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Plumas Bancorp, the parent company of Plumas Bank, released its 2012 earnings, showing a net income of $1.95 million, up from $941,000 earned in 2011. That is an improvement of more than $1 million. For the quarter ending Dec. 31, 2012, the bank’s net income increased by $302,000 to $547,000 as compared to $245,000 during that same quarter the prior year.
Plumas Bank 2012
—Income before provision for taxes increased by $1.8 million to $3 million.
—Earnings per share increased by more than 400 percent to 26 cents.
—Non-interest expense decreased by $869,000.
—Net interest income increased by $331,000 to $17.2 million.
—Provision for loan losses decreased by $1.15 million to $2.35 million.
—Net interest margin increased to 4.18 percent from 4.08 percent.
Three months ending Dec. 31, 2012, compared to three months ending Dec. 31, 2011:
—Income before provision for taxes increased by $513,000 to $826,000.
—Earnings per share increased by 6 cents.
—Net interest income increased by $139,000 to $4.4 million.
—Provision for loan losses decreased by $350,000 to $450,000.
—Non-interest income increased by $141,000 to $1.5 million.
“We had another positive quarter and a very productive year in rebuilding our core earnings and positioning Plumas Bank for future growth. In the fourth quarter we achieved meaningful improvement in key measures of credit quality, and we continued to build strong momentum in growing new customer loan and deposit relationships,” said Andrew J. Ryback, president and chief executive officer.
“We constantly evaluate and find ways to improve our company — to make it more productive and efficient while continuing to deliver exceptional customer service. Ultimately we are committed to delivering superior financial results on behalf of our shareholders.
“Reflecting on all that our banking team has accomplished in restoring credit quality, regaining momentum in new business growth and improving operating efficiency, I cannot help but look forward with excitement. We are committed, we are up to the challenge and we look ahead with determination and optimism.”
Deposits, investments, loans
Total deposits for the year were up $20.4 million: $411.5 million in 2012 compared to $391.1 million in 2011. Non-interest-bearing demand deposits increased by $17.7 million, NOW accounts increased by $1.4 million, savings accounts increased by $6.2 million and money market accounts increased by $4.9 million.
Time deposits declined by $9.8 million. The bank attributes much of the reduction to the unusually low interest rate environment, noting a movement out of time and into more liquid deposit types.
Total investment securities increased by $23 million, from $57.9 million in 2011 to $80.9 million in 2012.
Net loans increased by $22.8 million: from $287 million to $310 million. The bank’s largest lending categories are commercial real estate loans, agricultural loans and residential real estate loans. These categories accounted for approximately 44 percent, 11 percent and 11 percent respectively of the bank’s total loan portfolio in 2012. Construction and land development loans continue to decline and represented about 5 percent each of the loan portfolio.
Shareholders’ equity totaled $41.9 million, up from $39.6 million the year prior. Book value per common share increased to $6.28 from $5.83.
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