0001437749-26-008956
SEC filingPlumas Bancorp reported strong FY 2025 results with net income of $29.6 million, up 4% or $1.0 million from $28.6 million in 2024, driven by robust net interest income growth. Net interest income rose $14.1 million to $87.8 million, fueled by higher interest and fees on loans ($78.9 million) amid loan portfolio expansion to $1.50 billion net (up 49% YoY), primarily from the Cornerstone acquisition adding $490 million in net loans. Total assets grew to $2.24 billion (up $615 million YoY), deposits to $1.81 billion (up $439 million), and shareholders' equity to $261.1 million. Non-interest income increased $1.7 million to $10.5 million, boosted by $5.5 million gain on building sales, offset by $5.8 million investment securities loss. Expenses rose $9.6 million to $51.9 million due to merger costs and acquisition integration. Provision for credit losses was $6.8 million, reflecting acquisition-related adjustments. Diluted EPS held at $5.00, with dividends of $1.00 per share. The Cornerstone deal enhanced market presence in Northern California, supporting future growth amid well-capitalized position.
Plumas Bancorp delivered FY 2025 net income of $29.6M, a 4% increase from $28.6M in 2024, with pretax income at $39.6M (up 2% from $39.0M). Net interest income surged $14.1M to $87.8M, driven by loan growth post-Cornerstone acquisition. Total assets reached $2.24B (up $615M YoY), loans $1.50B net (up 49%), deposits $1.81B (up $439M). ROA was 1.52% (down from 1.74%), ROE 13.6% (down from 17.2%). Provision for credit losses rose to $6.8M from $1.2M due to acquisition. Diluted EPS stable at $5.
Net interest income of $87.8M grew from $73.7M, with interest/fees on loans at $78.9M (up from implied prior). Investment securities interest: taxable $17.2M, tax-exempt $2.3M. Non-interest income $10.5M (up $1.7M YoY), including $5.5M building sale gain, $3.3M interchange, $3.8M service charges, offset by $5.8M securities loss. Loan mix: commercial real estate 66.3%, commercial/industrial 11.1%, agricultural 10.4%. Cornerstone added branches in Anderson, Red Bluff, Redding.
Net interest margin expanded to 4.91% from 4.79%. Non-interest expenses rose $9.6M to $51.9M (salaries $26.0M up $4.3M, occupancy $9.2M up $1.5M, merger $2.0M). Efficiency reflected in pretax income stability despite growth. Tax rate 25.2% vs 26.6%.
Operating cash flow $21.6M. Investing $70.3M (securities sales $130.6M, purchases $122.9M, net loans +$33.6M, acquisition -$35.8M net cash). Financing -$93.3M (deposits down $141.7M net, repurchases up $75.8M, dividends $7.7M). Cash decreased $1.4M to $80.6M (end $183.4M? note discrepancy). Equity $261.1M, well-capitalized (CET1 14.8%). Deposits 47% non-interest bearing.
Strategy emphasizes community banking, SBA/government lending ($104M fixed-rate SBA 7(a)). Recent Cornerstone acquisition expands Northern CA footprint. Stock repurchase up to $25M through Q4 2026 announced Feb 2026. Risks: credit (provision up), interest rates, regional economy (ag/tourism), real estate concentration (82%). Management notes well-capitalized status, no valuation allowance on DTAs.