Plumas Bancorp Reports Second Quarter 2025 Earnings

Core Viewpoint - Plumas Bancorp reported a decrease in net income and earnings per share for the second quarter of 2025 compared to the same period in 2024, while showing an increase in net income for the first half of 2025 compared to the first half of 2024. The company also completed the acquisition of Cornerstone Community Bancorp, which is expected to enhance its market presence and operational efficiency. Financial Performance - Net income for Q2 2025 was $6.3 million or $1.07 per share, down from $6.8 million or $1.15 per share in Q2 2024 [1] - Diluted earnings per share decreased to $1.05 in Q2 2025 from $1.14 in Q2 2024 [1] - For the first half of 2025, net income was $13.5 million or $2.28 per share, an increase from $13.0 million or $2.21 per share in the first half of 2024 [6] Return on Assets and Equity - Return on average assets was 1.56% in Q2 2025, down from 1.67% in Q2 2024 [2] - Return on average equity decreased to 13.4% in Q2 2025 from 17.1% in Q2 2024 [2] - For the first half of 2025, return on average assets was 1.67%, up from 1.61% in the first half of 2024, while return on average equity decreased to 14.7% from 16.7% [7] Income Statement Highlights - Net interest income decreased by $222 thousand to $18.2 million in Q2 2025 from $18.4 million in Q2 2024 [3] - Non-interest income increased by $159 thousand to $2.4 million in Q2 2025, compared to $2.2 million in Q2 2024 [3][47] - Non-interest expense increased by $616 thousand to $11.0 million in Q2 2025, with $481 thousand attributed to merger-related costs [4][48] Balance Sheet Highlights - Gross loans increased by $21 million, or 2%, to $1.0 billion as of June 30, 2025 [13][15] - Total deposits increased by $62 million to $1.4 billion as of June 30, 2025, with significant increases in money market accounts and time deposits [17][20] - Total equity increased by $28 million, or 17%, to $193 million as of June 30, 2025 [20][26] Asset Quality - Nonperforming assets increased to $13.7 million, or 0.84% of total assets, as of June 30, 2025, up from $9.1 million or 0.56% in June 2024 [19] - Nonperforming loans increased to $13.6 million, representing 1.34% of total loans, up from 0.90% in June 2024 [21] Acquisition and Strategic Developments - The company completed the acquisition of Cornerstone Community Bancorp on July 1, 2025, which is expected to enhance its operational capabilities and market presence [4][14] - The company is expanding its treasury management services and refining its lending processes to improve efficiency [14]