Plumas Bancorp (NASDAQ: PLBC), the parent company of Plumas Bank, recently announced earnings during the third quarter of 2024 of $7.8 million or $1.33 per share, a decrease of $140,000 from $8 million or $1.36 per share during the third quarter of 2023.
Diluted earnings per share decreased to $1.31 per share during the three months ending Sept. 30, 2024, down from $1.34 per share during the quarter ending Sept. 30, 2023. An increase of $1.1 million in net interest income and a decline of $200,000 in the provision for credit losses were offset by increases of $1.4 million in noninterest expense and a decline of $76,000 in noninterest income. Included in noninterest expense were nonrecurring costs related to a litigation matter totaling $376,000.
The annualized return on average assets was 1.84% for the three months ending Sept. 30, 2024, down from 2% for the three months ending Sept. 30, 2023. The annualized return on average equity decreased from 24.4% during the third quarter of 2023 to 18.1% during the current quarter.
Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, commented on the third quarter of 2024, stating, “We anticipate increased deposit retention as a result of the Fed’s decision to cut rates by 50 basis points in the third quarter as rate seeking funds movement activity will likely be tempered. Additionally, lower rates will likely ease potential challenges for variable-rate borrowers.
“In the third quarter of 2024 we released our 2024 Corporate Citizenship Report, highlighting employee, community and client engagement and support. Efforts include ongoing technological developments to enhance efficiency and reduce environmental impacts, employee development through leadership training and educational support, formalization of certain fee waivers and other forms of client support, and involvement of staff in nonequity incentives and stock option awards in addition to paying livable wages in excess of California minimum wage requirements. These efforts describe Plumas Bank’s intention and promise to be here, for good.”
Quarterly cash 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 Nov. 15 to stockholders of record as of Nov. 1.
Information provided by Plumas Bank
