earnings for any quarter in the Company’s history.

    Return on average assets was 2.00% during the current quarter, up from 1.72% during the third quarter of 2022. Return on average equity increased to 24.4% for the three months ended September 30, 2023, up from 23.7% during the third quarter of 2022. Return on average assets was 1.88% during the nine months ended September 30, 2023, up from 1.52% during the same period in 2022. Return on average equity increased to 23.3% for the nine months ended September 30, 2023, up from 20.1% during the nine months ended September 30, 2022.

    Balance Sheet Highlights
    September 30, 2023 compared to September 30, 2022

    • Gross loans increased by $101 million, or 12%, to $959 million.
    • Investment securities increased by $55 million to $438 million.
    • Total equity increased by $13.0 million, or 12%, to $119 million.

    President’s Comments

    “We are pleased that Plumas Bancorp has been included in Raymond James’ equity research with a very strong initial report,” Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank, announced. “Additionally, Plumas Bancorp was included on the Russell 2000 and was the recipient of a variety of regional and national awards such as the Raymond James Community Bankers Cup and D.A. Davidson’s Bison Select list. While many banks are experiencing significant increases in funding costs resulting in declining margins, Plumas bank’s margins have continued to increase over the last several quarters and we continue to achieve record earnings. We attribute much of this to our exceptionally strong core deposit base resulting in funding costs significantly lower than most peer institutions.”

    “Recently, due to several contributing factors, we elected to discontinue our dealer loan program. Long-term challenges related to the current higher rate environment, increasing regulatory compliance requirements, the necessary replacement of technology support systems, and increasing expenses outweighed the benefits of this unique, short duration credit portfolio. We have reassigned personnel where possible and will redirect cash flows from this portfolio to lower-risk investments and more profitable lending opportunities. This closure is isolated to our dealer loan program,” Ryback stated.

    “With continued investments in client-servicing technology and institutional efficiencies Plumas Bank is Here. FOR GOOD,” concluded Ryback.

    Loans, Deposits, Investments and Cash

    Gross loans increased by $101 million, or 12%, from $858 million at September 30, 2022, to $959 million at September 30, 2023. Increases in loans included, $72 million in commercial real estate loans, $14 million in automobile loans, $6 million in agricultural loans, $4 million in commercial loans, $3 million in equity lines of credit, $3 million in construction loans and $2 million in other loans; these items were partially offset by a decrease of $3 million in residential real estate loans.

    On   September 30, 2023, approximately 77% 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 21% of the Company’s loan portfolio; these loans reprice within one day to three months of a change in the prime rate.

    Total deposits decreased by $109 million to $1.4 billion at September 30, 2023. The decrease in deposits includes decreases of $59 million in demand deposits, $57 million in savings, and $28 million in money market accounts deposits. Partially offsetting these decreases was an increase in time deposit of $35 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%. We discontinued this promotion, which generated $46 million in deposits, on June 30, 2023. At September 30, 2023, 53% 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 $55 million from $383 million at September 30, 2022, to $438 million at September 30, 2023. The Bank’s investment security portfolio consists of debt securities issued by the US Government, US Government agencies, US Government sponsored agencies and municipalities. All investment securities are classified as available for sale. The unrealized loss on investment securities increased from $62 million at September 30, 2022 to $76 million at September 30, 2023. Cash and due from banks decreased by $243 million from $334 million at September 30, 2022, to $91 million at September 30, 2023.

    Asset Quality and CECL

    Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at September 30, 2023 were $4.8 million, up from $1.9 million at September 30, 2022. Nonperforming assets as a percentage of total assets increased to 0.31% at September 30, 2023 up from 0.11% at September 30, 2022. OREO increased by $71 thousand from $369 thousand at September 30, 2022 to $440 thousand at September 30, 2023. Nonperforming loans were $4.3 million at September 30, 2023 and $1.5 million at September 30, 2022. Much of the increase in nonperforming loans was loans to walnut growers. Walnuts prices have declined significantly from 2022 levels. Nonperforming loans as a percentage of total loans increased to 0.45% at September 30, 2023, up from 0.17% at September 30, 2022.

    Upon adoption of CECL we recorded an increase in the allowance for credit losses of $529,000 and an increase in the reserve for unfunded commitments of $258,000. The decline in equity, net of tax, related to these two adjustments totaled $554,000. During the nine months ended September 30, 2023 we recorded a provision for credit losses of $2,675,000 consisting of a provision for loan losses of $2,425,000 and an increase in the reserve for unfunded commitments of $250,000. The increase in the reserves was principally related to an increase in qualitative reserves related to the continuation of increases in market interest rates. During early October two collateral dependent loans to one borrower paid off in full. This resulted in a reduction in the specific reserves on these loans of $791,000 and a negative provision during the current quarter of $200,000. These two loans totaling $1.8 million were included in nonperforming loans at September 30, 2023. 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 $724,000 and $432,000 during the nine months ended September 30, 2023 and 2022, respectively. The allowance for credit losses totaled $13.7 million at September 30, 2023 and $10.9 million at September 30, 2022. The allowance for credit losses as a percentage of total loans increased from 1.27% at September 30, 2022 to 1.42% at September 30, 2023.

    The following tables present the activity in the allowance for credit losses and the reserve for unfunded commitments during the nine months ended September 30, 2023 and 2022 (in thousands).

    Allowance for Credit Losses September 30, 2023  September 30, 2022
    Balance, beginning of period$10,717  $10,352 
    Impact of CECL adoption 529   - 
    Provision charged to operations 2,425   1,000 
    Losses charged to allowance (1,252)  (855)
    Recoveries 528   423 
    Balance, end of period$12,947  $10,920 


    Reserve for Unfunded Commitments September 30, 2023  September 30, 2022 
    Balance, beginning of period$341 $341 
    Impact of CECL adoption 258  - 
    Provision charged to operations 250  - 
    Balance, end of period$849 $341 


    Shareholders’ Equity

    Total shareholders’ equity increased by $13.5 million from $106.4 million at September 30, 2022, to $119.9 million at September 30, 2023. The $13.5 million includes earnings during the twelve-month period totaling $30.1 million and stock option and restricted stock activity totaling $656,000. These items were partially offset by the payment of cash dividends totaling $5.3 million, an increase in accumulated other comprehensive loss of $11.4 million and the adjustment recorded on the adoption of CECL, net of tax, of $554,000.

    Liquidity

    The Company manages its liquidity to provide the ability to generate funds to support asset growth, meet deposit withdrawals (both anticipated and unanticipated), fund customers' borrowing needs and satisfy maturity of short-term borrowings. The Company’s liquidity needs are managed using assets or liabilities, or both. On the asset side, in addition to cash and due from banks, the Company maintains an investment portfolio which includes unpledged U.S. Government-sponsored agency securities that are classified as available-for-sale. On the liability side, liquidity needs are managed by offering competitive 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 $227 million from the FHLB secured by commercial and residential mortgage loans with carrying values totaling $412 million. The Company is also eligible to participate in the Bank Term Funding Program (BTFP). The Federal Reserve Board, on March 12, 2023, announced the creation of a new Bank Term Funding Program. The BTFP offers loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The Company has pledged as collateral under the BTFP securities with a par value of $94 million at September 30, 2023. In addition to its FHLB borrowing line and the BTFP, the Company has unsecured short-term borrowing agreements with two of its correspondent banks in the amounts of $50 million and $20 million. There were no outstanding borrowings to the FHLB, FRB or the correspondent banks at September 30, 2023 and September 30, 2022.

    The Company estimates that it has approximately $478 million in uninsured deposits. Of this amount, $94 million represents deposits that are collateralized such as deposits of states, municipalities and tribal accounts.

    Management believes that the Company’s available sources of funds, including borrowings, will provide adequate liquidity for its operations for the foreseeable future.

    Net Interest Income and Net Interest Margin

    Net interest income was $17.7 million for the three months ended September 30, 2023, an increase of $2.0 million from the same period in 2022. The increase in net interest income includes an increase of $3.0 million in interest income partially offset by an increase of $1.0 million in interest expense. Interest and fees on loans, including loans held for sale, increased by $2.6 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 $50,000 during the 2022 quarter to net costs of $346,000 during the three months ended September 30, 2023. This decline is mostly related to a decline in fees earned on PPP loans.

    Including loans held for sale, average loan balances increased by $77 million, while the average yield on these loans increased by 65 basis points from 5.35% during the third quarter of 2022 to 6.00% during the current quarter. The increase in loan yield includes the effect of an increase in market rates during 2023 partially offset by a decline in PPP fee income as described above. The average prime interest rate increased from 5.35% during the third quarter of 2022 to 8.43% during the current quarter.

    Interest on investment securities increased by $1.2 million from the third quarter of 2022, related to an increase in average investment securities of $74 million to $462 million and an increase in yield on the investment portfolio from 2.61% during the third quarter of 2022 to 3.28% during the current quarter. Interest on interest-earning cash balances decreased by $0.8 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 2.29% during the third quarter of 2022 to 5.37% 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 2.25% during the third quarter of 2022 and 5.33% during the current quarter. Average interest-earning cash balances declined from $306 million during the third quarter of 2022 to $71 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 September 30, 2023 totaled $1.5 billion, a decrease of $84 million from the same period in 2022. The average yield on interest earning assets increased 105 basis points to 5.12%, up from 4.07% for the same period in 2022. Net interest margin for the three months ended September 30, 2023 increased 77 basis points to 4.77%, up from 4.00% for the same period in 2022.

    Net interest income for the nine months ended September 30, 2023 was $52.1 million, an increase of $11.0 million from the $41.1 million earned during the same period in 2022. The increase in net interest income includes an increase of $13.0 million in interest income partially offset by an increase of $2.0 million in interest expense. Interest and fees on loans, including loans held for sale, increased by $6.9 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 $561,000 during the 2022 period to net costs of $927,000 during the nine months ended September 30, 2023. This decline is mostly related to a decline in fees earned on PPP loans. The average yield on loans, including loans held for sale, increased by 62 basis points from 5.20% during the first nine months of 2022 to 5.82% during the current period.

    Average interest earning assets during the current nine month period totaled $1.5 billion, a decrease of $45 million from the same period in 2022. This decrease in average interest earning assets resulted from a decline in average interest-earning cash balances of $235 million, mostly offset by increases of $68 million in average loan balances and $123 million in average investment securities. The average yield on interest earning assets increased by 128 basis points to 4.96%, related to increases in market rates. Net interest margin for the nine months ended September 30, 2023 increased 110 basis points to 4.70%, up from 3.60% for the same period in 2022.

    Non-Interest Income/Expense

    Non-interest income decreased by $241,000 to $2.3 million during the current quarter from $2.6 million during the three months ended September 30, 2022. The largest component of this decrease was a decline in gains on sale of SBA loans of $339,000. During the current quarter we sold one loan totaling $370,000. This compares to sales of $10.7 million during the third quarter of 2022. The SBA 7(a) loan product that is salable in the open market is variable rate tied to prime and we have seen a significant decline in interest in this product given the recent increases in the prime rate. While we continue to produce SBA 7(a) loans for sale at a much lower volume, we have started funding fixed rate SBA 7(a) loans which we portfolio.   Additionally during the fourth quarter of 2022 and continuing into 2023 we experienced a significant decline in premiums received on the sale of SBA loans; in response during the nine months ended September 30, 2023 we chose to portfolio $4.1 million in salable SBA 7(a) loans which did not meet a minimum premium on sale.

    During the nine months ended September 30, 2023, non-interest income totaled $8.4 million, a decrease of $488,000 from $8.9 million during the nine months ended September 30, 2022. The largest component of this decrease was a decline in gain on sale of loans of $2.5 million from $2.7 million during the nine months ended September 30, 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 the nine months ended September 30, 2022 we sold $48.9 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.   

    During the three months ended September 30, 2023, total non-interest expense increased by $1.2 million from $8.2 million during the third quarter of 2022 to $9.4 million during the current quarter. The largest components of this increase were an increase in salary and benefit expense of $734,000, and an increase in outside service fees of $163,000. The increase in salary and benefit expense primarily relates to an increase in salary expense. Salary expense increased by $453,000 which we attribute primarily to merit and promotional salary increases and termination costs related to our dealer loan program totaling $115,000. In addition, our full time equivalent employee count has increased from 172 at September 30, 2022 to 180 at September 30, 2023. The increase in outside service fees was spread among several different categories, the largest of which was $36,000 in interchange expense. In addition, during August 2023 we fully outsourced our Core processing system. The Core system remains unchanged, but we went from a partially outsourced system to a fully outsourced system.

    During the nine months ended September 30, 2023 non-interest expense increased by $3.9 million to $27.8 million. The largest components of this increase were $2.3 million in salary and benefit expenses, $477,000 in occupancy and equipment costs and $408,000 in outside service fees. The largest increases in salary and benefit expense were $1.2 million in salary expense and $941,000 in the deferral of loan origination costs.

    Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates fifteen branches: thirteen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta and Sutter and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

    This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

    Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

    Contact: Jamie Huynh
    Investor Relations
    Plumas Bancorp
    5525 Kietzke Lane Ste. 100
    Reno, NV 89511
    775.786.0907 x8908
    investorrelations@plumasbank.com

     
     
    PLUMAS BANCORP
    CONDENSED CONSOLIDATED BALANCE SHEETS 
    (In thousands)
    (Unaudited)
     As of September 30,   
     2023 2022 Dollar
    Change    		 Percentage
    Change
    ASSETS       
    Cash and due from banks$ 90,567 $ 334,124 $ (243,557) (72.9)%
    Investment securities438,265 383,178 55,087 14.4%
    Loans, net of allowance for credit losses948,719 849,703 99,016 11.7%
    Loans held for sale- 434 (434) (100.0)%
    Premises and equipment, net19,064 18,133 931 5.1%
    Bank owned life insurance16,006 15,910 96 0.6%
    Real estate acquired through foreclosure440 369 71 19.2%
    Goodwill5,502 5,502 - 0.0%
    Accrued interest receivable and other assets54,311 45,718 8,593 18.8%
    Total assets$ 1,572,874 $ 1,653,071 $ (80,197) (4.9)%
            
            
    LIABILITIES AND SHAREHOLDERS’ EQUITY 
    Deposits$ 1,402,486 $ 1,511,196 $ (108,710) (7.2)%
    Accrued interest payable and other liabilities40,463 25,115 15,348 61.1%
    Borrowings10,000 - 10,000 100.0%
    Junior subordinated deferrable interest debentures- 10,310 (10,310) (100.0)%
    Total liabilities1,452,949 1,546,621 (93,672) (6.1)%
    Common stock27,896 27,240 656 2.4%
    Retained earnings145,694 121,505 24,189 19.9%
    Accumulated other comprehensive loss, net(53,665) (42,295) (11,370) (26.9)%
    Shareholders’ equity119,925 106,450 13,475 12.7%
    Total liabilities and shareholders’ equity$ 1,572,874 $ 1,653,071 $ (80,197) (4.9)%
            
    PLUMAS BANCORP
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
            
    FOR THE THREE MONTHS ENDED SEPTEMBER 30,2023 2022 Dollar
    Change    		 Percentage
    Change
            
    Interest income$ 19,042 $ 16,005 $ 3,037 19.0%
    Interest expense1,303 289 1,014 350.9%
    Net interest income before provision for credit losses17,739 15,716 2,023 12.9%
    Provision for credit losses(200) 300 (500) (166.7)%
    Net interest income after provision for credit losses17,939 15,416 2,523 16.4%
    Non-interest income2,313 2,554 (241) (9.4)%
    Non-interest expense9,442 8,198 1,244 15.2%
    Income before income taxes10,810 9,772 1,038 10.6%
    Provision for income taxes2,840 2,544 296 11.6%
    Net income$ 7,970 $ 7,228 $ 742 10.3%
            
    Basic earnings per share$ 1.36 $ 1.24 $ 0.12 9.7%
    Diluted earnings per share$ 1.34 $ 1.23 $ 0.11 8.9%
            
    PLUMAS BANCORP
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
            
    FOR THE NINE MONTHS ENDED SEPTEMBER 30,2023 2022 Dollar
    Change    		 Percentage
    Change
            
    Interest income$ 55,053 $ 42,037 $ 13,016 31.0%
    Interest expense2,925 878 2,047 233.1%
    Net interest income before provision for credit losses52,128 41,159 10,969 26.7%
    Provision for credit losses2,675 1,000 1,675 167.5%
    Net interest income after provision for credit losses49,453 40,159 9,294 23.1%
    Non-interest income8,380 8,868 (488) (5.5)%
    Non-interest expense27,764 23,904 3,860 16.1%
    Income before income taxes30,069 25,123 4,946 19.7%
    Provision for income taxes7,814 6,497 1,317 20.3%
    Net income$ 22,255 $ 18,626 $ 3,629 19.5%
            
    Basic earnings per share$ 3.80 $ 3.19 $ 0.61 19.1%
    Diluted earnings per share$ 3.75 $ 3.15 $ 0.60 19.0%
         


    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands, except per share data)
    (Unaudited)
              
     Three Months Ended Nine Months Ended
     9/30/2023 6/30/2023 9/30/2022 9/30/2023 9/30/2022
    EARNINGS PER SHARE         
    Basic earnings per share$1.36  $1.14  $1.24  $3.80  $3.19 
    Diluted earnings per share$1.34  $1.12  $1.23  $3.75  $3.15 
    Weighted average shares outstanding 5,866   5,862   5,845   5,861   5,837 
    Weighted average diluted shares outstanding 5,932   5,929   5,895   5,932   5,911 
    Cash dividends paid per share 1$0.25  $0.25  $0.16  $0.75  $0.48 
                           
    PERFORMANCE RATIOS (annualized for the three months)                      
    Return on average assets 2.00%   1.70%   1.72%   1.88%  1.52%
    Return on average equity 24.4%   20.5%   23.7%   23.3%  20.1%
    Yield on earning assets 5.12%   4.96%   4.07%   4.96%  3.68%
    Rate paid on interest-bearing liabilities 0.73%   0.56%   0.15%   0.55%  0.16%
    Net interest margin 4.77%   4.69%   4.00%   4.70%  3.60%
    Noninterest income to average assets 0.58%   0.55%   0.61%   0.71%  0.72%
    Noninterest expense to average assets 2.37%   2.32%   1.96%   2.34%  1.95%
    Efficiency ratio 2 47.1%   46.9%   44.9%   45.9%  47.8%
                           
     9/30/2023 6/30/2023 9/30/2022 12/31/2022 12/31/2021
    CREDIT QUALITY RATIOS AND DATA         
    Allowance for loan losses$12,947  $13,385  $10,920  $10,717  $10,352 
    Allowance for loan losses as a percentage of total loans 1.35%  1.43%  1.27%  1.18%  1.23%
    Allowance for loan losses as a percentage of total loans - excluding PPP loans 1.35%  1.43%  1.27%  1.18%  1.29%
    Nonperforming loans$4,329  $9,535  $1,485  $1,172  $4,863 
    Nonperforming assets$4,813  $9,636  $1,872  $1,190  $5,397 
    Nonperforming loans as a percentage of total loans 0.45%  1.02%  0.17%  0.13%  0.58%
    Nonperforming assets as a percentage of total assets 0.31%  0.61%  0.11%  0.07%  0.33%
    Year-to-date net charge-offs$724  $411  $432  $935  $675 
    Year-to-date net charge-offs as a percentage of average loans (annualized) 0.10%   0.09%   0.07%   0.11%  0.09%
              
    CAPITAL AND OTHER DATA         
    Common shares outstanding at end of period 5,868   5,864   5,849   5,850   5,817 
    Shareholders' equity$119,925  $128,558  $106,450  $119,004  $134,082 
    Book value per common share$20.44  $21.92  $18.20  $20.34  $23.05 
    Tangible common equity3$113,374  $121,947  $99,651  $112,273  $127,067 
    Tangible book value per common share4$19.32  $20.80  $17.04  $19.19  $21.84 
    Tangible common equity to total assets 7.2%  7.8%  6.0%  6.9%7.9%
    Gross loans to deposits 68.6%  67.0%  56.8%  62.6%  58.3%
              
              
              
    PLUMAS BANK REGULATORY CAPITAL RATIOS       
    Tier 1 Leverage Ratio 10.6%  10.3%  8.9%  9.2%  8.4%
    Common Equity Tier 1 Ratio 15.1%  15.0%  14.8%  14.7%  14.4%
    Tier 1 Risk-Based Capital Ratio 15.1%  15.0%  14.8%  14.7%  14.4%
    Total Risk-Based Capital Ratio 16.3%  16.2%  15.9%  15.7%  15.5%
              
    (1) The Company paid a quarterly cash dividends of $0.25 per share on February 15, 2023, May 15, 2023 and August 15, 2023 and a quarterly cash dividend of $0.16 per share on February 15, 2022, May 16, 2022, August 15, 2022 and November 15, 2022 and a quarterly cash dividend of 14 cents per share on February 15, 2021, May 17, 2021, August 16, 2021 and November 15, 2021.
    (2) Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).      
    (3) Tangible common equity is defined as common equity less goodwill and core deposit intangibles.        
    (4) Tangible common book value per share is defined as tangible common equity divided by common shares outstanding.      
     


    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                 
    The following table presents for the three-month periods indicated the distribution of consolidated average assets, liabilities and shareholders' equity.
                 
      For the Three Months Ended For the Three Months Ended
      9/30/2023 9/30/2022
      Average   Yield/ Average   Yield/
      Balance Interest Rate Balance Interest Rate
    Interest-earning assets:            
    Loans (2) (3) $943,234 $14,273 6.00% $863,132 $11,637 5.35%
    Loans held for sale  114  3 10.44%  2,814  50 7.05%
    Investment securities  337,702  2,888 3.39%  279,342  1,811 2.57%
    Non-taxable investment securities (1)  123,877  923 2.96%  108,508  741 2.71%
    Interest-bearing deposits  70,545  955 5.37%  305,526  1,766 2.29%
    Total interest-earning assets  1,475,472  19,042 5.12%  1,559,322  16,005 4.07%
    Cash and due from banks  27,049      32,934    
    Other assets  77,221      70,665    
    Total assets $1,579,742     $1,662,921    
                 
    Interest-bearing liabilities:            
    Money market deposits  224,128  391 0.69%  251,427  55 0.09%
    Savings deposits  365,869  199 0.22%  410,496  89 0.09%
    Time deposits  91,290  590 2.56%  58,179  39 0.27%
    Total deposits  681,287  1,180 0.69%  720,102  183 0.10%
    Borrowings  10,000  114 4.52%  -  - -%
    Junior subordinated debentures  -  - -%  10,310  89 3.42%
    Other interest-bearing liabilities  19,300  9 0.19%  10,842  17 0.62%
    Total interest-bearing liabilities  710,587  1,303 0.73%  741,254  289 0.15%
    Non-interest-bearing deposits  719,725      789,218    
    Other liabilities  20,012      11,635    
    Shareholders' equity  129,418      120,814    
    Total liabilities & equity $1,579,742     $1,662,921    
    Cost of funding interest-earning assets (4)     0.35%     0.07%
        $17,739 4.77%   $15,716 4.00%
    Net interest income and margin (5)            
                 
    (1) Not computed on a tax-equivalent basis.            
    (2) Average nonaccrual loan balances of $3.4 million for 2023 and $1.6 million for 2022 are included in average loan balances for computational purposes.  
    (3) Net (cost) fees included in loan interest income for the three-month periods ended September 30, 2023 and 2022 were ($346) thousand and $50 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 nine-month periods indicated the distribution of consolidated average assets, liabilities and shareholders' equity.
                 
      For the Nine Months Ended For the Nine Months Ended
      9/30/2023 9/30/2022
      Average   Yield/ Average   Yield/
      Balance Interest Rate Balance Interest Rate
    Interest-earning assets:            
    Loans (2) (3) $925,436 $40,314 5.82% $847,043 $32,933 5.20%
    Loans held for sale  712  49 9.20%  11,307  485 5.73%
    Investment securities  343,868  8,641 3.36%  244,380  4,124 2.26%
    Non-taxable investment securities (1)  124,879  2,763 2.96%  101,344  1,900 2.51%
    Interest-bearing deposits  88,819  3,286 4.95%  324,172  2,595 1.07%
    Total interest-earning assets  1,483,714  55,053 4.96%  1,528,246  42,037 3.68%
    Cash and due from banks  25,943      45,329    
    Other assets  75,771      66,667    
    Total assets $1,585,428     $1,640,242    
                 
    Interest-bearing liabilities:            
    Money market deposits  229,914  945 0.55%  256,337  178 0.09%
    Savings deposits  383,790  607 0.21%  397,445  256 0.09%
    Time deposits  69,256  959 1.85%  61,405  127 0.28%
    Total deposits  682,960  2,511 0.49%  715,187  561 0.10%
    Borrowings  7,143  255 4.77%  -  - -%
    Junior subordinated debentures  3,033  141 6.22%  10,310  267 3.46%
    Other interest-bearing liabilities  18,230  18 0.13%  11,601  50 0.58%
    Total interest-bearing liabilities  711,366  2,925 0.55%  737,098  878 0.16%
    Non-interest-bearing deposits  729,044      767,181    
    Other liabilities  17,293      11,824    
    Shareholders' equity  127,725      124,139    
    Total liabilities & equity $1,585,428     $1,640,242    
    Cost of funding interest-earning assets (4)     0.26%     0.08%
        $52,128 4.70%   $41,159 3.60%
                     
    (1) Not computed on a tax-equivalent basis.
    (2) Average nonaccrual loan balances of $3.1 million for 2023 and $3.3 million for 2022 are included in average loan balances for computational purposes.  
    (3) Net (costs) fees included in loan interest income for the nine-month periods ended September 30, 2023 and 2022 were ($927) thousand and $561 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 September 30, 2023 and 2022. 
             
     For the Three Months Ended     
     September 30,     
      2023  2022 Dollar
    Change    		 Percentage
    Change    		 
    Interchange income$919 $864 $55  6.4% 
    Service charges on deposit accounts 737  666  71  10.7% 
    Loan servicing fees 210  220  (10) (4.5)% 
    Earnings on life insurance policies 108  99  9  9.1% 
    Gain on sale of loans, net 14  353  (339) (96.0)% 
    Other 325  352  (27) (7.7)% 
    Total non-interest income$2,313 $2,554 $(241) (9.4)% 
             
    The following table presents the components of non-interest expense for the three-month periods ended September 30, 2023 and 2022. 
             
     For the Three Months Ended     
     September 30,     
      2023  2022 Dollar
    Change    		 Percentage
    Change    		 
    Salaries and employee benefits$5,114 $4,380 $734  16.8% 
    Occupancy and equipment 1,352  1,220  132  10.8% 
    Outside service fees 1,170  1,007  163  16.2% 
    Advertising and shareholder relations 233  194  39  20.1% 
    Professional fees 228  314  (86) (27.4)% 
    Armored car and courier 211  183  28  15.3% 
    Telephone and data communication 203  190  13  6.8% 
    Deposit insurance 182  48  134  279.2% 
    Director compensation and expense 165  154  11  7.1% 
    Business development 152  130  22  16.9% 
    Loan collection expenses 91  56  35  62.5% 
    Amortization of core deposit intangible 60  72  (12) (16.7)% 
    Other 281  250  31  12.4% 
    Total non-interest expense$9,442 $8,198 $1,244  15.2% 
             


    PLUMAS BANCORP 
    SELECTED FINANCIAL INFORMATION 
     (Dollars in thousands) 
    (Unaudited) 
             
    The following table presents the components of non-interest income for the nine-month periods ended September 30, 2023 and 2022. 
             
     For the Nine Months Ended     
     September 30,     
      2023  2022 Dollar
    Change    		 Percentage
    Change    		 
    Interchange income 2,458  2,478  (20) (0.8)% 
    Service charges on deposit accounts 2,051  1,835  216  11.8% 
    Gain on termination of swaps$1,707 $- $1,707  100.0% 
    Loan servicing fees 686  642  44  6.9% 
    Gain on sale of loans, net 234  2,688  (2,454) (91.3)% 
    Earnings on life insurance policies 313  281  32  11.4% 
    Other 931  944  (13) (1.4)% 
    Total non-interest income$8,380 $8,868 $(488) (5.5)% 
             
    The following table presents the components of non-interest expense for the nine-month periods ended September 30, 2023 and 2022. 
             
     For the Nine Months Ended     
     September 30,     
      2023  2022 Dollar
    Change    		 Percentage
    Change    		 
    Salaries and employee benefits$15,047 $12,700 $2,347  18.5% 
    Occupancy and equipment 3,945  3,468  477  13.8% 
    Outside service fees 3,345  2,937  408  13.9% 
    Professional fees 854  930  (76) (8.2)% 
    Advertising and shareholder relations 693  496  197  39.7% 
    Telephone and data communication 606  572  34  5.9% 
    Director compensation and expense 603  429  174  40.6% 
    Armored car and courier 558  498  60  12.0% 
    Deposit insurance 552  420  132  31.4% 
    Business development 457  372  85  22.8% 
    Loan collection expenses 308  199  109  54.8% 
    Amortization of core deposit intangible 180  216  (36) (16.7)% 
    Other 616  667  (51) (7.6)% 
    Total non-interest expense$27,764 $23,904 $3,860  16.1% 
             


    PLUMAS BANCORP 
    SELECTED FINANCIAL INFORMATION 
     (Dollars in thousands) 
    (Unaudited) 
              
    The following table shows the distribution of loans by type at September 30, 2023 and 2022. 
              
        Percent of   Percent of 
        Loans in Each   Loans in Each 
      Balance at EndCategory to Balance at EndCategory to 
      of Period Total Loans of Period Total Loans 
      9/30/2023 9/30/2023 9/30/2022 9/30/2022 
    Commercial $76,719 8.0% $73,227 8.5% 
    Agricultural  131,242 13.7%  124,894 14.6% 
    Real estate – residential  12,457 1.3%  15,999 1.9% 
    Real estate – commercial  530,023 55.3%  457,624 53.3% 
    Real estate – construction & land  58,901 6.1%  55,511 6.5% 
    Equity Lines of Credit  37,650 3.9%  34,568 4.0% 
    Auto  105,584 11.0%  91,425 10.7% 
    Other  6,056 0.7%  4,728 0.5% 
    Total Gross Loans $958,632 100% $857,976 100% 
              
              
    The following table shows the distribution of Commercial Real Estate loans at September 30, 2023 and 2022. 
              
        Percent of   Percent of 
        Loans in Each   Loans in Each 
      Balance at EndCategory to Balance at EndCategory to 
      of Period Total Loans of Period Total Loans 
      9/30/2023 9/30/2023 9/30/2022 9/30/2022 
    Owner occupied $180,908 34.1% $174,310 38.1% 
    Investor  349,115 65.9%  283,314 61.9% 
    Total real estate - commercial $530,023 100% $457,624 100% 
              
              
    The following table shows the distribution of deposits by type at September 30, 2023 and 2022. 
              
        Percent of   Percent of 
        Deposits in Each  Deposits in Each 
      Balance at EndCategory to Balance at EndCategory to 
      of Period Total Deposits of Period Total Deposits 
      9/30/2023 9/30/2023 9/30/2022 9/30/2022 
    Non-interest bearing $736,683 52.5% $795,880 52.7% 
    Money Market  217,731 15.5%  245,902 16.3% 
    Savings  357,765 25.5%  414,039 27.4% 
    Time  90,307 6.5%  55,375 3.6% 
    Total Deposits $1,402,486 100% $1,511,196 100% 
              

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