Plumas Bancorp reports third quarter 2024 earnings

Plumas Bancorp, the parent company of Plumas Bank, today 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, according to a statement from Plumas Bank.

Diluted earnings per share decreased to $1.31 per share during the three months ended Sept. 30, 2024 down from $1.34 per share during the quarter ended 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 non-interest expense and a decline of $76,000 in the non-interest income.  Included in non-interest expense were nonrecurring costs related to a litigation matter totaling $376,000. The annualized return on average assets was 1.84 percent for the three months ended Sept. 30, 2024, down from 2 percent for the three months ended Sept. 30, 2023. The annualized return on average equity decreased from 24.4 percent during the third quarter of 2023 to 18.1 percent during the current quarter.

Here is what Plumas Bancorp and Plumas Bank President and CEO shared
President’s Comments
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 50bp 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 non-equity incentives and stock option awards in addition to paying livable wages in excess of California minimum wage requirements. These efforts describe Plumas’ intention and promise to be Here. For Good.,” concluded Ryback.