Jul. 17 at 1:15 PM
$PLBC Plumas Bancorp reports Q2 EPS
$1.14 vs
$1.12 last year
Return on average assets was 1.67% during the current quarter, down slightly from 1.70% during the second quarter of 2023. Return on average equity decreased to 17.1% for the three months ended June 30, 2024, down from 20.5% during the second quarter of 2023. Book value per share increased by
$6.09, or 28%, to
$28.01. Andrew Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, stated, "During the second quarter, deposits stabilized. Our ability to maintain a low overall cost of funds remains a significant factor in driving profitability. "oans continued to grow with strong SBA production.
Currently our production is primarily fixed rate SBA 7(a) loans; however, when the market for variable rate product returns to more normal levels, we will return to making variable rate SBA 7(a) loans, the guaranteed portion of which we sell in the secondary market, enhancing non-interest income. We continue to refine CRE stress testing and closely monitor classified assets. Several significant reductions in nonaccrual loans have been achieved and concentrations remain within guidelines."
