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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
September 30, 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 November 4, 2024: 5,897,333 shares.

 

 
 

 

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

PLUMAS BANCORP AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share data)

 

  

September 30,

  

December 31,

 
  

2024

  

2023

 
         

Assets

        

Cash and cash equivalents

 $117,959  $85,655 

Investment securities available for sale, net of allowance for credit losses of $0 at September 30, 2024 and December 31, 2023

  456,720   489,181 

Loans, less allowance for credit losses of $13,606 at September 30, 2024 and $12,867 at December 31, 2023

  993,070   948,604 

Other real estate owned

  141   357 

Premises and equipment, net

  12,703   18,948 

Right-of-use assets

  24,657   2,926 

Bank owned life insurance

  16,415   16,110 

Goodwill

  5,502   5,502 

Accrued interest receivable and other assets

  36,807   43,133 

Total assets

 $1,663,974  $1,610,416 
         

Liabilities and Shareholders’ Equity

        
         

Deposits:

        

Non-interest bearing

 $703,005  $692,768 

Interest bearing

  647,991   640,887 

Total deposits

  1,350,996   1,333,655 

Repurchase agreements

  16,992   23,054 

Lease liabilities

  24,983   3,001 

Accrued interest payable and other liabilities

  14,061   13,389 

Other borrowings

  75,000   90,000 

Total liabilities

  1,482,032   1,463,099 
         

Commitments and contingencies (Note 5)

          
         

Shareholders’ equity:

        

Common stock, no par value; 22,500,000 shares authorized; issued and outstanding – 5,896,533 shares at September 30, 2024 and 5,871,523 at December 31, 2023

  28,813   28,033 

Retained earnings

  167,846   151,748 

Accumulated other comprehensive loss, net

  (14,717)  (32,464)

Total shareholders’ equity

  181,942   147,317 

Total liabilities and shareholders’ equity

 $1,663,974  $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 Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2024

    

2023

    

2024

    

2023

  

Interest Income:

                                

Interest and fees on loans

   $ 15,635     $ 14,276     $ 45,639     $ 40,363  

Interest on investment securities

     4,481       3,811       13,412       11,404  

Other

     1,746       955       3,998       3,286  

Total interest income

     21,862       19,042       63,049       55,053  

Interest Expense:

                                

Interest on deposits

     1,571       1,180       4,074       2,511  

Interest on junior subordinated deferrable interest debentures

     -       -       -       141  

Interest on borrowings

     1,413       114       4,210       255  

Other

     8       9       33       18  

Total interest expense

     2,992       1,303       8,317       2,925  

Net interest income before provision for credit losses

     18,870       17,739       54,732       52,128  

(Recovery of) Provision for Credit Losses

     (400 )     (200 )     1,346       2,675  

Net interest income after provision for credit losses

     19,270       17,939       53,386       49,453  

Non-Interest Income:

                                

Gain on sale of buildings

     -       -       19,854       -  

Interchange revenue

     818       919       2,340       2,458  

Service charges

     766       737       2,224       2,051  

Gain on termination of swaps

     -       -       -       1,707  

Net gain (loss) on sale of investment securities

     9       -       (19,817 )     -  

Other

     644       657       1,978       2,164  

Total non-interest income

     2,237       2,313       6,579       8,380  

Non-Interest Expenses:

                                

Salaries and employee benefits

     5,481       5,114       16,129       15,047  

Occupancy and equipment

     1,988       1,352       5,627       3,945  

Other

     3,355       2,976       9,861       8,772  

Total non-interest expenses

     10,824       9,442       31,617       27,764  

Income before provision for income taxes

     10,683       10,810       28,348       30,069  

Provision for Income Taxes

     2,853       2,840       7,478       7,814  

Net income

   $ 7,830     $ 7,970     $ 20,870     $ 22,255  
                                 

Basic earnings per share

   $ 1.33     $ 1.36     $ 3.54     $ 3.80  

Diluted earnings per share

   $ 1.31     $ 1.34     $ 3.50     $ 3.75  

 

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

    

For the Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2024

    

2023

    

2024

    

2023

  
                                 

Net income

   $ 7,830     $ 7,970     $ 20,870     $ 22,255  

Other comprehensive income (loss):

                                

Change in net unrealized loss on securities

     14,761       (21,712 )     5,378       (22,003 )

Change in unrealized gain on cash flow hedge

     -       -       -       (295 )

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

     (9 )     -       19,817       (1,707 )

Net unrealized holding gain (loss)

     14,752       (21,712 )     25,195       (24,005 )

Related tax effect:

                                

Change in net unrealized loss on securities

     (4,363 )     6,419       (1,590 )     6,504  

Change in unrealized gain on cash flow hedge

     -       -       -       87  

Reclassification of (gain) loss included in net income

     3       -       (5,858 )     505  

Income tax effect

     (4,360 )     6,419       (7,448 )     7,096  

Other comprehensive income (loss)

     10,392       (15,293 )     17,747       (16,909 )

Total comprehensive income (loss)

   $ 18,222     $ (7,323 )   $ 38,617     $ 5,346  

 

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 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

  -   -   22,255   -   22,255 

Other comprehensive loss

  -   -   -   (16,909)  (16,909)

Cash dividends on common stock ($0.25 per share)

  -   -   (4,395)  -   (4,395)

Termination of restricted shares

  (825)  -   -   -   - 

Exercise of stock options

  19,032   261   -   -   261 

Stock-based compensation expense

  -   263   -   -   263 

Balance, September 30, 2023

  5,868,423  $27,896  $145,694  $(53,665) $119,925 
                     

Balance, December 31, 2023

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

Net Income

  -   -   20,870   -   20,870 

Other comprehensive income

  -   -   -   17,747   17,747 

Cash dividends on common stock ($0.27 per share)

  -   -   (4,772)  -   (4,772)

Exercise of stock options

  25,010   367   -   -   367 

Stock-based compensation expense

  -   413   -   -   413 

Balance, September 30, 2024

  5,896,533  $28,813  $167,846  $(14,717) $181,942 

 

  

Common Stock

  

Retained

  

Accumulated Other Comprehensive Loss

  

Total Shareholders’

 
  

Shares

  

Amount

  

Earnings

  

(Net of Taxes)

  

Equity

 
                     

Balance, June 30, 2023

  5,864,448  $27,739  $139,191  $(38,372) $128,558 

Net Income

  -   -   7,970   -   7,970 

Other comprehensive loss

  -   -   -   (15,293)  (15,293)

Cash dividends on common stock ($0.25 per share)

  -   -   (1,467)  -   (1,467)

Termination of restricted shares

  (825)  -   -   -   - 

Exercise of stock options

  4,800   93   -   -   93 

Stock-based compensation expense

  -   64   -   -   64 

Balance, September 30, 2023

  5,868,423  $27,896  $145,694  $(53,665) $119,925 
                     

Balance, June 30, 2024

  5,895,900  $28,656  $161,608  $(25,109) $165,155 

Net Income

  -   -   7,830   -   7,830 

Other comprehensive income

  -   -   -   10,392   10,392 

Cash dividends on common stock ($0.27 per share)

  -   -   (1,592)  -   (1,592)

Exercise of stock options

  633   -   -   -   - 

Stock-based compensation expense

  -   157   -   -   157 

Balance, September 30, 2024

  5,896,533  $28,813  $167,846  $(14,717) $181,942 

 

See notes to unaudited condensed consolidated financial statements.  

  

 

 

 

4
 
 

 

PLUMAS BANCORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

   

For the Nine Months Ended

  
   

September 30,

  
   

2024

    

2023

  

Cash Flows from Operating Activities:

                

Net income

   $ 20,870     $ 22,255  

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

                

Provision for credit losses

     1,346       2,675  

Change in deferred loan origination costs/fees, net

     (291 )     (446 )

Depreciation and amortization

     1,132       1,221  

Stock-based compensation expense

     413       263  

Net loss on sale of investment securities

     19,817       -  

Amortization of investment security premiums

     644       953  

Accretion of investment security discounts

     (881 )     (582 )

Loss (gain) on sale of other vehicles

     77       (10 )

Gain on sale of loans held for sale

     (37 )     (234 )

Loans originated for sale

     (1,131 )     (1,188 )

Proceeds from loan sales

     757       5,739  

Earnings on bank-owned life insurance

     (305 )     (313 )

Gain on sale of buildings

     (19,854 )     -  

Decrease (increase) in accrued interest receivable and other assets

     (527 )     (1,030 )

(Decrease) increase in accrued interest payable and other liabilities

     195       8,513  

Net cash provided by operating activities

     22,225       37,816  
                 

Cash Flows from Investing Activities:

                

Proceeds from principal repayments from available-for-sale securities

     27,352       24,082  

Proceeds from sale of available-for-sale securities

     116,285       -  

Proceeds from matured and called available-for-sale securities

     4,700       1,385  

Purchases of available-for-sale securities

     (110,261 )     (41,403 )

Purchase of Federal Home Loan Bank stock

     -       (1,270 )

Purchase of Federal Reserve Bank stock

     (6 )     (6 )

Net increase in loans

     (45,977 )     (49,922 )

Proceeds from the sale of OREO

     362       -  

Proceeds from sale of other vehicles

     630       388  

Proceeds from bank owned life insurance

     -       322  

Proceeds from the sale of buildings

     25,690       -  

Purchase of premises and equipment

     (570 )     (2,005 )

Net cash provided by (used in) investing activities

     18,205       (68,429 )

 

Continued on next page.

 

5
 

 

PLUMAS BANCORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

(Continued)

 

   

For the Nine Months Ended

  
   

September 30,

  
   

2024

    

2023

  

Cash Flows from Financing Activities:

                

Net increase (decrease) in demand, interest bearing and savings deposits

   $ 6,752     $ (96,444 )

Net increase in time deposits

     10,589       41,121  

Net decrease in securities sold under agreements to repurchase

     (6,062 )     (2,479 )

Cash dividends paid on common stock

     (4,772 )     (4,395 )

Redemption of Trust Preferred Securities

     -       (10,310 )

Increase in other borrowings

     30,000       10,000  

Decrease in other borrowings

     (45,000 )     -  

Proceeds from exercise of stock options

     367       261  

Net cash used in financing activities

     (8,126 )     (62,246 )

Increase (decrease) in cash and cash equivalents

     32,304       (92,859 )

Cash and Cash Equivalents at Beginning of Year

     85,655       183,426  

Cash and Cash Equivalents at End of Period

   $ 117,959     $ 90,567  
                 

Supplemental Disclosure of Cash Flow Information:

                

Cash paid during the period for:

                

Interest expense

   $ 6,645     $ 2,224  

Income taxes

   $ 6,875     $ 26  
                 

Supplemental noncash disclosures

                

Real estate and vehicles acquired through foreclosure/repossession

   $ 727     $ 440  

Common stock retired in connection with the exercise of stock options

   $ 78     $ 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  September 30, 2024 and the results of its operations and its cash flows for the three and nine-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 and nine-month periods ended September 30, 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 September 30, 2024 and December 31, 2023 consisted of the following, in thousands:

 

Available-for-Sale

 

September 30, 2024

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

Debt securities:

                

U.S. Treasury securities

 $3,998  $-  $(7) $3,991 

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

  243,643   2,287   (10,244)  235,686 

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

  134,642   1,609   (8,867)  127,384 

Obligations of states and political subdivisions

  95,330   1,137   (6,808)  89,659 
  $477,613  $5,033  $(25,926) $456,720 

 

Unrealized losses on available-for-sale investment securities totaling $20,893,000 were recorded, net of $6,176,000 in tax benefit, as accumulated other comprehensive loss within shareholders' equity at September 30, 2024.  During the nine months ended September 30, 2024, the Company sold 157 available-for-sale investment securities for proceeds of $116,285,000 recording a $19,817,000 net loss on sale. The Company realized a gain on sale from ten of these securities totaling $115,000 and a loss on sale of 147 securities totaling $19,932,000.  During the three months ended September 30, 2024, the Company sold two available-for-sale investment securities for proceeds of $1,447,000 recording a $9,000 net gain on sale. The Company realized a gain on sale from one of these securities totaling $29,000 and a loss on sale of one security totaling $20,000. 

 

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 loss within shareholders' equity at December 31, 2023. No securities were sold during the nine months ended September 30, 2023.

 

There were no transfers of available-for-sale investment securities during the nine months ended September 30, 2024 and twelve months ended December 31, 2023. There were no securities classified as held-to-maturity at September 30, 2024 or December 31, 2023.

 

8
 

Investment securities with unrealized losses at September 30, 2024 and December 31, 2023 are summarized and classified according to the duration of the loss period as follows, in thousands:

 

September 30, 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

 $-  $-  $3,991  $7  $3,991  $7 

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

  4,357   2   101,187   10,242   105,544   10,244 

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

  9,310   106   60,454   8,761   69,764   8,867 

Obligations of states and political subdivisions

  1,941   11   50,544   6,797   52,485