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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

(Mark One)

 

☒

QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
March 31, 2022

 

 

☐

TRANSITION REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO ___________

 

COMMISSION FILE NUMBER: 000-49883

 

PLUMAS BANCORP

(Exact Name of Registrant as Specified in Its Charter)

 

California

75-2987096

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

 

 

5525 Kietzke Lane, Suite 100, Reno, Nevada

89511

(Address of Principal Executive Offices)

(Zip Code)

 

 

Registrant’s Telephone Number, Including Area Code (775) 786-0907

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒   No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act:

 

Large Accelerated Filer ☐    Accelerated Filer ☐     Non-Accelerated Filer ☐     Smaller Reporting Company ☒    Emerging Growth Company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐  No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:

Trading Symbol

Name of Each Exchange on which Registered:

Common Stock, no par value

PLBC

The NASDAQ Stock Market LLC

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of May 2, 2022. 5,842,966 shares.

 

 
 

 

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

PLUMAS BANCORP AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share data)

 

  

March 31,

  

December 31,

 
  

2022

  

2021

 
         

Assets

        

Cash and cash equivalents

 $389,023  $380,584 

Investment securities available for sale

  316,188   305,914 

Loans held for sale

  13,953   31,277 

Loans, less allowance for loan losses of $10,402 at March 31, 2022 and $10,352 at December 31, 2021

  830,176   829,385 

Real estate acquired through foreclosure

  487   487 

Premises and equipment, net

  18,220   16,424 

Bank owned life insurance

  15,938   15,844 

Goodwill

  5,502   5,502 

Accrued interest receivable and other assets

  32,745   28,657 

Total assets

 $1,622,232  $1,614,074 
         

Liabilities and Shareholders’ Equity

        
         

Deposits:

        

Non-interest bearing

 $752,246  $736,582 

Interest bearing

  715,412   702,417 

Total deposits

  1,467,658   1,438,999 

Repurchase agreements

  9,858   17,283 

Accrued interest payable and other liabilities

  11,333   13,400 

Junior subordinated deferrable interest debentures

  10,310   10,310 

Total liabilities

  1,499,159   1,479,992 
         

Commitments and contingencies (Note 5)

          
         

Shareholders’ equity:

        

Common stock, no par value; 22,500,000 shares authorized; issued and outstanding – 5,836,766 shares at March 31, 2022 and 5,816,991 at December 31, 2021

  26,990   26,801 

Retained earnings

  110,467   105,681 

Accumulated other comprehensive (loss) income, net

  (14,384)  1,600 

Total shareholders’ equity

  123,073   134,082 

Total liabilities and shareholders’ equity

 $1,622,232  $1,614,074 

 

See notes to unaudited condensed consolidated financial statements.

 

 

1
 
 

 

PLUMAS BANCORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share data)

 

   

For the Three Months Ended

  
   

March 31,

  
   

2022

    

2021

  

Interest Income:

                

Interest and fees on loans

   $ 10,616     $ 9,781  

Interest on investment securities

     1,531       901  

Other

     168       52  

Total interest income

     12,315       10,734  

Interest Expense:

                

Interest on deposits

     194       174  

Interest on junior subordinated deferrable interest debentures

     88       79  

Other

     18       2  

Total interest expense

     300       255  

Net interest income before provision for loan losses

     12,015       10,479  

Provision for Loan Losses

     300       375  

Net interest income after provision for loan losses

     11,715       10,104  

Non-Interest Income:

                

Gain on sale of loans

     1,701       591  

Interchange revenue

     762       715  

Service charges

     566       540  

Other

     621       504  

Total non-interest income

     3,650       2,350  

Non-Interest Expenses:

                

Salaries and employee benefits

     4,082       3,524  

Occupancy and equipment

     1,137       890  

Other

     2,454       1,878  

Total non-interest expenses

     7,673       6,292  

Income before provision for income taxes

     7,692       6,162  

Provision for Income Taxes

     1,974       1,721  

Net income

   $ 5,718     $ 4,441  
                 

Basic earnings per share

   $ 0.98     $ 0.86  

Diluted earnings per share

   $ 0.97     $ 0.85  

 

See notes to unaudited condensed consolidated financial statements.

 

2
 
 

 

PLUMAS BANCORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

 

   

For the Three Months Ended

  
   

March 31,

  
   

2022

    

2021

  
                 

Net income

   $ 5,718     $ 4,441  

Other comprehensive income:

                

Change in net unrealized gain on securities

     (23,349 )     (3,584 )

Change in unrealized gain on cash flow hedge

     656       667  

Net unrealized holding loss

     (22,693 )     (2,917 )

Related tax effect:

                

Change in net unrealized gain on securities

     6,902       1,060  

Change in unrealized gain on cash flow hedge

     (193 )     (198 )

Income tax effect

     6,709       862  

Other comprehensive loss

     (15,984 )     (2,055 )

Total comprehensive (loss) income

   $ (10,266 )   $ 2,386  

 

See notes to unaudited condensed consolidated financial statements.

 

3
 
 

 

PLUMAS BANCORP AND SUBSIDIARY 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY 

(in thousands, except shares)

 

   

Common Stock

    

Retained

    

Accumulated Other Comprehensive Income (loss)

    

Total Shareholders’

  
   

Shares

    

Amount

    

Earnings

    

(Net of Taxes)

    

Equity

  
                                         

Balance, December 31, 2020

     5,182,232     $ 7,656     $ 87,753     $ 4,745     $ 100,154  

Net Income

                   4,441             4,441  

Other comprehensive loss

                         (2,055 )     (2,055 )

Cash dividends on common stock

                   (726 )           (726 )

Exercise of stock options and tax effect

     14,500       142                   142  

Stock-based compensation expense

             60                   60  

Balance, March 31, 2021

     5,196,732     $ 7,858     $ 91,468     $ 2,690     $ 102,016  
                                         

Balance, December 31, 2021

     5,816,991     $ 26,801     $ 105,681     $ 1,600     $ 134,082  

Net Income

                   5,718             5,718  

Other comprehensive loss

                         (15,984 )     (15,984 )

Cash dividends on common stock

                   (932 )           (932 )

Exercise of stock options and tax effect

     19,775       131                   131  

Stock-based compensation expense

             58                   58  

Balance, March 31, 2022

     5,836,766     $ 26,990     $ 110,467     $ (14,384 )   $ 123,073  

 

See notes to unaudited condensed consolidated financial statements.  

  

 

4
 
 

 

PLUMAS BANCORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

   

For the Three Months Ended

  
   

March 31,

  
   

2022

    

2021

  

Cash Flows from Operating Activities:

                

Net income

   $ 5,718     $ 4,441  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Provision for loan losses

     300       375  

Change in deferred loan origination costs/fees, net

     (1,064 )     1,343  

Depreciation and amortization

     458       376  

Stock-based compensation expense

     58       60  

Amortization of investment security premiums

     260       261  

Loss on sale of other vehicles

     27       3  

Gain on sale of loans held for sale

     (1,701 )     (591 )

Loans originated for sale

     (9,182 )     (8,018 )

Proceeds from loan sales

     26,618       8,254  

Earnings on bank-owned life insurance

     (93 )     (90 )

Decrease in accrued interest receivable and other assets

     3,524       1,052  

(Decrease) increase in accrued interest payable and other liabilities

     (2,066 )     1,126  

Net cash provided by operating activities

     22,857       8,592  
                 

Cash Flows from Investing Activities:

                

Proceeds from principal repayments from available-for-sale mortgage-backed securities

     7,780       11,656  

Proceeds from matured and called available-for-sale securities

     255       250  

Purchases of available-for-sale securities

     (41,897 )     (40,776 )

Purchase of FRB stock

     (2 )     (2 )

Net decrease (increase) in loans

     1,021       (23,342 )

Proceeds from sale of other vehicles

     126       58  

Purchase of premises and equipment

     (2,133 )     (55 )

Net cash used in investing activities

     (34,850 )     (52,211 )

 

Continued on next page.

 

5
 

 

PLUMAS BANCORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

(Continued)

 

   

For the Three Months Ended

  
   

March 31,

  
   

2022

    

2021

  

Cash Flows from Financing Activities:

                

Net increase in demand, interest bearing and savings deposits

   $ 29,210     $ 95,175  

Net (decrease) increase in time deposits

     (552 )     69  

Net decrease in securities sold under agreements to repurchase

     (7,425 )     (2,327 )

Cash dividends paid on common stock

     (932 )     (726 )

Proceeds from exercise of stock options

     131       142  

Net cash provided by financing activities

     20,432       92,333  

Increase in cash and cash equivalents

     8,439       48,714  

Cash and Cash Equivalents at Beginning of Year

     380,584       184,909  

Cash and Cash Equivalents at End of Period

   $ 389,023     $ 233,623  
                 

Supplemental Disclosure of Cash Flow Information:

                

Cash paid during the period for:

                

Interest expense

   $ 299     $ 269  

Income taxes

   $ 10     $ -  
                 

Non-Cash Investing Activities:

                

Real estate and vehicles acquired through foreclosure

   $ 129     $ 224  
                 

Non-Cash Financing Activities:

                

Common stock retired in connection with the exercise of stock options

   $ 84     $ -  

 

See notes to unaudited condensed consolidated financial statements.  

 

6
 

 

PLUMAS BANCORP AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

1. THE BUSINESS OF PLUMAS BANCORP

 

During 2002, Plumas Bancorp (the "Company") was incorporated as a bank holding company for the purpose of acquiring Plumas Bank (the "Bank") in a one bank holding company reorganization. This corporate structure gives the Company and the Bank greater flexibility in terms of operation, expansion and diversification. The Company formed Plumas Statutory Trust I ("Trust I") for the sole purpose of issuing trust preferred securities on September 26, 2002. The Company formed Plumas Statutory Trust II ("Trust II") for the sole purpose of issuing trust preferred securities on September 28, 2005.

 

The Bank operates twelve branches in California, including branches in Alturas, Chester, Fall River Mills, Greenville, Kings Beach, Portola, Quincy, Redding, Susanville, Tahoe City,  Truckee and Yuba City. The Bank's Yuba City branch was acquired upon the acquisition of Feather River Bancorp on July 1, 2021. The Bank’s administrative headquarters are in Quincy, California. In December 2015 the Bank opened a branch in Reno, Nevada, its first branch outside of California, and in 2018 the Bank purchased a branch located in Carson City, Nevada. In addition, the Bank operates a lending office specializing in government-guaranteed lending in Auburn, California, and commercial/agricultural lending offices in Chico, California and Klamath Falls, Oregon. The Bank's primary source of revenue is generated from providing loans to customers who are predominately small and middle market businesses and individuals residing in the surrounding areas.

 
 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Consolidation and Basis of Presentation

 

The consolidated financial statements include the accounts of the Company and the consolidated accounts of its wholly-owned subsidiary, Plumas Bank. All significant intercompany balances and transactions have been eliminated.

 

Plumas Statutory Trust I and Trust II are not consolidated into the Company's consolidated financial statements and, accordingly, are accounted for under the equity method. The Company's investment in Trust I of $366,000 and Trust II of $184,000 are included in accrued interest receivable and other assets on the consolidated balance sheet. The junior subordinated deferrable interest debentures issued and guaranteed by the Company and held by Trust I and Trust II are reflected as debt on the consolidated balance sheet.

 

The accounting and reporting policies of Plumas Bancorp and subsidiary conform with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. In the opinion of management, the unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company’s financial position at  March 31, 2022 and the results of its operations and its cash flows for the three- month period ended March 31, 2022 and 2021. Our condensed consolidated balance sheet at  December 31, 2021 is derived from audited financial statements.

 

The unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting on Form 10-Q. Accordingly, certain disclosures normally presented in the notes to the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted. The Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2021 Annual Report to Shareholders on Form 10-K. The results of operations for the three-month period ended March 31, 2022 may not necessarily be indicative of future operating results. In preparing such financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the periods reported. Actual results could differ significantly from those estimates.

 

7
 
 

Segment Information

 

Management has determined that since all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. No customer accounts for more than 10 percent of revenues for the Company or the Bank.

 

Revenue from Contracts with Customers

 

The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. Significant revenue has not been recognized in the current reporting period that results from performance obligations satisfied in previous periods.

 

Most of the Company’s revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as the Company’s loans and investment securities. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Condensed Consolidated Statements of Income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed, charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers.

 

Loans Held for Sale

 

Included in the loan portfolio are loans which are 75% to 90% guaranteed by the Small Business Administration (SBA), US Department of Agriculture Rural Business-Cooperative Service (RBS) and Farm Service Agency (FSA). The guaranteed portion of these loans may be sold to a third party, with the Bank retaining the unguaranteed portion. The Company can receive a premium in excess of the adjusted carrying value of the loan at the time of sale.

 

As of  March 31, 2022 and December 31, 2021 the Company had $14.0 million and $31.3 million, respectively in SBA government guaranteed loans held for sale. Loans held for sale are recorded at the lower of cost or fair value and therefore may be reported at fair value on a non-recurring basis. The fair values for loans held for sale are based on either observable transactions of similar instruments or formally committed loan sale prices.

 

Goodwill and Other Intangible Assets

 

Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill acquired in a purchase business combination and determined to have an indefinite useful life is not amortized, but is tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed.  Core deposit intangible represents estimated future benefit of deposits related to an acquisition and is booked separately from the related deposits and is evaluated periodically for impairment. The core deposit intangible asset is amortized on an accelerated method over its estimated useful life of ten years.

 

Pending Accounting Pronouncements

 

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to- maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU No. 2016- 13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. On October 16, 2019, the FASB approved a proposal to change the effective date of ASU No. 2016-13 for smaller reporting companies, as defined by the SEC, and other non-SEC reporting entities, delaying the effective date to fiscal years beginning after December 31, 2022, including interim periods within those fiscal periods. As the Company is a smaller reporting company and has not adopted provisions of the standard early, the delay is applicable to the Company. The Company has begun its implementation efforts by establishing an implementation team chaired by the Company’s Chief Credit Officer and composed of members of the Company’s credit administration and accounting departments. We have purchased software to support the CECL calculation of the allowance for loan losses under ASU No. 2016-13. During the second quarter of 2021 we engaged a consultant to perform a model validation of our CECL model and to assist us in documenting all aspects of the CECL model. The Company’s preliminary evaluation indicates the provisions of ASU No. 2016-13 are expected to impact the Company’s Consolidated Financial Statements, in particular the level of the reserve for credit losses. However, the Company continues to evaluate the extent of the potential impact.

 

8
 
 
 

3.   INVESTMENT SECURITIES AVAILABLE FOR SALE

 

The amortized cost and estimated fair value of investment securities at March 31, 2022 and December 31, 2021 consisted of the following, in thousands:

 

Available-for-Sale

 

March 31, 2022

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

Debt securities:

                

U.S. Government-sponsored agencies collateralized by mortgage obligations - residential

 $172,591  $241  $(9,244) $163,588 

U.S. Government-agencies collateralized by mortgage obligations - commercial

  63,385   -   (4,506)  58,879 

Obligations of states and political subdivisions

  101,895   370   (8,544)  93,721 
  $337,871  $611  $(22,294) $316,188 

 

Unrealized losses on available-for-sale investment securities totaling $21,683,000 were recorded, net of $6,409,000 in tax benefit, as accumulated other comprehensive loss within shareholders' equity at March 31, 2022.  No securities were sold during the three months ended March 31, 2022.

 

Available-for-Sale

 

December 31, 2021

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

Debt securities:

                

U.S. Government-sponsored agencies collateralized by mortgage obligations - residential

 $150,646  $1,636  $(1,248) $151,034 

U.S. Government-agencies collateralized by mortgage obligations - commercial

  58,282   11   (1,068)  57,225 

Obligations of states and political subdivisions

  95,320   2,592   (257)  97,655 
  $304,248  $4,239  $(2,573) $305,914 

 

Unrealized gains on available-for-sale investment securities totaling $1,666,000 were recorded, net of $493,000 in tax expense, as accumulated other comprehensive income within shareholders' equity at December 31, 2021. No securities were sold during the three months ended March 31, 2021.

 

There were no transfers of available-for-sale investment securities during the three months ended March 31, 2022 and twelve months ended December 31, 2021. There were no securities classified as held-to-maturity at March 31, 2022 or December 31, 2021.

 

9
 
 

Investment securities with unrealized losses at March 31, 2022 and December 31, 2021 are summarized and classified according to the duration of the loss period as follows, in thousands:

 

March 31, 2022

 

Less than 12 Months

  

12 Months or More

  

Total

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 

Debt securities:

                        

U.S. Government-sponsored agencies collateralized by mortgage obligations - residential

 $131,022  $7,894  $10,918  $1,350  $141,940  $9,244 

U.S. Government-agencies collateralized by mortgage obligations - commercial

  50,097   3,520   8,783   986   58,880   4,506 

Obligations of states and political subdivisions

  66,517   7,899   2,410   645   68,927   8,544 
  $247,636  $19,313  $22,111  $2,981  $269,747  $22,294 

 

December 31, 2021

 

Less than 12 Months

  

12 Months or More

  

Total

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 

Debt securities:

                        

U.S. Government-sponsored agencies collateralized by mortgage obligations -residential

 $70,742  $1,076  $2,324  $172  $73,066  $1,248 

U.S. Government-agencies collateralized by mortgage obligations - commercial

  54,214   1,068   -   -   54,214   1,068 

Obligations of states and political subdivisions

  22,434   241   515   16   22,949   257 
  $147,390  $2,385  $2,839  $188  $150,229  $2,573 

 

At March 31, 2022, the Company held 313 securities of which 212 were in a loss position for less than twelve months and 15 were in a loss position for  twelve months or more. Of the 313 securities 96 are U.S. Government-sponsored agencies collateralized by residential mortgage obligations, 23 were U.S. Government agencies collateralized by commercial mortgage obligations and 194 were obligations of states and political subdivisions. The unrealized losses relate principally to market rate conditions. All of the securities continue to pay as scheduled. When analyzing an issuer’s financial condition, management considers the length of time and extent to which the market value has been less than cost; the historical and implied volatility of the security; the financial condition of the issuer of the security; and the Company’s intent and ability to hold the security to recovery. As of March 31, 2022, management does not have the intent to sell these securities, nor does it believe it is more likely than not that it will be required to sell these securities before the recovery of its amortized cost basis. Based on the Company’s evaluation of the above and other relevant factors, the Company does not believe the securities that are in an unrealized loss position as of March 31, 2022 are other than temporarily impaired.

 

The amortized cost and estimated fair value of investment in debt securities at March 31, 2022 by contractual maturity are shown below, in thousands.

 

  

Amortized Cost

  

Estimated Fair Value

 

Within one year

 $947  $952 

After one year through five years

  3,963   3,985 

After five years through ten years

  10,591   10,614 

After ten years

  86,394   78,170 

Investment securities not due at a single maturity date:

        

Government- agencies commercial mortgage-backed securities

  63,385   58,879 

Government-sponsored agencies residential mortgage-backed securities

  172,591   163,588 
  $337,871  $316,188 

 

Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

 

Investment securities with amortized costs totaling $149,938,000 and $134,749,000 and estimated fair values totaling $140,921,000 and $134,791,000 at March 31, 2022 and December 31, 2021, respectively, were pledged to secure deposits and repurchase agreements. 

  

10
 
 
 

4. LOANS AND THE ALLOWANCE FOR LOAN LOSSES

 

Outstanding loans are summarized below, in thousands:

 

  

March 31,

  

December 31,

 
  

2022

  

2021

 
         

Commercial

 $96,787  $99,804 

Agricultural

  123,416   126,456 

Real estate – residential

  15,637   15,837 

Real estate – commercial

  423,511   418,609 

Real estate – construction and land development

  55,668   51,526 

Equity lines of credit

  32,602   32,793 

Auto

  86,768   89,046 

Other

  4,297   4,516 

Total loans

  838,686   838,587 

Deferred loan costs, net

  1,892   1,150 

Allowance for loan losses

  (10,402)  (10,352)

Total net loans

 $830,176  $829,385 

 

Changes in the allowance for loan losses, in thousands, were as follows:

 

  

March 31,

  

December 31,

 
  

2022

  

2021

 
         

Balance, beginning of period

 $10,352  $9,902 

Provision charged to operations

  300   1,125 

Losses charged to allowance

  (373)  (938)

Recoveries

  123   263 

Balance, end of period

 $10,402  $10,352 

 

The recorded investment in impaired loans totaled $4,674,000 and $4,857,000 at March 31, 2022 and December 31, 2021, respectively. The Company had specific allowances for loan losses of $23,000 on impaired loans of $171,000 at March 31, 2022 as compared to specific allowances for loan losses of $28,000 on impaired loans of $273,000 at December 31, 2021. The balance of impaired loans in which no specific reserves were required totaled $4,503,000 and $4,584,000 at March 31, 2022 and December 31, 2021, respectively. The average recorded investment in impaired loans for the three months ended March 31, 2022 and March 31, 2021 was $4,632,000 and $1,828,000, respectively. The Company recognized  $15,000 in interest income for impaired loans during the three months ended March 31, 2022 and 2021. No interest was recognized on nonaccrual loans accounted on a cash basis during the three months ended March 31, 2022 and 2021.

 

Included in impaired loans are troubled debt restructurings. The Company evaluates loan extensions or modifications in accordance with FASB ASC 340-10 with respect to the classification of the loan as a TDR. Under ASC 340-10, if the Company grants a loan extension or modification to a borrower experiencing financial difficulties for other than an insignificant period of time that includes a below–market interest rate, principal forgiveness, payment forbearance or other concession intended to minimize the economic loss to the Company, the loan extension or loan modification is classified as a TDR. In cases where borrowers are granted new terms that provide for a reduction of either interest or principal then due and payable, management measures any impairment on the restructured loan in the same manner as for impaired loans as noted above. To determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy.

 

The carrying value of troubled debt restructurings at March 31, 2022 and December 31, 2021 was $891,000 and $897,000, respectively. The Company has allocated  $23,000 and $28,000 of specific reserves on loans to customers whose loan terms have been modified in troubled debt restructurings as of March 31, 2022 and December 31, 2021. The Company has not committed to lend additional amounts on loans classified as troubled debt restructurings at March 31, 2022 and December 31, 2021.

  

There were no troubled debt restructurings that occurred during the three months ending March 31, 2022 or March 31, 2021. There were no troubled debt restructurings for which there was a payment default within twelve months following the modification during the three months ended March 31, 2022 and 2021, respectively.

 

11
 
 

At March 31, 2022 and December 31, 2021, nonaccrual loans totaled $4,733,000 and $4,863,000, respectively.  Interest foregone on nonaccrual loans totaled $69,000 and $75,000 for the three months ended March 31, 2022 and 2021, respectively. There were no loans past due 90 days or more and on accrual status at March 31, 2022 and December 31, 2021.

 

Salaries and employee benefits totaling $1,062,000 and $707,000 have been deferred as loan origination costs during the three months ended March 31, 2022 and 2021, respectively. 

 

The Company assigns a risk rating to all loans and periodically, but not less than annually, performs detailed reviews of all criticized and classified loans over $100,000 to identify credit risks and to assess the overall collectability of the portfolio. These risk ratings are also subject to examination by independent specialists engaged by the Company and the Company’s regulators. During these internal reviews, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which borrowers operate and the fair values of collateral securing these loans. These credit quality indicators are used to assign a risk rating to each individual loan.

 

The risk ratings can be grouped into three major categories, defined as follows:

 

Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

 

Substandard – A substandard loan is not adequately protected by the current sound worth and paying capacity of the borrower or the value of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Well defined weaknesses include a project's lack of marketability, inadequate cash flow or collateral support, failure to complete construction on time or the project's failure to fulfill economic expectations. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

 

Doubtful – Loans classified doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable.

 

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans.

 

Purchased Credit Impaired Loans (PCI):

 

Upon the acquisition of Feather River Bancorp the Company acquired loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected.  The carrying amount of those loans at March 31, 2022 and December 31, 2021 was $404,000 and $496,000, respectively.  The carrying amount at March 31, 2022 reflects an outstanding balance of $425,000 net of an unaccretable discount of $21,000. The carrying amount at December 31, 2021 reflects an outstanding  balance of  $517,000 net of an unaccretable discount of $21,000.    

 

Accretable yield, or income expected to be collected, is as follows:           .

 

(in thousands)

    

Balance at December 31, 2021

 $28 

Additions

  - 

Removals1

  - 

Accretion

  (2)

Balance at March 31, 2022

 $26 

 

1 Represents the accretable difference that is relieved when a loan exits the PCI population due to payoff, full charge-off, or transfer to repossessed assets, etc.

 

12
 
 

The following table shows the loan portfolio allocated by management's internal risk ratings at the dates indicated, in thousands:

 

March 31, 2022

 

Commercial Credit Exposure

 
  

Credit Risk Profile by Internally Assigned Grade

 

Grade:

 

Commercial

  

Agricultural

  

Real Estate-Residential

  

Real Estate-Commercial

  

Real Estate-Construction

  

Equity LOC

  

Total

 

Pass

 $92,583  $121,963  $15,402  $419,203  $55,598  $32,060  $736,809 

Special Mention

  4,092   1,028   -   59   -   -   5,179 

Substandard

  112   425   235   4,249   70   542   5,633 

Doubtful

  -   -   -   -   -   -   - 

Total

 $96,787  $123,416  $15,637  $423,511  $55,668  $32,602  $747,621 

 

 

December 31, 2021

 

Commercial Credit Exposure

 
  

Credit Risk Profile by Internally Assigned Grade

 

Grade:

 

Commercial

  

Agricultural

  

Real Estate-Residential

  

Real Estate-Commercial

  

Real Estate-Construction

  

Equity LOC

  

Total

 

Pass

 $96,052  $124,866  $15,594  $414,175  $51,455  $32,349  $734,491 

Special Mention

  3,721   1,072   150   62   -   -   5,005 

Substandard

  31   518   93   4,372   71   444   5,529 

Doubtful

  -   -   -   -   -   -   - 

Total

 $99,804  $126,456  $15,837  $418,609  $51,526  $32,793  $745,025 

 

 

  

Consumer Credit Exposure

  

Consumer Credit Exposure

 
  

Credit Risk Profile Based on Payment Activity

  

Credit Risk Profile Based on Payment Activity

 
  

March 31, 2022

  

December 31, 2021

 
  

Auto

  

Other

  

Total

  

Auto

  

Other

  

Total

 

Grade:

                        

Performing

 $86,271  $4,283  $90,554  $88,525  $4,492  $93,017 

Non-performing

  497   14   511   521   24   545 

Total

 $86,768  $4,297  $91,065  $89,046  $4,516  $93,562 

 

13
 
 

The following tables show the allocation of the allowance for loan losses at the dates indicated, in thousands:

 

Three Months Ended March 31, 2022:

 

Commercial

  

Agricultural

  

Real Estate-Residential

  

Real Estate-Commercial

  

Real Estate-Construction

  

Equity LOC

  

Auto

  

Other

  

Total

 

Allowance for Loan Losses

                                    

Beginning balance

 $1,074  $791  $168  $4,549  $1,325  $426  $1,911  $108  $10,352 

Charge-offs

  0   -   -   (19)  -   -   (335)  (19)  (373)

Recoveries

  6   -   0   0   -   0   114   3   123 

Provision

  (187)  156   (36)  (208)  220   128   190   37   300 

Ending balance

 $893  $947  $132  $4,322  $1,545  $554  $1,880  $129  $10,402 

Three Months Ended March 31, 2021:

                                    

Allowance for Loan Losses

                                    

Beginning balance

 $950  $757  $164  $5,089  $554  $499  $1,768  $121  $9,902 

Charge-offs

  (154)  -   -   -   -   -   (218)  (20)  (392)

Recoveries

  42   -   1   3   -   1   19   11   77 

Provision

  (61)  (59)  4   40   103   (16)  359   5   375 

Ending balance

 $777  $698  $169  $5,132  $657  $484  $1,928  $117  $9,962 

March 31, 2022:

                                    

Allowance for Loan Losses

                                    

Ending balance: individually evaluated for impairment

 $-  $-  $23  $-  $-  $-  $-  $-  $23 

Ending balance: collectively evaluated for impairment

  893   947   109   4,322   1,545   554   1,880   129   10,379 

Ending balance

 $893  $947  $132  $4,322  $1,545  $554  $1,880  $129  $10,402 

Loans

                                    

Ending balance: individually evaluated for impairment

 $-  $237  $699  $3,276  $100  $362  $-  $-  $4,674 

Ending balance: collectively evaluated for impairment

  96,787   123,179