Plumas Bancorp reports second quarter 2024 earnings
Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, said, “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. We continue to refine CRE stress testing and closely monitor classified assets. Several significant reductions in nonaccrual loans have been achieved and concentrations remain within guidelines.
“Increased yield on the restructured securities portfolio has more than offset the increase in rent expense resulting from the sale leaseback transaction completed in the first quarter. Additionally, unrealized losses in the securities portfolio continue to decline.
“We are pleased to report that Plumas Bancorp has been included again in the Russell 2000 which reconstituted at the close of the second quarter. Inclusion will likely enhance stock liquidity via trading by index funds and benchmarked investment strategies.”
“Additionally,” Ryback continued, “Plumas Bank recently received several awards including:
- Raymond James Bankers Cup;
- Independent Community Bankers of America Top-Performing Bank;
- Keefe, Bruyette & Woods Bank Honor Roll;
- American Banker Top-Performing Community Banks;
- D.A. Davidson Bison Select;
- Findley Reports Super Premier Performing Bank; and
- CB-Resource Top Ten.
“Each of these awards assesses performance in a diversity of metrics compared with peer institutions. Our efforts to proactively manage earnings, expenses, and margins in a turbulent environment have allowed us to continue to achieve strong results.”
