Plumas Bancorp announced its third-quarter 2024 earnings, reporting net income of $7.8 million, or $1.33 per share. This represents a decrease from $8.0 million, or $1.36 per share, recorded in the third quarter of 2023. Diluted earnings per share also declined to $1.31 from $1.34 in the prior year period.
Net interest income for the quarter increased by $1.1 million, contributing positively to revenue, which reached $21.5 million, up 6.2% from Q3 2023. However, non-interest expense rose by $1.4 million, including $376,000 in nonrecurring costs related to a litigation matter, which offset some of the gains. The provision for credit losses saw a decline of $200,000.
On the balance sheet, gross loans expanded by $45 million, or 5%, reaching $1.0 billion, while total deposits decreased by $51 million to $1.35 billion. Asset quality remained stable, with nonperforming assets at $4.8 million, representing 0.29% of total assets. The company also made a $45 million payment on its Bank Term Funding Program (BTFP) borrowings, reducing the outstanding balance to $60 million.
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