Plumas Bank president comments on the first quarter of 2024

Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, commented on the first quarter of 2024.

Andrew Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank.

According to a statement from Plumas Bank, Ryback said, “We are excited to announce the successful completion of the branch sale-leaseback transaction with MountainSeed Real Estate Services, valued at approximately $25.7 million. This transaction underscores our commitment to optimizing our capital structure while reaffirming our dedication to serving our communities for the long term.

“The gains generated from this transaction were instrumental in offsetting losses in our investment portfolio, enhancing our earnings profile and increasing our book value per share.

“Quarter-over-quarter results reflect the termination of interest rate swaps resulting in a one-time gain in the first quarter of 2023. Non-performing loans are well-collateralized, and we expect resolution on significant amounts in the coming quarter.

“As the Federal Reserve announced its intention to implement up to three rate cuts this year, we remain vigilant and adaptable in navigating potential challenges and opportunities in the market. Plumas Bank is well-positioned to leverage its strong capital position and diversified portfolios to sustain growth and maximize returns for our stakeholders.”

Plumas Bancorp declares quarterly cash dividend
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 May 15, 2024, to stockholders of record as of May 1, 2024.