PLUMAS BANCORP
For the period ended Dec 31, 2023. Filed Mar 20, 2024.
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FY2023 · Filed Mar 20, 2024
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Item 2. Properties
Of the Company’s fifteen depository branches, thirteen are owned and two are leased. Our Yuba City branch is classified as owned; however, it is subject to a long-term land lease. The Company also leases two lending offices and three administrative offices and owns three administrative facilities.
| Owned Properties | ||
|---|---|---|
| 35 South Lindan Avenue | 32 Central Avenue | 80 W. Main St. |
| Quincy, California (1) (5) | Quincy, California (1) (5) | Quincy, California (1) |
| 215 N. Lake Boulevard | 336 West Main Street | 120 North Pine Street |
| Tahoe City, California | Quincy, California (5) | Portola, California (5) |
| 43163 Highway 299 E | 121 Crescent Street | 255 Main Street |
| Fall River Mills, California (5) | Greenville, California (5) | Chester, California (5) |
| 510 North Main Street | 3000 Riverside Drive | 8475 North Lake Boulevard |
| Alturas, California (5) | Susanville, California (5) | Kings Beach, California |
| 11638 Donner Pass Road | 5050 Meadowood Mall Circle | 1280 Bridge St. |
| Truckee, California (5) | Reno, Nevada (5) | Yuba City, California (4) |
| 900 Mangrove Avenue | 315 Birch St. | |
| Chico, California | Westwood, California (1) (5) | |
| Leased Properties | ||
| 495 Idaho Street #102 | 1335 Hilltop Drive | 11641 Blocker Dr. Suite 140 |
| Elko, Nevada (1) | Redding, California | Auburn, California (2) |
| 1101 N. Carson St. | 107 S. 7th St. | 5525 Kietzke Lane, Suite 100 |
| Carson City, Nevada | Klamath Falls, Oregon (3) | Reno, Nevada (1) |
| 424 N. Mill Creek | ||
| Quincy, California (1) | ||
(1) Non-branch administrative or credit administrative offices.
(2) SBA lending office.
(3) Commercial lending office.
(4) Branch subject to long term land lease.
(5) These properties were sold and leased backed during the first quarter of 2024.
Including variable lease expense, total rent expense for the years ended December 31, 2023, 2022 and 2021 were $635,000, $611,000 and $507,000, respectively. The expiration dates of the leases vary, with the first such lease expiring during 2024 and the last such lease expiring during 2044.
Future minimum lease payments at December 31, 2023 for operating leases having initial or remaining noncancelable lease terms in excess of one year are as follows:
| Year Ending December 31, | |
|---|---|
| 2024 | $481,000 |
| 2025 | 385,000 |
| 2026 | 263,000 |
| 2027 | 232,000 |
| 2028 | 146,000 |
| Thereafter | 2,684,000 |
| $4,191,000 | |
The Company maintains insurance coverage on its premises, leaseholds and equipment, including business interruption and record reconstruction coverage. The branch properties and non-branch offices are adequate, suitable, in good condition and have adequate parking facilities for customers and employees. The Company and Bank are limited in their investments in real property under Federal and state banking laws. Generally, investments in real property are either for the Company and Bank use or are in real property and real property interests in the ordinary course of the Bank’s business.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.