Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank,
today announced earnings during the second quarter of 2024 of $6.8
million or $1.15 per share, an increase of $126 thousand from $6.7
million or $1.14 per share during the second quarter of
2023. Diluted earnings per share increased to $1.14 per
share during the three months ended June 30, 2024 up from $1.12 per
share during the quarter ended June 30, 2023.
For the six months ended June 30, 2024, the
Company reported net income of $13.0 million or $2.21 per share, a
decrease of $1.2 million from $14.3 million or $2.44 per share
earned during the six months ended June 30, 2023. Earnings per
diluted share decreased to $2.19 during the six months ended June
30, 2024, down $0.22 from $2.41 during the first six months of
2023.
Return on average assets was 1.67% during the
current quarter, down slightly from 1.70% during the second quarter
of 2023. Return on average equity decreased to 17.1% for the three
months ended June 30, 2024, down from 20.5% during the second
quarter of 2023. Return on average assets was 1.61% during the six
months ended June 30, 2024, down from 1.81% during the first half
of 2023. Return on average equity decreased to 16.7% for the six
months ended June 30, 2024, down from 22.7% during the first half
of 2023.
Balance Sheet
HighlightsJune 30, 2024 compared to June 30,
2023
-
Cash and due from banks increased by $18 million to $110
million.
-
Gross loans increased by $62 million, or 7%, to $997 million.
-
Total equity increased by $36.6 million, or 28%, to $165
million.
-
Book value per share increased by $6.09, or 28%, to $28.01.
President’s Comments
Andrew J. Ryback, director, president, and chief
executive officer of Plumas Bancorp and Plumas Bank, stated,
“During the second quarter, deposits stabilized. Our ability to
maintain a low overall cost of funds remains a significant factor
in driving profitability.
Loans continued to grow with strong SBA
production. Currently our production is primarily fixed rate SBA
7(a) loans; however, when the market for variable rate product
returns to more normal levels, we will return to making variable
rate SBA 7(a) loans, the guaranteed portion of which we sell in the
secondary market, enhancing non-interest income. We continue to
refine CRE stress testing and closely monitor classified assets.
Several significant reductions in nonaccrual loans have been
achieved and concentrations remain within guidelines.
Increased yield on the restructured securities
portfolio has more than offset the increase in rent expense
resulting from the sale leaseback transaction completed in the
first quarter. Additionally, unrealized losses in the securities
portfolio continue to decline.
We are pleased to report that Plumas Bancorp has
been included again in the Russell 2000 which reconstituted at the
close of the second quarter. Inclusion will likely enhance stock
liquidity via trading by index funds and benchmarked investment
strategies.”
“Additionally,” continued Ryback, “Plumas Bank
recently received several awards including:
- Raymond James Bankers Cup
- Independent Community Bankers of
America Top-Performing Bank
- Keefe, Bruyette & Woods Bank
Honor Roll
- American Banker Top-Performing
Community Banks
- D.A. Davidson Bison Select
- Findley Reports Super Premier
Performing Bank
- CB-Resource Top Ten
Each of these awards assesses performance in a
diversity of metrics compared with peer institutions. Our efforts
to proactively manage earnings, expenses, and margins in a
turbulent environment have allowed us to continue to achieve strong
results.”
Sales/Leaseback and Investment
Restructuring
On January 19, 2024, Plumas Bank entered into
two agreements for the purchase and sale of real property (the
“Sale Agreements”). One Sale Agreement provided for the sale to
MountainSeed of nine properties owned and operated by Plumas Bank
as branches (the “Branches”) for an aggregate cash purchase price
of approximately $25.7 million. The branch portion of the sale was
completed on February 14, 2024 resulting in a net gain on sale of
$19.9 million, recording of right-of-use assets totaling $22.3
million and recording a lease liability of $22.3
million. The second Sale Agreement provides for the sale to
MountainSeed of up to three properties operated as non-branch
administrative offices (the “Non-Branch Offices”) for an aggregate
cash purchase price of $7.9 million, assuming all of the Non-Branch
Offices are sold. The closing date on the Non-Branch Offices has
been extended to September 16, 2024 and may be extended
further.
Under the Sale Agreements, the parties agreed,
concurrently with the closing of the sale of the properties, to
enter into triple net lease agreements (the “Lease Agreements”)
pursuant to which Plumas Bank will lease each of the
properties sold. Each Lease Agreement will have an initial term of
fifteen years with one 15-year renewal option. The Lease Agreements
will provide for an annual rent of approximately $3.1 million in
the aggregate for all Properties of which $2.4 million relates to
the completed branch sale, increased by two percent (2%) per annum
for each year during the initial Term. During the renewal term, the
initial rent will be the basic rent during the last year of the
initial term, increased by two percent (2%) per annum for each year
during the renewal term.
The gain on sales of the branches was offset by
losses on the sale of approximately $115 million in investment
securities. During the three months ended March 31, 2024 we sold
$115 million in investment securities having a weighted average tax
equivalent yield of 2.24% recording a $19.8 million loss on
the sales. Beginning in December 2023 and ending on March 27,
2024 we purchased $120 million in investments securities having a
weighted average tax equivalent yield
of 5.25%.
Loans, Deposits, Investments and
Cash
Gross loans increased by $62 million, or 7%,
from $935 million at June 30, 2023, to $997 million at June 30,
2024. Increases in loans included $71 million in commercial real
estate loans, $12 million in construction loans, $6 million in
commercial loans, and $2 million in equity lines of credit; these
items were partially offset by a decrease of $22 million in
automobile loans, $3 million in agricultural loans, $3 million in
residential real estate loans and $1 million in other loans.
On June 30, 2024, approximately 75% of the
Company's loan portfolio was comprised of variable rate loans. The
rates of interest charged on variable rate loans are set at
specific increments in relation to the Company's lending rate or
other indexes such as the published prime interest rate or U.S.
Treasury rates and vary with changes in these indexes. The
frequency at which variable rate loans reprice can vary from one
day to several years. Most of our commercial real estate portfolio
reprices every five years. Approximately 72% of the variable rate
loans are indexed to the five year T-Bill rate and reprice every
five years. Loans indexed to the prime interest rate were
approximately 25% of the Company’s variable rate loan portfolio;
these loans reprice within one day to three months of a change in
the prime rate.
Total deposits decreased by $91 million to $1.3
billion at June 30, 2024. The decrease in deposits includes
decreases of $46 million in demand deposits, and $51 million in
savings deposits. Partially offsetting these declines was a $6
million increase in time deposits. We attribute much of the
decrease to the current interest rate environment as we have seen
some deposits leave for higher rates and some customers reluctant
to borrow to fund operating expenses and instead have drawn down
their excess deposit balances. Beginning in April 2023, we began
offering a time deposit promotion offering 7-month and 11-month
time deposits at an interest rate of 4%. Effective June 30, 2023,
we discontinued this promotion which generated $46 million in
deposits. However, beginning in the fourth quarter of 2023 we
allowed those customers who had promotional time deposits to renew
those deposits at similar terms. At June 30, 2024, 51% of the
Company’s deposits were in the form of non-interest-bearing demand
deposits. The Company has no brokered deposits.
Total investment securities decreased by $24
million from $469 million at June 30, 2023, to $445 million at June
30, 2024. The Bank’s investment security portfolio consists of debt
securities issued by US Government agencies, US Government
sponsored agencies and municipalities. Cash and due from banks
increased by $18 million from $92 million at June 30, 2023, to $110
million at June 30, 2024.
Asset Quality
Nonperforming assets (which are comprised of
nonperforming loans, other real estate owned (“OREO”) and
repossessed vehicle holdings) at June 30, 2024 were $9.1 million,
down from $9.6 million at June 30, 2023. Nonperforming assets as a
percentage of total assets decreased to 0.56% at June 30, 2024 down
from 0.61% at June 30, 2023. OREO increased by $58 thousand from
$83 thousand at June 30, 2023 to $141 thousand at June 30, 2024.
Nonperforming loans were $9.0 million at June 30, 2024 and $9.5
million at June 30, 2023. Included in nonperforming loans at June
30, 2024 were agricultural loans from one borrower totaling $6.2
million which were over 90 days past due but not nonaccrual. We
received payments on these loans totaling $1.6 million in July and
concurrently with these payments we extended the maturity of the
loans to August 15, 2024 which allows time for the borrower to sell
the crops securing the remaining balance of principal and interest
on the loans. Nonaccrual loans totaled $2.5 million at June 30,
2024 and $4.5 million at June 30, 2023. Nonperforming loans as a
percentage of total loans decreased to 0.90% at June 30, 2024, down
from 1.02% at June 30, 2023.
During the first half of 2024 we recorded a
provision for credit losses of $1.7 million consisting of a
provision for credit losses on loans of $1.8 million and a decrease
in the reserve for unfunded commitments of $79 thousand. The $1.8
million includes growth in the portfolio, net losses during the
six-month period and an increase in loan delinquencies. This
compares to a provision for credit losses of $2.9 million
consisting of a provision for credit losses on loans of $2.6
million and an increase in the reserve for unfunded commitments of
$325 thousand during the first six months of 2023.
Net charge-offs, mostly related to our
automobile loan portfolio, totaled $610 thousand and $411 thousand
during the six months ended June 30, 2024 and 2023, respectively.
The allowance for credit losses totaled $14.1 million at June 30,
2024 and $13.4 million at June 30, 2023. The allowance for credit
losses as a percentage of total loans was 1.41% and 1.43% at June
30, 2024 and 2023.
The following tables present the activity in the
allowance for credit losses and the reserve for unfunded
commitments during the six months ended June 30, 2024 and 2023 (in
thousands).
|
Allowance for Credit Losses |
|
June 30, 2024 |
|
|
June 30, 2023 |
|
Balance, beginning of period |
$ |
12,867 |
|
|
$ |
10,717 |
|
| Impact of
CECL adoption |
|
- |
|
|
|
529 |
|
| Provision
charged to operations |
|
1,825 |
|
|
|
2,550 |
|
| Losses
charged to allowance |
|
(1,010 |
) |
|
|
(738 |
) |
|
Recoveries |
|
400 |
|
|
|
327 |
|
|
Balance, end of period |
$ |
14,082 |
|
|
$ |
13,385 |
|
|
Reserve for Unfunded Commitments |
|
June 30, 2024 |
|
|
June 30, 2023 |
|
Balance, beginning of period |
$ |
799 |
|
|
$ |
341 |
| Impact of
CECL adoption |
|
- |
|
|
|
258 |
| Provision
charged to operations |
|
(79 |
) |
|
|
325 |
|
Balance, end of period |
$ |
720 |
|
|
$ |
924 |
Shareholders’ Equity
Total shareholders’ equity increased by $36.6
million from $128.6 million at June 30, 2023, to $165.2 million at
June 30, 2024. The $36.6 million includes earnings during the
twelve-month period totaling $28.5 million, a decrease in
accumulated other comprehensive loss of $13.3 million and
restricted stock and stock option activity totaling $0.9 million.
These items were partially offset by the payment of cash dividends
totaling $6.1 million.
Bank Term Funding Program
The Federal Reserve Board, on June 12, 2023,
announced the creation of a new Bank Term Funding Program (BTFP).
The BTFP offered loans of up to one year in length to banks,
savings associations, credit unions, and other eligible depository
institutions pledging U.S. Treasuries, agency debt and
mortgage-backed securities, and other qualifying assets as
collateral. These assets will be valued at par. At December
31, 2023, the Company had outstanding borrowings under the BTFP
totaling $80 million. In January 2024 the Company borrowed an
additional $25 million under the BTFP for a total of $105 million
outstanding at June 30, 2024. This borrowing bears interest
at the rate of 4.85% and is payable on January 17, 2025. Borrowings
under the BTFP can be prepaid without penalty. There were no
borrowings under the BTFP at June 30, 2023. Interest expense
recognized on the BTFP borrowings for the six months ended June 30,
2024, totaled $2.5 million.
Liquidity
The Company manages its liquidity to provide the
ability to generate funds to support asset growth, meet deposit
withdrawals (both anticipated and unanticipated), fund customers'
borrowing needs and satisfy maturity of short-term borrowings. The
Company’s liquidity needs are managed using assets or liabilities,
or both. On the asset side, in addition to cash and due from banks,
the Company maintains an investment portfolio which includes
unpledged U.S. Government-sponsored agency securities that are
classified as available-for-sale. On the liability side, liquidity
needs are managed by offering competitive offering rates on deposit
products and the use of established lines of credit.
The Company is a member of the FHLB and can
borrow up to $235 million from the FHLB secured by commercial and
residential mortgage loans with carrying values totaling $431
million. In addition to its FHLB borrowing line, the Company has
unsecured short-term borrowing agreements with two of its
correspondent banks in the amounts of $50 million and $20 million.
There were no outstanding borrowings from the FHLB or the
correspondent banks at June 30, 2024 and June 30, 2023.
The Company estimates that it has approximately
$423 million in uninsured deposits. Of this amount, $100 million
represents deposits that are collateralized such as deposits of
states, municipalities and tribal accounts.
Customer deposits are the Company’s primary
source of funds. Total deposits decreased by $91 million from $1.4
billion at June 30, 2023 to $1.3 billion at June 30, 2024. Deposits
are held in various forms with varying maturities.
The Company’s securities portfolio, Federal
funds sold, FHLB advances, and cash and due from banks serve as the
primary sources of liquidity, providing adequate funding for loans
during periods of high loan demand. During periods of decreased
lending, funds obtained from the maturing or sale of investments,
loan payments, and new deposits are invested in short-term earning
assets, such as cash held at the Federal Reserve Bank of San
Fransisco, Federal funds sold and investment securities, to serve
as a source of funding for future loan growth. Management believes
that the Company’s available sources of funds, including
borrowings, will provide adequate liquidity for its operations in
the foreseeable future.
Net Interest Income and Net Interest Margin – Three
Months Ended June 30, 2024
Net interest income was $18.4 million for the
three months ended June 30, 2024, an increase of $1.2 million from
the same period in 2023. The increase in net interest income
includes an increase of $2.9 million in interest income partially
offset by an increase of $1.8 million in interest expense. Interest
and fees on loans increased by $2.0 million related to growth in
the loan portfolio and an increase in yield on the portfolio.
Average loan balances increased by $61 million,
while the average yield on these loans increased by 48 basis points
from 5.84% during the second quarter of 2023 to 6.32% during the
current quarter. The increase in loan yield includes the effect of
an increase in market rates. The average prime interest rate
increased from 8.16% during the second quarter of 2023 to 8.50%
during the current quarter. Additionally, during the current
quarter we recovered $316 thousand in interest on loans that were
classified as nonaccrual and which were paid off in full during the
quarter.
Interest on investment securities increased by
$669 thousand related to an increase in yield of 86 basis points to
4.11%. The increase in investment yields is consistent with the
increase in market rates and the restructuring of the investment
portfolio discussed earlier. Average investment securities declined
from $478 million during the three months ended June 30, 2023 to
$444 million during the current quarter. Interest on cash balances
increased by $249 thousand related to an increase in average
balance of $13 million and an increase in rate earned on these
balances of 37 basis points from 5.14% during the three months
ended June 30, 2023 to 5.51% during the current quarter. The
increase in rate earned was mostly related to an increase in the
rate paid on balances held at the Federal Reserve Bank (FRB). The
average rate earned on FRB balances increased from 5.06% during the
second quarter of 2023 to 5.40% during the current
quarter.
Interest expense increased from $984
thousand during the three months ended June 30, 2023 to $2.8
million during the current period related to an increase in rate
paid on interest bearing liabilities and an increase in borrowings.
The average rate paid on interest bearing liabilities increased
from 0.56% during the 2023 quarter to 1.44% in 2024 related
mainly to an increase in market interest rates, an increase in
borrowings and the effect of a 4% time deposit promotion.
Interest paid on deposits increased by $452
thousand and is broken down by product type as follows: money
market accounts - $130 thousand and time deposits - $356 thousand.
Related to a decline in average balance of $61 million, interest on
savings deposits declined by $34 thousand. The average rate paid on
interest-bearing deposits increased from 0.51% during the second
quarter of 2023 to 0.84% during the current quarter.
During the fourth quarter of 2023 we borrowed
$80 million under the BTFP and during January 2024 we
increased this borrowing by $25 million to a total of $105 million.
Additionally, we increased Plumas Bancorp's borrowing on its line
of credit to $15 million during the first quarter of
2024. Interest incurred on these borrowings totaled $1.4
million and $113 thousand during the three months ended June
30, 2024 and 2023, respectively.
Net interest margin for the three months ended
June 30, 2024 increased 20 basis points to 4.89%, up from 4.69% for
the same period in 2023.
Net Interest Income and Net Interest Margin – Six Months
Ended June 30, 2024
Net interest income for the six months ended
June 30, 2024 was $35.9 million, an increase of $1.5 million from
the $34.4 million earned during the same period in 2023. The
increase in net interest income includes an increase of $5.2
million in interest income partially offset by an increase of $3.7
million in interest expense.
Interest and fees on loans increased by $3.9
million related to an increase in average balance and yield. The
average balance of loans during the six months ended June 30, 2024
was $972 million, an increase of $55 million from $917 million
during the same period in 2023. The average yield on loans
increased by 48 basis points from 5.73% during the first six months
of 2023 to 6.21% during the current period.
Interest on investment securities increased by
$1.3 million related to an increase in yield of 65 basis points to
3.89%. The increase in investment yields is consistent with the
increase in market rates and the restructuring of the investment
portfolio. Average investment securities declined from $472 million
during the six months ended June 30, 2023 to $462 million during
the current period. Interest on cash balances declined by $78
thousand as an increase in yield of 70 basis points was offset by a
decline in average balance from $97.1 million during the first six
months of 2023 to $81.8 million in the current period.
Interest expense increased from $1.6
million during the six months ended June 30, 2023 to $5.3
million during the current period related to an increase in rate
paid on interest bearing liabilities and an increase in borrowings.
The average rate paid on interest bearing liabilities increased
from 0.46% during the 2023 period to 1.39% in 2024 related
mainly to an increase in market interest rates, an increase in
borrowings and the effect of a 4% time deposit promotion.
Interest paid on deposits increased by $1.2
million and is broken down by product type as follows: money market
accounts - $289 thousand and time deposits - $935 thousand. Related
to a decline in average balance of $64 million, interest on savings
deposits declined by $53 thousand. The average rate paid on
interest-bearing deposits increased from 0.39% during the six
months ended June 30, 2023 to 0.79% during the current period.
Interest incurred on borrowings, including
junior subordinated debentures in 2023 and borrowings under the
BTFP in 2024, totaled $2.8 million and $282 thousand during
the six months ended June 30, 2024 and 2023,
respectively.
Net interest margin for the six months ended
June 30, 2024 increased 10 basis points to 4.76%, up from 4.66% for
the same period in 2023.
Non-Interest Income/Expense – Three Months Ended June
30, 2024
Non-interest income increased by $59 thousand to
$2.2 million during the current quarter. Increases of $49 thousand
in service charge income, $50 thousand in Federal Home Loan Bank
dividends and $57 thousand in other non-interest income were
partially offset by declines in interchange income of $42 thousand
and loan servicing fees of $55 thousand.
During the three months ended June 30, 2024,
total non-interest expense increased by $1.3 million from $9.1
million during the second quarter of 2023 to $10.4 million during
the current quarter. The largest components of this increase were
an increase in salary and benefit expense of $417 thousand and an
increase in occupancy and equipment costs of $696 thousand. The
increase in salary and benefit expense primarily relates to an
increase in salary expense and commissions. Salary expense
increased by $197 thousand which we attribute primarily to merit
and promotional salary increases and an increase in employees. Our
full time equivalent employee count has increased from 176 at June
30, 2023 to 185 at June 30, 2024. Commissions increased by $328
thousand related mostly to SBA production which has been quite
strong during 2024. In the second half of 2023, our SBA department
moved from producing variable rate SBA 7(a) loans indexed to prime
to fixed rate SBA 7(a) loans. We had experienced a significant
decline in the market for the variable rate SBA loans; however, we
have successfully transitioned to the fixed rate product. We
portfolio the fixed rate SBA loans we generate. During the three
months ended June 30, 2024 fixed rate SBA loans balances increased
by $20 million. Partially offsetting the increase in salary and
commission expense was an increase in the deferral of loan
origination cost of $254 thousand related to the increase in SBA
loan production. Occupancy and equipment costs increased by $696
thousand related to an increase in rent expense of $685 thousand
related to the sales/leaseback transaction.
Non-Interest Income/Expense – Six Months Ended June 30,
2024
During the six months ended June 30, 2024,
non-interest income totaled $4.3 million, a decrease of $1.7
million from the six months ended June 30, 2023. The largest
component of this decrease was a $1.7 million gain on termination
of our interest rate swaps during the 2023 quarter. As discussed
earlier, during the first quarter of 2024, a $19.9 million gain on
sale of buildings was offset by a $19.8 million loss on investment
securities.
During the six months ended June 30, 2024
non-interest expense increased by $2.5 million to $20.8 million.
The largest components of this increase were a $716 thousand
increase in salary and benefit expenses and a $1.0 million increase
in occupancy and equipment expense. The largest increases in salary
and benefit expense were $384 thousand in salary expense and $435
thousand in commission expense. These were partially offset by an
increase in the deferral of loan origination costs of $392 thousand
related to an increase in SBA production. The increase in occupancy
and equipment costs relates to a $1.0 million increase in rent
expense related to the sales/leaseback transaction.
Plumas Bancorp is headquartered in Reno, Nevada.
Plumas Bancorp’s principal subsidiary is Plumas Bank, which was
founded in 1980. Plumas Bank is a full-service community bank
headquartered in Quincy, California. The bank operates fifteen
branches: thirteen located in the California counties of Butte,
Lassen, Modoc, Nevada, Placer, Plumas, Shasta and Sutter and two
branches located in Nevada in the counties of Carson City and
Washoe. The bank also operates two loan production offices located
in Auburn, California and Klamath Falls, Oregon. Plumas Bank offers
a wide range of financial and investment services to consumers and
businesses and has received nationwide Preferred Lender status with
the United States Small Business Administration. For more
information on Plumas Bancorp and Plumas Bank, please visit our
website at www.plumasbank.com.
This news release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Exchange Act of 1934,
as amended and Plumas Bancorp intends for such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Future events are difficult to
predict, and the expectations described above are necessarily
subject to risk and uncertainty that may cause actual results to
differ materially and adversely.
Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They often include the words "believe," "expect,"
"anticipate," "intend," "plan," "estimate," or words of similar
meaning, or future or conditional verbs such as "will," "would,"
"should," "could," or "may." These forward-looking statements are
not guarantees of future performance, nor should they be relied
upon as representing management's views as of any subsequent date.
Forward-looking statements involve significant risks and
uncertainties, and actual results may differ materially from those
presented, either expressed or implied, in this news release.
Factors that might cause such differences include, but are not
limited to: the Company's ability to successfully execute its
business plans and achieve its objectives; changes in general
economic and financial market conditions, either nationally or
locally in areas in which the Company conducts its operations;
changes in interest rates; continuing consolidation in the
financial services industry; new litigation or changes in existing
litigation; increased competitive challenges and expanding product
and pricing pressures among financial institutions; legislation or
regulatory changes which adversely affect the Company's operations
or business; loss of key personnel; and changes in accounting
policies or procedures as may be required by the Financial
Accounting Standards Board or other regulatory agencies.
Contact: Jamie HuynhInvestor Relations Plumas Bancorp5525
Kietzke Lane Ste. 100Reno, NV 89511775.786.0907
x8908investorrelations@plumasbank.com
|
PLUMAS BANCORP |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
(In thousands) |
|
(Unaudited) |
|
|
As of June 30, |
|
|
|
|
|
2024 |
|
2023 |
|
DollarChange |
|
PercentageChange |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and due from banks |
$ 109,852 |
|
$ 91,765 |
|
$ 18,087 |
|
19.7% |
|
Investment securities |
445,132 |
|
468,920 |
|
(23,788) |
|
(5.1)% |
|
Loans, net of allowance for credit losses |
986,517 |
|
925,050 |
|
61,467 |
|
6.6% |
|
Premises and equipment, net |
12,868 |
|
19,377 |
|
(6,509) |
|
(33.6)% |
|
Bank owned life insurance |
16,310 |
|
15,902 |
|
408 |
|
2.6% |
|
Real estate acquired through foreclosure |
141 |
|
83 |
|
58 |
|
69.9% |
|
Goodwill |
5,502 |
|
5,502 |
|
- |
|
-% |
|
Accrued interest receivable and other assets |
65,775 |
|
46,386 |
|
19,389 |
|
41.8% |
|
Total assets |
$ 1,642,097 |
|
$ 1,572,985 |
|
$ 69,112 |
|
4.4% |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Deposits |
$ 1,304,587 |
|
$ 1,395,160 |
|
$ (90,573) |
|
(6.5)% |
|
Accrued interest payable and other liabilities |
52,355 |
|
39,267 |
|
13,088 |
|
33.3% |
|
Borrowings |
120,000 |
|
10,000 |
|
110,000 |
|
1100.0% |
|
Total liabilities |
1,476,942 |
|
1,444,427 |
|
32,515 |
|
2.3% |
|
Common stock |
28,656 |
|
27,739 |
|
917 |
|
3.3% |
|
Retained earnings |
161,608 |
|
139,191 |
|
22,417 |
|
16.1% |
|
Accumulated other comprehensive loss, net |
(25,109) |
|
(38,372) |
|
13,263 |
|
34.6% |
|
Shareholders’ equity |
165,155 |
|
128,558 |
|
36,597 |
|
28.5% |
|
Total liabilities and shareholders’ equity |
$ 1,642,097 |
|
$ 1,572,985 |
|
$ 69,112 |
|
4.4% |
| |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
(In thousands, except per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
FOR THE THREE MONTHS ENDED JUNE 30, |
2024 |
|
2023 |
|
DollarChange |
|
PercentageChange |
|
|
|
|
|
|
|
|
|
|
Interest income |
$ 21,160 |
|
$ 18,223 |
|
$ 2,937 |
|
16.1% |
|
Interest expense |
2,755 |
|
984 |
|
1,771 |
|
180.0% |
|
Net interest income before provision for credit losses |
18,405 |
|
17,239 |
|
1,166 |
|
6.8% |
|
Provision for credit losses |
925 |
|
1,350 |
|
(425) |
|
(31.5)% |
|
Net interest income after provision for credit losses |
17,480 |
|
15,889 |
|
1,591 |
|
10.0% |
|
Non-interest income |
2,202 |
|
2,143 |
|
59 |
|
2.8% |
|
Non-interest expense |
10,396 |
|
9,098 |
|
1,298 |
|
14.3% |
|
Income before income taxes |
9,286 |
|
8,934 |
|
352 |
|
3.9% |
|
Provision for income taxes |
2,500 |
|
2,274 |
|
226 |
|
9.9% |
|
Net income |
$ 6,786 |
|
$ 6,660 |
|
$ 126 |
|
1.9% |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ 1.15 |
|
$ 1.14 |
|
$ 0.01 |
|
0.9% |
|
Diluted earnings per share |
$ 1.14 |
|
$ 1.12 |
|
$ 0.02 |
|
1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
|
(In thousands, except per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
FOR THE SIX MONTHS ENDED JUNE 30, |
2024 |
|
2023 |
|
DollarChange |
|
PercentageChange |
|
|
|
|
|
|
|
|
|
|
Interest income |
$ 41,187 |
|
$ 36,010 |
|
$ 5,177 |
|
14.4% |
|
Interest expense |
5,325 |
|
1,622 |
|
3,703 |
|
228.3% |
|
Net interest income before provision for credit losses |
35,862 |
|
34,388 |
|
1,474 |
|
4.3% |
|
Provision for credit losses |
1,746 |
|
2,875 |
|
(1,129) |
|
(39.3)% |
|
Net interest income after provision for credit losses |
34,116 |
|
31,513 |
|
2,603 |
|
8.3% |
|
Non-interest income |
4,342 |
|
6,068 |
|
(1,726) |
|
(28.4)% |
|
Non-interest expense |
20,793 |
|
18,323 |
|
2,470 |
|
13.5% |
|
Income before income taxes |
17,665 |
|
19,258 |
|
(1,593) |
|
(8.3)% |
|
Provision for income taxes |
4,625 |
|
4,973 |
|
(348) |
|
(7.0)% |
|
Net income |
$ 13,040 |
|
$ 14,285 |
|
$ (1,245) |
|
(8.7)% |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ 2.21 |
|
$ 2.44 |
|
$ (0.23) |
|
(9.4)% |
|
Diluted earnings per share |
$ 2.19 |
|
$ 2.41 |
|
$ (0.22) |
|
(9.1)% |
|
|
|
|
|
|
| PLUMAS
BANCORP |
| SELECTED
FINANCIAL INFORMATION |
| (Dollars in
thousands, except per share data) |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
|
6/30/2024 |
|
6/30/2023 |
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.15 |
|
|
$ |
1.06 |
|
|
$ |
1.14 |
|
|
$ |
2.21 |
|
|
$ |
2.44 |
|
| Diluted
earnings per share |
$ |
1.14 |
|
|
$ |
1.05 |
|
|
$ |
1.12 |
|
|
$ |
2.19 |
|
|
$ |
2.41 |
|
| Weighted
average shares outstanding |
|
5,896 |
|
|
|
5,887 |
|
|
|
5,862 |
|
|
|
5,892 |
|
|
|
5,858 |
|
| Weighted
average diluted shares outstanding |
|
5,946 |
|
|
|
5,946 |
|
|
|
5,929 |
|
|
|
5,946 |
|
|
|
5,932 |
|
| Cash
dividends paid per share 1 |
$ |
0.27 |
|
|
$ |
0.27 |
|
|
$ |
0.25 |
|
|
$ |
0.54 |
|
|
$ |
0.50 |
|
| |
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS (annualized for the three
months) |
|
|
|
|
|
|
| Return on
average assets |
|
1.67 |
% |
|
1.55 |
% |
|
|
1.70 |
% |
|
|
1.61 |
% |
|
|
1.81 |
% |
| Return on
average equity |
|
17.1 |
% |
|
16.4 |
% |
|
|
20.5 |
% |
|
|
16.7 |
% |
|
|
22.7 |
% |
| Yield on
earning assets |
|
5.62 |
% |
|
5.30 |
% |
|
|
4.96 |
% |
|
|
5.46 |
% |
|
|
4.88 |
% |
| Rate paid on
interest-bearing liabilities |
|
1.44 |
% |
|
1.33 |
% |
|
|
0.56 |
% |
|
|
1.39 |
% |
|
|
0.46 |
% |
| Net interest
margin |
|
4.89 |
% |
|
4.62 |
% |
|
|
4.69 |
% |
|
|
4.76 |
% |
|
|
4.66 |
% |
| Noninterest
income to average assets |
|
0.54 |
% |
|
0.53 |
% |
|
|
0.55 |
% |
|
|
0.54 |
% |
|
|
0.77 |
% |
| Noninterest
expense to average assets |
|
2.56 |
% |
|
2.57 |
% |
|
|
2.32 |
% |
|
|
2.57 |
% |
|
|
2.33 |
% |
| Efficiency
ratio 2 |
|
50.4 |
% |
|
53.1 |
% |
|
|
46.9 |
% |
|
|
51.7 |
% |
|
|
45.3 |
% |
| |
|
|
|
|
|
|
|
|
|
| |
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
|
12/31/2023 |
|
12/31/2022 |
|
CREDIT QUALITY RATIOS AND DATA |
|
|
|
|
|
|
|
|
|
| Allowance
for credit losses |
$ |
14,082 |
|
|
$ |
13,157 |
|
|
$ |
13,385 |
|
|
$ |
12,867 |
|
|
$ |
10,717 |
|
| Allowance
for credit losses as a percentage of total loans |
|
1.41 |
% |
|
|
1.35 |
% |
|
|
1.43 |
% |
|
|
1.34 |
% |
|
|
1.18 |
% |
|
Nonperforming loans |
$ |
8,974 |
|
|
$ |
5,610 |
|
|
$ |
9,535 |
|
|
$ |
4,820 |
|
|
$ |
1,172 |
|
|
Nonperforming assets |
$ |
9,148 |
|
|
$ |
6,000 |
|
|
$ |
9,636 |
|
|
$ |
5,315 |
|
|
$ |
1,190 |
|
|
Nonperforming loans as a percentage of total loans |
|
0.90 |
% |
|
|
0.57 |
% |
|
|
1.02 |
% |
|
|
0.50 |
% |
|
|
0.13 |
% |
|
Nonperforming assets as a percentage of total assets |
|
0.56 |
% |
|
|
0.37 |
% |
|
|
0.61 |
% |
|
|
0.33 |
% |
|
|
0.07 |
% |
| Year-to-date
net charge-offs |
$ |
610 |
|
|
$ |
610 |
|
|
$ |
411 |
|
|
$ |
954 |
|
|
$ |
935 |
|
| Year-to-date
net charge-offs as a percentage of average |
|
0.13 |
% |
|
|
0.25 |
% |
|
|
|
|
|
|
0.10 |
% |
|
|
0.11 |
% |
|
loans (annualized) |
|
|
0.09 |
% |
|
|
| |
|
|
|
|
|
|
|
|
|
|
CAPITAL AND OTHER DATA |
|
|
|
|
|
|
|
|
|
| Common
shares outstanding at end of period |
|
5,896 |
|
|
|
5,896 |
|
|
|
5,864 |
|
|
|
5,872 |
|
|
|
5,850 |
|
|
Shareholders' equity |
$ |
165,155 |
|
|
$ |
161,491 |
|
|
$ |
128,558 |
|
|
$ |
147,317 |
|
|
$ |
119,004 |
|
| Book value
per common share |
$ |
28.01 |
|
|
$ |
27.39 |
|
|
$ |
21.92 |
|
|
$ |
25.09 |
|
|
$ |
20.34 |
|
| Tangible
common equity3 |
$ |
158,763 |
|
|
$ |
155,048 |
|
|
$ |
121,947 |
|
|
$ |
140,823 |
|
|
$ |
112,273 |
|
| Tangible
book value per common share4 |
$ |
26.93 |
|
|
$ |
26.30 |
|
|
$ |
20.80 |
|
|
$ |
23.98 |
|
|
$ |
19.19 |
|
| Tangible
common equity to total assets |
|
9.7 |
% |
|
|
9.5 |
% |
|
|
7.8 |
% |
|
|
8.7 |
% |
|
|
6.9 |
% |
| Gross loans
to deposits |
|
76.4 |
% |
|
|
75.1 |
% |
|
|
67.0 |
% |
|
|
71.9 |
% |
|
|
62.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANK REGULATORY CAPITAL RATIOS |
|
|
|
|
|
|
|
| Tier 1
Leverage Ratio |
|
11.3 |
% |
|
|
11.0 |
% |
|
|
10.3 |
% |
|
|
10.8 |
% |
|
|
9.2 |
% |
| Common
Equity Tier 1 Ratio |
|
16.4 |
% |
|
|
16.1 |
% |
|
|
15.0 |
% |
|
|
15.7 |
% |
|
|
14.7 |
% |
| Tier 1
Risk-Based Capital Ratio |
|
16.4 |
% |
|
|
16.1 |
% |
|
|
15.0 |
% |
|
|
15.7 |
% |
|
|
14.7 |
% |
| Total
Risk-Based Capital Ratio |
|
17.6 |
% |
|
|
17.4 |
% |
|
|
16.2 |
% |
|
|
16.9 |
% |
|
|
15.7 |
% |
| |
| (1) The Company paid a
quarterly cash dividend of $0.27 per share on May 15, 2024 and
February 15, 2024 and a quarterly cash dividend of $0.25 per share
on February 15, 2023, May 15, 2023 , August 15, 2023. |
| (2) Efficiency ratio
is defined as noninterest expense divided by total revenue (net
interest income and total noninterest income). |
| (3) Tangible common
equity is defined as common equity less core deposit intangibles
and goodwill. |
| (4) Tangible common
book value per share is defined as tangible common equity divided
by common shares outstanding. |
| PLUMAS
BANCORP |
| SELECTED
FINANCIAL INFORMATION |
| (Dollars in
thousands) |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The following
table presents for the three-month periods indicated the
distribution of consolidated average assets, liabilities and
shareholders' equity. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
For the Three Months Ended |
| |
|
6/30/2024 |
|
6/30/2023 |
| |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
| |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
|
$ |
980,723 |
|
$ |
15,412 |
|
6.32 |
% |
|
$ |
919,953 |
|
$ |
13,393 |
|
5.84 |
% |
|
Investment securities |
|
|
367,841 |
|
|
3,932 |
|
4.30 |
% |
|
|
351,986 |
|
|
2,938 |
|
3.35 |
% |
|
Non-taxable investment securities (1) |
|
|
76,275 |
|
|
602 |
|
3.17 |
% |
|
|
126,148 |
|
|
927 |
|
2.95 |
% |
|
Interest-bearing deposits |
|
|
88,607 |
|
|
1,214 |
|
5.51 |
% |
|
|
75,233 |
|
|
965 |
|
5.14 |
% |
|
Total interest-earning assets |
|
|
1,513,446 |
|
|
21,160 |
|
5.62 |
% |
|
|
1,473,320 |
|
|
18,223 |
|
4.96 |
% |
| Cash and due
from banks |
|
|
26,859 |
|
|
|
|
|
|
26,050 |
|
|
|
|
| Other
assets |
|
|
90,092 |
|
|
|
|
|
|
74,888 |
|
|
|
|
|
Total assets |
|
$ |
1,630,397 |
|
|
|
|
|
$ |
1,574,258 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
|
215,614 |
|
|
468 |
|
0.87 |
% |
|
|
229,886 |
|
|
338 |
|
0.59 |
% |
|
Savings deposits |
|
|
322,919 |
|
|
174 |
|
0.22 |
% |
|
|
383,599 |
|
|
208 |
|
0.22 |
% |
|
Time deposits |
|
|
94,684 |
|
|
674 |
|
2.86 |
% |
|
|
67,986 |
|
|
318 |
|
1.88 |
% |
|
Total deposits |
|
|
633,217 |
|
|
1,316 |
|
0.84 |
% |
|
|
681,471 |
|
|
864 |
|
0.51 |
% |
|
Borrowings |
|
|
120,000 |
|
|
1,431 |
|
4.80 |
% |
|
|
10,000 |
|
|
113 |
|
4.53 |
% |
|
Other interest-bearing liabilities |
|
|
16,809 |
|
|
8 |
|
0.19 |
% |
|
|
16,900 |
|
|
7 |
|
0.17 |
% |
|
Total interest-bearing liabilities |
|
|
770,026 |
|
|
2,755 |
|
1.44 |
% |
|
|
708,371 |
|
|
984 |
|
0.56 |
% |
|
Non-interest-bearing deposits |
|
|
663,094 |
|
|
|
|
|
|
718,372 |
|
|
|
|
| Other
liabilities |
|
|
37,794 |
|
|
|
|
|
|
17,411 |
|
|
|
|
|
Shareholders' equity |
|
|
159,483 |
|
|
|
|
|
|
130,104 |
|
|
|
|
|
Total liabilities & equity |
|
$ |
1,630,397 |
|
|
|
|
|
$ |
1,574,258 |
|
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
0.73 |
% |
|
|
|
|
|
0.27 |
% |
| Net interest
income and margin (5) |
|
|
|
$ |
18,405 |
|
4.89 |
% |
|
|
|
$ |
17,239 |
|
4.69 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Not
computed on a tax-equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
|
| (2) Average nonaccrual
loan balances of $4.2 million for 2024 and $3.6 million for 2023
are included in average loan balances for computational
purposes. |
| (3) Net costs included
in loan interest income for the three-month periods ended June 30,
2024 and 2023 were $338 thousand and $231 thousand,
respectively. |
| (4) Total annualized
interest expense divided by the average balance of total earning
assets. |
| (5) Annualized net
interest income divided by the average balance of total earning
assets. |
| PLUMAS
BANCORP |
| SELECTED
FINANCIAL INFORMATION |
| (Dollars in
thousands) |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The following
table presents for the six-month periods indicated the distribution
of consolidated average assets, liabilities |
|
and shareholders' equity. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Six Months Ended |
|
For the Six Months Ended |
| |
|
6/30/2024 |
|
6/30/2023 |
| |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
| |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
|
$ |
972,427 |
|
$ |
30,005 |
|
6.21 |
% |
|
$ |
917,405 |
|
$ |
26,087 |
|
5.73 |
% |
|
Investment securities |
|
|
369,815 |
|
|
7,537 |
|
4.10 |
% |
|
|
347,002 |
|
|
5,752 |
|
3.34 |
% |
|
Non-taxable investment securities (1) |
|
|
92,225 |
|
|
1,393 |
|
3.04 |
% |
|
|
125,388 |
|
|
1,841 |
|
2.96 |
% |
|
Interest-bearing deposits |
|
|
81,807 |
|
|
2,252 |
|
5.54 |
% |
|
|
97,103 |
|
|
2,330 |
|
4.84 |
% |
|
Total interest-earning assets |
|
|
1,516,274 |
|
|
41,187 |
|
5.46 |
% |
|
|
1,486,898 |
|
|
36,010 |
|
4.88 |
% |
| Cash and due
from banks |
|
|
26,722 |
|
|
|
|
|
|
26,386 |
|
|
|
|
| Other
assets |
|
|
85,300 |
|
|
|
|
|
|
75,034 |
|
|
|
|
|
Total assets |
|
$ |
1,628,296 |
|
|
|
|
|
$ |
1,588,318 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
|
213,399 |
|
|
844 |
|
0.80 |
% |
|
|
232,855 |
|
|
555 |
|
0.48 |
% |
|
Savings deposits |
|
|
329,242 |
|
|
354 |
|
0.22 |
% |
|
|
392,899 |
|
|
407 |
|
0.21 |
% |
|
Time deposits |
|
|
93,092 |
|
|
1,304 |
|
2.82 |
% |
|
|
58,057 |
|
|
369 |
|
1.28 |
% |
|
Total deposits |
|
|
635,733 |
|
|
2,502 |
|
0.79 |
% |
|
|
683,811 |
|
|
1,331 |
|
0.39 |
% |
|
Borrowings |
|
|
117,170 |
|
|
2,798 |
|
4.80 |
% |
|
|
5,691 |
|
|
141 |
|
5.00 |
% |
|
Junior subordinated debentures |
|
|
- |
|
|
- |
|
- |
% |
|
|
4,575 |
|
|
141 |
|
6.22 |
% |
|
Other interest-bearing liabilities |
|
|
19,260 |
|
|
25 |
|
0.26 |
% |
|
|
17,687 |
|
|
9 |
|
0.10 |
% |
|
Total interest-bearing liabilities |
|
|
772,163 |
|
|
5,325 |
|
1.39 |
% |
|
|
711,764 |
|
|
1,622 |
|
0.46 |
% |
|
Non-interest-bearing deposits |
|
|
668,441 |
|
|
|
|
|
|
733,781 |
|
|
|
|
| Other
liabilities |
|
|
31,118 |
|
|
|
|
|
|
15,908 |
|
|
|
|
|
Shareholders' equity |
|
|
156,574 |
|
|
|
|
|
|
126,865 |
|
|
|
|
|
Total liabilities & equity |
|
$ |
1,628,296 |
|
|
|
|
|
$ |
1,588,318 |
|
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
0.70 |
% |
|
|
|
|
|
0.22 |
% |
| Net interest
income and margin (5) |
|
|
|
$ |
35,862 |
|
4.76 |
% |
|
|
|
$ |
34,388 |
|
4.66 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Not
computed on a tax-equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
|
| (2) Average nonaccrual
loan balances of $4.8 million for 2024 and $3.0 million for 2023
are included in average loan balances for computational
purposes. |
| (3) Net costs included
in loan interest income for the six-month periods ended June 30,
2024 and 2023 were $682 thousand and $581 thousand,
respectively. |
| (4) Total annualized
interest expense divided by the average balance of total earning
assets. |
| (5) Annualized net
interest income divided by the average balance of total earning
assets. |
| PLUMAS
BANCORP |
| SELECTED
FINANCIAL INFORMATION |
|
(Dollars in thousands) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
income for the three-month |
|
periods ended June 30, 2024 and 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended |
|
|
|
|
| |
June 30, |
|
|
|
|
| |
|
2024 |
|
|
2023 |
|
Dollar Change |
|
Percentage Change |
|
Interchange income |
$ |
782 |
|
$ |
824 |
|
|
(42 |
) |
|
(5.1 |
)% |
| Service
charges on deposit accounts |
|
743 |
|
|
694 |
|
|
49 |
|
|
7.1 |
% |
| Loan
servicing fees |
|
186 |
|
|
241 |
|
|
(55 |
) |
|
(22.8 |
)% |
| FHLB
Dividends |
|
136 |
|
|
86 |
|
|
50 |
|
|
58.1 |
% |
| Earnings on
life insurance policies |
|
104 |
|
|
100 |
|
|
4 |
|
|
4.0 |
% |
| Other |
|
251 |
|
|
198 |
|
|
53 |
|
|
26.8 |
% |
|
Total non-interest income |
$ |
2,202 |
|
$ |
2,143 |
|
$ |
59 |
|
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
| The following
table presents the components of non-interest expense for the
three-month |
|
periods ended June 30, 2024 and 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended |
|
|
|
|
| |
June 30, |
|
|
|
|
| |
|
2024 |
|
|
2023 |
|
Dollar Change |
|
Percentage Change |
| Salaries and
employee benefits |
$ |
5,283 |
|
$ |
4,866 |
|
$ |
417 |
|
|
8.6 |
% |
| Occupancy
and equipment |
|
1,949 |
|
|
1,253 |
|
|
696 |
|
|
55.5 |
% |
| Outside
service fees |
|
1,184 |
|
|
1,181 |
|
|
3 |
|
|
0.3 |
% |
| Professional
fees |
|
329 |
|
|
284 |
|
|
45 |
|
|
15.8 |
% |
| Armored car
and courier |
|
220 |
|
|
182 |
|
|
38 |
|
|
20.9 |
% |
| Advertising
and shareholder relations |
|
214 |
|
|
281 |
|
|
(67 |
) |
|
(23.8 |
)% |
| Business
development |
|
210 |
|
|
166 |
|
|
44 |
|
|
26.5 |
% |
| Telephone
and data communication |
|
204 |
|
|
203 |
|
|
1 |
|
|
0.5 |
% |
| Director
compensation and expense |
|
199 |
|
|
196 |
|
|
3 |
|
|
1.5 |
% |
| Deposit
insurance |
|
185 |
|
|
182 |
|
|
3 |
|
|
1.6 |
% |
| Loan
collection expenses |
|
117 |
|
|
87 |
|
|
30 |
|
|
34.5 |
% |
| Amortization
of Core Deposit Intangible |
|
51 |
|
|
60 |
|
|
(9 |
) |
|
(15.0 |
)% |
| Other |
|
251 |
|
|
157 |
|
|
94 |
|
|
59.9 |
% |
|
Total non-interest expense |
$ |
10,396 |
|
$ |
9,098 |
|
$ |
1,298 |
|
|
14.3 |
% |
| |
|
|
|
|
|
|
|
| PLUMAS
BANCORP |
| SELECTED
FINANCIAL INFORMATION |
|
(Dollars in thousands) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
| The following
table presents the components of non-interest income for the
six-month |
|
periods ended June 30, 2024 and 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Six Months Ended |
|
|
|
|
| |
June 30, |
|
|
|
|
| |
|
2024 |
|
|
|
2023 |
|
Dollar Change |
|
Percentage Change |
|
Gain on sale of buildings |
$ |
19,854 |
|
|
$ |
- |
|
|
19,854 |
|
|
100.0 |
% |
| Interchange
income |
|
1,522 |
|
|
|
1,539 |
|
|
(17 |
) |
|
(1.1 |
)% |
| Service
charges on deposit accounts |
|
1,458 |
|
|
|
1,313 |
|
|
145 |
|
|
11.0 |
% |
| Loan
servicing fees |
|
388 |
|
|
|
476 |
|
|
(88 |
) |
|
(18.5 |
)% |
| FHLB
Dividends |
|
273 |
|
|
|
173 |
|
|
100 |
|
|
57.8 |
% |
| Earnings on
life insurance policies |
|
200 |
|
|
|
204 |
|
|
(4 |
) |
|
(2.0 |
)% |
| Gain on
termination of interest rate swaps |
|
- |
|
|
|
1,707 |
|
|
(1,707 |
) |
|
(100.0 |
)% |
| Loss on sale
of investment securities |
|
(19,826 |
) |
|
|
- |
|
|
(19,826 |
) |
|
100.0 |
% |
| Other |
|
473 |
|
|
|
656 |
|
|
(183 |
) |
|
(27.9 |
)% |
|
Total non-interest income |
$ |
4,342 |
|
|
$ |
6,068 |
|
$ |
(1,726 |
) |
|
(28.4 |
)% |
|
|
|
|
|
|
|
|
|
| The following
table presents the components of non-interest expense for the
six-month |
|
periods ended June 30, 2024 and 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Six Months Ended |
|
|
|
|
| |
June 30, |
|
|
|
|
| |
|
2024 |
|
|
|
2023 |
|
Dollar Change |
|
Percentage Change |
| Salaries and
employee benefits |
$ |
10,649 |
|
|
$ |
9,933 |
|
$ |
716 |
|
|
7.2 |
% |
| Occupancy
and equipment |
|
3,639 |
|
|
|
2,593 |
|
|
1,046 |
|
|
40.3 |
% |
| Outside
service fees |
|
2,316 |
|
|
|
2,175 |
|
|
141 |
|
|
6.5 |
% |
| Professional
fees |
|
768 |
|
|
|
626 |
|
|
142 |
|
|
22.7 |
% |
| Advertising
and shareholder relations |
|
458 |
|
|
|
460 |
|
|
(2 |
) |
|
(0.4 |
)% |
| Telephone
and data communication |
|
426 |
|
|
|
403 |
|
|
23 |
|
|
5.7 |
% |
| Armored car
and courier |
|
422 |
|
|
|
347 |
|
|
75 |
|
|
21.6 |
% |
| Deposit
insurance |
|
372 |
|
|
|
370 |
|
|
2 |
|
|
0.5 |
% |
| Director
compensation and expense |
|
366 |
|
|
|
438 |
|
|
(72 |
) |
|
(16.4 |
)% |
| Business
development |
|
363 |
|
|
|
305 |
|
|
58 |
|
|
19.0 |
% |
| Loan
collection expenses |
|
221 |
|
|
|
217 |
|
|
4 |
|
|
1.8 |
% |
| Amortization
of Core Deposit Intangible |
|
102 |
|
|
|
120 |
|
|
(18 |
) |
|
(15.0 |
)% |
| Other |
|
691 |
|
|
|
336 |
|
|
355 |
|
|
105.7 |
% |
|
Total non-interest expense |
$ |
20,793 |
|
|
$ |
18,323 |
|
$ |
2,470 |
|
|
13.5 |
% |
| |
|
|
|
|
|
|
|
| PLUMAS
BANCORP |
| SELECTED
FINANCIAL INFORMATION |
|
(Dollars in thousands) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
The following table shows the distribution of loans by type
at June 30, 2024 and 2023. |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
Percent of |
|
|
|
Percent of |
|
|
|
|
|
Loans in Each |
|
|
|
Loans in Each |
|
|
|
Balance at End |
Category to |
|
Balance at End |
Category to |
|
|
|
of Period |
|
Total Loans |
|
of Period |
|
Total Loans |
| |
|
6/30/24 |
|
6/30/24 |
|
6/30/23 |
|
6/30/23 |
|
Commercial |
|
$ |
81,170 |
|
8.1 |
% |
|
$ |
74,958 |
|
8.0 |
% |
|
Agricultural |
|
|
123,661 |
|
12.4 |
% |
|
|
126,841 |
|
13.6 |
% |
| Real estate
– residential |
|
|
11,755 |
|
1.2 |
% |
|
|
14,878 |
|
1.6 |
% |
| Real estate
– commercial |
|
|
588,332 |
|
59.0 |
% |
|
|
517,289 |
|
55.3 |
% |
| Real estate
– construction & land |
|
|
67,960 |
|
6.8 |
% |
|
|
56,331 |
|
6.0 |
% |
| Equity Lines
of Credit |
|
|
38,446 |
|
3.9 |
% |
|
|
35,877 |
|
3.8 |
% |
| Auto |
|
|
80,751 |
|
8.1 |
% |
|
|
103,050 |
|
11.0 |
% |
| Other |
|
|
5,259 |
|
0.5 |
% |
|
|
5,990 |
|
0.7 |
% |
|
Total Gross Loans |
|
$ |
997,334 |
|
100 |
% |
|
$ |
935,214 |
|
100 |
% |
| |
|
|
|
|
|
|
|
|
| The following
table shows the distribution of Commercial Real Estate loans at
June 30, 2024 and 2023. |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
Percent of |
|
|
|
Percent of |
|
|
|
|
|
Loans in Each |
|
|
|
Loans in Each |
|
|
|
Balance at End |
Category to |
|
Balance at End |
Category to |
|
|
|
of Period |
|
Total Loans |
|
of Period |
|
Total Loans |
| |
|
6/30/24 |
|
6/30/24 |
|
6/30/23 |
|
6/30/23 |
| Owner
occupied |
|
$ |
240,346 |
|
40.9 |
% |
|
$ |
166,439 |
|
32.2 |
% |
|
Investor |
|
|
347,986 |
|
59.1 |
% |
|
|
350,850 |
|
67.8 |
% |
|
Total real estate - commercial |
|
$ |
588,332 |
|
100 |
% |
|
$ |
517,289 |
|
100 |
% |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
The following table shows the distribution of deposits by
type at June 30, 2024 and 2023. |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
Percent of |
|
|
|
Percent of |
|
|
|
|
|
Deposits in Each |
|
|
Deposits in Each |
|
|
|
Balance at End |
Category to |
|
Balance at End |
Category to |
|
|
|
of Period |
|
Total Deposits |
|
of Period |
|
Total Deposits |
| |
|
6/30/24 |
|
6/30/24 |
|
6/30/23 |
|
6/30/23 |
| Non-interest
bearing |
|
$ |
670,652 |
|
51.4 |
% |
|
$ |
716,438 |
|
51.4 |
% |
| Money
Market |
|
|
214,063 |
|
16.4 |
% |
|
|
213,386 |
|
15.3 |
% |
| Savings |
|
|
322,081 |
|
24.7 |
% |
|
|
374,013 |
|
26.8 |
% |
| Time |
|
|
97,791 |
|
7.5 |
% |
|
|
91,323 |
|
6.5 |
% |
|
Total Deposits |
|
$ |
1,304,587 |
|
100 |
% |
|
$ |
1,395,160 |
|
100 |
% |
| |
|
|
|
|
|
|
|
|
Plumas Bancorp (NASDAQ:PLBC)
Historical Stock Chart
From Nov 2024 to Dec 2024
Plumas Bancorp (NASDAQ:PLBC)
Historical Stock Chart
From Dec 2023 to Dec 2024
