On July 17, 2024, Plumas Bancorp (PLBC, Financial) released its 8-K filing for the second quarter of 2024. Plumas Bancorp is a bank holding company that provides various banking products and services in Northeastern California and Northwestern Nevada. The company offers a range of deposit products and loans, generating revenue primarily from loans and investment securities, and to a lesser extent, service fees.
Q2 2024 Financial Performance
Plumas Bancorp (PLBC, Financial) reported net income of $6.8 million or $1.15 per share for the second quarter of 2024, a slight increase from $6.7 million or $1.14 per share in the same period of 2023. Diluted earnings per share also saw a minor rise to $1.14 from $1.12 year-over-year.
Six-Month Performance
For the first half of 2024, Plumas Bancorp (PLBC, Financial) reported a net income of $13.0 million or $2.21 per share, a decrease from $14.3 million or $2.44 per share in the first half of 2023. The diluted earnings per share for the six months ended June 30, 2024, decreased to $2.19 from $2.41 in the same period of the previous year.
Key Financial Metrics
Return on average assets (ROAA) for the current quarter was 1.67%, slightly down from 1.70% in Q2 2023. Return on average equity (ROAE) also decreased to 17.1% from 20.5% year-over-year. For the six months ended June 30, 2024, ROAA was 1.61%, down from 1.81%, and ROAE decreased to 16.7% from 22.7% in the first half of 2023.
Balance Sheet Highlights
| Metric | June 30, 2024 | June 30, 2023 | Change |
|---|---|---|---|
| Total Assets | $1.64 billion | $1.57 billion | +4.4% |
| Total Deposits | $1.30 billion | $1.39 billion | -6.5% |
| Gross Loans | $997 million | $935 million | +7% |
| Total Shareholders' Equity | $165.2 million | $128.6 million | +28.5% |
President's Commentary
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 SBA 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 non-interest income.”
Income Statement Highlights
Net interest income for Q2 2024 was $18.4 million, up from $17.2 million in Q2 2023. This increase was driven by a $2.9 million rise in interest income, partially offset by a $1.8 million increase in interest expense. The net interest margin for the quarter improved to 4.89% from 4.69% in the same period last year.
Non-Interest Income and Expense
Non-interest income for Q2 2024 increased slightly by $59 thousand to $2.2 million. However, non-interest expense rose by $1.3 million to $10.4 million, primarily due to higher salary and benefit expenses and increased occupancy and equipment costs.
Asset Quality
Nonperforming assets decreased to $9.1 million from $9.6 million year-over-year. The allowance for credit losses increased to $14.1 million from $13.4 million, with net charge-offs totaling $610 thousand for the first half of 2024.
Liquidity and Borrowings
Plumas Bancorp (PLBC, Financial) reported total borrowings of $120 million as of June 30, 2024, up from $10 million a year earlier. The company also highlighted its participation in the Federal Reserve's Bank Term Funding Program (BTFP), with outstanding borrowings of $105 million at an interest rate of 4.85%.
For more detailed information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from Plumas Bancorp for further details.
