Welcome to our dedicated page for Plumas Bancorp news (Ticker: PLBC), a resource for investors and traders seeking the latest updates and insights on Plumas Bancorp stock.
Plumas Bancorp (NASDAQ: PLBC) is a bank holding company headquartered in Reno, Nevada, with a primary focus on providing a wide array of banking products and services in Northeastern California and Northwestern Nevada. Established in 1980, its community bank subsidiary, Plumas Bank, is well-regarded for its local management and award-winning services.
Plumas Bank offers a comprehensive range of deposit products, including checking accounts, interest-bearing checking, business sweep accounts, public funds sweep accounts, savings accounts, time deposits, and retirement accounts. The bank’s loan portfolio is diverse and includes commercial real estate loans, commercial and industrial loans, consumer loans, agricultural loans, residential real estate loans, and construction and land development loans. Revenue generation for the bank primarily comes from loans and investment securities, with service fees contributing to a lesser extent.
Recent achievements highlight Plumas Bank's strategic initiatives to bolster its financial standing and commitment to the communities it serves. Notably, MountainSeed Real Estate Services acquired nine properties operated as branches from Plumas Bank, entering into a 15-year leaseback agreement that allows the bank to continue its operations as usual. Additionally, a second sale-and-leaseback transaction is planned for completion in March 2024. This transaction is anticipated to enhance the bank's earnings profile, increase its book value, and generate higher yields and interest income streams.
Plumas Bank’s dedication to serving its community is further exemplified by its operational footprint, consisting of 15 branch offices across Northeastern California and Northern Nevada, along with loan production offices in California and Southern Oregon. This extensive network supports the bank's mission to provide personalized and locally-focused banking services.
For more information about Plumas Bancorp and its operations, visit plumasbank.com.
Contact Information:
Jamie Huynh, Investor Relations Plumas Bancorp
5525 Kietzke Lane Ste. 100, Reno, NV 89511
Phone: 775.786.0907 x8908
Email: investorrelations@plumasbank.com
Plumas Bancorp (Nasdaq:PLBC) reported solid financial performance for the second quarter of 2024. The company achieved earnings of $6.8 million or $1.15 per share, slightly up from $6.7 million or $1.14 per share in Q2 2023. However, H1 2024 net income declined to $13.0 million or $2.21 per share from $14.3 million or $2.44 per share in H1 2023.
Balance sheet highlights include:
- Cash and due from banks increased by $18 million to $110 million.
- Gross loans rose by $62 million to $997 million.
- Total equity surged by 28% to $165 million.
- Book value per share climbed by $6.09 to $28.01.
Key metrics saw mixed results. Return on average assets dropped slightly to 1.67%, and return on average equity decreased to 17.1%. The company’s non-performing assets slightly improved, with non-performing loans dropping to $9.0 million from $9.5 million in Q2 2023.
CEO Andrew J. Ryback emphasized stable deposits, continued loan growth, and strategic shifts in their SBA loan portfolio. The inclusion in the Russell 2000 and several industry awards were also highlighted.
A sale-leaseback transaction added $19.9M in gains but led to $19.8M in investment security losses. The company restructured its investment portfolio, resulting in a higher average yield.
Plumas Bancorp (NASDAQ: PLBC) has been re-included in the US small-cap Russell 2000® Index as of July 1, 2024, following the annual reconstitution of the Russell indexes. This inclusion, lasting for one year, is based on its membership in the broader Russell 3000 Index and includes automatic placement in relevant growth and value indexes. Andrew J. Ryback, CEO of Plumas Bancorp, highlighted that inclusion in the Russell 2000 enhances stock liquidity due to passive investment trends. The Russell indexes, managed by FTSE Russell, are key benchmarks for $10.5 trillion in assets. FTSE Russell's CEO, Fiona Bassett, emphasized that the indexes evolve to accurately reflect market segments. Plumas Bank, a subsidiary of Plumas Bancorp, operates 15 branches and several loan offices in California, Nevada, and Oregon. For more information, visit the FTSE Russell and Plumas Bank websites.
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