Plumas Bancorp(PLBC) - 2024 Q3 - Quarterly Report

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$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$167,846 thousand as of September 30, 2024, from $151,748 thousand at December 31, 2023, a growth of 10.6$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$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$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]