Plumas Bancorp(PLBC) - 2024 Q4 - Annual Results

Financial Performance - Plumas Bancorp reported Q4 2024 net income of $7.7 million, or$ 1.31 per share, up from $7.5 million, or$ 1.28 per share in Q4 2023[1]. - For the year ended December 31, 2024, net income was $28.6 million, or$ 4.85 per share, a decrease from $29.8 million, or$ 5.08 per share in 2023[2]. - The company's net income for the year ended December 31, 2024, was $28.6 million, a decrease of$ 1.2 million, or 3.9%, from $29.8 million in 2023[49]. - Net income for the three months ended December 31, 2024, was$ 7,749 thousand, up $228 thousand or 3.0% from$ 7,521 thousand in 2023[51]. - Basic earnings per share increased to $1.31, a rise of$ 0.03 or 2.3% from $1.28 in the prior year[53]. Loan and Deposit Growth - Gross loans increased by$ 57 million, or 6%, to $1 billion, with significant growth in commercial real estate loans[4]. - Total deposits rose by$ 37 million, or 3%, to $1.4 billion, with 51% of deposits being non-interest-bearing[8]. - The average balance of loans increased by$ 55 million, or 5.9%, from $934 million in 2023 to$ 989 million in 2024[32]. - Total deposits increased to $1,371,101 million in 2024 from$ 1,333,655 million in 2023, marking a growth of approximately 2.8%[71]. - Money market deposits rose to $267,582 million in 2024, up from$ 214,185 million in 2023, reflecting a growth of approximately 25%[71]. Interest Income and Expenses - Net interest income for Q4 2024 was $19.0 million, an increase of$ 1.3 million from Q4 2023, driven by higher interest income[24]. - Interest income for the year ended December 31, 2024, increased by $9.7 million, or 13.0%, to$ 84.3 million from $74.6 million in 2023[49]. - Interest expense surged by$ 5.8 million, or 121.6%, from $4.8 million in 2023 to$ 10.6 million in 2024, primarily due to increased rates on interest-bearing liabilities[49]. - The average rate paid on interest-bearing deposits increased from 0.55% in 2023 to 0.92% in 2024[35]. - The average yield on loans increased to 6.21% in 2024 from 5.89% in 2023[59]. Asset Management - Total assets as of December 31, 2024, increased by $12.9 million, or 0.8%, to$ 1.623 billion from $1.610 billion in 2023[47]. - The company's total assets grew to$ 1,649,341 thousand in 2024, compared to $1,587,149 thousand in 2023, an increase of 3.9%[59]. - Total interest-earning assets increased to$ 1,537,032 thousand in 2024 from $1,482,837 thousand in 2023, representing a growth of 3.7%[59]. Non-Interest Income and Expenses - Non-interest income decreased by$ 1.9 million, or 18.1%, to $8.8 million in 2024 from$ 10.7 million in 2023[39]. - Total non-interest expense increased by $4.7 million, or 12.6%, to$ 42.3 million in 2024 compared to $37.5 million in 2023[40]. - Total non-interest income decreased to$ 8,780 thousand in 2024, down from $10,722 thousand in 2023, a decline of 18.1%[67]. - Total non-interest expense increased to$ 42,274 thousand in 2024, compared to $37,530 thousand in 2023, marking a rise of 12.6%[68]. Asset Quality - Nonperforming assets decreased to$ 4.3 million, or 0.27% of total assets, down from $5.3 million, or 0.33% in 2023[11]. - The allowance for credit losses as a percentage of total loans was 1.30% as of December 31, 2024, slightly down from 1.34% in 2023[53]. Shareholder Equity - Shareholders' equity increased by$ 31 million, or 21%, to $178 million, driven by net income and a decline in accumulated other comprehensive loss[4]. - Cash dividends paid per share increased to$ 1.08 for the year ended December 31, 2024, compared to $1.00 in 2023[53]. Future Outlook - The company anticipates improved loan demand and deposit stabilization due to projected Federal Reserve rate cuts[5].