SOURCE: Plumas Bancorp

April 19, 2006 17:23 ET

Plumas Bancorp Reports First Quarter Earnings Growth

QUINCY, CA -- (MARKET WIRE) -- April 19, 2006 -- Plumas Bancorp, a bank holding company and the parent company of Plumas Bank, (NASDAQ: PLBC), today announced that its first quarter 2006 earnings were $1,175,000, up an impressive 31% over the $897,000 earned during the comparable period in 2005. Basic earnings per share for the first quarter of 2006 climbed to 24 cents per share, or 26% from the 19 cents per share reported one year ago, and diluted earnings per share rose 28% to 23 cents as compared to the 18 cents per share for first quarter of 2005.

"Contributing factors to our strong earnings this quarter were increased growth in overall loan balances, as well as the positive impact of the current rising interest rate environment on our earning assets," stated Douglas N. Biddle, president and chief executive officer.

Andrew J. Ryback, executive vice president and chief financial officer added, "We were also able to improve our efficiency ratios by carefully controlling our expenses."

The Company's total assets on March 31, 2006 stood at $471 million, up 9% from the $431 million on March 31, 2005. Total deposits as of March 31, 2006 stood at $424 million, or 11%, over the $383 million at the end of the first quarter of 2005.

The growth in total net loans over the past year was $35 million or 12% from the $285 million at the end of the first quarter of 2005 to $320 million on March 31, 2006. Total capital grew 15% from $28 million at the end of March, 2005 to $32 million on March 31, 2006.

The annual meeting of shareholders is scheduled for May 17, 2006 in Quincy, California.

Plumas Bank, the wholly owned subsidiary of Plumas Bancorp, operates twelve traditional branches plus four independent ATM sites in Northeastern California's Plumas, Sierra, Lassen, Placer, Nevada, Modoc, and Shasta counties. The bank provides consumer and commercial banking services, mortgage banking, and various investment and insurance services.

This news release includes forward-looking statements about Plumas Bancorp's financial condition, results of operations, plans, objectives and future performance. A number of factors, many of which are beyond the control of Plumas Bancorp, could cause actual results to differ materially from those in the forward-looking statements.

                              PLUMAS BANCORP
                   CONDENSED CONSOLIDATED BALANCE SHEET
                              (In thousands)

                                   Unaudited
                                As of March 31,
                            -----------------------
                                                      Dollar     Percenta-
                               2006        2005       Change     ge Change
                            ----------- ----------- ----------- ----------
ASSETS
Cash and due from banks     $    14,701 $    13,300 $     1,401      10.5%
Federal funds sold               13,655           -      13,655       100%
Investment securities            89,529     103,037     (13,508)    -13.1%
Loans, less allowance for
 loan losses of $3,436 at       320,251     285,594      34,657      12.1%
   March 31, 2006 and
    $2,964 at March 31,
    2005.
 Premises and equipment,
  net                            12,997      10,169       2,828      27.8%

Intangible assets, net            1,563       1,864        (301)    -16.1%
Bank owned life insurance         9,007       8,436         571       6.8%
Accrued interest receivable
 and other assets                 9,429       8,924         505       5.7%
                            ----------- ----------- -----------

    Total assets            $   471,132 $   431,324 $    39,808       9.2%
                             =========== =========== ===========

 LIABILITIES AND
    SHAREHOLDERS' EQUITY
Deposits                    $   423,677 $   383,096 $    40,581      10.6%
Federal funds purchased               -      10,000     (10,000)     -100%
Accrued interest payable
 and other liabilities            4,829       3,874         955      24.7%
 Junior subordinated
  deferrable interest
  debentures                     10,310       6,186       4,124      66.7%
                            ----------- ----------- -----------
   Total liabilities            438,816     403,156      35,660       8.8%
Shareholders' equity             32,316      28,168       4,148      14.7%
                            ----------- ----------- -----------
   Total liabilities and
    shareholders' equity    $   471,132 $   431,324 $    39,808       9.2%
                            =========== =========== ===========


 KEY BALANCE SHEET DATA
    AND RATIOS
Nonperforming loans         $     1,240 $     1,429
Nonperforming assets        $     1,285 $     1,441
Nonperforming loans as a
 percentage of                     0.39%        0.5%
   total loans
 Nonperforming assets as a
  percentage of                    0.27%       0.33%
    total assets
Allowance for loan losses
 as a percentage of                1.06%       1.03%
   total loans
Loan to deposit ratio              76.2%       75.3%
Capital ratios
   Leverage                         8.9%        7.9%
   Tier 1 risk-based               10.6%        9.8%
   Total risk-based                11.5%       10.6%




                             PLUMAS BANCORP
                CONDENSED CONSOLIDATED STATEMENT OF INCOME
                   (In thousands, except per share data)

                                   Unaudited
                              For the Three Months
                                 Ended March 31
                            -----------------------
                                                      Dollar     Percenta-
                               2006        2005       Change     ge Change
                            ----------- ----------- ----------- ----------

Interest income             $     6,939 $     5,660 $     1,279      22.6%
Interest expense                  1,548         923         625      67.7%
                            ----------- ----------- -----------
   Net interest income
    before provision for
    loan losses                   5,391       4,737         654      13.8%
Provision for loan losses           300         300           -         -%
                            ----------- ----------- -----------
   Net interest income
    after provision for
    loan losses                   5,091       4,437         654      14.7%
Non-interest income               1,112       1,109           3       0.3%
Non-interest expenses             4,310       4,201         109       2.6%
                            ----------- ----------- -----------
   Income before provision
    for income taxes              1,893       1,345         548      40.7%
 Provision for income taxes         718         448         270      60.3%
                            ----------- ----------- -----------
   Net income               $     1,175 $       897 $       278        31%
                            =========== =========== ===========

 Basic earnings per share   $      0.24 $      0.19 $      0.05      26.3%
                            =========== =========== ===========
 Diluted earnings per share $      0.23 $      0.18 $      0.05      27.8%
                            =========== =========== ===========


 KEY INCOME STATEMENT DATA
    AND RATIOS
Net loan charge-offs        $       120 $        98
Net loan charge-offs as a
 percentage of average
 loans                             0.04%       0.04%
Return on average assets
 (annualized)                      1.02%       0.86%
Return on average equity
 (annualized)                      14.8%       12.7%
Net interest margin                5.14%       5.02%


Contact Information

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