Plumas Bancorp Reports First Quarter Results
- Gross loans increased by $60 million, total assets increased by $62 million, and total equity increased by $32.7 million.
- President Andrew J. Ryback highlighted the successful completion of a branch sale-leaseback transaction valued at $25.7 million.
- The company experienced losses in its investment portfolio but offset them with gains from the transaction.
- Non-performing loans are expected to be resolved soon.
- Plumas Bank remains well-positioned to navigate market challenges and opportunities.
- Earnings per share and return on average assets and equity decreased compared to the first quarter of 2023.
- The company recorded losses on the sale of investment securities.
- Nonperforming assets and nonperforming loans increased.
- Net interest margin decreased slightly compared to the same period in 2023.
Insights
RENO, Nev., April 17, 2024 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank, today announced first quarter earnings of
The 2023 quarter included a one-time gain of
Financial Highlights
March 31, 2024 compared to March 31, 2023
- Gross loans increased by
$60 million , or7% , to$976 million . - Total assets increased by
$62 million , or4% to$1.6 billion . - Total equity increased by
$32.7 million , or25% to$161 million . - Book value per share increased by
$5.41 , or25% to$27.39 .
President’s Comments
Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, commented on the first quarter of 2024, stating, “We are excited to announce the successful completion of the branch sale-leaseback transaction with MountainSeed Real Estate Services (MountainSeed), valued at approximately
Quarter-over-quarter results reflect the termination of interest rate swaps resulting in a one-time gain in the first quarter of 2023. Non-performing loans are well-collateralized, and we expect resolution on significant amounts in the coming quarter.
As the Federal Reserve announced its intention to implement up to three rate cuts this year, we remain vigilant and adaptable in navigating potential challenges and opportunities in the market. Plumas Bank is well-positioned to leverage its strong capital position and diversified portfolios to sustain growth and maximize returns for our stakeholders.”
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 the Plumas Bank as branches (the “Branches”) for an aggregate cash purchase price of approximately
Under the Sale Agreements, the parties have 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
The gain on sales of the branches was offset by losses on the sale of approximately
Loans, Deposits, Investments and Cash
Gross loans increased by
On March 31, 2024, approximately
Total deposits decreased by
Total investment securities decreased by
Asset Quality
Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at March 31, 2024 were
During the first quarter of 2024 we recorded a provision for credit losses of
Net charge-offs, mostly related to our automobile loan portfolio, totaled
The following tables present the activity in the allowance for credit losses and the reserve for unfunded commitments during the three months ended March 31, 2024 and 2023 (in thousands).
Allowance for Credit Losses | March 31, 2024 | March 31, 2023 | |||||
Balance, beginning of period | $ | 12,867 | $ | 10,717 | |||
Impact of CECL adoption | - | 529 | |||||
Provision charged to operations | 900 | 1,250 | |||||
Losses charged to allowance | (680 | ) | (308 | ) | |||
Recoveries | 70 | 142 | |||||
Balance, end of period | $ | 13,157 | $ | 12,330 |
Reserve for Unfunded Commitments | March 31, 2024 | March 31, 2023 | ||||
Balance, beginning of period | $ | 799 | $ | 341 | ||
Impact of CECL adoption | - | 258 | ||||
Provision charged to operations | (79 | ) | 275 | |||
Balance, end of period | $ | 720 | $ | 874 |
Bank Term Funding Program
The Federal Reserve Board, on March 12, 2023, announced the creation of a new Bank Term Funding Program (BTFP). The BTFP offers 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
Shareholders’ Equity
Total shareholders’ equity increased by
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
Customer deposits are the Company’s primary source of funds. Total deposits decreased by
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
Driven by an increase in market rates and growth in the loan portfolio, net interest income increased by
Interest on investment securities increased by
Interest expense increased from
Interest paid on deposits increased by
During March 2023 we redeemed our junior subordinated debentures with funding provided by a
Net interest margin for the three months ended March 31, 2024 decreased 2bp to
Non-Interest Income/Expense
During the three months ended March 31, 2024, non-interest income totaled
During the three months ended March 31, 2024, total non-interest expense increased by
Plumas Bank is a subsidiary of Plumas Bancorp (NASDAQ: PLBC), a bank holding company headquartered in Reno, Nevada. Plumas Bank is a locally managed, award-winning community bank founded in 1980 and headquartered in Quincy, California. With 15 branch offices in Northeastern California and Northern Nevada, and loan production offices in California and southern Oregon, Plumas Bank is one of the top performing community banks in the country. For more information regarding Plumas Bancorp and Plumas Bank, visit 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.
NON-GAAP FINANCIAL MEASURES
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this press release because it believes that they provide useful and comparative information to assess trends in the Company's core operations reflected in the current quarter's results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP.
Reconciliation of Non-GAAP Disclosure | ||||||
Non-GAAP measure (excluding one-time gain of | ||||||
(Unaudited. Dollars, except per share data, and shares in thousands) | ||||||
GAAP | Non-GAAP | |||||
For the Three Months Ended | ||||||
3/31/2023 | 3/31/2023 | |||||
Income before tax | $ | 10,325 | $ | 10,325 | ||
Exclude gain on termination of interest rate swaps | N/A | (1,707 | ) | |||
Adjusted income before tax | 10,325 | 8,618 8,618 | ||||
Provision for taxes | (2,699 | ) | (2,194 | ) | ||
Net Income | 7,626 | 6,424 6,424 | ||||
Diluted shares outstanding | 5,940 | 5,940 5,940 | ||||
Average assets | 1,602,535 | 1,602,535 1,602,535 | ||||
Diluted earnings per share | $ | 1.28 | $ | 1.08 | ||
Return on average assets | 1.93 | % | 1.63 | % |
Contact: Jamie Huynh
Investor Relations
Plumas Bancorp
5525 Kietzke Lane Ste. 100
Reno, NV 89511
775.786.0907 x8908
investorrelations@plumasbank.com
PLUMAS BANCORP | |||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||
(In thousands) | |||||||||||||
(Unaudited) | |||||||||||||
As of March 31, | |||||||||||||
2024 | 2023 | Dollar Change | Percentage Change | ||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 128,231 | $ | 105,676 | $ | 22,555 | |||||||
Investment securities | 447,445 | 484,416 | (36,971) | (7.6)% | |||||||||
Loans, net of allowance for credit losses | 966,141 | 906,022 | 60,119 | ||||||||||
Premises and equipment, net | 12,960 | 18,730 | (5,770) | (30.8)% | |||||||||
Bank owned life insurance | 16,206 | 15,797 | 409 | ||||||||||
Real estate acquired through foreclosure | 357 | 83 | 274 | ||||||||||
Goodwill | 5,502 | 5,502 | - | -% | |||||||||
Accrued interest receivable and other assets | 63,491 | 42,256 | 21,235 | ||||||||||
Total assets | $ | 1,640,333 | $ | 1,578,482 | $ | 61,851 | |||||||
LIABILITIES AND | |||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits | $ | 1,299,688 | $ | 1,406,745 | $ | (107,057) | (7.6)% | ||||||
Accrued interest payable and other liabilities | 59,154 | 32,914 | 26,240 | ||||||||||
Borrowings | 120,000 | 10,000 | 110,000 | ||||||||||
Total liabilities | 1,478,842 | 1,449,659 | 29,183 | ||||||||||
Common stock | 28,492 | 27,608 | 884 | ||||||||||
Retained earnings | 156,414 | 133,997 | 22,417 | ||||||||||
Accumulated other comprehensive income, net | (23,415) | (32,782) | 9,367 | ||||||||||
Shareholders’ equity | 161,491 | 128,823 | 32,668 | ||||||||||
Total liabilities and shareholders’ equity | $ | 1,640,333 | $ | 1,578,482 | $ | 61,851 | |||||||
PLUMAS BANCORP | |||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
(In thousands, except per share data) | |||||||||||||
(Unaudited) | |||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, | 2024 | 2023 | Dollar Change | Percentage Change | |||||||||
Interest income | $ | 20,026 | $ | 17,787 | $ | 2,239 | |||||||
Interest expense | 2,569 | 638 | 1,931 | ||||||||||
Net interest income before provision for credit losses | 17,457 | 17,149 | 308 | ||||||||||
Provision for credit losses | 821 | 1,525 | (704) | (46.2)% | |||||||||
Net interest income after provision for credit losses | 16,636 | 15,624 | 1,012 | ||||||||||
Non-interest income | 2,140 | 3,925 | (1,785) | (45.5)% | |||||||||
Non-interest expense | 10,397 | 9,224 | 1,173 | ||||||||||
Income before income taxes | 8,379 | 10,325 | (1,946) | (18.8)% | |||||||||
Provision for income taxes | 2,125 | 2,699 | (574) | (21.3)% | |||||||||
Net income | $ | 6,254 | $ | 7,626 | $ | (1,372) | (18.0)% | ||||||
Basic earnings per share | $ | 1.06 | $ | 1.30 | $ | (0.24) | (18.5)% | ||||||
Diluted earnings per share | $ | 1.05 | $ | 1.28 | $ | (0.23) | (18.0)% | ||||||
PLUMAS BANCORP | ||||||||||||||||||||||
SELECTED FINANCIAL INFORMATION | ||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||
3/31/2024 | 12/31/2023 | 3/31/2023 | 12/31/2023 | 12/31/2022 | ||||||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||||||||
Basic earnings per share | $ | 1.06 | $ | 1.28 | $ | 1.30 | $ | 5.08 | $ | 4.53 | ||||||||||||
Diluted earnings per share | $ | 1.05 | $ | 1.27 | $ | 1.28 | $ | 5.02 | $ | 4.47 | ||||||||||||
Weighted average shares outstanding | 5,887 | 5,871 | 5,855 | 5,863 | 5,840 | |||||||||||||||||
Weighted average diluted shares outstanding | 5,946 | 5,939 | 5,940 | 5,934 | 5,912 | |||||||||||||||||
Cash dividends paid per share 1 | $ | 0.27 | $ | 0.25 | $ | 0.25 | $ | 1.00 | $ | 0.64 | ||||||||||||
PERFORMANCE RATIOS (annualized for the three months) | ||||||||||||||||||||||
Return on average assets | 1.55 | % | 1.87 | % | 1.93 | % | 1.88 | % | 1.61 | % | ||||||||||||
Return on average equity | 16.4 | % | 23.9 | % | 25.0 | % | 23.4 | % | 21.9 | % | ||||||||||||
Yield on earning assets | 5.30 | % | 5.24 | % | 4.81 | % | 5.03 | % | 3.90 | % | ||||||||||||
Rate paid on interest-bearing liabilities | 1.33 | % | 1.02 | % | 0.36 | % | 0.67 | % | 0.17 | % | ||||||||||||
Net interest margin | 4.62 | % | 4.74 | % | 4.64 | % | 4.71 | % | 3.82 | % | ||||||||||||
Noninterest income to average assets | 0.53 | % | 0.58 | % | 0.99 | % | 0.68 | % | 0.67 | % | ||||||||||||
Noninterest expense to average assets | 2.57 | % | 2.43 | % | 2.33 | % | 2.36 | % | 1.98 | % | ||||||||||||
Efficiency ratio 2 | 53.1 | % | 48.8 | % | 43.8 | % | 46.6 | % | 46.9 | % | ||||||||||||
3/31/2024 | 3/31/2023 | 12/31/2023 | 12/31/2022 | 12/31/2021 | ||||||||||||||||||
CREDIT QUALITY RATIOS AND DATA | ||||||||||||||||||||||
Allowance for credit losses | $ | 13,157 | $ | 12,330 | $ | 12,867 | $ | 10,717 | $ | 10,352 | ||||||||||||
Allowance for credit losses as a percentage of total loans | 1.35 | % | 1.35 | % | 1.34 | % | 1.18 | % | 1.23 | % | ||||||||||||
Allowance for credit losses as a percentage of total | ||||||||||||||||||||||
loans - excluding PPP loans | 1.35 | % | 1.35 | % | 1.34 | % | 1.18 | % | 1.29 | % | ||||||||||||
Nonperforming loans | $ | 5,610 | $ | 3,971 | $ | 4,820 | $ | 1,172 | $ | 4,863 | ||||||||||||
Nonperforming assets | $ | 6,000 | $ | 4,153 | $ | 5,315 | $ | 1,190 | $ | 5,397 | ||||||||||||
Nonperforming loans as a percentage of total loans | 0.57 | % | 0.43 | % | 0.50 | % | 0.13 | % | 0.58 | % | ||||||||||||
Nonperforming assets as a percentage of total assets | 0.37 | % | 0.26 | % | 0.33 | % | 0.07 | % | 0.33 | % | ||||||||||||
Year-to-date net charge-offs | $ | 610 | $ | 166 | $ | 954 | $ | 935 | $ | 675 | ||||||||||||
Year-to-date net charge-offs as a percentage of average | 0.25 | % | 0.07 | % | 0.10 | % | 0.11 | % | 0.09 | % | ||||||||||||
loans (annualized) | ||||||||||||||||||||||
CAPITAL AND OTHER DATA | ||||||||||||||||||||||
Common shares outstanding at end of period | 5,896 | 5,862 | 5,872 | 5,850 | 5,817 | |||||||||||||||||
Shareholders' equity | $ | 161,491 | $ | 128,823 | $ | 147,317 | $ | 119,004 | $ | 134,082 | ||||||||||||
Book value per common share | $ | 27.39 | $ | 21.98 | $ | 25.09 | $ | 20.34 | $ | 23.05 | ||||||||||||
Tangible common equity3 | $ | 155,048 | $ | 122,152 | $ | 140,823 | $ | 112,273 | $ | 127,067 | ||||||||||||
Tangible book value per common share4 | $ | 26.30 | $ | 20.84 | $ | 23.98 | $ | 19.19 | $ | 21.84 | ||||||||||||
Tangible common equity to total assets | 9.5 | % | 7.7 | % | 8.7 | % | 6.9 | % | 7.9 | % | ||||||||||||
Gross loans to deposits | 75.1 | % | 65.0 | % | 71.9 | % | 62.6 | % | 58.3 | % | ||||||||||||
PLUMAS BANK REGULATORY CAPITAL RATIOS | ||||||||||||||||||||||
Tier 1 Leverage Ratio | 11.0 | % | 9.8 | % | 10.8 | % | 9.2 | % | 8.4 | % | ||||||||||||
Common Equity Tier 1 Ratio | 16.1 | % | 14.8 | % | 15.7 | % | 14.7 | % | 14.4 | % | ||||||||||||
Tier 1 Risk-Based Capital Ratio | 16.1 | % | 14.8 | % | 15.7 | % | 14.7 | % | 14.4 | % | ||||||||||||
Total Risk-Based Capital Ratio | 17.4 | % | 16.0 | % | 16.9 | % | 15.7 | % | 15.5 | % | ||||||||||||
(1) The Company paid a quarterly cash dividend of | ||||||||||||||||||||||
(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 | |||||||||||||||||
3/31/2024 | 3/31/2023 | |||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||
Interest-earning assets: | ||||||||||||||||||
Loans (2) (3) | $ | 964,132 | $ | 14,592 | 6.09 | % | $ | 914,829 | $ | 12,694 | 5.63 | % | ||||||
Investment securities | 371,792 | 3,605 | 3.90 | % | 341,958 | 2,814 | 3.34 | % | ||||||||||
Non-taxable investment securities (1) | 108,175 | 791 | 2.94 | % | 124,618 | 914 | 2.97 | % | ||||||||||
Interest-bearing deposits | 75,005 | 1,038 | 5.57 | % | 119,221 | 1,365 | 4.64 | % | ||||||||||
Total interest-earning assets | 1,519,104 | 20,026 | 5.30 | % | 1,500,626 | 17,787 | 4.81 | % | ||||||||||
Cash and due from banks | 26,586 | 26,725 | ||||||||||||||||
Other assets | 80,508 | 75,184 | ||||||||||||||||
Total assets | $ | 1,626,198 | $ | 1,602,535 | ||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Money market deposits | 211,183 | 375 | 0.71 | % | 235,857 | 216 | 0.37 | % | ||||||||||
Savings deposits | 335,565 | 180 | 0.22 | % | 402,302 | 199 | 0.20 | % | ||||||||||
Time deposits | 91,501 | 631 | 2.77 | % | 48,017 | 51 | 0.43 | % | ||||||||||
Total deposits | 638,249 | 1,186 | 0.75 | % | 686,176 | 466 | 0.28 | % | ||||||||||
Borrowings | 114,342 | 1,367 | 4.81 | % | 1,333 | 13 | 3.96 | % | ||||||||||
Junior subordinated debentures | - | - | - | % | 9,302 | 141 | 6.15 | % | ||||||||||
Other interest-bearing liabilities | 21,713 | 16 | 0.30 | % | 18,485 | 18 | 0.39 | % | ||||||||||
Total interest-bearing liabilities | 774,304 | 2,569 | 1.33 | % | 715,296 | 638 | 0.36 | % | ||||||||||
Non-interest-bearing deposits | 673,789 | 749,361 | ||||||||||||||||
Other liabilities | 24,440 | 14,288 | ||||||||||||||||
Shareholders' equity | 153,665 | 123,590 | ||||||||||||||||
Total liabilities & equity | $ | 1,626,198 | $ | 1,602,535 | ||||||||||||||
Cost of funding interest-earning assets (4) | 0.68 | % | 0.17 | % | ||||||||||||||
Net interest income and margin (5) | $ | 17,457 | 4.62 | % | $ | 17,149 | 4.64 | % | ||||||||||
(1) Not computed on a tax-equivalent basis. | ||||||||||||||||||
(2) Average nonaccrual loan balances of | ||||||||||||||||||
(3) Net costs included in loan interest income for the three-month periods ended March 31, 2024 and 2023 were | ||||||||||||||||||
(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 March 31, 2024 and 2023. | |||||||||||||
For the Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2024 | 2023 | Dollar Change | Percentage Change | ||||||||||
Gain on sale of buildings | $ | 19,854 | $ | - | 19,854 | 100.0 | % | ||||||
Interchange income | 739 | 718 | 21 | 2.9 | % | ||||||||
Service charges on deposit accounts | 715 | 617 | 98 | 15.9 | % | ||||||||
Loan servicing fees | 213 | 236 | (23 | ) | (9.7) | % | |||||||
FHLB Dividends | 137 | 88 | 49 | 55.7 | % | ||||||||
Earnings on life insurance policies | 96 | 104 | (8 | ) | (7.7) | % | |||||||
Gain on termination of interest rate swaps | - | 1,707 | (1,707 | ) | (100.0) | % | |||||||
Gain on sale of loans, net | - | 230 | (230 | ) | (100.0) | % | |||||||
Loss on sale of investment securities | (19,826 | ) | - | (19,826 | ) | (100.0) | % | ||||||
Other | 212 | 225 | (13 | ) | (5.8) | % | |||||||
Total non-interest income | $ | 2,140 | $ | 3,925 | $ | (1,785 | ) | (45.5) | % | ||||
The following table presents the components of non-interest expense for the three-month | |||||||||||||
periods ended March 31, 2024 and 2023. | |||||||||||||
For the Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2024 | 2023 | Dollar Change | Percentage Change | ||||||||||
Salaries and employee benefits | $ | 5,366 | $ | 5,067 | $ | 299 | 5.9 | % | |||||
Occupancy and equipment | 1,690 | 1,340 | 350 | 26.1 | % | ||||||||
Outside service fees | 1,132 | 994 | 138 | 13.9 | % | ||||||||
Professional fees | 439 | 342 | 97 | 28.4 | % | ||||||||
Advertising and shareholder relations | 244 | 179 | 65 | 36.3 | % | ||||||||
Telephone and data communication | 222 | 200 | 22 | 11.0 | % | ||||||||
Armored car and courier | 203 | 165 | 38 | 23.0 | % | ||||||||
Deposit insurance | 187 | 188 | (1 | ) | (0.5) | % | |||||||
Director compensation and expense | 167 | 242 | (75 | ) | (31.0) | % | |||||||
Business development | 153 | 139 | 14 | 10.1 | % | ||||||||
Loan collection expenses | 104 | 130 | (26 | ) | (20.0) | % | |||||||
Amortization of Core Deposit Intangible | 51 | 60 | (9 | ) | (15.0) | % | |||||||
Other | 439 | 178 | 261 | 146.6 | % | ||||||||
Total non-interest expense | $ | 10,397 | $ | 9,224 | $ | 1,173 | 12.7 | % | |||||
PLUMAS BANCORP | ||||||||||||
SELECTED FINANCIAL INFORMATION | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
The following table shows the distribution of loans by type at March 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 | |||||||||
3/31/2024 | 3/31/2024 | 3/31/2023 | 3/31/2023 | |||||||||
Commercial | $ | 82,136 | 8.4 | % | $ | 76,738 | 8.4 | % | ||||
Agricultural | 123,239 | 12.6 | % | 118,089 | 12.9 | % | ||||||
Real estate – residential | 11,872 | 1.2 | % | 14,734 | 1.6 | % | ||||||
Real estate – commercial | 562,870 | 57.7 | % | 521,884 | 57.0 | % | ||||||
Real estate – construction & land | 64,547 | 6.6 | % | 42,726 | 4.7 | % | ||||||
Equity Lines of Credit | 37,196 | 3.8 | % | 35,805 | 3.9 | % | ||||||
Auto | 89,399 | 9.2 | % | 100,670 | 11.0 | % | ||||||
Other | 4,953 | 0.5 | % | 4,958 | 0.5 | % | ||||||
Total Gross Loans | $ | 976,212 | 100 | % | $ | 915,604 | 100 | % | ||||
The following table shows the distribution of Commercial Real Estate loans at March 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 | |||||||||
3/31/24 | 3/31/24 | 3/31/23 | 3/31/23 | |||||||||
Owner occupied | $ | 194,954 | 34.6 | % | $ | 178,007 | 34.1 | % | ||||
Investor | 367,916 | 65.4 | % | 343,877 | 65.9 | % | ||||||
Total real estate - commercial | $ | 562,870 | 100 | % | $ | 521,884 | 100 | % | ||||
The following table shows the distribution of deposits by type at March 31, 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 | |||||||||
3/31/2024 | 3/31/2024 | 3/31/2023 | 3/31/2023 | |||||||||
Non-interest bearing | $ | 665,975 | 51.2 | % | $ | 741,754 | 52.7 | % | ||||
Money Market | 214,257 | 16.5 | % | 221,676 | 15.8 | % | ||||||
Savings | 328,781 | 25.3 | % | 394,305 | 28.0 | % | ||||||
Time | 90,675 | 7.0 | % | 49,010 | 3.5 | % | ||||||
Total Deposits | $ | 1,299,688 | 100 | % | $ | 1,406,745 | 100 | % | ||||
FAQ
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