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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%.
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.”
