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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

(Mark One)

 

☒

QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
March 31, 2024

 

 

☐

TRANSITION REPORT UNDER SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO ___________

 

COMMISSION FILE NUMBER: 000-49883

 

PLUMAS BANCORP

(Exact Name of Registrant as Specified in Its Charter)

 

California

75-2987096

(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

 

 

5525 Kietzke Lane, Suite 100, Reno, Nevada

89511

(Address of Principal Executive Offices)

(Zip Code)

 

 

Registrant’s Telephone Number, Including Area Code (775) 786-0907

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒   No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act:

 

Large Accelerated Filer ☐    Accelerated Filer ☐     Non-Accelerated Filer ☒    Smaller Reporting Company ☒    Emerging Growth Company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No ☒

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:

Trading Symbol

Name of Each Exchange on which Registered:

Common Stock, no par value

PLBC

The NASDAQ Stock Market LLC

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of May 3, 2024: 5,895,595 shares.

 

 
 

 

 

PART I – FINANCIAL INFORMATION

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  

Total interest income

     20,026       17,787  

Interest Expense:

                

Interest on deposits

     1,186       466  

Interest on junior subordinated deferrable interest debentures

     -       141  

Interest on borrowings

     1,367       13  

Other

     16       18  

Total interest expense

     2,569       638  

Net interest income before provision for credit losses

     17,457       17,149  

Provision for Credit Losses

     821       1,525  

Net interest income after provision for credit losses

     16,636       15,624  

Non-Interest Income:

                

Gain on sale of buildings

     19,854       -  

Interchange revenue

     739       718  

Service charges

     715       617  

Gain on sale of loans

     -       230  

Gain on termination of swaps

     -       1,707  

Loss on sale of investment securities

     (19,826 )     -  

Other

     658       653  

Total non-interest income

     2,140       3,925  

Non-Interest Expenses:

                

Salaries and employee benefits

     5,366       5,067  

Occupancy and equipment

     1,690       1,340  

Other

     3,341       2,817  

Total non-interest expenses

     10,397       9,224  

Income before provision for income taxes

     8,379       10,325  

Provision for Income Taxes

     2,125       2,699  

Net income

   $ 6,254     $ 7,626  
                 

Basic earnings per share

   $ 1.06     $ 1.30  

Diluted earnings per share

   $ 1.05     $ 1.28  

 

See notes to unaudited condensed consolidated financial statements.

 

2
 
 

 

PLUMAS BANCORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

 

   

For the Three Months Ended

  
   

March 31,

  
   

2024

    

2023

  
                 

Net income

   $ 6,254     $ 7,626  

Other comprehensive income:

                

Change in net unrealized gain (loss) income on securities

     (6,979 )     7,645  

Change in unrealized gain on cash flow hedge

     -       (295 )

Less: reclassification adjustments for net (gain) loss included in net income

     19,826       (1,707 )

Net unrealized holding income

     12,847       5,643  

Related tax effect:

                

Change in net unrealized (gain) loss on securities

     2,063       (2,261 )

Change in unrealized gain on cash flow hedge

     -       87  

Reclassification of (loss) gain included in net income

     (5,861 )     505  

Income tax effect

     (3,798 )     (1,669 )

Other comprehensive income

     9,049       3,974  

Total comprehensive income

   $ 15,303     $ 11,600  

 

See notes to unaudited condensed consolidated financial statements.

 

3
 
 

 

PLUMAS BANCORP AND SUBSIDIARY 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY 

(in thousands, except shares)

 

   

Common Stock

    

Retained

    

Accumulated Other Comprehensive Income (loss)

    

Total Shareholders’

  
   

Shares

    

Amount

    

Earnings

    

(Net of Taxes)

    

Equity

  
                                         

Balance, December 31, 2022

     5,850,216     $ 27,372     $ 128,388     $ (36,756 )   $ 119,004  

Cumulative change from adoption of ASU 2016-13

                     (554 )             (554 )

Net Income

                     7,626               7,626  

Other comprehensive income

                             3,974       3,974  

Cash dividends on common stock

                     (1,463 )             (1,463 )

Exercise of stock options and tax effect

     11,932       137                       137  

Stock-based compensation expense

             99                       99  

Balance, March 31, 2023

     5,862,148     $ 27,608     $ 133,997     $ (32,782 )   $ 128,823  
                                         

Balance, December 31, 2023

     5,871,523     $ 28,033     $ 151,748     $ (32,464 )   $ 147,317  

Net Income

                     6,254               6,254  

Other comprehensive income

                             9,049       9,049  

Cash dividends on common stock

                     (1,588 )             (1,588 )

Exercise of stock options and tax effect

     24,072       359                       359  

Stock-based compensation expense

             100                       100  

Balance, March 31, 2024

     5,895,595     $ 28,492     $ 156,414     $ (23,415 )   $ 161,491  

 

See notes to unaudited condensed consolidated financial statements.  

  

 

4
 
 

 

PLUMAS BANCORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

   

For the Three Months Ended

  
   

March 31,

  
   

2024

    

2023

  

Cash Flows from Operating Activities:

                

Net income

   $ 6,254     $ 7,626  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Provision for credit losses

     821       1,525  

Change in deferred loan origination costs/fees, net

     (179 )     (93 )

Depreciation and amortization

     448       386  

Stock-based compensation expense

     100       99  

Loss on sale of investment securities

     19,826       -  

Amortization of investment security premiums

     267       324  

Accretion of investment security discounts

     (264 )     (201 )

Loss on sale of other vehicles

     15       -  

Gain on sale of loans held for sale

     -       (230 )

Loans originated for sale

     (251 )     (736 )

Proceeds from loan sales

     -       4,627  

Earnings on bank-owned life insurance

     (96 )     (104 )

Gain on sale of buildings

     (19,854 )     -  

Decrease in accrued interest receivable and other assets

     1,151       1,445  

Increase in accrued interest payable and other liabilities

     924       170  

Net cash provided by operating activities

     9,162       14,838  
                 

Cash Flows from Investing Activities:

                

Proceeds from principal repayments from available-for-sale mortgage-backed securities

     7,871       7,011  

Proceeds from sale of investments

     114,838       -  

Proceeds from matured and called available-for-sale securities

     850       1,135  

Purchases of available-for-sale securities

     (88,805 )     (40,338 )

Purchase of FRB stock

     (3 )     (2 )

Net increase in loans

     (18,227 )     (5,494 )

Proceeds from sale of other vehicles

     310       139  

Proceeds from bank owned life insurance

     -       327  

Proceeds from the sale of buildings

     25,690       -  

Purchase of premises and equipment

     (191 )     (956 )

Net cash provided by (used in) investing activities

     42,333       (38,178 )

 

Continued on next page.

 

5
 

 

PLUMAS BANCORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

(Continued)

 

   

For the Three Months Ended

  
   

March 31,

  
   

2024

    

2023

  

Cash Flows from Financing Activities:

                

Net decrease in demand, interest bearing and savings deposits

   $ (32,990 )   $ (50,888 )

Net decrease in time deposits

     (977 )     (176 )

Net decrease in securities sold under agreements to repurchase

     (3,723 )     (1,710 )

Cash dividends paid on common stock

     (1,588 )     (1,463 )

Redemption of Trust Preferred Securities

     -       (10,310 )

Increase in other borrowings

     30,000       10,000  

Proceeds from exercise of stock options

     359       137  

Net cash used in by financing activities

     (8,919 )     (54,410 )

Increase (decrease) in cash and cash equivalents

     42,576       (77,750 )

Cash and Cash Equivalents at Beginning of Year

     85,655       183,426  

Cash and Cash Equivalents at End of Period

   $ 128,231     $ 105,676  
                 

Supplemental Disclosure of Cash Flow Information:

                

Cash paid during the period for:

                

Interest expense

   $ 2,569     $ 632  
                 

Supplemental noncash disclosures

                

Real estate and vehicles acquired through foreclosure

   $ 220     $ 303  

Common stock retired in connection with the exercise of stock options

   $ 39     $ 154  

Lease liabilities arising from obtaining right-of-use assets

   $ 22,588     $ -  
                 

 

See notes to unaudited condensed consolidated financial statements.  

 

6
 

 

PLUMAS BANCORP AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

1. THE BUSINESS OF PLUMAS BANCORP

 

During 2002, Plumas Bancorp (the "Company") was incorporated as a bank holding company for the purpose of acquiring Plumas Bank (the "Bank") in a one bank holding company reorganization. This corporate structure gives the Company and the Bank greater flexibility in terms of operation, expansion and diversification. The Company formed Plumas Statutory Trust I ("Trust I") for the sole purpose of issuing trust preferred securities on September 26, 2002. The Company formed Plumas Statutory Trust II ("Trust II") for the sole purpose of issuing trust preferred securities on September 28, 2005. In March 2023 the Trusts were dissolved. Plumas Bancorp's Principal Executive Office is located in Reno, Nevada.

 

The Bank operates thirteen branches in California, including branches in Alturas, Chester, Chico, Fall River Mills, Greenville, Kings Beach, Portola, Quincy, Redding, Susanville, Tahoe City,  Truckee and Yuba City. The Bank's newest branch was opened in April 2023 and is located in Chico, California. The Bank’s administrative headquarters are in Quincy, California. In December 2015 the Bank opened a branch in Reno, Nevada, its first branch outside of California, and in 2018 the Bank purchased a branch located in Carson City, Nevada. In addition, the Bank operates a lending office specializing in government-guaranteed lending in Auburn, California, and a commercial/agricultural lending office in Klamath Falls, Oregon. The Bank's primary source of revenue is generated from providing loans to customers who are predominately small and middle market businesses and individuals residing in the surrounding areas.

 
 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Consolidation and Basis of Presentation

 

The consolidated financial statements include the accounts of the Company and the consolidated accounts of its wholly-owned subsidiary, Plumas Bank. All significant intercompany balances and transactions have been eliminated.

 

The accounting and reporting policies of Plumas Bancorp and subsidiary conform with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. In the opinion of management, the unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company’s financial position at  March 31, 2024 and the results of its operations and its cash flows for the three-month periods. Our condensed consolidated balance sheet at  December 31, 2023 is derived from audited financial statements.

 

The unaudited condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting on Form 10-Q. Accordingly, certain disclosures normally presented in the notes to the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted. The Company believes that the disclosures are adequate to make the information not misleading. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2023 Annual Report to Shareholders on Form 10-K. The results of operations for the three-month periods ended March 31, 2024, may not necessarily be indicative of future operating results. In preparing such financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the periods reported. Actual results could differ significantly from those estimates.

 

Segment Information

 

Management has determined that since all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. No customer accounts for more than 10 percent of revenues for the Company or the Bank.

 

Reclassification

 

Some items in the prior year consolidated financial statements were reclassified to conform to the current presentation.  Reclassifications had no effect on prior year net income or shareholders' equity.

 

 

 

7
 
 
 

3.   INVESTMENT SECURITIES AVAILABLE FOR SALE

 

The amortized cost and estimated fair value of investment securities at March 31, 2024 and December 31, 2023 consisted of the following, in thousands:

 

Available-for-Sale

 

March 31, 2024

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

Debt securities:

                

U.S. Treasury securities

 $6,988  $-  $(69) $6,919 

U.S. Government-sponsored agencies collateralized by mortgage obligations - residential

  244,574   292   (15,233)  229,633 

U.S. Government-agencies collateralized by mortgage obligations - commercial

  133,806   188   (10,916)  123,078 

Obligations of states and political subdivisions

  95,318   693   (8,196)  87,815 
  $480,686  $1,173  $(34,414) $447,445 

 

Unrealized losses on available-for-sale investment securities totaling $33,240,000 were recorded, net of $9,825,000 in tax benefit, as accumulated other comprehensive loss within shareholders' equity at March 31, 2024.  During the three months ended March 31, 2024, the Company sold 155 available-for-sale investment securities for proceeds of $114,838,000 recording a $19,826,000 loss on sale. The Company realized a gain on sale from 9 of these securities totaling $86,000 and a loss on sale of 146 securities totaling $19,912,000. 

 

Available-for-Sale

 

December 31, 2023

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

Debt securities:

                

U.S. Treasury securities

 $6,978  $-  $(98) $6,880 

U.S. Government-sponsored agencies collateralized by mortgage obligations - residential

  256,694   351   (21,114)  235,931 

U.S. Government-agencies collateralized by mortgage obligations - commercial

  129,321   465   (13,834)  115,952 

Obligations of states and political subdivisions

  142,276   1,067   (12,925)  130,418 
  $535,269  $1,883  $(47,971) $489,181 

 

Unrealized losses on available-for-sale investment securities totaling $46,088,000 were recorded, net of $13,624,000 in tax benefit, as accumulated other comprehensive income within shareholders' equity at December 31, 2023. No securities were sold during the three months ended March 31, 2023.

 

There were no transfers of available-for-sale investment securities during the three months ended March 31, 2024 and twelve months ended December 31, 2023. There were no securities classified as held-to-maturity at March 31, 2024 or December 31, 2023.

 

8
 
 

Investment securities with unrealized losses at March 31, 2024 and December 31, 2023 are summarized and classified according to the duration of the loss period as follows, in thousands:

 

March 31, 2024

 

Less than 12 Months

  

12 Months or More

  

Total

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 

Debt securities:

                        

U.S. Treasury securities

 $-  $-  $6,918  $69  $6,918  $69 

U.S. Government-sponsored agencies collateralized by mortgage obligations - residential

  68,116   694   117,201   14,539   185,317   15,233 

U.S. Government-agencies collateralized by mortgage obligations - commercial

  33,867   457   62,382   10,459   96,249   10,916 

Obligations of states and political subdivisions

  7,875   71   48,873   8,125   56,748   8,196 
  $109,858  $1,222  $235,374  $33,192  $345,232  $34,414 

 

December 31, 2023

 

Less than 12 Months

  

12 Months or More

  

Total

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 
  

Value

  

Losses

  

Value

  

Losses

  

Value

  

Losses

 

Debt securities:

                        

U.S. Treasury securities

 $-  $-  $6,880  $98  $6,880  $98 

U.S. Government-sponsored agencies collateralized by mortgage obligations - residential

  43,924   279   160,383   20,835   204,307   21,114 

U.S. Government-agencies collateralized by mortgage obligations - commercial

  16,533   295   71,782   13,539   88,315   13,834 

Obligations of states and political subdivisions

  9,306   151   82,764   12,774   92,070   12,925 
  $69,763  $725  $321,809  $47,246  $391,572  $47,971 

 

At March 31, 2024, the Company held 309 securities of which 43 were in a loss position for less than twelve months and 186 were in a loss position for twelve months or more. Of the 309 securities 2 are U.S. Treasury securities, 90 are U.S. Government-sponsored agencies collateralized by residential mortgage obligations, 46 were U.S. Government agencies collateralized by commercial mortgage obligations and 171were obligations of states and political subdivisions. The unrealized losses relate principally to market rate conditions. All of the securities continue to pay as scheduled. For available-for sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized costs basis.  If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income.  At March 31, 2024, neither of the criteria regarding intent or requirement to sell was met for any of the securities in an unrealized loss position.

 

Unrealized losses on investments in obligations of U.S. government agencies and U.S. government sponsored agencies are caused by interest rate increases. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no allowance for credit losses recorded.

 

Obligations of states and political subdivisions: The unrealized losses on investments in obligations of states and political subdivisions were caused by increases in required yields by investors in these types of securities. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and more likely than not will not be required to sell, there is no allowance for credit losses recorded.

 

The amortized cost and estimated fair value of investment in debt securities at March 31, 2024 by contractual maturity are shown below, in thousands.

 

  

Amortized Cost

  

Estimated Fair Value

 

Within one year

 $7,943  $7,866 

After one year through five years

  5,493   5,399 

After five years through ten years

  14,418   14,299 

After ten years

  74,452   67,170 

Investment securities not due at a single maturity date:

        

Government- agencies commercial mortgage-backed securities

  133,806   123,078 

Government-sponsored agencies residential mortgage-backed securities

  244,574   229,633 
  $480,686  $447,445 

 

Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

 

Investment securities with amortized costs totaling $288,168,000 and $316,733,000 and estimated fair values totaling $268,944,000 and $285,534,000 at March 31, 2024 and December 31, 2023, respectively, were pledged to secure deposits, repurchase agreements and Federal Reserve Bank borrowings. 

  

9
 
 
 

4. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES

 

Outstanding loans are summarized below, in thousands:

 

  

March 31,

  

December 31,

 
  

2024

  

2023

 
         

Commercial

 $82,136  $74,271 

Agricultural

  123,239   129,389 

Real estate – residential

  11,872   11,914 

Real estate – commercial

  562,870   544,339 

Real estate – construction and land development

  64,547   57,717 

Equity lines of credit (Equity LOC)

  37,196   37,871 

Auto

  89,399   98,132 

Other

  4,953   4,931 

Total loans

  976,212   958,564 

Deferred loan costs, net

  3,086   2,907 

Loans, amortized cost basis

  979,298   961,471 

Allowance for credit losses

  (13,157)  (12,867)

Total net loans

 $966,141  $948,604 

 

Changes in the allowance for credit losses, in thousands, were as follows:

 

  

March 31,

  

December 31,

 
  

2024

  

2023

 
         

Balance, beginning of period

 $12,867  $10,717 

Cumulative change from adoption of ASU 2016-13

  -   529 

Provision charged to operations - loans

  900   2,575 

Charge-offs

  (680)  (1,802)

Recoveries

  70   848 

Balance, end of period

 $13,157  $12,867 

 

10
 
 

Salaries and employee benefits totaling $700,000 and $562,000 have been deferred as loan origination costs during the three months ended March 31, 2024 and 2023, respectively.

 

The Company assigns a risk rating to all loans and periodically, but not less than annually, performs detailed reviews of all criticized and classified loans over $100,000 to identify credit risks and to assess the overall collectability of the portfolio. These risk ratings are also subject to examination by independent specialists engaged by the Company and the Company’s regulators. During these internal reviews, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which borrowers operate and the fair values of collateral securing these loans. These credit quality indicators are used to assign a risk rating to each individual loan.

 

The risk ratings can be grouped into three major categories, defined as follows:

 

Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

 

Substandard – A substandard loan is not adequately protected by the current sound worth and paying capacity of the borrower or the value of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Well defined weaknesses include a project's lack of marketability, inadequate cash flow or collateral support, failure to complete construction on time or the project's failure to fulfill economic expectations. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

 

Doubtful – Loans classified doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable.

 

Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass-rated loans.

 

For other loans, which are primarily consumer loans and automobile loans the Company evaluates credit quality based on the aging status of the loan and by payment activity.

 

11
 
 

The following table shows the loan portfolio allocated by management's internal risk ratings or payment activity at the dates indicated, in thousands:

 

  

Amortized Cost Basis by Origination Year and Risk Grades - As of March 31, 2024

             

(in thousands)

 

2024

  

2023

  

2022

  

2021

  

2020

  

Prior

  

Revolving Loans Book Amortized Cost Basis

  

Revolving Loans Converted to Term Amortized Cost Basis

  

Total - Amortized Cost Basis

 

Commercial

                                    

Pass

 $7,017  $16,166  $18,484  $11,085  $3,003  $8,990  $15,678  $-  $80,423 

Special Mention

  -   -   -   295   -   65   252   -   612 

Substandard

  -   -   1,120   288   328   53   22