Plumas Bancorp reported net income of $7.7 million, or $1.31 per share, for the fourth quarter of 2024, an increase from $7.5 million, or $1.28 per share, in Q4 2023. For the full year 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. Full year revenue reached $81.3 million, up 4.5% from 2023.
Net interest income increased by $1.3 million in Q4 2024 and by $3.9 million for the full year 2024. The company also saw a decline of $250 thousand in the provision for credit losses in Q4 2024 and $1.6 million for the full year. Non-interest expense increased by $890 thousand in Q4 and $4.7 million for the full year.
Gross loans grew by $57 million, or 6%, to $1.0 billion, and total deposits increased by $37 million to $1.4 billion. Nonperforming assets improved to $4.3 million, representing 0.27% of total assets, down from 0.33% in Q4 2023. The company fully repaid its $60 million outstanding Bank Term Funding Program (BTFP) borrowings in November 2024, eliminating this debt.
President and CEO Andrew J. Ryback highlighted the successful branch sale-leaseback transaction in 2024, which optimized the bank's capital structure. Plumas Bancorp was also listed on the Russell 2000 index during the year, enhancing its market visibility.
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