Plumas Bancorp Files 10-Q for Q1 2024

TL;DR

<b>Plumas Bancorp's Q1 2024 filing shows substantial assets and liabilities, with near-equal interest income and expense.</b>

AI Summary

PLUMAS BANCORP (PLBC) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Plumas Bancorp reported total assets of $13,157 million as of March 31, 2024. Total liabilities were $12,867 million as of March 31, 2024. The company had $22,500,000 in Federal Funds Purchased and Securities Sold Under Repurchase Agreements as of March 31, 2024. Interest income for the three months ended March 31, 2024, was $5,895,595. Interest expense for the three months ended March 31, 2024, was $5,871,523.

Why It Matters

For investors and stakeholders tracking PLUMAS BANCORP, this filing contains several important signals. The filing provides a detailed look at Plumas Bancorp's financial position at the end of the first quarter of 2024, including asset and liability breakdowns. Understanding the company's interest income and expense is crucial for assessing its profitability and net interest margin in the current economic environment.

Risk Assessment

Risk Level: medium — PLUMAS BANCORP shows moderate risk based on this filing. The company's financial statements indicate a significant amount of assets and liabilities, suggesting a substantial operational scale that carries inherent risks.

Analyst Insight

Monitor Plumas Bancorp's net interest margin and provision for credit losses in upcoming filings to gauge its performance in a dynamic interest rate environment.

Financial Highlights

revenue

5,895,595

total Assets

13,157

Key Numbers

• 13,157 — Total Assets (as of March 31, 2024)
• 12,867 — Total Liabilities (as of March 31, 2024)
• 22,500,000 — Federal Funds Purchased and Securities Sold Under Repurchase Agreements (as of March 31, 2024)
• 5,895,595 — Interest Income (for the three months ended March 31, 2024)
• 5,871,523 — Interest Expense (for the three months ended March 31, 2024)

Key Players & Entities

• Plumas Bancorp (company) — FILER
• PLBC (company) — tk
• 2024-05-07 (date) — dt
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-07 (date) — FILED AS OF DATE
• 5525 KIETZKE LANE, STE. 100 (address) — BUSINESS ADDRESS
• Reno (city) — BUSINESS ADDRESS
• NV (state) — BUSINESS ADDRESS

FAQ

Industry Context

Plumas Bancorp operates within the short-term business credit institutions sector, providing financial services.

Regulatory Implications

As a financial institution, Plumas Bancorp is subject to various banking regulations and oversight from regulatory bodies.

What Investors Should Do

1. Analyze the trend of interest income and expense over subsequent quarters.
2. Review the company's liquidity and capital adequacy ratios.
3. Investigate any disclosed risk factors related to credit quality or interest rate sensitivity.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

This 10-Q filing covers the first quarter of 2024, providing updated financial information compared to previous periods.

Key Financial Figures

• $100,000 — ll criticized and classified loans over $100,000 to identify credit risks and to assess

Filing Documents

• plbc20240331_10q.htm (10-Q) — 3567KB
• ex_642302.htm (EX-31.1) — 14KB
• ex_642303.htm (EX-31.2) — 14KB
• ex_642304.htm (EX-32.1) — 4KB
• ex_642305.htm (EX-32.2) — 4KB
• 0001437749-24-014989.txt (&nbsp;) — 15725KB
• plbc-20240331.xsd (EX-101.SCH) — 58KB
• plbc-20240331_cal.xml (EX-101.CAL) — 47KB
• plbc-20240331_def.xml (EX-101.DEF) — 457KB
• plbc-20240331_lab.xml (EX-101.LAB) — 385KB
• plbc-20240331_pre.xml (EX-101.PRE) — 487KB
• plbc20240331_10q_htm.xml (XML) — 4717KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PLUMAS BANCORP AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share data) March 31, December 31, 2024 2023 Assets Cash and cash equivalents $ 128,231 $ 85,655 Investment securities available for sale, net of allowance for credit losses of $ 0 447,445 489,181 Loans, less allowance for credit losses of $ 13,157 at March 31, 2024 and $ 12,867 at December 31, 2023 966,141 948,604 Other real estate owned 357 357 Premises and equipment, net 12,960 18,948 Right-of-use assets 25,295 2,926 Bank owned life insurance 16,206 16,110 Goodwill 5,502 5,502 Accrued interest receivable and other assets 38,196 43,133 Total assets $ 1,640,333 $ 1,610,416 Liabilities and Shareholders' Equity Deposits: Non-interest bearing $ 665,975 $ 692,768 Interest bearing 633,713 640,887 Total deposits 1,299,688 1,333,655 Repurchase agreements 19,331 23,054 Lease liability 25,424 3,001 Accrued interest payable and other liabilities 14,399 13,389 Other borrowings 120,000 90,000 Total liabilities 1,478,842 1,463,099 Commitments and contingencies (Note 5) Shareholders' equity: Common stock, no par value; 22,500,000 shares authorized; issued and outstanding – 5,895,595 shares at March 31, 2024 and 5,871,523 at December 31, 2023 28,492 28,033 Retained earnings 156,414 151,748 Accumulated other comprehensive loss, net ( 23,415 ) ( 32,464 ) Total shareholders' equity 161,491 147,317 Total liabilities and shareholders' equity $ 1,640,333 $ 1,610,416 See notes to unaudited condensed consolidated financial statements. 1 PLUMAS BANCORP AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data) For the Three Months Ended March 31, 2024 2023 Interest Income: Interest and fees on loans $ 14,592 $ 12,694 Interest on investment securities 4,396 3,728 Other 1,038 1,365 Tot

View Full Filing

View this 10-Q filing on SEC EDGAR