Plumas Bancorp, based in Reno, Nevada, is the parent company of Plumas Bank, a community bank providing a variety of financial services. For the fourth quarter of 2024, Plumas Bancorp reported earnings of $7.7 million, or $1.31 per share, an increase from $7.5 million, or $1.28 per share, in the fourth quarter of 2023.

Diluted earnings per share rose from $1.27 to $1.29 during the same period. The year 2024 saw a net income of $28.6 million, or $4.85 per share, a decline from $29.8 million, or $5.08 per share, in 2023. Adjusted diluted earnings per share decreased by $0.22 to $4.80 from $5.02.

The company experienced an increase in net interest income of $3.9 million for the year, totaling $73.7 million, influenced by an increase of $9.7 million in interest income, which was partially offset by a $5.8 million rise in interest expense. For the quarter, net interest income increased by $1.3 million to $19.0 million. The annualized return on average assets was 1.74% for the year, decreasing from 1.88% in 2023, and from 1.87% in the fourth quarter of both years.

The annualized return on average equity also fell from 23.4% in 2023 to 17.2% in 2024, with a quarterly drop from 23.9% to 17.1%. Total gross loans increased by $57 million, or 6%, to $1 billion year-over-year. The investment securities decreased by $51 million, or 10%, to $438 million.

Plumas Bancorp’s deposits rose by $37 million, or 3%, to $1.4 billion. Non-interest income for the year fell by $1.9 million, totaling $8.8 million, impacted by a $1.7 million gain on the termination of interest rate swaps in 2023. Non-interest expenses rose by $4.7 million year-over-year to $42.3 million, with salary and benefit expenses increasing by $1.4 million.

Total borrowings decreased to $15 million from $90 million. The allowance for credit losses at year-end was $13.2 million, slightly increasing from $12.9 million. The percentage of nonperforming loans relative to total loans decreased from 0.50% in 2023 to 0.40% in 2024. Nonperforming assets as a percentage of total assets also saw a decline, from 0.33% to 0.27%.

The outlook for Plumas Bancorp shows a continued focus on loan growth, particularly in the Small Business Administration (SBA) sector, despite recent declines in profitability metrics. Total assets increased by 0.8% to $1.623 billion from $1.610 billion in the previous year.