Welcome to our dedicated page for Plumas news (Ticker: PLBC), a resource for investors and traders seeking the latest updates and insights on Plumas stock.
Plumas Bancorp (NASDAQ: PLBC) maintains its position as a leading community bank serving Northern California and Nevada through localized financial solutions. This news hub provides investors and stakeholders with essential updates about this regional banking institution.
Access verified information about PLBC's financial performance, including quarterly earnings and strategic initiatives. The curated collection features official press releases covering loan portfolio expansions, digital banking enhancements, and community development programs.
Key updates include regulatory filings, leadership announcements, and service area expansions. Users will find detailed reporting on agricultural lending programs and commercial real estate financing developments specific to PLBC's operational regions.
Bookmark this page for streamlined access to Plumas Bancorp's financial communications. Check regularly for updates on dividend declarations, capital management strategies, and innovations in small business banking services.
Plumas Bancorp (Nasdaq:PLBC) reported solid financial performance for the second quarter of 2024. The company achieved earnings of $6.8 million or $1.15 per share, slightly up from $6.7 million or $1.14 per share in Q2 2023. However, H1 2024 net income declined to $13.0 million or $2.21 per share from $14.3 million or $2.44 per share in H1 2023.
Balance sheet highlights include:
- Cash and due from banks increased by $18 million to $110 million.
- Gross loans rose by $62 million to $997 million.
- Total equity surged by 28% to $165 million.
- Book value per share climbed by $6.09 to $28.01.
Key metrics saw mixed results. Return on average assets dropped slightly to 1.67%, and return on average equity decreased to 17.1%. The company’s non-performing assets slightly improved, with non-performing loans dropping to $9.0 million from $9.5 million in Q2 2023.
CEO Andrew J. Ryback emphasized stable deposits, continued loan growth, and strategic shifts in their SBA loan portfolio. The inclusion in the Russell 2000 and several industry awards were also highlighted.
A sale-leaseback transaction added $19.9M in gains but led to $19.8M in investment security losses. The company restructured its investment portfolio, resulting in a higher average yield.
Plumas Bancorp (NASDAQ: PLBC) has been re-included in the US small-cap Russell 2000® Index as of July 1, 2024, following the annual reconstitution of the Russell indexes. This inclusion, lasting for one year, is based on its membership in the broader Russell 3000 Index and includes automatic placement in relevant growth and value indexes. Andrew J. Ryback, CEO of Plumas Bancorp, highlighted that inclusion in the Russell 2000 enhances stock liquidity due to passive investment trends. The Russell indexes, managed by FTSE Russell, are key benchmarks for $10.5 trillion in assets. FTSE Russell's CEO, Fiona Bassett, emphasized that the indexes evolve to accurately reflect market segments. Plumas Bank, a subsidiary of Plumas Bancorp, operates 15 branches and several loan offices in California, Nevada, and Oregon. For more information, visit the FTSE Russell and Plumas Bank websites.
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