Core Points - Terrance J. Reeson retired from the Board of Directors of Plumas Bancorp and Plumas Bank after 40 years of service, effective December 31, 2024 [1] - Reeson was appointed to the Plumas Bank Board in 1984 and served as board secretary for over 30 years, participating in various board committees including Audit & Risk, Executive, and Governance & Compensation [2] - Chairman Daniel E. West acknowledged Reeson's significant contributions over the past four decades, emphasizing his impact on the organization [3] - Reeson expressed confidence in the current Board of Directors' ability to continue advancing Plumas Bancorp's strategic initiatives and enhancing community quality of life while driving shareholder value [3] Company Overview - Plumas Bancorp is a bank holding company headquartered in Reno, Nevada, and is the parent company of Plumas Bank [3] - Plumas Bank, founded in 1980 and headquartered in Quincy, California, is a locally managed community bank with 15 branch offices in Northeastern California and Northern Nevada, as well as loan production offices in California and southern Oregon [3] - The bank has an asset size exceeding $1.6 billion and is recognized as one of the top-performing community banks in the country [3]

Company: Plumas Bancorp - The consensus EPS estimate for Plumas Bancorp has remained unchanged over the last 30 days, indicating stability in earnings expectations [1] - Shares of Plumas Bancorp rallied 5.4% in the last trading session, closing at $48.65, with notable trading volume compared to typical sessions [5] - The stock has experienced a 1.6% loss over the past four weeks, suggesting recent volatility [5] - The company is expected to post quarterly earnings of $1.15 per share, reflecting a year-over-year change of -9.5%, while revenues are projected to be $20.5 million, up 2.5% from the previous year [6] Industry: Banking - Bank stocks are currently in focus as interest rates are expected to gradually decrease, which may support economic growth and lending scenarios [3] - Plumas Bancorp is part of the Zacks Banks - West industry, which includes First Hawaiian, another stock that closed 1.1% higher at $25.48, but has returned -7.7% in the past month [7] - Empirical research indicates a strong correlation between trends in earnings estimate revisions and near-term stock price movements, highlighting the importance of monitoring these trends [4]

Financial Performance - Net income for the quarter was $7,830 thousand, slightly down from $7,970 thousand in the same quarter of 2023, a decrease of 1.8%[4] - Net income for the quarter ended September 30, 2024, was $20,870,000, a decrease of 6.2% from $22,255,000 for the same period in 2023[6] - Total comprehensive income for the quarter ended September 30, 2024, was $38,617,000, compared to $5,346,000 for the same period in 2023[6] - Net income for the nine months ended September 30, 2024, was $20.9 million, down from $22.3 million for the same period in 2023, reflecting a decrease of 6.3%[114] - Net interest income after provision for credit losses was $19,270 thousand for the quarter ended September 30, 2024, up from $17,939 thousand for the same period in 2023, reflecting an increase of 7.4%[4] - Net interest income increased by $2.6 million to $54.7 million for the nine months ended September 30, 2024, driven by an increase in interest income of $8.0 million, partially offset by a $5.4 million increase in interest expense[116] Assets and Liabilities - Total assets increased to $1,663,974 thousand as of September 30, 2024, compared to $1,610,416 thousand at December 31, 2023, representing a growth of 3.3%[2] - Total deposits increased to $1,350,996 thousand as of September 30, 2024, compared to $1,333,655 thousand at December 31, 2023, an increase of 1.3%[2] - The total outstanding loans increased to $1,003,488,000 as of September 30, 2024, up from $958,564,000 at December 31, 2023, representing a growth of approximately 4.7%[33] - Cash and cash equivalents at the end of the period increased to $117,959,000 as of September 30, 2024, from $90,567,000 at the end of the same period in 2023[13] - The total carrying amount of deposits was $1,350,996,000 as of September 30, 2024[89] Equity and Dividends - Total shareholders' equity rose to $181,942 thousand as of September 30, 2024, compared to $147,317 thousand at December 31, 2023, an increase of 23.5%[2] - Retained earnings increased to $167,846 thousand as of September 30, 2024, from $151,748 thousand at December 31, 2023, a growth of 10.6%[2] - Cash dividends on common stock increased to $0.27 per share for the nine months ended September 30, 2024, up from $0.25 per share in the same period of 2023[8] - The Company paid a quarterly cash dividend of $0.27 per share on August 15, 2024, May 15, 2024, and February 15, 2024, and a quarterly cash dividend of $0.25 per share on November 15, 2023, and previous dates[188] Credit Losses and Provisions - The allowance for credit losses was $13,606 thousand as of September 30, 2024, compared to $12,867 thousand at December 31, 2023, reflecting an increase of 5.7%[2] - The provision for credit losses for the first nine months of 2024 was $1,346,000, down from $2,675,000 in the same period in 2023[126] - The allowance for credit losses totaled $13.6 million at September 30, 2024, compared to $12.9 million at December 31, 2023, with an allowance as a percentage of total loans at 1.35%[165] Loan Portfolio - Total loans amounted to $1,006,676 thousand, a decrease from $1,162,264 thousand in the previous period[40] - Non-performing loans totaled $1,137 thousand, an increase from $242 thousand[40] - Total past due loans amounted to $17,707,000, with $8,758,000 past due for 30-59 days and $4,494,000 for 60-89 days[61] - The total loan portfolio at September 30, 2024, was $1,006,676,000, with current loans making up $988,969,000[61] Interest Income and Expense - Total interest income rose to $21,862 thousand for the quarter ended September 30, 2024, compared to $19,042 thousand in the prior year, marking an increase of 14.8%[4] - Interest expense for the nine months ended September 30, 2024, was $6,645,000, significantly higher than $2,224,000 for the same period in 2023[13] - Interest expense increased by $1.7 million to $3.0 million for the three months ended September 30, 2024, primarily due to higher rates on interest-bearing liabilities[138] Non-Interest Income and Expenses - Non-interest income for the nine months ended September 30, 2024, totaled $6.6 million, a decrease of $1.8 million from $8.4 million in 2023, primarily due to a $1.7 million gain on termination of interest rate swaps in 2023[128] - Non-interest expenses rose to $10,824 thousand for the quarter ended September 30, 2024, compared to $9,442 thousand in the same quarter of 2023, an increase of 14.6%[4] - Total non-interest expense increased by $3.9 million to $31.6 million for the nine months ended September 30, 2024, with significant increases in salary and benefit expenses ($1.1 million) and occupancy and equipment expenses ($1.7 million)[131] Capital Adequacy - Common Equity Tier 1 Ratio improved to 16.9% at September 30, 2024, from 15.7% at December 31, 2023, exceeding the minimum requirement of 4.5%[193] - Total Risk-Based Capital Ratio was 18.2% at September 30, 2024, compared to 16.9% at December 31, 2023, well above the minimum requirement of 8.0%[193] - Plumas Bank meets all capital adequacy requirements and maintains ratios above well-capitalized levels[194] Liquidity - The Company has access to $240 million in borrowing from the Federal Home Loan Bank, secured by commercial and residential mortgage loans totaling $426 million[182] - Liquidity is managed through competitive deposit rates and established lines of credit, ensuring funds for asset growth and customer needs[196] - The Company's securities portfolio and cash serve as primary liquidity sources, providing funding during high loan demand[199]

Plumas Bancorp (PLBC) came out with quarterly earnings of $1.31 per share, beating the Zacks Consensus Estimate of $1.14 per share. This compares to earnings of $1.34 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 14.91%. A quarter ago, it was expected that this company would post earnings of $1.09 per share when it actually produced earnings of $1.14, delivering a surprise of 4.59%. Over the last four quarters, the company ...

RENO, Nev., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Plumas Bank, a wholly-owned subsidiary of Plumas Bancorp, has recently been honored with multiple prestigious awards acknowledging its exceptional performance in serving clients, investors, and communities in northeastern California and northern Nevada. "For 44 years, we have partnered with businesses in our regions, helping them grow while providing stable returns to our investors, even through cycles of the national economy," said Andrew Ryback, President and ...

Reno, Nev., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Plumas Bank, a wholly-owned subsidiary of Plumas Bancorp, is pleased to publish its 2024 Corporate Citizenship Report, providing investors, employees and partners an update about its efforts to instill best industry practices and forward-thinking investments in every aspect of the bank's operations. "Corporate citizenship is deeply embedded in our organization, and as we continue to grow, our actions will consistently align with our promise to help our clients ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks. Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and ...

Plumas Bancorp (PLBC) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the nearterm price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, ...

RENO, Nev., July 18, 2024 (GLOBE NEWSWIRE) -- Plumas Bancorp (NASDAQ:PLBC), the parent company of Plumas Bank (the "Bank"), today announced that the Board of Directors declared a regular quarterly cash dividend on Plumas Bancorp common stock of $0.27 per share, payable August 15, 2024, to stockholders of record as of August 1, 2024. About Plumas Bancorp 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-w ...

Bank Term Funding Program Interest expense increased from $984 thousand during the three months ended June 30, 2023 to $2.8 million during the current period related to an increase in rate paid on interest bearing liabilities and an increase in borrowings. The average rate paid on interest bearing liabilities increased from 0.56% during the 2023 quarter to 1.44% in 2024 related mainly to an increase in market interest rates, an increase in borrowings and the effect of a 4% time deposit promotion. Non-intere ...