norweger1979
9年前
Plumas Bancorp Reports Record Earnings
Company Release - 1/18/2017 9:00 AM ET
QUINCY, Calif., Jan. 18, 2017 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank (the “Bank”), today announced record earnings for the three and twelve months ended December 31, 2016. Earnings during the fourth quarter of 2016 totaled $2.1 million an increase of $459 thousand, or 28%, from $1.6 million during the three months ended December 31, 2015. Earnings per diluted share increased to $0.41 during the three months ended December 31, 2016 up $0.08 from $0.33 during the fourth quarter of 2015. For the year ended December 31, 2016, Plumas Bancorp (the “Company”) reported net income of $7.5 million, an increase of $1.7 million, or 29%, from $5.8 million during the year ended December 31, 2015. Earnings per diluted share increased to $1.47 during the year ended December 31, 2016 up $0.32 from $1.15 during 2015.
The annualized return on average assets (ROA) increased to 1.27% for the three months ended December 31, 2016, up from 1.09% for the three months ended December 31, 2015. The annualized return on average equity (ROE) increased to 17.2% during the current quarter up from 15.5% during the fourth quarter of 2015. ROA increased to 1.20% during the year ended December 31, 2016, up from 1.02% during 2015. ROE increased to 16.1% during 2016 up from 14.6% during the year ended December 31, 2015. Book value per share increased to $9.80 at December 31, 2016 up $1.01 from $8.79 at December 31, 2015.
Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank, remarked, “The Board of Directors, executives and I are pleased to report record earnings for 2016. Net income increased to $7.5 million in 2016, up over $1.7 million from 2015. We also ended 2016 at an all-time high in terms of loan and deposit balances. But before I comment further on our financial performance, I would like to recognize and thank two of our bank board directors, Alvin G. Blickenstaff and Arthur C. Grohs, who retired after 28 years of service to the Company. Their retirement was required by the age-based retirement policy in the Company’s Corporate Governance Guidelines and was effective December 31, 2016. Their insight, knowledge and business acumen have been instrumental in the Bank’s success. They will be greatly missed and we wish them all the best.”
Ryback further stated, “Throughout 2016, our net interest margin continued to benefit from our growing and diversified loan portfolio. Last spring we expanded into Oregon by opening a Commercial/Agriculture loan production office in Klamath Falls. This office has contributed substantial growth to our Agricultural loan portfolio. Furthermore, just 13 months ago we expanded into Reno, Nevada with a new, full-service branch which has exceeded our expectations in both deposit and loan growth.
We continue to improve asset quality as well as to focus on ongoing proactive expense management. These efforts have resulted in significantly improved financial performance and solid capital position. Because of this, the Board and I were extremely pleased to be able to reinstate a semi-annual cash dividend to our shareholders last November.”
Ryback concluded, “2016 was an excellent year for Plumas Bancorp. We made very good progress against our strategic agenda, delivering strong financial performance while positioning the Bank for success over the longer term. Moving forward we expect to benefit from an increasing rate environment because of our strong core deposit base and exceptionally low cost of funds. We have a sound, diversified balance sheet, a solid capital base and a tremendous team dedicated to our success and to the success of our clients and shareholders. As we enter into 2017, our 37th year of operation, we are well positioned to meet the challenges and benefit from the opportunities that the future holds.”
Financial Highlights
December 31, 2016 compared to December 31, 2015
Balance Sheet
•Total assets increased by $58.7 million, or 10%, to $658 million.
•Gross loans increased by $60.2 million, or 15%, to $461 million at December 31, 2016 compared to $401 million at December 31, 2015.
•Total deposits increased by $55.1 million, or 10%, to $582 million at December 31, 2016.
•Note payable decreased by $2.5 million to $2.4 million at December 31, 2016.
•Total equity increased by $5.5 million to $48 million.
•Book value per share increased by $1.01, or 11%, to $9.80 at December 31, 2016, up from $8.79 at December 31, 2015.
Asset Quality
•Net charge-offs decreased by $144 thousand, or 30%, to $329 thousand from $473 thousand.
•Net charges-offs as a percent of average loans declined to 0.08% from 0.12%.
•The ratio of nonperforming loans to total loans decreased to 0.59% from 1.13% and the ratio of nonperforming assets to total assets decreased to 0.53% from 1.06%.
Income Statement
Three months ended December 31, 2016 compared to December 31, 2015
•Net income increased by $459 thousand or 28%, to $2.1 million and diluted EPS increased by $0.08, or 24%, to $0.41 from $0.33.
•Net interest income increased by $798 thousand to $6.4 million.
•Return on average equity increased to 17.2% from 15.5%.
•Return on average assets increased to 1.27% from 1.09%.
Year ended December 31, 2016 compared to December 31, 2015
•Net income increased by $1.7 million, or 29%, to $7.5 million and diluted EPS increased by $0.32, or 28%, to $1.47 from $1.15.
•Net interest income increased by $2.7 million to $24.1 million.
•The provision for loan losses decreased by $300 thousand to $800 thousand.
•Return on average equity increased to 16.1% from 14.6%.
•Return on average assets increased to 1.20% from 1.02%.
•The Company’s efficiency ratio improved to 58.9% from 63.5%.
Loans, Deposits, Investments and Cash
Loans increased by $60.2 million, or 15%, from $401 million at December 31, 2015 to $461 million at December 31, 2016. The increase in loan balances includes $34.0 million in commercial real estate loans, $11.3 million in agricultural loans, $5.7 million in construction and land development loans, $5.2 million in automobile loans, $4.2 million in commercial loans, and $4.0 million in equity lines of credit. These increases were partially offset by a decline of $4.2 million in residential real estate loans. In 2016 we hired a new agricultural/commercial loan officer located in Klamath Falls, Oregon. The increase in agricultural loans during 2016 is largely related to his efforts. Loan growth also benefited from the opening of our branch in Reno, Nevada during December, 2015. Loan growth related to this branch exceeded $11 million in 2016.
Total deposits increased by $55.1 million from $527 million at December 31, 2015 to $582 million at December 31, 2016. Core deposit growth remained strong in 2016 as evidenced by increases of $27.7 million in demand deposits, $21.6 million in savings accounts, $8.4 million in money market accounts and $0.1 million in interest bearing transaction accounts. Time deposits declined by $2.7 million, much of which we attribute to migration into other types of deposits given the low rates and lack of liquidity associated with time deposits. The Company has no brokered deposits.
Total investment securities increased by $4.9 million to $101.6 million at December 31, 2016, up from $96.7 million at December 31, 2015. The largest component of this increase was a $4.3 million increase in obligations of states and political subdivisions.
Cash and due from banks decreased by $5.6 million from $68.2 million at December 31, 2015 to $62.6 million at December 31, 2016.
Plumas Bancorp’s outstanding note payable decreased by $2.5 million from $4.9 million at December 31, 2015 to $2.4 million at December 31, 2016.
Asset Quality
Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at December 31, 2016 were $3.5 million, down from $6.3 million at December 31, 2015. Nonperforming assets as a percentage of total assets decreased by half to 0.53% at December 31, 2016 down from 1.06% at December 31, 2015. OREO declined by $1 million, or 58%, to $0.7 million at December 31, 2016. Nonperforming loans at December 31, 2016 were $2.7 million, a decrease of $1.8 million, or 40%, from the $4.5 million balance at December 31, 2015. Nonperforming loans as a percentage of total loans decreased to 0.59% at December 31, 2016, down from 1.13% at December 31, 2015.
During the year ended December 31, 2016 we recorded a provision for loan losses of $800 thousand down $300 thousand from a provision of $1.1 million during the year ended December 31, 2015. Net charge-offs totaled $329 thousand during the twelve months ended December 31, 2016 and $473 thousand during the same period in 2015. Net charge-offs as a percentage of average loans decreased from 0.12% during 2015 to 0.08% during the year ended December 31, 2016. The allowance for loan losses totaled $6.5 million at December 31, 2016 and $6.1 million at December 31, 2015. The allowance for loan losses as a percentage of total loans decreased from 1.52% at December 31, 2015 to 1.42% at December 31, 2016.
Shareholders’ Equity
Total shareholders’ equity increased by $5.5 million from $42.5 million at December 31, 2015 to $48.0 million at December 31, 2016. The $5.5 million increase was related to earnings during 2016 of $7.5 million and an increase of $305 thousand representing stock option activity. These items were partially offset by a decrease in net unrealized gains on investment securities of $930 thousand, a $0.10 per share cash dividend totaling $489 thousand and the repurchase of a portion of a warrant, in May of 2016, representing the right to purchase 150,000 shares of the registrant’s common stock at a cost of $862 thousand. The remaining warrant represents the right to purchase 150,000 shares of Plumas Bancorp common stock at an exercise price of $5.25 per share. The warrant is associated with the Bancorp’s subordinated debenture, which was fully paid in April, 2015.
Net Interest Income and Net Interest Margin
Net interest income, on a nontax-equivalent basis, was $24.1 million for the year ended December 31, 2016, up $2.7 million, or 12%, from $21.4 million during 2015. Related mostly to an increase in average loan balances, interest income increased by $2.5 million, or 11%, from $22.6 million during 2015 to $25.1 million during the current year. Interest expense declined by $181 thousand related to the redemption of the Company’s $7.5 million subordinated debenture. Net interest margin is net interest income expressed as a percentage of average interest-earning assets. As a result of the changes noted above, the net interest margin for 2016 increased to 4.21%, up from 4.10% during 2015.
Net interest income, on a nontax-equivalent basis, for the three months ended December 31, 2016 was $6.4 million, an increase of $798 thousand from the $5.6 million earned during the same period in 2015. Similar to the twelve month comparison, the largest component of the increase in net interest income was an increase in average loan balances. Interest expense declined from $265 thousand during the three months ended December 31, 2015 to $260 thousand during the quarter ended December 31, 2016 related to the pay down of the Bancorp’s note payable. Net interest margin for the three months ended December 31, 2016 increased to 4.18%, up from 4.03% during the fourth quarter of 2015.
Non-Interest Income/Expense
During the years ended December 31, 2016 and December 31, 2015 non-interest income totaled $7.7 million. A decrease of $172 thousand in gains on sale of government guaranteed loans from $1.9 million during 2015 to $1.8 million during 2016 was offset by increases in service charge income of $77 thousand and loan servicing income of $80 thousand. During 2016 the Company recorded a loss on sale of securities of $32 thousand compared to a gain on sale of $21 thousand during 2015.
During the three months ended December 31, 2016 non-interest income totaled $2.0 million, an increase of $149 thousand from the three months ended December 31, 2015. This increase mostly relates to increases in service charge income and dividends from the Federal Home Loan Bank of San Francisco.
Non-interest expense increased by $205 thousand, or 1.1%, to $18.7 million during the twelve months ended December 31, 2016, up from $18.5 million during 2015. Non-interest expense totaled $4.7 million during the three months ended December 31, 2016 an increase of $177 thousand from the fourth quarter of 2015. The largest component of these increases in non-interest expense were increases in salary and benefit expense of $163 thousand during the year ended December 31, 2016 and $178 thousand during the quarter ended December 31, 2016.
Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank headquartered in Northeastern California. The Bank operates twelve branches: eleven located in the California counties of Plumas, Lassen, Placer, Nevada, Modoc and Shasta and one branch in the Nevada County of Washoe. The Bank also operates five loan production offices: two located in the California Counties of Placer and Butte, one located in the Oregon County of Klamath, one located in the Washington County of King and one located in the Arizona County of Maricopa. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.
Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.
In addition, discussions about risks and uncertainties are set forth from time to time in the Company’s publicly available Securities and Exchange Commission filings. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
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norweger1979
11年前
PLUMAS BANCORP REPORTS RECORD EARNINGS
QUINCY, California, October 21, 2015 – Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced record earnings for the three and nine months ended September 30, 2015. Earnings for the three months ended September 30, 2015 totaled $1.6 million or $0.32 per diluted share, an increase of $273 thousand from $1.3 million or $0.27 per diluted share during the third quarter of 2014. For the nine months ended September 30, 2015, Plumas Bancorp (the “Company”) reported net income of $4.2 million an increase of $776 thousand or 23%, from $3.4 million during the nine months ended September 30, 2014. Earnings per diluted share increased to $0.82 during the nine months ended September 30, 2015, up from $0.68 during the first nine months of 2014. Additionally, total assets increased to $607 million and total deposits increased to $539 million; these are the highest levels achieved in the Company’s 35 year history.
Financial Highlights
September 30, 2015 compared to September 30, 2014
Total assets increased by $63.8 million, or 12%, to $607 million.
Net loans increased by $27.7 million, or 8%, to $387 million at September 30, 2015 compared to $359 million at September 30, 2014.
Total deposits increased by $66.5 million, or 14% to $539 million at September 30, 2015.
The ratio of nonperforming loans to total loans decreased from 1.64% to 1.29% and the ratio of nonperforming assets to total assets decreased from 1.82% to 1.21%.
Annualized net charges-offs as a percent of average loans declined from 0.39% to 0.15%.
Total common equity increased by $6.5 million to $41.2 million.
Book value per share increased by $1.31, or 18% from $7.23 at September 30, 2014 to $8.54 at September 30, 2015.
Three months ended September 30, 2015 compared to September 30, 2014
Net income increased by $273 thousand, or 21%, to $1.6 million.
Diluted earnings per share increased by 5 cents or 19%, to 32 cents.
Annualized return on average assets increased from 0.98% to 1.08%.
Annualized return on equity increased from 15.3% to 15.7%.
Net interest income increased by $660 thousand, or 14%, to $5.5 million.
Net interest margin increased to 4.08% from 4.01%.
Nine months ended September 30, 2015 compared to September 30, 2014
Net income increased by $776 thousand or 23% to $4.2 million and diluted EPS by $0.14, or 21%, from $0.68 to $0.82.
Annualized return on average assets increased from 0.87% to 0.99%.
Annualized return on equity increased from 13.7% to 14.3%.
Net interest income increased by $1.6 million, or 12%, to $15.8 million.
Net interest margin increased to 4.13% from 4.01%.
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Commenting on the recent quarter’s performance, Plumas Bancorp and Plumas Bank President and Chief Executive Officer, Andrew J. Ryback, remarked, “The Board of Directors, executives and I are pleased to announce that the Company achieved record earnings in the third quarter and for the nine months ended September 30, 2015. Our ability to create shared value through our focus on delivering high-quality financial products and services, in a way that benefits our clients, communities, employees and shareholders continues to be the foundation of our success. Strong business fundamentals and the ongoing ability to leverage our brand in new and existing markets are also key to our operating strength.”
Ryback continued, “This quarter's record performance reflects annualized year over year loan growth of 8% and deposit growth of over 14%. This growth has been driven by strategic investments in people, products, services, along with our steadfast commitment to fostering strong and enduring client relationships."
“Additionally,” Ryback commented, “a few exciting 2015 initiatives that we are in various stages of implementation on include the move and expansion of our Redding branch, which will offer additional growth opportunities in that key market, as well as expansion into the Reno, Nevada market. Bringing our philosophy and practices to Northern Nevada is the next step in continuing the proud tradition of Plumas Bank and we believe expansion into this growing market will provide a host of benefits to our shareholders, clients and employees.
Finally, our recent investments in banking technology, including our redesigned online banking platform which offers Mobile Deposit and Mobile BillPay, are helping us make it easier for our clients to do business with us. And early next year we will introduce a Person-to-Person (P2P) solution that will provide a safe and reliable way to transfer funds on the go from any device to friends and family from anywhere, at any time.”
In conclusion, Ryback stated, “As we look forward to celebrating Plumas Bank’s 35th anniversary, we reflect on and appreciate that our growth and success are due to the continued support and loyalty of our clients. We remain focused on strengthening client relationships by staying innovative and relevant in a fast-changing world and look forward to many years to come of further enhancing value to our clients, employees and shareholders."
Asset Quality
Nonperforming loans at September 30, 2015 were $5.0 million, a decrease of $0.9 million, or 15%, from the $5.9 million balance at September 30, 2014. Nonperforming loans as a percentage of total loans decreased to 1.29% at September 30, 2015, down from 1.64% at September 30, 2014. Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings (“OVO”)) at September 30, 2015 were $7.3 million, down 26% from $9.9 million at September 30, 2014. Nonperforming assets as a percentage of total assets decreased to 1.2% at September 30, 2015 down from 1.8% at September 30, 2014.
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The provision for loan losses increased by $150 thousand from $750 thousand during the nine months ended September 30, 2014 to $900 thousand in the current nine month period. We continue to experience a decline in loan charge-offs. Net charge-offs declined by $582 thousand from $1.0 million during the nine months ended September 30, 2014 to $434 thousand during the nine months ended September 30, 2015. Annualized net charge-offs as a percentage of average loans decreased from 0.39% during the nine months ended September 30, 2014 to 0.15% during the current period. The allowance for loan losses totaled $5.9 million at September 30, 2015 and $5.3 million at September 30, 2014. The allowance for loan losses as a percentage of total loans increased from 1.45% at September 30, 2014 to 1.51% at September 30, 2015. Specific reserves on impaired loans increased slightly from $676 thousand at September 30, 2014 to $705 thousand at September 30, 2015.
Loans, Deposits, Investments and Cash
Net loans increased by $27.7 million, or 8%, from $359 million at September 30, 2014 to $387 million at September 30, 2015. The Company continues its focus on growing loan balances through a balanced and diversified approach. The two largest areas of growth in the Company’s loan portfolio were $20.5 million in commercial real estate loans and $7.3 million in automobile loans. Additionally, agricultural loans increased by $5.2 million; however this was offset by declines of $2.1 million in residential real estate loans, $0.7 million in commercial loans and $1.5 million in consumer loans. Construction and land development loans decreased by $0.9 million to $20.5 million. Construction and land development loans represented 5.2% and 5.9% of the loan portfolio as of September 30, 2015 and September 30, 2014, respectively.
While the third quarter is traditionally our strongest quarter in terms of deposit growth, the third quarter of 2015 was exceptionally strong with an increase of $46 million from $493 million at June 30, 2015 to $539 million at September 30, 2015. Included in the $539 million is approximately $10 million in deposits acquired pursuant to the purchase of the Redding branch of Rabobank, N.A. Total deposits increased by $66.5 million from the September 30, 2014 balance of $472 million. Non-interest bearing demand deposits increased by $31.5 million, interest bearing transaction accounts (NOW) increased by $9.1 million, and savings and money market accounts increased by $27.9 million. However, time deposits declined by $2.0 million. We attribute the reduction in time deposits to the unusually low interest rate environment as we have seen a movement out of time deposits into more liquid deposit types.
Total investment securities increased by $5.1 million from $84.3 million at September 30, 2014 to $89.4 million as of September 30, 2015. Related to strong deposit growth, cash and due from banks increased by $31.7 million from $62.2 million at September 30, 2014 to $93.9 million at September 30, 2015. Included in cash and due from banks at September 30, 2015 and September 30, 2014 was interest earning balances held at the Federal Reserve Bank of San Francisco totaling $70.6 million and $37.8 million, respectively.
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Shareholders’ Equity
Total shareholders’ equity increased by $6.5 million from $34.7 million at September 30, 2014 to $41.2 million at September 30, 2015 related to earnings during the twelve month period of $5.5 million, a decrease in net unrealized loss on investment securities of $912 thousand from an unrealized loss of $541 thousand at September 30, 2014 to an unrealized gain of $371 thousand at September 30, 2015, and stock option activity.
Net Interest Income and Net Interest Margin
Net interest income, on a nontax-equivalent basis, was $5.5 million for the three months ended September 30, 2015, an increase of $660 thousand, or 14%, from $4.9 million for the same period in 2014. The increase in net interest income includes an increase of $491 thousand in interest income and a decline of $169 thousand in interest expense. The largest component of the increase in interest income was a $427 thousand increase in interest and fees on loans related to growth in the loan portfolio. The reduction in interest expense is related to the payoff of the Bancorp’s subordinated debenture in April, 2015. Related to an increase in yield on investment securities and the payoff of the subordinated debenture, net interest margin for the three months ended September 30, 2015 increased 7 basis points to 4.08%, up from 4.01% for the same period in 2014.
Net interest income, on a nontax-equivalent basis, for the nine months ended September 30, 2015 was $15.8 million, an increase of $1.6 million from the $14.2 million earned during the same period in 2014. The increase in net interest income includes an increase of $1.3 million in interest income and a decline of $349 thousand in interest expense. Net interest margin for the nine months ended September 30, 2015 increased 12 basis points to 4.13%, up from 4.01% for the same period in 2014.
Non-Interest Income and Expense
During the three months ended September 30, 2015 non-interest income increased by $151 thousand to $2.0 million up from $1.9 million during the three months ended September 30, 2014. The largest component of this increase was an increase in gain on sale of SBA loans of $313 thousand from $304 thousand during the 2014 quarter to $617 thousand during the three months ended September 30, 2015. Service charge income decreased by $51 thousand most of which was related to a reduction in NSF and overcharge income which we attribute to improved economic conditions as well as working with our customers to help them reduce NSF activity. Gain on sale of investment securities declined by $137 thousand during the comparison periods, from a gain of $128 thousand during the third quarter of 2014 to a loss of $9 thousand during the current quarter.
During the nine months ended September 30, 2015 non-interest income totaled $5.9 million an increase of $437 thousand from the nine months ended September 30, 2014. The largest components of this increase were an increase of $510 thousand in gain on sale of SBA loans and an increase in Federal Home Loan Bank dividends of $107 thousand. The largest reductions in non-interest income were $151 thousand in NSF and overcharge income and $107 thousand in gain on sale of investment securities.
During the three months ended September 30, 2015, total non-interest expense increased by $370 thousand, or 9%, to $4.7 million, up from $4.3 million for the comparable period in 2014. While the Company continued to experience declines in several categories of non-interest expense, these were offset by increases in other items the largest of which was $297 thousand in salary and benefit expense. The increase in salary and benefits includes an increase in salary expense, exclusive of commissions, of $81 thousand mostly related to merit and promotion increases. In addition during 2015 we hired a loan officer to service the northern Nevada market and a branch manager for our new Reno, Nevada location. Other significant increases in salary and benefit expense include an increase of $93 thousand in commission expense related to the increase in SBA sales and an $88 thousand reduction in the deferral of loan origination costs.
During the nine months ended September 30, 2015, total non-interest expense increased by $681 thousand, or 5%, to $14.0 million, up from $13.3 million for the comparable period in 2014. The largest components of this increase were $679 thousand in salary and benefit expense and $233 thousand in professional fees. Professional fees increased from $339 thousand during the nine months ended September 30, 2014 to $572 thousand during the current period. The largest component of the increase in professional fees was an increase of $135 thousand in legal fees related to loan collection activities and general corporate matters. The largest declines in non-interest expense were $153 thousand in occupancy and equipment costs, $170 thousand in OREO expenses and $148 thousand in the provision from the change in OREO valuation.
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Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank based in Northeastern California. The Bank operates eleven branches located in the counties of Plumas, Lassen, Placer, Nevada, Modoc and Shasta. 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 Kuipers
Vice President, Marketing Manager & Investor Relations Officer
Plumas Bank
35 S. Lindan Ave.
Quincy, CA 95971
530.283.7305 ext.8912
investorrelations@plumasbank.com
56Chevy
13年前
Plumas Bancorp Reports a 175% Increase in Quarterly Earnings
Date : 04/30/2013 @ 9:00AM
Source : Marketwired
Stock : Plumas Bancorp (MM) (PLBC)
Quote : $6.0 -0.33 (-5.21%) @ 10:05AM
QUINCY, CA, Apr 30, 2013 (Marketwired via COMTEX) -- Plumas Bancorp /quotes/zigman/88208/quotes/nls/plbc PLBC -5.21% , a bank holding company and the parent company of Plumas Bank, today announced first quarter 2013 earnings of $616 thousand an increase of 175% from $224 thousand during the first quarter of 2012.
Net income allocable to common shareholders increased by $392 thousand to $445 thousand or $0.09 per share during the three months ended March 31, 2013 compared to $53 thousand or $0.01 per share during the comparable three month period in 2012. (Income allocable to common shareholders is calculated by subtracting dividends and discount amortized on preferred stock from net income.)
Andrew J. Ryback, president and chief executive officer of the Company and the Bank, remarked, "The Board of Directors, executives and I are very pleased with the marked improvement in our performance for the first quarter of 2013 compared to the same quarter a year ago. Our success in growing and diversifying our loan portfolio combined with our focus on maximizing productivity and efficiency are key factors in our continued earnings growth." He added, "Our Company has come a long way by being focused on improving asset quality and growing our core bank earnings."
Ryback continued, "We are also pleased to announce several very important recent developments. First, on April 19, 2013, the Company received notification that the Written Agreement with the Federal Reserve Bank of San Francisco, originally entered into on July 28, 2011, was lifted. Our Board of Directors and management team have worked tirelessly to improve our financial condition and it is rewarding to have our regulators acknowledge this improvement by terminating the Written Agreement.
"Another significant development that occurred in April was the repurchase at auction of preferred shares that were issued to the United States Department of Treasury during the low point of the economic recession. If you'll recall, on January 30, 2009, the Company issued 11,949 shares of non-voting preferred shares to the Treasury for the purpose of shoring up our capital position in support of our efforts to improve the asset quality of our loan portfolio. Now, four years later, after having made significant progress towards achievement of our asset-quality improvement goals, we have been successful in repurchasing 7,000 shares, or approximately 60%, of the outstanding securities from the Treasury for $7.6 million. This repurchase at auction results in a discount of approximately 7% on the face value of the preferred shares plus related outstanding dividends. In order to repurchase these preferred securities, the Company used proceeds from the April 15, 2013, issuance of $7.5 million in unsecured borrowings from an unrelated third party. The Company plans to repurchase the remaining 4,949 preferred shares through the continued retention of earnings.
"The repayment to the Treasury and the exit from this government program are indicators of the Bank's progress in successfully navigating through the global financial crisis while at the same time protecting our common shareholders' best interests. Not many of our community bank competitors can say the same. Some of these institutions were unable to access sufficient capital in any form, and as a result, their institutions failed. Many of the institutions that survived did so by issuing dilutive common stock at prices below book value. Our Company on the other hand, was able to access non-dilutive capital and with our strengthening financial condition we are now in a position to repurchase these preferred shares."
Ryback concluded, "With the Treasury auction now behind us we are thrilled to be able to return our full attention to the business of banking as well as our other long-term strategic initiatives. As always, we are appreciative of the patience and support from our shareholders, clients and employees."
Financial Highlights
Three months ended March 31, 2013 compared to March 31, 2012
-- Annualized earnings on average common equity increased from 0.8% in 2012 to 5.9% during the three months ended March 31, 2013.
-- Annualized return on average assets increased from 0.20% to 0.53%.
-- Income before provision for taxes increased by $604 thousand to $954 thousand.
-- Net Interest income increased by $221 thousand, or 5.4% to $4.3 million.
-- Non-interest income increased by $273 thousand and non-interest expense declined by $210 thousand.
-- Net interest margin for the three months ended March 31, 2013 increased to 4.15% compared to 4.09% during the same 2012 quarter.
http://www.marketwatch.com/story/plumas-bancorp-reports-a-175-increase-in-quarterly-earnings-2013-04-30
*I do not own shares of PLBC at this time. pps as of 6/17/2013 was an even $6.
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