Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank,
today announced earnings during the fourth quarter of 2024 of $7.7
million or $1.31 per share, an increase of $228 thousand from $7.5
million or $1.28 per share during the fourth quarter of 2023.
Diluted earnings per share increased to $1.29 per share during the
three months ended December 31, 2024 up from $1.27 per share during
the quarter ended December 31, 2023. An increase of
$1.3 million in net interest income and a decline of $250
thousand in the provision for credit losses were offset
by increases of $890 thousand in non-interest expense, $283
thousand in the provision for income taxes and a decline of $141
thousand in non-interest income. The annualized return on average
assets was 1.87% for the three months ended December 31, 2024 and
December 31, 2023. The annualized return on average equity
decreased from 23.9% during the fourth quarter of 2023 to
17.1% during the current quarter.
For the year ended December 31, 2024, the
Company reported net income of $28.6 million or $4.85 per share, a
decrease of $1.2 million from $29.8 million, or $5.08 per share,
earned during the twelve months ended December 31, 2023. Earnings
per diluted share decreased to $4.80 during the year ended December
31, 2024, down $0.22 from $5.02 during 2023.
An increase of $3.9 million in net interest income
and declines of $1.6 million in the provision for credit
losses and $53 thousand in the provision for income taxes were
offset by a decline of $1.9 million in non-interest income and
an increase of $4.7 million in non-interest expense. The
annualized return on average assets was 1.74% for the twelve months
ended December 31, 2024, down from 1.88% for the twelve
months ended December 31, 2023. The annualized return on average
equity decreased from 23.4% during 2023 to 17.2% during
2024.
Balance Sheet Highlights
December 31, 2024 compared to December
31, 2023
-
Gross loans increased by $57 million, or 6%, to $1 billion.
-
Investment securities decreased by $51 million, or 10%, to $438
million.
-
Deposits increased by $37 million, or 3% to $1.4 billion.
-
Total borrowings decreased by $75 million to $15 million.
-
Shareholders’ equity increased by $31 million, or 21%, to $178
million.
President’s Comments
Andrew J. Ryback, director, president, and chief
executive officer of Plumas Bancorp and Plumas Bank, recapped the
events and accomplishments of 2024 saying, “Plumas Bancorp ended
2024 with strong performance and continued loan growth,
particularly in SBA loan production. The bank received several
prestigious awards, including the Raymond James Community Bankers
Cup, and listed on the Russell 2000 index. The bank proactively
addressed challenges and opportunities by enhancing lending
systems, formalizing its treasury management services including
through implementation of FedNow Receive, and focusing on low-cost
funds and higher-yielding loans, resulting in margin
expansion.”
Mr. Ryback highlighted the successful branch
sale-leaseback transaction saying, “Not only did the sale leaseback
optimize the bank's capital structure and offset investment
portfolio losses, it also will allow for assessment of the most
efficient channels to serve our clients and communities. The
increased yield on restructured securities further strengthened the
bank’s financial performance.”
“Looking ahead, Plumas Bancorp anticipates
improved loan demand and deposit stabilization driven by projected
Federal Reserve rate cuts. As we close in on our 45th year of
banking, we would like to thank our clients, communities,
employees, and investors for their continued support which empowers
Plumas Bank to be Here. FOR GOOD.,” Mr. Ryback concluded.
Loans, Deposits, Investments and
Cash
Gross loans increased by approximately $57
million, or 6%, from $959 million at December 31, 2023, to $1.0
billion at December 31, 2024. Increases in loans included $102
million in commercial real estate loans and $3 million in
commercial loans. These items were partially offset by decreases of
$33 million in auto loans, $11 million in agricultural loans and $4
million in construction loans.
On December 31, 2024, approximately 77% 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 are repriced can vary from
one day to several years. Most of our commercial real estate
portfolio reprices every five years. Approximately 76% 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 21% of the Company’s variable rate loan
portfolio and 16% of the total loan portfolio; these loans reprice
within one day to three months of a change in the prime rate.
Total deposits increased by approximately $37
million from $1.3 billion at December 31, 2023 to $1.4 billion at
December 31, 2024. The increase in deposits includes increases of
$7 million in demand deposits, $53 million in money market accounts
and $2 million in time deposits. Partially offsetting these
increases was a $25 million decrease in savings deposits. At
December 31, 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 $51
million from $489 million at December 31, 2023, to $438 million at
December 31, 2024. This decline includes $38 million in payments
received on paydowns of our mortgage backed securities and $9
million in redemptions. The Bank’s investment security portfolio
consists of debt securities issued by US Government agencies, US
Government sponsored agencies and municipalities. All investment
securities are classified as available for sale. The unrealized
loss on investment securities decreased from $46 million at
December 31, 2023 to $36 million at December 31, 2024. Cash and due
from banks decreased by $4 million from $86 million at December 31,
2023, to $82 million at December 31, 2024.
Asset Quality
Nonperforming assets (which are comprised of
nonperforming loans, other real estate owned (“OREO”) and
repossessed vehicle holdings) were $4.3 million at December 31,
2024 and $5.3 million on December 31, 2023. Nonperforming assets as
a percentage of total assets decreased to 0.27% at December 31,
2024 down from 0.33% at December 31, 2023. OREO decreased by $266
thousand from $357 thousand at December 31, 2023 to $91 thousand at
December 31, 2024. Nonperforming loans were $4.1 million at
December 31, 2024 and $4.8 million at December 31, 2023.
Nonperforming loans as a percentage of total loans decreased to
0.40% at December 31, 2024, down from 0.50% at December 31,
2023.
During 2024 we recorded a provision for credit
losses of $1.2 million consisting of a provision for credit losses
on loans of $1.4 million and a decrease in the reserve for unfunded
commitments of $179 thousand. The provision on loans includes
growth in the loan portfolio, and net losses during the
twelve-month period. This compares to a provision for credit losses
of $2.8 million consisting of a provision for credit losses on
loans of $2.6 million and an increase in the reserve for unfunded
commitments of $200 thousand during the year ended December 31,
2023.
Net charge-offs, mostly related to our auto loan
portfolio, totaled $1,046 thousand and $954 thousand during the
years ended December 31, 2024 and 2023, respectively. The allowance
for credit losses totaled $13.2 million at December 31, 2024 and
$12.9 million at December 31, 2023. The allowance for credit losses
as a percentage of total loans was 1.30% at December 31, 2024 and
1.34% at December 31, 2023.
The following tables present the activity in the
allowance for credit losses and the reserve for unfunded
commitments during the years ended December 31, 2024 and 2023 (in
thousands).
| |
|
Allowance for Credit Losses |
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Balance, beginning of period |
$ |
12,867 |
|
|
$ |
10,717 |
|
| Impact
of CECL adoption |
|
- |
|
|
|
529 |
|
|
Provision charged to operations |
|
1,375 |
|
|
|
2,575 |
|
| Losses
charged to allowance |
|
(2,039 |
) |
|
|
(1,802 |
) |
|
Recoveries |
|
993 |
|
|
|
848 |
|
|
Balance, end of period |
$ |
13,196 |
|
|
$ |
12,867 |
|
| |
|
|
|
|
|
|
|
|
Reserve for Unfunded Commitments |
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
Balance, beginning of period |
$ |
799 |
|
|
$ |
341 |
|
| Impact
of CECL adoption |
|
- |
|
|
|
258 |
|
|
Provision charged to operations |
|
(179 |
) |
|
|
200 |
|
|
Balance, end of period |
$ |
620 |
|
|
$ |
799 |
|
| |
|
|
|
|
|
|
|
Borrowings
The Federal Reserve Board, on March 12, 2023,
announced the creation of the Bank Term Funding Program (BTFP). 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. During September 2024
we made a $45 million payment resulting in a balance of $60 million
and in November 2024 we paid off the $60 million
balance. Interest expense recognized on the BTFP borrowings
for the twelve months ended December 31, 2024 and 2023 totaled $4.0
million and $527 thousand, respectively.
On January 25, 2022 the Company entered into a
$15 million Term Note with a correspondent bank. Borrowings under
the Term Note at December 31, 2024 totaled $15 million. The Term
Note bears interest at a fixed rate of 3.85% for the first 5 years
and then at a floating interest rate linked to WSJ Prime Rate for
the remaining eight year term. Interest expense recognized on the
Term Note for the twelve months ended December 31, 2024 and 2023,
totaled $641 thousand and $369 thousand, respectively.
Shareholders’ Equity
Shareholders’ equity increased by $30.6 million
from $147.3 million at December 31, 2023 to $177.9 million at
December 31, 2024. The $30.6 million increase was related to net
income during 2024, of $28.6 million, a decline in accumulated
other comprehensive loss of $7.3 million and stock option and
restricted stock activity of $1.0 million partially offset by
shareholder dividends of $6.3 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 rates on deposit products
and the use of established lines of credit.
The Company is a member of the Federal Home Loan
Bank of San Francisco (FHLB) and can borrow up to $248 million from
the FHLB secured by commercial and residential mortgage loans with
carrying values totaling $433 million. The Company is also eligible
to borrow at the FRB Discount Window. At December 31, 2024 the
Company could borrow up to $116 million at the Discount Window
secured by investment securities with a fair value of $120 million.
In addition to its FHLB borrowing line and the Discount Window, 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 to the FHLB, FRB
Discount Window or the correspondent banks at December 31, 2024,
and December 31, 2023.
Customer deposits are the Company’s primary
source of funds. Total deposits increased by $37 million from $1.3
billion at December 31, 2023 to $1.4 billion at December 31, 2024.
Deposits are held in various forms with varying maturities. The
Company estimates that it has approximately $496 million in
uninsured deposits which includes uninsured deposits of Plumas
Bancorp. Of this amount, $128 million represents deposits that are
collateralized such as deposits of states, municipalities and
tribal accounts.
The Company’s securities portfolio, Discount
Window advances, 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 FRB 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 December 31,
2024
Net interest income was $19.0 million for the
three months ended December 31, 2024, an increase of $1.3 million
from the same period in 2023. The increase in net interest income
includes an increase of $1.7 million in interest income partially
offset by an increase of $444 thousand in interest expense.
Interest and fees on loans increased by $1.2
million related to growth in the loan portfolio and an increase in
yield on the portfolio. Average loan balances increased by $53
million, while the average yield on these loans increased by 15
basis points from 6.07% during the fourth quarter of 2023 to 6.22%
during the current quarter. The increase in loan yield includes an
increase in SBA fixed rate loans which totaled $70 million at
December 31, 2024 at a weighted average rate of 8.3%, a decline in
lower yielding auto loans and the repricing of loans that are
priced off the 5 year Treasury. These loans are primarily
commercial real estate loans and are repriced every five years.
Interest on investment securities increased by
$668 thousand mostly related to an increase in yield of 56 basis
points to 3.97%. The increase in investment yields is consistent
with the increase in market rates and the partial restructuring of
the investment portfolio during the first quarter of 2024. Average
investment securities increased slightly from $442 million during
the three months ended December 31, 2023 to $448 million during the
current quarter. Interest on cash balances decreased by $106
thousand related to a decrease in rate earned on these balances of
50 basis points from 5.39% during the three months ended December
31, 2023 to 4.89% during the current quarter. Cash balances
primarily relate to cash held at the Federal Reserve Bank of San
Francisco (FRB). The average rate credited by the FRB on reserve
balances was 4.72% during the fourth quarter of 2024 and 5.40%
during the fourth quarter of 2023.
Interest expense increased by $444 thousand from
$1.9 million during the three months ended December 31, 2023 to
$2.3 million during the current period related to an increase in
rate paid on interest bearing deposits partially offset by a
decrease in average borrowings. The average rate paid on interest
bearing deposits increased from 0.73% during the 2023 quarter to
1.10% in 2024 related mainly to an increase in average money
market rates. Included in money market accounts are several large
accounts of public entities. We have offered a higher rate to the
larger public entity accounts which has resulted in an increase in
balance and average rate earned on money market accounts.
Mostly related to a decrease in average
borrowings outstanding from $50 million during the three months
ended December 31, 2023 to $40 million during the current quarter,
interest incurred on borrowings decreased by $175 thousand from
$641 thousand during the three months ended December 31, 2023
to $466 thousand during the three months ended December 31,
2024.
Net interest margin for the three months ended
December 31, 2024 increased 16 basis points to 4.90%, up from 4.74%
for the same period in 2023.
Year ended December 31,
2024
Net interest income for the twelve months ended
December 31, 2024 was $73.7 million, an increase of $3.9 million
from the $69.8 million earned during 2023. The increase in net
interest income includes an increase of $9.7 million in interest
income partially offset by an increase of $5.8 million in interest
expense.
Interest and fees on loans increased by $6.5
million related to an increase in average balance and yield. The
average balance of loans during the twelve months ended December
31, 2024 was $989 million, an increase of $55 million from $934
million during 2023. The average yield on loans increased by 32
basis points from 5.89% during 2023 to 6.21% during 2024.
Interest on investment securities increased by
$2.7 million related to an increase in yield of 64 basis points to
3.93%. The increase in investment yields is consistent with the
increase in market rates and the partial restructuring of the
investment portfolio. Average investment securities declined from
$462 million during the twelve months ended December 31, 2023 to
$455 million during the current period. Interest on cash balances
increased by $606 thousand related to an increase in yield of 31
basis points and an increase in average balance of $6.2 million
from $86.9 million during 2023 to $93.1 million during 2024.
Interest expense increased from $4.8
million during 2023 to $10.6 million during the current period
related mostly to an increase in rate paid on interest bearing
liabilities and an increase in average borrowings. The average rate
paid on interest bearing liabilities increased from 0.67% during
the 2023 period to 1.39% in 2024 related to an increase in
borrowings and an increase in market interest rates. Interest
incurred on borrowings, including junior subordinated debentures in
2023, totaled $4.7 million and $1.0 million during 2024 and 2023,
respectively. The average balance of borrowings increased by $78
million from $20 million during 2023 to $98 million during
2024.
Interest paid on deposits increased by $2.2
million; this increase is broken down by product type as follows:
money market accounts - $1.1 million and time deposits - $1.2
million. Related to a decline in average balance of $51 million,
interest on savings deposits declined by $90 thousand. The average
rate paid on interest-bearing deposits increased from 0.55% during
2023 to 0.92% during the current period. Rates paid on money market
accounts and time deposits increased by 49 basis points and 75
basis points, respectively. This is consistent with market
conditions and an increase in higher rate public entity money
market accounts.
Net interest margin for the year ended December
31, 2024 increased 8 basis points to 4.79%, up from 4.71% during
2023.
Non-Interest Income/Expense
Three months ended December 31,
2024
During the three months ended December 31, 2024
and 2023, non-interest income totaled $2.2 million and $2.3
million, respectively. The largest decrease was $155 thousand in
interchange income which was elevated during the 2023 period.
During the three months ended December 31, 2024,
total non-interest expense increased by $890 thousand from $9.8
million during the fourth quarter of 2023 to $10.7 million during
the current quarter. The largest components of this increase were
increases in salary and benefit expense of $341 thousand and an
increase of $622 thousand in occupancy and equipment costs. The
increase in occupancy and equipment costs relates to rent expense
incurred as a result of the sales/leaseback of several branch
buildings during the first quarter of 2024. Rent expense, including
common area maintenance costs, increased by $695 thousand from $157
thousand during the three months ended December 31, 2023 to $852
thousand during the current period.
Year ended December 31,
2024
During the year ended December 31, 2024,
non-interest income totaled $8.8 million, a decrease of $1.9
million from the year ended December 31, 2023. The largest
component of this decrease was a $1.7 million gain on termination
of our interest rate swaps during 2023. Related to the
sale/leaseback transaction and the partial restructuring of our
investment portfolio, a $19.9 million gain on sale of buildings was
offset by a $19.8 million loss on investment securities. Other
changes in non-interest income include a decline in interchange
income of $289 thousand and an increase in service charges on
deposit accounts of $199 thousand.
During 2024 non-interest expense increased by
$4.7 million to $42.3 million. The largest components of this
increase were a $1.4 million increase in salary and benefit
expenses, a $2.3 million increase in occupancy and equipment
expenses and a $643 thousand increase in other non-interest
expenses. The largest increases in salary and benefit expense were
$695 thousand in salary expense and $401 thousand in commission
expense related to increased SBA loan production. These were
partially offset by an increase in the deferral of loan origination
costs of $414 thousand related to an increase in SBA loan
production. The increase in occupancy and equipment costs relates
to a $2.4 million increase in rent expense related to the
sales/leaseback transaction. The increase in other non-interest
expense includes $277 thousand related to a recently concluded
litigation.
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 December 31, |
|
|
|
|
2024 |
|
2023 |
|
Dollar Change |
|
|
Percentage Change |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
82,018 |
|
|
$ |
85,655 |
|
|
$ |
(3,637) |
|
|
|
(4.2) |
% |
| Investment securities |
|
437,735 |
|
|
489,181 |
|
|
(51,446) |
|
|
|
(10.5) |
% |
| Loans, net of allowance for
credit losses |
1,005,375 |
|
|
948,604 |
|
|
56,771 |
|
|
|
6.0 |
% |
| Premises and equipment,
net |
12,495 |
|
|
18,948 |
|
|
(6,453) |
|
|
|
(34.1) |
% |
| Right-of-use assets |
24,334 |
|
|
2,926 |
|
|
21,408 |
|
|
|
731.6 |
% |
| Bank owned life insurance |
16,519 |
|
|
16,110 |
|
|
409 |
|
|
|
2.5 |
% |
| Real estate acquired through
foreclosure |
91 |
|
|
357 |
|
|
(266) |
|
|
|
(74.5) |
% |
| Goodwill |
5,502 |
|
|
5,502 |
|
|
- |
|
|
|
0.0 |
% |
| Accrued interest receivable
and other assets |
39,257 |
|
|
43,133 |
|
|
(3,876) |
|
|
|
(9.0) |
% |
|
Total assets |
$ |
1,623,326 |
|
|
$ |
1,610,416 |
|
|
$ |
12,910 |
|
|
|
0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
| Deposits |
$ |
1,371,101 |
|
|
$ |
1,333,655 |
|
|
$ |
37,446 |
|
|
|
2.8 |
% |
| Lease liabilities |
24,759 |
|
|
3,001 |
|
|
21,758 |
|
|
|
725.0 |
% |
| Accrued interest payable and
other liabilities |
34,567 |
|
|
36,443 |
|
|
(1,876) |
|
|
|
(5.1) |
% |
| Borrowings |
15,000 |
|
|
90,000 |
|
|
(75,000) |
|
|
|
(83.3) |
% |
|
Total liabilities |
1,445,427 |
|
|
1,463,099 |
|
|
(17,672) |
|
|
|
(1.2) |
% |
| Common stock |
29,043 |
|
|
28,033 |
|
|
1,010 |
|
|
|
3.6 |
% |
| Retained earnings |
174,002 |
|
|
151,748 |
|
|
22,254 |
|
|
|
14.7 |
% |
| Accumulated other
comprehensive loss, net |
(25,146) |
|
|
(32,464) |
|
|
7,318 |
|
|
|
22.5 |
% |
|
Shareholders’ equity |
177,899 |
|
|
147,317 |
|
|
30,582 |
|
|
|
20.8 |
% |
|
Total liabilities and shareholders’ equity |
$ |
1,623,326 |
|
|
$ |
1,610,416 |
|
|
$ |
12,910 |
|
|
|
0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
(In thousands, except per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE YEAR ENDED DECEMBER 31, |
2024 |
|
2023 |
|
Dollar Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
$ |
84,325 |
|
|
$ |
74,592 |
|
|
$ |
9,733 |
|
|
|
13.0 |
% |
| Interest expense |
10,634 |
|
|
4,798 |
|
|
5,836 |
|
|
|
121.6 |
% |
|
Net interest income before provision for credit losses |
73,691 |
|
|
69,794 |
|
|
3,897 |
|
|
|
5.6 |
% |
| Provision for credit
losses |
1,196 |
|
|
2,775 |
|
|
(1,579) |
|
|
|
(56.9) |
% |
|
Net interest income after provision for credit losses |
72,495 |
|
|
67,019 |
|
|
5,476 |
|
|
|
8.2 |
% |
| Non-interest income |
8,780 |
|
|
10,722 |
|
|
(1,942) |
|
|
|
(18.1) |
% |
| Non-interest expense |
42,274 |
|
|
37,530 |
|
|
4,744 |
|
|
|
12.6 |
% |
|
Income before income taxes |
39,001 |
|
|
40,211 |
|
|
(1,210) |
|
|
|
(3.0) |
% |
| Provision for income
taxes |
10,382 |
|
|
10,435 |
|
|
(53) |
|
|
|
(0.5) |
% |
|
Net income |
$ |
28,619 |
|
|
$ |
29,776 |
|
|
$ |
(1,157) |
|
|
|
(3.9) |
% |
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per share |
$ |
4.85 |
|
|
$ |
5.08 |
|
|
$ |
(0.23) |
|
|
|
(4.5) |
% |
| Diluted earnings per
share |
$ |
4.80 |
|
|
$ |
5.02 |
|
|
$ |
(0.22) |
|
|
|
(4.4) |
% |
| |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|
(In thousands, except per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE THREE MONTHS ENDED DECEMBER 31, |
2024 |
|
2023 |
|
Dollar Change |
|
Percentage Change |
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
$ |
21,276 |
|
|
$ |
19,540 |
|
|
$ |
1,736 |
|
|
|
8.9 |
% |
| Interest expense |
2,317 |
|
|
1,873 |
|
|
444 |
|
|
|
23.7 |
% |
|
Net interest income before provision for credit losses |
18,959 |
|
|
17,667 |
|
|
1,292 |
|
|
|
7.3 |
% |
| Provision for credit
losses |
(150) |
|
|
100 |
|
|
(250) |
|
|
|
(250.0) |
% |
|
Net interest income after provision for credit losses |
19,109 |
|
|
17,567 |
|
|
1,542 |
|
|
|
8.8 |
% |
| Non-interest income |
2,201 |
|
|
2,342 |
|
|
(141) |
|
|
|
(6.0) |
% |
| Non-interest expense |
10,657 |
|
|
9,767 |
|
|
890 |
|
|
|
9.1 |
% |
|
Income before income taxes |
10,653 |
|
|
10,142 |
|
|
511 |
|
|
|
5.0 |
% |
| Provision for income
taxes |
2,904 |
|
|
2,621 |
|
|
283 |
|
|
|
10.8 |
% |
|
Net income |
$ |
7,749 |
|
|
$ |
7,521 |
|
|
$ |
228 |
|
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per share |
$ |
1.31 |
|
|
$ |
1.28 |
|
|
$ |
0.03 |
|
|
|
2.3 |
% |
| Diluted earnings per
share |
$ |
1.29 |
|
|
$ |
1.27 |
|
|
$ |
0.02 |
|
|
|
1.6 |
% |
|
|
|
PLUMAS BANCORP |
|
SELECTED FINANCIAL INFORMATION |
|
(Dollars in thousands, except per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Three Months Ended |
|
|
12/31/2024 |
|
12/31/2023 |
|
12/31/2022 |
|
12/31/2024 |
|
12/31/2023 |
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
4.85 |
|
|
$ |
5.08 |
|
|
$ |
4.53 |
|
|
$ |
1.31 |
|
|
$ |
1.28 |
|
|
Diluted earnings per share |
$ |
4.80 |
|
|
$ |
5.02 |
|
|
$ |
4.47 |
|
|
$ |
1.29 |
|
|
$ |
1.27 |
|
|
Weighted average shares outstanding |
|
5,895 |
|
|
|
5,863 |
|
|
|
5,840 |
|
|
|
5,900 |
|
|
|
5,871 |
|
|
Weighted average diluted shares outstanding |
|
5,968 |
|
|
|
5,934 |
|
|
|
5,912 |
|
|
|
5,995 |
|
|
|
5,939 |
|
|
Cash dividends paid per share 1 |
$ |
1.08 |
|
|
$ |
1.00 |
|
|
$ |
0.64 |
|
|
$ |
0.27 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS (annualized for the three
months) |
|
|
|
|
|
|
|
Return on average assets |
|
1.74 |
% |
|
|
1.88 |
% |
|
|
1.61 |
% |
|
|
1.87 |
% |
|
|
1.87 |
% |
|
Return on average equity |
|
17.2 |
% |
|
|
23.4 |
% |
|
|
21.9 |
% |
|
|
17.1 |
% |
|
|
23.9 |
% |
|
Yield on earning assets |
|
5.49 |
% |
|
|
5.03 |
% |
|
|
3.90 |
% |
|
|
5.50 |
% |
|
|
5.24 |
% |
|
Rate paid on interest-bearing liabilities |
|
1.39 |
% |
|
|
0.67 |
% |
|
|
0.17 |
% |
|
|
1.27 |
% |
|
|
1.02 |
% |
|
Net interest margin |
|
4.79 |
% |
|
|
4.71 |
% |
|
|
3.82 |
% |
|
|
4.90 |
% |
|
|
4.74 |
% |
|
Noninterest income to average assets |
|
0.53 |
% |
|
|
0.68 |
% |
|
|
0.67 |
% |
|
|
0.53 |
% |
|
|
0.58 |
% |
|
Noninterest expense to average assets |
|
2.56 |
% |
|
|
2.36 |
% |
|
|
1.98 |
% |
|
|
2.57 |
% |
|
|
2.43 |
% |
|
Efficiency ratio 2 |
|
51.3 |
% |
|
|
46.6 |
% |
|
|
46.9 |
% |
|
|
50.4 |
% |
|
|
48.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |
12/31/2024 |
|
12/31/2023 |
|
12/31/2022 |
|
|
|
|
|
CREDIT QUALITY RATIOS AND DATA |
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
$ |
13,196 |
|
|
$ |
12,867 |
|
|
$ |
10,717 |
|
|
|
|
|
|
Allowance for credit losses as a percentage of total loans |
|
1.30 |
% |
|
|
1.34 |
% |
|
|
1.18 |
% |
|
|
|
|
|
Nonperforming loans |
$ |
4,105 |
|
|
$ |
4,820 |
|
|
$ |
1,172 |
|
|
|
|
|
|
Nonperforming assets |
$ |
4,307 |
|
|
$ |
5,315 |
|
|
$ |
1,190 |
|
|
|
|
|
|
Nonperforming loans as a percentage of total loans |
|
0.40 |
% |
|
|
0.50 |
% |
|
|
0.13 |
% |
|
|
|
|
|
Nonperforming assets as a percentage of total assets |
|
0.27 |
% |
|
|
0.33 |
% |
|
|
0.07 |
% |
|
|
|
|
|
Year-to-date net charge-offs |
$ |
1,046 |
|
|
$ |
954 |
|
|
$ |
935 |
|
|
|
|
|
|
Year-to-date net charge-offs as a percentage of average |
|
0.11 |
% |
|
|
0.10 |
% |
|
|
0.11 |
% |
|
|
|
|
|
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND OTHER DATA |
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at end of period |
|
5,903 |
|
|
|
5,872 |
|
|
|
5,850 |
|
|
|
|
|
|
Shareholders' equity |
$ |
177,899 |
|
|
$ |
147,317 |
|
|
$ |
119,004 |
|
|
|
|
|
|
Book value per common share |
$ |
30.14 |
|
|
$ |
25.09 |
|
|
$ |
20.34 |
|
|
|
|
|
|
Tangible common equity3 |
$ |
171,606 |
|
|
$ |
140,823 |
|
|
$ |
112,273 |
|
|
|
|
|
|
Tangible book value per common share4 |
$ |
29.07 |
|
|
$ |
23.98 |
|
|
$ |
19.19 |
|
|
|
|
|
|
Tangible common equity to total assets |
|
10.6 |
% |
|
|
8.7 |
% |
|
|
6.9 |
% |
|
|
|
|
|
Gross loans to deposits |
|
74.1 |
% |
|
|
71.9 |
% |
|
|
62.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUMAS BANK REGULATORY CAPITAL RATIOS |
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
11.9 |
% |
|
|
10.8 |
% |
|
|
9.2 |
% |
|
|
|
|
|
Common Equity Tier 1 Ratio |
|
17.3 |
% |
|
|
15.7 |
% |
|
|
14.7 |
% |
|
|
|
|
|
Tier 1 Risk-Based Capital Ratio |
|
17.3 |
% |
|
|
15.7 |
% |
|
|
14.7 |
% |
|
|
|
|
|
Total Risk-Based Capital Ratio |
|
18.5 |
% |
|
|
16.9 |
% |
|
|
15.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company paid a quarterly cash dividend of $0.27 per share
on February 15, 2024, May 15, 2024, August 15, 2024 and November
15, 2024 and a quarterly cash dividend of $0.25 per share on
February 15, 2023, May 15, 2023 , August 15, 2023 and November 15,
2023 and a quarterly cash dividend of $0.16 per share on February
15, 2022, May 16, 2022, August 15, 2022 and November 15, 2022. |
|
(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
goodwill and core deposit intangibles. |
|
(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 |
|
|
|
12/31/2024 |
|
12/31/2023 |
|
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
|
$ |
1,010,525 |
|
|
$ |
15,810 |
|
|
|
6.22 |
% |
|
$ |
957,289 |
|
|
$ |
14,636 |
|
|
|
6.07 |
% |
|
Investment securities |
|
|
371,217 |
|
|
|
3,885 |
|
|
|
4.16 |
% |
|
|
324,340 |
|
|
|
2,884 |
|
|
|
3.53 |
% |
|
Non-taxable investment securities (1) |
|
|
76,380 |
|
|
|
585 |
|
|
|
3.05 |
% |
|
|
117,433 |
|
|
|
918 |
|
|
|
3.10 |
% |
|
Interest-bearing deposits |
|
|
80,989 |
|
|
|
996 |
|
|
|
4.89 |
% |
|
|
81,172 |
|
|
|
1,102 |
|
|
|
5.39 |
% |
|
Total interest-earning assets |
|
|
1,539,111 |
|
|
|
21,276 |
|
|
|
5.50 |
% |
|
|
1,480,234 |
|
|
|
19,540 |
|
|
|
5.24 |
% |
|
Cash and due from banks |
|
|
27,377 |
|
|
|
|
|
|
|
26,565 |
|
|
|
|
|
|
Other assets |
|
|
84,331 |
|
|
|
|
|
|
|
85,445 |
|
|
|
|
|
|
Total assets |
|
$ |
1,650,819 |
|
|
|
|
|
|
$ |
1,592,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
|
255,180 |
|
|
|
969 |
|
|
|
1.51 |
% |
|
|
221,600 |
|
|
|
420 |
|
|
|
0.75 |
% |
|
Savings deposits |
|
|
314,284 |
|
|
|
173 |
|
|
|
0.22 |
% |
|
|
350,412 |
|
|
|
189 |
|
|
|
0.21 |
% |
|
Time deposits |
|
|
98,458 |
|
|
|
699 |
|
|
|
2.82 |
% |
|
|
90,337 |
|
|
|
610 |
|
|
|
2.68 |
% |
|
Total deposits |
|
|
667,922 |
|
|
|
1,841 |
|
|
|
1.10 |
% |
|
|
662,349 |
|
|
|
1,219 |
|
|
|
0.73 |
% |
|
Borrowings |
|
|
39,782 |
|
|
|
466 |
|
|
|
4.66 |
% |
|
|
50,000 |
|
|
|
641 |
|
|
|
5.09 |
% |
|
Other interest-bearing liabilities |
|
|
20,009 |
|
|
|
10 |
|
|
|
0.20 |
% |
|
|
19,603 |
|
|
|
13 |
|
|
|
0.26 |
% |
|
Total interest-bearing liabilities |
|
|
727,713 |
|
|
|
2,317 |
|
|
|
1.27 |
% |
|
|
731,952 |
|
|
|
1,873 |
|
|
|
1.02 |
% |
|
Non-interest-bearing deposits |
|
|
705,314 |
|
|
|
|
|
|
|
717,726 |
|
|
|
|
|
|
Other liabilities |
|
|
37,899 |
|
|
|
|
|
|
|
17,786 |
|
|
|
|
|
|
Shareholders' equity |
|
|
179,893 |
|
|
|
|
|
|
|
124,780 |
|
|
|
|
|
|
Total liabilities & equity |
|
$ |
1,650,819 |
|
|
|
|
|
|
$ |
1,592,244 |
|
|
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
|
0.60 |
% |
|
|
|
|
|
|
0.50 |
% |
|
Net interest income and margin (5) |
|
|
|
$ |
18,959 |
|
|
|
4.90 |
% |
|
|
|
$ |
17,667 |
|
|
|
4.74 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not computed on a tax-equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Average nonaccrual loan balances of $4.3 million for 2024 and
$2.8 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 December 31, 2024 and 2023 were $262 thousand and
$368 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 years indicated the
distribution of consolidated average assets,
liabilities |
|
|
|
and shareholders' equity. |
|
|
|
|
|
|
|
|
|
|
|
| |
For the Year Ended |
|
For the Year Ended |
|
|
12/31/2024 |
|
12/31/2023 |
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) (3) |
$ |
989,313 |
|
|
$ |
61,450 |
|
|
|
6.21 |
% |
|
$ |
933,997 |
|
|
$ |
54,999 |
|
|
|
5.89 |
% |
|
Investment securities |
|
370,228 |
|
|
|
15,308 |
|
|
|
4.13 |
% |
|
|
338,941 |
|
|
|
11,525 |
|
|
|
3.40 |
% |
|
Non-taxable investment securities (1) |
|
84,369 |
|
|
|
2,574 |
|
|
|
3.05 |
% |
|
|
123,002 |
|
|
|
3,681 |
|
|
|
2.99 |
% |
|
Interest-bearing deposits |
|
93,122 |
|
|
|
4,993 |
|
|
|
5.36 |
% |
|
|
86,897 |
|
|
|
4,387 |
|
|
|
5.05 |
% |
|
Total interest-earning assets |
|
1,537,032 |
|
|
|
84,325 |
|
|
|
5.49 |
% |
|
|
1,482,837 |
|
|
|
74,592 |
|
|
|
5.03 |
% |
|
Cash and due from banks |
|
27,077 |
|
|
|
|
|
|
|
26,100 |
|
|
|
|
|
|
Other assets |
|
85,232 |
|
|
|
|
|
|
|
78,212 |
|
|
|
|
|
|
Total assets |
$ |
1,649,341 |
|
|
|
|
|
|
$ |
1,587,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market deposits |
|
226,372 |
|
|
|
2,472 |
|
|
|
1.09 |
% |
|
|
227,819 |
|
|
|
1,367 |
|
|
|
0.60 |
% |
|
Savings deposits |
|
324,000 |
|
|
|
705 |
|
|
|
0.22 |
% |
|
|
375,377 |
|
|
|
795 |
|
|
|
0.21 |
% |
|
Time deposits |
|
96,131 |
|
|
|
2,739 |
|
|
|
2.85 |
% |
|
|
74,570 |
|
|
|
1,568 |
|
|
|
2.10 |
% |
|
Total deposits |
|
646,503 |
|
|
|
5,916 |
|
|
|
0.92 |
% |
|
|
677,766 |
|
|
|
3,730 |
|
|
|
0.55 |
% |
|
Borrowings |
|
97,691 |
|
|
|
4,676 |
|
|
|
4.79 |
% |
|
|
17,945 |
|
|
|
896 |
|
|
|
4.99 |
% |
|
Junior subordinated debentures |
|
- |
|
|
|
- |
|
|
|
- |
% |
|
|
2,268 |
|
|
|
141 |
|
|
|
6.22 |
% |
|
Other interest-bearing liabilities |
|
19,119 |
|
|
|
42 |
|
|
|
0.22 |
% |
|
|
18,576 |
|
|
|
31 |
|
|
|
0.17 |
% |
|
Total interest-bearing liabilities |
|
763,313 |
|
|
|
10,634 |
|
|
|
1.39 |
% |
|
|
716,555 |
|
|
|
4,798 |
|
|
|
0.67 |
% |
|
Non-interest-bearing deposits |
|
684,909 |
|
|
|
|
|
|
|
726,191 |
|
|
|
|
|
|
Other liabilities |
|
34,864 |
|
|
|
|
|
|
|
17,419 |
|
|
|
|
|
|
Shareholders' equity |
|
166,255 |
|
|
|
|
|
|
|
126,984 |
|
|
|
|
|
|
Total liabilities & equity |
$ |
1,649,341 |
|
|
|
|
|
|
$ |
1,587,149 |
|
|
|
|
|
|
Cost of funding interest-earning assets (4) |
|
|
|
|
|
0.70 |
% |
|
|
|
|
|
|
0.32 |
% |
|
Net interest income and margin (5) |
|
|
$ |
73,691 |
|
|
|
4.79 |
% |
|
|
|
$ |
69,794 |
|
|
|
4.71 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not computed on a tax-equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
|
(2) Average nonaccrual loan balances of $4.4 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 years ended
December 31, 2024 and 2023 were $1.4 million and $1.3 million,
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 December 31, 2024 and 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Dollar Change |
|
Percentage Change |
|
Interchange income |
$ |
806 |
|
|
$ |
961 |
|
|
$ |
(155 |
) |
|
|
(16.1 |
)% |
|
Service charges on deposit accounts |
|
748 |
|
|
|
719 |
|
|
|
29 |
|
|
|
4.0 |
% |
|
Loan servicing fees |
|
192 |
|
|
|
194 |
|
|
|
(2 |
) |
|
|
(1.0 |
)% |
|
FHLB Dividends |
|
137 |
|
|
|
130 |
|
|
|
7 |
|
|
|
5.4 |
% |
|
Earnings on life insurance policies |
|
104 |
|
|
|
104 |
|
|
|
- |
|
|
|
- |
% |
|
Other |
|
214 |
|
|
|
234 |
|
|
|
(20 |
) |
|
|
(8.5 |
)% |
|
Total non-interest income |
$ |
2,201 |
|
|
$ |
2,342 |
|
|
$ |
(141 |
) |
|
|
(6.0 |
)% |
|
|
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
expense for the three-month |
|
periods ended December 31, 2024 and 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Dollar Change |
|
Percentage Change |
|
Salaries and employee benefits |
$ |
5,614 |
|
|
$ |
5,273 |
|
|
$ |
341 |
|
|
|
6.5 |
% |
|
Occupancy and equipment |
|
1,979 |
|
|
|
1,357 |
|
|
|
622 |
|
|
|
45.8 |
% |
|
Outside service fees |
|
1,146 |
|
|
|
1,151 |
|
|
|
(5 |
) |
|
|
(0.4 |
)% |
|
Advertising and shareholder relations |
|
324 |
|
|
|
248 |
|
|
|
76 |
|
|
|
30.6 |
% |
|
Professional fees |
|
294 |
|
|
|
404 |
|
|
|
(110 |
) |
|
|
(27.2 |
)% |
|
Armored car and courier |
|
225 |
|
|
|
209 |
|
|
|
16 |
|
|
|
7.7 |
% |
|
Deposit insurance |
|
188 |
|
|
|
185 |
|
|
|
3 |
|
|
|
1.6 |
% |
|
Business development |
|
174 |
|
|
|
158 |
|
|
|
16 |
|
|
|
10.1 |
% |
|
Telephone and data communication |
|
166 |
|
|
|
200 |
|
|
|
(34 |
) |
|
|
(17.0 |
)% |
|
Director compensation and expense |
|
159 |
|
|
|
160 |
|
|
|
(1 |
) |
|
|
(0.6 |
)% |
|
Loan collection expenses |
|
65 |
|
|
|
115 |
|
|
|
(50 |
) |
|
|
(43.5 |
)% |
|
Amortization of Core Deposit Intangible |
|
48 |
|
|
|
57 |
|
|
|
(9 |
) |
|
|
(15.8 |
)% |
|
Other |
|
275 |
|
|
|
250 |
|
|
|
25 |
|
|
|
10.0 |
% |
|
Total non-interest expense |
$ |
10,657 |
|
|
$ |
9,767 |
|
|
$ |
890 |
|
|
|
9.1 |
% |
| |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
SELECTED FINANCIAL INFORMATION |
|
(Dollars in thousands) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
income for the years |
|
|
|
ended December 31, 2024 and 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Year Ended |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Dollar Change |
|
Percentage Change |
|
Gain on sale of buildings |
$ |
19,854 |
|
|
$ |
- |
|
|
|
19,854 |
|
|
|
100.0 |
% |
|
Interchange income |
|
3,130 |
|
|
|
3,419 |
|
|
|
(289 |
) |
|
|
-8.5 |
% |
|
Service charges on deposit accounts |
|
2,988 |
|
|
|
2,789 |
|
|
|
199 |
|
|
|
7.1 |
% |
|
Loan servicing fees |
|
756 |
|
|
|
872 |
|
|
|
(116 |
) |
|
|
(13.3 |
)% |
|
FHLB Dividends |
|
546 |
|
|
|
418 |
|
|
|
128 |
|
|
|
30.6 |
% |
|
Earnings on life insurance policies |
|
409 |
|
|
|
417 |
|
|
|
(8 |
) |
|
|
(1.9 |
)% |
|
Gain on sale of loans, net |
|
37 |
|
|
|
234 |
|
|
|
(197 |
) |
|
|
(84.2 |
)% |
|
Gain on termination of swaps |
|
- |
|
|
|
1,707 |
|
|
|
(1,707 |
) |
|
|
(100.0 |
)% |
|
Loss on sale of investment securities |
|
(19,817 |
) |
|
|
- |
|
|
|
(19,817 |
) |
|
|
(100.0 |
)% |
|
Other |
|
877 |
|
|
|
866 |
|
|
|
11 |
|
|
|
1.3 |
% |
|
Total non-interest income |
$ |
8,780 |
|
|
$ |
10,722 |
|
|
$ |
(1,942 |
) |
|
|
(18.1 |
)% |
|
|
|
|
|
|
|
|
|
|
The following table presents the components of non-interest
expense for the years |
|
|
ended December 31, 2024 and 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Year Ended |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Dollar Change |
|
Percentage Change |
|
Salaries and employee benefits |
$ |
21,744 |
|
|
$ |
20,320 |
|
|
$ |
1,424 |
|
|
|
7.0 |
% |
|
Occupancy and equipment |
|
7,606 |
|
|
|
5,302 |
|
|
|
2,304 |
|
|
|
43.5 |
% |
|
Outside service fees |
|
4,576 |
|
|
|
4,496 |
|
|
|
80 |
|
|
|
1.8 |
% |
|
Professional fees |
|
1,407 |
|
|
|
1,258 |
|
|
|
149 |
|
|
|
11.8 |
% |
|
Advertising and shareholder relations |
|
1,030 |
|
|
|
941 |
|
|
|
89 |
|
|
|
9.5 |
% |
|
Armored car and courier |
|
876 |
|
|
|
767 |
|
|
|
109 |
|
|
|
14.2 |
% |
|
Telephone and data communication |
|
780 |
|
|
|
806 |
|
|
|
(26 |
) |
|
|
(3.2 |
)% |
|
Deposit insurance |
|
750 |
|
|
|
737 |
|
|
|
13 |
|
|
|
1.8 |
% |
|
Director compensation and expense |
|
728 |
|
|
|
763 |
|
|
|
(35 |
) |
|
|
(4.6 |
)% |
|
Business development |
|
680 |
|
|
|
615 |
|
|
|
65 |
|
|
|
10.6 |
% |
|
Loan collection expenses |
|
388 |
|
|
|
423 |
|
|
|
(35 |
) |
|
|
(8.3 |
)% |
|
Amortization of Core Deposit Intangible |
|
201 |
|
|
|
237 |
|
|
|
(36 |
) |
|
|
(15.2 |
)% |
|
Other |
|
1,508 |
|
|
|
865 |
|
|
|
643 |
|
|
|
74.3 |
% |
|
Total non-interest expense |
$ |
42,274 |
|
|
$ |
37,530 |
|
|
$ |
4,744 |
|
|
|
12.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
PLUMAS BANCORP |
|
SELECTED FINANCIAL INFORMATION |
|
(Dollars in thousands) |
|
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
The following table shows the distribution of loans by type
at December 31, 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 |
|
|
|
12/31/2024 |
|
12/31/2024 |
|
12/31/2023 |
|
12/31/2023 |
|
Commercial |
|
$ |
77,444 |
|
|
|
7.6 |
% |
|
$ |
74,271 |
|
|
|
7.8 |
% |
|
Agricultural |
|
|
118,866 |
|
|
|
11.7 |
% |
|
|
129,389 |
|
|
|
13.5 |
% |
|
Real estate – residential |
|
|
11,539 |
|
|
|
1.1 |
% |
|
|
11,914 |
|
|
|
1.2 |
% |
|
Real estate – commercial |
|
|
646,378 |
|
|
|
63.7 |
% |
|
|
544,339 |
|
|
|
56.8 |
% |
|
Real estate – construction & land |
|
|
53,503 |
|
|
|
5.3 |
% |
|
|
57,717 |
|
|
|
6.0 |
% |
|
Equity Lines of Credit |
|
|
37,888 |
|
|
|
3.7 |
% |
|
|
37,871 |
|
|
|
4.0 |
% |
|
Auto |
|
|
64,734 |
|
|
|
6.4 |
% |
|
|
98,132 |
|
|
|
10.2 |
% |
|
Other |
|
|
5,072 |
|
|
|
0.5 |
% |
|
|
4,931 |
|
|
|
0.5 |
% |
|
Total Gross Loans |
|
$ |
1,015,424 |
|
|
|
100 |
% |
|
$ |
958,564 |
|
|
|
100 |
% |
| |
|
|
|
|
|
|
|
|
|
The following table shows the distribution of Commercial
Real Estate loans at December 31, 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 |
|
|
|
12/31/2024 |
|
12/31/2024 |
|
12/31/2023 |
|
12/31/2023 |
|
Owner occupied |
|
$ |
278,848 |
|
|
|
43.1 |
% |
|
$ |
183,368 |
|
|
|
33.7 |
% |
|
Investor |
|
|
367,530 |
|
|
|
56.9 |
% |
|
|
360,971 |
|
|
|
66.3 |
% |
|
Total real estate - commercial |
|
$ |
646,378 |
|
|
|
100 |
% |
|
$ |
544,339 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
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 |
|
|
|
12/31/2024 |
|
12/31/2024 |
|
12/31/2023 |
|
12/31/2023 |
|
Non-interest bearing |
|
$ |
699,401 |
|
|
|
51.0 |
% |
|
$ |
692,768 |
|
|
|
51.9 |
% |
|
Money Market |
|
|
267,582 |
|
|
|
19.5 |
% |
|
|
214,185 |
|
|
|
16.1 |
% |
|
Savings |
|
|
309,929 |
|
|
|
22.6 |
% |
|
|
335,050 |
|
|
|
25.1 |
% |
|
Time |
|
|
94,189 |
|
|
|
6.9 |
% |
|
|
91,652 |
|
|
|
6.9 |
% |
|
Total Deposits |
|
$ |
1,371,101 |
|
|
|
100 |
% |
|
$ |
1,333,655 |
|
|
|
100 |
% |
| |
|
|
|
|
|
|
|
|
Plumas Bancorp (NASDAQ:PLBC)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
Plumas Bancorp (NASDAQ:PLBC)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
