Plumas Bancorp (PLBC) has reported a 31.21 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2.06 million, or $0.40 a share in the quarter, compared with $1.57 million, or $0.31 a share for the same period last year. Revenue during the quarter grew 16.17 percent to $8.35 million from $7.19 million in the previous year period. Net interest income for the quarter rose 13.40 percent over the prior year period to $6.51 million. Non-interest income for the quarter rose 23.84 percent over the last year period to $2.05 million.
Net interest margin improved 10 basis points to 4.30 percent in the quarter from 4.20 percent in the last year period. Efficiency ratio for the quarter improved to 59.40 percent from 62.70 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“On behalf of the Board of Directors, I am very pleased to report that the Company delivered record earnings performance in the first quarter of 2017,” commented Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank. “We’ve had an outstanding start to the year with a 31% increase in net income; and moving forward, we expect to benefit from an increasing rate environment because of our strong core deposit base and exceptionally low cost of funds. In addition, we continue to achieve strong loan and deposit growth with our loan portfolio increasing by 15% and our deposits growing by 12%.”
Assets outpace liabilities growth
Total assets stood at $663.61 million as on Mar. 31, 2017, up 11.47 percent compared with $595.32 million on Mar. 31, 2016. On the other hand, total liabilities stood at $613.07 million as on Mar. 31, 2017, up 11.40 percent from $550.34 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $465.24 million as on Mar. 31, 2017, up 14.90 percent compared with $404.91 million on Mar. 31, 2016. Deposits stood at $589.29 million as on Mar. 31, 2017, up 12.20 percent compared with $525.21 million on Mar. 31, 2016. Loans to deposits ratio was 79.80 percent for the quarter, up from 77.90 percent for the previous year quarter.
Investments stood at $110.93 million as on Mar. 31, 2017, up 11.34 percent or $11.30 million from year-ago. Shareholders equity stood at $50.54 million as on Mar. 31, 2017, up 12.35 percent or $5.56 million from year-ago.
Return on average assets moved up 20 basis points to 1.26 percent in the quarter from 1.06 percent in the last year period. At the same time, return on average equity increased 260 basis points to 16.90 percent in the quarter from 14.30 percent in the last year period.
Nonperforming assets moved down 41.07 percent or $2.62 million to $3.76 million on Mar. 31, 2017 from $6.38 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.57 percent in the quarter, down from 1.07 percent in the last year period.
Tier-1 leverage ratio stood at 9.40 percent for the quarter, down from 9.70 percent for the previous year quarter. Book value per share was $10.26 for the quarter, up 10.68 percent or $0.99 compared to $9.27 for the same period last year.
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