In This Story
Plumas Bancorp (PLBC+0.05%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $1.6 billion, an increase from $1.61 billion at the end of 2023. The company’s net loans rose to $1.005 billion, up from $948.6 million the previous year.
Total deposits grew to $1.371 billion, a rise from $1.334 billion at the end of 2023. Non-interest-bearing deposits comprised 51% of total deposits.
Plumas Bancorp reported net income of $28.6 million for 2024, a decrease from $29.8 million in 2023. The decrease in net income was attributed to a decline in non-interest income and an increase in non-interest expenses.
Net interest income increased to $73.7 million, compared to $69.8 million in 2023. This was driven by a rise in interest income, which was partially offset by higher interest expenses.
The provision for credit losses was $1.2 million for 2024, down from $2.8 million in 2023. The allowance for credit losses was $13.2 million, representing 1.30% of total loans.
Non-interest income decreased to $8.8 million from $10.7 million in 2023, largely due to a $1.7 million gain on termination of interest rate swaps recorded in the prior year.
Non-interest expenses increased to $42.3 million from $37.5 million in 2023, with salary and benefit expenses and occupancy costs being the primary contributors to the increase.
Shareholders’ equity increased by $30.6 million to $177.9 million, driven by net income and a decrease in accumulated other comprehensive loss.
Plumas Bancorp’s capital ratios remained strong, with the Bank’s total risk-based capital ratio at 18.5% and a Tier 1 leverage ratio of 11.9% as of December 31, 2024.
The filing also details the company's liquidity position, noting available borrowing capacity with the Federal Home Loan Bank and the Federal Reserve Bank Discount Window.
Plumas Bancorp announced a proposed merger with Cornerstone Community Bancorp, valued at approximately $64.6 million, which is expected to expand the company's footprint in Northern California and Western Nevada.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Plumas Bancorp annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.