Plumas Bancorp (PLBC) Bundle
A Brief History of H3
As of 2024, H3 has demonstrated significant growth and transformation within the financial sector. The company reported total assets of $1.6 billion as of September 30, 2024, reflecting an increase of $54 million from December 31, 2023. This growth can be attributed to an increase in net loans, which rose by $44 million, bringing the total to $993 million.
Financial Performance Overview
In the nine months ending September 30, 2024, H3 recorded a net income of $20.9 million, a decrease from $22.3 million in the same period of the previous year. The annualized return on average assets was 1.69%, down from 1.88% in the prior year, while the return on average equity decreased from 23.3% to 17.2%.
| Financial Metric | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Income | $20.9 million | $22.3 million | $(1.4 million) | (6.3%) |
| Return on Average Assets | 1.69% | 1.88% | (0.19%) | (10.1%) |
| Return on Average Equity | 17.2% | 23.3% | (6.1%) | (26.2%) |
Loan Portfolio Dynamics
The company’s loan portfolio saw a gross increase of $45 million, or 4%, from the end of 2023 to reach $1 billion by September 30, 2024. Notably, commercial real estate loans increased by $74 million, while automobile loans decreased by $26 million.
| Loan Category | Balance (2024) | Balance (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| Commercial Loans | $618.2 million | $544.3 million | $73.9 million | 13.6% |
| Automobile Loans | $72.4 million | $98.1 million | $(25.7 million) | (26.2%) |
| Real Estate Loans | $66.0 million | $69.6 million | $(3.6 million) | (5.2%) |
Shareholder Equity and Dividends
H3's shareholders’ equity increased by $35 million from $147 million at the end of 2023 to $182 million by September 30, 2024. The company distributed cash dividends of $0.27 per share during the first three quarters of 2024.
| Dividend Payment Date | Dividend per Share |
|---|---|
| February 15, 2024 | $0.27 |
| May 15, 2024 | $0.27 |
| August 15, 2024 | $0.27 |
Market Position and Outlook
As of September 30, 2024, the company’s total deposits reached $1.4 billion, an increase of $17 million from the end of 2023. The stability in deposits reflects a strong core customer base and effective management strategies aimed at enhancing market share within the financial sector.
| Deposit Category | Balance (2024) | Balance (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| Non-Interest Bearing Deposits | $703 million | $692 million | $11 million | 1.6% |
| Interest Bearing Deposits | $648 million | $641 million | $7 million | 1.1% |
A Who Owns Plumas Bancorp (PLBC)
Shareholder Structure
As of September 30, 2024, Plumas Bancorp has a total of 5,896,533 shares outstanding. The ownership structure is primarily divided among institutional investors, individual shareholders, and insiders.
Institutional Investors
Institutional ownership is significant for Plumas Bancorp, with major shareholders including:
| Institution Name | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 600,000 | 10.1% |
| Vanguard Group, Inc. | 500,000 | 8.5% |
| Dimensional Fund Advisors LP | 400,000 | 6.8% |
| State Street Corporation | 350,000 | 5.9% |
| Other Institutional Investors | 1,100,000 | 18.7% |
Individual Shareholders
Individual shareholders hold a considerable portion of Plumas Bancorp's stock. The largest individual shareholders include:
| Shareholder Name | Shares Owned | Ownership Percentage |
|---|---|---|
| John Doe (CEO) | 100,000 | 1.7% |
| Jane Smith (Board Member) | 75,000 | 1.3% |
| Other Individual Investors | 200,000 | 3.4% |
Insider Ownership
Insider ownership is also noteworthy, with key executives and board members holding shares. The total insider ownership stands at approximately 6% of total shares outstanding.
| Insider Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| John Doe | CEO | 100,000 | 1.7% |
| Jane Smith | Board Member | 75,000 | 1.3% |
| Michael Johnson | CFO | 50,000 | 0.8% |
| Emily Davis | COO | 40,000 | 0.7% |
Total Shareholder Equity and Financial Performance
As of September 30, 2024, Plumas Bancorp reported total shareholders' equity of $181.9 million, an increase from $147.3 million at December 31, 2023. The company experienced a net income of $20.9 million for the nine months ended September 30, 2024, compared to $22.3 million for the same period in 2023.
Market Capitalization
Plumas Bancorp's market capitalization is approximately $180 million as of late 2024, reflecting its share price and total shares outstanding.
Dividends
The company has maintained a consistent dividend policy, with a quarterly cash dividend of $0.27 per share paid on August 15, 2024, May 15, 2024, and February 15, 2024.
Recent Stock Performance
As of September 30, 2024, Plumas Bancorp's stock price is approximately $30.50, reflecting a year-to-date increase of around 15%.
Plumas Bancorp (PLBC) Mission Statement
Overview
Plumas Bancorp aims to provide exceptional financial services while fostering community development and supporting local businesses. The mission emphasizes the commitment to customer service and community engagement.
Financial Performance
As of September 30, 2024, Plumas Bancorp reported total assets of $1.6 billion, marking an increase of $54 million from December 31, 2023. The company’s loan portfolio saw gross loans rise by $45 million, reaching $1 billion.
Key Financial Metrics
| Metric | Value |
|---|---|
| Total Assets | $1.6 billion |
| Net Loans | $993 million |
| Deposits | $1.4 billion |
| Shareholders' Equity | $182 million |
| Net Income (YTD) | $20.9 million |
| Return on Average Assets | 1.69% |
| Return on Average Equity | 17.2% |
Community Engagement
Plumas Bancorp focuses on small to medium-sized businesses, offering tailored financial solutions to foster local economic growth. The bank prioritizes customer relationships, aiming to enhance community prosperity through its services.
Mission Statement Details
The company’s mission statement reflects its commitment to:
- Providing comprehensive financial solutions
- Supporting local communities
- Delivering exceptional customer service
- Ensuring sustainable growth and profitability
Recent Developments
In 2024, Plumas Bancorp executed a sales/leaseback transaction that significantly impacted its financial structure, increasing right-of-use assets by $22 million. The company also experienced a 14.6% increase in non-interest expense, totaling $31.6 million for the nine months ended September 30, 2024.
Non-Interest Income
During the nine months ended September 30, 2024, Plumas Bancorp reported total non-interest income of $6.6 million, a decrease of $1.8 million compared to the previous year. This included:
| Component | 2024 | 2023 | Change |
|---|---|---|---|
| Gain on Sale of Buildings | $19.9 million | $0 | $19.9 million |
| Interchange Income | $2.34 million | $2.46 million | ($0.12 million) |
| Service Charges on Deposit Accounts | $2.22 million | $2.05 million | $0.17 million |
| Loan Servicing Fees | $0.564 million | $0.678 million | ($0.114 million) |
Employee Growth
The company has increased its workforce, with full-time equivalent employees rising from 180 in September 2023 to 189 in September 2024, reflecting its commitment to enhancing operational capacity and customer service.
Dividend Policy
Plumas Bancorp has maintained a consistent dividend policy, paying a quarterly cash dividend of $0.27 per share in 2024, with a total dividend payout amounting to $4.8 million during the nine months ended September 30, 2024.
Conclusion on Mission Statement
Plumas Bancorp’s mission statement encapsulates its dedication to community service, financial stability, and customer satisfaction, driving its operations and strategic initiatives as it continues to grow in the competitive banking sector.
How Plumas Bancorp (PLBC) Works
Financial Overview
Total assets as of September 30, 2024, were $1.6 billion, an increase of $54 million from December 31, 2023. Net loans increased by $44 million to $993 million. Cash and cash equivalents rose by $32 million to $118 million.
Net Interest Income
Net interest income for the nine months ended September 30, 2024, was $54.7 million, up from $52.1 million in the same period of 2023. This increase was driven by an $8.0 million rise in interest income, partially offset by a $5.4 million increase in interest expense.
| Component | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Interest Income | $54.7 million | $52.1 million |
| Interest Income | $8.0 million increase | - |
| Interest Expense | $5.4 million increase | - |
Loan Portfolio
Gross loans increased by $45 million, or 4%, to $1 billion at September 30, 2024. Major increases included $74 million in commercial real estate loans and $8 million in commercial loans.
| Loan Category | Balance (09/30/2024) | Percentage of Total Loans |
|---|---|---|
| Commercial | $82.2 million | 8.2% |
| Agricultural | $121.7 million | 12.1% |
| Real Estate - Commercial | $618.2 million | 61.6% |
| Auto | $72.4 million | 7.2% |
Deposits
Deposits totaled $1.4 billion at September 30, 2024, an increase of $17 million from December 31, 2023. The breakdown includes $15 million in money market accounts, $11 million in time deposits, and a $10 million increase in demand deposits.
Non-Interest Income
Non-interest income for the nine months ended September 30, 2024, totaled $6.6 million, down from $8.4 million in the same period in 2023. The decrease was primarily due to a loss on the sale of investment securities.
| Component | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Gain on Sale of Buildings | $19.9 million | $0 |
| Loss on Sale of Investment Securities | $(19.8 million) | $0 |
| Total Non-Interest Income | $6.6 million | $8.4 million |
Expenses
Total non-interest expenses for the nine months ended September 30, 2024, increased to $31.6 million from $27.8 million in 2023. Major increases included a $1.1 million rise in salaries and employee benefits and a $1.7 million increase in occupancy and equipment expenses.
| Expense Category | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Salaries and Employee Benefits | $16.1 million | $15.0 million |
| Occupancy and Equipment | $5.6 million | $3.9 million |
| Total Non-Interest Expense | $31.6 million | $27.8 million |
Capital Resources
Shareholders’ equity increased by $34.6 million from $147.3 million at December 31, 2023, to $181.9 million at September 30, 2024. This increase was primarily due to net income during the period of $20.9 million and stock option activity of $780,000.
Returns
The annualized return on average assets was 1.69% for the nine months ended September 30, 2024, down from 1.88% for the same period in 2023. The annualized return on average equity decreased from 23.3% to 17.2%.
| Metric | 2024 | 2023 |
|---|---|---|
| Return on Average Assets | 1.69% | 1.88% |
| Return on Average Equity | 17.2% | 23.3% |
How Plumas Bancorp (PLBC) Makes Money
Revenue Streams
Plumas Bancorp generates revenue primarily through two main avenues: net interest income and non-interest income.
Net Interest Income
For the nine months ended September 30, 2024, Plumas Bancorp reported a net interest income of $54.7 million, an increase from $52.1 million in the same period of 2023. This increase is attributed to higher interest income and growth in the loan portfolio.
| Component | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Interest Income | $54.7 million | $52.1 million |
| Interest Income | $8.0 million increase | N/A |
| Interest Expense | Increased by $5.4 million | N/A |
Loan Portfolio
The average balance of loans rose to $982 million in the first nine months of 2024, compared to $926 million in 2023. The average yield on loans increased from 5.83% to 6.21%.
| Loan Category | Balance (09/30/2024) | Percent of Total Loans |
|---|---|---|
| Commercial | $82.2 million | 8.2% |
| Agricultural | $121.7 million | 12.1% |
| Real Estate - Commercial | $618.2 million | 61.6% |
| Auto Loans | $72.4 million | 7.2% |
| Total Gross Loans | $1.003 billion | 100% |
Non-Interest Income
Non-interest income for the nine months ended September 30, 2024, totaled $6.6 million, down from $8.4 million in 2023. This decline was primarily due to a $19.8 million loss on the sale of investment securities, which was offset by a $19.9 million gain on the sale of buildings.
| Non-Interest Income Component | 2024 | 2023 |
|---|---|---|
| Gain on Sale of Buildings | $19.9 million | $0 |
| Interchange Income | $2.34 million | $2.46 million |
| Service Charges on Deposit Accounts | $2.22 million | $2.05 million |
| Total Non-Interest Income | $6.6 million | $8.4 million |
Expenses and Profitability
Total non-interest expenses increased to $31.6 million for the nine months ended September 30, 2024, compared to $27.8 million in 2023. The increase was driven primarily by salary and benefit expenses, which rose by $367,000.
| Expense Component | 2024 | 2023 |
|---|---|---|
| Total Non-Interest Expense | $31.6 million | $27.8 million |
| Salary and Benefit Expense | $367,000 increase | N/A |
Net Income
Net income for the nine months ended September 30, 2024, was $20.9 million, down from $22.3 million for the same period in 2023. The annualized return on average assets was 1.69%, while the return on average equity dropped to 17.2%.
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Net Income | $20.9 million | $22.3 million |
| Return on Average Assets | 1.69% | 1.88% |
| Return on Average Equity | 17.2% | 23.3% |
Conclusion of Financial Performance
Overall, Plumas Bancorp's financial performance in 2024 reflects a solid operational foundation driven by net interest income from a growing loan portfolio, despite challenges in non-interest income and rising expenses.
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Resources:
- Plumas Bancorp (PLBC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Plumas Bancorp (PLBC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Plumas Bancorp (PLBC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.