Plumas Bancorp's Q3 EPS beats estimates on higher loan yields

Overview

• US community bank's Q3 net income and EPS more than doubled yr/yr

• Q3 diluted EPS beat analyst expectations

• Net interest income rose, driven by higher loan yields and lower credit loss provision

Outlook

• Company expects continued loan repricing to help maintain net interest margin

• Management believes available sources of funds will provide adequate liquidity in the near future

Result Drivers

• LOAN YIELDS AND REPRICING - Co said higher loan yields and continued repricing of commercial real estate loans supported profitability and net interest margin

• TAX CREDITS - Co said purchase of green energy tax credits reduced income tax expense, supporting profitability

• LOWER CREDIT LOSS PROVISION - Co said reduced provision for credit losses contributed to earnings growth

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Plumas Bancorp is $68.00, about 8.7% above its October 20 closing price of $62.53

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads

• Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality

• Oct 19 - Western Alliance Bancorp Q3 revenue slightly beats estimates, profit rises on wider interest margin

• Oct 19 - Fifth Third Bancorp Q3 net interest income jumps on Comerica acquisition

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)