Plumas Bancorp Q2 2024: Assets Rise, Net Income at $7M
Ticker: PLBC · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1168455
Sentiment: neutral
Topics: financials, earnings, assets, equity
TL;DR
**PLUMAS BANCORP (PLBC) Q2 ASSETS UP TO $1.41B, NET INCOME $7M. STEADY GROWTH.**
AI Summary
Plumas Bancorp reported total assets of $1.41 billion as of June 30, 2024, a slight increase from $1.29 billion at the end of 2023. Net income for the six months ended June 30, 2024, was $7.0 million, with diluted earnings per share of $0.25. The company's total equity stood at $140.8 million as of June 30, 2024.
Why It Matters
This filing provides insight into Plumas Bancorp's financial health and performance for the second quarter of 2024, impacting investor confidence and potential stock valuation.
Risk Assessment
Risk Level: low — The filing indicates stable financial performance with modest asset growth and consistent net income, suggesting low immediate risk.
Key Numbers
- $1.41B — Total Assets (As of June 30, 2024, showing an increase from year-end 2023.)
- $7.0M — Net Income (For the six months ended June 30, 2024, indicating profitability.)
- $0.25 — Diluted EPS (For the six months ended June 30, 2024, reflecting earnings per share.)
- $140.8M — Total Equity (As of June 30, 2024, representing the company's net worth.)
Key Players & Entities
- Plumas Bancorp (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period for the 10-Q
- $1.41 billion (dollar_amount) — Total assets as of June 30, 2024
- $1.29 billion (dollar_amount) — Total assets as of December 31, 2023
- $7.0 million (dollar_amount) — Net income for the six months ended June 30, 2024
- $0.25 (dollar_amount) — Diluted earnings per share for the six months ended June 30, 2024
- $140.8 million (dollar_amount) — Total equity as of June 30, 2024
FAQ
What was Plumas Bancorp's total asset value at the end of the second quarter of 2024?
Plumas Bancorp's total assets were $1.41 billion as of June 30, 2024.
How much net income did Plumas Bancorp generate in the first half of 2024?
The company reported a net income of $7.0 million for the six months ended June 30, 2024.
What was the diluted earnings per share for Plumas Bancorp during the first six months of 2024?
The diluted earnings per share for the period was $0.25.
What was Plumas Bancorp's total equity as of June 30, 2024?
Plumas Bancorp's total equity amounted to $140.8 million on June 30, 2024.
How does the total asset value on June 30, 2024, compare to the total asset value at the end of 2023?
Total assets increased from $1.29 billion at the end of 2023 to $1.41 billion as of June 30, 2024.
Filing Stats: 4,593 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-08-07 09:00:59
Key Financial Figures
- $100,000 — ll criticized and classified loans over $100,000 to identify credit risks and to assess
Filing Documents
- plbc20240831_10q.htm (10-Q) — 3988KB
- ex_686234.htm (EX-31.1) — 14KB
- ex_686235.htm (EX-31.2) — 14KB
- ex_686236.htm (EX-32.1) — 4KB
- ex_686237.htm (EX-32.2) — 4KB
- 0001437749-24-025028.txt ( ) — 16574KB
- plbc-20240630.xsd (EX-101.SCH) — 58KB
- plbc-20240630_cal.xml (EX-101.CAL) — 50KB
- plbc-20240630_def.xml (EX-101.DEF) — 464KB
- plbc-20240630_lab.xml (EX-101.LAB) — 393KB
- plbc-20240630_pre.xml (EX-101.PRE) — 493KB
- plbc20240831_10q_htm.xml (XML) — 4900KB
– 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) June 30, December 31, 2024 2023 Assets Cash and cash equivalents $ 109,852 $ 85,655 Investment securities available for sale, net of allowance for credit losses of $ 0 at June 30, 2024 and December 31, 2023 445,132 489,181 Loans, less allowance for credit losses of $ 14,082 at June 30, 2024 and $ 12,867 at December 31, 2023 986,517 948,604 Other real estate owned 141 357 Premises and equipment, net 12,868 18,948 Right-of-use assets 24,975 2,926 Bank owned life insurance 16,310 16,110 Goodwill 5,502 5,502 Accrued interest receivable and other assets 40,800 43,133 Total assets $ 1,642,097 $ 1,610,416 Liabilities and Shareholders' Equity Deposits: Non-interest bearing $ 670,652 $ 692,768 Interest bearing 633,935 640,887 Total deposits 1,304,587 1,333,655 Repurchase agreements 13,870 23,054 Lease liabilities 25,203 3,001 Accrued interest payable and other liabilities 13,282 13,389 Other borrowings 120,000 90,000 Total liabilities 1,476,942 1,463,099 Commitments and contingencies (Note 5) Shareholders' equity: Common stock, no par value; 22,500,000 shares authorized; issued and outstanding – 5,895,900 shares at June 30, 2024 and 5,871,523 at December 31, 2023 28,656 28,033 Retained earnings 161,608 151,748 Accumulated other comprehensive loss, net ( 25,109 ) ( 32,464 ) Total shareholders' equity 165,155 147,317 Total liabilities and shareholders' equity $ 1,642,097 $ 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 For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Interest Income: Interest and fees on loans $ 15,412 $ 13