Plumas Bancorp Q3 net income $11.4M ($1.64/sh) vs $5.1M; NIM 5.05%, ROAA 1.98%

PLUMAS BANCORP

Record Q3 net income of $11.4M, or $1.64/share ($1.61 diluted), up from $5.1M/$0.74 a year ago; ROAA 1.98% and ROAE 16.7% vs 0.90% and 8.5%.
Net interest income $26.5M vs $25.2M; net interest margin rose 22 bps to 5.05%; provision for credit losses fell to $150K from $5.4M.
Effective tax rate fell to 18.9% from 25.6% after purchasing $14.5M of green energy tax credits, though the tax provision still rose $877K to $2.6M.
Deposits rose $47M (2.6%) to $1.9B, 46% non-interest-bearing; gross loans flat at $1.5B as $20M indirect auto runoff offset $35M commercial real estate growth.
Nonperforming assets $21.3M (0.94% of assets) vs $15.2M; nonperforming loans 1.41% of loans; YTD net charge-offs $567K; ~80K shares repurchased for $4.2M.

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