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May 11, 2011     Indian Valley Record
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May 11, 2011
 
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Indian Valley Record Wednesday, May 11, 2011 9A Plumas Bank posts another profitable quarter Plumas Bancorp, a bank holding company and the par- ent company of Plumas Bank, released its 2011 first-quarter earnings of $223,000, an in- crease of $89,O00 from $134,000 during the first quarter of 2010. Financial highlights Three months ended March 31, 2011, compared to March 31, 2010: Net income of $223,000 com- pared to net income of $134,000 Non-interest income in- creased by $240,000 Non-interest expense de- creased by $462,000 Net loan charge-offs de- creased by $2.5 million to $265,000 Total risk-based capital ratio increased from 12.4 percent to 14.4 percent Leverage capital ratio increased from 8.1 percent to 9.2 percent "The board of directors, exec- utive team and I are pleased to report positive earnings for five consecutive quarters," said Andrew J. Ryback, inter- im president and chief execu- tive officer. "Higher earnings for the quarter were driven pri- marily by increased gains on sale of government guaranteed loans. These loans were gener- ated by our award-winning Small Business Administration lending unit. Our SBA unit con- tinues to grow and for the peri- od from October 2010 through March 2011 we were the fourth largest SBA lender in the Sacra- mento district in terms of num- ber of loans originated. A $400,000 reduction in the valua- tion allowance for losses on OREO (other real estate owned) also contributed to our higher earnings. Additionally, we are pleased to report a significant reduction in loan charge-offs as the real estate markets in our service areas continue to show signs of stabilization. "Plumas Bank increased its regulatory capital ratios and strengthened its allowance for loan losses. During the com- parison quarters we in- creased our leverage capital ratio by 110 basis points, 9.2 percent, and increased our al. lowance for loan losses to to- tal loans by 35 basis points, 2.88 percent," said Ryback. "Our ability to adapt to ever-changing market condi- tions, our sustained capacity of adhering to increasing reg- ulatory demands, and the tremendous efforts of our entire team have enabled our organization to continue to generate positive results de- spite the many economic headwinds still plaguing our local and state economies. "While we recognize there is still much work to do, we're off to a good start in 2011 and look forward to carrying that mo- mentum throughout the year. We remain dedicated and com- mitted to our goals which in- clude continuing to strengthen the profitability and financial position of Plumas Bank," con- cluded Ryback. Asset quality Nonperforming loans as of March 31, 2011, were $24.5 mil- lion, an increase of $6.3 mil- lion over the $18.2 million bal- ance March 31, 2010. The re- port said the increase in non- performing loans mostly re- lates to two large relation- ships totaling $7.2 million. These loans were measured for impairment and it was de- termined that a $400,000 al- lowance for impairment was required at March 31, 2011. Nonperforming assets, which are comprised of nonperform- ing loans, other real estate owned and repossessed vehicle holdings, were $33.6 million this year, an increase of $4.5 million over the previous year. Net charge-offs totaled $265,000 during the three months in 2011 and $2.8 million during the same period in 2010. The allowance for loan losses totaled $8.8 million compared to $8.3 million the year prior. Cash, borrowings, loans and deposits The report issued by the bank said its on-balance sheet liquidity remains at historical- ly high levels and has strength- ened from a year ago with the repayment of $20 million in Federal Home Loan Bank bor- rowings, while decreasing cash and investment securities by only $10.3 million. Net loans decreased $22 mil- lion from $318 million in the first quarter last year to $296 million this year. The bank re- ports that the decline in loan balances reflects the difficult economic environment in re- cent years and its efforts to re- duce it exposure in certain loan categories such as construction and land development loons. Deposits decreased $17 mil- lion from $432 million in 2010 to $415 million this year. Bank oficials said the decline in deposits was mostly related to maturities from a higher rate promotiohal time deposit prod- uct it began offering in June 2009 and continued to offer through April 2010, adding that the remaining promotional time deposits, which total $38 million, will continue to mature into the third quarter of 2011. Shareholders' equity Total shareholders' equity in- creased by $617,000 from $38.6 million as of March 31, 2011. Book value per common share increased to $5.63 from $5.51. Non-interest income and expense During the first three months this year non-interest income increased $240,000 to $2 million, compared to $1.8 million the year prior. The largest component of this in- crease was $722,000 in gains on the sale of government guaranteed loans. Non-interest expense de- creased $462,000 to $4.2 million, down from $4.7 million for the comparable period in 2010. This decrease was reported to be primarily the result of sav- ings in salaries and employee benefits, a $400,000 reduction in the valuation allowance for losses on OREO and the related carrying costs. These items were partially offset by increas- es in other expense categories. The most significant were oc- cupancy and equipment 'costs and professional fees. Salaries and employee ben- efits were down $178,000 with declines in salary expense and 401(k) matching contribu- tions. Salary expense, exclud- ing commissions, declined by $297,000 with a reduction in staffing in all areas with the exception of government guaranteed lending and prob- lem assets. The bank reported it has reduced personnel in most functional areas, but has increased staffing in its prob- lem asset department to effec- tively manage the increased level of nonperforming assets. Additionally, they report to have increased staffing in the bank's government guaranteed lending department, an area in which they see continued op- portunities for loan growth. During the second quarter of 2010 the bank discontinued the practice of matching contribu- tions to its 401(k) plan, a sav- ings of $41,000 compared to the 2010 quarter. Limited (:ounty gets go-ahead nod from board Mona Hill Staff Writer mhill@plumasnews.com fall in the general fund." Jon Kennedy, supervisor for District 5, immediately asked Steffanic if these con- tracts were already in place when Gov. Brown eliminated fair funding statewide. Steffanic indicated he had stopped all entertainment bookings as soon as he re- ceived that information, but was unclear whether these con- tracts predated that decision. Referencing a fact sheet he distributed, Steffanic added that between the High Sierra Music Festival and the fair, there would be enough rev- enue to continue operations at the fairgrounds until Sep- tember. Board chairwoman Lori Simpson pointed out his in- Fair manager John Steffan- ic was before the Board of Su- pervisors at its May 3 meeting to explain contracts for fair entertainment. Because the amount of the contracts exceeds Steffanic's signatory level, the fair man- ager passed them on to Chief Administrative Office Jack Ingstad for signature. Ingstad brought the matter before the board to ask for direction. "I don't want to be put in a posi- tion of approving a puppet show for $4,500 when the fair is having financial problems. ... If I could just get some di- rection from the board and gave an estimate of $23,000, Simpson asked "That's it? It's not going over that?" Steffanic replied, "No." Simpson asked again, "That's for this fair, this year?" Steffanic answered, "Yes, that compares to usually $40,000 - $50,000." Kennedy asked if the $23,000 included the Friday and Saturday grandstand events and Steffanic told him those had been eliminated. The $23,000, he said, was for a live band in Old Town each night, the circus and medi- cine show acts and the puppet show. Kennedy persisted. "So the others are eliminated unless we can get sponsors for them and get entertainment, (if) it's If we get the sponsors, I guess we could do that. My question now is are we going to have a fair and to what extent are we having a fair?" Kennedy said, "I'm con- cerned about eliminating that one night or whatever it is." Simpson and Steffanic segued into discussion of last year's poorly attended grand- stand events and the effects of those losses on the fair's cur- rent finances. Kennedy brought the dis- cussion back to the puppet show contract, asking "If we don't pay them ... do we have to pay a fee?" Steffanic said there were no penalties. In the case of cancellation, the fair wouldn't use the $4,500 on another act and would just re- $215,000 in anticipated state revenues for 2011-12 Steffanic had listed on his fact sheet. Kennedy and Steffanic clar- ified the money had been only anticipated and was now eliminated. Steffanic added that he'd been in communication with people at the state's fairs and expositions department. He was told the department had about $5 million to spend be- fore the end of the fiscal year. Staff at fairs and expositions told him it would be allocated to the state's fairs and Plumas-Sierra County Fair would receive about $87,000. In a later email, he revised that figure to $65,000 for each fair, adding June was the dis- tribution time and it was still change but at that point that was the amount recommend- ed. That sparked discussion about the reliability of expect- ing state funding and year- round operations at the fair. Simpson brought discus- sion back to the contracts, telling Steffanic, "(There will be) no surprises permitted be- yond the $23,000. The fair board is well aware of the se- riousness of the budget, (but) are committed to a 2011 fair." Kennedy quipped, "Let's have a fair!, As Simpson looked to the board for a motion, District 3 Supervisor Sherrie Thrall suggested capping the con- tract authorizations at $23,000. Simpson agreed and Thrall made the motion. Swofford the fair board in how to move formation did not include an not too late?" , . tain the money, unclear if the distribution seconded and the board unani- the nexLevent along, lowing,Hstimate4,tot-al4or the eoh- .., ffanic.answered; We re.:,,,.-.At t-lat-9oint District lu- :taldake. place! ' :.-..mously- atrthor4ed Insstad. to that next year we are going to tracts andasked for a figure. * open-to anything', -btlt of pervisorTert'y Swofford iri .... ';"He quickly qualified thnt Sigia the entertainment corn have a $1 million-plus short- When the fair manager course it comes down to money, terjected to ask about the and said the amount could tracts with a cap at $23,000. C 2)MMUNITY CORNER WEEKLY CALENDAR Thursday, May 12 AA Big Book/Step Study, 7 p.m., First Baptist Church, Hot Springs Road, Greenville. Workshop for Plumas Artists, 2-4:30 p.m., Greenville Southern Bap- tist Church, Greenville Wolf Creek Road, 284-7069. Feather River Resource Conservation District Board meeting, 7 p.m., Plumas Corp. office, Quincy. Public welcome. Call 283-7512 for more infor- mation. Local 5-Day Forecast Friday, May 13 Sewing, Crafts and Coffee, 10:30 a.m.-noon, Tay- lorsville Community United Methodist Church, Nelson Street, 284-7861 or 284-7670. Monday, May 16 Greenville High School Booster Club, 6 p.m., Room 401. Greenville Streetscape Committee, 6:30 p.m., Call for meeting location, 284- 6929. Wolf Creek 4-H, 7 p.m., First Baptist Church, Hot Springs Road. Call advisor Randy Hovland, 284-1545. AA, 7 p.m., First Lutheran Church, Bush Street, Greenville. Tuesday" May 17 Sewing, Crafts and Coffee, 10:30 a.m., potluck at noon; Taylorsville Community United Methodist Church, Nelson Street, 284-7861 or 284-7670. Dawn Institute, 5:30 p.m. Call for location 284-6036. California Women in Tfm- ber, 6 p.m., Quincy Library. Wednesday, May 18 Bingo, 10:30 a.m., at the Greenville Senior Nutrition Site, Green Meadows Hous- ing Development off Hot Springs Road. Call a day ahead for ride and lunch reservations, 284-6088. Family Night, 5:30 p.m., Roundhouse Council, 330 Bush St., Greenville, 284- 6866. Greenville Rotary" 6 p.m., In- dian Valley Community Center Conference Room, Highway 89, Greenville. Free and Accepted Masons, 7:30 p.m., Masonic Hall, Main St. Greenville, 284- 7875. LAKE LEVELS Lake Almanor *Elevation tCurrent 4,488.69 ¥1 Year Ago 4,486.98 Lake Almanor **Capacity $Current 1,002,117 ¥1 Year Ago 958,244 Bucks Lake *Elevation tCurrent 5,139.19 ¥1 Year Ago 5,138.08 Bucks Lake **Capacity tCurrent 74,564 ¥1 Year Ago 68,818 [] IBI *Elevation above sea level in ft. *'Storage in acre ft. 1"May 8, 2Oll VMay 10, 2010 LAST WEEK'S TEMPERATURES DATE HIGH LOW May 2 74 33 May 3 80 32 May 4 80 35 May 5 78 40 May 6 73 44 May 7 60 41 May 8 --- 34 Total Precip: 42.80 to date; Last Year this date: 30.73. Snow total: 12 ft., 10.5 in. Last year: 4 ft. (48 in.) Season is July 1 to June 30 Compiled by Raymond Hunt Greenville Public Library 204 Ann St. • 284-7416 Mon., Tues., Wed.: 10 a.m.-1 p.m., 1:30-5:30p.m. Thursday: 12 p.m.-4 p. ,m., 4:30-7:30 p.m. Friday: 9:30 a.rn.-lp.m., 1:30-5 p.m. Today's Weather : 5111. 67144 Plenty of sun. Highe in the upper 60s lind lows in the mid 408. Stlndl41 Sunlit 5:52AM 8:08 PM 5/12 ,' 66/45 Plenty of sun, Highs in the mid 60s end lows in the mid 40s, Sunr sunut 5:51 AM 8:09 PM Fd 5113 62/42 Par,y ck)udy. Sh8 in the low 60S and IOWS in e low 405. Sundle Sunset 5:50 AM 8:10 PM 5/14 • 55/39 Chance of showem. Highs in the mid 50s and lows in the up er 30s, Sundle Summt 5:49AM 8:11 PM Sat Sun 5/15 51/38 Showers. Highs 1 the low 50s lind lows in the upper 30s. Sundae Sunset 5:48 AM $:12 PM California At A Glance 67/44 68/61 Area Cities Anaheim 73 54 sunny Modesto 88 00 sunny Mojave Bmldow 85 S2 sunny Monterey Blythe 92 63 sunny Needles Chk:o 82 52 sunny Oakland Costa Mesa 69 57 met sunny Palmdole EI Centro 91 61 sunny Pasadena Eureka 56 48 pt sunny Reddlng Frsuno 87 57 sunny Riverside I.o41 Angeles 71 55 sunny Sacramento National Cities ;Ira a[,Im[*lff [kah Atkmta 91 63 pt sunny Houston Boron 60 50 clOUdy Los An0ole= Chic*go 80 62 t-storm Miemi Ddlul 82 69 l-store1 Mlnnelipolll Denve, 61 41 t-storm New York Moon Phases Rrst Full • May 10 May 17 Last New Ma X 24 Jun I UV Index Wed 5/11  Very High Thu 5/12  Very High Fri 5/13  Very High Sat 5/14  High Sun 5/15  High The UV Indox Is meuumd on s 0.11 number Ir.e, h a hlgher UV Index Vw the mind le Ortor dn p- • 88 55 sunny Sllnu (18 49 ms" sunny 78 53 sunny Sen Bernlrdlno 80 52 sunny S8 48 p! sunny Sen Diego (}8 01 pt sunny 90 64 sunny Sin FranCiSCO 01 52 rail sunny 67 51 ms'sunny SenJose 73 52 mltsunny 80 50 =unny Santa surtm 65 53 sunny 75 54 sunny Slodden 80 52 sunny 79 51 sunny Sulanvllle 70 38 mltsunny 80 51 sunny Truckee 02 38 m=tlunny 81 52 ptsunny Vlaldle 86 54 sunny [] 18] 88 73 pt sunny Phoenix 83 81 met sunny 71 55 nny San Fmnck¢o 61 52 met funny 91 78 ms" sunny Seattle 59 4,S mln 78 59 t.storm St. Louis 89 (W |-atom1 69 55 pt sunny Wuhington OC 72 53 sunny CHURCHES Church Of Jesus Christ Of Latter Day Saints, 284-7517 or 284-1414, Hideway Rd., Greenville. First Baptist, 284-7714, 133 Hot Springs Rd.. Greenville. Christ the Redeemer Church, 284-1003, 120 Bush St., Greenville, ctranglican.org. First Lutheran, 284-7683, 116 Bush St., Greenville. Greenville Assembly of God, 284-6586, Forgay & Setzer, Greenville. Indian Mission Full Gospel, N. Valley Rd., Greenville. Kingdom Hall Of Jehovah's itnessss, 284-6006, 1192 N. Valley Rd.,Greenville: Seventh-Day Adventist, 310-2042, Hwy. 89, next to Sierra Sunrise, GreenVille. Southern Baptist, 284-7522, 241 Greenville Wolf Creek Rd., Greenville. St. Anthony's Catholic Father Larry Beck. Jessie Street, Greenville. 283-0890. Sunday Mass, 11 a.m.; Thursday Mass, noon. Community United Methodist Churches of Greenville and Taylorsville, 284-7316, 212 Pine St., Greenville and Nelson & War- ren St., Taylorsville. Christ the Redeemer Church, 284-1003, First Lutheran, 120 Bush St., Greenville., ctmndlican.0rg. Lord's Chapel, 284-1852, 168 Hannon Ave., Indian Falls. plumasnews,©om Get current forecasts and road. conditions with one click! • Local Weather - 7-Day Forecasts • Live Videos - Traffic Alerts • Highway Information & Maps - Greenville Wye Camera • N.E. Cal Highway Cameras e Chain Control - Road Conditions - Road Construction • Road Closures • Rock Slides .Before you travel these mountain roads, check out pl umasnews com and I click on Weather The Earthquake Report will resume Wednesday, May 18.