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Plumas Bancorp Reports First Quarter Results

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Plumas Bancorp (PLBC) reported strong Q1 2025 results with earnings of $7.2 million or $1.21 per share, up from $6.3 million in Q1 2024. Net-interest income increased by $1.1 million to $18.5 million, while non-interest income rose to $3.2 million.

Key highlights include:

  • Gross loans increased 3.5% to $1.0 billion
  • Total deposits grew 5.6% to $1.4 billion
  • Book value per share increased 15.7% to $31.68
  • Return on average assets improved to 1.79%

The company announced a definitive merger agreement with Cornerstone Community Bancorp, which will create a combined entity with over $2.3 billion in assets. The merger-related costs totaled $569 thousand in Q1. Asset quality improved with nonperforming assets decreasing to 0.23% of total assets, down from 0.37% year-over-year.

Plumas Bancorp (PLBC) ha riportato risultati solidi nel primo trimestre del 2025 con utili di 7,2 milioni di dollari, pari a 1,21 dollari per azione, in aumento rispetto ai 6,3 milioni del primo trimestre 2024. Il reddito da interessi netti è cresciuto di 1,1 milioni raggiungendo 18,5 milioni di dollari, mentre il reddito non da interessi è salito a 3,2 milioni.

Punti salienti:

  • I prestiti lordi sono aumentati del 3,5% arrivando a 1,0 miliardo di dollari
  • I depositi totali sono cresciuti del 5,6% raggiungendo 1,4 miliardi
  • Il valore contabile per azione è aumentato del 15,7% a 31,68 dollari
  • Il rendimento medio sugli attivi è migliorato al 1,79%

L’azienda ha annunciato un accordo definitivo di fusione con Cornerstone Community Bancorp, che darà vita a un’entità combinata con oltre 2,3 miliardi di dollari di attivi. I costi legati alla fusione sono stati pari a 569 mila dollari nel primo trimestre. La qualità degli attivi è migliorata con gli attivi non performanti che sono scesi allo 0,23% del totale, rispetto allo 0,37% dell’anno precedente.

Plumas Bancorp (PLBC) reportó sólidos resultados en el primer trimestre de 2025 con ganancias de 7,2 millones de dólares, o 1,21 dólares por acción, frente a los 6,3 millones del primer trimestre de 2024. Los ingresos netos por intereses aumentaron 1,1 millones hasta 18,5 millones, mientras que los ingresos no relacionados con intereses subieron a 3,2 millones.

Puntos clave:

  • Los préstamos brutos aumentaron un 3,5% hasta 1.000 millones de dólares
  • Los depósitos totales crecieron un 5,6% hasta 1.400 millones
  • El valor contable por acción aumentó un 15,7% a 31,68 dólares
  • El retorno sobre activos promedio mejoró al 1,79%

La compañía anunció un acuerdo definitivo de fusión con Cornerstone Community Bancorp, que creará una entidad combinada con más de 2.300 millones de dólares en activos. Los costos relacionados con la fusión totalizaron 569 mil dólares en el primer trimestre. La calidad de los activos mejoró con los activos improductivos disminuyendo al 0,23% del total, desde el 0,37% interanual.

플루마스 뱅코프(PLBC)는 2025년 1분기에 720만 달러의 순이익(주당 1.21달러)을 기록하며 2024년 1분기 630만 달러에서 증가한 견고한 실적을 발표했습니다. 순이자수익은 110만 달러 증가한 1850만 달러를 기록했고, 비이자수익은 320만 달러로 상승했습니다.

주요 내용:

  • 총 대출금이 3.5% 증가하여 10억 달러에 도달
  • 총 예금이 5.6% 증가하여 14억 달러 기록
  • 주당 장부가치가 15.7% 상승하여 31.68달러
  • 평균자산수익률이 1.79%로 개선

회사는 코너스톤 커뮤니티 뱅코프와의 확정 합병 계약을 발표했으며, 이로써 23억 달러 이상의 자산을 보유한 합병 법인이 탄생할 예정입니다. 합병 관련 비용은 1분기에 56만 9천 달러였습니다. 자산 건전성도 개선되어 부실 자산 비율이 전년 동기 0.37%에서 0.23%로 감소했습니다.

Plumas Bancorp (PLBC) a publié de solides résultats pour le premier trimestre 2025 avec un bénéfice de 7,2 millions de dollars, soit 1,21 dollar par action, en hausse par rapport à 6,3 millions au premier trimestre 2024. Le revenu net d'intérêts a augmenté de 1,1 million pour atteindre 18,5 millions, tandis que les revenus hors intérêts sont passés à 3,2 millions.

Points clés :

  • Les prêts bruts ont augmenté de 3,5 % pour atteindre 1,0 milliard de dollars
  • Les dépôts totaux ont progressé de 5,6 % pour atteindre 1,4 milliard
  • La valeur comptable par action a augmenté de 15,7 % pour atteindre 31,68 dollars
  • Le rendement des actifs moyens s'est amélioré à 1,79 %

La société a annoncé un accord définitif de fusion avec Cornerstone Community Bancorp, qui créera une entité combinée avec plus de 2,3 milliards de dollars d'actifs. Les coûts liés à la fusion se sont élevés à 569 000 dollars au premier trimestre. La qualité des actifs s'est améliorée avec une baisse des actifs non performants à 0,23 % du total, contre 0,37 % d'une année sur l'autre.

Plumas Bancorp (PLBC) meldete starke Ergebnisse für das erste Quartal 2025 mit einem Gewinn von 7,2 Millionen US-Dollar bzw. 1,21 US-Dollar je Aktie, gegenüber 6,3 Millionen im ersten Quartal 2024. Das Nettozinseinkommen stieg um 1,1 Millionen auf 18,5 Millionen, während das Nichtzinseinkommen auf 3,2 Millionen anstieg.

Wichtige Highlights:

  • Bruttokredite stiegen um 3,5 % auf 1,0 Milliarde US-Dollar
  • Die Gesamteinlagen wuchsen um 5,6 % auf 1,4 Milliarden
  • Der Buchwert je Aktie stieg um 15,7 % auf 31,68 US-Dollar
  • Die Rendite auf das durchschnittliche Vermögen verbesserte sich auf 1,79 %

Das Unternehmen gab eine endgültige Fusionsvereinbarung mit Cornerstone Community Bancorp bekannt, die eine kombinierte Einheit mit über 2,3 Milliarden US-Dollar an Vermögenswerten schaffen wird. Die fusionierungsbedingten Kosten beliefen sich im ersten Quartal auf 569.000 US-Dollar. Die Vermögensqualität verbesserte sich, da notleidende Vermögenswerte von 0,37 % im Vorjahresvergleich auf 0,23 % des Gesamtvermögens sanken.

Positive
  • Earnings increased 14.2% to $7.2 million in Q1 2025
  • Net-interest income grew by $1.1 million to $18.5 million
  • Deposits increased 5.6% to $1.4 billion
  • Asset quality improved with nonperforming assets decreasing to 0.23%
  • Strategic merger with Cornerstone Community Bancorp to create $2.3B asset entity
Negative
  • Return on average equity declined to 16.0% from 16.4% YoY
  • Non-interest expense increased by $1.1 million due to merger costs
  • Higher tax rate of 28.5% vs 25.4% in Q1 2024

Insights

Plumas Bancorp's Q1 results demonstrate strong fundamental performance with earnings growth of 14.2% year-over-year to $7.2 million ($1.21 per share). The bank achieved this growth through multiple avenues: improved net interest income, reduced credit provisions, and a favorable legal settlement.

The bank's core performance metrics show impressive strength with return on assets at 1.79% and return on equity at 16.0%. These profitability ratios significantly outperform industry averages, reflecting efficient capital utilization despite the slight ROE decline from 16.4% last year. The company's net interest margin expanded 33 basis points to 4.95%, demonstrating improved earning asset yields amid a challenging rate environment.

Asset quality metrics show notable improvement with nonperforming assets decreasing to just 0.23% of total assets from 0.37% a year ago. The bank maintains solid credit reserves at 1.32% of total loans. Balance sheet fundamentals are robust with loan growth of 3.5%, deposit growth of 5.6%, and a healthy 16.2% increase in equity.

The pending Cornerstone Community Bancorp acquisition represents a transformative transaction that will create a $2.3 billion asset institution. While merger-related expenses ($569,000) impacted this quarter, the strategic benefits appear substantial - expanded footprint, enhanced technological capabilities, and increased scale that should improve operational efficiency.

The addition of Plumas to Piper Sandler's research coverage (joining Raymond James and Stephens) indicates growing institutional interest and potentially improved stock liquidity, which could reduce the bank's cost of capital over time.

RENO, Nev., April 16, 2025 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank (the “Bank”), today announced first quarter earnings of $7.2 million or $1.21 per share, up from $6.3 million or $1.06 per share during the first quarter of 2024. Diluted earnings per share was $1.20 during the three months ended March 31, 2025, up from $1.05 per share during the quarter ended March 31, 2024. Return on average assets was 1.79% during the current quarter, up from 1.55% during the first quarter of 2024. Return on average equity was 16.0% for the three months ended March 31, 2025, down from 16.4% during the first quarter of 2024.

Net-interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million during the current quarter. The provision for credit losses decreased from $821 thousand during the first quarter of 2024 to $250 thousand during the current quarter.

Non-interest income increased by $1.1 million from $2.1 million during the three months ended March 31, 2024 to $3.2 million during the first quarter of 2025 related to a legal settlement totaling $1.1 million. This settlement related to the Dixie Fire in August of 2021 which swept through the town of Greenville, California. The fire caused severe damage to the Greenville area, including the telecommunications infrastructure which adversely affected our ability to service our customers in this area during the last few years.

Non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. Of this amount, $569 thousand relates to costs associated with our pending acquisition of Cornerstone Community Bancorp. We signed a definitive agreement to acquire Cornerstone Community Bancorp on January 28, 2025. Merger transaction costs that facilitate the merger are not deductible for income tax purposes. Of the $569 thousand in merger related costs, $562 thousand is estimated to be not deductible for state and federal income tax.

The provision for income taxes increased by $731 thousand from $2.1 million, 25.4% of pre-tax income, during the three months ended March 31, 2024 to $2.9 million, or 28.5% of pre-tax income, during the current quarter.

Balance sheet Highlights
March 31, 2025 compared to March 31, 2024

  • Gross loans increased by $35 million, or 3.5%, to $1.0 billion.
  • Total deposits increased by $73 million, or 5.6% to $1.4 billion.
  • Borrowings decreased by $105 million, or 87.5% to $15 million.
  • Total equity increased by $26 million, or 16.2% to $187.6 million.
  • Book value per share increased by $4.29, or 15.7% to $31.68.

President’s Comments

Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, described the first quarter accomplishments, saying, "The highlight of this quarter is the announcement of our definitive merger agreement with Cornerstone Community Bancorp, a partnership that will result in a combined company with over $2.3 billion in assets, $2.0 billion in deposits, and $1.5 billion in loans. This merger reinforces our commitment to serving Northern California and Western Nevada, creating enhanced opportunities for our clients, shareholders, and team members.

Through this merger, we unite Cornerstone Community Bank’s local expertise and strong practices with Plumas Bank’s innovative technology and business solutions. Together, we are positioned to expand our footprint and strengthen our offerings, ensuring sustained value for the communities we serve. With projected earnings accretion and a focused integration process, we are confident in our ability to deliver long-term growth and success.”

Mr. Ryback noted additional developments during the quarter, saying, “Piper Sandler added Plumas to its independent research coverage, boosting Plumas’ visibility among investors and enhancing market confidence. With coverage from Raymond James and Stephens, too, we expect fair market valuation as all three firms previously released ‘Buy’ recommendations for PLBC stock.”

Mr. Ryback concluded, “I want to express my gratitude to our shareholders, employees, and partners for their support during this transformative time. As we move forward, we remain steadfast in our dedication to fostering growth, innovation, and community impact, while maintaining the exceptional financial results and service excellence that define Plumas Bancorp."

Loans, Deposits, Investments and Cash

Gross loans increased by $34.5 million, or 3.5%, from $976 million at March 31, 2024, to $1.0 billion at March 31, 2025. Increases of $98 million in commercial real estate loans and $1 million in equity lines of credit were partially offset by decreases of $31 million in automobile loans, $18 million in construction loans, $11 million in agricultural loans and $4 million in commercial loans.

On March 31, 2025, approximately 77% of the Company's loan portfolio was comprised of variable rate loans. The rates of interest charged on variable rate loans are set at specific increments in relation to the Company's lending rate or other indexes such as the published prime interest rate or U.S. Treasury rates and vary with changes in these indexes. The frequency at which variable rate loans reprice can vary from one day to several years. Most of our commercial real estate portfolio reprices every five years. Loans indexed to the prime interest rate were approximately 16% of the Company’s loan portfolio; these loans reprice within one day to three months of a change in the prime rate.

Total deposits increased by $73 million to $1.4 billion at March 31, 2025. The increase in deposits includes increases of $10 million in demand deposits and $76 million in money market accounts. Partially offsetting these increases were decreases of $5 million in savings deposits and $8 million in time deposits. We attribute much of the increase in money market accounts to higher rate public entity deposits. At December 31, 2025, 49% of the Company’s deposits were in the form of non-interest-bearing demand deposits. The Company has no brokered deposits.

Investment securities totaled $447 million at March 31, 2025 and 2024. The Bank’s investment security portfolio consists of debt securities issued by US Government agencies, US Government sponsored agencies and municipalities. Cash and due from banks decreased by $41 million from $128 million at March 31, 2024, to $87 million at March 31, 2025.

Asset Quality

Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at March 31, 2025, were $3.8 million, down from $6.0 million at March 31, 2024. Nonperforming assets as a percentage of total assets decreased to 0.23% at March 31, 2025, down from 0.37% at March 31, 2024. OREO decreased by $266 thousand from $357 thousand at March 31, 2024, to $91 thousand at March 31, 2025. Nonperforming loans were $3.7 million at March 31, 2025, and $5.6 million at March 31, 2024. Nonperforming loans as a percentage of total loans decreased to 0.36% at March 31, 2025, down from 0.57% at March 31, 2024.

During the first quarter of 2025 we recorded a provision for credit losses of $250 thousand consisting of a provision for credit losses on loans of $250 thousand. This compares to a provision for credit losses of $821 thousand consisting of a provision for credit losses on loans of $900 thousand and a decrease in the reserve for unfunded commitments of $79 thousand during the first quarter of 2024.

Net charge-offs totaled $127 thousand and $610 thousand during the three months ended March 31, 2025 and 2024, respectively. The allowance for credit losses totaled $13.3 million at March 31, 2025, and $13.2 million at March 31, 2024. The allowance for credit losses as a percentage of total loans was 1.32% at March 31, 2025, and 1.35% at March 31, 2024.

The following tables present the activity in the allowance for credit losses and the reserve for unfunded commitments during the three months ended March 31, 2025 and 2024 (in thousands).

Allowance for Credit Losses March 31, 2025  March 31, 2024
Balance, beginning of period$13,196  $12,867 
Provision charged to operations 250   900 
Losses charged to allowance (312)  (680)
Recoveries 185   70 
Balance, end of period$13,319  $13,157 


Reserve for Unfunded
Commitments		 

March 31, 2025		   

March 31, 2024
Balance, beginning of period$620  $799 
Provision charged to operations -   (79)
Balance, end of period$620  $720 


Bank Term Funding Program (BTFP)

At March 31, 2024, the Company had outstanding borrowings under BTFP totaling $105 million. All BTFP borrowings were paid off during 2024. Interest expense recognized on the BTFP borrowings for the three months ended March 31, 2024, was $1.2 million.

Shareholders’ Equity

Total shareholders’ equity increased by $26.1 million from $162 million at March 31, 2024, to $188 million at March 31, 2025. The $26.1 million includes earnings during the twelve-month period totaling $29.5 million, a decrease in accumulated other comprehensive loss of $2.1 million and stock option activity totaling $1.0 million. These items were partially offset by the payment of cash dividends totaling $6.5 million.

Liquidity

The Company manages its liquidity to provide the ability to generate funds to support asset growth, meet deposit withdrawals (both anticipated and unanticipated), fund customers' borrowing needs and satisfy maturity of short-term borrowings. The Company’s liquidity needs are managed using assets or liabilities, or both. On the asset side, in addition to cash and due from banks, the Company maintains an investment portfolio which includes unpledged U.S. Government-sponsored agency securities that are classified as available-for-sale. On the liability side, liquidity needs are managed by offering competitive rates on deposit products and the use of established credit lines.

The Company is a member of the Federal Home Loan Bank of San Francisco (FHLB) and can borrow up to $251 million from the FHLB secured by commercial and residential mortgage loans with carrying values totaling $441 million. The Company is also eligible to borrow at the FRB Discount Window. At March 31, 2025 the Company could borrow up to $115 million at the Discount Window secured by investment securities with a fair value of $119 million. In addition to its FHLB borrowing line and the Discount Window, the Company has unsecured short-term borrowing agreements with two of its correspondent banks in the amounts of $50 million and $20 million. There were no outstanding borrowings to the FHLB, FRB Discount Window or the correspondent banks at March 31, 2025, and March 31, 2024.

Customer deposits are the Company’s primary source of funds. Total deposits increased by $73 million to $1.4 billion at March 31, 2025. Deposits are held in various forms with varying maturities. The Company estimates that it has approximately $510 million in uninsured deposits which includes uninsured deposits of Plumas Bancorp. Of this amount, $190 million represents deposits that are collateralized such as deposits of states, municipalities and tribal accounts.

The Company’s securities portfolio, Discount Window advances, FHLB advances, and cash and due from banks serve as the primary sources of liquidity, providing adequate funding for loans during periods of high loan demand. During periods of decreased lending, funds obtained from the maturing or sale of investments, loan payments, and new deposits are invested in short-term earning assets, such as cash held at the FRB and investment securities, to serve as a source of funding for future loan growth. Management believes that the Company’s available sources of funds, including borrowings, will provide adequate liquidity for its operations in the foreseeable future.

Net Interest Income and Net Interest Margin

Driven mostly by growth in the loan portfolio and the repayment of the BTFP borrowings, net interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million for the three months ended March 31, 2025. The increase in net interest income includes an increase of $564 thousand in interest income and a decline of $518 thousand in interest expense.

Interest and fees on loans increased by $804 thousand related both to an increase in average balance and an increase in yield. Average loan balances increased by $48 million, while the average yield on loans increased by 8 basis points from 6.09% during the first quarter of 2024 to 6.17% during the current quarter. The average prime interest rate decreased from 8.5% during the first quarter of 2024 to 7.5% during the current quarter. Approximately 16% of the Company's loans are tied to the prime interest rate and most of these reprice within one to three months with a change in prime. The negative effect of the decrease in prime was offset by an increase in average yield on the bank’s fixed rate portfolio which includes growth in fixed rate SBA loans which totaled $74 million at March 31, 2025, and $47 million at March 31, 2024. The weighted average rate earned on this portfolio at March 31, 2025, was 8.3%.

Interest on investment securities increased by $114 thousand related to an increase in yield on investment securities of 44 basis points to 4.12%. The increase in investment yields is consistent with the partial restructuring of the investment portfolio during the first quarter of 2024. The effect of this increase in yield was mostly offset by a decline of $36 million in average investment securities.

Interest on cash balances decreased by $354 thousand related to a decline in average balance of $14 million and a decrease in average rate paid on cash balances of 105 basis points from 5.57% during the first quarter of 2024 to 4.52% during the current quarter. This decline in yield was mostly related to a decline in rate paid on balances held at the Federal Reserve Bank (FRB). The average rate earned on FRB balances decreased from 5.40% during the first quarter of 2024 to 4.40% during the current quarter.

Interest expense decreased by $518 thousand, mostly related to the repayment of the BTFP borrowings as discussed earlier. The average rate paid on interest bearing liabilities decreased from 1.33% during the 2024 quarter to 1.14% in 2025 related mainly to the decrease in these borrowings.

Interest paid on deposits increased by $710 thousand and is broken down by product type as follows: money market accounts - $770 thousand and savings deposits - $26 thousand. The increase in interest paid on money market accounts mostly relates to an increase in public entity balances. Interest on time deposits declined by $86 thousand related to a decline in average balance of $3 million and a decline in rate paid of 27 basis points. During the second half of 2024 and continuing into 2025, we have offered a premium rate on large balances of public entities in our service area, matching the rate they could earn from the California local agency investment fund. This has led to a significant increase in these balances and an increase in the overall rate paid on money market accounts. The average rate paid on interest-bearing deposits increased from 0.75% during the first quarter of 2024 to 1.11% during the current quarter.

Net interest margin for the three months ended March 31, 2025, increased 33bp to 4.95%, up from 4.62% for the same period in 2024.

Non-Interest Income/Expense

During the three months ended March 31, 2025, non-interest income totaled $3.2 million, an increase of $1.1 million from the three months ended March 31, 2024. The largest component of this increase was the $1.1 million settlement related to the Dixie Fire as discussed earlier.

During the three months ended March 31, 2025, total non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. The largest components of this increase were merger related expenses of $569 thousand. Salary and benefit expense increased by $514 thousand which includes an increase in salary expense of $269 thousand related primarily to merit and promotional salary increases. Related mostly to an increase in pre-tax income, bonus expense increased by $216 thousand. A decrease in deferred loan origination fees of $97 thousand was offset by a decline in commission expense of $137 thousand. Both items mostly relate to a decline in SBA loan production during the comparison quarters. Occupancy and equipment expense increased by $324 thousand from $1.7 million during the first quarter of 2024 to $2.0 million during the current quarter related to an increase of $338 thousand in rent expense related to the February 2024 sales/leaseback transaction.

Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates fifteen branches: thirteen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, and Sutter and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

Contact: Jamie Huynh
Investor Relations
Plumas Bancorp
5525 Kietzke Lane Ste. 100
Reno, NV 89511
775.786.0907 x8908
investorrelations@plumasbank.com

PLUMAS BANCORP
CONDENSED CONSOLIDATED BALANCE SHEETS 
(In thousands)
(Unaudited)
 As of March 31,   
 2025 2024 Dollar
Change		 Percentage
Change
ASSETS       
Cash and due from banks$ 87,327 $ 128,231 $ (40,904) (31.9)%
Investment securities447,293 447,445 (152) (0.0)%
Loans, net of allowance for credit losses1,000,651 966,141 34,510 3.6%
Premises and equipment, net12,349 12,960 (611) (4.7)%
Right-of-use assets24,003 25,295 (1,292) (5.1)%
Bank owned life insurance16,628 16,206 422 2.6%
Real estate acquired through foreclosure91 357 (266) (74.5)%
Goodwill5,502 5,502 - 0.0%
Accrued interest receivable and other assets39,448 38,196 1,252 3.3%
Total assets$ 1,633,292 $ 1,640,333 $ (7,041) (0.4)%
        
LIABILITIES AND       
   SHAREHOLDERS’ EQUITY 
Deposits$ 1,373,061 $ 1,299,688 $ 73,373 5.6%
Lease liabilities24,523 25,424 (901) (3.5)%
Accrued interest payable and other liabilities33,105 33,730 (625) (1.9)%
Borrowings15,000 120,000 (105,000) (87.5)%
Total liabilities1,445,689 1,478,842 (33,153) (2.2)%
Common stock29,454 28,492 962 3.4%
Retained earnings179,411 156,414 22,997 14.7%
Accumulated other comprehensive loss, net(21,262) (23,415) 2,153 9.2%
Shareholders’ equity187,603 161,491 26,112 16.2%
Total liabilities and shareholders’ equity$ 1,633,292 $ 1,640,333 $ (7,041) (0.4)%
        
        
PLUMAS BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
        
FOR THE THREE MONTHS ENDED MARCH 31,2025 2024 Dollar
Change		 Percentage
Change
        
Interest income$ 20,590 $ 20,026 $ 564 2.8%
Interest expense2,051 2,569 (518) -20.2%
Net interest income before provision for credit losses18,539 17,457 1,082 6.2%
Provision for credit losses250 821 (571) (69.5)%
Net interest income after provision for credit losses18,289 16,636 1,653 9.9%
Non-interest income3,213 2,140 1,073 50.1%
Non-interest expense11,466 10,397 1,069 10.3%
Income before income taxes10,036 8,379 1,657 19.8%
Provision for income taxes2,856 2,125 731 34.4%
Net income$ 7,180 $ 6,254 $ 926 14.8%
        
Basic earnings per share$ 1.21 $ 1.06 $ 0.15 14.2%
Diluted earnings per share$ 1.20 $ 1.05 $ 0.15 14.3%
        


PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
(Dollars in thousands, except per share data)
(Unaudited)
          
 Three Months Ended Year Ended
 3/31/2025 12/31/2024  3/31/2024  12/31/2024 12/31/2023
EARNINGS PER SHARE            
Basic earnings per share$1.21  $1.31  $1.06  $4.85  $5.08 
Diluted earnings per share$1.20  $1.29  $1.05  $4.80  $5.02 
Weighted average shares outstanding 5,911   5,900   5,887   5,895   5,863 
Weighted average diluted shares outstanding 6,002   5,995   5,946   5,968   5,934 
Cash dividends paid per share 1$0.30  $0.27  $0.27  $1.08  $1.00 
             
PERFORMANCE RATIOS (annualized for the three months)        
Return on average assets 1.79%  1.87%  1.55%  1.74%  1.88%
Return on average equity 16.0%  17.1%  16.4%  17.2%  23.4%
Yield on earning assets 5.50%  5.50%  5.30%  5.49%  5.03%
Rate paid on interest-bearing liabilities 1.14%  1.27%  1.33%  1.39%  0.67%
Net interest margin 4.95%  4.90%  4.62%  4.79%  4.71%
Noninterest income to average assets 0.80%  0.53%  0.53%  0.53%  0.68%
Noninterest expense to average assets 2.85%  2.57%  2.57%  2.56%  2.36%
Efficiency ratio 2 52.7%  50.4%  53.1%  51.3%  46.6%
          
 3/31/2025 3/31/2024 12/31/2024 12/31/2023 12/31/2022
CREDIT QUALITY RATIOS AND DATA         
Allowance for credit losses$13,319 $13,157 $13,196 $12,867  $10,717 
Allowance for credit losses as a percentage of total loans 1.32  1.35  1.30  1.34%  1.18%
Nonperforming loans$3,686 $5,610 $4,105 $4,820  $1,172 
Nonperforming assets$3,787 $6,000 $4,307 $5,315  $1,190 
Nonperforming loans as a percentage of total loans 0.36  0.57  0.40  0.50%  0.13%
Nonperforming assets as a percentage of total assets 0.23  0.37  0.27  0.33%  0.07%
Year-to-date net charge-offs$127 $610 $1,046 $954  $935 
Year-to-date net charge-offs as a percentage of average 0.05  0.25  0.11  0.10%  0.11%
loans (annualized)    
          
CAPITAL AND OTHER DATA         
Common shares outstanding at end of period 5,922  5,896  5,903  5,872   5,850 
Shareholders' equity$187,603 $161,491 $177,899 $147,317  $119,004 
Book value per common share$31.68 $27.39 $30.14 $25.09  $20.34 
Tangible common equity3$181,354 $155,048 $171,606 $140,823  $112,273 
Tangible book value per common share4$30.62 $26.30 $29.07 $23.98  $19.19 
Tangible common equity to total assets 11.1  9.5  10.6  8.7%  6.9%
Gross loans to deposits 73.6  75.1  74.1  71.9%  62.6%
          
PLUMAS BANK REGULATORY CAPITAL RATIOS       
Tier 1 Leverage Ratio 12.3  11.0  11.9  10.8%  9.2%
Common Equity Tier 1 Ratio 17.8  16.1  17.3  15.7%  14.7%
Tier 1 Risk-Based Capital Ratio 17.8  16.1  17.3  15.7%  14.7%
Total Risk-Based Capital Ratio 19.0  17.4  18.5  16.9%  15.7%
 
(1) The Company paid a quarterly cash dividend of $0.30 per share on February 17, 2025 and a quarterly cash dividend of $0.27 per share on February 15, 2024, May 15, 2024, August 15, 2024 and November 15, 2024 and a quarterly cash dividend of $0.25 per share on February 15, 2023, May 15, 2023, August 15, 2023 and November 15, 2023.
(2) Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
(3) Tangible common equity is defined as common equity less core deposit intangibles and goodwill.
(4) Tangible common book value per share is defined as tangible common equity divided by common shares outstanding.
     


PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
 (Dollars in thousands)
(Unaudited)
            
The following table presents for the three-month periods indicated the distribution of consolidated average assets, liabilities and shareholders' equity.
            
 For the Three Months Ended For the Three Months Ended
 3/31/2025 3/31/2024
 Average   Yield/ Average   Yield/
 Balance Interest Rate  Balance Interest Rate
Interest-earning assets:           
Loans (2) (3)$1,011,968 $15,396 6.17% $964,132 $14,592 6.09%
Investment securities 369,126  3,927 4.31%  371,792  3,605 3.90%
Non-taxable investment securities (1) 74,883  583 3.16%  108,175  791 2.94%
Interest-bearing deposits 61,409  684 4.52%  75,005  1,038 5.57%
Total interest-earning assets 1,517,386  20,590 5.50%  1,519,104  20,026 5.30%
Cash and due from banks 26,477      26,586    
Other assets 86,335      80,508    
Total assets$1,630,198     $1,626,198    
            
Interest-bearing liabilities:           
Money market deposits 279,184  1,145 1.66%  211,183  375 0.71%
Savings deposits 323,449  206 0.26%  335,565  180 0.22%
Time deposits 88,386  545 2.50%  91,501  631 2.77%
Total deposits 691,019  1,896 1.11%  638,249  1,186 0.75%
Borrowings 15,000  145 3.92%  114,342  1,367 4.81%
Other interest-bearing liabilities 21,190  10 0.19%  21,713  16 0.30%
Total interest-bearing liabilities 727,209  2,051 1.14%  774,304  2,569 1.33%
Non-interest-bearing deposits 682,495      673,789    
Other liabilities 38,096      24,440    
Shareholders' equity 182,398      153,665    
Total liabilities & equity$1,630,198     $1,626,198    
Cost of funding interest-earning assets (4)    0.55%     0.68%
Net interest income and margin (5)  $18,539 4.95%   $17,457 4.62%
            
(1) Not computed on a tax-equivalent basis.           
(2) Average nonaccrual loan balances of $3.8 million for 2025 and $5.6 million for 2024 are included in average loan balances for computational purposes.  
(3) Net costs included in loan interest income for the three-month periods ended March 31, 2025 and 2024 were $275 thousand and $344 thousand, respectively.  
(4) Total annualized interest expense divided by the average balance of total earning assets.        
(5) Annualized net interest income divided by the average balance of total earning assets.        


PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
 (Dollars in thousands)
(Unaudited)
        
The following table presents the components of non-interest income for the three-month periods ended March 31, 2025 and 2024.
        
 For the Three Months Ended    
 March 31,    
  2025  2024  Dollar
Change		 Percentage
Change
Service charges on deposit accounts 705  715   (10) (1.4)%
Interchange income$690 $739   (49) (6.6)%
Loan servicing fees 186  213   (27) (12.7)%
FHLB Dividends 137  137   -  -%
Earnings on life insurance policies 109  96   13  13.5%
Gain on sale of buildings -  19,854   (19,854) (100.0)%
Loss on sale of investment securities -  (19,826)  19,826  100.0%
Other 1,386  212   1,174  553.8%
Total non-interest income$3,213 $2,140  $1,073  50.1%
        
The following table presents the components of non-interest expense for the three-month periods ended March 31, 2025 and 2024.
        
 For the Three Months Ended    
 March 31,    
  2025  2024  Dollar
Change		 Percentage
Change
Salaries and employee benefits$5,880 $5,366  $514  9.6%
Occupancy and equipment 2,014  1,690   324  19.2%
Outside service fees 1,263  1,132   131  11.6%
Merger and acquisition expenses 569  -   569  100.0%
Advertising and shareholder relations 262  244   18  7.4%
Professional fees 229  439   (210) (47.8)%
Armored car and courier 217  203   14  6.9%
Deposit insurance 182  187   (5) (2.7)%
Telephone and data communication 174  222   (48) (21.6)%
Director compensation and expense 167  167   -  -%
Business development 167  153   14  9.2%
Loan collection expenses 72  104   (32) (30.8)%
Amortization of Core Deposit Intangible 44  51   (7) (13.7)%
Other 226  439   (213) (48.5)%
Total non-interest expense$11,466 $10,397  $1,069  10.3%
        


PLUMAS BANCORP 
SELECTED FINANCIAL INFORMATION 
 (Dollars in thousands) 
(Unaudited) 
         
The following table shows the distribution of loans by type at March 31, 2025 and 2024. 
         
   Percent of   Percent of 
   Loans in Each   Loans in Each 
 Balance at EndCategory to Balance at EndCategory to 
 of Period Total Loans of Period Total Loans 
 3/31/2025 3/31/2025 3/31/2024 3/31/2024 
Commercial$77,745 7.7% $82,136 8.4% 
Agricultural 112,018 11.1%  123,239 12.6% 
Real estate – residential 11,606 1.1%  11,872 1.2% 
Real estate – commercial 660,926 65.4%  562,870 57.7% 
Real estate – construction & land 46,730 4.6%  64,547 6.6% 
Equity Lines of Credit 38,634 3.8%  37,196 3.8% 
Auto 58,295 5.8%  89,399 9.2% 
Other 4,769 0.5%  4,953 0.5% 
Total Gross Loans$1,010,723 100% $976,212 100% 
         
  
The following table shows the distribution of Commercial Real Estate loans at March 31, 2025 and 2024. 
         
   Percent of   Percent of 
   Loans in Each   Loans in Each 
 Balance at EndCategory to Balance at EndCategory to 
 of Period Total Loans of Period Total Loans 
 3/31/25 3/31/25 3/31/24 3/31/24 
Owner occupied$295,593 44.7% $194,954 34.6% 
Investor 365,333 55.3%  367,916 65.4% 
Total real estate - commercial$660,926 100% $562,870 100% 
         
         
The following table shows the distribution of deposits by type at March 31, 2025 and 2024. 
         
   Percent of   Percent of 
   Deposits in Each  Deposits in Each 
 Balance at EndCategory to Balance at EndCategory to 
 of Period Total Deposits of Period Total Deposits 
 3/31/2025 3/31/2025 3/31/2024 3/31/2024 
Non-interest bearing$676,461 49.3% $665,975 51.2% 
Money Market 290,125 21.1%  214,257 16.5% 
Savings 323,496 23.6%  328,781 25.3% 
Time 82,979 6.0%  90,675 7.0% 
Total Deposits$1,373,061 100% $1,299,688 100% 
         

FAQ

What are PLBC's Q1 2025 earnings per share and how do they compare to Q1 2024?

PLBC reported Q1 2025 earnings of $1.21 per share, up from $1.06 per share in Q1 2024, representing a 14.2% increase.

What is the size of the combined entity after PLBC's merger with Cornerstone Community Bancorp?

The merged entity will have over $2.3 billion in assets, $2.0 billion in deposits, and $1.5 billion in loans.

How much did PLBC's deposits grow in Q1 2025 compared to Q1 2024?

Total deposits increased by $73 million or 5.6% to $1.4 billion compared to Q1 2024.

What is PLBC's asset quality status as of Q1 2025?

Nonperforming assets decreased to 0.23% of total assets, down from 0.37% in Q1 2024, with nonperforming loans at 0.36% of total loans.
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Plumas

NASDAQ:PLBC

PLBC Rankings

#2271 Ranked by Market Cap
#1223 Ranked by Dividends

PLBC Latest News

Apr 17, 2025
PLUMAS BANCORP DECLARES QUARTERLY CASH DIVIDEND
Jan 29, 2025
PLUMAS BANCORP TO ACQUIRE CORNERSTONE COMMUNITY BANCORP
Jan 17, 2025
Kevin Foster Appointed to Plumas Bancorp Board of Directors
Jan 16, 2025
PLUMAS BANCORP DECLARES QUARTERLY CASH DIVIDEND
Jan 15, 2025
Plumas Bancorp Reports Earnings for Year Ended December 31, 2024

PLBC Stock Data

239.39M
5.22M
11.87%
47.42%
0.98%
Banks - Regional
Short-term Business Credit Institutions
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United States
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