Plumas Bancorp(PLBC) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter earnings for Plumas Bancorp were $7.2 million, or$1.21 per share, up from $6.3 million, or$1.06 per share in Q1 2024[1] - Net income for the three months ended March 31, 2025, was $7.2 million, reflecting an increase of$926 thousand or 14.8% from $6.3 million in the same period of 2024[41] - Basic earnings per share increased to$1.21, up 14.2% from $1.06 in Q1 2024[41] - Basic earnings per share for Q1 2025 was$1.21, a decrease of 7.6% from $1.31 in Q4 2024 and an increase of 14.2$1.06 in Q1 2024[43] Income and Expenses - Net-interest income increased by $1.1 million to$18.5 million, compared to $17.4 million in Q1 2024[2] - Non-interest income rose by$1.1 million to $3.2 million, primarily due to a legal settlement related to the Dixie Fire[3] - Total non-interest income increased by 50.1$3,213 thousand in Q1 2025, compared to $2,140 thousand in Q1 2024[51] - Total non-interest expense increased by$1.1 million from $10.4 million in Q1 2024 to$11.5 million in Q1 2025, representing a 10.3% increase[33][41] - Salaries and employee benefits rose by 9.6% to $5,880 million compared to$5,366 million in the previous year[52] - Professional fees decreased significantly by 47.8% to $229 million from$439 million in the prior year[52] Asset and Loan Growth - Gross loans increased by $35 million, or 3.5$1.0 billion[8] - Loans, net of allowance for credit losses, increased by $34.5 million or 3.6$966.1 million in Q1 2024 to $1.00 billion in Q1 2025[39] - Total gross loans reached$1,010,723 million, a growth from $976,212 million in the same period last year[54] - Commercial real estate loans increased to$660,926 million, up from $562,870 million, representing a significant growth[55] - Agricultural loans decreased to$112,018 million, down from $123,239 million, reflecting a decline in this category[54] Deposits and Equity - Total deposits increased by$73 million, or 5.6%, to $1.4 billion at March 31, 2025[12] - Deposits increased by$73.4 million or 5.6% from $1.30 billion in Q1 2024 to$1.37 billion in Q1 2025[39] - Total deposits increased to $1,373,061 million, up from$1,299,688 million, indicating a positive trend in deposit growth[56] - Total shareholders' equity increased by $26 million, or 16.2$188 million[20] - Shareholders' equity increased by $26.1 million or 16.2$161.5 million in Q1 2024 to $187.6 million in Q1 2025[39] - Shareholders' equity increased to$187,603 thousand in Q1 2025, up from $161,491 thousand in Q4 2024[43] Credit Quality - The provision for credit losses decreased to$250 thousand from $821 thousand in Q1 2024[15] - Provision for credit losses decreased significantly by$571 thousand or 69.5% from $821 thousand in Q1 2024 to$250 thousand in Q1 2025[41] - Nonperforming loans decreased to $3.7 million, or 0.36$5.6 million, or 0.57% in Q1 2024[14] - Nonperforming loans decreased to $3,686 thousand, or 0.36$5,610 thousand and 0.57% in Q1 2024[43] - The allowance for credit losses was $13,319 thousand, representing 1.32$2.3 billion in assets[7] - The company incurred $569 million in merger and acquisition expenses, marking a 100$7.0 million or 0.4% from $1.64 billion in Q1 2024 to$1.63 billion in Q1 2025[39] - Total assets were $1,630,198 thousand as of March 31, 2025, slightly up from$1,626,198 thousand as of December 31, 2024[46] - Cash dividends paid per share increased to $0.30 in Q1 2025, up from$0.27 in Q4 2024[43] - Non-interest bearing deposits accounted for 49.3% of total deposits, slightly down from 51.2% in the previous year[56] - Money market deposits grew to $290,125 million, a 35.4$214,257 million in Q1 2024[56]