PLUMAS BANCORP
For the period ended Dec 31, 2024. Filed Mar 19, 2025.
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FY2024 · Filed Mar 19, 2025
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Item 2. Properties
Of the Company’s fifteen depository branches, four are owned and eleven 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 four administrative offices and owns three administrative facilities.
| Owned Properties | ||
|---|---|---|
| 35 South Lindan Avenue | 32 Central Avenue | 80 W. Main Street |
| Quincy, California (1) | Quincy, California (1) | Quincy, California (1) |
| 215 North Lake Boulevard | 900 Mangrove Avenue | 315 Birch Street |
| Tahoe City, California | Chico, California | Westwood, California (1) |
| 1280 Bridge Street | 8475 North Lake Boulevard | |
| Yuba City, California (4) | Kings Beach, California | |
| Leased Properties | ||
| 495 Idaho Street #102 | 1335 Hilltop Drive | 11641 Blocker Drive. Suite 140 |
| Elko, Nevada (1) | Redding, California | Auburn, California (2) |
| 1101 N. Carson St. | 107 S. 7th Street | 5525 Kietzke Lane, Suite 100 |
| Carson City, Nevada | Klamath Falls, Oregon (3) | Reno, Nevada (1) |
| 5050 Meadowood Mall Circle | 336 West Main Street | 120 North Pine Street |
| Reno, Nevada | Quincy, California | Portola, California |
| 11638 Donner Pass Road | 43163 Highway 299 E | 121 Crescent Street |
| Truckee, California | Fall River Mills, California | Greenville, California |
| 255 Main Street | 510 North Main Street | 3000 Riverside Drive |
| Chester, California | Alturas, California | Susanville, California |
(1) Non-branch administrative or credit administrative offices.
(2) SBA lending office.
(3) Commercial lending office.
(4) Branch subject to long term land lease.
Including variable lease expense, total rent expense for the years ended December 31, 2024, 2023 and 2022 were $3,064,000, $635,000 and $611,000, respectively. The expiration dates of the leases vary, with the first such lease expiring during 2025 and the last such lease expiring during 2044.
Future minimum lease payments at December 31, 2024 for operating leases having initial or remaining noncancelable lease terms in excess of one year are as follows:
| Year Ending December 31, | |
|---|---|
| 2025 | $2,910,000 |
| 2026 | 2,838,000 |
| 2027 | 2,764,000 |
| 2028 | 2,710,000 |
| 2029 | 2,765,000 |
| Thereafter | 29,076,000 |
| $43,063,000 | |
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.