Plumas Bancorp (PLBC) has reported a 22.31 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $1.96 million, or $0.39 a share in the quarter, compared with $1.60 million, or $0.32 a share for the same period last year.
Revenue during the quarter grew 8.84 percent to $7.92 million from $7.28 million in the previous year period. Net interest income for the quarter rose 10.78 percent over the prior year period to $6.13 million. Non-interest income for the quarter fell 2.59 percent over the last year period to $1.99 million.
Plumas Bancorp has made provision of $0.20 million for loan losses during the quarter, down 33.33 percent from $0.30 million in the same period last year.
Net interest margin improved 12 basis points to 4.20 percent in the quarter from 4.08 percent in the last year period. Efficiency ratio for the quarter improved to 58 percent from 61.50 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Commenting on the recent quarter’s record performance, Director, President and Chief Executive Officer, Andrew J. Ryback, noted, "The Company’s third quarter performance reflects robust deposit and loan growth, continued strong credit quality and further improved operating efficiency, contributing to a 22% increase in diluted earnings per share to $0.39 for the three months ended September 30, 2016. Our investment in experienced, productive loan officers continues to pay dividends."
Assets outpace liabilities growth
Total assets stood at $657.12 million as on Sep. 30, 2016, up 8.28 percent compared with $606.86 million on Sep. 30, 2015. On the other hand, total liabilities stood at $608.81 million as on Sep. 30, 2016, up 7.63 percent from $565.65 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $442.40 million as on Sep. 30, 2016, up 14.36 percent compared with $386.84 million on Sep. 30, 2015. Deposits stood at $581.42 million as on Sep. 30, 2016, up 7.92 percent compared with $538.75 million on Sep. 30, 2015.
Loans to deposits ratio was 76.90 percent for the quarter, up from 72.50 percent for the previous year quarter.
Investments stood at $100.62 million as on Sep. 30, 2016, up 12.56 percent or $11.23 million from year-ago. Shareholders equity stood at $48.31 million as on Sep. 30, 2016, up 17.22 percent or $7.10 million from year-ago.
Return on average assets moved up 15 basis points to 1.23 percent in the quarter from 1.08 percent in the last year period. At the same time, return on average equity increased 60 basis points to 16.30 percent in the quarter from 15.70 percent in the last year period.
Nonperforming assets moved down 23.20 percent or $1.70 million to $5.64 million on Sep. 30, 2016 from $7.34 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.86 percent in the quarter, down from 1.21 percent in the last year period.
Tier-1 leverage ratio was stable at 9.30 percent in the quarter, when compared with the last year period. Book value per share was $9.91 for the quarter, up 16.04 percent or $1.37 compared to $8.54 for the same period last year.
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