Return on average assets was 1.55% during the current quarter, down from 1.93% during the first quarter of 2023. Return on average equity was 16.4% for the three months ended March 31, 2024, down from 25.0% during the first quarter of 2023. Book value per share increased by $5.41, or 25% to $27.39. Total assets increased by $62 million, or 4% to $1.6 billion. Andrew Ryback, director, president, and CEO, statrf, “We are excited to announce the successful completion of the branch sale-leaseback transaction with MountainSeed Real Estate Services, valued at approximately $25.7 million. This transaction underscores our commitment to optimizing our capital structure while reaffirming our dedication to serving our communities for the long term. The gains generated from this transaction were instrumental in offsetting losses in our investment portfolio, enhancing our earnings profile and increasing our book value per share. Quarter-over-quarter results reflect the termination of interest rate swaps resulting in a one-time gain in the first quarter of 2023. Non-performing loans are well-collateralized, and we expect resolution on significant amounts in the coming quarter. As the Federal Reserve announced its intention to implement up to three rate cuts this year, we remain vigilant and adaptable in navigating potential challenges and opportunities in the market. Plumas Bank is well-positioned to leverage its strong capital position and diversified portfolios to sustain growth and maximize returns for our stakeholders.”
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