Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, recently announced earnings during the second quarter of 2024 of $6.8 million or $1.15 per share, an increase of $126,000 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 ending June 30, 2024, up from $1.12 per share during the quarter ending June 30, 2023.
For the six months ending June 30, 2024, the company reported net income of $13 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 ending June 30, 2023. Earnings per diluted share decreased to $2.19 during the six months ending 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 ending June 30, 2024, down from 20.5% during the second quarter of 2023. Return on average assets was 1.61% during the six months ending 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 ending June 30, 2024, down from 22.7% during the first half of 2023.
Balance sheet highlights comparing June 30, 2024, 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 Small Business Association 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 noninterest income.
“We continue to refine commercial real estate 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.”
Ryback reported that Plumas Bank has recently received several awards, including the following:
- 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,” said Ryback. “Our efforts to proactively manage earnings, expenses and margins in a turbulent environment have allowed us to continue to achieve strong results.”
Stock dividend
Plumas Bancorp also recently announced that the board of directors declared a regular quarterly cash dividend on Plumas Bancorp common stock of $0.27 per share, payable Aug. 15, to stockholders of record as of Aug. 1.
Information provided by Plumas Bank
